PRUCO LIFE INSURANCE CO, 10-Q filed on 5/9/2025
Quarterly Report
v3.25.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2025
May 09, 2025
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Entity Registrant Name PRUCO LIFE INSURANCE CO  
Document Period End Date Mar. 31, 2025  
Document Fiscal Year Focus 2025  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q1  
Document Transition Report false  
Entity File Number 033-37587  
Entity Central Index Key 0000777917  
Entity Incorporation, State or Country Code AZ  
Entity Tax Identification Number 22-1944557  
Entity Address, Address Line One 213 Washington Street  
Entity Address, City or Town Newark  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07102  
City Area Code 973  
Local Phone Number 802-6000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   250,000
v3.25.1
Unaudited Interim Consolidated Statements of Financial Position - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Fixed maturities, available for sale, at fair value (allowance for credit losses: 2025-$42,828; 2024-$40,414) (amortized cost: 2025–$40,807,986; 2024–$36,980,933) $ 39,166,072 $ 34,986,160
Fixed maturities, trading, at fair value (amortized cost: 2025–$4,761,537; 2024–$4,415,277) 4,278,652 3,845,045
Equity securities, at fair value (cost: 2025– $2,478,826; 2024–$2,650,542) 2,384,261 2,623,820
Policy loans 1,556,658 1,541,480
Short-term investments (net of allowance for credit losses: 2025-$57; 2024-$49) 459,714 517,386
Commercial mortgage and other loans (net of $39,784 and $37,715 allowance for credit losses at March 31, 2025 and December 31, 2024, respectively) 8,054,419 7,759,323
Other invested assets (includes $120,398 and $68,623 of assets measured at fair value at March 31, 2025 and December 31, 2024, respectively) 2,040,612 1,582,094
Total investments 57,940,388 52,855,308
Cash and cash equivalents 2,102,338 3,325,698
Deferred policy acquisition costs 8,004,461 7,807,060
Accrued investment income 502,312 466,394
Reinsurance Recoverables and deposit receivables (includes $716,645 and $645,193 of embedded derivatives at fair value at March 31, 2025 and December 31, 2024, respectively) 49,168,211 48,247,817
Receivables from parent and affiliates 641,061 678,028
Deferred sales inducements 316,062 322,351
Income tax assets 2,002,342 2,120,654
Market risk benefit assets 2,508,967 2,637,363
Other assets 1,803,131 1,850,800
Separate account assets 113,586,513 118,143,256
TOTAL ASSETS 238,575,786 238,454,729
LIABILITIES    
Policyholders’ account balances 71,559,381 69,628,318
Future policy benefits 25,543,127 25,113,767
Market risk benefit liabilities 4,803,284 4,281,244
Cash collateral for loaned securities 236,793 121,372
Reinsurance and funds withheld payables 8,889,142 8,611,141
Payables to parent and affiliates 4,267,511 3,653,848
Other liabilities 4,221,908 4,199,803
Separate account liabilities 113,586,513 118,143,256
Total liabilities 233,107,659 233,752,749
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 15)
EQUITY    
Common stock ($10 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding) 2,500 2,500
Additional paid-in capital 5,169,602 4,923,299
Retained earnings / (accumulated deficit) 402,088 272,519
Accumulated other comprehensive income (loss) (268,909) (601,877)
Total Pruco Life Insurance Company equity 5,305,281 4,596,441
Noncontrolling Interests 162,846 105,539
Total equity 5,468,127 4,701,980
TOTAL LIABILITIES AND EQUITY $ 238,575,786 $ 238,454,729
v3.25.1
Unaudited Interim Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fixed Maturities, Available-for-sale, allowance for credit losses $ 42,828 $ 40,414
Fixed Maturities, Available-for-sale, amortized cost 40,807,986 36,980,933
Fixed maturities, trading, amortized cost 4,761,537 4,415,277
Equity securities, at cost 2,478,826 2,650,542
Commercial mortgage and other loans, allowance for credit losses 39,784 37,715
Other invested assets, at fair value 120,398 68,623
Reinsurance recoverable and deposit receivables, embedded derivatives at fair value $ 716,745 $ 645,193
Common Stock, Par or Stated Value Per Share $ 10 $ 10
Common Stock, Shares Authorized 1,000,000 1,000,000
Common Stock, Shares, Issued 250,000 250,000
Common Stock, Shares, Outstanding 250,000 250,000
ASU 2016-13    
Short-term investments, allowance for credit losses $ 57 $ 49
v3.25.1
Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
REVENUES    
Premiums (includes $650, and $(330) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended March 31, 2025 and 2024, respectively) $ 123,460 $ 92,182
Policy charges and fee income 398,346 2,909,205
Net investment income 734,796 505,320
Asset administration fees 52,080 56,632
Other income (loss) 176,441 214,995 [1]
Realized Investment gains (losses), net (106,374) (2,805) [1]
Change in value of market risk benefits, net of related hedging gains (losses) (326,071) 103,996 [1]
TOTAL REVENUES 1,052,678 3,879,525
BENEFITS AND EXPENSES    
Policyholders' benefits 143,336 4,106,408
Net change in estimates of liability for future policy benefits 6,582 (12,005)
Interest credited to policyholders’ account balances 293,762 258,350 [1]
Amortization of deferred policy acquisition costs 160,223 (129,157) [1]
General, administrative and other expenses 294,480 297,814 [1]
TOTAL BENEFITS AND EXPENSES 898,383 4,521,410
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total 154,295 (641,885)
Income tax expense (benefit) 19,677 (67,647) [1]
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 134,618 (574,238)
Equity in earnings of operating joint venture, net of taxes (92) (157)
NET INCOME (LOSS) 134,526 (574,395) [2]
Less: Income (loss) attributable to noncontrolling interests 4,957 1,181
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY 129,569 (575,576)
Other comprehensive income (loss), before tax:    
Foreign currency translation adjustments 201 (2,362)
Net unrealized investment gains (losses) 273,036 (313,307)
Interest rate remeasurement of future policy benefits (12,540) 32,830
Gain (loss) from changes in non-performance risk on market risk benefits 161,213 (238,921) [1]
Total 421,910 (521,760)
Less: Income tax expense (benefit) related to other comprehensive income (loss) 88,942 (109,279) [1]
Other comprehensive income (loss), net of taxes 332,968 (412,481)
Total comprehensive income (loss) 467,494 (986,876)
Less: Comprehensive income (loss) attributable to noncontrolling interests 4,957 1,181
Comprehensive income (loss) attributable to Pruco Life Insurance Company $ 462,537 $ (988,057)
[1] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
[2] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
v3.25.1
Unaudited Interim Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
  Common Stock
Additional Paid-in Capital
Retained Earnings / (Accumulated Deficit)
Accumulated Other Comprehensive   Income (Loss)
Total Pruco Life Insurance Company Equity
Noncontrolling Interests
Total  Equity
Begining Balance at Dec. 31, 2023   $ 2,500 $ 5,052,602 $ (551,471) $ (30,961) $ 4,472,670 $ 30,194 $ 4,502,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Contributions from noncontrolling interests             25,310 25,310
Contributed (distributed) capital-parent/child asset transfers     5,722     5,722   5,722
Comprehensive income (loss):                
Net Income (Loss) $ (574,395) [1]     (575,576) [2]   (575,576) [2] 1,181 [2] (574,395) [2]
Other comprehensive income (loss), net of tax (412,481)       (412,481) [2] (412,481) [2] 0 [2] (412,481) [2]
Total comprehensive income (loss) (986,876)     (575,576) (412,481) (988,057) 1,181 (986,876)
Ending Balance at Mar. 31, 2024 [2]   2,500 5,058,324 (1,127,047) (443,442) 3,490,335 56,685 3,547,020
Begining Balance at Dec. 31, 2024 4,701,980 2,500 4,923,299 272,519 (601,877) 4,596,441 105,539 4,701,980
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Contributed capital     220,000     220,000   220,000
Contributions from noncontrolling interests             52,350 52,350
Contributed (distributed) capital-parent/child asset transfers     26,303     26,303   26,303
Comprehensive income (loss):                
Net Income (Loss) 134,526     129,569   129,569 4,957 134,526
Other comprehensive income (loss), net of tax 332,968       332,968 332,968 0 332,968
Total comprehensive income (loss) 467,494     129,569 332,968 462,537 4,957 467,494
Ending Balance at Mar. 31, 2025 $ 5,468,127 $ 2,500 $ 5,169,602 $ 402,088 $ (268,909) $ 5,305,281 $ 162,846 $ 5,468,127
[1] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
[2] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
v3.25.1
Unaudited Interim Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 134,526 $ (574,395) [1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Policy charges and fee income [2] (1,607) 12,084
Interest credited to policyholders’ account balances 293,762 258,350 [1]
Realized investment (gains) losses, net 106,374 2,805 [3]
Change in value of market risk benefits, net of related hedging (gains) losses 326,071 (103,996) [3]
Change in:    
Future policy benefits and other insurance liabilities 384,212 758,805
Reinsurance related-balances [2] (248,674) 496,373 [1]
Accrued investment income [2] (31,424) (23,101)
Net payables to (receivables from) parent and affiliates 119,595 53,794
Deferred policy acquisition costs [2] (197,401) (194,547) [1]
Income taxes 20,891 (68,453) [1]
Derivatives, net (714,931) 125,100 [1]
Other, net [2] (150,083) (52,194) [1]
Cash flows from (used in) operating activities 41,311 690,625
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 1,418,413 534,863
Fixed maturities, trading 241,633 109,671
Equity securities 629,347 599,147
Policy loans 58,359 43,678
Ceded policy loans (33,853) (152,846)
Short-term investments 258,052 203,345
Commercial mortgage and other loans 77,769 138,763
Other invested assets 40,182 47,619
Notes receivable from parent and affiliates [2] 120,268 0
Payments for the purchase/origination of:    
Fixed maturities, available-for-sale (5,060,663) (2,738,376)
Fixed maturities, trading (610,084) (521,570)
Equity securities (482,925) (355,267)
Policy loans (60,078) (64,385)
Ceded policy loans 24,835 26,675
Short-term investments (202,411) (495,831)
Commercial mortgage and other loans (340,870) (309,826)
Other invested assets (443,965) (146,510)
Notes receivable from parent and affiliates [2] (160,235) (120,777)
Derivatives, net 40,418 (17,634)
Other, net 7,611 7,478
Cash flows from (used in) investing activities (4,478,197) (3,211,783)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Policyholders’ account deposits 4,181,256 4,110,730
Ceded policyholders’ account deposits (592,077) (301,733) [1]
Policyholders’ account withdrawals (1,048,147) (978,866) [1]
Ceded policyholders’ account withdrawals 188,798 239,384
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities 115,426 (214,607)
Contributed capital 220,000 0
Contributed (distributed) capital - parent/child asset transfers 0 7,481
Net change in all other financing arrangements (maturities 90 days or less) 0 (1,296)
Drafts outstanding 9,224 (69,072)
Contributions from noncontrolling interests [2] 52,350 25,310
Other, net [2] 86,696 (78,207) [1]
Cash flows from (used in) financing activities 3,213,526 2,739,124
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,223,360) 217,966
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,325,698 2,139,792
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2,102,338 $ 2,357,758
[1] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
[2] Prior period amounts have been updated to conform to current period presentation.
[3] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
v3.25.1
Unaudited Interim Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Non-cash activities $ 0  
Affiliated Entity | PURE and Prudential Insurance    
Non-cash activities   $ 1,138
v3.25.1
Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Gain (loss) from changes in estimates on deferred profit liability amortization $ 650 $ (330)
v3.25.1
Business and Basis of Presentation
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business and Basis of Presentation BUSINESS AND BASIS OF PRESENTATION
Pruco Life Insurance Company (“Pruco Life”) is a wholly-owned subsidiary of Prudential Insurance, which in turn is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). Pruco Life is a stock life insurance company organized in 1971 under the laws of the State of Arizona. It is licensed to sell life insurance and annuities in the District of Columbia, Guam and in all states except New York, and sells such products primarily through affiliated and unaffiliated distributors.

Pruco Life has one wholly-owned insurance subsidiary, Pruco Life Insurance Company of New Jersey (“PLNJ”). PLNJ is a stock life insurance company organized in 1982 under the laws of the State of New Jersey. It is licensed to sell life insurance and annuities in New Jersey and New York only. Pruco Life and its subsidiaries are together referred to as the "Company", "we" or "our" and all financial information is shown on a consolidated basis.

Basis of Presentation

The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of Pruco Life and entities over which the Company exercises control, including majority-owned subsidiaries. Intercompany balances and transactions have been eliminated.

In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company's Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Segment Information

Although there are separate products within Pruco Life, the Company is organized as a single reportable segment and manages the business activities on a consolidated basis. The accounting policies are the same as those described in Note 2 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The Company analyzes operating performance using “Income (loss) from operations before income taxes and equity in earnings of operating joint venture”, as determined in accordance with U.S. GAAP. This is the measure of profit or loss used by the Company’s chief operating decision maker to evaluate performance and allocate resources. The measure of segment assets is reported as “Total Assets” on the Consolidated Statements of Financial Position. Segment revenue is reported as “Total Revenues” on the Consolidated Statements of Operations and Comprehensive Income (Loss). As the Company has one reportable segment, there are no intersegment revenues. The Company discloses all significant expense categories separately on the Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company’s chief operating decision maker is a group of Prudential Financial executives that include the chief financial officer, controller, treasurer, and business leaders, which include the Company’s chief executive officer and chief financial officer. Overall business decisions for the Company are made by this group of executives. Such business decisions include the allocation of capital, distribution/sale of products, and allocation/deployment of overall Prudential Financial resources.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
The most significant estimates include those used in determining future policy benefits; policyholders' account balances and reinsurance related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; market risk benefits ("MRBs"); the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments; reinsurance recoverables; any provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.

Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.

Revision to Prior Period Interim Financial Statements

As previously disclosed in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2024, during the fourth quarter of 2024, the Company identified multiple errors which impacted previously issued Consolidated Financial Statements, including for the three months ended March 31, 2024. Certain reinsurance recoverable balances associated with the coinsurance with funds withheld of fixed indexed annuities, certain deferred acquisition cost balances associated with indexed variable annuities, and certain other immaterial items were not properly accounted for. Prior period amounts have been revised in the Consolidated Financial Statements and related disclosures to correct these errors. In connection with this revision, the Company also corrected certain other immaterial adjustments within the Financing Section of the Unaudited Interim Consolidated Statements of Cash Flows for the three months ended March 31, 2024. Management evaluated these adjustments and concluded they were not material to any previously reported quarterly Consolidated Financial Statements. See Note 16 for a more detailed description of the revisions and for comparisons of amounts previously reported to the revised amounts.
v3.25.1
Significant Accounting Policies and Pronouncements
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies and Pronouncements SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS
Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of Accounting Standards Updates ("ASUs") to the FASB Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of March 31, 2025, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

ASUs issued but not yet adopted as of March 31, 2025

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

This ASU requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax DisclosuresThis ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid.Effective for fiscal years beginning after December 15, 2024, and permits early adoption.The ASU has no impact on the Company’s Consolidated Financial Statements but will result in expanded disclosures in the Notes to the Consolidated Financial Statements.
v3.25.1
Investments
 3 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Investments 3.    INVESTMENTS
Fixed Maturity Securities

The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
 March 31, 2025
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$1,150,479 $19,881 $89,700 $0 $1,080,660 
Obligations of U.S. states and their political subdivisions551,375 1,254 35,445 0 517,184 
Foreign government securities439,135 3,108 49,006 0 393,237 
U.S. public corporate securities16,328,435 124,879 892,473 19 15,560,822 
U.S. private corporate securities6,538,902 29,688 250,640 9,164 6,308,786 
Foreign public corporate securities4,439,517 46,832 113,026 21 4,373,302 
Foreign private corporate securities6,180,964 70,080 437,381 33,624 5,780,039 
Asset-backed securities(1)3,801,789 25,349 10,782 0 3,816,356 
Commercial mortgage-backed securities1,018,053 8,052 44,565 0 981,540 
Residential mortgage-backed securities(2)359,337 2,769 7,960 0 354,146 
Total fixed maturities, available-for-sale$40,807,986 $331,892 $1,930,978 $42,828 $39,166,072 
(1)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

 December 31, 2024
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$1,199,628 $8,357 $108,744 $0 $1,099,241 
Obligations of U.S. states and their political subdivisions570,253 1,156 30,343 0 541,066 
Foreign government securities362,154 646 52,466 0 310,334 
U.S. public corporate securities14,134,828 60,917 957,316 1 13,238,428 
U.S. private corporate securities6,030,898 35,828 301,451 11,178 5,754,097 
Foreign public corporate securities3,804,503 21,136 126,767 21 3,698,851 
Foreign private corporate securities5,838,939 43,334 511,426 29,214 5,341,633 
Asset-backed securities(1)3,728,073 31,431 8,841 0 3,750,663 
Commercial mortgage-backed securities944,652 4,567 53,444 0 895,775 
Residential mortgage-backed securities(2)367,005 861 11,794 0 356,072 
Total fixed maturities, available-for-sale$36,980,933 $208,233 $2,162,592 $40,414 $34,986,160 
(1)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
 March 31, 2025
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair Value  Gross
  Unrealized  Losses		Fair Value  Gross
  Unrealized  Losses		Fair Value  Gross
  Unrealized  Losses
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$261,400 $3,536 $247,293 $86,164 $508,693 $89,700 
Obligations of U.S. states and their political subdivisions179,660 7,026 244,108 28,419 423,768 35,445 
Foreign government securities54,388 1,173 173,897 47,833 228,285 49,006 
U.S. public corporate securities2,937,255 74,371 4,807,764 818,088 7,745,019 892,459 
U.S. private corporate securities2,004,535 27,408 2,416,353 223,102 4,420,888 250,510 
Foreign public corporate securities627,642 9,733 740,032 103,289 1,367,674 113,022 
Foreign private corporate securities1,765,712 47,356 2,109,881 388,941 3,875,593 436,297 
Asset-backed securities1,116,137 4,194 119,537 6,588 1,235,674 10,782 
Commercial mortgage-backed securities38,559 429 479,676 44,136 518,235 44,565 
Residential mortgage-backed securities23,594 347 123,794 7,613 147,388 7,960 
Total fixed maturities, available-for-sale$9,008,882 $175,573 $11,462,335 $1,754,173 $20,471,217 $1,929,746 


 December 31, 2024
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair ValueGross
  Unrealized  Losses		Fair ValueGross
  Unrealized  Losses		Fair ValueGross
  Unrealized  Losses
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of
U.S. government authorities and agencies		$377,531 $13,829 $238,723 $94,915 $616,254 $108,744 
Obligations of U.S. states and their political subdivisions226,731 5,019 212,060 25,324 438,791 30,343 
Foreign government securities118,168 2,615 171,166 49,851 289,334 52,466 
U.S. public corporate securities4,320,552 105,145 4,677,336 852,171 8,997,888 957,316 
U.S. private corporate securities1,999,008 41,931 2,379,755 259,489 4,378,763 301,420 
Foreign public corporate securities1,088,644 20,465 716,172 106,294 1,804,816 126,759 
Foreign private corporate securities1,977,169 69,399 2,107,705 440,330 4,084,874 509,729 
Asset-backed securities363,744 5,510 140,090 3,331 503,834 8,841 
Commercial mortgage-backed securities101,821 1,356 489,490 52,088 591,311 53,444 
Residential mortgage-backed securities142,961 1,946 123,853 9,848 266,814 11,794 
Total fixed maturities, available-for-sale$10,716,329 $267,215 $11,256,350 $1,893,641 $21,972,679 $2,160,856 
As of March 31, 2025 and December 31, 2024, the gross unrealized losses on fixed maturity, available-for-sale securities without an allowance of $1,849 million and $2,059 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $81 million and $102 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of March 31, 2025, the $1,754 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the finance, consumer non-cyclical and utility sectors. As of December 31, 2024, the $1,894 million of gross unrealized losses of twelve months or more were concentrated in the Company's corporate securities within the finance, consumer non-cyclical and utility sectors.

In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at March 31, 2025. This conclusion was based on a detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of March 31, 2025, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.

The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:
March 31, 2025
 Amortized CostFair Value
(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$2,712,978 $2,661,173 
Due after one year through five years14,221,040 14,064,348 
Due after five years through ten years9,501,783 9,267,750 
Due after ten years9,193,006 8,020,759 
Asset-backed securities3,801,789 3,816,356 
Commercial mortgage-backed securities1,018,053 981,540 
Residential mortgage-backed securities359,337 354,146 
Total fixed maturities, available-for-sale$40,807,986 $39,166,072 

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date.

The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:
 Three Months Ended March 31,
 20252024
(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$422,037 $106,155 
Proceeds from maturities/prepayments845,709 437,443 
Gross investment gains from sales and maturities4,608 937 
Gross investment losses from sales and maturities(7,802)(8,132)
Write-downs recognized in earnings(2)(6,336)0 
(Addition to) release of allowance for credit losses(2,414)358 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $150.7 million and $(8.7) million for the three months ended March 31, 2025 and 2024, respectively.
(2)Amounts represent write-downs on credit adverse securities.

The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as of and for the periods indicated:

Three Months Ended March 31, 2025
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $40,414 $0 $0 $0 $40,414 
Additions to allowance for credit losses not previously recorded0 0 5,512 0 0 0 5,512 
Reductions for securities sold during the period0 0 (76)0 0 0 (76)
Additions (reductions) on securities with previous allowance0 0 1,126 0 0 0 1,126 
Write-downs charged against the allowance 0 0 (4,148)0 0 0 (4,148)
Balance, end of period$0 $0 $42,828 $0 $0 $0 $42,828 
            

Three Months Ended March 31, 2024
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $2,000 $1 $0 $7 $2,008 
Additions to allowance for credit losses not previously recorded0 0 57 0 0 0 57 
Reductions for securities sold during the period0 0 (41)0 0 0 (41)
Additions (reductions) on securities with previous allowance0 0 (845)(1)0 (7)(853)
Assets transferred (to) from parent and affiliates0 0 479 0 0 0 479 
Balance, end of period$0 $0 $1,650 $0 $0 $0 $1,650 

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

For the three months ended March 31, 2025, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer non-cyclical and technology sectors within corporate securities due to adverse projected cash flows, partially offset by net reductions within the capital goods and consumer non-cyclical sectors with corporate securities primarily due to security restructures. For the three months ended March 31, 2024, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to net reductions within the finance sector within corporate securities.

The Company did not have any fixed maturity securities purchased with credit deterioration as of both March 31, 2025 and December 31, 2024.
Fixed Maturities, Trading
The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss),” was $87.8 million and $(81.3) million during the three months ended March 31, 2025 and 2024, respectively.
Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $(93.6) million and $(12.2) million during the three months ended March 31, 2025 and 2024, respectively.

Commercial Mortgage and Other Loans

The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:
March 31, 2025December 31, 2024
 Amount% of
Total		Amount% of
Total
($ in thousands)
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$2,070,419 25.6 %$1,949,926 25.0 %
Health Care Senior Living(1)133,731 1.7 134,195 1.7 
Hospitality95,008 1.2 97,603 1.3 
Industrial3,014,351 37.3 2,906,413 37.3 
Office545,065 6.7 556,586 7.1 
Retail693,519 8.6 693,949 9.0 
Self-Storage(1)598,911 7.4 543,701 7.0 
Other(1)72,554 0.9 72,645 0.9 
Total commercial mortgage loans7,223,558 89.4 6,955,018 89.3 
Agricultural property loans858,136 10.6 830,041 10.7 
Total commercial mortgage and agricultural property loans8,081,694 100.0 %7,785,059 100.0 %
Allowance for credit losses(39,784)(37,715)
Total net commercial mortgage and agricultural property loans8,041,910 7,747,344 
Other loans:
Other collateralized loans12,509 11,979 
Total other loans12,509 11,979 
Total net commercial mortgage and other loans$8,054,419 $7,759,323 
(1) Prior period amounts have been updated to conform to current period presentation.

As of March 31, 2025, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (24%), Florida (8%) and Texas (8%) and included loans secured by properties in Europe (9%), Mexico (1%) and Australia (1%).
The following table sets forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods ended:


Three Months Ended March 31,
20252024
Commercial Mortgage LoansAgricultural Property LoansTotalCommercial Mortgage LoansAgricultural Property LoansTotal
(in thousands)
Allowance, beginning of period$33,004 $4,711 $37,715 $36,758 $931 $37,689 
Addition to (release of) allowance for expected losses1,766 303 2,069 5,011 (18)4,993 
Allowance, end of period$34,770 $5,014 $39,784 $41,769 $913 $42,682 

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

For the three months ended March 31, 2025, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to an increase in loan-specific allowances within the retail sector of commercial mortgage loans. For the three months ended March 31, 2024, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to an increase in loan-specific allowances within the office sector and in the general allowance due to net negative credit migration.
The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
March 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$38,195 $457,963 $333,678 $306,930 $481,026 $1,295,238 $8,667 $2,921,697 
60%-69.99%247,932 972,650 443,420 276,319 362,180 387,446 0 2,689,947 
70%-79.99%0 364,430 364,565 170,981 334,446 81,122 0 1,315,544 
80% or greater0 1,196 0 11,626 85,077 198,471 0 296,370 
Total$286,127 $1,796,239 $1,141,663 $765,856 $1,262,729 $1,962,277 $8,667 $7,223,558 
Debt Service Coverage Ratio:
Greater than 1.2x$286,127 $1,736,155 $963,036 $750,965 $1,261,264 $1,843,067 $0 $6,840,614 
1.0 - 1.2x0 60,084 178,627 14,891 0 55,934 8,667 318,203 
Less than 1.0x0 0 0 0 1,465 63,276 0 64,741 
Total$286,127 $1,796,239 $1,141,663 $765,856 $1,262,729 $1,962,277 $8,667 $7,223,558 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$22,300 $241,375 $75,069 $162,037 $126,284 $60,701 $24,338 $712,104 
60%-69.99%0 29,560 19,339 49,210 0 1,619 0 99,728 
70%-79.99%17,999 0 0 0 5,235 0 0 23,234 
80% or greater0 0 0 7,403 0 0 15,667 23,070 
Total$40,299 $270,935 $94,408 $218,650 $131,519 $62,320 $40,005 $858,136 
Debt Service Coverage Ratio:
Greater than 1.2x$40,299 $259,307 $92,050 $206,492 $124,641 $48,428 $24,338 $795,555 
1.0 - 1.2x0 11,628 2,358 12,158 0 10,240 15,667 52,051 
Less than 1.0x0 0 0 0 6,878 3,652 0 10,530 
Total$40,299 $270,935 $94,408 $218,650 $131,519 $62,320 $40,005 $858,136 
December 31, 2024
Amortized Cost by Origination Year
20242023202220212020PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$452,940 $232,276 $306,684 $482,596 $134,403 $1,138,394 $6,479 $2,753,772 
60%-69.99%972,161 541,849 273,258 360,457 110,515 303,107 0 2,561,347 
70%-79.99%362,701 365,111 134,208 330,355 6,774 77,399 0 1,276,548 
80% or greater1,196 0 56,204 84,761 3,870 217,320 0 363,351 
Total$1,788,998 $1,139,236 $770,354 $1,258,169 $255,562 $1,736,220 $6,479 $6,955,018 
Debt Service Coverage Ratio:
Greater than 1.2x$1,728,895 $962,290 $755,350 $1,256,699 $255,562 $1,616,904 $0 $6,575,700 
1.0 - 1.2x60,103 176,946 15,004 0 0 59,871 6,479 318,403 
Less than 1.0x0 0 0 1,470 0 59,445 0 60,915 
Total$1,788,998 $1,139,236 $770,354 $1,258,169 $255,562 $1,736,220 $6,479 $6,955,018 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$241,715 $89,569 $163,820 $126,368 $23,488 $38,478 $18,834 $702,272 
60%-69.99%29,560 19,396 49,210 0 0 0 0 98,166 
70%-79.99%0 0 0 5,213 0 0 0 5,213 
80% or greater0 0 7,295 0 1,657 0 15,438 24,390 
Total$271,275 $108,965 $220,325 $131,581 $25,145 $38,478 $34,272 $830,041 
Debt Service Coverage Ratio:
Greater than 1.2x$259,647 $95,087 $211,030 $129,865 $23,488 $38,478 $18,834 $776,429 
1.0 - 1.2x11,628 13,878 9,295 0 0 0 15,438 50,239 
Less than 1.0x0 0 0 1,716 1,657 0 0 3,373 
Total$271,275 $108,965 $220,325 $131,581 $25,145 $38,478 $34,272 $830,041 

For additional information regarding the Company’s commercial mortgage and other loans credit quality monitoring process, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The Company may grant loan modifications in its commercial mortgage and other loan portfolios to borrowers experiencing financial difficulties. These loan modifications may be in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or some combination thereof. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any allowance for credit losses.
The following table sets forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties during the periods indicated:
Three Months Ended March 31,
20252024
Term
Extension		% of
Amortized Cost		Term
Extension		% of
Amortized Cost
($ in thousands)
Commercial mortgage loans(1)$0 0.0 %$6,469 0.0 %
(1) Prior period amounts have been updated to conform to current period presentation.

For the three months ended March 31, 2024, the modification added less than one year to the weighted average life in the commercial mortgage loan portfolio.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of both March 31, 2025 and December 31, 2024.

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
March 31, 2025
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$7,218,438 $1,196 $0 $3,924 $7,223,558 $5,120 
Agricultural property loans817,681 0 17,386 23,069 858,136 27,596 
Other collateralized loans12,509 0 0 0 12,509 0 
Total$8,048,628 $1,196 $17,386 $26,993 $8,094,203 $32,716 
(1)As of March 31, 2025, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

December 31, 2024
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$6,951,093 $0 $0 $3,925 $6,955,018 $5,120 
Agricultural property loans804,804 0 2,505 22,732 830,041 24,765 
Other collateralized loans11,979 0 0 0 11,979 0 
Total$7,767,876 $0 $2,505 $26,657 $7,797,038 $29,885 
(1)As of December 31, 2024, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Loans on non-accrual status recognized interest of less than $1 million and $0 million for the three months ended March 31, 2025 and 2024, respectively. Loans on non-accrual status that did not have a related allowance for credit losses were $5 million and $2 million as of March 31, 2025 and December 31, 2024, respectively.
For both the three months ended March 31, 2025 and 2024, there were no commercial mortgage and other loans acquired, other than those through direct origination, and there were no commercial mortgage and other loans sold.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration as of both March 31, 2025 and December 31, 2024.

Other Invested Assets

The following table sets forth the composition of “Other invested assets,” as of the dates indicated:
March 31, 2025December 31, 2024
 (in thousands)
LPs/LLCs:
Equity method:
Private equity$397,782 $388,822 
Hedge funds1,422,821 1,024,534 
Real estate-related74,555 75,730 
Subtotal equity method1,895,158 1,489,086 
Fair value:
Private equity24,326 28,094 
Hedge funds15 14 
Real estate-related15,575 16,016 
Subtotal fair value39,916 44,124 
Total LPs/LLCs1,935,074 1,533,210 
Derivative instruments80,482 24,499 
Other(1)25,056 24,385 
 Total other invested assets$2,040,612 $1,582,094 
(1)Includes tax advantaged investments and investments in separate account funds.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

March 31, 2025December 31, 2024
(in thousands)
Fixed maturities$423,507 $396,173 
Equity securities218 436 
Commercial mortgage and other loans31,636 29,437 
Policy loans41,601 30,820 
Short-term investments and cash equivalents5,350 9,528 
Total accrued investment income$502,312 $466,394 

There were no significant write-downs on accrued investment income for both the three months ended March 31, 2025 and 2024.
Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated:
 Three Months Ended March 31,
 20252024
 (in thousands)
Fixed maturities, available-for-sale$487,200 $338,809 
Fixed maturities, trading47,203 31,669 
Equity securities18,584 3,747 
Commercial mortgage and other loans97,247 73,758 
Policy loans16,216 14,445 
Other invested assets63,879 23,320 
Short-term investments and cash equivalents34,837 46,315 
Gross investment income765,166 532,063 
Less: investment expenses(30,370)(26,743)
Net investment income$734,796 $505,320 
            
Realized Investment Gains (Losses), Net

The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
 Three Months Ended March 31,
 20252024
 (in thousands)
Fixed maturities(1)$(11,944)$(6,837)
Commercial mortgage and other loans(2,597)(5,781)
LPs/LLCs(6)0
Derivatives(2)(49,859)(5,351)
Short-term investments and cash equivalents(83)(347)
Ceded income on modified coinsurance investments(3)(4)(176,702)33,505 
Other(4)134,817 (17,994)
Realized investment gains (losses), net$(106,374)$(2,805)
(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.
(2)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
(3)Includes changes in the value of reinsurance and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.
(4)Prior period amounts have been updated to conform to current period presentation.
Net Unrealized Gains (Losses) on Investments within AOCI

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:
March 31, 2025December 31, 2024
 (in thousands)
Fixed maturity securities, available-for-sale with an allowance$3,913 $893 
Fixed maturity securities, available-for-sale without an allowance(1,602,999)(1,955,252)
Derivatives designated as cash flow hedges(1)95,244 110,565 
Affiliated notes(2,752)(3,276)
Other investments(2)5,169 785 
Net unrealized gains (losses) on investments$(1,501,425)$(1,846,285)
(1)For additional information regarding cash flow hedges, see Note 4.
(2)Primarily includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in "Other assets."

Repurchase Agreements and Securities Lending

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. As of both March 31, 2025 and December 31, 2024, the Company had no repurchase agreements.

The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:
March 31, 2025December 31, 2024
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
Overnight & ContinuousUp to 30 DaysTotalOvernight & ContinuousUp to 30 DaysTotal
(in thousands)
Obligations of U.S. states and their political subdivisions$0 $0 $0 $1,139 $0 $1,139 
Foreign government securities975 0 975 0 0 0 
U.S. public corporate securities59,256 0 59,256 6,949 0 6,949 
U.S. private corporate securities0 0 0 18 0 18 
Foreign public corporate securities14,978 0 14,978 10,100 0 10,100 
Equity securities161,584 0 161,584 103,166 0 103,166 
Total cash collateral for loaned securities(1)$236,793 $0 $236,793 $121,372 $0 $121,372 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
v3.25.1
Derivative Instruments
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments DERIVATIVES AND HEDGING
Types of Derivative Instruments and Derivative Strategies

The Company utilizes various derivative instruments and strategies to manage its risk. Commonly used derivative instruments include, but are not necessarily limited to:
•Interest rate contracts: futures, swaps, options, caps and floors
•Equity contracts: futures, options and total return swaps
•Foreign exchange contracts: futures, options, forwards and swaps
•Credit contracts: single and index reference credit default swaps

Other types of financial contracts that the Company accounts for as derivatives include:
•Embedded derivatives and synthetic guaranteed investment contracts (“GICs”)
For detailed information on these contracts and the related strategies, see Note 4 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Primary Risks Managed by Derivatives

The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables and deposit receivables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral.
 March 31, 2025December 31, 2024
Primary Underlying Risk/Instrument Type Fair Value Fair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps$2,805 $0 $(146)$2,851 $0 $(209)
Foreign Currency Swaps3,586,047 176,794 (39,500)3,308,842 202,606 (27,523)
Total Derivatives Designated as Hedge Accounting Instruments$3,588,852 $176,794 $(39,646)$3,311,693 $202,606 $(27,732)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$187,208,760 $8,122,373 $(20,044,578)$174,170,160 $9,029,399 $(20,888,553)
Interest Rate Futures847,100 1,268 (408)1,518,400 1,967 (1,443)
Interest Rate Options28,680,000 176,217 (1,250,893)29,135,000 279,414 (1,406,265)
Interest Rate Forwards000 0 0 0 
Interest Rate Total Return Swaps223,3131,5410 223,721 1,472 (2,121)
Foreign Currency
Foreign Currency Forwards1,463,163 1,573(28,151)1,146,861 30,078 (181)
Credit
Credit Default Swaps881,0652,0290 911,850 9,606 0 
Currency/Interest Rate
Foreign Currency Swaps2,356,636145,909(7,809)2,285,052 164,152 (9,277)
Equity
Equity Total Return Swaps24,151,584 1,061,295 (862,924)23,025,217 1,160,080 (1,182,913)
Equity Options133,213,703 3,055,272 (4,073,912)117,107,059 4,453,762 (3,717,637)
Equity Futures2,174,052 9,676 (1,364)1,802,205 15 (6,060)
Synthetic GICs3,959,550 32 (12,536)3,958,847 143 (31)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$385,158,926 $12,577,185 $(26,282,575)$355,284,372 $15,130,088 $(27,214,481)
Total Derivatives(1)(2)$388,747,778 $12,753,979 $(26,322,221)$358,596,065 $15,332,694 $(27,242,213)
(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $11,017 million and $11,968 million as of March 31, 2025 and December 31, 2024, respectively, primarily included in "Policyholders' account balances".
(2)Recorded in “Other invested assets” and “Payables to parent and affiliates” on the Unaudited Interim Consolidated Statements of Financial Position.
Offsetting Assets and Liabilities

The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverable and deposit receivables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.

 March 31, 2025
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Consolidated Statements of
Financial
Position		Net Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$12,753,932 $(12,673,497)$80,435 $0 $80,435 
Total Assets$12,753,932 $(12,673,497)$80,435 $0 $80,435 
Offsetting of Financial Liabilities:
Derivatives$26,309,685 $(22,085,694)$4,223,991 $(4,110,368)$113,623 
Total Liabilities$26,309,685 $(22,085,694)$4,223,991 $(4,110,368)$113,623 

 December 31, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$15,332,538 $(15,308,195)$24,343 $0 $24,343 
Total Assets$15,332,538 $(15,308,195)$24,343 $0 $24,343 
Offsetting of Financial Liabilities:
Derivatives$27,242,182 $(23,619,586)$3,622,596 $(3,622,596)$0 
Total Liabilities$27,242,182 $(23,619,586)$3,622,596 $(3,622,596)$0 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.

For information regarding the rights of offset associated with the derivative assets and liabilities in the table above see “Credit Risk” below and Note 14. For securities purchased under agreements to resell and securities sold under agreements to repurchase, the Company monitors the value of the securities and maintains collateral, as appropriate, to protect against credit exposure. Where the Company has entered into repurchase and resale agreements with the same counterparty, in the event of default, the Company would generally be permitted to exercise rights of offset. For additional information on the Company’s accounting policy for securities repurchase and resale agreements, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Cash Flow Hedges

The primary derivative instruments used by the Company in its cash flow hedge accounting relationships are currency swaps and interest rate swaps. These instruments are only designated for hedge accounting in instances where the appropriate criteria are met. The Company does not use futures, options, credit, or equity derivatives in any of its cash flow hedge accounting relationships.
The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.


 Three Months Ended March 31, 2025
 Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other
Income
(Loss)		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$1 $0 $0 $0 $11 
Currency/Interest Rate5,432 0 14,874 (25,255)(15,332)
Total cash flow hedges5,433 0 14,874 (25,255)(15,321)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate58,165 97,184 0 0 0 
Currency(46,401)0 0 0 0 
Currency/Interest Rate(12,496)0 0 20 0 
Credit(2,863)0 0 0 0 
Equity(1,496,519)189,571 0 0 0 
Embedded Derivatives1,444,822 0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(55,292)286,755 0 20 0 
Total$(49,859)$286,755 $14,874 $(25,235)$(15,321)


 Three Months Ended March 31, 2024
 
Realized
Investment
Gains (Losses)
Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other
Income
(Loss)		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$1 $0 $(63)$0 $11 
Currency/Interest Rate(108)0 10,728 12,346 27,168 
Total cash flow hedges(107)0 10,665 12,346 27,179 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate44,472 (855,925)0 0 0 
Currency13,121 0 0 0 0 
Currency/Interest Rate31,976 0 0 183 0 
Credit7,886 0 0 0 0 
Equity1,426,177 (430,868)0 0 0 
Embedded Derivatives(1)(1,528,876)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(5,244)(1,286,793)0 183 0 
Total$(5,351)$(1,286,793)$10,665 $12,529 $27,179 
(1) Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
 (in thousands)
Balance, December 31, 2024$110,565 
Amount recorded in AOCI
Interest Rate12 
Currency/Interest Rate(20,281)
Total amount recorded in AOCI(20,269)
Amount reclassified from AOCI to income
Interest Rate(1)
Currency/Interest Rate4,949 
Total amount reclassified from AOCI to income4,948 
Balance, March 31, 2025$95,244 

The changes in fair value of cash flow hedges are deferred in AOCI and are included in "Net unrealized investment gains (losses)" in the Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss); these amounts are then reclassified to earnings when the hedged item affects earnings. Using March 31, 2025 values, it is estimated that a pre-tax gain of $40 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending March 31, 2026.

The exposures the Company is hedging with these qualifying cash flow hedges include the variability of the payment or receipt of interest or foreign currency amounts on existing financial instruments.

There were no material amounts reclassified from AOCI into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging.

Credit Derivatives

Credit Derivatives, where the Company has written credit protection on certain index references, have outstanding notional amounts of $881 million and $912 million as of March 31, 2025 and December 31, 2024, respectively. These credit derivatives are reported at fair value as an asset of $2 million and $10 million as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025 the notional amount of these credit derivatives had the following NAIC ratings: $849 million in NAIC 3 and $32 million in NAIC 6.

The Company has no exposure on purchased credit protection as of March 31, 2025 and December 31, 2024.

Counterparty Credit Risk

The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by entering into derivative transactions with regulated derivatives exchanges for exchange traded derivatives and its affiliate, Prudential Global Funding LLC (“PGF”), related to its over-the-counter ("OTC") derivatives. PGF, in turn, manages its credit risk by: (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and OTC parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single-party credit exposures which are subject to periodic management review.

Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position.
v3.25.1
Fair Value of Assets and Liabilities
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value Measurement - Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 1 – Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities.

Level 2 – Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs.

Level 3 – Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value.

For a discussion of the Company's valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 5 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes in our valuation techniques during the period represented by these Unaudited Interim Consolidated Financial Statements.
Assets and Liabilities by Hierarchy Level – The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.
 March 31, 2025
 Level 1Level 2Level 3Netting(1)Total
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $1,080,660 $0 $$1,080,660 
Obligations of U.S. states and their political subdivisions0 517,184 0 517,184 
Foreign government securities0 393,237 0 393,237 
U.S. corporate public securities0 15,560,822 0 15,560,822 
U.S. corporate private securities0 5,307,604 1,001,182 6,308,786 
Foreign corporate public securities0 4,366,433 6,869 4,373,302 
Foreign corporate private securities0 5,346,922 433,117 5,780,039 
Asset-backed securities(2)0 2,961,274 855,082 3,816,356 
Commercial mortgage-backed securities0 905,268 76,272 981,540 
Residential mortgage-backed securities0 354,146 0 354,146 
Subtotal0 36,793,550 2,372,522 39,166,072 
Market risk benefit assets0 0 2,508,967 2,508,967 
Fixed maturities, trading0 4,126,571 152,081 4,278,652 
Equity securities2,342,713 21,274 20,274 2,384,261 
Short-term investments0 354,852 104,761 459,613 
Cash equivalents0 1,828,321 103 1,828,424 
Other invested assets(3)12,288 12,741,659 32 (12,673,497)80,482 
Reinsurance recoverables and deposit receivables0 0 716,745 716,745 
Receivables from parent and affiliates0 187,671 379,360 567,031 
Subtotal excluding separate account assets2,355,001 56,053,898 6,254,845 (12,673,497)51,990,247 
Separate account assets(4)(5)319,136 106,449,817 12,242 106,781,195 
Total assets$2,674,137 $162,503,715 $6,267,087 $(12,673,497)$158,771,442 
Market risk benefit liabilities$0 $0 $4,803,284 $ $4,803,284 
Policyholders' account balances0 0 11,817,734 11,817,734 
Payables to parent and affiliates0 26,296,904 0 (22,078,754)4,218,150 
Other liabilities7,660 5,153 12,504 (6,940)18,377 
Total liabilities$7,660 $26,302,057 $16,633,522 $(22,085,694)$20,857,545 

 
 December 31, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $1,099,241 $0 $$1,099,241 
Obligations of U.S. states and their political subdivisions0 541,066 0 541,066 
Foreign government securities0 309,686 648 310,334 
U.S. corporate public securities0 13,238,428 0 13,238,428 
U.S. corporate private securities0 4,996,400 757,697 5,754,097 
Foreign corporate public securities0 3,692,124 6,727 3,698,851 
Foreign corporate private securities0 4,906,450 435,183 5,341,633 
Asset-backed securities(2)0 3,126,089 624,574 3,750,663 
Commercial mortgage-backed securities0 820,457 75,318 895,775 
Residential mortgage-backed securities0 356,072 0 356,072 
Subtotal0 33,086,013 1,900,147 34,986,160 
Market risk benefit assets0 0 2,637,363 2,637,363 
Fixed maturities, trading0 3,778,760 66,285 3,845,045 
Equity securities2,587,791 15,514 20,515 2,623,820 
Short-term investments0 390,745 105,540 496,285 
Cash equivalents0 2,851,250 33 2,851,283 
Other invested assets(3)2,302 15,330,249 143 (15,308,195)24,499 
Reinsurance recoverables and deposit receivables0 0 645,193 645,193 
Receivables from parent and affiliates0 169,072 351,390 520,462 
Subtotal excluding separate account assets2,590,093 55,621,603 5,726,609 (15,308,195)48,630,110 
Separate account assets(4)(5)273,288 111,415,717 10,547 111,699,552 
Total assets$2,863,381 $167,037,320 $5,737,156 $(15,308,195)$160,329,662 
Market risk benefit liabilities$0 $0 $4,281,244 $ $4,281,244 
Policyholders' account balances0 0 12,624,585 12,624,585 
Payables to parent and affiliates0 27,232,920 0 (23,617,643)3,615,277 
Other liabilities7,988 1,274 31 (1,943)7,350 
Total liabilities$7,988 $27,234,194 $16,905,860 $(23,619,586)$20,528,456 
(1)“Netting” amounts represent cash collateral of $(9,412) million and $(8,311) million as of March 31, 2025 and December 31, 2024, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.
(3)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. As of March 31, 2025 and December 31, 2024, the fair value of such investments was $40 million and $44 million, respectively.
(4)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Unaudited Interim Consolidated Statements of Financial Position.
(5)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate owned life insurance fund. As of March 31, 2025 and December 31, 2024, the fair value of such investments was $6,805 million and $6,444 million, respectively.
Quantitative Information Regarding Internally Priced Level 3 Assets and Liabilities – The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.
 March 31, 2025
 Fair Value  Valuation  
Techniques		Unobservable InputsMinimum  MaximumWeighted Average  Impact of 
Increase in 
Input on 
Fair Value(1)(2)
 (in thousands)
Assets:
Corporate securities(3)$1,360,498 Discounted cash flowDiscount rate5.74 %21.50 %11.08 %Decrease
Market comparablesEBITDA multiple(4)5.0 X5.0 X5.0 XIncrease
LiquidationLiquidation value29.66 %84.21 %75.45 %Increase
Asset-backed securities$104,566 Discounted cash flowDiscount rate2.43 %10.10 %4.35 %Decrease
Liquidity premium1.90 %1.90 %1.90 %Decrease
Commercial mortgage-backed securities$76,272 Discounted cash flowLiquidity premium0.90 %0.90 %0.90 %Decrease
Market risk benefit assets(5)$2,508,967 Discounted cash flowLapse rate(6)1 %20 %Increase
Spread over SOFR(7)0.41 %1.84 %Increase
Utilization rate(8)37 %94 %Decrease
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Increase
Equity volatility curve16 %25 %Decrease
Reinsurance recoverables and deposit receivables(11)$716,745 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.41 %1.83 %Decrease
Option budget(13)(1)%7 %Increase
Receivables from parent and affiliates$374,029 LiquidationLiquidation value100 %100 %100 %Increase
Liabilities:
Market risk benefit liabilities(5)$4,803,284 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over SOFR(7)0.41 %1.84 %Decrease
Utilization rate(8)37 %94 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Decrease
Equity volatility curve16 %25 %Increase
Policyholders' account balances(12)$11,817,734 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.41 %1.83 %Decrease
Mortality rate(10)0 %23 %Decrease
Option budget(13)(1)%7 %Increase
 December 31, 2024
 Fair Value     Valuation  
Techniques		  Unobservable
Inputs  		MinimumMaximum    Weighted  Average  Impact of 
Increase in 
Input on 
Fair Value(1)(2)
 (in thousands)
Assets:
Corporate securities(3)$1,130,627 Discounted cash flowDiscount rate2.15 %20.00 %11.15 %Decrease
Market ComparablesEBITDA multiple(4)5.0 X5.0 X5.0 XIncrease
LiquidationLiquidation value75.00 %75.00 %75.00 %Increase
Asset-backed securities$90,370 Discounted cash flowDiscount rate2.30 %10.70 %6.18 %Decrease
Commercial mortgage-backed securities$75,318 Discounted cash flowLiquidity premium1.00 %1.00 %1.00 %Decrease
Market risk benefit assets(5)$2,637,363 Discounted cash flowLapse rate(6)1 %20 %Increase
Spread over SOFR(7)0.29 %1.79 %Increase
Utilization rate(8)37 %94 %Decrease
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Increase
Equity volatility curve16 %25 %Decrease
Reinsurance recoverables and deposit receivables(11)$645,193 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.29 %1.71 %Decrease
Option budget(13)(1)%7 %Increase
Receivables from parent and affiliates$328,001 LiquidationLiquidation value100 %100 %100 %Increase
Liabilities:
Market risk benefit liabilities(5)$4,281,244 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over SOFR(7)0.29 %1.79 %Decrease
Utilization rate(8)37 %94 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Decrease
Equity volatility curve16 %25 %Increase
Policyholders' account balances(12)$12,624,585 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.29 %1.73 %Decrease
Mortality rate(10)0 %23 %Decrease
Option budget(13)(1)%7 %Increase
(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.
(2)Directional impacts for MRB assets and liabilities are associated with the directional impacts of direct and assumed MRBs.
(3)Includes assets classified as fixed maturities, available-for-sale and fixed maturities, trading.
(4)Represents multiple of earnings before interest, taxes, depreciation and amortization ("EBITDA"), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.
(5)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(6)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances.
(7)The spread over the Secured Overnight Financing Rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of March 31, 2025 and December 31, 2024, respectively. This spread includes an estimate of non-performance risk ("NPR"), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company ("AuguStar"), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of Prudential Defined Income ("PDI") traditional variable annuity contracts with guaranteed living benefits. See Note 11 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for AuguStar, which may differ from the Company's; however, the NPR spreads for AuguStar were developed using a methodology similar to that of the Company.
(8)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.
(9)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of both March 31, 2025 and December 31, 2024, the minimum withdrawal rate assumption is 78% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(10)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table.
(11)Includes deposit assets related to reinsurance agreements using deposit method of accounting and modified coinsurance agreements, which include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity products.
(12)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(13)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

Interrelationships Between Unobservable Inputs – In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another or multiple inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows:

Corporate Securities – The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term, and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increase, credit spreads widen, which results in a decrease in fair value.

Commercial Mortgage-backed Securities – Interrelationships may exist between the prepayment rate, the default rate and/or loss severity, depending on specific market conditions. In stronger economic cycles, prepayment rates are generally driven by underlying property appreciation and subsequent cash-out refinances, while default rates and loss severity may be lower. During weaker economic cycles, prepayment rates may decline, while default rates and loss severity increase. Generally, a change in the assumption used for the probability of default would be accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. The impact of these factors on average life and economics varies with the deal structure and tranche subordination.

Market Risk Benefits – The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.
Changes in Level 3 Assets and Liabilities – The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 10). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
Three Months Ended March 31, 2025(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$648 $(8)$0 $0 $0 $(640)$0 $0 $0 $0 $0 
Corporate securities(3)1,199,607 (1,598)416,528 (159,562)0 (40,372)(4,435)31,000 0 1,441,168 (759)
Structured securities(4)699,892 2,777 321,883 (203,502)0 (36,655)(58,357)261,816 (56,500)931,354 3,481 
Other assets:
Fixed maturities, trading66,285 3,593 82,403 0 0 (26,130)58,357 2,001 (34,428)152,081 6,190 
Equity securities20,515 (241)0 0 0 0 0 0 0 20,274 (241)
Other invested assets143 (111)0 0 0 0 0 0 0 32 (111)
Short-term investments105,540 (323)2,500 (1,524)0 (34)(1,398)0 0 104,761 (323)
Cash equivalents33 (87)206 0 0 (16)(33)0 0 103 (87)
Receivables from parent and affiliates351,390 (3,052)55,295 (9,253)0 (2,789)5,867 0 (18,098)379,360 (3,093)
Reinsurance recoverables and deposit receivables(5)645,193 (741)72,293 0 0 0 0 0 0 716,745 41,155 
Separate account assets10,547 (101)1,876 (69)0 (11)0 0 0 12,242 (101)
Liabilities:
Policyholders' account balances(5)(12,624,585)1,434,146 0 0 (627,295)0 0 0 0 (11,817,734)403,703 
Other liabilities(31)(12,473)0 0 0 0 0 0 0 (12,504)(12,473)
Three Months Ended March 31, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(6,667)$0 $0 $8,780 $(942)$(6,178)$0 $0 $8,900 
Other assets:
Fixed maturities, trading0 6,190 0 0 (2,597)0 6,190 0 0 
Equity securities0 (241)0 0 0 0 (241)0 0 
Other invested assets(111)0 0 0 0 (111)0 0 0 
Short-term investments28 0 0 (351)0 28 0 0 (351)
Cash equivalents(87)0 0 0 0 (87)0 0 0 
Receivables from parent and affiliates(4,071)0 0 1,019 0 (3,899)0 0 806 
Reinsurance recoverables and deposit receivables(741)0 0 0 0 41,155 0 0 0 
Separate account assets0 0 (101)0 0 0 0 (101)0 
Liabilities:
Policyholders' account balances1,434,146 0 0 0 0 403,703 0 0 0 
Other liabilities(12,473)0 0 0 0 (12,473)0 0 0 
Three Months Ended March 31, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$682 $(11)$0 $0 $0 $0 $0 $0 $0 $671 $(13)
Corporate securities(3)1,014,343 (10,790)125,041 (65,052)0 (53,892)0 0 0 1,009,650 (9,602)
Structured securities(4)177,237 (139)484,340 0 0 (1,895)0 34,578 0 694,121 (280)
Other assets:
Fixed maturities, trading34,048 (848)113,343 0 0 0 0 0 0 146,543 (848)
Equity securities28,709 (332)273 0 0 0 0 0 0 28,650 (332)
Other invested assets1 1 (1)0 0 0 0 0 0 1 1 
Short-term investments1,759 (316)2,002 0 0 (94)0 0 0 3,351 (316)
Receivables from parent and affiliates0 0 121,378 0 0 0 0 0 0 121,378 0 
Reinsurance recoverables and deposit receivables(5)(8)(9)192,642 (14,340)72,576 0 0 0 0 0 0 250,878 (51,458)
Separate account assets5,985 199 2,633 (1,256)0 (125)0 458 0 7,894 200 
Liabilities:
Policyholders' account balances(5)(9)(7,697,627)(1,495,324)0 0 (560,400)0 813 0 0 (9,752,538)(134,807)
Other liabilities0 (207)0 0 0 0 0 0 0 (207)(207)
Three Months Ended March 31, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(1,696)$0 $0 $(9,842)$598 $626 $0 $0 $(10,521)
Other assets:
Fixed maturities, trading0 (848)0 0 0 0 (848)0 0 
Equity securities0 (332)0 0 0 0 (332)0 0 
Other invested assets1 0 0 0 0 1 0 0 0 
Short-term investments(316)0 0 0 0 (316)0 0 0 
Reinsurance recoverables and deposit receivables(8)(9)(14,340)0 0 0 0 (51,458)0 0 0 
Separate account assets0 0 199 0 0 0 0 200 0 
Liabilities:
Policyholders' account balances(9)(1,495,324)0 0 0 0 (134,807)0 0 0 
Other liabilities(207)0 0 0 0 (207)0 0 0 
(1)"Other" includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.
(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.
(3)Includes U.S. corporate private, foreign corporate public, foreign corporate private, and foreign government bonds.
(4)Includes asset-backed and commercial mortgage-backed securities.
(5)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables and deposit receivables are presented net in the rollforward.
(6)Excludes MRB assets of $2,509 million and $2,537 million and MRB liabilities of $4,803 million and $4,388 million for the periods ended March 31, 2025 and 2024, respectively. See Note 10 for additional information.
(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.
(8)Prior period amounts have been updated to conform to current period presentation.
(9)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
Fair Value of Financial Instruments

The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
 March 31, 2025
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $7,943,756 $7,943,756 $8,054,419 
Policy loans0 0 1,556,658 1,556,658 1,556,658 
Short-term investments0 101 0 101 101 
Cash and cash equivalents263,914 10,000 0 273,914 273,914 
Accrued investment income0 502,312 0 502,312 502,312 
Reinsurance recoverables and deposit receivables0 0 2,347,998 2,347,998 2,349,003 
Receivables from parent and affiliates0 74,030 0 74,030 74,030 
Other assets0 184,107 0 184,107 184,107 
Total assets$263,914 $770,550 $11,848,412 $12,882,876 $12,994,544 
Liabilities:
Policyholders’ account balances - investment contracts$0 $803,362 $10,948,974 $11,752,336 $11,764,366 
Cash collateral for loaned securities0 236,793 0 236,793 236,793 
Reinsurance and funds withheld payables0 2,643,105 0 2,643,105 2,643,105 
Payables to parent and affiliates0 49,361 0 49,361 49,361 
Other liabilities0 893,981 31,606 925,587 925,587 
Total liabilities$0 $4,626,602 $10,980,580 $15,607,182 $15,619,212 
 December 31, 2024
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $7,534,909 $7,534,909 $7,759,323 
Policy loans0 0 1,541,480 1,541,480 1,541,480 
Short-term investments21,101 0 0 21,101 21,101 
Cash and cash equivalents474,415 0 0 474,415 474,415 
Accrued investment income0 466,394 0 466,394 466,394 
Reinsurance recoverables and deposit receivables0 0 2,355,489 2,355,489 2,357,292 
Receivables from parent and affiliates0 157,566 0 157,566 157,566 
Other assets0 203,493 0 203,493 203,493 
Total assets$495,516 $827,453 $11,431,878 $12,754,847 $12,981,064 
Liabilities:
Policyholders’ account balances - investment contracts$0 $815,520 $9,995,841 $10,811,361 $10,826,931 
Cash collateral for loaned securities0 121,372 0 121,372 121,372 
Reinsurance and funds withheld payables0 2,602,140 0 2,602,140 2,602,140 
Payables to parent and affiliates0 38,571 0 38,571 38,571 
Other liabilities0 849,278 31,606 880,884 880,884 
Total liabilities$0 $4,426,881 $10,027,447 $14,454,328 $14,469,898 
(1) Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
v3.25.1
Deferred Policy Acquisition Costs, Deferred Reinsurance, and Deferred Sales Inducements
 3 Months Ended
Mar. 31, 2025
Deferred Charges, Insurers [Abstract]  
Deferred Policy Acquisition Costs, Deferred Reinsurance, and Deferred Sales Inducements DEFERRED POLICY ACQUISITION COSTS, DEFERRED REINSURANCE AND DEFERRED SALES INDUCEMENTS
Deferred Policy Acquisition Costs ("DAC")

The following tables show a rollforward for the lines of business that contain DAC balances, along with a reconciliation to the Company's total DAC balance:
Three Months Ended March 31, 2025
Fixed AnnuitiesVariable AnnuitiesTerm LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$371,642 $3,373,201 $614,068 $3,448,149 $7,807,060 
Capitalization42,749 116,925 43,182 155,933 358,789 
Amortization expense(13,216)(96,183)(11,901)(38,923)(160,223)
Other(1,236)0 0 71 (1,165)
Balance, end of period$399,939 $3,393,943 $645,349 $3,565,230 $8,004,461 
Three Months Ended March 31, 2024
Fixed AnnuitiesVariable AnnuitiesTerm LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$197,937 $3,298,935 $743,888 $2,903,976 $7,144,736 
   Capitalization(2)64,744 87,337 43,874 146,175 342,130 
   Amortization expense(2)(8,725)(86,116)(18,180)(34,643)(147,664)
   Other(1)0 0 0 (38,017)(38,017)
Balance, end of period$253,956 $3,300,156 $769,582 $2,977,491 $7,301,185 
(1)Other includes the impact of the Universal Life reinsurance transaction with Prudential Arizona Reinsurance Universal Company (“PAR U”) and PURE. See Note 11 for additional information.
(2)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
Deferred Reinsurance Losses ("DRL")

The following tables show a rollforward for the lines of business that contain DRL balances, along with a reconciliation to the Company's total DRL balance:

Three Months Ended March 31, 2025
Variable AnnuitiesTerm LifeVariable/
Universal Life
Total
(in thousands)
Balance, beginning of period$164,238 $396,684 $969,472 $1,530,394 
  Amortization expense(7,668)(9,458)(9,496)(26,622)
  Other(2)0 0 (2)
Balance, end of period$156,568 $387,226 $959,976 $1,503,770 

Three Months Ended March 31, 2024
Variable AnnuitiesTerm LifeVariable/
Universal Life
Total
(in thousands)
Balance, beginning of period$194,110 $61,003 $0 $255,113 
  Amortization expense(7,040)(1,971)0 (9,011)
  Other1 0 0 1 
Balance, end of period$187,071 $59,032 $0 $246,103 
Deferred Reinsurance Gains ("DRG")

The following tables show a rollforward for the lines of business that contain DRG balances, along with a reconciliation to the Company's total DRG balance:
Three Months Ended March 31, 2025
Fixed AnnuitiesVariable AnnuitiesVariable / Universal LifeInternationalTotal
(in thousands)
Balance, beginning of period$37,548 $241,628 $3,039,609 $0 $3,318,785 
Amortization(2,460)(4,908)(34,289)(162)(41,819)
Other(1)(8)33 0 13,698 13,723 
Foreign currency adjustment(1)0 0 0 107 107 
Balance, end of period$35,080 $236,753 $3,005,320 $13,643 $3,290,796 
(1)Includes the impact of the International reinsurance transaction with The Prudential Life Insurance Company, Ltd. ("Prudential of Japan"), including $14 million of DRG. See Note 11 for additional information.

Three Months Ended March 31, 2024
Fixed AnnuitiesVariable AnnuitiesVariable / Universal LifeInternationalTotal
(in thousands)
Balance, beginning of period$48,073 $261,721 $1,363,496 $0 $1,673,290 
Amortization(2,688)(5,056)(30,644)0 (38,388)
Other(1)(9)(40)1,099,832 0 1,099,783 
Balance, end of period$45,376 $256,625 $2,432,684 $0 $2,734,685 
(1)Other includes the impact of the Universal Life reinsurance transaction with PAR U, PURE and Prudential Insurance, including $1,207 million of DRG, partially offset by a $116 million write-off. See Note 11 for additional information.
Deferred Sales Inducements ("DSI")

The following table shows a rollforward of DSI balances for variable annuity products, which is the only line of business that contains a DSI balance, along with a reconciliation to the Company's total DSI balance:

Three Months Ended March 31,
20252024
(in thousands)
Balance, beginning of period$322,351 $351,424 
Capitalization1,018 1,253 
Amortization expense(7,307)(7,784)
Balance, end of period$316,062 $344,893 
v3.25.1
Separate Accounts
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Separate Accounts SEPARATE ACCOUNTS
The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 9 for additional information.

The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities”. The liabilities related to the net amount at risk are reflected within “Future policy benefits” or “Market risk benefit liabilities” (or “assets,” if applicable). Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Change in value of market risk benefits, net of related hedging gains (losses)”.
Separate Account Assets

The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

March 31, 2025December 31, 2024
(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$18,498 $15,548 
Obligations of U.S. states and their political subdivisions authorities140 115 
 U.S. corporate securities28,128 24,458 
 Foreign corporate securities3,052 3,158 
Asset-backed securities1,263 1,099 
Mortgage-backed securities129 82 
Mutual funds:
Equity69,189,973 73,226,610 
Fixed Income32,508,482 33,828,097 
Other4,851,887 4,431,975 
Equity securities150,205 126,792 
Other invested assets6,805,838 6,444,077 
Short-term investments1,449 2,559 
   Cash and cash equivalents27,469 38,686 
Total$113,586,513 $118,143,256 

For the three months ended March 31, 2025 and year ended December 31, 2024, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded.

Separate Account Liabilities
The balances of and changes in separate account liabilities as of and for the periods indicated are as follows:
Three Months Ended March 31, 2025
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$85,183,055 $32,960,201 $118,143,256 
     Deposits151,359 871,702 1,023,061 
     Investment performance(166,036)(754,703)(920,739)
     Policy charges(508,620)(248,335)(756,955)
     Surrenders and withdrawals(3,587,214)(142,237)(3,729,451)
     Benefit payments(23,567)(94,690)(118,257)
     Net transfers (to) from general account(23,157)(90,828)(113,985)
     Other1,798 57,785 59,583 
Balance, end of period$81,027,618 $32,558,895 $113,586,513 
Cash surrender value(1)$80,187,666 $29,118,691 $109,306,357 
Three Months Ended March 31, 2024
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$92,383,121 $26,805,364 $119,188,485 
Deposits149,538 697,390 846,928 
Investment performance4,150,157 2,023,976 6,174,133 
Policy charges(557,722)(220,783)(778,505)
Surrenders and withdrawals(3,293,055)(116,910)(3,409,965)
Benefit payments(15,282)(73,731)(89,013)
Net transfers (to) from general account6,723 (84,803)(78,080)
Other877 40,163 41,040 
Balance, end of period$92,824,357 $29,070,666 $121,895,023 
Cash surrender value(1)$91,713,815 $25,802,599 $117,516,414 
(1) Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
v3.25.1
Liability For Future Policy Benefits
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Liability For Future Policy Benefits LIABILITY FOR FUTURE POLICY BENEFITS
Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below.

•Benefit Reserves;
•Deferred Profit Liability ("DPL"); and
•Additional Insurance Reserves ("AIR")
Benefit Reserves

The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

Three Months Ended March 31, 2025
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,414,702 $0 $10,414,702 
Effect of cumulative changes in discount rate assumptions, beginning of period567,443 0 567,443 
Balance at original discount rate, beginning of period10,982,145 0 10,982,145 
Effect of actual variances from expected experience and other activity(56,837)0 (56,837)
Adjusted balance, beginning of period10,925,308 0 10,925,308 
Issuances194,679 11,076 205,755 
Net premiums / considerations collected(325,511)(11,076)(336,587)
Interest accrual128,423 0 128,423 
Other adjustments9 0 9 
Balance at original discount rate, end of period10,922,908 0 10,922,908 
Effect of cumulative changes in discount rate assumptions, end of period(453,082)0 (453,082)
Balance, end of period$10,469,826 $0 $10,469,826 
Three Months Ended March 31, 2025
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,689,399 $238,086 $17,927,485 
Effect of cumulative changes in discount rate assumptions, beginning of period1,091,673 19,442 1,111,115 
Balance at original discount rate, beginning of period18,781,072 257,528 19,038,600 
Effect of actual variances from expected experience and other activity(65,080)1,139 (63,941)
Adjusted balance, beginning of period18,715,992 258,667 18,974,659 
Issuances194,678 11,076 205,754 
Interest accrual225,260 2,492 227,752 
Benefit payments(362,895)(8,633)(371,528)
Other adjustments1,937 0 1,937 
Balance at original discount rate, end of period18,774,972 263,602 19,038,574 
Effect of cumulative changes in discount rate assumptions, end of period(887,904)(14,332)(902,236)
Balance, end of period$17,887,068 $249,270 $18,136,338 
Other, end of period1,410 
Total balance, end of period$18,137,748 

Three Months Ended March 31, 2025
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,417,242 $249,270 $7,666,512 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,417,286 249,270 7,666,556 
Less: Reinsurance recoverables6,832,580 20,954 6,853,534 
Balance after reinsurance recoverables, end of period, post-flooring$584,706 $228,316 $813,022 

Three Months Ended March 31, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,927,833 $0 $10,927,833 
Effect of cumulative changes in discount rate assumptions, beginning of period225,711 0 225,711 
Balance at original discount rate, beginning of period11,153,544 0 11,153,544 
Effect of actual variances from expected experience and other activity(54,196)(290)(54,486)
Adjusted balance, beginning of period11,099,348 (290)11,099,058 
Issuances192,492 8,595 201,087 
Net premiums / considerations collected(329,743)(8,305)(338,048)
Interest accrual129,053 0 129,053 
Other adjustments(78)0 (78)
Balance at original discount rate, end of period11,091,072 0 11,091,072 
Effect of cumulative changes in discount rate assumptions, end of period(434,791)0 (434,791)
Balance, end of period$10,656,281 $0 $10,656,281 
Three Months Ended March 31, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$18,426,207 $228,788 $18,654,995 
Effect of cumulative changes in discount rate assumptions, beginning of period331,571 19,521 351,092 
Balance at original discount rate, beginning of period18,757,778 248,309 19,006,087 
Effect of actual variances from expected experience and other activity(65,431)(369)(65,800)
Adjusted balance, beginning of period18,692,347 247,940 18,940,287 
Issuances192,492 8,595 201,087 
Interest accrual223,989 2,204 226,193 
Benefit payments(368,247)(7,544)(375,791)
Other adjustments(23)(34)(57)
Balance at original discount rate, end of period18,740,558 251,161 18,991,719 
Effect of cumulative changes in discount rate assumptions, end of period(742,789)(23,464)(766,253)
Balance, end of period$17,997,769 $227,697 $18,225,466 
Other, end of period1,675 
Total balance, end of period$18,227,141 

Three Months Ended March 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,341,488 $227,697 $7,569,185 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,341,532 227,697 7,569,229 
Less: Reinsurance recoverables6,650,332 18,428 6,668,760 
Balance after reinsurance recoverables, end of period, post-flooring$691,200 $209,269 $900,469 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Three Months Ended March 31, 2025
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,792,468 $0 
Discounted expected future gross premiums (at original discount rate)$14,843,715 $0 
Discounted expected future gross premiums (at current discount rate)$14,266,715 $0 
Undiscounted expected future benefits and expenses$29,143,806 $357,084 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.12 %4.00 %
Weighted-average interest rate (at current discount rate)5.44 %5.33 %
Three Months Ended March 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,812,112 $0 
Discounted expected future gross premiums (at original discount rate)$14,968,218 $0 
Discounted expected future gross premiums (at current discount rate)$14,408,614 $0 
Undiscounted expected future benefits and expenses$29,069,972 $336,830 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.16 %3.76 %
Weighted-average interest rate (at current discount rate)5.29 %5.26 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Company's Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss, respectively.

For both the first three months of 2025 and 2024, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.
Deferred Profit Liability

The balances of and changes in DPL as of and for the periods indicated are as follows:

Three Months Ended March 31,
20252024
Fixed Annuities
(in thousands)
Balance, beginning of period, post-flooring$22,939 $14,818 
Effect of actual variances from expected experience and other activity(650)330 
Adjusted balance, beginning of period22,289 15,148 
Profits deferred1,580 216 
Interest accrual234 133 
Amortization(711)(456)
Other adjustments(1)(3)
Balance, end of period, post-flooring23,391 15,038 
Less: Reinsurance recoverables2,019 1,576 
Balance after reinsurance recoverables, end of period$21,372 $13,462 
Additional Insurance Reserves
AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits ("GMDB") and guaranteed minimum income benefits ("GMIB") contract features, that are above and beyond the contractholder's account balance for certain long-duration life contracts.

The following table shows a rollforward of AIR balances for variable and universal life products for the periods indicated, along with a reconciliation to the Company's total AIR balance:

Three Months Ended March 31,
20252024
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$16,351,053 $14,280,792 
Flooring impact and amounts in AOCI617,186 831,583 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring16,968,239 15,112,375 
Effect of actual variances from expected experience and other activity9,840 191,104 
Adjusted balance, beginning of period16,978,079 15,303,479 
Assessments collected(1)269,478 297,419 
Interest accrual142,506 128,241 
Benefits paid(86,194)(68,233)
Balance, excluding amounts in AOCI, end of period, pre-flooring17,303,869 15,660,906 
Flooring impact and amounts in AOCI(513,439)(1,014,852)
Balance, including amounts in AOCI, end of period, post-flooring16,790,430 14,646,054 
Less: Reinsurance recoverables16,548,025 14,466,067 
Balance after reinsurance recoverables, including amounts in AOCI, end of period242,405 179,987 
Other7,610 0 
Total balance after reinsurance recoverables$250,015 $179,987 
(1) Represents the portion of gross assessments required to fund the future policy benefits.

Three Months Ended March 31,
20252024
Weighted-average duration of the liability in years (at original discount rate)2222
Weighted-average interest rate (at original discount rate)3.34 %3.39 %
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Unaudited Interim Consolidated Statements of Financial Position as of the periods indicated:

Three Months Ended March 31,
20252024
(in thousands)
Benefit reserves, end of period, post-flooring$7,666,556 $7,569,229 
Deferred profit liability, end of period, post-flooring23,391 15,038 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring16,798,040 14,646,054 
Subtotal of amounts disclosed above24,487,987 22,230,321 
Other Future policy benefits reserves(1)1,055,140 1,181,796 
Total Future policy benefits$25,543,127 $23,412,117 
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
Revenue and Interest Expense

The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

Three Months Ended March 31, 2025
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$441,000 $0 $12,746 $453,746 
Deferred profit liability0 0 (452)(452)
Additional insurance reserves0 458,049 0 458,049 
Total$441,000 $458,049 $12,294 $911,343 

Three Months Ended March 31, 2024
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$446,853 $0 $8,572 $455,425 
Deferred profit liability0 0 (221)(221)
Additional insurance reserves0 419,396 0 419,396 
Total$446,853 $419,396 $8,351 $874,600 
(1)Represents gross premiums for benefit reserves; revenue for DPL and gross assessments for AIR.
Three Months Ended March 31, 2025
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$96,837 $0 $2,492 $99,329 
Deferred profit liability0 0 234 234 
Additional insurance reserves0 142,506 0 142,506 
Total$96,837 $142,506 $2,726 $242,069 


Three Months Ended March 31, 2024
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$94,935 $0 $2,204 $97,139 
Deferred profit liability0 0 133 133 
Additional insurance reserves0 128,241 0 128,241 
Total$94,935 $128,241 $2,337 $225,513 
POLICYHOLDERS' ACCOUNT BALANCES
Policyholders' Account Balances

The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
Three Months Ended March 31, 2025
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$11,197,337 $33,217,331 $20,691,139 $65,105,807 
Deposits1,118,299 2,229,851 582,832 3,930,982 
Interest credited70,850 148,597 145,451 364,898 
Policy charges(11,409)(15,546)(459,618)(486,573)
Surrenders and withdrawals(157,652)(250,968)(230,465)(639,085)
Benefit payments(26,429)(4,163)(31,911)(62,503)
Net transfers (to) from separate account0 23,157 90,828 113,985 
Change in market value and other adjustments(1)(49,620)(1,412,076)9,260 (1,452,436)
Balance, end of period12,141,376 33,936,183 20,797,516 66,875,075 
Unearned revenue reserve4,576,066 
Other108,240 
Total Policyholders' account balance$71,559,381 
Weighted-average crediting rate2.43 %1.77 %2.80 %2.21 %
Net amount at risk(2)$1,458 $0 $350,940,996 $350,942,454 
Cash surrender value(3)$10,896,794 $32,338,553 $19,498,691 $62,734,038 
Three Months Ended March 31, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Deposits1,553,852 1,624,956 529,212 3,708,020 
Interest credited(4)43,517 131,944 138,059 313,520 
Policy charges2,208 (3,702)(455,538)(457,032)
Surrenders and withdrawals(103,696)(179,988)(199,907)(483,591)
Benefit payments(12,879)(4,926)(17,856)(35,661)
Net transfers (to) from separate account0 (6,723)84,803 78,080 
Change in market value and other adjustments(1)(4)88,291 1,360,323 37,169 1,485,783 
Balance, end of period7,735,606 25,732,549 20,283,655 53,751,810 
Unearned revenue reserve3,908,497 
Other103,851 
Total Policyholders' account balance$57,764,158 
Weighted-average crediting rate(4)2.50 %2.17 %2.73 %2.44 %
Net amount at risk(2)$18 $0 $327,231,561 $327,231,579 
Cash surrender value(3)$6,674,346 $23,282,269 $18,899,950 $48,856,565 
(1)     Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)     The net amount at risk calculation includes both general and separate account balances.
(3)    Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(4) Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.


The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid.

The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.

The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 10 for additional information, including the net amount at risk associated with these guarantees.
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums are as follows:
March 31, 2025
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 -50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$435 $2,879 $13,419 $1,061,517 $1,078,250 
1.00% - 1.99%
414,878 58,998 166,957 69,270 710,103 
2.00% - 2.99%
302,047 455,549 553,053 15,154 1,325,803 
3.00% - 4.00%
2,394,146 5,717 11,157 3,377 2,414,397 
Greater than 4.00%
0 0 0 0 0 
Total$3,111,506 $523,143 $744,586 $1,149,318 $5,528,553 
Variable Annuities
Less than 1.00%
$232,418 $337,436 $603,866 $136 $1,173,856 
1.00% - 1.99%
100,050 348,924 2,441 0 451,415 
2.00% - 2.99%
16,625 3,809 4,149 0 24,583 
3.00% - 4.00%
802,908 0 0 0 802,908 
Greater than 4.00%
1,997 0 0 0 1,997 
Total$1,153,998 $690,169 $610,456 $136 $2,454,759 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $194,655 $194,655 
1.00% - 1.99%
310,277 0 1,845,100 1,578,484 3,733,861 
2.00% - 2.99%
36,188 1,547,089 2,693,525 391,867 4,668,669 
3.00% - 4.00%
4,070,246 1,711,741 1,067,395 0 6,849,382 
Greater than 4.00%
2,079,632 0 0 0 2,079,632 
Total$6,496,343 $3,258,830 $5,606,020 $2,165,006 $17,526,199 
March 31, 2024
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$285 $1,923 $6,312 $621,391 $629,911 
1.00% - 1.99%
473,330 72,870 217,461 80,120 843,781 
2.00% - 2.99%
300,163 465,693 564,226 15,919 1,346,001 
3.00% - 4.00%
324,553 1,941 2,156 241 328,891 
Greater than 4.00%
0 0 0 0 0 
Total$1,098,331 $542,427 $790,155 $717,671 $3,148,584 
Variable Annuities
Less than 1.00%
$865,767 $727,194 $69,871 $195 $1,663,027 
1.00% - 1.99%
216,457 23,819 924 0 241,200 
2.00% - 2.99%
20,916 4,192 4,174 0 29,282 
3.00% - 4.00%
878,815 6,926 0 0 885,741 
Greater than 4.00%
2,066 0 0 0 2,066 
Total$1,984,021 $762,131 $74,969 $195 $2,821,316 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $184,308 $184,308 
1.00% - 1.99%
226,470 0 1,661,933 1,514,100 3,402,503 
2.00% - 2.99%
29,823 1,462,438 2,854,281 201,794 4,548,336 
3.00% - 4.00%
3,904,574 2,376,925 918,116 0 7,199,615 
Greater than 4.00%
2,127,526 0 0 0 2,127,526 
Total$6,288,393 $3,839,363 $5,434,330 $1,900,202 $17,462,288 
(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.


Unearned Revenue Reserve ("URR")

The balances of and changes in URR as of and for the periods ended are as follows:

Three Months Ended March 31,
20252024
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$4,415,188 $3,741,426 
Unearned revenue211,830211,542
Amortization expense(50,952)(44,470)
Other adjustments0 (1)
Balance, end of period$4,576,066 $3,908,497 
MARKET RISK BENEFITS
The following tables show a rollforward of MRB balances for variable annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Three Months Ended March 31, 2025
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$2,488,463 $(844,582)$1,643,881 
Effect of cumulative changes in non-performance risk626,845 0 626,845 
Balance, beginning of period, before effect of changes in
non-performance risk		3,115,308 (844,582)2,270,726 
Attributed fees collected259,010 (60,167)198,843 
Claims paid(14,280)1,634 (12,646)
Interest accrual37,780 (11,107)26,673 
Actual in force different from expected18,542 (5,273)13,269 
Effect of changes in interest rates414,243 (105,463)308,780 
Effect of changes in equity markets227,938 (24,533)203,405 
Issuances23,528 (2,177)21,351 
Other adjustments(294)40 (254)
Effect of changes in current period counterparty non-performance risk0 52,228 52,228 
Balance, end of period, before effect of changes in non-performance risk4,081,775 (999,400)3,082,375 
Effect of cumulative changes in non-performance risk(788,058)0 (788,058)
Balance, end of period$3,293,717 $(999,400)$2,294,317 

Three Months Ended March 31, 2024
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$3,707,407 $(917,792)$2,789,615 
Effect of cumulative changes in non-performance risk1,067,983 0 1,067,983 
Balance, beginning of period, before effect of changes in
non-performance risk		4,775,390 (917,792)3,857,598 
Attributed fees collected281,171 (66,967)214,204 
Claims paid(16,417)1,511 (14,906)
Interest accrual68,360 (15,642)52,718 
Actual in force different from expected2,495 (4,539)(2,044)
Effect of changes in interest rates(832,834)180,022 (652,812)
Effect of changes in equity markets(846,759)87,042 (759,717)
Issuances12,766 (619)12,147 
Other adjustments(1)612 (603)9 
Effect of changes in current period counterparty non-performance risk0 (26,662)(26,662)
Balance, end of period, before effect of changes in non-performance risk3,444,784 (764,249)2,680,535 
Effect of cumulative changes in non-performance risk(829,061)0 (829,061)
Balance, end of period$2,615,723 $(764,249)$1,851,474 
(1)    Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods.

For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.

The following table presents accompanying information to the rollforward table above.
March 31, 2025March 31, 2024
Variable Annuities
($ in thousands)
Net amount at risk(1)$9,113,461 $8,350,431 
Weighted-average attained age of contractholders7170
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.
The table below reconciles MRB asset and liability positions as of the following dates:
March 31, 2025March 31, 2024
Variable Annuities
(in thousands)
Direct and assumed$1,255,404 $1,472,957 
Ceded1,253,563 1,063,886 
Total market risk benefit assets$2,508,967 $2,536,843 
Direct and assumed$4,549,121 $4,088,679 
Ceded254,163 299,638 
Total market risk benefit liabilities$4,803,284 $4,388,317 
Net liability$2,294,317 $1,851,474 
v3.25.1
Policyholders' Liabilities
 3 Months Ended
Mar. 31, 2025
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholders' Liabilities LIABILITY FOR FUTURE POLICY BENEFITS
Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below.

•Benefit Reserves;
•Deferred Profit Liability ("DPL"); and
•Additional Insurance Reserves ("AIR")
Benefit Reserves

The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

Three Months Ended March 31, 2025
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,414,702 $0 $10,414,702 
Effect of cumulative changes in discount rate assumptions, beginning of period567,443 0 567,443 
Balance at original discount rate, beginning of period10,982,145 0 10,982,145 
Effect of actual variances from expected experience and other activity(56,837)0 (56,837)
Adjusted balance, beginning of period10,925,308 0 10,925,308 
Issuances194,679 11,076 205,755 
Net premiums / considerations collected(325,511)(11,076)(336,587)
Interest accrual128,423 0 128,423 
Other adjustments9 0 9 
Balance at original discount rate, end of period10,922,908 0 10,922,908 
Effect of cumulative changes in discount rate assumptions, end of period(453,082)0 (453,082)
Balance, end of period$10,469,826 $0 $10,469,826 
Three Months Ended March 31, 2025
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,689,399 $238,086 $17,927,485 
Effect of cumulative changes in discount rate assumptions, beginning of period1,091,673 19,442 1,111,115 
Balance at original discount rate, beginning of period18,781,072 257,528 19,038,600 
Effect of actual variances from expected experience and other activity(65,080)1,139 (63,941)
Adjusted balance, beginning of period18,715,992 258,667 18,974,659 
Issuances194,678 11,076 205,754 
Interest accrual225,260 2,492 227,752 
Benefit payments(362,895)(8,633)(371,528)
Other adjustments1,937 0 1,937 
Balance at original discount rate, end of period18,774,972 263,602 19,038,574 
Effect of cumulative changes in discount rate assumptions, end of period(887,904)(14,332)(902,236)
Balance, end of period$17,887,068 $249,270 $18,136,338 
Other, end of period1,410 
Total balance, end of period$18,137,748 

Three Months Ended March 31, 2025
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,417,242 $249,270 $7,666,512 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,417,286 249,270 7,666,556 
Less: Reinsurance recoverables6,832,580 20,954 6,853,534 
Balance after reinsurance recoverables, end of period, post-flooring$584,706 $228,316 $813,022 

Three Months Ended March 31, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,927,833 $0 $10,927,833 
Effect of cumulative changes in discount rate assumptions, beginning of period225,711 0 225,711 
Balance at original discount rate, beginning of period11,153,544 0 11,153,544 
Effect of actual variances from expected experience and other activity(54,196)(290)(54,486)
Adjusted balance, beginning of period11,099,348 (290)11,099,058 
Issuances192,492 8,595 201,087 
Net premiums / considerations collected(329,743)(8,305)(338,048)
Interest accrual129,053 0 129,053 
Other adjustments(78)0 (78)
Balance at original discount rate, end of period11,091,072 0 11,091,072 
Effect of cumulative changes in discount rate assumptions, end of period(434,791)0 (434,791)
Balance, end of period$10,656,281 $0 $10,656,281 
Three Months Ended March 31, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$18,426,207 $228,788 $18,654,995 
Effect of cumulative changes in discount rate assumptions, beginning of period331,571 19,521 351,092 
Balance at original discount rate, beginning of period18,757,778 248,309 19,006,087 
Effect of actual variances from expected experience and other activity(65,431)(369)(65,800)
Adjusted balance, beginning of period18,692,347 247,940 18,940,287 
Issuances192,492 8,595 201,087 
Interest accrual223,989 2,204 226,193 
Benefit payments(368,247)(7,544)(375,791)
Other adjustments(23)(34)(57)
Balance at original discount rate, end of period18,740,558 251,161 18,991,719 
Effect of cumulative changes in discount rate assumptions, end of period(742,789)(23,464)(766,253)
Balance, end of period$17,997,769 $227,697 $18,225,466 
Other, end of period1,675 
Total balance, end of period$18,227,141 

Three Months Ended March 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,341,488 $227,697 $7,569,185 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,341,532 227,697 7,569,229 
Less: Reinsurance recoverables6,650,332 18,428 6,668,760 
Balance after reinsurance recoverables, end of period, post-flooring$691,200 $209,269 $900,469 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Three Months Ended March 31, 2025
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,792,468 $0 
Discounted expected future gross premiums (at original discount rate)$14,843,715 $0 
Discounted expected future gross premiums (at current discount rate)$14,266,715 $0 
Undiscounted expected future benefits and expenses$29,143,806 $357,084 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.12 %4.00 %
Weighted-average interest rate (at current discount rate)5.44 %5.33 %
Three Months Ended March 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,812,112 $0 
Discounted expected future gross premiums (at original discount rate)$14,968,218 $0 
Discounted expected future gross premiums (at current discount rate)$14,408,614 $0 
Undiscounted expected future benefits and expenses$29,069,972 $336,830 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.16 %3.76 %
Weighted-average interest rate (at current discount rate)5.29 %5.26 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Company's Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss, respectively.

For both the first three months of 2025 and 2024, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.
Deferred Profit Liability

The balances of and changes in DPL as of and for the periods indicated are as follows:

Three Months Ended March 31,
20252024
Fixed Annuities
(in thousands)
Balance, beginning of period, post-flooring$22,939 $14,818 
Effect of actual variances from expected experience and other activity(650)330 
Adjusted balance, beginning of period22,289 15,148 
Profits deferred1,580 216 
Interest accrual234 133 
Amortization(711)(456)
Other adjustments(1)(3)
Balance, end of period, post-flooring23,391 15,038 
Less: Reinsurance recoverables2,019 1,576 
Balance after reinsurance recoverables, end of period$21,372 $13,462 
Additional Insurance Reserves
AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits ("GMDB") and guaranteed minimum income benefits ("GMIB") contract features, that are above and beyond the contractholder's account balance for certain long-duration life contracts.

The following table shows a rollforward of AIR balances for variable and universal life products for the periods indicated, along with a reconciliation to the Company's total AIR balance:

Three Months Ended March 31,
20252024
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$16,351,053 $14,280,792 
Flooring impact and amounts in AOCI617,186 831,583 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring16,968,239 15,112,375 
Effect of actual variances from expected experience and other activity9,840 191,104 
Adjusted balance, beginning of period16,978,079 15,303,479 
Assessments collected(1)269,478 297,419 
Interest accrual142,506 128,241 
Benefits paid(86,194)(68,233)
Balance, excluding amounts in AOCI, end of period, pre-flooring17,303,869 15,660,906 
Flooring impact and amounts in AOCI(513,439)(1,014,852)
Balance, including amounts in AOCI, end of period, post-flooring16,790,430 14,646,054 
Less: Reinsurance recoverables16,548,025 14,466,067 
Balance after reinsurance recoverables, including amounts in AOCI, end of period242,405 179,987 
Other7,610 0 
Total balance after reinsurance recoverables$250,015 $179,987 
(1) Represents the portion of gross assessments required to fund the future policy benefits.

Three Months Ended March 31,
20252024
Weighted-average duration of the liability in years (at original discount rate)2222
Weighted-average interest rate (at original discount rate)3.34 %3.39 %
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Unaudited Interim Consolidated Statements of Financial Position as of the periods indicated:

Three Months Ended March 31,
20252024
(in thousands)
Benefit reserves, end of period, post-flooring$7,666,556 $7,569,229 
Deferred profit liability, end of period, post-flooring23,391 15,038 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring16,798,040 14,646,054 
Subtotal of amounts disclosed above24,487,987 22,230,321 
Other Future policy benefits reserves(1)1,055,140 1,181,796 
Total Future policy benefits$25,543,127 $23,412,117 
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
Revenue and Interest Expense

The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

Three Months Ended March 31, 2025
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$441,000 $0 $12,746 $453,746 
Deferred profit liability0 0 (452)(452)
Additional insurance reserves0 458,049 0 458,049 
Total$441,000 $458,049 $12,294 $911,343 

Three Months Ended March 31, 2024
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$446,853 $0 $8,572 $455,425 
Deferred profit liability0 0 (221)(221)
Additional insurance reserves0 419,396 0 419,396 
Total$446,853 $419,396 $8,351 $874,600 
(1)Represents gross premiums for benefit reserves; revenue for DPL and gross assessments for AIR.
Three Months Ended March 31, 2025
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$96,837 $0 $2,492 $99,329 
Deferred profit liability0 0 234 234 
Additional insurance reserves0 142,506 0 142,506 
Total$96,837 $142,506 $2,726 $242,069 


Three Months Ended March 31, 2024
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$94,935 $0 $2,204 $97,139 
Deferred profit liability0 0 133 133 
Additional insurance reserves0 128,241 0 128,241 
Total$94,935 $128,241 $2,337 $225,513 
POLICYHOLDERS' ACCOUNT BALANCES
Policyholders' Account Balances

The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
Three Months Ended March 31, 2025
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$11,197,337 $33,217,331 $20,691,139 $65,105,807 
Deposits1,118,299 2,229,851 582,832 3,930,982 
Interest credited70,850 148,597 145,451 364,898 
Policy charges(11,409)(15,546)(459,618)(486,573)
Surrenders and withdrawals(157,652)(250,968)(230,465)(639,085)
Benefit payments(26,429)(4,163)(31,911)(62,503)
Net transfers (to) from separate account0 23,157 90,828 113,985 
Change in market value and other adjustments(1)(49,620)(1,412,076)9,260 (1,452,436)
Balance, end of period12,141,376 33,936,183 20,797,516 66,875,075 
Unearned revenue reserve4,576,066 
Other108,240 
Total Policyholders' account balance$71,559,381 
Weighted-average crediting rate2.43 %1.77 %2.80 %2.21 %
Net amount at risk(2)$1,458 $0 $350,940,996 $350,942,454 
Cash surrender value(3)$10,896,794 $32,338,553 $19,498,691 $62,734,038 
Three Months Ended March 31, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Deposits1,553,852 1,624,956 529,212 3,708,020 
Interest credited(4)43,517 131,944 138,059 313,520 
Policy charges2,208 (3,702)(455,538)(457,032)
Surrenders and withdrawals(103,696)(179,988)(199,907)(483,591)
Benefit payments(12,879)(4,926)(17,856)(35,661)
Net transfers (to) from separate account0 (6,723)84,803 78,080 
Change in market value and other adjustments(1)(4)88,291 1,360,323 37,169 1,485,783 
Balance, end of period7,735,606 25,732,549 20,283,655 53,751,810 
Unearned revenue reserve3,908,497 
Other103,851 
Total Policyholders' account balance$57,764,158 
Weighted-average crediting rate(4)2.50 %2.17 %2.73 %2.44 %
Net amount at risk(2)$18 $0 $327,231,561 $327,231,579 
Cash surrender value(3)$6,674,346 $23,282,269 $18,899,950 $48,856,565 
(1)     Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)     The net amount at risk calculation includes both general and separate account balances.
(3)    Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(4) Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.


The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid.

The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.

The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 10 for additional information, including the net amount at risk associated with these guarantees.
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums are as follows:
March 31, 2025
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 -50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$435 $2,879 $13,419 $1,061,517 $1,078,250 
1.00% - 1.99%
414,878 58,998 166,957 69,270 710,103 
2.00% - 2.99%
302,047 455,549 553,053 15,154 1,325,803 
3.00% - 4.00%
2,394,146 5,717 11,157 3,377 2,414,397 
Greater than 4.00%
0 0 0 0 0 
Total$3,111,506 $523,143 $744,586 $1,149,318 $5,528,553 
Variable Annuities
Less than 1.00%
$232,418 $337,436 $603,866 $136 $1,173,856 
1.00% - 1.99%
100,050 348,924 2,441 0 451,415 
2.00% - 2.99%
16,625 3,809 4,149 0 24,583 
3.00% - 4.00%
802,908 0 0 0 802,908 
Greater than 4.00%
1,997 0 0 0 1,997 
Total$1,153,998 $690,169 $610,456 $136 $2,454,759 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $194,655 $194,655 
1.00% - 1.99%
310,277 0 1,845,100 1,578,484 3,733,861 
2.00% - 2.99%
36,188 1,547,089 2,693,525 391,867 4,668,669 
3.00% - 4.00%
4,070,246 1,711,741 1,067,395 0 6,849,382 
Greater than 4.00%
2,079,632 0 0 0 2,079,632 
Total$6,496,343 $3,258,830 $5,606,020 $2,165,006 $17,526,199 
March 31, 2024
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$285 $1,923 $6,312 $621,391 $629,911 
1.00% - 1.99%
473,330 72,870 217,461 80,120 843,781 
2.00% - 2.99%
300,163 465,693 564,226 15,919 1,346,001 
3.00% - 4.00%
324,553 1,941 2,156 241 328,891 
Greater than 4.00%
0 0 0 0 0 
Total$1,098,331 $542,427 $790,155 $717,671 $3,148,584 
Variable Annuities
Less than 1.00%
$865,767 $727,194 $69,871 $195 $1,663,027 
1.00% - 1.99%
216,457 23,819 924 0 241,200 
2.00% - 2.99%
20,916 4,192 4,174 0 29,282 
3.00% - 4.00%
878,815 6,926 0 0 885,741 
Greater than 4.00%
2,066 0 0 0 2,066 
Total$1,984,021 $762,131 $74,969 $195 $2,821,316 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $184,308 $184,308 
1.00% - 1.99%
226,470 0 1,661,933 1,514,100 3,402,503 
2.00% - 2.99%
29,823 1,462,438 2,854,281 201,794 4,548,336 
3.00% - 4.00%
3,904,574 2,376,925 918,116 0 7,199,615 
Greater than 4.00%
2,127,526 0 0 0 2,127,526 
Total$6,288,393 $3,839,363 $5,434,330 $1,900,202 $17,462,288 
(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.


Unearned Revenue Reserve ("URR")

The balances of and changes in URR as of and for the periods ended are as follows:

Three Months Ended March 31,
20252024
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$4,415,188 $3,741,426 
Unearned revenue211,830211,542
Amortization expense(50,952)(44,470)
Other adjustments0 (1)
Balance, end of period$4,576,066 $3,908,497 
MARKET RISK BENEFITS
The following tables show a rollforward of MRB balances for variable annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Three Months Ended March 31, 2025
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$2,488,463 $(844,582)$1,643,881 
Effect of cumulative changes in non-performance risk626,845 0 626,845 
Balance, beginning of period, before effect of changes in
non-performance risk		3,115,308 (844,582)2,270,726 
Attributed fees collected259,010 (60,167)198,843 
Claims paid(14,280)1,634 (12,646)
Interest accrual37,780 (11,107)26,673 
Actual in force different from expected18,542 (5,273)13,269 
Effect of changes in interest rates414,243 (105,463)308,780 
Effect of changes in equity markets227,938 (24,533)203,405 
Issuances23,528 (2,177)21,351 
Other adjustments(294)40 (254)
Effect of changes in current period counterparty non-performance risk0 52,228 52,228 
Balance, end of period, before effect of changes in non-performance risk4,081,775 (999,400)3,082,375 
Effect of cumulative changes in non-performance risk(788,058)0 (788,058)
Balance, end of period$3,293,717 $(999,400)$2,294,317 

Three Months Ended March 31, 2024
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$3,707,407 $(917,792)$2,789,615 
Effect of cumulative changes in non-performance risk1,067,983 0 1,067,983 
Balance, beginning of period, before effect of changes in
non-performance risk		4,775,390 (917,792)3,857,598 
Attributed fees collected281,171 (66,967)214,204 
Claims paid(16,417)1,511 (14,906)
Interest accrual68,360 (15,642)52,718 
Actual in force different from expected2,495 (4,539)(2,044)
Effect of changes in interest rates(832,834)180,022 (652,812)
Effect of changes in equity markets(846,759)87,042 (759,717)
Issuances12,766 (619)12,147 
Other adjustments(1)612 (603)9 
Effect of changes in current period counterparty non-performance risk0 (26,662)(26,662)
Balance, end of period, before effect of changes in non-performance risk3,444,784 (764,249)2,680,535 
Effect of cumulative changes in non-performance risk(829,061)0 (829,061)
Balance, end of period$2,615,723 $(764,249)$1,851,474 
(1)    Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods.

For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.

The following table presents accompanying information to the rollforward table above.
March 31, 2025March 31, 2024
Variable Annuities
($ in thousands)
Net amount at risk(1)$9,113,461 $8,350,431 
Weighted-average attained age of contractholders7170
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.
The table below reconciles MRB asset and liability positions as of the following dates:
March 31, 2025March 31, 2024
Variable Annuities
(in thousands)
Direct and assumed$1,255,404 $1,472,957 
Ceded1,253,563 1,063,886 
Total market risk benefit assets$2,508,967 $2,536,843 
Direct and assumed$4,549,121 $4,088,679 
Ceded254,163 299,638 
Total market risk benefit liabilities$4,803,284 $4,388,317 
Net liability$2,294,317 $1,851,474 
v3.25.1
Market Risk Benefits
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Market Risk Benefits LIABILITY FOR FUTURE POLICY BENEFITS
Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below.

•Benefit Reserves;
•Deferred Profit Liability ("DPL"); and
•Additional Insurance Reserves ("AIR")
Benefit Reserves

The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

Three Months Ended March 31, 2025
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,414,702 $0 $10,414,702 
Effect of cumulative changes in discount rate assumptions, beginning of period567,443 0 567,443 
Balance at original discount rate, beginning of period10,982,145 0 10,982,145 
Effect of actual variances from expected experience and other activity(56,837)0 (56,837)
Adjusted balance, beginning of period10,925,308 0 10,925,308 
Issuances194,679 11,076 205,755 
Net premiums / considerations collected(325,511)(11,076)(336,587)
Interest accrual128,423 0 128,423 
Other adjustments9 0 9 
Balance at original discount rate, end of period10,922,908 0 10,922,908 
Effect of cumulative changes in discount rate assumptions, end of period(453,082)0 (453,082)
Balance, end of period$10,469,826 $0 $10,469,826 
Three Months Ended March 31, 2025
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,689,399 $238,086 $17,927,485 
Effect of cumulative changes in discount rate assumptions, beginning of period1,091,673 19,442 1,111,115 
Balance at original discount rate, beginning of period18,781,072 257,528 19,038,600 
Effect of actual variances from expected experience and other activity(65,080)1,139 (63,941)
Adjusted balance, beginning of period18,715,992 258,667 18,974,659 
Issuances194,678 11,076 205,754 
Interest accrual225,260 2,492 227,752 
Benefit payments(362,895)(8,633)(371,528)
Other adjustments1,937 0 1,937 
Balance at original discount rate, end of period18,774,972 263,602 19,038,574 
Effect of cumulative changes in discount rate assumptions, end of period(887,904)(14,332)(902,236)
Balance, end of period$17,887,068 $249,270 $18,136,338 
Other, end of period1,410 
Total balance, end of period$18,137,748 

Three Months Ended March 31, 2025
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,417,242 $249,270 $7,666,512 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,417,286 249,270 7,666,556 
Less: Reinsurance recoverables6,832,580 20,954 6,853,534 
Balance after reinsurance recoverables, end of period, post-flooring$584,706 $228,316 $813,022 

Three Months Ended March 31, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,927,833 $0 $10,927,833 
Effect of cumulative changes in discount rate assumptions, beginning of period225,711 0 225,711 
Balance at original discount rate, beginning of period11,153,544 0 11,153,544 
Effect of actual variances from expected experience and other activity(54,196)(290)(54,486)
Adjusted balance, beginning of period11,099,348 (290)11,099,058 
Issuances192,492 8,595 201,087 
Net premiums / considerations collected(329,743)(8,305)(338,048)
Interest accrual129,053 0 129,053 
Other adjustments(78)0 (78)
Balance at original discount rate, end of period11,091,072 0 11,091,072 
Effect of cumulative changes in discount rate assumptions, end of period(434,791)0 (434,791)
Balance, end of period$10,656,281 $0 $10,656,281 
Three Months Ended March 31, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$18,426,207 $228,788 $18,654,995 
Effect of cumulative changes in discount rate assumptions, beginning of period331,571 19,521 351,092 
Balance at original discount rate, beginning of period18,757,778 248,309 19,006,087 
Effect of actual variances from expected experience and other activity(65,431)(369)(65,800)
Adjusted balance, beginning of period18,692,347 247,940 18,940,287 
Issuances192,492 8,595 201,087 
Interest accrual223,989 2,204 226,193 
Benefit payments(368,247)(7,544)(375,791)
Other adjustments(23)(34)(57)
Balance at original discount rate, end of period18,740,558 251,161 18,991,719 
Effect of cumulative changes in discount rate assumptions, end of period(742,789)(23,464)(766,253)
Balance, end of period$17,997,769 $227,697 $18,225,466 
Other, end of period1,675 
Total balance, end of period$18,227,141 

Three Months Ended March 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,341,488 $227,697 $7,569,185 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,341,532 227,697 7,569,229 
Less: Reinsurance recoverables6,650,332 18,428 6,668,760 
Balance after reinsurance recoverables, end of period, post-flooring$691,200 $209,269 $900,469 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Three Months Ended March 31, 2025
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,792,468 $0 
Discounted expected future gross premiums (at original discount rate)$14,843,715 $0 
Discounted expected future gross premiums (at current discount rate)$14,266,715 $0 
Undiscounted expected future benefits and expenses$29,143,806 $357,084 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.12 %4.00 %
Weighted-average interest rate (at current discount rate)5.44 %5.33 %
Three Months Ended March 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,812,112 $0 
Discounted expected future gross premiums (at original discount rate)$14,968,218 $0 
Discounted expected future gross premiums (at current discount rate)$14,408,614 $0 
Undiscounted expected future benefits and expenses$29,069,972 $336,830 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.16 %3.76 %
Weighted-average interest rate (at current discount rate)5.29 %5.26 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Company's Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss, respectively.

For both the first three months of 2025 and 2024, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.
Deferred Profit Liability

The balances of and changes in DPL as of and for the periods indicated are as follows:

Three Months Ended March 31,
20252024
Fixed Annuities
(in thousands)
Balance, beginning of period, post-flooring$22,939 $14,818 
Effect of actual variances from expected experience and other activity(650)330 
Adjusted balance, beginning of period22,289 15,148 
Profits deferred1,580 216 
Interest accrual234 133 
Amortization(711)(456)
Other adjustments(1)(3)
Balance, end of period, post-flooring23,391 15,038 
Less: Reinsurance recoverables2,019 1,576 
Balance after reinsurance recoverables, end of period$21,372 $13,462 
Additional Insurance Reserves
AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits ("GMDB") and guaranteed minimum income benefits ("GMIB") contract features, that are above and beyond the contractholder's account balance for certain long-duration life contracts.

The following table shows a rollforward of AIR balances for variable and universal life products for the periods indicated, along with a reconciliation to the Company's total AIR balance:

Three Months Ended March 31,
20252024
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$16,351,053 $14,280,792 
Flooring impact and amounts in AOCI617,186 831,583 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring16,968,239 15,112,375 
Effect of actual variances from expected experience and other activity9,840 191,104 
Adjusted balance, beginning of period16,978,079 15,303,479 
Assessments collected(1)269,478 297,419 
Interest accrual142,506 128,241 
Benefits paid(86,194)(68,233)
Balance, excluding amounts in AOCI, end of period, pre-flooring17,303,869 15,660,906 
Flooring impact and amounts in AOCI(513,439)(1,014,852)
Balance, including amounts in AOCI, end of period, post-flooring16,790,430 14,646,054 
Less: Reinsurance recoverables16,548,025 14,466,067 
Balance after reinsurance recoverables, including amounts in AOCI, end of period242,405 179,987 
Other7,610 0 
Total balance after reinsurance recoverables$250,015 $179,987 
(1) Represents the portion of gross assessments required to fund the future policy benefits.

Three Months Ended March 31,
20252024
Weighted-average duration of the liability in years (at original discount rate)2222
Weighted-average interest rate (at original discount rate)3.34 %3.39 %
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Unaudited Interim Consolidated Statements of Financial Position as of the periods indicated:

Three Months Ended March 31,
20252024
(in thousands)
Benefit reserves, end of period, post-flooring$7,666,556 $7,569,229 
Deferred profit liability, end of period, post-flooring23,391 15,038 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring16,798,040 14,646,054 
Subtotal of amounts disclosed above24,487,987 22,230,321 
Other Future policy benefits reserves(1)1,055,140 1,181,796 
Total Future policy benefits$25,543,127 $23,412,117 
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
Revenue and Interest Expense

The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

Three Months Ended March 31, 2025
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$441,000 $0 $12,746 $453,746 
Deferred profit liability0 0 (452)(452)
Additional insurance reserves0 458,049 0 458,049 
Total$441,000 $458,049 $12,294 $911,343 

Three Months Ended March 31, 2024
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$446,853 $0 $8,572 $455,425 
Deferred profit liability0 0 (221)(221)
Additional insurance reserves0 419,396 0 419,396 
Total$446,853 $419,396 $8,351 $874,600 
(1)Represents gross premiums for benefit reserves; revenue for DPL and gross assessments for AIR.
Three Months Ended March 31, 2025
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$96,837 $0 $2,492 $99,329 
Deferred profit liability0 0 234 234 
Additional insurance reserves0 142,506 0 142,506 
Total$96,837 $142,506 $2,726 $242,069 


Three Months Ended March 31, 2024
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$94,935 $0 $2,204 $97,139 
Deferred profit liability0 0 133 133 
Additional insurance reserves0 128,241 0 128,241 
Total$94,935 $128,241 $2,337 $225,513 
POLICYHOLDERS' ACCOUNT BALANCES
Policyholders' Account Balances

The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
Three Months Ended March 31, 2025
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$11,197,337 $33,217,331 $20,691,139 $65,105,807 
Deposits1,118,299 2,229,851 582,832 3,930,982 
Interest credited70,850 148,597 145,451 364,898 
Policy charges(11,409)(15,546)(459,618)(486,573)
Surrenders and withdrawals(157,652)(250,968)(230,465)(639,085)
Benefit payments(26,429)(4,163)(31,911)(62,503)
Net transfers (to) from separate account0 23,157 90,828 113,985 
Change in market value and other adjustments(1)(49,620)(1,412,076)9,260 (1,452,436)
Balance, end of period12,141,376 33,936,183 20,797,516 66,875,075 
Unearned revenue reserve4,576,066 
Other108,240 
Total Policyholders' account balance$71,559,381 
Weighted-average crediting rate2.43 %1.77 %2.80 %2.21 %
Net amount at risk(2)$1,458 $0 $350,940,996 $350,942,454 
Cash surrender value(3)$10,896,794 $32,338,553 $19,498,691 $62,734,038 
Three Months Ended March 31, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Deposits1,553,852 1,624,956 529,212 3,708,020 
Interest credited(4)43,517 131,944 138,059 313,520 
Policy charges2,208 (3,702)(455,538)(457,032)
Surrenders and withdrawals(103,696)(179,988)(199,907)(483,591)
Benefit payments(12,879)(4,926)(17,856)(35,661)
Net transfers (to) from separate account0 (6,723)84,803 78,080 
Change in market value and other adjustments(1)(4)88,291 1,360,323 37,169 1,485,783 
Balance, end of period7,735,606 25,732,549 20,283,655 53,751,810 
Unearned revenue reserve3,908,497 
Other103,851 
Total Policyholders' account balance$57,764,158 
Weighted-average crediting rate(4)2.50 %2.17 %2.73 %2.44 %
Net amount at risk(2)$18 $0 $327,231,561 $327,231,579 
Cash surrender value(3)$6,674,346 $23,282,269 $18,899,950 $48,856,565 
(1)     Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)     The net amount at risk calculation includes both general and separate account balances.
(3)    Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(4) Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.


The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid.

The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.

The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 10 for additional information, including the net amount at risk associated with these guarantees.
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums are as follows:
March 31, 2025
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 -50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$435 $2,879 $13,419 $1,061,517 $1,078,250 
1.00% - 1.99%
414,878 58,998 166,957 69,270 710,103 
2.00% - 2.99%
302,047 455,549 553,053 15,154 1,325,803 
3.00% - 4.00%
2,394,146 5,717 11,157 3,377 2,414,397 
Greater than 4.00%
0 0 0 0 0 
Total$3,111,506 $523,143 $744,586 $1,149,318 $5,528,553 
Variable Annuities
Less than 1.00%
$232,418 $337,436 $603,866 $136 $1,173,856 
1.00% - 1.99%
100,050 348,924 2,441 0 451,415 
2.00% - 2.99%
16,625 3,809 4,149 0 24,583 
3.00% - 4.00%
802,908 0 0 0 802,908 
Greater than 4.00%
1,997 0 0 0 1,997 
Total$1,153,998 $690,169 $610,456 $136 $2,454,759 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $194,655 $194,655 
1.00% - 1.99%
310,277 0 1,845,100 1,578,484 3,733,861 
2.00% - 2.99%
36,188 1,547,089 2,693,525 391,867 4,668,669 
3.00% - 4.00%
4,070,246 1,711,741 1,067,395 0 6,849,382 
Greater than 4.00%
2,079,632 0 0 0 2,079,632 
Total$6,496,343 $3,258,830 $5,606,020 $2,165,006 $17,526,199 
March 31, 2024
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$285 $1,923 $6,312 $621,391 $629,911 
1.00% - 1.99%
473,330 72,870 217,461 80,120 843,781 
2.00% - 2.99%
300,163 465,693 564,226 15,919 1,346,001 
3.00% - 4.00%
324,553 1,941 2,156 241 328,891 
Greater than 4.00%
0 0 0 0 0 
Total$1,098,331 $542,427 $790,155 $717,671 $3,148,584 
Variable Annuities
Less than 1.00%
$865,767 $727,194 $69,871 $195 $1,663,027 
1.00% - 1.99%
216,457 23,819 924 0 241,200 
2.00% - 2.99%
20,916 4,192 4,174 0 29,282 
3.00% - 4.00%
878,815 6,926 0 0 885,741 
Greater than 4.00%
2,066 0 0 0 2,066 
Total$1,984,021 $762,131 $74,969 $195 $2,821,316 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $184,308 $184,308 
1.00% - 1.99%
226,470 0 1,661,933 1,514,100 3,402,503 
2.00% - 2.99%
29,823 1,462,438 2,854,281 201,794 4,548,336 
3.00% - 4.00%
3,904,574 2,376,925 918,116 0 7,199,615 
Greater than 4.00%
2,127,526 0 0 0 2,127,526 
Total$6,288,393 $3,839,363 $5,434,330 $1,900,202 $17,462,288 
(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.


Unearned Revenue Reserve ("URR")

The balances of and changes in URR as of and for the periods ended are as follows:

Three Months Ended March 31,
20252024
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$4,415,188 $3,741,426 
Unearned revenue211,830211,542
Amortization expense(50,952)(44,470)
Other adjustments0 (1)
Balance, end of period$4,576,066 $3,908,497 
MARKET RISK BENEFITS
The following tables show a rollforward of MRB balances for variable annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Three Months Ended March 31, 2025
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$2,488,463 $(844,582)$1,643,881 
Effect of cumulative changes in non-performance risk626,845 0 626,845 
Balance, beginning of period, before effect of changes in
non-performance risk		3,115,308 (844,582)2,270,726 
Attributed fees collected259,010 (60,167)198,843 
Claims paid(14,280)1,634 (12,646)
Interest accrual37,780 (11,107)26,673 
Actual in force different from expected18,542 (5,273)13,269 
Effect of changes in interest rates414,243 (105,463)308,780 
Effect of changes in equity markets227,938 (24,533)203,405 
Issuances23,528 (2,177)21,351 
Other adjustments(294)40 (254)
Effect of changes in current period counterparty non-performance risk0 52,228 52,228 
Balance, end of period, before effect of changes in non-performance risk4,081,775 (999,400)3,082,375 
Effect of cumulative changes in non-performance risk(788,058)0 (788,058)
Balance, end of period$3,293,717 $(999,400)$2,294,317 

Three Months Ended March 31, 2024
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$3,707,407 $(917,792)$2,789,615 
Effect of cumulative changes in non-performance risk1,067,983 0 1,067,983 
Balance, beginning of period, before effect of changes in
non-performance risk		4,775,390 (917,792)3,857,598 
Attributed fees collected281,171 (66,967)214,204 
Claims paid(16,417)1,511 (14,906)
Interest accrual68,360 (15,642)52,718 
Actual in force different from expected2,495 (4,539)(2,044)
Effect of changes in interest rates(832,834)180,022 (652,812)
Effect of changes in equity markets(846,759)87,042 (759,717)
Issuances12,766 (619)12,147 
Other adjustments(1)612 (603)9 
Effect of changes in current period counterparty non-performance risk0 (26,662)(26,662)
Balance, end of period, before effect of changes in non-performance risk3,444,784 (764,249)2,680,535 
Effect of cumulative changes in non-performance risk(829,061)0 (829,061)
Balance, end of period$2,615,723 $(764,249)$1,851,474 
(1)    Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods.

For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.

The following table presents accompanying information to the rollforward table above.
March 31, 2025March 31, 2024
Variable Annuities
($ in thousands)
Net amount at risk(1)$9,113,461 $8,350,431 
Weighted-average attained age of contractholders7170
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.
The table below reconciles MRB asset and liability positions as of the following dates:
March 31, 2025March 31, 2024
Variable Annuities
(in thousands)
Direct and assumed$1,255,404 $1,472,957 
Ceded1,253,563 1,063,886 
Total market risk benefit assets$2,508,967 $2,536,843 
Direct and assumed$4,549,121 $4,088,679 
Ceded254,163 299,638 
Total market risk benefit liabilities$4,803,284 $4,388,317 
Net liability$2,294,317 $1,851,474 
v3.25.1
Reinsurance
 3 Months Ended
Mar. 31, 2025
Reinsurance Disclosures [Abstract]  
Reinsurance REINSURANCE
The Company participates in reinsurance with its affiliates PARCC, PAR U, PURE, Lotus Reinsurance Company Ltd. ("Lotus Re"), Prudential of Japan, prior to January 1, 2024 with its affiliates Prudential Universal Reinsurance Company (“PURC”) and Gibraltar Universal Life Reinsurance Company (“GUL Re”), and prior to October 1, 2024 with its affiliates Prudential Arizona Reinsurance Term Company (“PAR Term”), Prudential Term Reinsurance Company (“Term Re”) and Dryden Arizona Reinsurance Term Company (“DART”). The Company also participates in reinsurance with its parent company Prudential Insurance, as well as third-parties. The reinsurance agreements provide risk diversification and additional capacity for future growth, limit the maximum net loss potential, manage statutory capital, and facilitate the Company's capital market hedging program. Life reinsurance is accomplished through various plans of reinsurance, primarily yearly renewable term ("YRT") and coinsurance. Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. The Company believes a material reinsurance liability resulting from such inability of reinsurers to meet their obligations is unlikely.

Effective October 2024, the Company entered into an agreement with Wilton Re to coinsure a closed block of guaranteed universal life ("GUL") policies, resulting in a DRL of $979 million. To effectuate this transaction the Company recaptured all risks associated with the subject GUL policies from PAR U and subsequently established YRT reinsurance for the subject GUL business with Prudential Insurance. As a result of these transactions, the Company recognized a $270 million pre-tax recapture gain and a $798 million DRG, respectively. The DRL and DRG will be amortized into income over the remaining life of the reinsured policies.

Effective January 2024, the Company entered into an agreement with Somerset Reinsurance Ltd. (“Somerset Re”) to coinsure a closed block of GUL policies to PURE, a wholly-owned subsidiary of Prudential Insurance, with retrocession by PURE of such liabilities on a modified coinsurance basis, to Somerset Re. This transaction is effective as of January 1, 2024, whereby, the Company recaptured all risks associated with the subject GUL policies from PAR U, PURC and GUL Re and subsequently established YRT reinsurance for the subject GUL business with Prudential Insurance. As a result of these transactions, the Company recognized a $990 million pre-tax recapture loss and a $1,207 million DRG, respectively. The DRG will be amortized into income over the estimated remaining life of the reinsured policies.

Reserves related to reinsured long-duration contracts are accounted for using assumptions consistent with those used to account for the underlying contracts. Amounts recoverable from reinsurers for long-duration reinsurance arrangements are estimated in a manner consistent with the claim liabilities and policy benefits associated with the reinsured policies. Reinsurance policy charges and fee income ceded for universal life and variable annuity products are accounted for as a reduction of policy charges and fee income. Reinsurance premiums ceded for term insurance products are accounted for as a reduction of premiums.
Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. The deposit assets on reinsurance are recorded within “Reinsurance recoverables and deposit receivables” and the corresponding funds withheld liability for assets retained under these reinsurance agreements are recorded within “Reinsurance and funds withheld payables”. Balances associated with these agreements are included in the tables below.
"Change in value of market risk benefits, net of related hedging gains (losses)" include the impact of reinsurance agreements, particularly reinsurance agreements involving living benefit guarantees. The Company has entered into reinsurance agreements to transfer the risk related to the living benefit guarantees on variable annuities within the PLNJ business to Prudential Insurance. These reinsurance agreements are market risk benefits and have been accounted for in the same manner.

Reinsurance amounts included in the Company’s Unaudited Interim Consolidated Statements of Financial Position were as follows:
March 31, 2025December 31, 2024
 (in thousands)
Reinsurance recoverables and deposit receivables$49,168,211 $48,247,817 
Policy loans(1,144,906)(1,143,726)
Deferred policy acquisition costs(3,286,351)(3,319,067)
Deferred sales inducements(31,971)(32,573)
Market risk benefit assets1,253,961 1,145,580 
Other assets1,511,709 1,538,231 
Policyholders’ account balances5,452,802 5,567,661 
Future policy benefits7,597,732 7,443,997 
Market risk benefit liabilities256,287 302,310 
Reinsurance and funds withheld payables8,889,142 8,611,141 
Other liabilities3,250,307 3,282,713 

Unaffiliated reinsurance amounts included in the table above and in the Company's Unaudited Interim Consolidated Statements of Financial Position were as follows:
March 31, 2025December 31, 2024
(in thousands)
Policy loans$(48,960)$(48,644)
Deferred policy acquisition costs(635,819)(637,555)
Market risk benefit assets861,899 804,015 
Other assets1,102,141 1,118,974 
Policyholders’ account balances1,623,421 1,665,998 
Future policy benefits267 160 
Market risk benefit liabilities128,112 151,432 
Reinsurance and funds withheld payables3,344,608 3,360,901 
Other liabilities250,850 257,929 

Reinsurance recoverables and deposit receivables by counterparty were as follows:
March 31, 2025December 31, 2024
 (in thousands)
PAR U$11,415,651 $11,426,975 
PURE7,962,181 7,951,965 
Prudential Insurance7,874,836 7,507,414 
PARCC7,042,276 7,049,164 
Lotus Re2,524,184 2,130,095 
Prudential of Japan10,841 0 
Unaffiliated(1)12,338,242 12,182,204 
Total reinsurance recoverables and deposit receivables(1)$49,168,211 $48,247,817 
(1)Includes balances with Wilton Re, Fortitude Life Insurance & Annuity Company (“FLIAC”), Somerset Re and other counterparties. See below for further information on significant third-party reinsurance arrangements.
Reinsurance amounts, included in the Company’s Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) were as follows:
Three Months Ended March 31,
20252024
(in thousands)
Premiums:
Direct$463,449 $459,628 
Assumed10,662 33 
Ceded(350,651)(367,479)
Net premiums123,460 92,182 
Policy charges and fee income:
Direct797,210 771,189 
Assumed180,179 258,770 
Ceded(579,043)1,879,246 
Net policy charges and fee income398,346 2,909,205 
Net investment income:
Direct747,545 519,052 
Assumed319 330 
Ceded(13,068)(14,062)
Net investment income(1)734,796 505,320 
Asset administration fees:
Direct78,905 82,688 
Assumed0 0 
Ceded(26,825)(26,056)
Net asset administration fees52,080 56,632 
Other income (loss):
Direct104,643 44,816 
Assumed20 325 
Ceded(2)71,778 169,854 
Net other income (loss)(1)176,441 214,995 
Three Months Ended March 31,
20252024
Realized investment gains (losses), net:
Direct(2)(82,883)20,056 
Assumed32,439 (9,167)
Ceded(2)(55,930)(13,694)
Realized investment gains (losses), net(1)(106,374)(2,805)
Change in value of market risk benefits, net of related hedging gains (losses):
Direct(2)(418,994)324,375 
Assumed(2)(484)1,450 
Ceded93,407 (221,829)
Net change in value of market risk benefits, net of related hedging gains (losses)(326,071)103,996 
Policyholders’ benefits (including change in reserves):
Direct988,124 1,001,446 
Assumed292,478 287,411 
Ceded(1,137,266)2,817,551 
Net policyholders’ benefits (including change in reserves)(1)143,336 4,106,408 
Change in estimates of liability for future policy benefits:
Direct6,255 139,586 
Assumed1,292 (9,510)
Ceded(965)(142,081)
Net change in estimates of liability for future policy benefits6,582 (12,005)
Interest credited to policyholders’ account balances:
Direct366,527 312,190 
Assumed33,104 46,148 
Ceded(105,869)(99,988)
Net interest credited to policyholders’ account balances293,762 258,350 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(2)(106,548)(391,443)
(1)Amounts include reinsurance agreements using the deposit method of accounting.
(2)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
Unaffiliated reinsurance assumed and ceded amounts included in the table above and in the Company's Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) were as follows:
Three Months Ended March 31,
20252024
(in thousands)
Premiums:
Assumed$27 $30 
Ceded(35,400)(25,152)
Policy charges and fee income:
Assumed212 272 
Ceded(750,027)(42,012)
Net investment income(1):
Ceded(443)0 
Asset administration fees:
Ceded(6,414)(7,316)
Other income (loss)(1):
Assumed(2)(142)325 
Ceded(2)42,077 23,314 
Realized investment gains (losses), net(1):
Assumed32,439 (9,167)
Ceded(2)(37,911)(8,280)
Change in value of market risk benefits, net of related hedging gains (losses):
Assumed(2)(484)1,450 
Ceded44,351 (98,008)
Policyholders’ benefits (including change in reserves)(1):
Assumed45 333 
Ceded(765,259)(146,828)
Change in estimates of liability for future policy benefits:
Ceded(9,886)91,873 
Interest credited to policyholders’ account balances:
Assumed6,477 17,459 
Ceded(24,477)0 
(1)Amounts include reinsurance agreements using the deposit method of accounting.
(2)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
The gross and net amounts of life insurance face amount in force were as follows:
March 31, 2025March 31, 2024
 (in thousands)
Direct gross life insurance face amount in force$1,191,661,368 $1,136,350,824 
Assumed gross life insurance face amount in force45,780,036 35,289,794 
Reinsurance ceded(1,088,730,529)(1,034,508,027)
Net life insurance face amount in force$148,710,875 $137,132,591 

Significant Affiliated Reinsurance Agreements

PAR U

Pruco Life reinsures 70% of all the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates prior to January 1, 2011.

Effective July 1, 2012, PLNJ reinsures 95% of all the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates through December 31, 2019, excluding those policies that are subject to principle-based reserving.

On January 2, 2013, Pruco Life began to assume GUL business from Prudential Insurance in connection with the acquisition of the Hartford Life Business. The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U.

Effective January 1, 2024, Pruco Life recaptured the policies equal to 70% of all the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates prior to January 1, 2011. Effective January 1, 2024, Pruco Life reinsures 25% of the risks associated with universal life policies with effective dates prior to January 1, 2015 and 100% of the risks associated with universal life policies with effective dates beginning January 1, 2015.

Effective January 1, 2024, PLNJ recaptured the policies previously reinsured by PAR U with effective dates prior to January 1, 2015. Effective January 1, 2024, PLNJ reinsures 100% of the risks associated with universal life policies, with effective dates from January 1, 2015 to December 31, 2019.

Effective October 1, 2024, Pruco Life recaptured the remaining portion of the policies equal to 25% of the risks associated with universal life policies with effective dates prior to January 1, 2015 and 100% of the risks associated with universal life policies with effective dates beginning January 1, 2015. As a result of the recapture, the Company recognized a $270 million pre-tax recapture gain, as discussed above, which includes the recognition of a prior $94 million DRG related to the previous reinsurance agreement. Following the result of this recapture, Pruco Life only cedes the GUL business in connection with the Hartford Life Business to PAR U as of December 31, 2024.
Effective October 1, 2024, PLNJ recaptured 100% of the risks associated with the remaining universal life policies, with effective dates from January 1, 2015 to December 31, 2019. As a result of the recapture, the Company recognized a $29 million pre-tax recapture loss which is part of the $270 million pre-tax recapture gain discussed above. The loss includes the recognition of a prior $8 million DRG related to the previous reinsurance agreement. Following the result of this recapture, PLNJ no longer cedes to PAR U as of December 31, 2024.

On March 28, 2024, PURC and GUL Re merged into PAR U.

PURE

Effective January 1, 2024, Pruco Life reinsures 75% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates prior to January 1, 2015.

Effective January 1, 2024, PLNJ reinsures 100% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates prior to January 1, 2015.
PURC

Pruco Life reinsures 70% of all the risks associated with its Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates from January 1, 2011 through December 31, 2013, with PURC and 95% of all the risks associated with Universal Protector policies having no-lapse guarantees, as well as certain other universal life policies, with effective dates from January 1, 2014 through December 31, 2016.

Effective January 1, 2024, the Company recaptured the policies previously reinsured by PURC. As a result of the recapture, the Company recorded a write-off of $116 million of DRG that was recognized with the previous reinsurance agreement.

On March 28, 2024, PURC merged into PAR U.

PARCC

Prior to July 1, 2019, the Company reinsured 90% of the risks under its term life insurance policies, with effective dates prior to January 1, 2010 through an automatic coinsurance agreement with PARCC. Effective July 1, 2019, the Company amended the coinsurance agreement to increase the percentage from 90% to 100% of the policy risk amount reinsured. The amended agreement does not impact contracts issued by PLNJ, which remain at the original percentage.

Effective October 1, 2024, the Company revised the existing coinsurance terms with PARCC, increasing the quota share of reinsured policies to 100% which includes policies which were previously reinsured to PAR Term, Term Re and DART. As a result of the revised terms, the Company recognized a $351 million DRL that will be amortized into income over the estimated remaining life of the reinsured policies.

On November 20, 2024, PAR Term, Term Re and DART merged into PARCC.
GUL Re

Effective January 1, 2017, Pruco Life entered into an automatic coinsurance agreement with GUL Re to reinsure 95% of all the risks associated with Universal Protector policies having no-lapse guarantees, as well as certain other universal life policies, with effective dates on or after January 1, 2017 through December 31, 2019, excluding those policies that are subject to principle-based reserving.

Effective July 1, 2017, Pruco Life amended this agreement to include 30% of Universal Protector policies having no-lapse guarantees as well as certain other universal life policies with effective dates prior to January 1, 2014.

Effective January 1, 2024, the Company recaptured the policies previously reinsured by GUL Re.

On March 28, 2024, GUL Re merged into PAR U.

PAR Term

Prior to July 1, 2019, the Company reinsures 95% of the risks under its term life insurance policies with effective dates January 1, 2010 through December 31, 2013, through an automatic coinsurance agreement with PAR Term. Effective July 1, 2019, the Company amended the coinsurance agreement to increase the percentage from 95% to 100% of the policy risk amount reinsured. The amended agreement does not impact contracts issued by PLNJ, which remain at the original percentage.

On November 20, 2024, PAR Term merged into PARCC.
Term Re
The Company reinsures 95% of the risks under its term life insurance policies, with effective dates on or after January 1, 2014 through December 31, 2017, through an automatic coinsurance agreement with Term Re.

On November 20, 2024, Term Re merged into PARCC.
Prudential Insurance
The Company has a YRT reinsurance agreement with Prudential Insurance and reinsures the majority of all mortality risks not otherwise reinsured. This agreement was terminated for new business effective January 1, 2020, with certain new business (primarily universal life policies) terminated as early as 2017. The Company now reinsures a portion of the mortality risk directly to third-party reinsurers and retains all of the non-reinsured portion of the mortality risk. Effective July 1, 2019, certain term life insurance policies were recaptured and subsequently reinsured to PARCC and PAR Term as noted above. As of January 1, 2022, most of the variable life insurance policies were recaptured resulting in a $305 million loss recorded through "Policy charges and fee income". Those policies were then reinsured to Lotus Re as mentioned below. Effective January 1, 2024, the Company recaptured all GUL policies with Prudential Insurance and subsequently entered into a YRT reinsurance agreement with Prudential Insurance to reinsure the mortality risk for the totality of GUL policies reinsured to PURE. Effective October 1, 2024, the Company recaptured the term business from Prudential Insurance, and revised the existing coinsurance terms with PARCC to reflect revised quota share. As a result of the recapture, the Company recognized a $3 million pre-tax recapture loss. Additionally, effective October 1, 2024, the Company entered into a YRT reinsurance agreement with Prudential Insurance to reinsure the mortality risk of recaptured GUL policies from PAR U.

On January 2, 2013, Pruco Life began to assume GUL business from Prudential Insurance in connection with the acquisition of the Hartford Financial Services Group, Inc. ("Hartford Financial"). The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U. In May 2018, Hartford Financial sold a group of operating subsidiaries, which includes two of Prudential Insurance's counterparties to these reinsurance arrangements. There was no impact to the terms, rights or obligations of Prudential Insurance, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties. Similarly, there was no impact to the Company's reinsurance arrangements with respect to such GUL business as a result of this change in control. In January 2021, there was a definitive agreement announced to subsequently sell the two counterparties mentioned above, which were then acquired by Sixth Street in July 2021. There was no impact to the terms, rights or obligations of the Company, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties.

The Company has reinsured a group annuity contract with Prudential Insurance, in consideration for a single premium payment by the Company, providing reinsurance equal to 100% of all payments due under the contract.

Effective April 1, 2016, PLNJ entered into a reinsurance agreement to reinsure its variable annuity base contracts, along with the living benefit guarantees to Prudential Insurance. This reinsurance agreement covers new and in force business. Effective February 1, 2023, PLNJ began selling indexed variable annuities products, which is reinsured to Prudential Insurance through the existing reinsurance agreement. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts to Prudential Insurance. As a result of the agreement, reinsurance payables includes the ceded modified coinsurance arrangement, which reflects the value of the invested assets retained by the Company and the associated asset returns.
Lotus Re
Effective October 1, 2021, the Company entered into an automatic coinsurance agreement with Lotus Re to reinsure $32 million of liabilities associated with the risks associated with a portion of its variable life policies in the extended term policy status.
Effective January 1, 2022 the Company recaptured the risks that were previously ceded to Lotus Re from October 1, 2021 through December 31, 2021. Immediately thereafter, the Company entered into a reinsurance agreement with Lotus Re to cede 100% of the risks associated with a closed block of variable life business on a coinsurance and modified coinsurance basis including policies in the extended term policy status. The amount of the net liabilities associated with the transaction for coinsurance and modified coinsurance were $1,387 million and $14,037 million, respectively. As part of the consideration, the Company also ceded to Lotus Re $855 million of policy loan assets associated with the reinsured policies while receiving $820 million in cash from Lotus Re. As a result, the Company recorded a $1,352 million deferred gain, which will be recognized over the remaining life of the underlying policies. In tandem with the transaction, effective January 1, 2022, Lotus Re established an automatic YRT agreement with the Company to cede back a portion of the mortality risks associated with the reinsured policies for the purposes of the Company maintaining YRT reinsurance with external counterparties.

Effective December 15, 2024, the Company entered into a reinsurance agreement with Lotus Re to cede 100% of the risks associated with certain fixed index annuities and multi-year guaranteed annuity contracts issued on or after the effective date of the agreement on a coinsurance basis. The deposit receivables were $388 million and $52 million as of March 31, 2025 and December 31, 2024, respectively.
DART
Effective January 1, 2018, the Company entered into an automatic coinsurance agreement with DART to reinsure 95% of the risks associated with its term life insurance policies with effective dates on or after January 1, 2018 through December 31, 2019, excluding those policies that are subject to principle-based reserving.

On November 20, 2024, DART merged into PARCC.
Prudential of Japan
Effective January 2025, the Company entered into an agreement with Prudential of Japan to reinsure GMDB associated with yen-denominated variable whole life policies. As a result of this transaction, the Company assumed $5 million of GMDB liabilities and recognized a $14 million DRG at inception. The DRG will be amortized into income over the estimated remaining life of the reinsured policies.
Significant Third-Party Reinsurance Arrangements
AuguStar Life Insurance Company (Formerly Known as The Ohio National Life Insurance Company)
Effective April 1, 2023, the Company entered into an agreement with AuguStar, an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. This block represents approximately 10% of the Company’s remaining legacy in force traditional variable annuity block by account value. The Company ceded 100% of separate account liabilities under modified coinsurance and 100% of general account liabilities under coinsurance of its PDI traditional variable annuity contracts. The general account liabilities associated with PDI's guaranteed living and death benefits and the corresponding reinsurance of those liabilities are accounted for as market risk benefits. As a result of the transaction, the Company recognized a $277 million DRG at inception that is amortized into income over the estimated remaining life of the reinsured policies.
FLIAC
Effective December 1, 2021, the Company entered into a reinsurance agreement with Prudential Annuities Life Assurance Corporation (“PALAC”), a previously wholly-owned subsidiary of Prudential Financial sold in April 2022, and now known as FLIAC, under which the Company assumed all of FLIAC's indexed variable annuities under modified coinsurance. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts to the Company. As a result of the agreement, "Reinsurance recoverables and deposit receivables" includes the assumed modified coinsurance receivable, which reflects the value of the invested assets retained by FLIAC and the associated asset returns. The Company also assumed via coinsurance all of FLIAC’s fixed indexed annuities and fixed annuities with a guaranteed lifetime withdrawal income feature which are accounted for under the deposit method of accounting. The reinsurance agreement offers the policyholders the opportunity to novate their contracts from FLIAC to the Company and any such novated contracts shall cease to be reinsured under this agreement. As of March 31, 2025, the total account value of contracts novated from FLIAC to the Company were $5.3 billion for indexed variable annuities contracts and $2.0 billion for fixed annuities and fixed indexed annuities contracts, which is approximately 80% of the total reinsured block. Reinsurance recoverables and deposit receivables was $1,398 million and $1,395 million as of March 31,2025 and December 31, 2024, respectively.
Somerset Re
Effective October 1, 2021, the Company entered into a reinsurance agreement with Somerset Re to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. Under the reinsurance agreement, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts. The deposit assets on reinsurance totaled $2,786 million and $2,582 million at March 31, 2025 and December 31, 2024, respectively. The funds withheld payables totaled $2,627 million and $2,434 million at March 31, 2025 and December 31, 2024, respectively.
Union Hamilton
Between April 1, 2015 and December 31, 2016, the Company, excluding its subsidiary, reinsured approximately 50% of the new business related to “highest daily” living benefits rider guarantees on HDI v.3.0 product, available with Prudential Premier® Retirement Variable Annuity, to Union Hamilton. This reinsurance remains in force for the duration of the underlying annuity contracts. New sales of HDI v.3.0 subsequent to December 31, 2016 are not covered by this external reinsurance agreement. As of March 31, 2025, $1.8 billion of HDI v.3.0 account values are reinsured to Union Hamilton.
Wilton Re
Effective October 1, 2024, the Company entered into a reinsurance agreement with Wilton Re to coinsure a closed block of GUL policies. Reinsurance recoverables was $7,584 million and $7,478 million as of March 31, 2025 and December 31, 2024, respectively
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The Company uses a full year projected effective tax rate approach to calculate year-to-date taxes. In determining the full year projected tax rate, the Company considers the realizability of deferred tax assets, including those associated with unrealized investment losses, and has determined based upon the weight of available evidence that no valuation allowance is necessary related to unrealized investment losses. In addition, certain items impacting total income tax expense are recorded in the periods in which they occur. The projected effective tax rate is the ratio of projected “Income tax expense (benefit)” divided by projected “Income (loss) from operations before income taxes and equity in earnings of operating joint venture”. Taxes attributable to operating joint venture are recorded within “Equity in earnings of operating joint venture, net of taxes”. The interim period tax expense (or benefit) is the difference between the year-to-date income tax provision and the amounts reported for the previous interim periods of the fiscal year.

The Company's income tax provision, on a consolidated basis, amounted to an income tax expense of $19.7 million, or 12.75% of income (loss) from operations before income taxes and equity in earnings of operating joint venture, in the first three months of 2025, compared to an income tax benefit of $(67.6) million, or 10.54%, in the first three months of 2024. The Company's current and prior effective tax rates differed from the U.S. statutory tax rate of 21% primarily due to non-taxable investment income and tax credits.
v3.25.1
Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Equity EQUITY
Accumulated Other Comprehensive Income (Loss)

AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss). The balance of and changes in each component of AOCI as of and for the three months ended March 31, 2025 and 2024, are as follows:

 Accumulated Other Comprehensive Income (Loss)
 Foreign
Currency
Translation
Adjustment		Net Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated
Other
Comprehensive
Income (Loss)
 (in thousands)
Balance, December 31, 2024$(21,941)$(1,192,702)$117,558 $495,208 $(601,877)
Change in OCI before reclassifications201 256,144 (12,540)161,213 405,018 
Amounts reclassified from AOCI0 16,892 0 0 16,892 
Income tax benefit (expense)(543)(57,176)2,632 (33,855)(88,942)
Balance, March 31, 2025$(22,283)$(976,842)$107,650 $622,566 $(268,909)

 Accumulated Other Comprehensive Income (Loss)
 Foreign
Currency
Translation
Adjustment		Net Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated
Other
Comprehensive
Income (Loss)
 (in thousands)
Balance, December 31, 2023(2)$(18,085)$(927,778)$71,195 $843,707 $(30,961)
Change in OCI before reclassifications(2)(2,362)(297,240)32,830 (238,921)(505,693)
Amounts reclassified from AOCI0 (16,067)0 0 (16,067)
Income tax benefit (expense)(2)212 65,788 (6,894)50,173 109,279 
Balance, March 31, 2024$(20,235)$(1,175,297)$97,131 $654,959 $(443,442)
(1)Includes cash flow hedges of $95 million and $111 million as of March 31, 2025 and December 31, 2024, respectively, and $39 million and $12 million as of March 31, 2024 and December 31, 2023, respectively.
(2)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.

Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Three Months Ended
March 31,
20252024
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)$(4,948)$22,904 
Net unrealized investment gains (losses) on available-for-sale securities(11,944)(6,837)
Total net unrealized investment gains (losses)(4)(16,892)16,067 
Total reclassifications for the period$(16,892)$16,067 
(1)All amounts are shown before tax.
(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.
(3)See Note 4 for additional information on cash flow hedges.
(4)See table below for additional information on unrealized investment gains (losses), including the impact on future policy benefits, policyholders’ account balances.
Net Unrealized Investment Gains (Losses)

Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from OCI those items that are included as part of “Net income (loss)” for a period that had been part of OCI in earlier periods. The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, and all other net unrealized investment gains (losses), are as follows:

Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been RecognizedNet Unrealized
Gains (Losses)
on All Other Investments(1)		Other Costs(2) Future Policy Benefits, Policyholders' Account Balances and Reinsurance Payables
Income Tax
Benefit (Expense)		Accumulated Other Comprehensive
Income (Loss) Related to Net Unrealized Investment Gains (Losses)
 (in thousands)
Balance, December 31, 2024$893 $(1,847,178)$(583,709)$920,455 $316,837 $(1,192,702)
Net investment gains (losses) on investments arising during the period2,710 325,258 0 0 (68,696)259,272 
Reclassification adjustment for (gains) losses included in net income310 16,582 0 0 (3,538)13,354 
Reclassification due to allowance for credit losses recorded during the period6 (6)0 0 0 0 
Impact of net unrealized investment (gains) losses
0 0 167,546 (239,370)15,058 (56,766)
Balance, March 31, 2025$3,919 $(1,505,344)$(416,163)$681,085 $259,661 $(976,842)
(1)Includes cash flow hedges. See Note 4 for information on cash flow hedges.
(2)"Other costs" primarily includes reinsurance recoverables and deposit receivables and DRL.

Noncontrolling interests

For certain subsidiaries, the Company owns a controlling interest that is less than 100% ownership of the subsidiary but must consolidate 100% of the subsidiary’s financial statements in accordance with U.S. GAAP. Noncontrolling interests represent the portion of equity ownership in a consolidated subsidiary that is not attributable to the Company.
v3.25.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
The Company has extensive transactions and relationships with Prudential Insurance and other affiliates. Although we seek to ensure that these transactions and relationships are fair and reasonable, it is possible that the terms of these transactions are not the same as those that would result from transactions among unrelated parties.

Expense Charges and Allocations

The majority of the Company’s expenses are allocations or charges from Prudential Insurance or other affiliates. These expenses can be grouped into general and administrative expenses and agency distribution expenses.
The Company’s general and administrative expenses are charged to the Company using allocation methodologies based on business production processes. Management believes that the methodology is reasonable and reflects costs incurred by Prudential Insurance to process transactions on behalf of the Company. The Company operates under service and lease agreements whereby services of officers and employees, supplies, use of equipment and office space are provided by Prudential Insurance. The Company reviews its allocation methodology periodically which it may adjust accordingly. General and administrative expenses include allocations of stock compensation expenses related to a stock-based awards program and a deferred compensation program issued by Prudential Financial. The expense charged to the Company for the stock-based awards program was $0.1 million and $0.2 million for the three months ended March 31, 2025 and 2024, respectively. The expense charged to the Company for the deferred compensation program was $2.5 million and $3.3 million for the three months ended March 31, 2025 and 2024, respectively.

The Company is charged for its share of employee benefit expenses. These expenses include costs for funded and non-funded, non-contributory defined benefit pension plans. Some of these benefits are based on final earnings and length of service while others are based on an account balance, which takes into consideration age, service and earnings during a career. The Company’s share of net expense for the pension plans was $3 million for both the three months ended March 31, 2025 and 2024.

The Company is also charged for its share of the costs associated with welfare plans issued by Prudential Insurance. These expenses include costs related to medical, dental, life insurance and disability. The Company's share of net expense for the welfare plans was $5 million and $4 million for the three months ended March 31, 2025 and 2024, respectively.

Prudential Insurance sponsors voluntary savings plans for its employee 401(k) plans. The plans provide for salary reduction contributions by employees and matching contributions by the Company of up to 4% of annual salary. The Company’s expense for its share of the voluntary savings plan was $2 million for both the three months ended March 31, 2025 and 2024.

The Company is charged distribution expenses from Prudential’s proprietary nationwide sales organization, “Prudential Advisors” through a transfer pricing agreement, which is intended to reflect a market-based pricing arrangement. Prudential Advisors distributes Prudential life insurance, annuities, and investment products with proprietary and non-proprietary product options. In November 2024, the Company, along with three other affiliated entities, entered into several agreements with a third-party, LPL Financial Holdings Inc. (“LPL”). Under these agreements, the Company pays distribution expenses to LPL, of which 98% are returned to Prudential Advisors. Distribution expenses paid by the Company to LPL and subsequently returned to Prudential Advisors were $113 million for the three months ended March 31, 2025.

The Company pays commissions and certain other fees to Prudential Annuities Distributors, Inc. (“PAD”) in consideration for PAD’s marketing and underwriting of the Company’s annuity products. Commissions and fees are paid by PAD to broker-dealers who sell the Company’s annuity products. Commissions and fees paid by the Company to PAD were $145 million and $178 million for the three months ended March 31, 2025 and 2024, respectively.

The Company is charged for its share of corporate expenses incurred by Prudential Financial to benefit its businesses, such as advertising, executive oversight, external affairs and philanthropic activity. The Company’s share of corporate expenses was $29 million and $36 million for the three months ended March 31, 2025 and 2024, respectively.

Corporate-Owned Life Insurance

The Company has sold five Corporate-Owned Life Insurance (“COLI”) policies to Prudential Insurance, and one to Prudential Financial. The cash surrender value included in separate accounts for these COLI policies was $4,644 million and $4,657 million at March 31, 2025 and December 31, 2024, respectively. Fees related to these COLI policies were $14 million and $13 million for the three months ended March 31, 2025 and 2024, respectively. The Company reinsures the risk associated with these COLI policies to an affiliate reinsurer as part of a broader program related to variable insurance policies.

In May 2023, the Company funded a policy loan from the Prudential Financial COLI policy noted above in an amount of $900 million to an affiliated irrevocable trust, commonly referred to as a “rabbi trust”, which Prudential Financial created to support certain non-qualified retirement plans. The outstanding balance of the policy loan with the rabbi trust was $894 million and $897 million as of March 31, 2025 and December 31, 2024, respectively. Interest income related to the policy loan was $10 million for both the three months ended March 31, 2025 and 2024.
Affiliated Investment Management Expenses

In accordance with an agreement with PGIM, Inc. ("PGIM"), the Company pays investment management expenses to PGIM who acts as investment manager to certain Company general account and separate account assets. Investment management expenses paid to PGIM related to this agreement were $21 million and $15 million for the three months ended March 31, 2025 and 2024, respectively. These expenses are recorded as “Net investment income” in the Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss).

Derivative Trades

In its ordinary course of business, the Company enters into OTC derivative contracts with an affiliate, PGF. For these OTC derivative contracts, PGF has a substantially equal and offsetting position with an external counterparty. See Note 4 for additional information.

The interest income to the Company from PGF related to affiliated cash collateral was $102 million and $128 million for the three months ended March 31, 2025 and 2024, respectively, and are included in "Other income (loss)".

Joint Ventures

The Company has made investments in joint ventures with certain subsidiaries of Prudential Financial. "Other invested assets" includes $1,513 million and $1,100 million of investments in joint ventures as of March 31, 2025 and December 31, 2024, respectively. "Net investment income" related to these ventures includes gains (losses) of $44 million and $9 million for the three months ended March 31, 2025 and 2024, respectively.
Affiliated Asset Administration Fee Income

The Company has a revenue sharing agreement with AST Investment Services, Inc. ("ASTISI") and PGIM Investments LLC ("PGIM Investments") whereby the Company receives fee income based on policyholders' separate account balances invested in the Advanced Series Trust. Income received from ASTISI and PGIM Investments related to this agreement was $63 million and $69 million for the three months ended March 31, 2025 and 2024, respectively. These revenues are recorded as “Asset administration fees” in the Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company has a revenue sharing agreement with PGIM Investments, whereby the Company receives fee income based on policyholders' separate account balances invested in The Prudential Series Fund. Income received from PGIM Investments related to this agreement was $12 million and $11 million for the three months ended March 31, 2025 and 2024, respectively. These revenues are recorded as “Asset administration fees” in the Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss).
Affiliated Notes Receivable

Affiliated notes receivable included in “Receivables from parent and affiliates” at March 31, 2025 and December 31, 2024 is as follows:
Maturity DatesInterest RatesMarch 31, 2025December 31, 2024
(in thousands)
U.S. dollar fixed rate notes2026-20380.00%-9.46 %$567,031 $520,462 
Total notes receivable - affiliated(1)$567,031 $520,462 
(1)All notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.

The affiliated notes receivable shown above are classified as available-for-sale securities and other trading assets carried at fair value. The Company monitors the internal and external credit ratings of these loans and loan performance. The Company also considers any guarantees made by Prudential Insurance for loans due from affiliates.

Accrued interest receivable related to these loans was $2 million and $1 million at March 31, 2025 and December 31, 2024, respectively, and is included in “Other assets”. Revenues related to these loans were $2 million and $1 million for the three months ended March 31, 2025 and 2024, respectively, and are included in “Other income (loss)”.

Affiliated Commercial Mortgage Loan

The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at March 31, 2025 and December 31, 2024 were $0 million.

The commercial mortgage loan is carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses, and net of an allowance for losses. The Company reviews the performance and credit quality of the commercial mortgage loan on an on-going basis.

Accrued interest receivable related to the loan was $0 million at both March 31, 2025 and December 31, 2024, and is included in "Accrued investment income". Revenues were $0 million and $2 million for the three months ended March 31, 2025 and 2024, respectively, and are included in "Net investment income".
Affiliated Asset Transfers

The Company participates in affiliated asset trades with parent and sister companies. Book and market value differences for trades with a parent and sister are recognized within "Additional paid-in capital" (“APIC”) and "Realized investment gains (losses), net", respectively. The table below shows affiliated asset trades for the three months ended March 31, 2025 and for the year ended December 31, 2024.
AffiliateDateTransactionSecurity Type  Fair Value  Book Value  APIC, Net of Tax Increase/(Decrease)Realized
Investment
Gain (Loss)
 (in thousands)
PAR UJanuary 2024Transfer inFixed Maturities$1,598,161 $1,598,161 $0 $0 
PAR UJanuary 2024Transfer inFixed Maturities$778,745 $778,745 $0 $0 
PURCJanuary 2024Transfer inFixed Maturities$2,155,560 $2,155,560 $0 $0 
GUL ReJanuary 2024Transfer inFixed Maturities$1,685,582 $1,685,582 $0 $0 
GUL ReJanuary 2024Transfer inEquities$4,976 $4,976 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$1,598,161 $1,598,161 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$778,745 $778,745 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$2,155,560 $2,155,560 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$1,685,582 $1,685,582 $0 $0 
PUREJanuary 2024Transfer outEquities$4,976 $4,976 $0 $0 
IronboundJanuary 2024PurchaseOther Invested Assets$60,414 $60,414 $0 $0 
Windhill CLO 1, Ltd.February 2024SaleFixed Maturities$18,428 $18,858 $0 $(430)
Windhill CLO 2, Ltd.February 2024SaleFixed Maturities$19,652 $20,057 $0 $(405)
PAR TermFebruary 2024PurchaseFixed Maturities$43,084 $43,084 $0 $0 
Windhill CLO 1, Ltd.March 2024SaleFixed Maturities$10,148 $10,387 $0 $(239)
Windhill CLO 2, Ltd.March 2024SaleFixed Maturities$14,763 $15,091 $0 $(328)
Prudential InsuranceMarch 2024PurchaseFixed Maturities$198,804 $206,285 $5,910 $0 
PAR UMarch 2024Transfer inOther Invested Assets$188,500 $188,500 $0 $0 
PUREMarch 2024Transfer outOther Invested Assets$188,500 $188,500 $0 $0 
Windhill CLO 1, Ltd.April 2024SaleFixed Maturities$2,261 $2,300 $0 $(39)
Windhill CLO 2, Ltd.May 2024SaleFixed Maturities$14,034 $14,415 $0 $(381)
Windhill CLO 1, Ltd.June 2024SaleFixed Maturities$2,045 $2,100 $0 $(55)
Windhill CLO 2, Ltd.June 2024SaleFixed Maturities$23,342 $23,743 $0 $(401)
PAR UJune 2024Transfer inOther Invested Assets$326 $326 $0 $0 
PUREJune 2024Transfer outOther Invested Assets$326 $326 $0 $0 
PAR UJune 2024PurchaseCommercial Mortgage and Other Loans$12,555 $12,555 $0 $0 
Windhill CLO 2, Ltd.July 2024SaleFixed Maturities$53,462 $54,628 $0 $(1,166)
Windhill CLO 2, Ltd.July 2024SaleFixed Maturities$6,579 $6,695 $0 $(116)
Windhill CLO 1, Ltd.July 2024SaleFixed Maturities$2,136 $2,200 $0 $(64)
PAR UJuly 2024PurchaseFixed Maturities$17,402 $17,402 $0 $0 
Prudential InsuranceJuly 2024PurchaseFixed Maturities$22,655 $23,433 $614 $0 
PAR UJuly 2024PurchaseFixed Maturities$1,239 $1,239 $0 $0 
PAR UJuly 2024PurchaseDerivatives$2,975 $2,975 $0 $0 
Windhill CLO 2, Ltd.August 2024SaleFixed Maturities$21,929 $22,500 $0 $(571)
Windhill CLO 1, Ltd.August 2024SaleFixed Maturities$13,650 $14,100 $0 $(450)
PAR UAugust 2024PurchaseFixed Maturities$46,742 $46,742 $0 $0 
PAR UAugust 2024PurchaseFixed Maturities$4,793 $4,793 $0 $0 
Prudential InsuranceAugust 2024PurchaseFixed Maturities$35,872 $35,085 $(621)$0 
Windhill CLO 2, Ltd.September 2024SaleFixed Maturities$57,613 $57,613 $0 $0 
Windhill CLO 2, Ltd.September 2024SaleFixed Maturities$24,575 $24,911 $0 $(336)
Prudential InsuranceSeptember 2024PurchaseFixed Maturities$44,773 $43,632 $(901)$0 
HirakataOctober 2024PurchaseFixed Maturities$21,229 $21,229 $0 $0 
HirakataOctober 2024PurchaseFixed Maturities$3,901 $3,901 $0 $0 
PAR UOctober 2024Transfer inFixed Maturities$6,615,438 $6,615,438 $0 $0 
Windhill CLO 3, Ltd.October 2024SaleFixed Maturities$232,036 $235,610 $0 $(3,574)
Windhill CLO 2, Ltd.October 2024SaleFixed Maturities$5,824 $5,899 $0 $(75)
Windhill CLO 2, Ltd.October 2024SaleFixed Maturities$14,690 $14,959 $0 $(269)
Windhill CLO 1, Ltd.October 2024SaleFixed Maturities$3,038 $3,100 $0 $(62)
PAR UOctober 2024Transfer inEquities$6,120 $6,120 $0 $0 
Windhill CLO 3, Ltd.November 2024SaleFixed Maturities$17,409 $17,518 $0 $(109)
Windhill CLO 3, Ltd.December 2024SaleFixed Maturities$38,020 $38,537 $0 $(517)
Windhill CLO 3, Ltd.December 2024SaleShort-term Investments$2,882 $2,905 $0 $(23)
Prudential InsuranceDecember 2024Contributed CapitalEquities$415,696 $416,265 $0 $0 
Windhill CLO 2, Ltd.January 2025SaleFixed Maturities$2,738 $2,800 $0 $(62)
Windhill CLO 3, Ltd.January 2025SaleFixed Maturities$17,046 $17,363 $0 $(317)
Windhill CLO 1, Ltd.January 2025SaleFixed Maturities$2,152 $2,200 $0 $(48)
PAR UFebruary 2025PurchaseDerivatives$417,169 $417,169 $0 $0 
Windhill CLO 2, Ltd.February 2025SaleFixed Maturities$7,482 $7,600 $0 $(118)
Windhill CLO 3, Ltd.February 2025SaleFixed Maturities$17,172 $17,410 $0 $(238)
Windhill CLO 1, Ltd.February 2025SaleFixed Maturities$9,784 $9,900 $0 $(116)
Prudential InsuranceFebruary 2025PurchaseFixed Maturities$100,033 $101,147 $880 $0 
Prudential InsuranceMarch 2025PurchaseFixed Maturities$226,726 $260,396 $26,599 $0 
Windhill CLO 3, Ltd.March 2025SaleFixed Maturities$9,019 $9,144 $0 $(125)
Windhill CLO 1, Ltd.March 2025SaleFixed Maturities$8,469 $8,500 $0 $(31)
Windhill CLO 1, Ltd.March 2025SaleFixed Maturities$10,184 $10,301 $0 $(117)
Windhill CLO 1, Ltd.March 2025PurchaseFixed Maturities$921 $921 $0 $0 

Debt Agreements

The Company is authorized to borrow funds up to $7 billion from affiliates to meet its capital and other funding needs. There was no debt outstanding to affiliates as of March 31, 2025 and December 31, 2024.

The total interest expense to the Company related to affiliated loans and cash collateral with PGF was $6 million and $4 million for the three months ended March 31, 2025 and 2024, respectively.

Contributed Capital and Dividends
In February 2025, the Company received a capital contribution of $220 million from Prudential Insurance. In December 2024, the Company received capital contributions in the amount of $416 million from Prudential Insurance in the form of invested assets.
In June 2024, there was a $550 million return of capital to Prudential Insurance.

Through March 2025 and December 2024, the Company did not pay any dividends to Prudential Insurance.

Reinsurance with Affiliates

As discussed in Note 11, the Company participates in reinsurance transactions with certain affiliates.
v3.25.1
Commitments and Contingent Liabilities
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities COMMITMENTS AND CONTINGENT LIABILITIES
Commitments

The Company has made commitments to fund commercial mortgage and agricultural property loans. As of both March 31, 2025 and December 31, 2024, the outstanding balance on these commitments was $230 million. This amount includes unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $0.2 million and $0.3 million as of March 31, 2025 and December 31, 2024, respectively, which is a change of $0.1 million for both the three months ended March 31, 2025 and 2024. The Company also made commitments to purchase or fund investments, mostly fund investments and private fixed maturities, some of which are contingent upon events or circumstances not under the Company’s control, including those at the discretion of the Company’s counterparties. The Company anticipates a portion of these commitments will ultimately be funded from its separate accounts. As of March 31, 2025 and December 31, 2024, $1,634 million and $1,359 million, respectively, of these commitments were outstanding. These amounts include unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for either the three months ended March 31, 2025 or 2024.

Guarantees

In July 2017, Pruco Life formed a joint venture with CT Corp to provide life insurance solutions in Indonesia. Pruco Life owns a 49% interest in the joint venture and has entered into a shareholders agreement with CT Corp that sets out their respective rights and obligations with respect to the joint venture. Among other things, the shareholders agreement obligates Pruco Life and CT Corp to provide capital to the joint venture, as necessary to comply with applicable law or to maintain a specified minimum amount of capital in the joint venture. This obligation is not limited to a maximum amount. Pruco Life does not expect to make any payments on this guarantee and is not carrying any liabilities associated with the guarantee.
Since 2001, Pruco Life entered into an arrangement with Prudential of Taiwan. In June 2021, PIIH completed the sale of Prudential of Taiwan. As a result of the sale, Pruco Life has a financial guarantee to stand ready to perform in an event that both Prudential of Taiwan and the Buyer default and fail to perform their obligations to make payments to the policyholders. Pruco Life has a liability of $32 million as of both March 31, 2025 and December 31, 2024, which represents the fair value of the guarantee and is amortized in revenue over a period which approximates the life of the underlying insurance in force. Since this obligation is not subject to limitations, it is not possible to determine the maximum potential amount due under this guarantee.

Guarantees of Asset Values

March 31, 2025December 31, 2024
(in thousands)
Guaranteed value of third-parties assets$3,959,550 $3,958,847 
Fair value of collateral supporting these assets$3,616,006 $3,543,500 
Asset (liability) associated with guarantee, carried at fair value $(12,503)$111 

Certain contracts underwritten by Pruco Life include guarantees related to financial assets owned by the guaranteed party. These contracts are accounted for as derivatives and carried at fair value. The collateral supporting these guarantees is not reflected on the Unaudited Interim Consolidated Statements of Financial Position.

Contingent Liabilities

On an ongoing basis, the Company and its regulators review its operations including, but not limited to, sales and other customer interface procedures and practices, and procedures for meeting obligations to its customers and other parties. These reviews may result in the modification or enhancement of processes or the imposition of other action plans, including concerning management oversight, sales and other customer interface procedures and practices, and the timing or computation of payments to customers and other parties. In certain cases, if appropriate, the Company may offer customers or other parties remediation and may incur charges, including the cost of such remediation, administrative costs and regulatory fines.

The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements.

It is possible that the results of operations or the cash flows of the Company in a particular quarterly or annual period could be materially affected as a result of payments in connection with the matters discussed above or other matters depending, in part, upon the results of operations or cash flows for such period. Management believes, however, that ultimate payments in connection with these matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on the Company’s financial position.

Litigation and Regulatory Matters

The Company is subject to legal and regulatory actions in the ordinary course of its business. Pending legal and regulatory actions include proceedings specific to the Company and proceedings generally applicable to business practices in the industry in which it operates. The Company is subject to class action lawsuits and other litigation involving a variety of issues and allegations involving sales practices, claims payments and procedures, premium charges, policy servicing and breach of fiduciary duty to customers. The Company is also subject to litigation arising out of its general business activities, such as its investments, contracts, leases and labor and employment relationships, including claims of discrimination and harassment, and could be exposed to claims or litigation concerning certain business or process patents. In addition, the Company, along with other participants in the businesses in which it engages, may be subject from time to time to investigations, examinations and inquiries, in some cases industry-wide, concerning issues or matters upon which such regulators have determined to focus. In some of the Company’s pending legal and regulatory actions, parties are seeking large and/or indeterminate amounts, including punitive or exemplary damages. The outcome of litigation or a regulatory matter, and the amount or range of potential loss at any particular time, is often inherently uncertain.
The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established, but the matter, if material, is disclosed. The Company estimates that as of March 31, 2025, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $100 million. This estimate is not an indication of expected loss, if any, or the Company's maximum possible loss exposure on such matters. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews.

The following discussion of litigation and regulatory matters provides an update of those matters discussed in Note 16 to the Company's Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and should be read in conjunction with the complete descriptions provided in the Form 10-K.

Individual Annuities and Individual Life
California Advocates for Nursing Home Reform v. The Prudential Insurance Company of America and Pruco Life Insurance Company, et al.

In April 2025, Plaintiff filed a First Amended Complaint removing allegations related to the Unclaimed Life Insurance and Annuities Act, and the Defendant filed a demurrer seeking to dismiss the Amended Complaint.

Summary

The Company’s litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. It is possible that the Company’s results of operations or cash flows in a particular quarterly or annual period could be materially affected by an ultimate unfavorable resolution of pending litigation and regulatory matters depending, in part, upon the results of operations or cash flows for such period. In light of the unpredictability of the Company’s litigation and regulatory matters, it is also possible that in certain cases an ultimate unfavorable resolution of one or more pending litigation or regulatory matters could have a material adverse effect on the Company’s financial statements. Management believes, however, that, based on information currently known to it, the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect on the Company’s financial statements.
v3.25.1
Revision to Prior Period Financial Statements
 3 Months Ended
Mar. 31, 2025
Prior Period Adjustment [Abstract]  
Revision to Prior Year Information REVISION TO PRIOR YEAR INFORMATION
Revision to 2024 Interim Consolidated Financial Statements

As previously disclosed in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2024, during the fourth quarter of 2024, the Company identified multiple errors which impacted previously issued Consolidated Financial Statements, including for the three months ended March 31, 2024. Certain reinsurance recoverable balances associated with the coinsurance with funds withheld of fixed indexed annuities, certain deferred acquisition cost balances associated with indexed variable annuities, and certain other immaterial items were not properly accounted for. Prior period amounts have been revised in the Unaudited Interim Consolidated Financial statements to correct these errors as shown below. See the Company’s Annual Report on Form 10-K for the year-ended December 31, 2024 for more information. In connection with this revision, the Company also corrected certain other immaterial adjustments within the Financing Section of the Unaudited Interim Consolidated Statements of Cash Flows for the three months ended March 31, 2024.
The following are selected line items from the Consolidated Financial Statements illustrating the effects of these revisions:

Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months Ended March 31, 2024
As Previously ReportedAdjustmentsAs Revised
(in thousands)
REVENUES
Other income (loss)$213,485 $1,510 $214,995 
Realized investment gains (losses), net23,000 (25,805)(2,805)
Change in value of market risk benefits, net of related hedging gains (losses)91,591 12,405 103,996 
TOTAL REVENUES3,891,415 (11,890)3,879,525 
BENEFITS AND EXPENSES
Interest credited to policyholders’ account balances224,550 33,800 258,350 
Amortization of deferred policy acquisition costs(131,015)1,858 (129,157)
General, administrative and other expenses308,178 (10,364)297,814 
TOTAL BENEFITS AND EXPENSES4,496,116 25,294 4,521,410 
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE(604,701)(37,184)(641,885)
Income tax expense (benefit)(63,617)(4,030)(67,647)
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY$(542,422)$(33,154)$(575,576)
Other comprehensive income (loss), before tax:
Gain (loss) from changes in nonperformance risk on market risk benefits(238,974)53 (238,921)
Total(521,813)53 (521,760)
Less: Income tax expense (benefit) related to other comprehensive income (loss)(109,291)12 (109,279)
Other comprehensive income (loss), net of taxes(412,522)41 (412,481)
Comprehensive income (loss)(953,763)(33,113)(986,876)

Unaudited Interim Consolidated Statements of Equity

Retained EarningsAOCITotal Equity
As Previously ReportedAdjustmentsAs RevisedAs Previously ReportedAdjustmentsAs RevisedAs Previously ReportedAdjustmentsAs Revised
(in thousands)
Balance, December 31, 2023$(532,951)$(18,520)$(551,471)$(30,920)$(41)$(30,961)$4,521,425 $(18,561)$4,502,864 
Comprehensive income (loss):
Net income (loss)(542,422)(33,154)(575,576)(541,241)(33,154)(574,395)
Other comprehensive income (loss), net of taxes(412,522)41 (412,481)(412,522)41 (412,481)
Total comprehensive income (loss)(542,422)(33,154)(575,576)(412,522)41 (412,481)(953,763)(33,113)(986,876)
Balance, March 31, 2024$(1,075,373)$(51,674)$(1,127,047)$(443,442)$0 $(443,442)$3,598,694 $(51,674)$3,547,020 
Unaudited Interim Consolidated Statements of Cash Flows
Three Months Ended March 31, 2024
As Previously ReportedAdjustmentsAs Revised
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$(541,241)$(33,154)$(574,395)
Interest credited to policyholders' account balances224,550 33,800 258,350 
Realized investment (gains) losses, net(23,000)25,805 2,805 
Change in value of market risk benefits, net of related hedging (gains) losses(91,591)(12,405)(103,996)
Change in:
Reinsurance related balances(1)497,883 (1,510)496,373 
Deferred policy acquisition costs(1)(186,041)(8,506)(194,547)
Income taxes(64,423)(4,030)(68,453)
Derivatives, net(23,220)148,320 125,100 
Other, net(1)96,126 (148,320)(52,194)
Cash flows from (used in) operating activities690,625 0 690,625 
CASH FLOWS FROM FINANCING ACTIVITIES:
Ceded policyholders’ account deposits(356,405)54,672 (301,733)
Policyholders’ account withdrawals(1,027,050)48,184 (978,866)
Other, net(1)24,649 (102,856)(78,207)
Cash flows from (used in) financing activities2,739,124 0 2,739,124 
(1) As previously reported balances have been updated to conform to the current period presentation.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY $ 129,569 $ (575,576)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Significant Accounting Policies and Pronouncements (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of Pruco Life and entities over which the Company exercises control, including majority-owned subsidiaries. Intercompany balances and transactions have been eliminated.

In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company's Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
The most significant estimates include those used in determining future policy benefits; policyholders' account balances and reinsurance related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; market risk benefits ("MRBs"); the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments; reinsurance recoverables; any provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.
Reclassifications
Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.

Revision to Prior Period Interim Financial Statements

As previously disclosed in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2024, during the fourth quarter of 2024, the Company identified multiple errors which impacted previously issued Consolidated Financial Statements, including for the three months ended March 31, 2024. Certain reinsurance recoverable balances associated with the coinsurance with funds withheld of fixed indexed annuities, certain deferred acquisition cost balances associated with indexed variable annuities, and certain other immaterial items were not properly accounted for. Prior period amounts have been revised in the Consolidated Financial Statements and related disclosures to correct these errors. In connection with this revision, the Company also corrected certain other immaterial adjustments within the Financing Section of the Unaudited Interim Consolidated Statements of Cash Flows for the three months ended March 31, 2024. Management evaluated these adjustments and concluded they were not material to any previously reported quarterly Consolidated Financial Statements. See Note 16 for a more detailed description of the revisions and for comparisons of amounts previously reported to the revised amounts.
New Accounting Pronouncements
ASUs issued but not yet adopted as of March 31, 2025

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

This ASU requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax DisclosuresThis ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid.Effective for fiscal years beginning after December 15, 2024, and permits early adoption.The ASU has no impact on the Company’s Consolidated Financial Statements but will result in expanded disclosures in the Notes to the Consolidated Financial Statements.
v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Fixed Maturities, Available-for-sale Securities
The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
 March 31, 2025
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$1,150,479 $19,881 $89,700 $0 $1,080,660 
Obligations of U.S. states and their political subdivisions551,375 1,254 35,445 0 517,184 
Foreign government securities439,135 3,108 49,006 0 393,237 
U.S. public corporate securities16,328,435 124,879 892,473 19 15,560,822 
U.S. private corporate securities6,538,902 29,688 250,640 9,164 6,308,786 
Foreign public corporate securities4,439,517 46,832 113,026 21 4,373,302 
Foreign private corporate securities6,180,964 70,080 437,381 33,624 5,780,039 
Asset-backed securities(1)3,801,789 25,349 10,782 0 3,816,356 
Commercial mortgage-backed securities1,018,053 8,052 44,565 0 981,540 
Residential mortgage-backed securities(2)359,337 2,769 7,960 0 354,146 
Total fixed maturities, available-for-sale$40,807,986 $331,892 $1,930,978 $42,828 $39,166,072 
(1)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

 December 31, 2024
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$1,199,628 $8,357 $108,744 $0 $1,099,241 
Obligations of U.S. states and their political subdivisions570,253 1,156 30,343 0 541,066 
Foreign government securities362,154 646 52,466 0 310,334 
U.S. public corporate securities14,134,828 60,917 957,316 1 13,238,428 
U.S. private corporate securities6,030,898 35,828 301,451 11,178 5,754,097 
Foreign public corporate securities3,804,503 21,136 126,767 21 3,698,851 
Foreign private corporate securities5,838,939 43,334 511,426 29,214 5,341,633 
Asset-backed securities(1)3,728,073 31,431 8,841 0 3,750,663 
Commercial mortgage-backed securities944,652 4,567 53,444 0 895,775 
Residential mortgage-backed securities(2)367,005 861 11,794 0 356,072 
Total fixed maturities, available-for-sale$36,980,933 $208,233 $2,162,592 $40,414 $34,986,160 
(1)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
Duration Of Gross Unrealized Losses On Fixed Maturity Securities
The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
 March 31, 2025
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair Value  Gross
  Unrealized  Losses		Fair Value  Gross
  Unrealized  Losses		Fair Value  Gross
  Unrealized  Losses
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$261,400 $3,536 $247,293 $86,164 $508,693 $89,700 
Obligations of U.S. states and their political subdivisions179,660 7,026 244,108 28,419 423,768 35,445 
Foreign government securities54,388 1,173 173,897 47,833 228,285 49,006 
U.S. public corporate securities2,937,255 74,371 4,807,764 818,088 7,745,019 892,459 
U.S. private corporate securities2,004,535 27,408 2,416,353 223,102 4,420,888 250,510 
Foreign public corporate securities627,642 9,733 740,032 103,289 1,367,674 113,022 
Foreign private corporate securities1,765,712 47,356 2,109,881 388,941 3,875,593 436,297 
Asset-backed securities1,116,137 4,194 119,537 6,588 1,235,674 10,782 
Commercial mortgage-backed securities38,559 429 479,676 44,136 518,235 44,565 
Residential mortgage-backed securities23,594 347 123,794 7,613 147,388 7,960 
Total fixed maturities, available-for-sale$9,008,882 $175,573 $11,462,335 $1,754,173 $20,471,217 $1,929,746 


 December 31, 2024
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair ValueGross
  Unrealized  Losses		Fair ValueGross
  Unrealized  Losses		Fair ValueGross
  Unrealized  Losses
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of
U.S. government authorities and agencies		$377,531 $13,829 $238,723 $94,915 $616,254 $108,744 
Obligations of U.S. states and their political subdivisions226,731 5,019 212,060 25,324 438,791 30,343 
Foreign government securities118,168 2,615 171,166 49,851 289,334 52,466 
U.S. public corporate securities4,320,552 105,145 4,677,336 852,171 8,997,888 957,316 
U.S. private corporate securities1,999,008 41,931 2,379,755 259,489 4,378,763 301,420 
Foreign public corporate securities1,088,644 20,465 716,172 106,294 1,804,816 126,759 
Foreign private corporate securities1,977,169 69,399 2,107,705 440,330 4,084,874 509,729 
Asset-backed securities363,744 5,510 140,090 3,331 503,834 8,841 
Commercial mortgage-backed securities101,821 1,356 489,490 52,088 591,311 53,444 
Residential mortgage-backed securities142,961 1,946 123,853 9,848 266,814 11,794 
Total fixed maturities, available-for-sale$10,716,329 $267,215 $11,256,350 $1,893,641 $21,972,679 $2,160,856 
Fixed Maturities Classified by Contractual Maturity Date
The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:
March 31, 2025
 Amortized CostFair Value
(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$2,712,978 $2,661,173 
Due after one year through five years14,221,040 14,064,348 
Due after five years through ten years9,501,783 9,267,750 
Due after ten years9,193,006 8,020,759 
Asset-backed securities3,801,789 3,816,356 
Commercial mortgage-backed securities1,018,053 981,540 
Residential mortgage-backed securities359,337 354,146 
Total fixed maturities, available-for-sale$40,807,986 $39,166,072 
Sources of Fixed Maturity Proceeds, Realized Investment Gains (Losses), and Losses on Impairments
The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:
 Three Months Ended March 31,
 20252024
(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$422,037 $106,155 
Proceeds from maturities/prepayments845,709 437,443 
Gross investment gains from sales and maturities4,608 937 
Gross investment losses from sales and maturities(7,802)(8,132)
Write-downs recognized in earnings(2)(6,336)0 
(Addition to) release of allowance for credit losses(2,414)358 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $150.7 million and $(8.7) million for the three months ended March 31, 2025 and 2024, respectively.
(2)Amounts represent write-downs on credit adverse securities.
Allowance for Credit Losses for Fixed Maturity Securities
The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as of and for the periods indicated:

Three Months Ended March 31, 2025
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $40,414 $0 $0 $0 $40,414 
Additions to allowance for credit losses not previously recorded0 0 5,512 0 0 0 5,512 
Reductions for securities sold during the period0 0 (76)0 0 0 (76)
Additions (reductions) on securities with previous allowance0 0 1,126 0 0 0 1,126 
Write-downs charged against the allowance 0 0 (4,148)0 0 0 (4,148)
Balance, end of period$0 $0 $42,828 $0 $0 $0 $42,828 
            

Three Months Ended March 31, 2024
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $2,000 $1 $0 $7 $2,008 
Additions to allowance for credit losses not previously recorded0 0 57 0 0 0 57 
Reductions for securities sold during the period0 0 (41)0 0 0 (41)
Additions (reductions) on securities with previous allowance0 0 (845)(1)0 (7)(853)
Assets transferred (to) from parent and affiliates0 0 479 0 0 0 479 
Balance, end of period$0 $0 $1,650 $0 $0 $0 $1,650 
Commercial Mortgage and Other Loans
The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:
March 31, 2025December 31, 2024
 Amount% of
Total		Amount% of
Total
($ in thousands)
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$2,070,419 25.6 %$1,949,926 25.0 %
Health Care Senior Living(1)133,731 1.7 134,195 1.7 
Hospitality95,008 1.2 97,603 1.3 
Industrial3,014,351 37.3 2,906,413 37.3 
Office545,065 6.7 556,586 7.1 
Retail693,519 8.6 693,949 9.0 
Self-Storage(1)598,911 7.4 543,701 7.0 
Other(1)72,554 0.9 72,645 0.9 
Total commercial mortgage loans7,223,558 89.4 6,955,018 89.3 
Agricultural property loans858,136 10.6 830,041 10.7 
Total commercial mortgage and agricultural property loans8,081,694 100.0 %7,785,059 100.0 %
Allowance for credit losses(39,784)(37,715)
Total net commercial mortgage and agricultural property loans8,041,910 7,747,344 
Other loans:
Other collateralized loans12,509 11,979 
Total other loans12,509 11,979 
Total net commercial mortgage and other loans$8,054,419 $7,759,323 
(1) Prior period amounts have been updated to conform to current period presentation.
Allowance for Credit Losses
The following table sets forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods ended:


Three Months Ended March 31,
20252024
Commercial Mortgage LoansAgricultural Property LoansTotalCommercial Mortgage LoansAgricultural Property LoansTotal
(in thousands)
Allowance, beginning of period$33,004 $4,711 $37,715 $36,758 $931 $37,689 
Addition to (release of) allowance for expected losses1,766 303 2,069 5,011 (18)4,993 
Allowance, end of period$34,770 $5,014 $39,784 $41,769 $913 $42,682 
Financing Receivable Credit Quality Indicators
The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
March 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$38,195 $457,963 $333,678 $306,930 $481,026 $1,295,238 $8,667 $2,921,697 
60%-69.99%247,932 972,650 443,420 276,319 362,180 387,446 0 2,689,947 
70%-79.99%0 364,430 364,565 170,981 334,446 81,122 0 1,315,544 
80% or greater0 1,196 0 11,626 85,077 198,471 0 296,370 
Total$286,127 $1,796,239 $1,141,663 $765,856 $1,262,729 $1,962,277 $8,667 $7,223,558 
Debt Service Coverage Ratio:
Greater than 1.2x$286,127 $1,736,155 $963,036 $750,965 $1,261,264 $1,843,067 $0 $6,840,614 
1.0 - 1.2x0 60,084 178,627 14,891 0 55,934 8,667 318,203 
Less than 1.0x0 0 0 0 1,465 63,276 0 64,741 
Total$286,127 $1,796,239 $1,141,663 $765,856 $1,262,729 $1,962,277 $8,667 $7,223,558 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$22,300 $241,375 $75,069 $162,037 $126,284 $60,701 $24,338 $712,104 
60%-69.99%0 29,560 19,339 49,210 0 1,619 0 99,728 
70%-79.99%17,999 0 0 0 5,235 0 0 23,234 
80% or greater0 0 0 7,403 0 0 15,667 23,070 
Total$40,299 $270,935 $94,408 $218,650 $131,519 $62,320 $40,005 $858,136 
Debt Service Coverage Ratio:
Greater than 1.2x$40,299 $259,307 $92,050 $206,492 $124,641 $48,428 $24,338 $795,555 
1.0 - 1.2x0 11,628 2,358 12,158 0 10,240 15,667 52,051 
Less than 1.0x0 0 0 0 6,878 3,652 0 10,530 
Total$40,299 $270,935 $94,408 $218,650 $131,519 $62,320 $40,005 $858,136 
December 31, 2024
Amortized Cost by Origination Year
20242023202220212020PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$452,940 $232,276 $306,684 $482,596 $134,403 $1,138,394 $6,479 $2,753,772 
60%-69.99%972,161 541,849 273,258 360,457 110,515 303,107 0 2,561,347 
70%-79.99%362,701 365,111 134,208 330,355 6,774 77,399 0 1,276,548 
80% or greater1,196 0 56,204 84,761 3,870 217,320 0 363,351 
Total$1,788,998 $1,139,236 $770,354 $1,258,169 $255,562 $1,736,220 $6,479 $6,955,018 
Debt Service Coverage Ratio:
Greater than 1.2x$1,728,895 $962,290 $755,350 $1,256,699 $255,562 $1,616,904 $0 $6,575,700 
1.0 - 1.2x60,103 176,946 15,004 0 0 59,871 6,479 318,403 
Less than 1.0x0 0 0 1,470 0 59,445 0 60,915 
Total$1,788,998 $1,139,236 $770,354 $1,258,169 $255,562 $1,736,220 $6,479 $6,955,018 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$241,715 $89,569 $163,820 $126,368 $23,488 $38,478 $18,834 $702,272 
60%-69.99%29,560 19,396 49,210 0 0 0 0 98,166 
70%-79.99%0 0 0 5,213 0 0 0 5,213 
80% or greater0 0 7,295 0 1,657 0 15,438 24,390 
Total$271,275 $108,965 $220,325 $131,581 $25,145 $38,478 $34,272 $830,041 
Debt Service Coverage Ratio:
Greater than 1.2x$259,647 $95,087 $211,030 $129,865 $23,488 $38,478 $18,834 $776,429 
1.0 - 1.2x11,628 13,878 9,295 0 0 0 15,438 50,239 
Less than 1.0x0 0 0 1,716 1,657 0 0 3,373 
Total$271,275 $108,965 $220,325 $131,581 $25,145 $38,478 $34,272 $830,041 
Amortized Cost Basis of Loan Modifications made to Borrowers Experiencing Financial Difficulties
The following table sets forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties during the periods indicated:
Three Months Ended March 31,
20252024
Term
Extension		% of
Amortized Cost		Term
Extension		% of
Amortized Cost
($ in thousands)
Commercial mortgage loans(1)$0 0.0 %$6,469 0.0 %
(1) Prior period amounts have been updated to conform to current period presentation.
Aging of Past Due Commercial Mortgage and Other Loans and Nonaccrual Status
The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
March 31, 2025
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$7,218,438 $1,196 $0 $3,924 $7,223,558 $5,120 
Agricultural property loans817,681 0 17,386 23,069 858,136 27,596 
Other collateralized loans12,509 0 0 0 12,509 0 
Total$8,048,628 $1,196 $17,386 $26,993 $8,094,203 $32,716 
(1)As of March 31, 2025, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

December 31, 2024
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$6,951,093 $0 $0 $3,925 $6,955,018 $5,120 
Agricultural property loans804,804 0 2,505 22,732 830,041 24,765 
Other collateralized loans11,979 0 0 0 11,979 0 
Total$7,767,876 $0 $2,505 $26,657 $7,797,038 $29,885 
(1)As of December 31, 2024, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Other Invested Assets
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:
March 31, 2025December 31, 2024
 (in thousands)
LPs/LLCs:
Equity method:
Private equity$397,782 $388,822 
Hedge funds1,422,821 1,024,534 
Real estate-related74,555 75,730 
Subtotal equity method1,895,158 1,489,086 
Fair value:
Private equity24,326 28,094 
Hedge funds15 14 
Real estate-related15,575 16,016 
Subtotal fair value39,916 44,124 
Total LPs/LLCs1,935,074 1,533,210 
Derivative instruments80,482 24,499 
Other(1)25,056 24,385 
 Total other invested assets$2,040,612 $1,582,094 
(1)Includes tax advantaged investments and investments in separate account funds.
Accrued Investment Income
The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

March 31, 2025December 31, 2024
(in thousands)
Fixed maturities$423,507 $396,173 
Equity securities218 436 
Commercial mortgage and other loans31,636 29,437 
Policy loans41,601 30,820 
Short-term investments and cash equivalents5,350 9,528 
Total accrued investment income$502,312 $466,394 
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated:
 Three Months Ended March 31,
 20252024
 (in thousands)
Fixed maturities, available-for-sale$487,200 $338,809 
Fixed maturities, trading47,203 31,669 
Equity securities18,584 3,747 
Commercial mortgage and other loans97,247 73,758 
Policy loans16,216 14,445 
Other invested assets63,879 23,320 
Short-term investments and cash equivalents34,837 46,315 
Gross investment income765,166 532,063 
Less: investment expenses(30,370)(26,743)
Net investment income$734,796 $505,320 
Realized Investment Gains (Losses), Net
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
 Three Months Ended March 31,
 20252024
 (in thousands)
Fixed maturities(1)$(11,944)$(6,837)
Commercial mortgage and other loans(2,597)(5,781)
LPs/LLCs(6)0
Derivatives(2)(49,859)(5,351)
Short-term investments and cash equivalents(83)(347)
Ceded income on modified coinsurance investments(3)(4)(176,702)33,505 
Other(4)134,817 (17,994)
Realized investment gains (losses), net$(106,374)$(2,805)
(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.
(2)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
(3)Includes changes in the value of reinsurance and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.
(4)Prior period amounts have been updated to conform to current period presentation.
Net Unrealized Gains and (Losses) on Investments
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:
March 31, 2025December 31, 2024
 (in thousands)
Fixed maturity securities, available-for-sale with an allowance$3,913 $893 
Fixed maturity securities, available-for-sale without an allowance(1,602,999)(1,955,252)
Derivatives designated as cash flow hedges(1)95,244 110,565 
Affiliated notes(2,752)(3,276)
Other investments(2)5,169 785 
Net unrealized gains (losses) on investments$(1,501,425)$(1,846,285)
(1)For additional information regarding cash flow hedges, see Note 4.
(2)Primarily includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in "Other assets."
Repurchase Agreements and Securities Lending
The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:
March 31, 2025December 31, 2024
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
Overnight & ContinuousUp to 30 DaysTotalOvernight & ContinuousUp to 30 DaysTotal
(in thousands)
Obligations of U.S. states and their political subdivisions$0 $0 $0 $1,139 $0 $1,139 
Foreign government securities975 0 975 0 0 0 
U.S. public corporate securities59,256 0 59,256 6,949 0 6,949 
U.S. private corporate securities0 0 0 18 0 18 
Foreign public corporate securities14,978 0 14,978 10,100 0 10,100 
Equity securities161,584 0 161,584 103,166 0 103,166 
Total cash collateral for loaned securities(1)$236,793 $0 $236,793 $121,372 $0 $121,372 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
v3.25.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables and deposit receivables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral.
 March 31, 2025December 31, 2024
Primary Underlying Risk/Instrument Type Fair Value Fair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps$2,805 $0 $(146)$2,851 $0 $(209)
Foreign Currency Swaps3,586,047 176,794 (39,500)3,308,842 202,606 (27,523)
Total Derivatives Designated as Hedge Accounting Instruments$3,588,852 $176,794 $(39,646)$3,311,693 $202,606 $(27,732)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$187,208,760 $8,122,373 $(20,044,578)$174,170,160 $9,029,399 $(20,888,553)
Interest Rate Futures847,100 1,268 (408)1,518,400 1,967 (1,443)
Interest Rate Options28,680,000 176,217 (1,250,893)29,135,000 279,414 (1,406,265)
Interest Rate Forwards000 0 0 0 
Interest Rate Total Return Swaps223,3131,5410 223,721 1,472 (2,121)
Foreign Currency
Foreign Currency Forwards1,463,163 1,573(28,151)1,146,861 30,078 (181)
Credit
Credit Default Swaps881,0652,0290 911,850 9,606 0 
Currency/Interest Rate
Foreign Currency Swaps2,356,636145,909(7,809)2,285,052 164,152 (9,277)
Equity
Equity Total Return Swaps24,151,584 1,061,295 (862,924)23,025,217 1,160,080 (1,182,913)
Equity Options133,213,703 3,055,272 (4,073,912)117,107,059 4,453,762 (3,717,637)
Equity Futures2,174,052 9,676 (1,364)1,802,205 15 (6,060)
Synthetic GICs3,959,550 32 (12,536)3,958,847 143 (31)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$385,158,926 $12,577,185 $(26,282,575)$355,284,372 $15,130,088 $(27,214,481)
Total Derivatives(1)(2)$388,747,778 $12,753,979 $(26,322,221)$358,596,065 $15,332,694 $(27,242,213)
(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $11,017 million and $11,968 million as of March 31, 2025 and December 31, 2024, respectively, primarily included in "Policyholders' account balances".
(2)Recorded in “Other invested assets” and “Payables to parent and affiliates” on the Unaudited Interim Consolidated Statements of Financial Position.
Offsetting Of Financial Assets
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverable and deposit receivables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.

 March 31, 2025
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Consolidated Statements of
Financial
Position		Net Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$12,753,932 $(12,673,497)$80,435 $0 $80,435 
Total Assets$12,753,932 $(12,673,497)$80,435 $0 $80,435 
Offsetting of Financial Liabilities:
Derivatives$26,309,685 $(22,085,694)$4,223,991 $(4,110,368)$113,623 
Total Liabilities$26,309,685 $(22,085,694)$4,223,991 $(4,110,368)$113,623 

 December 31, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$15,332,538 $(15,308,195)$24,343 $0 $24,343 
Total Assets$15,332,538 $(15,308,195)$24,343 $0 $24,343 
Offsetting of Financial Liabilities:
Derivatives$27,242,182 $(23,619,586)$3,622,596 $(3,622,596)$0 
Total Liabilities$27,242,182 $(23,619,586)$3,622,596 $(3,622,596)$0 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Offsetting Of Financial Liabilities
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverable and deposit receivables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.

 March 31, 2025
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Consolidated Statements of
Financial
Position		Net Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$12,753,932 $(12,673,497)$80,435 $0 $80,435 
Total Assets$12,753,932 $(12,673,497)$80,435 $0 $80,435 
Offsetting of Financial Liabilities:
Derivatives$26,309,685 $(22,085,694)$4,223,991 $(4,110,368)$113,623 
Total Liabilities$26,309,685 $(22,085,694)$4,223,991 $(4,110,368)$113,623 

 December 31, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$15,332,538 $(15,308,195)$24,343 $0 $24,343 
Total Assets$15,332,538 $(15,308,195)$24,343 $0 $24,343 
Offsetting of Financial Liabilities:
Derivatives$27,242,182 $(23,619,586)$3,622,596 $(3,622,596)$0 
Total Liabilities$27,242,182 $(23,619,586)$3,622,596 $(3,622,596)$0 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.


 Three Months Ended March 31, 2025
 Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other
Income
(Loss)		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$1 $0 $0 $0 $11 
Currency/Interest Rate5,432 0 14,874 (25,255)(15,332)
Total cash flow hedges5,433 0 14,874 (25,255)(15,321)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate58,165 97,184 0 0 0 
Currency(46,401)0 0 0 0 
Currency/Interest Rate(12,496)0 0 20 0 
Credit(2,863)0 0 0 0 
Equity(1,496,519)189,571 0 0 0 
Embedded Derivatives1,444,822 0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(55,292)286,755 0 20 0 
Total$(49,859)$286,755 $14,874 $(25,235)$(15,321)


 Three Months Ended March 31, 2024
 
Realized
Investment
Gains (Losses)
Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other
Income
(Loss)		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$1 $0 $(63)$0 $11 
Currency/Interest Rate(108)0 10,728 12,346 27,168 
Total cash flow hedges(107)0 10,665 12,346 27,179 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate44,472 (855,925)0 0 0 
Currency13,121 0 0 0 0 
Currency/Interest Rate31,976 0 0 183 0 
Credit7,886 0 0 0 0 
Equity1,426,177 (430,868)0 0 0 
Embedded Derivatives(1)(1,528,876)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(5,244)(1,286,793)0 183 0 
Total$(5,351)$(1,286,793)$10,665 $12,529 $27,179 
(1) Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
Schedule of Derivative Instruments Recognized in Accumulated Other Comprehensive Income (Loss) Before Taxes
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
 (in thousands)
Balance, December 31, 2024$110,565 
Amount recorded in AOCI
Interest Rate12 
Currency/Interest Rate(20,281)
Total amount recorded in AOCI(20,269)
Amount reclassified from AOCI to income
Interest Rate(1)
Currency/Interest Rate4,949 
Total amount reclassified from AOCI to income4,948 
Balance, March 31, 2025$95,244 
v3.25.1
Fair Value of Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.
 March 31, 2025
 Level 1Level 2Level 3Netting(1)Total
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $1,080,660 $0 $$1,080,660 
Obligations of U.S. states and their political subdivisions0 517,184 0 517,184 
Foreign government securities0 393,237 0 393,237 
U.S. corporate public securities0 15,560,822 0 15,560,822 
U.S. corporate private securities0 5,307,604 1,001,182 6,308,786 
Foreign corporate public securities0 4,366,433 6,869 4,373,302 
Foreign corporate private securities0 5,346,922 433,117 5,780,039 
Asset-backed securities(2)0 2,961,274 855,082 3,816,356 
Commercial mortgage-backed securities0 905,268 76,272 981,540 
Residential mortgage-backed securities0 354,146 0 354,146 
Subtotal0 36,793,550 2,372,522 39,166,072 
Market risk benefit assets0 0 2,508,967 2,508,967 
Fixed maturities, trading0 4,126,571 152,081 4,278,652 
Equity securities2,342,713 21,274 20,274 2,384,261 
Short-term investments0 354,852 104,761 459,613 
Cash equivalents0 1,828,321 103 1,828,424 
Other invested assets(3)12,288 12,741,659 32 (12,673,497)80,482 
Reinsurance recoverables and deposit receivables0 0 716,745 716,745 
Receivables from parent and affiliates0 187,671 379,360 567,031 
Subtotal excluding separate account assets2,355,001 56,053,898 6,254,845 (12,673,497)51,990,247 
Separate account assets(4)(5)319,136 106,449,817 12,242 106,781,195 
Total assets$2,674,137 $162,503,715 $6,267,087 $(12,673,497)$158,771,442 
Market risk benefit liabilities$0 $0 $4,803,284 $ $4,803,284 
Policyholders' account balances0 0 11,817,734 11,817,734 
Payables to parent and affiliates0 26,296,904 0 (22,078,754)4,218,150 
Other liabilities7,660 5,153 12,504 (6,940)18,377 
Total liabilities$7,660 $26,302,057 $16,633,522 $(22,085,694)$20,857,545 

 
 December 31, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $1,099,241 $0 $$1,099,241 
Obligations of U.S. states and their political subdivisions0 541,066 0 541,066 
Foreign government securities0 309,686 648 310,334 
U.S. corporate public securities0 13,238,428 0 13,238,428 
U.S. corporate private securities0 4,996,400 757,697 5,754,097 
Foreign corporate public securities0 3,692,124 6,727 3,698,851 
Foreign corporate private securities0 4,906,450 435,183 5,341,633 
Asset-backed securities(2)0 3,126,089 624,574 3,750,663 
Commercial mortgage-backed securities0 820,457 75,318 895,775 
Residential mortgage-backed securities0 356,072 0 356,072 
Subtotal0 33,086,013 1,900,147 34,986,160 
Market risk benefit assets0 0 2,637,363 2,637,363 
Fixed maturities, trading0 3,778,760 66,285 3,845,045 
Equity securities2,587,791 15,514 20,515 2,623,820 
Short-term investments0 390,745 105,540 496,285 
Cash equivalents0 2,851,250 33 2,851,283 
Other invested assets(3)2,302 15,330,249 143 (15,308,195)24,499 
Reinsurance recoverables and deposit receivables0 0 645,193 645,193 
Receivables from parent and affiliates0 169,072 351,390 520,462 
Subtotal excluding separate account assets2,590,093 55,621,603 5,726,609 (15,308,195)48,630,110 
Separate account assets(4)(5)273,288 111,415,717 10,547 111,699,552 
Total assets$2,863,381 $167,037,320 $5,737,156 $(15,308,195)$160,329,662 
Market risk benefit liabilities$0 $0 $4,281,244 $ $4,281,244 
Policyholders' account balances0 0 12,624,585 12,624,585 
Payables to parent and affiliates0 27,232,920 0 (23,617,643)3,615,277 
Other liabilities7,988 1,274 31 (1,943)7,350 
Total liabilities$7,988 $27,234,194 $16,905,860 $(23,619,586)$20,528,456 
(1)“Netting” amounts represent cash collateral of $(9,412) million and $(8,311) million as of March 31, 2025 and December 31, 2024, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.
(3)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. As of March 31, 2025 and December 31, 2024, the fair value of such investments was $40 million and $44 million, respectively.
(4)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Unaudited Interim Consolidated Statements of Financial Position.
(5)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate owned life insurance fund. As of March 31, 2025 and December 31, 2024, the fair value of such investments was $6,805 million and $6,444 million, respectively.
Fair Value Inputs, Assets and Liabilities, Quantitative Information The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.
 March 31, 2025
 Fair Value  Valuation  
Techniques		Unobservable InputsMinimum  MaximumWeighted Average  Impact of 
Increase in 
Input on 
Fair Value(1)(2)
 (in thousands)
Assets:
Corporate securities(3)$1,360,498 Discounted cash flowDiscount rate5.74 %21.50 %11.08 %Decrease
Market comparablesEBITDA multiple(4)5.0 X5.0 X5.0 XIncrease
LiquidationLiquidation value29.66 %84.21 %75.45 %Increase
Asset-backed securities$104,566 Discounted cash flowDiscount rate2.43 %10.10 %4.35 %Decrease
Liquidity premium1.90 %1.90 %1.90 %Decrease
Commercial mortgage-backed securities$76,272 Discounted cash flowLiquidity premium0.90 %0.90 %0.90 %Decrease
Market risk benefit assets(5)$2,508,967 Discounted cash flowLapse rate(6)1 %20 %Increase
Spread over SOFR(7)0.41 %1.84 %Increase
Utilization rate(8)37 %94 %Decrease
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Increase
Equity volatility curve16 %25 %Decrease
Reinsurance recoverables and deposit receivables(11)$716,745 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.41 %1.83 %Decrease
Option budget(13)(1)%7 %Increase
Receivables from parent and affiliates$374,029 LiquidationLiquidation value100 %100 %100 %Increase
Liabilities:
Market risk benefit liabilities(5)$4,803,284 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over SOFR(7)0.41 %1.84 %Decrease
Utilization rate(8)37 %94 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Decrease
Equity volatility curve16 %25 %Increase
Policyholders' account balances(12)$11,817,734 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.41 %1.83 %Decrease
Mortality rate(10)0 %23 %Decrease
Option budget(13)(1)%7 %Increase
 December 31, 2024
 Fair Value     Valuation  
Techniques		  Unobservable
Inputs  		MinimumMaximum    Weighted  Average  Impact of 
Increase in 
Input on 
Fair Value(1)(2)
 (in thousands)
Assets:
Corporate securities(3)$1,130,627 Discounted cash flowDiscount rate2.15 %20.00 %11.15 %Decrease
Market ComparablesEBITDA multiple(4)5.0 X5.0 X5.0 XIncrease
LiquidationLiquidation value75.00 %75.00 %75.00 %Increase
Asset-backed securities$90,370 Discounted cash flowDiscount rate2.30 %10.70 %6.18 %Decrease
Commercial mortgage-backed securities$75,318 Discounted cash flowLiquidity premium1.00 %1.00 %1.00 %Decrease
Market risk benefit assets(5)$2,637,363 Discounted cash flowLapse rate(6)1 %20 %Increase
Spread over SOFR(7)0.29 %1.79 %Increase
Utilization rate(8)37 %94 %Decrease
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Increase
Equity volatility curve16 %25 %Decrease
Reinsurance recoverables and deposit receivables(11)$645,193 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.29 %1.71 %Decrease
Option budget(13)(1)%7 %Increase
Receivables from parent and affiliates$328,001 LiquidationLiquidation value100 %100 %100 %Increase
Liabilities:
Market risk benefit liabilities(5)$4,281,244 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over SOFR(7)0.29 %1.79 %Decrease
Utilization rate(8)37 %94 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Decrease
Equity volatility curve16 %25 %Increase
Policyholders' account balances(12)$12,624,585 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.29 %1.73 %Decrease
Mortality rate(10)0 %23 %Decrease
Option budget(13)(1)%7 %Increase
(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.
(2)Directional impacts for MRB assets and liabilities are associated with the directional impacts of direct and assumed MRBs.
(3)Includes assets classified as fixed maturities, available-for-sale and fixed maturities, trading.
(4)Represents multiple of earnings before interest, taxes, depreciation and amortization ("EBITDA"), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.
(5)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(6)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances.
(7)The spread over the Secured Overnight Financing Rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of March 31, 2025 and December 31, 2024, respectively. This spread includes an estimate of non-performance risk ("NPR"), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company ("AuguStar"), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of Prudential Defined Income ("PDI") traditional variable annuity contracts with guaranteed living benefits. See Note 11 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for AuguStar, which may differ from the Company's; however, the NPR spreads for AuguStar were developed using a methodology similar to that of the Company.
(8)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.
(9)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of both March 31, 2025 and December 31, 2024, the minimum withdrawal rate assumption is 78% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(10)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table.
(11)Includes deposit assets related to reinsurance agreements using deposit method of accounting and modified coinsurance agreements, which include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity products.
(12)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(13)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 10). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
Three Months Ended March 31, 2025(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$648 $(8)$0 $0 $0 $(640)$0 $0 $0 $0 $0 
Corporate securities(3)1,199,607 (1,598)416,528 (159,562)0 (40,372)(4,435)31,000 0 1,441,168 (759)
Structured securities(4)699,892 2,777 321,883 (203,502)0 (36,655)(58,357)261,816 (56,500)931,354 3,481 
Other assets:
Fixed maturities, trading66,285 3,593 82,403 0 0 (26,130)58,357 2,001 (34,428)152,081 6,190 
Equity securities20,515 (241)0 0 0 0 0 0 0 20,274 (241)
Other invested assets143 (111)0 0 0 0 0 0 0 32 (111)
Short-term investments105,540 (323)2,500 (1,524)0 (34)(1,398)0 0 104,761 (323)
Cash equivalents33 (87)206 0 0 (16)(33)0 0 103 (87)
Receivables from parent and affiliates351,390 (3,052)55,295 (9,253)0 (2,789)5,867 0 (18,098)379,360 (3,093)
Reinsurance recoverables and deposit receivables(5)645,193 (741)72,293 0 0 0 0 0 0 716,745 41,155 
Separate account assets10,547 (101)1,876 (69)0 (11)0 0 0 12,242 (101)
Liabilities:
Policyholders' account balances(5)(12,624,585)1,434,146 0 0 (627,295)0 0 0 0 (11,817,734)403,703 
Other liabilities(31)(12,473)0 0 0 0 0 0 0 (12,504)(12,473)
Three Months Ended March 31, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(6,667)$0 $0 $8,780 $(942)$(6,178)$0 $0 $8,900 
Other assets:
Fixed maturities, trading0 6,190 0 0 (2,597)0 6,190 0 0 
Equity securities0 (241)0 0 0 0 (241)0 0 
Other invested assets(111)0 0 0 0 (111)0 0 0 
Short-term investments28 0 0 (351)0 28 0 0 (351)
Cash equivalents(87)0 0 0 0 (87)0 0 0 
Receivables from parent and affiliates(4,071)0 0 1,019 0 (3,899)0 0 806 
Reinsurance recoverables and deposit receivables(741)0 0 0 0 41,155 0 0 0 
Separate account assets0 0 (101)0 0 0 0 (101)0 
Liabilities:
Policyholders' account balances1,434,146 0 0 0 0 403,703 0 0 0 
Other liabilities(12,473)0 0 0 0 (12,473)0 0 0 
Three Months Ended March 31, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$682 $(11)$0 $0 $0 $0 $0 $0 $0 $671 $(13)
Corporate securities(3)1,014,343 (10,790)125,041 (65,052)0 (53,892)0 0 0 1,009,650 (9,602)
Structured securities(4)177,237 (139)484,340 0 0 (1,895)0 34,578 0 694,121 (280)
Other assets:
Fixed maturities, trading34,048 (848)113,343 0 0 0 0 0 0 146,543 (848)
Equity securities28,709 (332)273 0 0 0 0 0 0 28,650 (332)
Other invested assets1 1 (1)0 0 0 0 0 0 1 1 
Short-term investments1,759 (316)2,002 0 0 (94)0 0 0 3,351 (316)
Receivables from parent and affiliates0 0 121,378 0 0 0 0 0 0 121,378 0 
Reinsurance recoverables and deposit receivables(5)(8)(9)192,642 (14,340)72,576 0 0 0 0 0 0 250,878 (51,458)
Separate account assets5,985 199 2,633 (1,256)0 (125)0 458 0 7,894 200 
Liabilities:
Policyholders' account balances(5)(9)(7,697,627)(1,495,324)0 0 (560,400)0 813 0 0 (9,752,538)(134,807)
Other liabilities0 (207)0 0 0 0 0 0 0 (207)(207)
Three Months Ended March 31, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(1,696)$0 $0 $(9,842)$598 $626 $0 $0 $(10,521)
Other assets:
Fixed maturities, trading0 (848)0 0 0 0 (848)0 0 
Equity securities0 (332)0 0 0 0 (332)0 0 
Other invested assets1 0 0 0 0 1 0 0 0 
Short-term investments(316)0 0 0 0 (316)0 0 0 
Reinsurance recoverables and deposit receivables(8)(9)(14,340)0 0 0 0 (51,458)0 0 0 
Separate account assets0 0 199 0 0 0 0 200 0 
Liabilities:
Policyholders' account balances(9)(1,495,324)0 0 0 0 (134,807)0 0 0 
Other liabilities(207)0 0 0 0 (207)0 0 0 
(1)"Other" includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.
(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.
(3)Includes U.S. corporate private, foreign corporate public, foreign corporate private, and foreign government bonds.
(4)Includes asset-backed and commercial mortgage-backed securities.
(5)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables and deposit receivables are presented net in the rollforward.
(6)Excludes MRB assets of $2,509 million and $2,537 million and MRB liabilities of $4,803 million and $4,388 million for the periods ended March 31, 2025 and 2024, respectively. See Note 10 for additional information.
(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.
(8)Prior period amounts have been updated to conform to current period presentation.
(9)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 10). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
Three Months Ended March 31, 2025(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$648 $(8)$0 $0 $0 $(640)$0 $0 $0 $0 $0 
Corporate securities(3)1,199,607 (1,598)416,528 (159,562)0 (40,372)(4,435)31,000 0 1,441,168 (759)
Structured securities(4)699,892 2,777 321,883 (203,502)0 (36,655)(58,357)261,816 (56,500)931,354 3,481 
Other assets:
Fixed maturities, trading66,285 3,593 82,403 0 0 (26,130)58,357 2,001 (34,428)152,081 6,190 
Equity securities20,515 (241)0 0 0 0 0 0 0 20,274 (241)
Other invested assets143 (111)0 0 0 0 0 0 0 32 (111)
Short-term investments105,540 (323)2,500 (1,524)0 (34)(1,398)0 0 104,761 (323)
Cash equivalents33 (87)206 0 0 (16)(33)0 0 103 (87)
Receivables from parent and affiliates351,390 (3,052)55,295 (9,253)0 (2,789)5,867 0 (18,098)379,360 (3,093)
Reinsurance recoverables and deposit receivables(5)645,193 (741)72,293 0 0 0 0 0 0 716,745 41,155 
Separate account assets10,547 (101)1,876 (69)0 (11)0 0 0 12,242 (101)
Liabilities:
Policyholders' account balances(5)(12,624,585)1,434,146 0 0 (627,295)0 0 0 0 (11,817,734)403,703 
Other liabilities(31)(12,473)0 0 0 0 0 0 0 (12,504)(12,473)
Three Months Ended March 31, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(6,667)$0 $0 $8,780 $(942)$(6,178)$0 $0 $8,900 
Other assets:
Fixed maturities, trading0 6,190 0 0 (2,597)0 6,190 0 0 
Equity securities0 (241)0 0 0 0 (241)0 0 
Other invested assets(111)0 0 0 0 (111)0 0 0 
Short-term investments28 0 0 (351)0 28 0 0 (351)
Cash equivalents(87)0 0 0 0 (87)0 0 0 
Receivables from parent and affiliates(4,071)0 0 1,019 0 (3,899)0 0 806 
Reinsurance recoverables and deposit receivables(741)0 0 0 0 41,155 0 0 0 
Separate account assets0 0 (101)0 0 0 0 (101)0 
Liabilities:
Policyholders' account balances1,434,146 0 0 0 0 403,703 0 0 0 
Other liabilities(12,473)0 0 0 0 (12,473)0 0 0 
Three Months Ended March 31, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$682 $(11)$0 $0 $0 $0 $0 $0 $0 $671 $(13)
Corporate securities(3)1,014,343 (10,790)125,041 (65,052)0 (53,892)0 0 0 1,009,650 (9,602)
Structured securities(4)177,237 (139)484,340 0 0 (1,895)0 34,578 0 694,121 (280)
Other assets:
Fixed maturities, trading34,048 (848)113,343 0 0 0 0 0 0 146,543 (848)
Equity securities28,709 (332)273 0 0 0 0 0 0 28,650 (332)
Other invested assets1 1 (1)0 0 0 0 0 0 1 1 
Short-term investments1,759 (316)2,002 0 0 (94)0 0 0 3,351 (316)
Receivables from parent and affiliates0 0 121,378 0 0 0 0 0 0 121,378 0 
Reinsurance recoverables and deposit receivables(5)(8)(9)192,642 (14,340)72,576 0 0 0 0 0 0 250,878 (51,458)
Separate account assets5,985 199 2,633 (1,256)0 (125)0 458 0 7,894 200 
Liabilities:
Policyholders' account balances(5)(9)(7,697,627)(1,495,324)0 0 (560,400)0 813 0 0 (9,752,538)(134,807)
Other liabilities0 (207)0 0 0 0 0 0 0 (207)(207)
Three Months Ended March 31, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(1,696)$0 $0 $(9,842)$598 $626 $0 $0 $(10,521)
Other assets:
Fixed maturities, trading0 (848)0 0 0 0 (848)0 0 
Equity securities0 (332)0 0 0 0 (332)0 0 
Other invested assets1 0 0 0 0 1 0 0 0 
Short-term investments(316)0 0 0 0 (316)0 0 0 
Reinsurance recoverables and deposit receivables(8)(9)(14,340)0 0 0 0 (51,458)0 0 0 
Separate account assets0 0 199 0 0 0 0 200 0 
Liabilities:
Policyholders' account balances(9)(1,495,324)0 0 0 0 (134,807)0 0 0 
Other liabilities(207)0 0 0 0 (207)0 0 0 
(1)"Other" includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.
(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.
(3)Includes U.S. corporate private, foreign corporate public, foreign corporate private, and foreign government bonds.
(4)Includes asset-backed and commercial mortgage-backed securities.
(5)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables and deposit receivables are presented net in the rollforward.
(6)Excludes MRB assets of $2,509 million and $2,537 million and MRB liabilities of $4,803 million and $4,388 million for the periods ended March 31, 2025 and 2024, respectively. See Note 10 for additional information.
(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.
(8)Prior period amounts have been updated to conform to current period presentation.
(9)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
Fair Value Disclosure Financial Instruments Not Carried at Fair Value
The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
 March 31, 2025
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $7,943,756 $7,943,756 $8,054,419 
Policy loans0 0 1,556,658 1,556,658 1,556,658 
Short-term investments0 101 0 101 101 
Cash and cash equivalents263,914 10,000 0 273,914 273,914 
Accrued investment income0 502,312 0 502,312 502,312 
Reinsurance recoverables and deposit receivables0 0 2,347,998 2,347,998 2,349,003 
Receivables from parent and affiliates0 74,030 0 74,030 74,030 
Other assets0 184,107 0 184,107 184,107 
Total assets$263,914 $770,550 $11,848,412 $12,882,876 $12,994,544 
Liabilities:
Policyholders’ account balances - investment contracts$0 $803,362 $10,948,974 $11,752,336 $11,764,366 
Cash collateral for loaned securities0 236,793 0 236,793 236,793 
Reinsurance and funds withheld payables0 2,643,105 0 2,643,105 2,643,105 
Payables to parent and affiliates0 49,361 0 49,361 49,361 
Other liabilities0 893,981 31,606 925,587 925,587 
Total liabilities$0 $4,626,602 $10,980,580 $15,607,182 $15,619,212 
 December 31, 2024
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $7,534,909 $7,534,909 $7,759,323 
Policy loans0 0 1,541,480 1,541,480 1,541,480 
Short-term investments21,101 0 0 21,101 21,101 
Cash and cash equivalents474,415 0 0 474,415 474,415 
Accrued investment income0 466,394 0 466,394 466,394 
Reinsurance recoverables and deposit receivables0 0 2,355,489 2,355,489 2,357,292 
Receivables from parent and affiliates0 157,566 0 157,566 157,566 
Other assets0 203,493 0 203,493 203,493 
Total assets$495,516 $827,453 $11,431,878 $12,754,847 $12,981,064 
Liabilities:
Policyholders’ account balances - investment contracts$0 $815,520 $9,995,841 $10,811,361 $10,826,931 
Cash collateral for loaned securities0 121,372 0 121,372 121,372 
Reinsurance and funds withheld payables0 2,602,140 0 2,602,140 2,602,140 
Payables to parent and affiliates0 38,571 0 38,571 38,571 
Other liabilities0 849,278 31,606 880,884 880,884 
Total liabilities$0 $4,426,881 $10,027,447 $14,454,328 $14,469,898 
(1) Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
v3.25.1
Deferred Policy Acquisition Costs, Deferred Reinsurance, and Deferred Sales Inducements (Tables)
 3 Months Ended
Mar. 31, 2025
Deferred Charges, Insurers [Abstract]  
Deferred Policy Acquisition Costs
The following tables show a rollforward for the lines of business that contain DAC balances, along with a reconciliation to the Company's total DAC balance:
Three Months Ended March 31, 2025
Fixed AnnuitiesVariable AnnuitiesTerm LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$371,642 $3,373,201 $614,068 $3,448,149 $7,807,060 
Capitalization42,749 116,925 43,182 155,933 358,789 
Amortization expense(13,216)(96,183)(11,901)(38,923)(160,223)
Other(1,236)0 0 71 (1,165)
Balance, end of period$399,939 $3,393,943 $645,349 $3,565,230 $8,004,461 
Three Months Ended March 31, 2024
Fixed AnnuitiesVariable AnnuitiesTerm LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$197,937 $3,298,935 $743,888 $2,903,976 $7,144,736 
   Capitalization(2)64,744 87,337 43,874 146,175 342,130 
   Amortization expense(2)(8,725)(86,116)(18,180)(34,643)(147,664)
   Other(1)0 0 0 (38,017)(38,017)
Balance, end of period$253,956 $3,300,156 $769,582 $2,977,491 $7,301,185 
(1)Other includes the impact of the Universal Life reinsurance transaction with Prudential Arizona Reinsurance Universal Company (“PAR U”) and PURE. See Note 11 for additional information.
(2)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
Deferred Reinsurance Losses
The following tables show a rollforward for the lines of business that contain DRL balances, along with a reconciliation to the Company's total DRL balance:

Three Months Ended March 31, 2025
Variable AnnuitiesTerm LifeVariable/
Universal Life
Total
(in thousands)
Balance, beginning of period$164,238 $396,684 $969,472 $1,530,394 
  Amortization expense(7,668)(9,458)(9,496)(26,622)
  Other(2)0 0 (2)
Balance, end of period$156,568 $387,226 $959,976 $1,503,770 

Three Months Ended March 31, 2024
Variable AnnuitiesTerm LifeVariable/
Universal Life
Total
(in thousands)
Balance, beginning of period$194,110 $61,003 $0 $255,113 
  Amortization expense(7,040)(1,971)0 (9,011)
  Other1 0 0 1 
Balance, end of period$187,071 $59,032 $0 $246,103 
Deferred Reinsurance Gains
The following tables show a rollforward for the lines of business that contain DRG balances, along with a reconciliation to the Company's total DRG balance:
Three Months Ended March 31, 2025
Fixed AnnuitiesVariable AnnuitiesVariable / Universal LifeInternationalTotal
(in thousands)
Balance, beginning of period$37,548 $241,628 $3,039,609 $0 $3,318,785 
Amortization(2,460)(4,908)(34,289)(162)(41,819)
Other(1)(8)33 0 13,698 13,723 
Foreign currency adjustment(1)0 0 0 107 107 
Balance, end of period$35,080 $236,753 $3,005,320 $13,643 $3,290,796 
(1)Includes the impact of the International reinsurance transaction with The Prudential Life Insurance Company, Ltd. ("Prudential of Japan"), including $14 million of DRG. See Note 11 for additional information.

Three Months Ended March 31, 2024
Fixed AnnuitiesVariable AnnuitiesVariable / Universal LifeInternationalTotal
(in thousands)
Balance, beginning of period$48,073 $261,721 $1,363,496 $0 $1,673,290 
Amortization(2,688)(5,056)(30,644)0 (38,388)
Other(1)(9)(40)1,099,832 0 1,099,783 
Balance, end of period$45,376 $256,625 $2,432,684 $0 $2,734,685 
(1)Other includes the impact of the Universal Life reinsurance transaction with PAR U, PURE and Prudential Insurance, including $1,207 million of DRG, partially offset by a $116 million write-off. See Note 11 for additional information.
Deferred Sale Inducement
The following table shows a rollforward of DSI balances for variable annuity products, which is the only line of business that contains a DSI balance, along with a reconciliation to the Company's total DSI balance:

Three Months Ended March 31,
20252024
(in thousands)
Balance, beginning of period$322,351 $351,424 
Capitalization1,018 1,253 
Amortization expense(7,307)(7,784)
Balance, end of period$316,062 $344,893 
v3.25.1
Separate Accounts (Tables)
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Separate Account Assets
The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

March 31, 2025December 31, 2024
(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$18,498 $15,548 
Obligations of U.S. states and their political subdivisions authorities140 115 
 U.S. corporate securities28,128 24,458 
 Foreign corporate securities3,052 3,158 
Asset-backed securities1,263 1,099 
Mortgage-backed securities129 82 
Mutual funds:
Equity69,189,973 73,226,610 
Fixed Income32,508,482 33,828,097 
Other4,851,887 4,431,975 
Equity securities150,205 126,792 
Other invested assets6,805,838 6,444,077 
Short-term investments1,449 2,559 
   Cash and cash equivalents27,469 38,686 
Total$113,586,513 $118,143,256 
Separate Account Liabilities
The balances of and changes in separate account liabilities as of and for the periods indicated are as follows:
Three Months Ended March 31, 2025
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$85,183,055 $32,960,201 $118,143,256 
     Deposits151,359 871,702 1,023,061 
     Investment performance(166,036)(754,703)(920,739)
     Policy charges(508,620)(248,335)(756,955)
     Surrenders and withdrawals(3,587,214)(142,237)(3,729,451)
     Benefit payments(23,567)(94,690)(118,257)
     Net transfers (to) from general account(23,157)(90,828)(113,985)
     Other1,798 57,785 59,583 
Balance, end of period$81,027,618 $32,558,895 $113,586,513 
Cash surrender value(1)$80,187,666 $29,118,691 $109,306,357 
Three Months Ended March 31, 2024
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$92,383,121 $26,805,364 $119,188,485 
Deposits149,538 697,390 846,928 
Investment performance4,150,157 2,023,976 6,174,133 
Policy charges(557,722)(220,783)(778,505)
Surrenders and withdrawals(3,293,055)(116,910)(3,409,965)
Benefit payments(15,282)(73,731)(89,013)
Net transfers (to) from general account6,723 (84,803)(78,080)
Other877 40,163 41,040 
Balance, end of period$92,824,357 $29,070,666 $121,895,023 
Cash surrender value(1)$91,713,815 $25,802,599 $117,516,414 
(1) Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
v3.25.1
Liability For Future Policy Benefits (Tables)
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Liability for Future Policy Benefit
The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

Three Months Ended March 31, 2025
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,414,702 $0 $10,414,702 
Effect of cumulative changes in discount rate assumptions, beginning of period567,443 0 567,443 
Balance at original discount rate, beginning of period10,982,145 0 10,982,145 
Effect of actual variances from expected experience and other activity(56,837)0 (56,837)
Adjusted balance, beginning of period10,925,308 0 10,925,308 
Issuances194,679 11,076 205,755 
Net premiums / considerations collected(325,511)(11,076)(336,587)
Interest accrual128,423 0 128,423 
Other adjustments9 0 9 
Balance at original discount rate, end of period10,922,908 0 10,922,908 
Effect of cumulative changes in discount rate assumptions, end of period(453,082)0 (453,082)
Balance, end of period$10,469,826 $0 $10,469,826 
Three Months Ended March 31, 2025
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,689,399 $238,086 $17,927,485 
Effect of cumulative changes in discount rate assumptions, beginning of period1,091,673 19,442 1,111,115 
Balance at original discount rate, beginning of period18,781,072 257,528 19,038,600 
Effect of actual variances from expected experience and other activity(65,080)1,139 (63,941)
Adjusted balance, beginning of period18,715,992 258,667 18,974,659 
Issuances194,678 11,076 205,754 
Interest accrual225,260 2,492 227,752 
Benefit payments(362,895)(8,633)(371,528)
Other adjustments1,937 0 1,937 
Balance at original discount rate, end of period18,774,972 263,602 19,038,574 
Effect of cumulative changes in discount rate assumptions, end of period(887,904)(14,332)(902,236)
Balance, end of period$17,887,068 $249,270 $18,136,338 
Other, end of period1,410 
Total balance, end of period$18,137,748 

Three Months Ended March 31, 2025
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,417,242 $249,270 $7,666,512 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,417,286 249,270 7,666,556 
Less: Reinsurance recoverables6,832,580 20,954 6,853,534 
Balance after reinsurance recoverables, end of period, post-flooring$584,706 $228,316 $813,022 

Three Months Ended March 31, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,927,833 $0 $10,927,833 
Effect of cumulative changes in discount rate assumptions, beginning of period225,711 0 225,711 
Balance at original discount rate, beginning of period11,153,544 0 11,153,544 
Effect of actual variances from expected experience and other activity(54,196)(290)(54,486)
Adjusted balance, beginning of period11,099,348 (290)11,099,058 
Issuances192,492 8,595 201,087 
Net premiums / considerations collected(329,743)(8,305)(338,048)
Interest accrual129,053 0 129,053 
Other adjustments(78)0 (78)
Balance at original discount rate, end of period11,091,072 0 11,091,072 
Effect of cumulative changes in discount rate assumptions, end of period(434,791)0 (434,791)
Balance, end of period$10,656,281 $0 $10,656,281 
Three Months Ended March 31, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$18,426,207 $228,788 $18,654,995 
Effect of cumulative changes in discount rate assumptions, beginning of period331,571 19,521 351,092 
Balance at original discount rate, beginning of period18,757,778 248,309 19,006,087 
Effect of actual variances from expected experience and other activity(65,431)(369)(65,800)
Adjusted balance, beginning of period18,692,347 247,940 18,940,287 
Issuances192,492 8,595 201,087 
Interest accrual223,989 2,204 226,193 
Benefit payments(368,247)(7,544)(375,791)
Other adjustments(23)(34)(57)
Balance at original discount rate, end of period18,740,558 251,161 18,991,719 
Effect of cumulative changes in discount rate assumptions, end of period(742,789)(23,464)(766,253)
Balance, end of period$17,997,769 $227,697 $18,225,466 
Other, end of period1,675 
Total balance, end of period$18,227,141 

Three Months Ended March 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,341,488 $227,697 $7,569,185 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,341,532 227,697 7,569,229 
Less: Reinsurance recoverables6,650,332 18,428 6,668,760 
Balance after reinsurance recoverables, end of period, post-flooring$691,200 $209,269 $900,469 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Three Months Ended March 31, 2025
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,792,468 $0 
Discounted expected future gross premiums (at original discount rate)$14,843,715 $0 
Discounted expected future gross premiums (at current discount rate)$14,266,715 $0 
Undiscounted expected future benefits and expenses$29,143,806 $357,084 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.12 %4.00 %
Weighted-average interest rate (at current discount rate)5.44 %5.33 %
Three Months Ended March 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,812,112 $0 
Discounted expected future gross premiums (at original discount rate)$14,968,218 $0 
Discounted expected future gross premiums (at current discount rate)$14,408,614 $0 
Undiscounted expected future benefits and expenses$29,069,972 $336,830 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.16 %3.76 %
Weighted-average interest rate (at current discount rate)5.29 %5.26 %
The balances of and changes in DPL as of and for the periods indicated are as follows:

Three Months Ended March 31,
20252024
Fixed Annuities
(in thousands)
Balance, beginning of period, post-flooring$22,939 $14,818 
Effect of actual variances from expected experience and other activity(650)330 
Adjusted balance, beginning of period22,289 15,148 
Profits deferred1,580 216 
Interest accrual234 133 
Amortization(711)(456)
Other adjustments(1)(3)
Balance, end of period, post-flooring23,391 15,038 
Less: Reinsurance recoverables2,019 1,576 
Balance after reinsurance recoverables, end of period$21,372 $13,462 
The following table shows a rollforward of AIR balances for variable and universal life products for the periods indicated, along with a reconciliation to the Company's total AIR balance:

Three Months Ended March 31,
20252024
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$16,351,053 $14,280,792 
Flooring impact and amounts in AOCI617,186 831,583 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring16,968,239 15,112,375 
Effect of actual variances from expected experience and other activity9,840 191,104 
Adjusted balance, beginning of period16,978,079 15,303,479 
Assessments collected(1)269,478 297,419 
Interest accrual142,506 128,241 
Benefits paid(86,194)(68,233)
Balance, excluding amounts in AOCI, end of period, pre-flooring17,303,869 15,660,906 
Flooring impact and amounts in AOCI(513,439)(1,014,852)
Balance, including amounts in AOCI, end of period, post-flooring16,790,430 14,646,054 
Less: Reinsurance recoverables16,548,025 14,466,067 
Balance after reinsurance recoverables, including amounts in AOCI, end of period242,405 179,987 
Other7,610 0 
Total balance after reinsurance recoverables$250,015 $179,987 
(1) Represents the portion of gross assessments required to fund the future policy benefits.

Three Months Ended March 31,
20252024
Weighted-average duration of the liability in years (at original discount rate)2222
Weighted-average interest rate (at original discount rate)3.34 %3.39 %
The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Unaudited Interim Consolidated Statements of Financial Position as of the periods indicated:

Three Months Ended March 31,
20252024
(in thousands)
Benefit reserves, end of period, post-flooring$7,666,556 $7,569,229 
Deferred profit liability, end of period, post-flooring23,391 15,038 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring16,798,040 14,646,054 
Subtotal of amounts disclosed above24,487,987 22,230,321 
Other Future policy benefits reserves(1)1,055,140 1,181,796 
Total Future policy benefits$25,543,127 $23,412,117 
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

Three Months Ended March 31, 2025
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$441,000 $0 $12,746 $453,746 
Deferred profit liability0 0 (452)(452)
Additional insurance reserves0 458,049 0 458,049 
Total$441,000 $458,049 $12,294 $911,343 

Three Months Ended March 31, 2024
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$446,853 $0 $8,572 $455,425 
Deferred profit liability0 0 (221)(221)
Additional insurance reserves0 419,396 0 419,396 
Total$446,853 $419,396 $8,351 $874,600 
(1)Represents gross premiums for benefit reserves; revenue for DPL and gross assessments for AIR.
Three Months Ended March 31, 2025
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$96,837 $0 $2,492 $99,329 
Deferred profit liability0 0 234 234 
Additional insurance reserves0 142,506 0 142,506 
Total$96,837 $142,506 $2,726 $242,069 


Three Months Ended March 31, 2024
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$94,935 $0 $2,204 $97,139 
Deferred profit liability0 0 133 133 
Additional insurance reserves0 128,241 0 128,241 
Total$94,935 $128,241 $2,337 $225,513 
v3.25.1
Policyholders' Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholder Account Balance
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
Three Months Ended March 31, 2025
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$11,197,337 $33,217,331 $20,691,139 $65,105,807 
Deposits1,118,299 2,229,851 582,832 3,930,982 
Interest credited70,850 148,597 145,451 364,898 
Policy charges(11,409)(15,546)(459,618)(486,573)
Surrenders and withdrawals(157,652)(250,968)(230,465)(639,085)
Benefit payments(26,429)(4,163)(31,911)(62,503)
Net transfers (to) from separate account0 23,157 90,828 113,985 
Change in market value and other adjustments(1)(49,620)(1,412,076)9,260 (1,452,436)
Balance, end of period12,141,376 33,936,183 20,797,516 66,875,075 
Unearned revenue reserve4,576,066 
Other108,240 
Total Policyholders' account balance$71,559,381 
Weighted-average crediting rate2.43 %1.77 %2.80 %2.21 %
Net amount at risk(2)$1,458 $0 $350,940,996 $350,942,454 
Cash surrender value(3)$10,896,794 $32,338,553 $19,498,691 $62,734,038 
Three Months Ended March 31, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Deposits1,553,852 1,624,956 529,212 3,708,020 
Interest credited(4)43,517 131,944 138,059 313,520 
Policy charges2,208 (3,702)(455,538)(457,032)
Surrenders and withdrawals(103,696)(179,988)(199,907)(483,591)
Benefit payments(12,879)(4,926)(17,856)(35,661)
Net transfers (to) from separate account0 (6,723)84,803 78,080 
Change in market value and other adjustments(1)(4)88,291 1,360,323 37,169 1,485,783 
Balance, end of period7,735,606 25,732,549 20,283,655 53,751,810 
Unearned revenue reserve3,908,497 
Other103,851 
Total Policyholders' account balance$57,764,158 
Weighted-average crediting rate(4)2.50 %2.17 %2.73 %2.44 %
Net amount at risk(2)$18 $0 $327,231,561 $327,231,579 
Cash surrender value(3)$6,674,346 $23,282,269 $18,899,950 $48,856,565 
(1)     Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)     The net amount at risk calculation includes both general and separate account balances.
(3)    Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(4) Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums are as follows:
March 31, 2025
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 -50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$435 $2,879 $13,419 $1,061,517 $1,078,250 
1.00% - 1.99%
414,878 58,998 166,957 69,270 710,103 
2.00% - 2.99%
302,047 455,549 553,053 15,154 1,325,803 
3.00% - 4.00%
2,394,146 5,717 11,157 3,377 2,414,397 
Greater than 4.00%
0 0 0 0 0 
Total$3,111,506 $523,143 $744,586 $1,149,318 $5,528,553 
Variable Annuities
Less than 1.00%
$232,418 $337,436 $603,866 $136 $1,173,856 
1.00% - 1.99%
100,050 348,924 2,441 0 451,415 
2.00% - 2.99%
16,625 3,809 4,149 0 24,583 
3.00% - 4.00%
802,908 0 0 0 802,908 
Greater than 4.00%
1,997 0 0 0 1,997 
Total$1,153,998 $690,169 $610,456 $136 $2,454,759 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $194,655 $194,655 
1.00% - 1.99%
310,277 0 1,845,100 1,578,484 3,733,861 
2.00% - 2.99%
36,188 1,547,089 2,693,525 391,867 4,668,669 
3.00% - 4.00%
4,070,246 1,711,741 1,067,395 0 6,849,382 
Greater than 4.00%
2,079,632 0 0 0 2,079,632 
Total$6,496,343 $3,258,830 $5,606,020 $2,165,006 $17,526,199 
March 31, 2024
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$285 $1,923 $6,312 $621,391 $629,911 
1.00% - 1.99%
473,330 72,870 217,461 80,120 843,781 
2.00% - 2.99%
300,163 465,693 564,226 15,919 1,346,001 
3.00% - 4.00%
324,553 1,941 2,156 241 328,891 
Greater than 4.00%
0 0 0 0 0 
Total$1,098,331 $542,427 $790,155 $717,671 $3,148,584 
Variable Annuities
Less than 1.00%
$865,767 $727,194 $69,871 $195 $1,663,027 
1.00% - 1.99%
216,457 23,819 924 0 241,200 
2.00% - 2.99%
20,916 4,192 4,174 0 29,282 
3.00% - 4.00%
878,815 6,926 0 0 885,741 
Greater than 4.00%
2,066 0 0 0 2,066 
Total$1,984,021 $762,131 $74,969 $195 $2,821,316 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $184,308 $184,308 
1.00% - 1.99%
226,470 0 1,661,933 1,514,100 3,402,503 
2.00% - 2.99%
29,823 1,462,438 2,854,281 201,794 4,548,336 
3.00% - 4.00%
3,904,574 2,376,925 918,116 0 7,199,615 
Greater than 4.00%
2,127,526 0 0 0 2,127,526 
Total$6,288,393 $3,839,363 $5,434,330 $1,900,202 $17,462,288 
(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.
Additional Liability, Long-Duration Insurance
The balances of and changes in URR as of and for the periods ended are as follows:

Three Months Ended March 31,
20252024
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$4,415,188 $3,741,426 
Unearned revenue211,830211,542
Amortization expense(50,952)(44,470)
Other adjustments0 (1)
Balance, end of period$4,576,066 $3,908,497 
v3.25.1
Market Risk Benefits (Tables)
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Market Risk Benefits
The following tables show a rollforward of MRB balances for variable annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Three Months Ended March 31, 2025
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$2,488,463 $(844,582)$1,643,881 
Effect of cumulative changes in non-performance risk626,845 0 626,845 
Balance, beginning of period, before effect of changes in
non-performance risk		3,115,308 (844,582)2,270,726 
Attributed fees collected259,010 (60,167)198,843 
Claims paid(14,280)1,634 (12,646)
Interest accrual37,780 (11,107)26,673 
Actual in force different from expected18,542 (5,273)13,269 
Effect of changes in interest rates414,243 (105,463)308,780 
Effect of changes in equity markets227,938 (24,533)203,405 
Issuances23,528 (2,177)21,351 
Other adjustments(294)40 (254)
Effect of changes in current period counterparty non-performance risk0 52,228 52,228 
Balance, end of period, before effect of changes in non-performance risk4,081,775 (999,400)3,082,375 
Effect of cumulative changes in non-performance risk(788,058)0 (788,058)
Balance, end of period$3,293,717 $(999,400)$2,294,317 

Three Months Ended March 31, 2024
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$3,707,407 $(917,792)$2,789,615 
Effect of cumulative changes in non-performance risk1,067,983 0 1,067,983 
Balance, beginning of period, before effect of changes in
non-performance risk		4,775,390 (917,792)3,857,598 
Attributed fees collected281,171 (66,967)214,204 
Claims paid(16,417)1,511 (14,906)
Interest accrual68,360 (15,642)52,718 
Actual in force different from expected2,495 (4,539)(2,044)
Effect of changes in interest rates(832,834)180,022 (652,812)
Effect of changes in equity markets(846,759)87,042 (759,717)
Issuances12,766 (619)12,147 
Other adjustments(1)612 (603)9 
Effect of changes in current period counterparty non-performance risk0 (26,662)(26,662)
Balance, end of period, before effect of changes in non-performance risk3,444,784 (764,249)2,680,535 
Effect of cumulative changes in non-performance risk(829,061)0 (829,061)
Balance, end of period$2,615,723 $(764,249)$1,851,474 
(1)    Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
The following table presents accompanying information to the rollforward table above.
March 31, 2025March 31, 2024
Variable Annuities
($ in thousands)
Net amount at risk(1)$9,113,461 $8,350,431 
Weighted-average attained age of contractholders7170
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.
The table below reconciles MRB asset and liability positions as of the following dates:
March 31, 2025March 31, 2024
Variable Annuities
(in thousands)
Direct and assumed$1,255,404 $1,472,957 
Ceded1,253,563 1,063,886 
Total market risk benefit assets$2,508,967 $2,536,843 
Direct and assumed$4,549,121 $4,088,679 
Ceded254,163 299,638 
Total market risk benefit liabilities$4,803,284 $4,388,317 
Net liability$2,294,317 $1,851,474 
v3.25.1
Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2025
Reinsurance Disclosures [Abstract]  
Reinsurance Impact on Statements of Financial Position
Reinsurance amounts included in the Company’s Unaudited Interim Consolidated Statements of Financial Position were as follows:
March 31, 2025December 31, 2024
 (in thousands)
Reinsurance recoverables and deposit receivables$49,168,211 $48,247,817 
Policy loans(1,144,906)(1,143,726)
Deferred policy acquisition costs(3,286,351)(3,319,067)
Deferred sales inducements(31,971)(32,573)
Market risk benefit assets1,253,961 1,145,580 
Other assets1,511,709 1,538,231 
Policyholders’ account balances5,452,802 5,567,661 
Future policy benefits7,597,732 7,443,997 
Market risk benefit liabilities256,287 302,310 
Reinsurance and funds withheld payables8,889,142 8,611,141 
Other liabilities3,250,307 3,282,713 

Unaffiliated reinsurance amounts included in the table above and in the Company's Unaudited Interim Consolidated Statements of Financial Position were as follows:
March 31, 2025December 31, 2024
(in thousands)
Policy loans$(48,960)$(48,644)
Deferred policy acquisition costs(635,819)(637,555)
Market risk benefit assets861,899 804,015 
Other assets1,102,141 1,118,974 
Policyholders’ account balances1,623,421 1,665,998 
Future policy benefits267 160 
Market risk benefit liabilities128,112 151,432 
Reinsurance and funds withheld payables3,344,608 3,360,901 
Other liabilities250,850 257,929 
Reinsurance Recoverable by Counterparty
Reinsurance recoverables and deposit receivables by counterparty were as follows:
March 31, 2025December 31, 2024
 (in thousands)
PAR U$11,415,651 $11,426,975 
PURE7,962,181 7,951,965 
Prudential Insurance7,874,836 7,507,414 
PARCC7,042,276 7,049,164 
Lotus Re2,524,184 2,130,095 
Prudential of Japan10,841 0 
Unaffiliated(1)12,338,242 12,182,204 
Total reinsurance recoverables and deposit receivables(1)$49,168,211 $48,247,817 
(1)Includes balances with Wilton Re, Fortitude Life Insurance & Annuity Company (“FLIAC”), Somerset Re and other counterparties. See below for further information on significant third-party reinsurance arrangements.
Reinsurance Impact on Statements of Operations and Comprehensive Income (Loss)
Reinsurance amounts, included in the Company’s Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) were as follows:
Three Months Ended March 31,
20252024
(in thousands)
Premiums:
Direct$463,449 $459,628 
Assumed10,662 33 
Ceded(350,651)(367,479)
Net premiums123,460 92,182 
Policy charges and fee income:
Direct797,210 771,189 
Assumed180,179 258,770 
Ceded(579,043)1,879,246 
Net policy charges and fee income398,346 2,909,205 
Net investment income:
Direct747,545 519,052 
Assumed319 330 
Ceded(13,068)(14,062)
Net investment income(1)734,796 505,320 
Asset administration fees:
Direct78,905 82,688 
Assumed0 0 
Ceded(26,825)(26,056)
Net asset administration fees52,080 56,632 
Other income (loss):
Direct104,643 44,816 
Assumed20 325 
Ceded(2)71,778 169,854 
Net other income (loss)(1)176,441 214,995 
Three Months Ended March 31,
20252024
Realized investment gains (losses), net:
Direct(2)(82,883)20,056 
Assumed32,439 (9,167)
Ceded(2)(55,930)(13,694)
Realized investment gains (losses), net(1)(106,374)(2,805)
Change in value of market risk benefits, net of related hedging gains (losses):
Direct(2)(418,994)324,375 
Assumed(2)(484)1,450 
Ceded93,407 (221,829)
Net change in value of market risk benefits, net of related hedging gains (losses)(326,071)103,996 
Policyholders’ benefits (including change in reserves):
Direct988,124 1,001,446 
Assumed292,478 287,411 
Ceded(1,137,266)2,817,551 
Net policyholders’ benefits (including change in reserves)(1)143,336 4,106,408 
Change in estimates of liability for future policy benefits:
Direct6,255 139,586 
Assumed1,292 (9,510)
Ceded(965)(142,081)
Net change in estimates of liability for future policy benefits6,582 (12,005)
Interest credited to policyholders’ account balances:
Direct366,527 312,190 
Assumed33,104 46,148 
Ceded(105,869)(99,988)
Net interest credited to policyholders’ account balances293,762 258,350 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(2)(106,548)(391,443)
(1)Amounts include reinsurance agreements using the deposit method of accounting.
(2)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
Unaffiliated reinsurance assumed and ceded amounts included in the table above and in the Company's Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) were as follows:
Three Months Ended March 31,
20252024
(in thousands)
Premiums:
Assumed$27 $30 
Ceded(35,400)(25,152)
Policy charges and fee income:
Assumed212 272 
Ceded(750,027)(42,012)
Net investment income(1):
Ceded(443)0 
Asset administration fees:
Ceded(6,414)(7,316)
Other income (loss)(1):
Assumed(2)(142)325 
Ceded(2)42,077 23,314 
Realized investment gains (losses), net(1):
Assumed32,439 (9,167)
Ceded(2)(37,911)(8,280)
Change in value of market risk benefits, net of related hedging gains (losses):
Assumed(2)(484)1,450 
Ceded44,351 (98,008)
Policyholders’ benefits (including change in reserves)(1):
Assumed45 333 
Ceded(765,259)(146,828)
Change in estimates of liability for future policy benefits:
Ceded(9,886)91,873 
Interest credited to policyholders’ account balances:
Assumed6,477 17,459 
Ceded(24,477)0 
(1)Amounts include reinsurance agreements using the deposit method of accounting.
(2)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
Gross and Net Life Insurance in Force
The gross and net amounts of life insurance face amount in force were as follows:
March 31, 2025March 31, 2024
 (in thousands)
Direct gross life insurance face amount in force$1,191,661,368 $1,136,350,824 
Assumed gross life insurance face amount in force45,780,036 35,289,794 
Reinsurance ceded(1,088,730,529)(1,034,508,027)
Net life insurance face amount in force$148,710,875 $137,132,591 
v3.25.1
Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of AOCI as of and for the three months ended March 31, 2025 and 2024, are as follows:
 Accumulated Other Comprehensive Income (Loss)
 Foreign
Currency
Translation
Adjustment		Net Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated
Other
Comprehensive
Income (Loss)
 (in thousands)
Balance, December 31, 2024$(21,941)$(1,192,702)$117,558 $495,208 $(601,877)
Change in OCI before reclassifications201 256,144 (12,540)161,213 405,018 
Amounts reclassified from AOCI0 16,892 0 0 16,892 
Income tax benefit (expense)(543)(57,176)2,632 (33,855)(88,942)
Balance, March 31, 2025$(22,283)$(976,842)$107,650 $622,566 $(268,909)

 Accumulated Other Comprehensive Income (Loss)
 Foreign
Currency
Translation
Adjustment		Net Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated
Other
Comprehensive
Income (Loss)
 (in thousands)
Balance, December 31, 2023(2)$(18,085)$(927,778)$71,195 $843,707 $(30,961)
Change in OCI before reclassifications(2)(2,362)(297,240)32,830 (238,921)(505,693)
Amounts reclassified from AOCI0 (16,067)0 0 (16,067)
Income tax benefit (expense)(2)212 65,788 (6,894)50,173 109,279 
Balance, March 31, 2024$(20,235)$(1,175,297)$97,131 $654,959 $(443,442)
(1)Includes cash flow hedges of $95 million and $111 million as of March 31, 2025 and December 31, 2024, respectively, and $39 million and $12 million as of March 31, 2024 and December 31, 2023, respectively.
(2)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Three Months Ended
March 31,
20252024
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)$(4,948)$22,904 
Net unrealized investment gains (losses) on available-for-sale securities(11,944)(6,837)
Total net unrealized investment gains (losses)(4)(16,892)16,067 
Total reclassifications for the period$(16,892)$16,067 
(1)All amounts are shown before tax.
(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.
(3)See Note 4 for additional information on cash flow hedges.
(4)See table below for additional information on unrealized investment gains (losses), including the impact on future policy benefits, policyholders’ account balances.
Net Unrealized Investment Gains (Losses) on AFS Fixed Maturity Securities wit Allowance for credit losses and All Other Investments AOCI Rollforward The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, and all other net unrealized investment gains (losses), are as follows:
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been RecognizedNet Unrealized
Gains (Losses)
on All Other Investments(1)		Other Costs(2) Future Policy Benefits, Policyholders' Account Balances and Reinsurance Payables
Income Tax
Benefit (Expense)		Accumulated Other Comprehensive
Income (Loss) Related to Net Unrealized Investment Gains (Losses)
 (in thousands)
Balance, December 31, 2024$893 $(1,847,178)$(583,709)$920,455 $316,837 $(1,192,702)
Net investment gains (losses) on investments arising during the period2,710 325,258 0 0 (68,696)259,272 
Reclassification adjustment for (gains) losses included in net income310 16,582 0 0 (3,538)13,354 
Reclassification due to allowance for credit losses recorded during the period6 (6)0 0 0 0 
Impact of net unrealized investment (gains) losses
0 0 167,546 (239,370)15,058 (56,766)
Balance, March 31, 2025$3,919 $(1,505,344)$(416,163)$681,085 $259,661 $(976,842)
(1)Includes cash flow hedges. See Note 4 for information on cash flow hedges.
(2)"Other costs" primarily includes reinsurance recoverables and deposit receivables and DRL.
v3.25.1
Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Affiliated Notes Receivable
Affiliated notes receivable included in “Receivables from parent and affiliates” at March 31, 2025 and December 31, 2024 is as follows:
Maturity DatesInterest RatesMarch 31, 2025December 31, 2024
(in thousands)
U.S. dollar fixed rate notes2026-20380.00%-9.46 %$567,031 $520,462 
Total notes receivable - affiliated(1)$567,031 $520,462 
(1)All notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.
Affiliated Asset Transfers The table below shows affiliated asset trades for the three months ended March 31, 2025 and for the year ended December 31, 2024.
AffiliateDateTransactionSecurity Type  Fair Value  Book Value  APIC, Net of Tax Increase/(Decrease)Realized
Investment
Gain (Loss)
 (in thousands)
PAR UJanuary 2024Transfer inFixed Maturities$1,598,161 $1,598,161 $0 $0 
PAR UJanuary 2024Transfer inFixed Maturities$778,745 $778,745 $0 $0 
PURCJanuary 2024Transfer inFixed Maturities$2,155,560 $2,155,560 $0 $0 
GUL ReJanuary 2024Transfer inFixed Maturities$1,685,582 $1,685,582 $0 $0 
GUL ReJanuary 2024Transfer inEquities$4,976 $4,976 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$1,598,161 $1,598,161 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$778,745 $778,745 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$2,155,560 $2,155,560 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$1,685,582 $1,685,582 $0 $0 
PUREJanuary 2024Transfer outEquities$4,976 $4,976 $0 $0 
IronboundJanuary 2024PurchaseOther Invested Assets$60,414 $60,414 $0 $0 
Windhill CLO 1, Ltd.February 2024SaleFixed Maturities$18,428 $18,858 $0 $(430)
Windhill CLO 2, Ltd.February 2024SaleFixed Maturities$19,652 $20,057 $0 $(405)
PAR TermFebruary 2024PurchaseFixed Maturities$43,084 $43,084 $0 $0 
Windhill CLO 1, Ltd.March 2024SaleFixed Maturities$10,148 $10,387 $0 $(239)
Windhill CLO 2, Ltd.March 2024SaleFixed Maturities$14,763 $15,091 $0 $(328)
Prudential InsuranceMarch 2024PurchaseFixed Maturities$198,804 $206,285 $5,910 $0 
PAR UMarch 2024Transfer inOther Invested Assets$188,500 $188,500 $0 $0 
PUREMarch 2024Transfer outOther Invested Assets$188,500 $188,500 $0 $0 
Windhill CLO 1, Ltd.April 2024SaleFixed Maturities$2,261 $2,300 $0 $(39)
Windhill CLO 2, Ltd.May 2024SaleFixed Maturities$14,034 $14,415 $0 $(381)
Windhill CLO 1, Ltd.June 2024SaleFixed Maturities$2,045 $2,100 $0 $(55)
Windhill CLO 2, Ltd.June 2024SaleFixed Maturities$23,342 $23,743 $0 $(401)
PAR UJune 2024Transfer inOther Invested Assets$326 $326 $0 $0 
PUREJune 2024Transfer outOther Invested Assets$326 $326 $0 $0 
PAR UJune 2024PurchaseCommercial Mortgage and Other Loans$12,555 $12,555 $0 $0 
Windhill CLO 2, Ltd.July 2024SaleFixed Maturities$53,462 $54,628 $0 $(1,166)
Windhill CLO 2, Ltd.July 2024SaleFixed Maturities$6,579 $6,695 $0 $(116)
Windhill CLO 1, Ltd.July 2024SaleFixed Maturities$2,136 $2,200 $0 $(64)
PAR UJuly 2024PurchaseFixed Maturities$17,402 $17,402 $0 $0 
Prudential InsuranceJuly 2024PurchaseFixed Maturities$22,655 $23,433 $614 $0 
PAR UJuly 2024PurchaseFixed Maturities$1,239 $1,239 $0 $0 
PAR UJuly 2024PurchaseDerivatives$2,975 $2,975 $0 $0 
Windhill CLO 2, Ltd.August 2024SaleFixed Maturities$21,929 $22,500 $0 $(571)
Windhill CLO 1, Ltd.August 2024SaleFixed Maturities$13,650 $14,100 $0 $(450)
PAR UAugust 2024PurchaseFixed Maturities$46,742 $46,742 $0 $0 
PAR UAugust 2024PurchaseFixed Maturities$4,793 $4,793 $0 $0 
Prudential InsuranceAugust 2024PurchaseFixed Maturities$35,872 $35,085 $(621)$0 
Windhill CLO 2, Ltd.September 2024SaleFixed Maturities$57,613 $57,613 $0 $0 
Windhill CLO 2, Ltd.September 2024SaleFixed Maturities$24,575 $24,911 $0 $(336)
Prudential InsuranceSeptember 2024PurchaseFixed Maturities$44,773 $43,632 $(901)$0 
HirakataOctober 2024PurchaseFixed Maturities$21,229 $21,229 $0 $0 
HirakataOctober 2024PurchaseFixed Maturities$3,901 $3,901 $0 $0 
PAR UOctober 2024Transfer inFixed Maturities$6,615,438 $6,615,438 $0 $0 
Windhill CLO 3, Ltd.October 2024SaleFixed Maturities$232,036 $235,610 $0 $(3,574)
Windhill CLO 2, Ltd.October 2024SaleFixed Maturities$5,824 $5,899 $0 $(75)
Windhill CLO 2, Ltd.October 2024SaleFixed Maturities$14,690 $14,959 $0 $(269)
Windhill CLO 1, Ltd.October 2024SaleFixed Maturities$3,038 $3,100 $0 $(62)
PAR UOctober 2024Transfer inEquities$6,120 $6,120 $0 $0 
Windhill CLO 3, Ltd.November 2024SaleFixed Maturities$17,409 $17,518 $0 $(109)
Windhill CLO 3, Ltd.December 2024SaleFixed Maturities$38,020 $38,537 $0 $(517)
Windhill CLO 3, Ltd.December 2024SaleShort-term Investments$2,882 $2,905 $0 $(23)
Prudential InsuranceDecember 2024Contributed CapitalEquities$415,696 $416,265 $0 $0 
Windhill CLO 2, Ltd.January 2025SaleFixed Maturities$2,738 $2,800 $0 $(62)
Windhill CLO 3, Ltd.January 2025SaleFixed Maturities$17,046 $17,363 $0 $(317)
Windhill CLO 1, Ltd.January 2025SaleFixed Maturities$2,152 $2,200 $0 $(48)
PAR UFebruary 2025PurchaseDerivatives$417,169 $417,169 $0 $0 
Windhill CLO 2, Ltd.February 2025SaleFixed Maturities$7,482 $7,600 $0 $(118)
Windhill CLO 3, Ltd.February 2025SaleFixed Maturities$17,172 $17,410 $0 $(238)
Windhill CLO 1, Ltd.February 2025SaleFixed Maturities$9,784 $9,900 $0 $(116)
Prudential InsuranceFebruary 2025PurchaseFixed Maturities$100,033 $101,147 $880 $0 
Prudential InsuranceMarch 2025PurchaseFixed Maturities$226,726 $260,396 $26,599 $0 
Windhill CLO 3, Ltd.March 2025SaleFixed Maturities$9,019 $9,144 $0 $(125)
Windhill CLO 1, Ltd.March 2025SaleFixed Maturities$8,469 $8,500 $0 $(31)
Windhill CLO 1, Ltd.March 2025SaleFixed Maturities$10,184 $10,301 $0 $(117)
Windhill CLO 1, Ltd.March 2025PurchaseFixed Maturities$921 $921 $0 $0 
v3.25.1
Commitments and Contingent Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Guarantees
Guarantees of Asset Values

March 31, 2025December 31, 2024
(in thousands)
Guaranteed value of third-parties assets$3,959,550 $3,958,847 
Fair value of collateral supporting these assets$3,616,006 $3,543,500 
Asset (liability) associated with guarantee, carried at fair value $(12,503)$111 
v3.25.1
Revision to Prior Year Financial Statement (Tables)
 3 Months Ended
Mar. 31, 2025
Prior Period Adjustment [Abstract]  
Revision to Prior Period Financial Statements
The following are selected line items from the Consolidated Financial Statements illustrating the effects of these revisions:

Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months Ended March 31, 2024
As Previously ReportedAdjustmentsAs Revised
(in thousands)
REVENUES
Other income (loss)$213,485 $1,510 $214,995 
Realized investment gains (losses), net23,000 (25,805)(2,805)
Change in value of market risk benefits, net of related hedging gains (losses)91,591 12,405 103,996 
TOTAL REVENUES3,891,415 (11,890)3,879,525 
BENEFITS AND EXPENSES
Interest credited to policyholders’ account balances224,550 33,800 258,350 
Amortization of deferred policy acquisition costs(131,015)1,858 (129,157)
General, administrative and other expenses308,178 (10,364)297,814 
TOTAL BENEFITS AND EXPENSES4,496,116 25,294 4,521,410 
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE(604,701)(37,184)(641,885)
Income tax expense (benefit)(63,617)(4,030)(67,647)
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY$(542,422)$(33,154)$(575,576)
Other comprehensive income (loss), before tax:
Gain (loss) from changes in nonperformance risk on market risk benefits(238,974)53 (238,921)
Total(521,813)53 (521,760)
Less: Income tax expense (benefit) related to other comprehensive income (loss)(109,291)12 (109,279)
Other comprehensive income (loss), net of taxes(412,522)41 (412,481)
Comprehensive income (loss)(953,763)(33,113)(986,876)

Unaudited Interim Consolidated Statements of Equity

Retained EarningsAOCITotal Equity
As Previously ReportedAdjustmentsAs RevisedAs Previously ReportedAdjustmentsAs RevisedAs Previously ReportedAdjustmentsAs Revised
(in thousands)
Balance, December 31, 2023$(532,951)$(18,520)$(551,471)$(30,920)$(41)$(30,961)$4,521,425 $(18,561)$4,502,864 
Comprehensive income (loss):
Net income (loss)(542,422)(33,154)(575,576)(541,241)(33,154)(574,395)
Other comprehensive income (loss), net of taxes(412,522)41 (412,481)(412,522)41 (412,481)
Total comprehensive income (loss)(542,422)(33,154)(575,576)(412,522)41 (412,481)(953,763)(33,113)(986,876)
Balance, March 31, 2024$(1,075,373)$(51,674)$(1,127,047)$(443,442)$0 $(443,442)$3,598,694 $(51,674)$3,547,020 
Unaudited Interim Consolidated Statements of Cash Flows
Three Months Ended March 31, 2024
As Previously ReportedAdjustmentsAs Revised
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$(541,241)$(33,154)$(574,395)
Interest credited to policyholders' account balances224,550 33,800 258,350 
Realized investment (gains) losses, net(23,000)25,805 2,805 
Change in value of market risk benefits, net of related hedging (gains) losses(91,591)(12,405)(103,996)
Change in:
Reinsurance related balances(1)497,883 (1,510)496,373 
Deferred policy acquisition costs(1)(186,041)(8,506)(194,547)
Income taxes(64,423)(4,030)(68,453)
Derivatives, net(23,220)148,320 125,100 
Other, net(1)96,126 (148,320)(52,194)
Cash flows from (used in) operating activities690,625 0 690,625 
CASH FLOWS FROM FINANCING ACTIVITIES:
Ceded policyholders’ account deposits(356,405)54,672 (301,733)
Policyholders’ account withdrawals(1,027,050)48,184 (978,866)
Other, net(1)24,649 (102,856)(78,207)
Cash flows from (used in) financing activities2,739,124 0 2,739,124 
(1) As previously reported balances have been updated to conform to the current period presentation.
v3.25.1
Business and Basis of Presentation (Narrative) (Details)
 3 Months Ended
Mar. 31, 2025
segment
subsidiary
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number Of Subsidiaries | subsidiary 1
Number of Reportable Segments | segment 1
v3.25.1
Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost $ 40,807,986 $ 36,980,933    
Gross Unrealized Gains 331,892 208,233    
Gross Unrealized Losses 1,930,978 2,162,592    
Allowance for Credit Losses 42,828 40,414 $ 1,650 $ 2,008
Fair Value 39,166,072 34,986,160    
U.S. Treasury securities and obligations of U.S. government authorities and agencies        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 1,150,479 1,199,628    
Gross Unrealized Gains 19,881 8,357    
Gross Unrealized Losses 89,700 108,744    
Allowance for Credit Losses 0 0 0 0
Fair Value 1,080,660 1,099,241    
Obligations of U.S. states and their political subdivisions        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 551,375 570,253    
Gross Unrealized Gains 1,254 1,156    
Gross Unrealized Losses 35,445 30,343    
Allowance for Credit Losses 0 0    
Fair Value 517,184 541,066    
Foreign government securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 439,135 362,154    
Gross Unrealized Gains 3,108 646    
Gross Unrealized Losses 49,006 52,466    
Allowance for Credit Losses 0 0 0 0
Fair Value 393,237 310,334    
U.S. public corporate securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 16,328,435 14,134,828    
Gross Unrealized Gains 124,879 60,917    
Gross Unrealized Losses 892,473 957,316    
Allowance for Credit Losses 19 1    
Fair Value 15,560,822 13,238,428    
U.S. private corporate securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 6,538,902 6,030,898    
Gross Unrealized Gains 29,688 35,828    
Gross Unrealized Losses 250,640 301,451    
Allowance for Credit Losses 9,164 11,178    
Fair Value 6,308,786 5,754,097    
Foreign public corporate securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 4,439,517 3,804,503    
Gross Unrealized Gains 46,832 21,136    
Gross Unrealized Losses 113,026 126,767    
Allowance for Credit Losses 21 21    
Fair Value 4,373,302 3,698,851    
Foreign private corporate securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 6,180,964 5,838,939    
Gross Unrealized Gains 70,080 43,334    
Gross Unrealized Losses 437,381 511,426    
Allowance for Credit Losses 33,624 29,214    
Fair Value 5,780,039 5,341,633    
Asset-backed securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 3,801,789 3,728,073    
Gross Unrealized Gains 25,349 31,431    
Gross Unrealized Losses 10,782 8,841    
Allowance for Credit Losses 0 0 0 1
Fair Value 3,816,356 3,750,663    
Commercial mortgage-backed securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 1,018,053 944,652    
Gross Unrealized Gains 8,052 4,567    
Gross Unrealized Losses 44,565 53,444    
Allowance for Credit Losses 0 0 0 0
Fair Value 981,540 895,775    
Residential mortgage-backed securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 359,337 367,005    
Gross Unrealized Gains 2,769 861    
Gross Unrealized Losses 7,960 11,794    
Allowance for Credit Losses 0 0 $ 0 $ 7
Fair Value $ 354,146 $ 356,072    
v3.25.1
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value $ 9,008,882 $ 10,716,329
Less than Twelve Months, Gross Unrealized Losses 175,573 267,215
Twelve Months or More, Fair Value 11,462,335 11,256,350
Twelve Months or More, Gross Unrealized Losses 1,754,173 1,893,641
Total, Fair Value 20,471,217 21,972,679
Total, Gross Unrealized Losses 1,929,746 2,160,856
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 261,400 377,531
Less than Twelve Months, Gross Unrealized Losses 3,536 13,829
Twelve Months or More, Fair Value 247,293 238,723
Twelve Months or More, Gross Unrealized Losses 86,164 94,915
Total, Fair Value 508,693 616,254
Total, Gross Unrealized Losses 89,700 108,744
Obligations of U.S. states and their political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 179,660 226,731
Less than Twelve Months, Gross Unrealized Losses 7,026 5,019
Twelve Months or More, Fair Value 244,108 212,060
Twelve Months or More, Gross Unrealized Losses 28,419 25,324
Total, Fair Value 423,768 438,791
Total, Gross Unrealized Losses 35,445 30,343
Foreign government securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 54,388 118,168
Less than Twelve Months, Gross Unrealized Losses 1,173 2,615
Twelve Months or More, Fair Value 173,897 171,166
Twelve Months or More, Gross Unrealized Losses 47,833 49,851
Total, Fair Value 228,285 289,334
Total, Gross Unrealized Losses 49,006 52,466
U.S. public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 2,937,255 4,320,552
Less than Twelve Months, Gross Unrealized Losses 74,371 105,145
Twelve Months or More, Fair Value 4,807,764 4,677,336
Twelve Months or More, Gross Unrealized Losses 818,088 852,171
Total, Fair Value 7,745,019 8,997,888
Total, Gross Unrealized Losses 892,459 957,316
U.S. private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 2,004,535 1,999,008
Less than Twelve Months, Gross Unrealized Losses 27,408 41,931
Twelve Months or More, Fair Value 2,416,353 2,379,755
Twelve Months or More, Gross Unrealized Losses 223,102 259,489
Total, Fair Value 4,420,888 4,378,763
Total, Gross Unrealized Losses 250,510 301,420
Foreign public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 627,642 1,088,644
Less than Twelve Months, Gross Unrealized Losses 9,733 20,465
Twelve Months or More, Fair Value 740,032 716,172
Twelve Months or More, Gross Unrealized Losses 103,289 106,294
Total, Fair Value 1,367,674 1,804,816
Total, Gross Unrealized Losses 113,022 126,759
Foreign private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 1,765,712 1,977,169
Less than Twelve Months, Gross Unrealized Losses 47,356 69,399
Twelve Months or More, Fair Value 2,109,881 2,107,705
Twelve Months or More, Gross Unrealized Losses 388,941 440,330
Total, Fair Value 3,875,593 4,084,874
Total, Gross Unrealized Losses 436,297 509,729
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 1,116,137 363,744
Less than Twelve Months, Gross Unrealized Losses 4,194 5,510
Twelve Months or More, Fair Value 119,537 140,090
Twelve Months or More, Gross Unrealized Losses 6,588 3,331
Total, Fair Value 1,235,674 503,834
Total, Gross Unrealized Losses 10,782 8,841
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 38,559 101,821
Less than Twelve Months, Gross Unrealized Losses 429 1,356
Twelve Months or More, Fair Value 479,676 489,490
Twelve Months or More, Gross Unrealized Losses 44,136 52,088
Total, Fair Value 518,235 591,311
Total, Gross Unrealized Losses 44,565 53,444
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 23,594 142,961
Less than Twelve Months, Gross Unrealized Losses 347 1,946
Twelve Months or More, Fair Value 123,794 123,853
Twelve Months or More, Gross Unrealized Losses 7,613 9,848
Total, Fair Value 147,388 266,814
Total, Gross Unrealized Losses $ 7,960 $ 11,794
v3.25.1
Investments (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Schedule of Investments [Line Items]      
Loans acquired $ 0 $ 0  
Loans sold 0 0  
Gross Unrealized Losses 1,929,746   $ 2,160,856
Fixed maturity purchased with credit deterioration 0   0
Accrued Investment Income Write Down 0 0  
Securities sold under agreements to repurchase $ 0   $ 0
Commercial mortgage loans, Percentage 100.00%   100.00%
Loans on non-accrual status recognized in interest income $ 1,000 $ 0  
Loans on non-accrual status, do not have allowance for credit losses 5,000   $ 2,000
Commercial mortgage and other loans purchased with credit deterioration 0   0
Twelve Months or More, Gross Unrealized Losses 1,754,173   1,893,641
Commercial mortgage loans | Extended Maturity      
Schedule of Investments [Line Items]      
Financing Receivable, Modified, Weighted Average Term Increase from Modification   1 year  
NAIC high or highest quality rating | Fixed maturities      
Schedule of Investments [Line Items]      
Gross Unrealized Losses 1,849,000   2,059,000
NAIC other than high or highest quality rating | Fixed maturities      
Schedule of Investments [Line Items]      
Gross Unrealized Losses $ 81,000   102,000
California      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 24.00%    
Florida      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 8.00%    
Texas      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 8.00%    
Europe      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 9.00%    
Mexico      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 1.00%    
Australia      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 1.00%    
Other Income | Fixed maturities | Trading      
Schedule of Investments [Line Items]      
Net unrealized investment gains (losses) $ 87,800 $ (81,300)  
Other Income | Equity securities      
Schedule of Investments [Line Items]      
Net unrealized investment gains (losses) (93,600) $ (12,200)  
Fixed maturities      
Schedule of Investments [Line Items]      
Twelve Months or More, Gross Unrealized Losses $ 1,754,000   $ 1,894,000
v3.25.1
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Amortized Cost    
Due in one year or less $ 2,712,978  
Due after one year through five years 14,221,040  
Due after five years through ten years 9,501,783  
Due after ten years 9,193,006  
Amortized Cost 40,807,986 $ 36,980,933
Fair Value    
Due in one year or less 2,661,173  
Due after one year through five years 14,064,348  
Due after five years through ten years 9,267,750  
Due after ten years 8,020,759  
Fair Value 39,166,072 34,986,160
Asset-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost 3,801,789  
Amortized Cost 3,801,789 3,728,073
Fair Value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 3,816,356  
Fair Value 3,816,356 3,750,663
Commercial mortgage-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost 1,018,053  
Amortized Cost 1,018,053 944,652
Fair Value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 981,540  
Fair Value 981,540 895,775
Residential mortgage-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost 359,337  
Amortized Cost 359,337 367,005
Fair Value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 354,146  
Fair Value $ 354,146 $ 356,072
v3.25.1
Investments (Fixed Maturities Securities Proceeds) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Proceeds from maturities/prepayments $ 1,418,413 $ 534,863
Fixed maturities | Available-for-sale    
Debt Securities, Available-for-sale [Line Items]    
Proceeds from sales 422,037 106,155
Proceeds from maturities/prepayments 845,709 437,443
Gross investment gains from sales and maturities 4,608 937
Gross investment losses from sales and maturities (7,802) (8,132)
Write-downs recognized in earnings (6,336) 0
(Addition to) release of allowance for credit losses (2,414) 358
Noncash or part noncash divestiture, amount of consideration received $ 150,700 $ (8,700)
v3.25.1
Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period $ 40,414 $ 2,008
Additions to allowance for credit losses not previously recorded 5,512 57
Reductions for securities sold during the period (76) (41)
Additions (reductions) on securities with previous allowance 1,126 (853)
Assets transferred to parent and affiliates   479
Write-downs charged against the allowance (4,148)  
Balance, end of period 42,828 1,650
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 0
Additions to allowance for credit losses not previously recorded 0 0
Reductions for securities sold during the period 0 0
Additions (reductions) on securities with previous allowance 0 0
Assets transferred to parent and affiliates   0
Write-downs charged against the allowance 0  
Balance, end of period 0 0
Foreign Government Securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 0
Additions to allowance for credit losses not previously recorded 0 0
Reductions for securities sold during the period 0 0
Additions (reductions) on securities with previous allowance 0 0
Assets transferred to parent and affiliates   0
Write-downs charged against the allowance 0  
Balance, end of period 0 0
U.S. and Foreign Corporate Securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 40,414 2,000
Additions to allowance for credit losses not previously recorded 5,512 57
Reductions for securities sold during the period (76) (41)
Additions (reductions) on securities with previous allowance 1,126 (845)
Assets transferred to parent and affiliates   479
Write-downs charged against the allowance (4,148)  
Balance, end of period 42,828 1,650
Asset-backed securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 1
Additions to allowance for credit losses not previously recorded 0 0
Reductions for securities sold during the period 0 0
Additions (reductions) on securities with previous allowance 0 (1)
Assets transferred to parent and affiliates   0
Write-downs charged against the allowance 0  
Balance, end of period 0 0
Commercial mortgage-backed securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 0
Additions to allowance for credit losses not previously recorded 0 0
Reductions for securities sold during the period 0 0
Additions (reductions) on securities with previous allowance 0 0
Assets transferred to parent and affiliates   0
Write-downs charged against the allowance 0  
Balance, end of period 0 0
Residential Mortgage-Backed Securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 7
Additions to allowance for credit losses not previously recorded 0 0
Reductions for securities sold during the period 0 0
Additions (reductions) on securities with previous allowance 0 (7)
Assets transferred to parent and affiliates   0
Write-downs charged against the allowance 0  
Balance, end of period $ 0 $ 0
v3.25.1
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 8,081,694 $ 7,785,059
Commercial mortgage loans, Percentage 100.00% 100.00%
Allowance for Credit Losses $ (39,784) $ (37,715)
Commercial Mortgage Loans 8,054,419 7,759,323
Total net Commercial Mortgage and Other Loans 8,054,419 7,759,323
Other loans 12,509 11,979
Commercial Mortgage and Agricultural Loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial Mortgage Loans 8,041,910 7,747,344
Total net Commercial Mortgage and Other Loans 8,041,910 7,747,344
Other Collateralized Loans    
Commercial Mortgage and Other Loans [Line Items]    
Other loans 12,509 11,979
Total Net Commercial Mortgage and Other Loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial Mortgage Loans 8,054,419 7,759,323
Total net Commercial Mortgage and Other Loans 8,054,419 7,759,323
Apartments/Multi-Family    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 2,070,419 $ 1,949,926
Commercial mortgage loans, Percentage 25.60% 25.00%
Health Care Senior Living    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 133,731 $ 134,195
Commercial mortgage loans, Percentage 1.70% 1.70%
Hospitality    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 95,008 $ 97,603
Commercial mortgage loans, Percentage 1.20% 1.30%
Industrial    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 3,014,351 $ 2,906,413
Commercial mortgage loans, Percentage 37.30% 37.30%
Office    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 545,065 $ 556,586
Commercial mortgage loans, Percentage 6.70% 7.10%
Retail    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 693,519 $ 693,949
Commercial mortgage loans, Percentage 8.60% 9.00%
Self-Storage    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 598,911 $ 543,701
Commercial mortgage loans, Percentage 7.40% 7.00%
Other    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 72,554 $ 72,645
Commercial mortgage loans, Percentage 0.90% 0.90%
Total commercial mortgage loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 7,223,558 $ 6,955,018
Commercial mortgage loans, Percentage 89.40% 89.30%
Agricultural property loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 858,136 $ 830,041
Commercial mortgage loans, Percentage 10.60% 10.70%
v3.25.1
Investments (Allowance for Credit Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Allowance for Loan and Lease Losses [Roll Forward]    
Balance, beginning of year $ 37,715 $ 37,689
Addition to (release of) allowance for expected losses 2,069 4,993
Total ending balance 39,784 42,682
Commercial mortgage loans    
Allowance for Loan and Lease Losses [Roll Forward]    
Balance, beginning of year 33,004 36,758
Addition to (release of) allowance for expected losses 1,766 5,011
Total ending balance 34,770 41,769
Agricultural Property Loans    
Allowance for Loan and Lease Losses [Roll Forward]    
Balance, beginning of year 4,711 931
Addition to (release of) allowance for expected losses 303 (18)
Total ending balance $ 5,014 $ 913
v3.25.1
Investments (Credit Quality Indicators) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Recording investment gross of allowance for credit losses $ 8,094,203 $ 7,797,038
Total commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 286,127 1,788,998
One Year Prior 1,796,239 1,139,236
Two Year Prior 1,141,663 770,354
Three Year Prior 765,856 1,258,169
Four Year Prior 1,262,729 255,562
Prior 1,962,277 1,736,220
Revolving Loans 8,667 6,479
Recording investment gross of allowance for credit losses 7,223,558 6,955,018
Total commercial mortgage loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 286,127 1,728,895
One Year Prior 1,736,155 962,290
Two Year Prior 963,036 755,350
Three Year Prior 750,965 1,256,699
Four Year Prior 1,261,264 255,562
Prior 1,843,067 1,616,904
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 6,840,614 6,575,700
Total commercial mortgage loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 60,103
One Year Prior 60,084 176,946
Two Year Prior 178,627 15,004
Three Year Prior 14,891 0
Four Year Prior 0 0
Prior 55,934 59,871
Revolving Loans 8,667 6,479
Recording investment gross of allowance for credit losses 318,203 318,403
Total commercial mortgage loans | Less than 1.0X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 1,470
Four Year Prior 1,465 0
Prior 63,276 59,445
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 64,741 60,915
Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 40,299 271,275
One Year Prior 270,935 108,965
Two Year Prior 94,408 220,325
Three Year Prior 218,650 131,581
Four Year Prior 131,519 25,145
Prior 62,320 38,478
Revolving Loans 40,005 34,272
Recording investment gross of allowance for credit losses 858,136 830,041
Agricultural Property Loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 40,299 259,647
One Year Prior 259,307 95,087
Two Year Prior 92,050 211,030
Three Year Prior 206,492 129,865
Four Year Prior 124,641 23,488
Prior 48,428 38,478
Revolving Loans 24,338 18,834
Recording investment gross of allowance for credit losses 795,555 776,429
Agricultural Property Loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 11,628
One Year Prior 11,628 13,878
Two Year Prior 2,358 9,295
Three Year Prior 12,158 0
Four Year Prior 0 0
Prior 10,240 0
Revolving Loans 15,667 15,438
Recording investment gross of allowance for credit losses 52,051 50,239
Agricultural Property Loans | Less than 1.0X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 1,716
Four Year Prior 6,878 1,657
Prior 3,652 0
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 10,530 3,373
0%-59.99% | Total commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 38,195 452,940
One Year Prior 457,963 232,276
Two Year Prior 333,678 306,684
Three Year Prior 306,930 482,596
Four Year Prior 481,026 134,403
Prior 1,295,238 1,138,394
Revolving Loans 8,667 6,479
Recording investment gross of allowance for credit losses 2,921,697 2,753,772
0%-59.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 22,300 241,715
One Year Prior 241,375 89,569
Two Year Prior 75,069 163,820
Three Year Prior 162,037 126,368
Four Year Prior 126,284 23,488
Prior 60,701 38,478
Revolving Loans 24,338 18,834
Recording investment gross of allowance for credit losses 712,104 702,272
60%-69.99% | Total commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 247,932 972,161
One Year Prior 972,650 541,849
Two Year Prior 443,420 273,258
Three Year Prior 276,319 360,457
Four Year Prior 362,180 110,515
Prior 387,446 303,107
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 2,689,947 2,561,347
60%-69.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 29,560
One Year Prior 29,560 19,396
Two Year Prior 19,339 49,210
Three Year Prior 49,210 0
Four Year Prior 0 0
Prior 1,619 0
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 99,728 98,166
70%-79.99% | Total commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 362,701
One Year Prior 364,430 365,111
Two Year Prior 364,565 134,208
Three Year Prior 170,981 330,355
Four Year Prior 334,446 6,774
Prior 81,122 77,399
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 1,315,544 1,276,548
70%-79.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 17,999 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 5,213
Four Year Prior 5,235 0
Prior 0 0
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 23,234 5,213
80% or greater | Total commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 1,196
One Year Prior 1,196 0
Two Year Prior 0 56,204
Three Year Prior 11,626 84,761
Four Year Prior 85,077 3,870
Prior 198,471 217,320
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 296,370 363,351
80% or greater | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 0 7,295
Three Year Prior 7,403 0
Four Year Prior 0 1,657
Prior 0 0
Revolving Loans 15,667 15,438
Recording investment gross of allowance for credit losses $ 23,070 $ 24,390
v3.25.1
Investments (Amortized Cost Basis of Loan Modifications made to Borrowers Experiencing Financial Difficulties) (Details) - Commercial Portfolio Segment - Term Extension - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Financing Receivable, Modified [Line Items]    
Financing Receivable, Modified in Period, Amount $ 0 $ 6,469
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.00% 0.00%
v3.25.1
Investments (Analysis of Past Due Commercial Mortgage, Agricultural and Other Loans) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses $ 8,094,203 $ 7,797,038
Non-Accrual Status 32,716 29,885
Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 8,048,628 7,767,876
30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 1,196 0
60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 17,386 2,505
90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 26,993 26,657
Total commercial mortgage loans    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 7,223,558 6,955,018
Non-Accrual Status 5,120 5,120
Total commercial mortgage loans | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 7,218,438 6,951,093
Total commercial mortgage loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 1,196 0
Total commercial mortgage loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Total commercial mortgage loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 3,924 3,925
Agricultural Loan    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 858,136 830,041
Non-Accrual Status 27,596 24,765
Agricultural Loan | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 817,681 804,804
Agricultural Loan | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Agricultural Loan | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 17,386 2,505
Agricultural Loan | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 23,069 22,732
Other Collateralized Loans    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 12,509 11,979
Non-Accrual Status 0 0
Other Collateralized Loans | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 12,509 11,979
Other Collateralized Loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Other Collateralized Loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Other Collateralized Loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Accruing Interest $ 0 $ 0
v3.25.1
Investments (Other Invested Assets) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Other Invested Assets [Line Items]    
Other invested assets $ 2,040,612 $ 1,582,094
Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 1,935,074 1,533,210
Derivative Instruments    
Other Invested Assets [Line Items]    
Other invested assets 80,482 24,499
Other    
Other Invested Assets [Line Items]    
Other invested assets 25,056 24,385
Equity Method | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 1,895,158 1,489,086
Equity Method | Private equity | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 397,782 388,822
Equity Method | Hedge funds | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 1,422,821 1,024,534
Equity Method | Real estate-related | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 74,555 75,730
Fair Value | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 39,916 44,124
Fair Value | Private equity | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 24,326 28,094
Fair Value | Hedge funds | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 15 14
Fair Value | Real estate-related | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets $ 15,575 $ 16,016
v3.25.1
Investments (Accrued Investment Income) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Net Investment Income    
Accrued investment income $ 502,312 $ 466,394
Fixed maturities    
Net Investment Income    
Accrued investment income 423,507 396,173
Equity securities    
Net Investment Income    
Accrued investment income 218 436
Commercial mortgage and other loans    
Net Investment Income    
Accrued investment income 31,636 29,437
Policy loans    
Net Investment Income    
Accrued investment income 41,601 30,820
Short-term investments and cash equivalents    
Net Investment Income    
Accrued investment income $ 5,350 $ 9,528
v3.25.1
Investments (Net Investment Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income $ 765,166 $ 532,063
Less: investment expenses (30,370) (26,743)
Net investment income 734,796 505,320
Equity securities    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 18,584 3,747
Commercial mortgage and other loans    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 97,247 73,758
Policy loans    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 16,216 14,445
Other invested assets    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 63,879 23,320
Short-term investments and cash equivalents    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 34,837 46,315
Available-for-sale | Fixed maturities    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 487,200 338,809
Trading | Fixed maturities    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income $ 47,203 $ 31,669
v3.25.1
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Schedule Of Gain Loss On Investments [Line Items]    
Realized Investment gains (losses), net $ (106,374) $ (2,805) [1]
Fixed maturities    
Schedule Of Gain Loss On Investments [Line Items]    
Realized Investment gains (losses), net (11,944) (6,837)
Commercial mortgage and other loans    
Schedule Of Gain Loss On Investments [Line Items]    
Realized Investment gains (losses), net (2,597) (5,781)
LPs/LLCs    
Schedule Of Gain Loss On Investments [Line Items]    
Realized Investment gains (losses), net (6) 0
Derivatives    
Schedule Of Gain Loss On Investments [Line Items]    
Realized Investment gains (losses), net (49,859) (5,351)
Short-term investments and cash equivalents    
Schedule Of Gain Loss On Investments [Line Items]    
Realized Investment gains (losses), net (83) (347)
Ceded income on modified coinsurance investments    
Schedule Of Gain Loss On Investments [Line Items]    
Realized Investment gains (losses), net (176,702) 33,505
Other    
Schedule Of Gain Loss On Investments [Line Items]    
Realized Investment gains (losses), net $ 134,817 $ (17,994)
[1] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
v3.25.1
Investments (Net Unrealized Gains Losses on Investments by Asset Class) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments $ (1,501,425) $ (1,846,285)
Fixed maturities | Available-for-sale | With an allowance    
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments 3,913 893
Fixed maturities | Available-for-sale | Without an allowance    
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments (1,602,999) (1,955,252)
Derivatives designated as cash flow hedges    
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments 95,244 110,565
Affiliated notes    
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments (2,752) (3,276)
Other investments    
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments $ 5,169 $ 785
v3.25.1
Investments (Repurchase Agreement and Securities Lending) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities $ 236,793 $ 121,372
Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 236,793 121,372
Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
30 days or greater    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
Obligations of U.S. states and their political subdivisions    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 1,139
Obligations of U.S. states and their political subdivisions | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 1,139
Obligations of U.S. states and their political subdivisions | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
Foreign government securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 975 0
Foreign government securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 975 0
Foreign government securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
U.S. public corporate securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 59,256 6,949
U.S. public corporate securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 59,256 6,949
U.S. public corporate securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
U.S. private corporate securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 18
U.S. private corporate securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 18
U.S. private corporate securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
Foreign public corporate securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 14,978 10,100
Foreign public corporate securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 14,978 10,100
Foreign public corporate securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
Equity securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 161,584 103,166
Equity securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 161,584 103,166
Equity securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities $ 0 $ 0
v3.25.1
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Gross Notional $ 388,747,778 $ 358,596,065
Assets 12,753,979 15,332,694
Liabilities (26,322,221) (27,242,213)
Derivatives Designated as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 3,588,852 3,311,693
Assets 176,794 202,606
Liabilities (39,646) (27,732)
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Gross Notional 2,805 2,851
Assets 0 0
Liabilities (146) (209)
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 3,586,047 3,308,842
Assets 176,794 202,606
Liabilities (39,500) (27,523)
Derivatives Not Qualifying as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 385,158,926 355,284,372
Assets 12,577,185 15,130,088
Liabilities (26,282,575) (27,214,481)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Gross Notional 187,208,760 174,170,160
Assets 8,122,373 9,029,399
Liabilities (20,044,578) (20,888,553)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Future    
Derivative [Line Items]    
Gross Notional 847,100 1,518,400
Assets 1,268 1,967
Liabilities (408) (1,443)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards    
Derivative [Line Items]    
Gross Notional 1,463,163 1,146,861
Assets 1,573 30,078
Liabilities (28,151) (181)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps    
Derivative [Line Items]    
Gross Notional 881,065 911,850
Assets 2,029 9,606
Liabilities 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 2,356,636 2,285,052
Assets 145,909 164,152
Liabilities (7,809) (9,277)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options    
Derivative [Line Items]    
Gross Notional 133,213,703 117,107,059
Assets 3,055,272 4,453,762
Liabilities (4,073,912) (3,717,637)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Option    
Derivative [Line Items]    
Gross Notional 28,680,000 29,135,000
Assets 176,217 279,414
Liabilities (1,250,893) (1,406,265)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Forward    
Derivative [Line Items]    
Gross Notional 0 0
Assets 0 0
Liabilities 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Total Return Swap    
Derivative [Line Items]    
Gross Notional 24,151,584 23,025,217
Assets 1,061,295 1,160,080
Liabilities (862,924) (1,182,913)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Future    
Derivative [Line Items]    
Gross Notional 2,174,052 1,802,205
Assets 9,676 15
Liabilities (1,364) (6,060)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Synthetic Gics    
Derivative [Line Items]    
Gross Notional 3,959,550 3,958,847
Assets 32 143
Liabilities (12,536) (31)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Total Return Swaps    
Derivative [Line Items]    
Gross Notional 223,313 223,721
Assets 1,541 1,472
Liabilities $ 0 $ (2,121)
v3.25.1
Derivative Instruments (Offsetting Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Offsetting Derivative Assets [Abstract]    
Derivatives, Gross Amounts of Recognized Financial Instruments $ 12,753,932 $ 15,332,538
Derivatives, Gross Amounts Offset in the Consolidated Statement of Financial Position (12,673,497) (15,308,195)
Derivatives, Net Amounts Presented in the Consolidated Statements of Financial Position 80,435 24,343
Derivatives, Financial Instruments/Collateral 0 0
Derivatives, Net Amount 80,435 24,343
Offsetting of Financial Assets, Total Assets    
Total Assets, Gross Amounts of Recognized Financial Instruments 12,753,932 15,332,538
Total Assets, Gross Amounts Offset in the Consolidated Statement of Financial Position (12,673,497) (15,308,195)
Total Assets, Net Amounts Presented in the Consolidated Statements of Financial Position 80,435 24,343
Total Assets, Financial Instruments/Collateral 0 0
Total Assets, Net Amount 80,435 24,343
Offsetting of Financial Liabilities, Derivatives    
Derivatives, Gross Amounts of Recognized Financial Instruments 26,309,685 27,242,182
Derivatives, Gross Amounts Offset in the Consolidated Statement of Financial Position (22,085,694) (23,619,586)
Derivatives, Net Amounts Presented in the Consolidated Statements of Financial Position 4,223,991 3,622,596
Derivatives, Financial Instruments/Collateral (4,110,368) (3,622,596)
Derivatives, Net Amount 113,623 0
Offsetting of Financial Liabilities, Total Liabilities    
Total Liabilities, Gross Amounts of Recognized Financial Instruments 26,309,685 27,242,182
Total Liabilities, Gross Amounts Offset in the Consolidated Statement of Financial Position (22,085,694) (23,619,586)
Total Liabilities, Net Amounts Presented in the Consolidated Statements of Financial Position 4,223,991 3,622,596
Total Liabilities, Financial Instruments/Collateral (4,110,368) (3,622,596)
Total Liabilities, Net Amount $ 113,623 $ 0
v3.25.1
Derivative Instruments (Financial Statement Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Realized Investment Gains (Losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net $ (49,859) $ (5,351)
Market Risk Benefit, Increase (Decrease) from Equity Market Change)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 286,755 (1,286,793)
Net Investment Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 14,874 10,665
Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (25,235) 12,529
AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (15,321) 27,179
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Realized Investment Gains (Losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 5,433 (107)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Market Risk Benefit, Increase (Decrease) from Equity Market Change)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Net Investment Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 14,874 10,665
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (25,255) 12,346
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (15,321) 27,179
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate | Realized Investment Gains (Losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 1 1
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate | Market Risk Benefit, Increase (Decrease) from Equity Market Change)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate | Net Investment Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 (63)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate | AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 11 11
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Realized Investment Gains (Losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 5,432 (108)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Market Risk Benefit, Increase (Decrease) from Equity Market Change)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Net Investment Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 14,874 10,728
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (25,255) 12,346
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (15,332) 27,168
Derivatives Not Qualifying as Hedge Accounting Instruments: | Realized Investment Gains (Losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (55,292) (5,244)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Market Risk Benefit, Increase (Decrease) from Equity Market Change)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 286,755 (1,286,793)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Net Investment Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 20 183
Derivatives Not Qualifying as Hedge Accounting Instruments: | AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Realized Investment Gains (Losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 58,165 44,472
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Market Risk Benefit, Increase (Decrease) from Equity Market Change)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 97,184 (855,925)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Net Investment Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Realized Investment Gains (Losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (46,401) 13,121
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Market Risk Benefit, Increase (Decrease) from Equity Market Change)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Net Investment Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Realized Investment Gains (Losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (12,496) 31,976
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Market Risk Benefit, Increase (Decrease) from Equity Market Change)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Net Investment Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 20 183
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Realized Investment Gains (Losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (2,863) 7,886
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Market Risk Benefit, Increase (Decrease) from Equity Market Change)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Net Investment Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Realized Investment Gains (Losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (1,496,519) 1,426,177
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Market Risk Benefit, Increase (Decrease) from Equity Market Change)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 189,571 (430,868)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Net Investment Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Realized Investment Gains (Losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 1,444,822 (1,528,876)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Market Risk Benefit, Increase (Decrease) from Equity Market Change)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Net Investment Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net $ 0 $ 0
v3.25.1
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Begining Balance $ 4,701,980
Ending Balance 5,468,127
Derivatives designated as cash flow hedges  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Begining Balance 110,565
Total amount recorded in AOCI (20,269)
Total amount reclassified from AOCI to income 4,948
Ending Balance 95,244
Interest Rate | Derivatives designated as cash flow hedges  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Total amount recorded in AOCI 12
Total amount reclassified from AOCI to income (1)
Currency/Interest Rate | Derivatives designated as cash flow hedges  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Total amount recorded in AOCI (20,281)
Total amount reclassified from AOCI to income $ 4,949
v3.25.1
Derivative Instruments (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Embedded Derivative, Fair Value of Embedded Derivative, Net $ (11,017) $ (11,968)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months 40  
Credit Default Swaps Referencing Indices, Sell Protection    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 881 912
Credit Risk Derivatives, at Fair Value, Net Asset 2 $ 10
Credit Default Swaps Referencing Indices, Sell Protection | NAIC 3    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 849  
Credit Default Swaps Referencing Indices, Sell Protection | NAIC 6    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted $ 32  
v3.25.1
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale $ 39,166,072 $ 34,986,160  
Market risk benefit assets 2,508,967 2,637,363 $ 2,537,000
Fixed maturities, trading 4,278,652 3,845,045  
Equity securities 2,384,261 2,623,820  
Other invested assets 2,040,612 1,582,094  
Reinsurance recoverables and deposit receivables 49,168,211 48,247,817  
Receivables from parent and affiliates 641,061 678,028  
Separate account assets 113,586,513 118,143,256  
TOTAL ASSETS 238,575,786 238,454,729  
Market risk benefit liabilities 4,803,284 4,281,244 $ 4,388,000
Payables to parent and affiliates 4,267,511 3,653,848  
Total liabilities 233,107,659 233,752,749  
U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 1,080,660 1,099,241  
Obligations of U.S. states and their political subdivisions      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 517,184 541,066  
Foreign government securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 393,237 310,334  
U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 15,560,822 13,238,428  
U.S. corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 6,308,786 5,754,097  
Foreign corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 4,373,302 3,698,851  
Foreign corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 5,780,039 5,341,633  
Asset-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 3,816,356 3,750,663  
Commercial mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 981,540 895,775  
Residential mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 354,146 356,072  
Fair Value, Measurements, Recurring      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 39,166,072 34,986,160  
Market risk benefit assets 2,508,967 2,637,363  
Fixed maturities, trading 4,278,652 3,845,045  
Equity securities 2,384,261 2,623,820  
Short-term investments 459,613 496,285  
Cash equivalents 1,828,424 2,851,283  
Other invested assets 80,482 24,499  
Reinsurance recoverables and deposit receivables 716,745 645,193  
Receivables from parent and affiliates 567,031 520,462  
Subtotal excluding separate account assets 51,990,247 48,630,110  
Separate account assets 106,781,195 111,699,552  
TOTAL ASSETS 158,771,442 160,329,662  
Market risk benefit liabilities 4,803,284 4,281,244  
Policyholders’ account balances 11,817,734 12,624,585  
Payables to parent and affiliates 4,218,150 3,615,277  
Other liabilities 18,377 7,350  
Total liabilities 20,857,545 20,528,456  
Assets netting (12,673,497) (15,308,195)  
Liabilities netting (22,085,694) (23,619,586)  
Derivative liability, cash collateral (9,412,000) (8,311,000)  
Fair Value, Measurements, Recurring | Payables to parent and affiliates      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Liabilities netting (22,078,754) (23,617,643)  
Fair Value, Measurements, Recurring | Other liabilities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Liabilities netting (6,940) (1,943)  
Fair Value, Measurements, Recurring | U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 1,080,660 1,099,241  
Fair Value, Measurements, Recurring | Obligations of U.S. states and their political subdivisions      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 517,184 541,066  
Fair Value, Measurements, Recurring | Foreign government securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 393,237 310,334  
Fair Value, Measurements, Recurring | U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 15,560,822 13,238,428  
Fair Value, Measurements, Recurring | U.S. corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 6,308,786 5,754,097  
Fair Value, Measurements, Recurring | Foreign corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 4,373,302 3,698,851  
Fair Value, Measurements, Recurring | Foreign corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 5,780,039 5,341,633  
Fair Value, Measurements, Recurring | Asset-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 3,816,356 3,750,663  
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 981,540 895,775  
Fair Value, Measurements, Recurring | Residential mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 354,146 356,072  
Fair Value, Measurements, Recurring | Level 1      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Market risk benefit assets 0 0  
Fixed maturities, trading 0 0  
Equity securities 2,342,713 2,587,791  
Short-term investments 0 0  
Cash equivalents 0 0  
Other invested assets 12,288 2,302  
Reinsurance recoverables and deposit receivables 0 0  
Receivables from parent and affiliates 0 0  
Subtotal excluding separate account assets 2,355,001 2,590,093  
Separate account assets 319,136 273,288  
TOTAL ASSETS 2,674,137 2,863,381  
Market risk benefit liabilities 0 0  
Policyholders’ account balances 0 0  
Payables to parent and affiliates 0 0  
Other liabilities 7,660 7,988  
Total liabilities 7,660 7,988  
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 1 | Obligations of U.S. states and their political subdivisions      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 1 | Foreign government securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 1 | U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 1 | U.S. corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 1 | Foreign corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 1 | Foreign corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 1 | Commercial mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 1 | Residential mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 2      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 36,793,550 33,086,013  
Market risk benefit assets 0 0  
Fixed maturities, trading 4,126,571 3,778,760  
Equity securities 21,274 15,514  
Short-term investments 354,852 390,745  
Cash equivalents 1,828,321 2,851,250  
Other invested assets 12,741,659 15,330,249  
Reinsurance recoverables and deposit receivables 0 0  
Receivables from parent and affiliates 187,671 169,072  
Subtotal excluding separate account assets 56,053,898 55,621,603  
Separate account assets 106,449,817 111,415,717  
TOTAL ASSETS 162,503,715 167,037,320  
Market risk benefit liabilities 0 0  
Policyholders’ account balances 0 0  
Payables to parent and affiliates 26,296,904 27,232,920  
Other liabilities 5,153 1,274  
Total liabilities 26,302,057 27,234,194  
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 1,080,660 1,099,241  
Fair Value, Measurements, Recurring | Level 2 | Obligations of U.S. states and their political subdivisions      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 517,184 541,066  
Fair Value, Measurements, Recurring | Level 2 | Foreign government securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 393,237 309,686  
Fair Value, Measurements, Recurring | Level 2 | U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 15,560,822 13,238,428  
Fair Value, Measurements, Recurring | Level 2 | U.S. corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 5,307,604 4,996,400  
Fair Value, Measurements, Recurring | Level 2 | Foreign corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 4,366,433 3,692,124  
Fair Value, Measurements, Recurring | Level 2 | Foreign corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 5,346,922 4,906,450  
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 2,961,274 3,126,089  
Fair Value, Measurements, Recurring | Level 2 | Commercial mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 905,268 820,457  
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 354,146 356,072  
Fair Value, Measurements, Recurring | Level 3      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 2,372,522 1,900,147  
Market risk benefit assets 2,508,967 2,637,363  
Fixed maturities, trading 152,081 66,285  
Equity securities 20,274 20,515  
Short-term investments 104,761 105,540  
Cash equivalents 103 33  
Other invested assets 32 143  
Reinsurance recoverables and deposit receivables 716,745 645,193  
Receivables from parent and affiliates 379,360 351,390  
Subtotal excluding separate account assets 6,254,845 5,726,609  
Separate account assets 12,242 10,547  
TOTAL ASSETS 6,267,087 5,737,156  
Market risk benefit liabilities 4,803,284 4,281,244  
Policyholders’ account balances 11,817,734 12,624,585  
Payables to parent and affiliates 0 0  
Other liabilities 12,504 31  
Total liabilities 16,633,522 16,905,860  
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 3 | Obligations of U.S. states and their political subdivisions      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 3 | Foreign government securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 648  
Fair Value, Measurements, Recurring | Level 3 | U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 3 | U.S. corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 1,001,182 757,697  
Fair Value, Measurements, Recurring | Level 3 | Foreign corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 6,869 6,727  
Fair Value, Measurements, Recurring | Level 3 | Foreign corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 433,117 435,183  
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 855,082 624,574  
Fair Value, Measurements, Recurring | Level 3 | Commercial mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 76,272 75,318  
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Other invested assets      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value investment measured at NAV per share 40,000 44,000  
Separate account assets      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value investment measured at NAV per share $ 6,805,000 $ 6,444,000  
v3.25.1
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Corporate securities $ 2,478,826 $ 2,650,542  
Market risk benefit assets 2,508,967 2,637,363 $ 2,537,000
Reinsurance recoverables and deposit receivables 49,168,211 48,247,817  
Receivables from parent and affiliates 641,061 678,028  
Market risk benefit liabilities 4,803,284 4,281,244 $ 4,388,000
Fair Value, Measurements, Recurring      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefit assets 2,508,967 2,637,363  
Reinsurance recoverables and deposit receivables 716,745 645,193  
Receivables from parent and affiliates 567,031 520,462  
Market risk benefit liabilities 4,803,284 4,281,244  
Policyholders’ account balances 11,817,734 12,624,585  
Level 3      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Funds held under reinsurance agreements $ 10,000,000    
Level 3 | Minimum      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Fair Value Inputs, Policyholder Age 50 years    
Level 3 | Minimum | Market risk benefit liabilities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Mortality rate 0.00%    
Level 3 | Maximum      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Fair Value Inputs, Policyholder Age 90 years    
Level 3 | Fair Value, Measurements, Recurring      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefit assets $ 2,508,967 2,637,363  
Reinsurance recoverables and deposit receivables 716,745 645,193  
Receivables from parent and affiliates 379,360 351,390  
Market risk benefit liabilities 4,803,284 4,281,244  
Policyholders’ account balances $ 11,817,734 $ 12,624,585  
Level 3 | Internal | Minimum | Discounted cash flow | Market risk benefit liabilities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 1.00% 1.00%  
Spread over SOFR 0.41% 0.29%  
Utilization rate 37.00% 37.00%  
Withdrawal rate (greater than maximum range) 78.00% 78.00%  
Mortality rate 0.00% 0.00%  
Equity volatility curve 16.00% 16.00%  
Level 3 | Internal | Minimum | Discounted cash flow | Policyholders' account balances      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 0.00% 0.00%  
Spread over SOFR 0.41% 0.29%  
Mortality rate 0.00% 0.00%  
Option budget (1.00%) (1.00%)  
Level 3 | Internal | Minimum | Discounted cash flow | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 5.74% 2.15%  
Level 3 | Internal | Minimum | Discounted cash flow | Asset-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 2.43% 2.30%  
Liquidity premium 1.90%    
Level 3 | Internal | Minimum | Discounted cash flow | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidity premium 0.90% 1.00%  
Level 3 | Internal | Minimum | Discounted cash flow | Market risk benefit assets      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 1.00% 1.00%  
Spread over SOFR 0.41% 0.29%  
Utilization rate 37.00% 37.00%  
Withdrawal rate (greater than maximum range) 78.00% 78.00%  
Mortality rate 0.00% 0.00%  
Equity volatility curve 16.00% 16.00%  
Level 3 | Internal | Minimum | Discounted cash flow | Reinsurance recoverables and deposit receivables      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 0.00% 0.00%  
Spread over SOFR 0.41% 0.29%  
Option budget (1.00%) (1.00%)  
Level 3 | Internal | Minimum | Market comparables | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 5.0 5.0  
Level 3 | Internal | Minimum | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 29.66% 75.00%  
Level 3 | Internal | Minimum | Liquidation | Receivables from parent and affiliates      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 100.00% 100.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Market risk benefit liabilities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 20.00% 20.00%  
Spread over SOFR 1.84% 1.79%  
Utilization rate 94.00% 94.00%  
Withdrawal rate (greater than maximum range) 100.00% 100.00%  
Mortality rate 16.00% 16.00%  
Equity volatility curve 25.00% 25.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Policyholders' account balances      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 80.00% 80.00%  
Spread over SOFR 1.83% 1.73%  
Mortality rate 23.00% 23.00%  
Option budget 7.00% 7.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 21.50% 20.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Asset-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 10.10% 10.70%  
Liquidity premium 1.90%    
Level 3 | Internal | Maximum | Discounted cash flow | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidity premium 0.90% 1.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Market risk benefit assets      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 20.00% 20.00%  
Spread over SOFR 1.84% 1.79%  
Utilization rate 94.00% 94.00%  
Withdrawal rate (greater than maximum range) 100.00% 100.00%  
Mortality rate 16.00% 16.00%  
Equity volatility curve 25.00% 25.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Reinsurance recoverables and deposit receivables      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 80.00% 80.00%  
Spread over SOFR 1.83% 1.71%  
Option budget 7.00% 7.00%  
Level 3 | Internal | Maximum | Market comparables | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 5.0 5.0  
Level 3 | Internal | Maximum | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 84.21% 75.00%  
Level 3 | Internal | Maximum | Liquidation | Receivables from parent and affiliates      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 100.00% 100.00%  
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 11.08% 11.15%  
Level 3 | Internal | Weighted Average | Discounted cash flow | Asset-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 4.35% 6.18%  
Liquidity premium 1.90%    
Level 3 | Internal | Weighted Average | Discounted cash flow | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidity premium 0.90% 1.00%  
Level 3 | Internal | Weighted Average | Market comparables | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 5.0 5.0  
Level 3 | Internal | Weighted Average | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 75.45% 75.00%  
Level 3 | Internal | Weighted Average | Liquidation | Receivables from parent and affiliates      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 100.00% 100.00%  
Level 3 | Internal | Fair Value, Measurements, Recurring | Market risk benefit liabilities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefit liabilities $ 4,803,284 $ 4,281,244  
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders' account balances      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Policyholders’ account balances 11,817,734 12,624,585  
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Corporate securities 1,360,498 1,130,627  
Level 3 | Internal | Fair Value, Measurements, Recurring | Asset-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Asset backed securities 104,566 90,370  
Level 3 | Internal | Fair Value, Measurements, Recurring | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Commercial mortgage-backed securities 76,272 75,318  
Level 3 | Internal | Fair Value, Measurements, Recurring | Market risk benefit assets      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefit assets 2,508,967 2,637,363  
Level 3 | Internal | Fair Value, Measurements, Recurring | Reinsurance recoverables and deposit receivables      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Reinsurance recoverables and deposit receivables 716,745 645,193  
Level 3 | Internal | Fair Value, Measurements, Recurring | Receivables from parent and affiliates      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Receivables from parent and affiliates $ 374,029 $ 328,001  
v3.25.1
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Unrealized gains (losses) for assets/liabilities still held:      
Market risk benefit assets $ 2,508,967 $ 2,537,000 $ 2,637,363
Market risk benefit liabilities 4,803,284 4,388,000 $ 4,281,244
Equity securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 20,515 28,709  
Purchases 0 273  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 20,274 28,650  
Total gains (losses) (realized/unrealized):      
Included in earnings (241) (332)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (241) (332)  
Equity securities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Equity securities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (241) (332)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (241) (332)  
Equity securities | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Equity securities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Equity securities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Other invested assets      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 143 1  
Purchases 0 (1)  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 32 1  
Total gains (losses) (realized/unrealized):      
Included in earnings (111) 1  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (111) 1  
Other invested assets | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (111) 1  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (111) 1  
Other invested assets | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Other invested assets | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Other invested assets | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Other invested assets | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Short-term investments      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 105,540 1,759  
Purchases 2,500 2,002  
Sales (1,524) 0  
Issuances 0 0  
Settlements (34) (94)  
Other (1,398) 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 104,761 3,351  
Total gains (losses) (realized/unrealized):      
Included in earnings (323) (316)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (323) (316)  
Short-term investments | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 28 (316)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 28 (316)  
Short-term investments | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Short-term investments | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Short-term investments | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (351) 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (351) 0  
Short-term investments | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Cash equivalents      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 33    
Purchases 206    
Sales 0    
Issuances 0    
Settlements (16)    
Other (33)    
Transfers into Level 3 0    
Transfers out of Level 3 0    
Fair Value, end of period 103    
Total gains (losses) (realized/unrealized):      
Included in earnings (87)    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (87)    
Cash equivalents | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (87)    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (87)    
Cash equivalents | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Cash equivalents | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Cash equivalents | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Cash equivalents | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Receivables from parents and affiliates      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 351,390 0  
Purchases 55,295 121,378  
Sales (9,253) 0  
Issuances 0 0  
Settlements (2,789) 0  
Other 5,867 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 (18,098) 0  
Fair Value, end of period 379,360 121,378  
Total gains (losses) (realized/unrealized):      
Included in earnings (3,052) 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (3,093) 0  
Receivables from parents and affiliates | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (4,071)    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (3,899)    
Receivables from parents and affiliates | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Receivables from parents and affiliates | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Receivables from parents and affiliates | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 1,019    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 806    
Receivables from parents and affiliates | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Reinsurance recoverables and deposit receivables      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 645,193 192,642  
Purchases 72,293 72,576  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 716,745 250,878  
Total gains (losses) (realized/unrealized):      
Included in earnings (741) (14,340)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 41,155 (51,458)  
Reinsurance recoverables and deposit receivables | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (741) (14,340)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 41,155 (51,458)  
Reinsurance recoverables and deposit receivables | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Reinsurance recoverables and deposit receivables | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Reinsurance recoverables and deposit receivables | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Reinsurance recoverables and deposit receivables | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Separate account assets      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 10,547 5,985  
Purchases 1,876 2,633  
Sales (69) (1,256)  
Issuances 0 0  
Settlements (11) (125)  
Other 0 0  
Transfers into Level 3 0 458  
Transfers out of Level 3 0 0  
Fair Value, end of period 12,242 7,894  
Total gains (losses) (realized/unrealized):      
Included in earnings (101) 199  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (101) 200  
Separate account assets | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Separate account assets | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Separate account assets | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings (101) 199  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (101) 200  
Separate account assets | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Separate account assets | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Policyholders' account balances      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period (12,624,585) (7,697,627)  
Purchases 0 0  
Sales 0 0  
Issuances (627,295) (560,400)  
Settlements 0 0  
Other 0 813  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period (11,817,734) (9,752,538)  
Total gains (losses) (realized/unrealized):      
Included in earnings 1,434,146 (1,495,324)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 403,703 (134,807)  
Policyholders' account balances | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 1,434,146 (1,495,324)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 403,703 (134,807)  
Policyholders' account balances | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Policyholders' account balances | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Policyholders' account balances | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Policyholders' account balances | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Other liabilities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period (31) 0  
Purchases 0 0  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period (12,504) (207)  
Total gains (losses) (realized/unrealized):      
Included in earnings (12,473) (207)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (12,473) (207)  
Other liabilities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (12,473) (207)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (12,473) (207)  
Other liabilities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Other liabilities | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Other liabilities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Other liabilities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Available-for-sale | Fixed maturities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (6,667) (1,696)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (6,178) 626  
Available-for-sale | Fixed maturities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Available-for-sale | Fixed maturities | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Available-for-sale | Fixed maturities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 8,780 (9,842)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 8,900 (10,521)  
Available-for-sale | Fixed maturities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings (942) 598  
Available-for-sale | Fixed maturities | Foreign government securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 648 682  
Purchases 0 0  
Sales 0 0  
Issuances 0 0  
Settlements (640) 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 0 671  
Total gains (losses) (realized/unrealized):      
Included in earnings (8) (11)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 (13)  
Available-for-sale | Fixed maturities | Corporate securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 1,199,607 1,014,343  
Purchases 416,528 125,041  
Sales (159,562) (65,052)  
Issuances 0 0  
Settlements (40,372) (53,892)  
Other (4,435) 0  
Transfers into Level 3 31,000 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 1,441,168 1,009,650  
Total gains (losses) (realized/unrealized):      
Included in earnings (1,598) (10,790)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (759) (9,602)  
Available-for-sale | Fixed maturities | Structured securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 699,892 177,237  
Purchases 321,883 484,340  
Sales (203,502) 0  
Issuances 0 0  
Settlements (36,655) (1,895)  
Other (58,357) 0  
Transfers into Level 3 261,816 34,578  
Transfers out of Level 3 (56,500) 0  
Fair Value, end of period 931,354 694,121  
Total gains (losses) (realized/unrealized):      
Included in earnings 2,777 (139)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 3,481 (280)  
Trading | Fixed maturities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 66,285 34,048  
Purchases 82,403 113,343  
Sales 0 0  
Issuances 0 0  
Settlements (26,130) 0  
Other 58,357 0  
Transfers into Level 3 2,001 0  
Transfers out of Level 3 (34,428) 0  
Fair Value, end of period 152,081 146,543  
Total gains (losses) (realized/unrealized):      
Included in earnings 3,593 (848)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 6,190 (848)  
Trading | Fixed maturities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Trading | Fixed maturities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 6,190 (848)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 6,190 (848)  
Trading | Fixed maturities | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Trading | Fixed maturities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Trading | Fixed maturities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings $ (2,597) $ 0  
v3.25.1
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets:    
Policy loans $ 1,556,658 $ 1,541,480
Cash and cash equivalents 2,102,338 3,325,698
Accrued investment income 502,312 466,394
Reinsurance recoverables and deposit receivables 49,168,211 48,247,817
Receivables from parent and affiliates 641,061 678,028
Liabilities    
Cash collateral for loaned securities 236,793 121,372
Fair Value    
Assets:    
Commercial mortgage and other loans 7,943,756 7,534,909
Policy loans 1,556,658 1,541,480
Short-term investments 101 21,101
Cash and cash equivalents 273,914 474,415
Accrued investment income 502,312 466,394
Reinsurance recoverables and deposit receivables 2,347,998 2,355,489
Receivables from parent and affiliates 74,030 157,566
Other assets 184,107 203,493
Total assets 12,882,876 12,754,847
Liabilities    
Policyholders’ account balances - investment contracts 11,752,336 10,811,361
Cash collateral for loaned securities 236,793 121,372
Reinsurance and funds withheld payable 2,643,105 2,602,140
Payables to parent and affiliates 49,361 38,571
Other liabilities 925,587 880,884
Total liabilities 15,607,182 14,454,328
Carrying Amount    
Assets:    
Commercial mortgage and other loans 8,054,419 7,759,323
Policy loans 1,556,658 1,541,480
Short-term investments 101 21,101
Cash and cash equivalents 273,914 474,415
Accrued investment income 502,312 466,394
Reinsurance recoverables and deposit receivables 2,349,003 2,357,292
Receivables from parent and affiliates 74,030 157,566
Other assets 184,107 203,493
Total assets 12,994,544 12,981,064
Liabilities    
Policyholders’ account balances - investment contracts 11,764,366 10,826,931
Cash collateral for loaned securities 236,793 121,372
Reinsurance and funds withheld payable 2,643,105 2,602,140
Payables to parent and affiliates 49,361 38,571
Other liabilities 925,587 880,884
Total liabilities 15,619,212 14,469,898
Level 1 | Fair Value    
Assets:    
Commercial mortgage and other loans 0 0
Policy loans 0 0
Short-term investments 0 21,101
Cash and cash equivalents 263,914 474,415
Accrued investment income 0 0
Reinsurance recoverables and deposit receivables 0 0
Receivables from parent and affiliates 0 0
Other assets 0 0
Total assets 263,914 495,516
Liabilities    
Policyholders’ account balances - investment contracts 0 0
Cash collateral for loaned securities 0 0
Reinsurance and funds withheld payable 0 0
Payables to parent and affiliates 0 0
Other liabilities 0 0
Total liabilities 0 0
Level 2 | Fair Value    
Assets:    
Commercial mortgage and other loans 0 0
Policy loans 0 0
Short-term investments 101 0
Cash and cash equivalents 10,000 0
Accrued investment income 502,312 466,394
Reinsurance recoverables and deposit receivables 0 0
Receivables from parent and affiliates 74,030 157,566
Other assets 184,107 203,493
Total assets 770,550 827,453
Liabilities    
Policyholders’ account balances - investment contracts 803,362 815,520
Cash collateral for loaned securities 236,793 121,372
Reinsurance and funds withheld payable 2,643,105 2,602,140
Payables to parent and affiliates 49,361 38,571
Other liabilities 893,981 849,278
Total liabilities 4,626,602 4,426,881
Level 3 | Fair Value    
Assets:    
Commercial mortgage and other loans 7,943,756 7,534,909
Policy loans 1,556,658 1,541,480
Short-term investments 0 0
Cash and cash equivalents 0 0
Accrued investment income 0 0
Reinsurance recoverables and deposit receivables 2,347,998 2,355,489
Receivables from parent and affiliates 0 0
Other assets 0 0
Total assets 11,848,412 11,431,878
Liabilities    
Policyholders’ account balances - investment contracts 10,948,974 9,995,841
Cash collateral for loaned securities 0 0
Reinsurance and funds withheld payable 0 0
Payables to parent and affiliates 0 0
Other liabilities 31,606 31,606
Total liabilities $ 10,980,580 $ 10,027,447
v3.25.1
Deferred Policy Acquisition Costs, Deferred Reinsurance, and Deferred Sales Inducements (DAC) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of period $ 7,807,060 $ 7,144,736
Capitalization 358,789 342,130
Amortization expense (160,223) 129,157 [1]
Amortization expense   (147,664)
Other (1,165) (38,017)
Balance, end of period 8,004,461 7,301,185
Fixed Annuities    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of period 371,642 197,937
Capitalization 42,749 64,744
Amortization expense (13,216)  
Amortization expense   (8,725)
Other (1,236) 0
Balance, end of period 399,939 253,956
Variable Annuities    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of period 3,373,201 3,298,935
Capitalization 116,925 87,337
Amortization expense (96,183)  
Amortization expense   (86,116)
Other 0 0
Balance, end of period 3,393,943 3,300,156
Term Life    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of period 614,068 743,888
Capitalization 43,182 43,874
Amortization expense (11,901)  
Amortization expense   (18,180)
Other 0 0
Balance, end of period 645,349 769,582
Variable/Universal Life    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of period 3,448,149 2,903,976
Capitalization 155,933 146,175
Amortization expense (38,923)  
Amortization expense   (34,643)
Other 71 (38,017)
Balance, end of period $ 3,565,230 $ 2,977,491
[1] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
v3.25.1
Deferred Policy Acquisition Costs, Deferred Reinsurance, and Deferred Sales Inducements (DRL) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period $ 1,530,394 $ 255,113
Amortization expense (26,622) (9,011)
Other (2) 1
Balance, end of period 1,503,770 246,103
Variable Annuities    
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 164,238 194,110
Amortization expense (7,668) (7,040)
Other (2) 1
Balance, end of period 156,568 187,071
Term Life    
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 396,684 61,003
Amortization expense (9,458) (1,971)
Other 0 0
Balance, end of period 387,226 59,032
Variable/Universal Life    
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 969,472 0
Amortization expense (9,496) 0
Other 0 0
Balance, end of period $ 959,976 $ 0
v3.25.1
Deferred Policy Acquisition Costs, Deferred Reinsurance, and Deferred Sales Inducements (DRG) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Balance, beginning of period $ 3,318,785 $ 1,673,290
Amortization expense (41,819) (38,388)
Other 13,723 1,099,783
Foreign currency adjustment 107  
Balance, end of period 3,290,796 2,734,685
Fixed Annuities    
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Balance, beginning of period 37,548 48,073
Amortization expense (2,460) (2,688)
Other (8) (9)
Foreign currency adjustment 0  
Balance, end of period 35,080 45,376
Variable Annuities    
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Balance, beginning of period 241,628 261,721
Amortization expense (4,908) (5,056)
Other 33 (40)
Foreign currency adjustment 0  
Balance, end of period 236,753 256,625
Variable/Universal Life    
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Balance, beginning of period 3,039,609 1,363,496
Amortization expense (34,289) (30,644)
Other 0 1,099,832
Foreign currency adjustment 0  
Balance, end of period 3,005,320 2,432,684
Variable/Universal Life | Somerset Re    
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Other 1,207,000  
Variable/Universal Life | PURC    
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Other 116,000  
International    
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Balance, beginning of period 0 0
Amortization expense (162) 0
Other 13,698 0
Foreign currency adjustment 107  
Balance, end of period 13,643 $ 0
International | Prudential of Japan    
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Balance, end of period $ 14,000  
v3.25.1
Deferred Policy Acquisition Costs, Deferred Reinsurance, and Deferred Sales Inducements (DSI) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Movement in Deferred Sales Inducements [Roll Forward]    
Balance, beginning of period $ 322,351  
Balance, end of period 316,062  
Variable Annuities    
Movement in Deferred Sales Inducements [Roll Forward]    
Balance, beginning of period 322,351 $ 351,424
Capitalization 1,018 1,253
Amortization expense (7,307) (7,784)
Balance, end of period $ 316,062 $ 344,893
v3.25.1
Separate Accounts (Separate Account Assets) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 113,586,513 $ 118,143,256
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 18,498 15,548
Obligations of U.S. states and their political subdivisions authorities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 140 115
U.S. corporate securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 28,128 24,458
Foreign corporate securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3,052 3,158
Asset-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,263 1,099
Mortgage-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 129 82
Equity    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 69,189,973 73,226,610
Fixed Income    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 32,508,482 33,828,097
Other    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 4,851,887 4,431,975
Equity securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 150,205 126,792
Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 6,805,838 6,444,077
Short-term investments    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,449 2,559
Cash and cash equivalents    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 27,469 $ 38,686
v3.25.1
Separate Accounts (Separate Account Liabilities) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Separate Account, Liability [Roll Forward]    
Balance, beginning of period $ 118,143,256 $ 119,188,485
Deposits 1,023,061 846,928
Investment performance (920,739) 6,174,133
Policy charges (756,955) (778,505)
Surrenders and withdrawals (3,729,451) (3,409,965)
Benefit payments (118,257) (89,013)
Net transfers (to) from general account (113,985) (78,080)
Other 59,583 41,040
Balance, end of period 113,586,513 121,895,023
Cash surrender value 109,306,357 117,516,414
Variable Annuities    
Separate Account, Liability [Roll Forward]    
Balance, beginning of period 85,183,055 92,383,121
Deposits 151,359 149,538
Investment performance (166,036) 4,150,157
Policy charges (508,620) (557,722)
Surrenders and withdrawals (3,587,214) (3,293,055)
Benefit payments (23,567) (15,282)
Net transfers (to) from general account (23,157) 6,723
Other 1,798 877
Balance, end of period 81,027,618 92,824,357
Cash surrender value 80,187,666 91,713,815
Variable Life    
Separate Account, Liability [Roll Forward]    
Balance, beginning of period 32,960,201 26,805,364
Deposits 871,702 697,390
Investment performance (754,703) 2,023,976
Policy charges (248,335) (220,783)
Surrenders and withdrawals (142,237) (116,910)
Benefit payments (94,690) (73,731)
Net transfers (to) from general account (90,828) (84,803)
Other 57,785 40,163
Balance, end of period 32,558,895 29,070,666
Cash surrender value $ 29,118,691 $ 25,802,599
v3.25.1
Liability For Future Policy Benefits (Benefit Reserves) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Other adjustments $ (6,582) $ 12,005    
Balance, end of period 18,137,748 18,227,141    
Other Businesses        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, end of period 1,410 1,675    
Term Life        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, beginning of period 10,414,702 10,927,833    
Effect of cumulative changes in discount rate assumptions, beginning of period 567,443 225,711    
Balance at original discount rate, beginning of period 10,982,145 11,153,544    
Effect of actual variances from expected experience and other activity     $ (56,837) $ (54,196)
Adjusted balance, beginning of period 10,925,308 11,099,348    
Issuances 194,679 192,492    
Net premiums / considerations collected (325,511) (329,743)    
Interest accrual 128,423 129,053    
Other adjustments 9 (78)    
Balance at original discount rate, end of period 10,922,908 11,091,072    
Effect of cumulative changes in discount rate assumptions, end of period (453,082) (434,791)    
Balance, end of period 10,469,826 10,656,281    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 17,689,399 18,426,207    
Effect of cumulative changes in discount rate assumptions, beginning of period 1,091,673 331,571    
Balance at original discount rate, beginning of period 18,781,072 18,757,778    
Effect of actual variances from expected experience and other activity     (65,080) (65,431)
Adjusted balance, beginning of period 18,715,992 18,692,347    
Issuances 194,678 192,492    
Interest accrual 225,260 223,989    
Benefit payments (362,895) (368,247)    
Other adjustments 1,937 (23)    
Balance at original discount rate, end of period 18,774,972 18,740,558    
Effect of cumulative changes in discount rate assumptions, end of period (887,904) (742,789)    
Balance, end of period 17,887,068 17,997,769    
Balance, end of period, pre-flooring 7,417,242 7,341,488    
Flooring impact, end of period 44 44    
Balance, end of period, post flooring 7,417,286 7,341,532    
Reinsurance recoverable 6,832,580 6,650,332    
Balance after reinsurance recoverables, end of period, post-flooring 584,706 691,200    
Term Life | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Undiscounted expected future gross premiums 21,792,468 21,812,112    
Discounted expected future gross premiums (at original discount rate) 14,843,715 14,968,218    
Discounted expected future gross premiums (at current discount rate) 14,266,715 14,408,614    
Undiscounted expected future benefits and expenses $ 29,143,806 $ 29,069,972    
Weighted-average duration of the liability in years (at original discount rate) 10 years 10 years    
Weighted-average duration of the liability in years (at current discount rate) 9 years 10 years    
Weighted-average interest rate (at original discount rate) 5.12% 5.16%    
Weighted-average interest rate (at current discount rate) 5.44% 5.29%    
Fixed Annuities        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, beginning of period $ 0 $ 0    
Effect of cumulative changes in discount rate assumptions, beginning of period 0 0    
Balance at original discount rate, beginning of period 0 0    
Effect of actual variances from expected experience and other activity     0 (290)
Issuances 11,076 8,595    
Net premiums / considerations collected (11,076) (8,305)    
Interest accrual 0 0    
Other adjustments 0 0    
Balance at original discount rate, end of period 0 0    
Effect of cumulative changes in discount rate assumptions, end of period 0 0    
Balance, end of period 0 0    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 238,086 228,788    
Effect of cumulative changes in discount rate assumptions, beginning of period 19,442 19,521    
Balance at original discount rate, beginning of period 257,528 248,309    
Effect of actual variances from expected experience and other activity     1,139 (369)
Adjusted balance, beginning of period 258,667 247,940    
Issuances 11,076 8,595    
Interest accrual 2,492 2,204    
Benefit payments (8,633) (7,544)    
Other adjustments 0 (34)    
Balance at original discount rate, end of period 263,602 251,161    
Effect of cumulative changes in discount rate assumptions, end of period (14,332) (23,464)    
Balance, end of period 249,270 227,697    
Balance, end of period, pre-flooring 249,270 227,697    
Flooring impact, end of period 0 0    
Balance, end of period, post flooring 249,270 227,697    
Reinsurance recoverable 20,954 18,428    
Balance after reinsurance recoverables, end of period, post-flooring 228,316 209,269    
Fixed Annuities | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Undiscounted expected future gross premiums 0 0    
Discounted expected future gross premiums (at original discount rate) 0 0    
Discounted expected future gross premiums (at current discount rate) 0 0    
Undiscounted expected future benefits and expenses $ 357,084 $ 336,830    
Weighted-average duration of the liability in years (at original discount rate) 7 years 7 years    
Weighted-average duration of the liability in years (at current discount rate) 6 years 6 years    
Weighted-average interest rate (at original discount rate) 4.00% 3.76%    
Weighted-average interest rate (at current discount rate) 5.33% 5.26%    
Fixed Annuity Netting        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Adjusted balance, beginning of period $ 0 $ (290)    
Term Life And Fixed Annuities        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, beginning of period 10,414,702 10,927,833    
Effect of cumulative changes in discount rate assumptions, beginning of period 567,443 225,711    
Balance at original discount rate, beginning of period 10,982,145 11,153,544    
Effect of actual variances from expected experience and other activity     (56,837) (54,486)
Adjusted balance, beginning of period 10,925,308 11,099,058    
Issuances 205,755 201,087    
Net premiums / considerations collected (336,587) (338,048)    
Interest accrual 128,423 129,053    
Other adjustments 9 (78)    
Balance at original discount rate, end of period 10,922,908 11,091,072    
Effect of cumulative changes in discount rate assumptions, end of period (453,082) (434,791)    
Balance, end of period 10,469,826 10,656,281    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, end of period, pre-flooring 7,666,512 7,569,185    
Flooring impact, end of period 44 44    
Balance, end of period, post flooring 7,666,556 7,569,229    
Reinsurance recoverable 6,853,534 6,668,760    
Balance after reinsurance recoverables, end of period, post-flooring 813,022 900,469    
Term Life And Fixed Annuities | Total        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 17,927,485 18,654,995    
Effect of cumulative changes in discount rate assumptions, beginning of period 1,111,115 351,092    
Balance at original discount rate, beginning of period 19,038,600 19,006,087    
Effect of actual variances from expected experience and other activity     $ (63,941) $ (65,800)
Adjusted balance, beginning of period 18,974,659 18,940,287    
Issuances 205,754 201,087    
Interest accrual 227,752 226,193    
Benefit payments (371,528) (375,791)    
Other adjustments 1,937 (57)    
Balance at original discount rate, end of period 19,038,574 18,991,719    
Effect of cumulative changes in discount rate assumptions, end of period (902,236) (766,253)    
Balance, end of period $ 18,136,338 $ 18,225,466    
v3.25.1
Liability For Future Policy Benefits (Deferred Profit Liability) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Other adjustments $ (6,582) $ 12,005    
Fixed Annuities        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of actual variances from expected experience and other activity     $ 1,139 $ (369)
Adjusted balance, beginning of period     258,667 247,940
Interest accrual 2,492 2,204    
Other adjustments 0 (34)    
Balance, end of period, post-flooring 249,270 227,697    
Reinsurance recoverable 20,954 18,428    
Balance after reinsurance recoverables, end of period, post-flooring 228,316 209,269    
Fixed Annuities | Deferred profit liability        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period, post-flooring 22,939 14,818    
Effect of actual variances from expected experience and other activity     (650) 330
Adjusted balance, beginning of period     $ 22,289 $ 15,148
Profits deferred 1,580 216    
Interest accrual 234 133    
Amortization (711) (456)    
Other adjustments (1) (3)    
Balance, end of period, post-flooring 23,391 15,038    
Reinsurance recoverable 2,019 1,576    
Balance after reinsurance recoverables, end of period, post-flooring $ 21,372 $ 13,462    
v3.25.1
Liability For Future Policy Benefits (Additional Insurance Reserves) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Additional Liability, Long-Duration Insurance [Line Items]        
Weighted-average duration of the liability in years (at original discount rate) 22 years 22 years    
Weighted-average interest rate (at original discount rate) 3.34% 3.39%    
Variable/Universal Life        
Additional Liability, Long-Duration Insurance [Line Items]        
Balance after reinsurance recoverables, including amounts in AOCI, end of period $ 250,015 $ 179,987    
Variable/Universal Life | Other Businesses        
Additional Liability, Long-Duration Insurance [Line Items]        
Balance after reinsurance recoverables, including amounts in AOCI, end of period 7,610 0    
Variable/Universal Life | Total        
Additional Liability, Long-Duration Insurance [Line Items]        
Balance, including amounts in AOCI, post-flooring 16,351,053 14,280,792    
Flooring impact and amounts in AOCI 617,186 831,583    
Balance, excluding amounts in AOCI, beginning of period, pre-flooring 16,968,239 15,112,375    
Effect of actual variances from expected experience and other activity     $ 9,840 $ 191,104
Adjusted balance, beginning of period     $ 16,978,079 $ 15,303,479
Assessments collected 269,478 297,419    
Interest accrual 142,506 128,241    
Benefits paid (86,194) (68,233)    
Balance, excluding amounts in AOCI, end of period, pre-flooring 17,303,869 15,660,906    
Flooring impact and amounts in AOCI (513,439) (1,014,852)    
Balance, including amounts in AOCI, end of period, post-flooring 16,790,430 14,646,054    
Less: Reinsurance recoverables 16,548,025 14,466,067    
Balance after reinsurance recoverables, including amounts in AOCI, end of period $ 242,405 $ 179,987    
v3.25.1
Liability For Future Policy Benefits (Future Policy Benefits) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Insurance [Abstract]      
Benefit reserves, end of period, post-flooring $ 7,666,556   $ 7,569,229
Deferred profit liability, end of period, post-flooring 23,391   15,038
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring 16,798,040   14,646,054
Subtotal of amounts disclosed above 24,487,987   22,230,321
Other Future Policy Benefits reserves 1,055,140   1,181,796
Total Future policy Benefits $ 25,543,127 $ 25,113,767 $ 23,412,117
v3.25.1
Liability For Future Policy Benefits (Revenue and Interest Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Benefit Reserves    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue $ 453,746 $ 455,425
Interest expense 99,329 97,139
Benefit Reserves | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 441,000 446,853
Interest expense 96,837 94,935
Benefit Reserves | Variable/Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Benefit Reserves | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 12,746 8,572
Interest expense 2,492 2,204
Deferred profit liability    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 234 133
Deferred profit liability | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 0 0
Deferred profit liability | Variable/Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 0 0
Deferred profit liability | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 234 133
Additional insurance reserves    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 458,049 419,396
Interest expense 142,506 128,241
Additional insurance reserves | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Additional insurance reserves | Variable/Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 458,049 419,396
Interest expense 142,506 128,241
Additional insurance reserves | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Deferred Profit Liability Netting    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue (452) (221)
Deferred Profit Liability Netting | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Deferred Profit Liability Netting | Variable/Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Deferred Profit Liability Netting | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue (452) (221)
Revenues    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 911,343 874,600
Revenues | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 441,000 446,853
Revenues | Variable/Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 458,049 419,396
Revenues | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 12,294 8,351
Interest Expense    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 242,069 225,513
Interest Expense | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 96,837 94,935
Interest Expense | Variable/Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 142,506 128,241
Interest Expense | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense $ 2,726 $ 2,337
v3.25.1
Policyholders' Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period $ 69,628,318  
Transfer to (from) Policyholder Account Balance (to) from Separate Account 113,985 $ 78,080
Unearned revenue reserve 4,576,066 3,908,497
Other 108,240 103,851
Total Policyholders' account balance $ 71,559,381 $ 57,764,158
Weighted-average crediting rate 2.21% 2.44%
Net amount at risk $ 350,942,454 $ 327,231,579
Cash surrender value 62,734,038 48,856,565
Total    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 65,105,807 49,142,691
Deposits 3,930,982 3,708,020
Interest credited(4) 364,898 313,520
Policy charges (486,573) (457,032)
Surrenders and withdrawals (639,085) (483,591)
Benefit payments (62,503) (35,661)
Transfer to (from) Policyholder Account Balance (to) from Separate Account 113,985 78,080
Change in market value and other adjustments (1,452,436) 1,485,783
Balance, end of period 66,875,075 53,751,810
Fixed Annuities    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 11,197,337 6,164,313
Deposits 1,118,299 1,553,852
Interest credited(4) 70,850 43,517
Policy charges   2,208
Policy charges (11,409)  
Surrenders and withdrawals (157,652) (103,696)
Benefit payments (26,429) (12,879)
Transfer to (from) Policyholder Account Balance (to) from Separate Account 0 0
Change in market value and other adjustments (49,620) 88,291
Balance, end of period 12,141,376 7,735,606
Total Policyholders' account balance $ 5,528,553 $ 3,148,584
Weighted-average crediting rate 2.43% 2.50%
Net amount at risk $ 1,458 $ 18
Cash surrender value 10,896,794 6,674,346
Variable Annuity    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 33,217,331 22,810,665
Deposits 2,229,851 1,624,956
Interest credited(4) 148,597 131,944
Policy charges (15,546) (3,702)
Surrenders and withdrawals (250,968) (179,988)
Benefit payments (4,163) (4,926)
Transfer to (from) Policyholder Account Balance (to) from Separate Account 23,157 (6,723)
Change in market value and other adjustments (1,412,076) 1,360,323
Balance, end of period 33,936,183 25,732,549
Total Policyholders' account balance $ 2,454,759 $ 2,821,316
Weighted-average crediting rate 1.77% 2.17%
Net amount at risk $ 0 $ 0
Cash surrender value 32,338,553 23,282,269
Variable/Universal Life    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 20,691,139 20,167,713
Deposits 582,832 529,212
Interest credited(4) 145,451 138,059
Policy charges (459,618) (455,538)
Surrenders and withdrawals (230,465) (199,907)
Benefit payments (31,911) (17,856)
Transfer to (from) Policyholder Account Balance (to) from Separate Account 90,828 84,803
Change in market value and other adjustments 9,260 37,169
Balance, end of period 20,797,516 20,283,655
Total Policyholders' account balance $ 17,526,199 $ 17,462,288
Weighted-average crediting rate 2.80% 2.73%
Net amount at risk $ 350,940,996 $ 327,231,561
Cash surrender value $ 19,498,691 $ 18,899,950
v3.25.1
Policyholders' Liabilities (Guaranteed Minimum Crediting Rate) (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 71,559,381 $ 69,628,318 $ 57,764,158  
1 - 50 bps above guaranteed minimum | Minimum        
Policyholder Account Balance [Line Items]        
Policyholder account balance above guaranteed minimum crediting rate 1   1  
1 - 50 bps above guaranteed minimum | Maximum        
Policyholder Account Balance [Line Items]        
Policyholder account balance above guaranteed minimum crediting rate 50   50  
51 - 150 bps above guaranteed minimum | Minimum        
Policyholder Account Balance [Line Items]        
Policyholder account balance above guaranteed minimum crediting rate 51   51  
51 - 150 bps above guaranteed minimum | Maximum        
Policyholder Account Balance [Line Items]        
Policyholder account balance above guaranteed minimum crediting rate 150   150  
Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholder account balance above guaranteed minimum crediting rate 150   150  
Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 5,528,553 11,197,337 $ 3,148,584 $ 6,164,313
Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 3,111,506   1,098,331  
Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 523,143   542,427  
Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 744,586   790,155  
Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,149,318   717,671  
Variable Annuity        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,454,759 33,217,331 2,821,316 22,810,665
Variable Annuity | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,153,998   1,984,021  
Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 690,169   762,131  
Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 610,456   74,969  
Variable Annuity | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 136   195  
Variable/Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 17,526,199 $ 20,691,139 17,462,288 $ 20,167,713
Variable/Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 6,496,343   6,288,393  
Variable/Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 3,258,830   3,839,363  
Variable/Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 5,606,020   5,434,330  
Variable/Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 2,165,006   $ 1,900,202  
Less than 1.00% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00%   1.00%  
Account Values with Crediting Rates $ 1,078,250   $ 629,911  
Less than 1.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 435   285  
Less than 1.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,879   1,923  
Less than 1.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 13,419   6,312  
Less than 1.00% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 1,061,517   $ 621,391  
Less than 1.00% | Variable Annuity        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00%   1.00%  
Account Values with Crediting Rates $ 1,173,856   $ 1,663,027  
Less than 1.00% | Variable Annuity | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 232,418   865,767  
Less than 1.00% | Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 337,436   727,194  
Less than 1.00% | Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 603,866   69,871  
Less than 1.00% | Variable Annuity | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 136   $ 195  
Less than 1.00% | Variable/Universal Life        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00%   1.00%  
Account Values with Crediting Rates $ 194,655   $ 184,308  
Less than 1.00% | Variable/Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Less than 1.00% | Variable/Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Less than 1.00% | Variable/Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Less than 1.00% | Variable/Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 194,655   184,308  
1.00% - 1.99% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 710,103   $ 843,781  
1.00% - 1.99% | Fixed Annuities | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00%   1.00%  
1.00% - 1.99% | Fixed Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99%   1.99%  
1.00% - 1.99% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 414,878   $ 473,330  
1.00% - 1.99% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 58,998   72,870  
1.00% - 1.99% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 166,957   217,461  
1.00% - 1.99% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 69,270   80,120  
1.00% - 1.99% | Variable Annuity        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 451,415   $ 241,200  
1.00% - 1.99% | Variable Annuity | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00%   1.00%  
1.00% - 1.99% | Variable Annuity | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99%   1.99%  
1.00% - 1.99% | Variable Annuity | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 100,050   $ 216,457  
1.00% - 1.99% | Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 348,924   23,819  
1.00% - 1.99% | Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,441   924  
1.00% - 1.99% | Variable Annuity | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
1.00% - 1.99% | Variable/Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 3,733,861   $ 3,402,503  
1.00% - 1.99% | Variable/Universal Life | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00%   1.00%  
1.00% - 1.99% | Variable/Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99%   1.99%  
1.00% - 1.99% | Variable/Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 310,277   $ 226,470  
1.00% - 1.99% | Variable/Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
1.00% - 1.99% | Variable/Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,845,100   1,661,933  
1.00% - 1.99% | Variable/Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,578,484   1,514,100  
2.00% - 2.99% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 1,325,803   $ 1,346,001  
2.00% - 2.99% | Fixed Annuities | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00%   2.00%  
2.00% - 2.99% | Fixed Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99%   2.99%  
2.00% - 2.99% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 302,047   $ 300,163  
2.00% - 2.99% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 455,549   465,693  
2.00% - 2.99% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 553,053   564,226  
2.00% - 2.99% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 15,154   15,919  
2.00% - 2.99% | Variable Annuity        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 24,583   $ 29,282  
2.00% - 2.99% | Variable Annuity | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00%   2.00%  
2.00% - 2.99% | Variable Annuity | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99%   2.99%  
2.00% - 2.99% | Variable Annuity | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 16,625   $ 20,916  
2.00% - 2.99% | Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 3,809   4,192  
2.00% - 2.99% | Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 4,149   4,174  
2.00% - 2.99% | Variable Annuity | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
2.00% - 2.99% | Variable/Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 4,668,669   $ 4,548,336  
2.00% - 2.99% | Variable/Universal Life | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00%   2.00%  
2.00% - 2.99% | Variable/Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99%   2.99%  
2.00% - 2.99% | Variable/Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 36,188   $ 29,823  
2.00% - 2.99% | Variable/Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,547,089   1,462,438  
2.00% - 2.99% | Variable/Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,693,525   2,854,281  
2.00% - 2.99% | Variable/Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 391,867   201,794  
3.00% - 4.00% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 2,414,397   $ 328,891  
3.00% - 4.00% | Fixed Annuities | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00%   3.00%  
3.00% - 4.00% | Fixed Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00%   4.00%  
3.00% - 4.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 2,394,146   $ 324,553  
3.00% - 4.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 5,717   1,941  
3.00% - 4.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 11,157   2,156  
3.00% - 4.00% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 3,377   241  
3.00% - 4.00% | Variable Annuity        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 802,908   $ 885,741  
3.00% - 4.00% | Variable Annuity | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00%   3.00%  
3.00% - 4.00% | Variable Annuity | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00%   4.00%  
3.00% - 4.00% | Variable Annuity | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 802,908   $ 878,815  
3.00% - 4.00% | Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   6,926  
3.00% - 4.00% | Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
3.00% - 4.00% | Variable Annuity | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
3.00% - 4.00% | Variable/Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 6,849,382   $ 7,199,615  
3.00% - 4.00% | Variable/Universal Life | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00%   3.00%  
3.00% - 4.00% | Variable/Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00%   4.00%  
3.00% - 4.00% | Variable/Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 4,070,246   $ 3,904,574  
3.00% - 4.00% | Variable/Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,711,741   2,376,925  
3.00% - 4.00% | Variable/Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,067,395   918,116  
3.00% - 4.00% | Variable/Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 0   $ 0  
Greater than 4.00% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00%   4.00%  
Account Values with Crediting Rates $ 0   $ 0  
Greater than 4.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Greater than 4.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Greater than 4.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Greater than 4.00% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 0   $ 0  
Greater than 4.00% | Variable Annuity        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00%   4.00%  
Account Values with Crediting Rates $ 1,997   $ 2,066  
Greater than 4.00% | Variable Annuity | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,997   2,066  
Greater than 4.00% | Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Greater than 4.00% | Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Greater than 4.00% | Variable Annuity | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 0   $ 0  
Greater than 4.00% | Variable/Universal Life        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00%   4.00%  
Account Values with Crediting Rates $ 2,079,632   $ 2,127,526  
Greater than 4.00% | Variable/Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,079,632   2,127,526  
Greater than 4.00% | Variable/Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Greater than 4.00% | Variable/Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Greater than 4.00% | Variable/Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 0   $ 0  
v3.25.1
Policyholders' Liabilities (Additional Insurance Reserves) (Details) - Variable/Universal Life - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]    
Balance, beginning of period $ 4,415,188 $ 3,741,426
Unearned revenue 211,830 211,542
Amortization Expense (50,952) (44,470)
Other adjustments 0 (1)
Balance, end of period $ 4,576,066 $ 3,908,497
v3.25.1
Market Risk Benefits - Rollforward of Balances for Variable Annuity Products (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Variable Annuities    
Market Risk Benefit [Roll Forward]    
Balance, beginning of period $ 2,488,463 $ 3,707,407
Effect of cumulative changes in non-performance risk 626,845 1,067,983
Balance, beginning of period, before effect of changes in non-performance risk 3,115,308 4,775,390
Attributed fees collected 259,010 281,171
Claims paid (14,280) (16,417)
Interest accrual 37,780 68,360
Actual in force different from expected 18,542 2,495
Effect of changes in interest rates 414,243 (832,834)
Effect of changes in equity markets 227,938 (846,759)
Issuances 23,528 12,766
Other adjustments (294) 612
Effect of changes in current period counterparty non-performance risk 0 0
Balance, end of period, before effect of changes in non-performance risk 4,081,775 3,444,784
Effect of cumulative changes in non-performance risk (788,058) (829,061)
Balance, end of period 3,293,717 2,615,723
Less: Reinsured Market Risk Benefits    
Market Risk Benefit [Roll Forward]    
Balance, beginning of period (844,582) (917,792)
Effect of cumulative changes in non-performance risk 0 0
Balance, beginning of period, before effect of changes in non-performance risk (844,582) (917,792)
Interest accrual (11,107) (15,642)
Actual in force different from expected (5,273) (4,539)
Effect of changes in interest rates (105,463) 180,022
Effect of changes in equity markets (24,533) 87,042
Other adjustments 40 (603)
Effect of changes in current period counterparty non-performance risk 52,228 (26,662)
Balance, end of period, before effect of changes in non-performance risk (999,400) (764,249)
Effect of cumulative changes in non-performance risk 0 0
Balance, end of period (999,400) (764,249)
Less: Reinsured Market Risk Benefits    
Market Risk Benefit [Roll Forward]    
Attributed fees collected (60,167) (66,967)
Claims paid 1,634 1,511
Issuances (2,177) (619)
Total, Net of Reinsurance    
Market Risk Benefit [Roll Forward]    
Balance, beginning of period 1,643,881 2,789,615
Effect of cumulative changes in non-performance risk 626,845 1,067,983
Balance, beginning of period, before effect of changes in non-performance risk 2,270,726 3,857,598
Attributed fees collected 198,843 214,204
Claims paid (12,646) (14,906)
Interest accrual 26,673 52,718
Actual in force different from expected 13,269 (2,044)
Effect of changes in interest rates 308,780 (652,812)
Effect of changes in equity markets 203,405 (759,717)
Issuances 21,351 12,147
Other adjustments (254) 9
Effect of changes in current period counterparty non-performance risk 52,228 (26,662)
Balance, end of period, before effect of changes in non-performance risk 3,082,375 2,680,535
Effect of cumulative changes in non-performance risk (788,058) (829,061)
Balance, end of period $ 2,294,317 $ 1,851,474
v3.25.1
Market Risk Benefits - Market Risk Benefits In Asset and Liability Positions (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]        
Total market risk benefit assets $ 2,508,967 $ 2,537,000 $ 2,637,363  
Total market risk benefit liabilities 4,803,284 4,388,000 4,281,244  
Variable Annuities        
Liability for Future Policy Benefit, Activity [Line Items]        
Net amount at risk $ 9,113,461 $ 8,350,431    
Weighted-average attained age of contractholders 71 years 70 years    
Direct and assumed $ 1,255,404 $ 1,472,957    
Ceded 1,253,563 1,063,886    
Total market risk benefit assets 2,508,967 2,536,843    
Direct and assumed 4,549,121 4,088,679    
Ceded 254,163 299,638    
Total market risk benefit liabilities 4,803,284 4,388,317    
Net liability $ 2,294,317 $ 1,851,474 2,488,463 $ 3,707,407
Total, Net of Reinsurance        
Liability for Future Policy Benefit, Activity [Line Items]        
Net liability     $ 1,643,881 $ 2,789,615
v3.25.1
Reinsurance (Reinsurance amounts included in the Statements of Financial Position) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Effects of Reinsurance [Line Items]        
Reinsurance recoverables and deposit receivables $ 49,168,211 $ 48,247,817    
Policy loans (1,556,658) (1,541,480)    
Deferred policy acquisition costs (8,004,461) (7,807,060) $ (7,301,185) $ (7,144,736)
Deferred sales inducements (316,062) (322,351)    
Market risk benefit assets 2,508,967 2,637,363 2,537,000  
Other assets 1,803,131 1,850,800    
Future policy benefits 25,543,127 25,113,767 23,412,117  
Market risk benefit liabilities 4,803,284 4,281,244 $ 4,388,000  
Other liabilities 4,221,908 4,199,803    
Impacts of Reinsurance        
Effects of Reinsurance [Line Items]        
Reinsurance recoverables and deposit receivables 49,168,211 48,247,817    
Policy loans (1,144,906) (1,143,726)    
Deferred policy acquisition costs (3,286,351) (3,319,067)    
Deferred sales inducements (31,971) (32,573)    
Market risk benefit assets 1,253,961 1,145,580    
Other assets 1,511,709 1,538,231    
Policyholders’ account balances 5,452,802 5,567,661    
Future policy benefits 7,597,732 7,443,997    
Market risk benefit liabilities 256,287 302,310    
Reinsurance and funds withheld payables 8,889,142 8,611,141    
Other liabilities 3,250,307 3,282,713    
Unaffiliated activity        
Effects of Reinsurance [Line Items]        
Market risk benefit assets 861,899 804,015    
Other assets 1,102,141 1,118,974    
Policyholders’ account balances 1,623,421 1,665,998    
Future policy benefits 267 160    
Market risk benefit liabilities 128,112 151,432    
Reinsurance and funds withheld payables 3,344,608 3,360,901    
Other liabilities 250,850 257,929    
Unaffiliated activity        
Effects of Reinsurance [Line Items]        
Policy loans (48,960) (48,644)    
Deferred policy acquisition costs $ (635,819) $ (637,555)    
v3.25.1
Reinsurance (Reinsurance Recoverable by Counterparty) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Effects of Reinsurance [Line Items]    
Total reinsurance recoverable and deposit receivables $ 49,168,211 $ 48,247,817
PAR U    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverable and deposit receivables 11,415,651 11,426,975
PURE    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverable and deposit receivables 7,962,181 7,951,965
Prudential Insurance    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverable and deposit receivables 7,874,836 7,507,414
PARCC    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverable and deposit receivables 7,042,276 7,049,164
Lotus Re    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverable and deposit receivables 2,524,184 2,130,095
Prudential of Japan    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverable and deposit receivables 10,841 0
Unaffiliated activity    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverable and deposit receivables $ 12,338,242 $ 12,182,204
v3.25.1
Reinsurance (Reinsurance amounts included in the Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Premiums:    
Direct $ 463,449 $ 459,628
Assumed 10,662 33
Ceded (350,651) (367,479)
Net Premiums 123,460 92,182
Policy charges and fee income:    
Direct 797,210 771,189
Assumed 180,179 258,770
Ceded (579,043) 1,879,246
Net policy charges and fee income 398,346 2,909,205
Net investment income:    
Direct 747,545 519,052
Assumed 319 330
Ceded (13,068) (14,062)
Net investment income 734,796 505,320
Asset administration fees:    
Direct 78,905 82,688
Assumed 0 0
Ceded (26,825) (26,056)
Net asset administration fees 52,080 56,632
Other income (loss):    
Direct 104,643 44,816
Assumed 20 325
Ceded 71,778 169,854
Net other income (loss) 176,441 214,995 [1]
Realized investment gains (losses), net:    
Direct (82,883) 20,056
Assumed 32,439 (9,167)
Ceded (55,930) (13,694)
Realized investment gains (losses), net (106,374) (2,805) [1]
Change in value of market risk benefits, net of related hedging gains (losses):    
Direct (418,994) 324,375
Assumed (484) 1,450
Ceded 93,407 (221,829)
Net change in value of market risk benefits, net of related hedging gain (loss) (326,071) 103,996 [1]
Policyholders’ benefits (including change in reserves):    
Direct 988,124 1,001,446
Assumed 292,478 287,411
Ceded (1,137,266) 2,817,551
Net policyholders’ benefits (including change in reserves 143,336 4,106,408
Change in estimates of liability for future policy benefits:    
Direct 6,255 139,586
Assumed 1,292 (9,510)
Ceded (965) (142,081)
Net change in estimates of liability for future policy benefits 6,582 (12,005)
Interest credited to policyholders’ account balances:    
Direct 366,527 312,190
Assumed 33,104 46,148
Ceded (105,869) (99,988)
Net interest credited to policyholders’ account balances 293,762 258,350 [1]
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization (106,548) (391,443)
Unaffiliated activity    
Premiums:    
Assumed 27 30
Ceded (35,400) (25,152)
Policy charges and fee income:    
Assumed 212 272
Ceded (750,027) (42,012)
Net investment income:    
Ceded (443) 0
Asset administration fees:    
Ceded (6,414) (7,316)
Other income (loss):    
Assumed (142) 325
Ceded 42,077 23,314
Realized investment gains (losses), net:    
Assumed 32,439 (9,167)
Ceded (37,911) (8,280)
Change in value of market risk benefits, net of related hedging gains (losses):    
Assumed (484) 1,450
Ceded 44,351 (98,008)
Policyholders’ benefits (including change in reserves):    
Assumed 45 333
Ceded (765,259) (146,828)
Change in estimates of liability for future policy benefits:    
Ceded (9,886) 91,873
Interest credited to policyholders’ account balances:    
Assumed 6,477 17,459
Ceded $ (24,477) $ 0
[1] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
v3.25.1
Reinsurance (Life Insurance In Force) (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Reinsurance Disclosures [Abstract]    
Direct gross life insurance face amount in force $ 1,191,661,368 $ 1,136,350,824
Assumed gross life insurance face amount in force 45,780,036 35,289,794
Reinsurance ceded (1,088,730,529) (1,034,508,027)
Net life insurance face amount in force $ 148,710,875 $ 137,132,591
v3.25.1
Reinsurance (Narrative) (Details)
$ in Thousands
 3 Months Ended 21 Months Ended 24 Months Ended 36 Months Ended 48 Months Ended 60 Months Ended
Dec. 15, 2024
Oct. 01, 2024
USD ($)
Apr. 01, 2023
USD ($)
Jan. 01, 2022
USD ($)
Jul. 01, 2019
Jan. 01, 2015
Dec. 31, 2014
Dec. 31, 2013
Jul. 01, 2012
Dec. 31, 2010
Dec. 31, 2009
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2016
Dec. 31, 2019
Dec. 31, 2019
Dec. 31, 2016
Dec. 31, 2013
Dec. 31, 2017
Dec. 31, 2013
Dec. 31, 2019
Jan. 01, 2025
USD ($)
Dec. 31, 2024
USD ($)
Jan. 01, 2024
USD ($)
Dec. 31, 2023
USD ($)
Oct. 01, 2021
USD ($)
Jan. 01, 2021
counterparty
May 01, 2018
counterparty
Effects of Reinsurance [Line Items]                                                          
Deferred Reinsurance Gain                       $ 3,290,796 $ 2,734,685                     $ 3,318,785   $ 1,673,290      
Deferred Reinsurance Loss                       1,503,770 246,103                     1,530,394   255,113      
Policy charges and fee income                       (398,346) (2,909,205)                                
Policy loan assets                       1,556,658                       1,541,480          
Reinsurance recoverables and deposit receivables                       49,168,211                       48,247,817          
Impacts of Reinsurance                                                          
Effects of Reinsurance [Line Items]                                                          
Policy loan assets                       1,144,906                       1,143,726          
Reinsurance recoverables and deposit receivables                       49,168,211                       48,247,817          
PAR U                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance recoverables and deposit receivables                       11,415,651                       11,426,975          
PURE                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance recoverables and deposit receivables                       7,962,181                       7,951,965          
PARCC                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance recoverables and deposit receivables                       7,042,276                       7,049,164          
Prudential Insurance                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance recoverables and deposit receivables                       7,874,836                       7,507,414          
Lotus Re                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance recoverables and deposit receivables                       2,524,184                       2,130,095          
Prudential of Japan                                                          
Effects of Reinsurance [Line Items]                                                          
Deferred Reinsurance Gain                                             $ 14,000            
Guaranteed Minimum Death Benefit                                             $ 5,000            
Reinsurance recoverables and deposit receivables                       10,841                       0          
AuguStar                                                          
Effects of Reinsurance [Line Items]                                                          
Deferred Reinsurance Gain     $ 277,000                                                    
Reinsured Amount     $ 10,000,000                                                    
Percent of total reinsured block     0.10                                                    
AuguStar | Separate account liabilities under MODCO                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance Retention Policy, Reinsured Risk, Percentage     100.00%                                                    
AuguStar | General account liabilities under MODCO                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance Retention Policy, Reinsured Risk, Percentage     100.00%                                                    
FLIAC                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance recoverables and deposit receivables                       1,398,000                       1,395,000          
Somerset Re                                                          
Effects of Reinsurance [Line Items]                                                          
Recapture loss                                                 $ (990,000)        
Deferred Reinsurance Gain                                                 1,207,000        
Deposit assets on reinsurance                       2,786,000                       2,582,000          
Funds witheld liabilities                       2,627,000                       2,434,000          
Union Hamilton                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance recoverables                       1,800,000                                  
Union Hamilton | Quote Share Reinsurance                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance Retention Policy, Reinsured Risk, Percentage                             50.00%                            
Wilton Re                                                          
Effects of Reinsurance [Line Items]                                                          
Recapture gain   $ 270,000                                                      
Deferred Reinsurance Gain   798,000                                                      
Deferred Reinsurance Loss   979,000                                                      
Reinsurance recoverables                       7,584,000                       7,478,000          
Variable Annuity                                                          
Effects of Reinsurance [Line Items]                                                          
Deferred Reinsurance Gain                       236,753 256,625                     241,628   261,721      
Deferred Reinsurance Loss                       156,568 187,071                     164,238   194,110      
Variable Annuity | FLIAC                                                          
Effects of Reinsurance [Line Items]                                                          
Funds held under reinsurance agreements                       5,300,000                                  
Fixed Annuities                                                          
Effects of Reinsurance [Line Items]                                                          
Deferred Reinsurance Gain                       $ 35,080 $ 45,376                     37,548   $ 48,073      
Fixed Annuities | FLIAC                                                          
Effects of Reinsurance [Line Items]                                                          
Percent of total reinsured block                       0.80                                  
Funds held under reinsurance agreements                       $ 2,000,000                                  
Affiliated Entity | PAR U                                                          
Effects of Reinsurance [Line Items]                                                          
Recapture gain   270,000                                                      
Deferred Reinsurance Gain   94,000                                                      
Reinsurance Retention Policy, Reinsured Risk, Percentage           100.00% 25.00%     70.00%                                      
Affiliated Entity | PURE                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance Retention Policy, Reinsured Risk, Percentage             75.00%                                            
Affiliated Entity | PURC                                                          
Effects of Reinsurance [Line Items]                                                          
Deferred Reinsurance Gain                                                 $ 116,000        
Reinsurance Retention Policy, Reinsured Risk, Percentage                                   95.00% 70.00%                    
Affiliated Entity | PARCC                                                          
Effects of Reinsurance [Line Items]                                                          
Deferred Reinsurance Loss   $ 351,000                                                      
Reinsurance Retention Policy, Reinsured Risk, Percentage   100.00%     100.00%           90.00%                                    
Affiliated Entity | GUL Re                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance Retention Policy, Reinsured Risk, Percentage               30.00%                 95.00%                        
Affiliated Entity | PAR Term                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance Retention Policy, Reinsured Risk, Percentage         100.00%                               95.00%                
Affiliated Entity | Term Re                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance Retention Policy, Reinsured Risk, Percentage                                       95.00%                  
Affiliated Entity | Prudential Insurance                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance Retention Policy, Reinsured Risk, Percentage                       100.00%                                  
Affiliated Entity | Prudential Insurance | Impacts of Reinsurance                                                          
Effects of Reinsurance [Line Items]                                                          
Recapture loss   $ 3,000                                                      
Policy charges and fee income       $ (305,000)                                                  
Number of counterparties | counterparty                                                       2 2
Affiliated Entity | Lotus Re | Impacts of Reinsurance                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance liabilities associated with the risks of the coinsurance agreement                                                     $ 32,000    
Reinsurance agreement ceded risk 100.00%                         100.00%                              
Net liabilities associated with the transaction for coinsurance                           $ 1,387,000                              
Net liabilities associated with the transaction for modified coinsurance                           14,037,000                              
Policy loan assets                           855,000                              
Cash received                           820,000                              
Recognized gain                           $ 1,352,000                              
Deposit receivables                       $ 388,000                       $ 52,000          
Affiliated Entity | DART                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance Retention Policy, Reinsured Risk, Percentage                               95.00%                          
PLNJ | PAR U                                                          
Effects of Reinsurance [Line Items]                                                          
Recapture loss   (29,000)                                                      
Deferred Reinsurance Gain   8,000                                                      
PLNJ | Affiliated Entity | PAR U                                                          
Effects of Reinsurance [Line Items]                                                          
Recapture gain   $ 270,000                                                      
Reinsurance Retention Policy, Reinsured Risk, Percentage                 95.00%                         100.00%              
PLNJ | Affiliated Entity | PURE                                                          
Effects of Reinsurance [Line Items]                                                          
Reinsurance Retention Policy, Reinsured Risk, Percentage             100.00%                                            
v3.25.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income tax expense (benefit) $ 19,677 $ (67,647) [1]
Effective Income Tax Rate, Percent 12.75% 10.54%
Federal Statutory Income Tax Rate, Percent 21.00%  
[1] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
v3.25.1
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Begining Balance $ 4,701,980  
Income tax benefit (expense) (88,942) $ 109,279 [1]
Ending Balance 5,468,127  
Foreign Currency Translation Adjustments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Begining Balance (21,941) (18,085)
Change in OCI before reclassifications 201 (2,362)
Amounts reclassified from AOCI 0 0
Income tax benefit (expense) (543) 212
Ending Balance (22,283) (20,235)
Net unrealized investment gains (losses)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Begining Balance (1,192,702) (927,778)
Change in OCI before reclassifications 256,144 (297,240)
Amounts reclassified from AOCI 16,892 (16,067)
Income tax benefit (expense) (57,176) 65,788
Ending Balance (976,842) (1,175,297)
Interest Rate Remeasurement of Future Policy Benefits    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Begining Balance 117,558 71,195
Change in OCI before reclassifications (12,540) 32,830
Amounts reclassified from AOCI 0 0
Income tax benefit (expense) 2,632 (6,894)
Ending Balance 107,650 97,131
Gain (Loss) from Changes in Non-Performance Risk on Market Risk Benefits    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Begining Balance 495,208 843,707
Change in OCI before reclassifications 161,213 (238,921)
Amounts reclassified from AOCI 0 0
Income tax benefit (expense) (33,855) 50,173
Ending Balance 622,566 654,959
Accumulated Other Comprehensive   Income (Loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Begining Balance (601,877) (30,961)
Change in OCI before reclassifications 405,018 (505,693)
Amounts reclassified from AOCI 16,892 (16,067)
Income tax benefit (expense) (88,942) 109,279
Ending Balance (268,909) (443,442) [2]
Cash flow hedges | Net unrealized investment gains (losses)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Begining Balance 111,000 12,000
Ending Balance $ 95,000 $ 39,000
[1] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
[2] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
v3.25.1
Equity (Reclassification out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net unrealized investment gains (losses)    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Amounts reclassified from AOCI $ 16,892 $ (16,067)
AOCI Attributable to Parent    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Amounts reclassified from AOCI 16,892 (16,067)
Amounts reclassified from AOCI | Net unrealized investment gains (losses)    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Amounts reclassified from AOCI (16,892) 16,067
Amounts reclassified from AOCI | AOCI Attributable to Parent    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Amounts reclassified from AOCI (16,892) 16,067
Amounts reclassified from AOCI | Fixed maturities, available-for-sale    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net unrealized investment gains (losses) (11,944) (6,837)
Amounts reclassified from AOCI | Currency/Interest rate | Cash flow hedges    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net unrealized investment gains (losses) $ (4,948) $ 22,904
v3.25.1
Equity (Net Unrealized Investment Gains (Losses) in AOCI on AFS Fixed Maturity Securities with Allowance for Credit Losses and All Other Investments) (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Begining Balance $ 4,701,980
Ending Balance 5,468,127
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on which an allowance for credit losses has been recognized  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Begining Balance 893
Net investment gains (losses) on investments arising during the period 2,710
Reclassification adjustment for (gains) losses included in net income 310
Reclassification due to allowance for credit losses recorded during the period 6
Impact of net unrealized investment (gains) losses 0
Ending Balance 3,919
Net Unrealized Investment Gains (Losses) on All Other Investments  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Begining Balance (1,847,178)
Net investment gains (losses) on investments arising during the period 325,258
Reclassification adjustment for (gains) losses included in net income 16,582
Reclassification due to allowance for credit losses recorded during the period (6)
Impact of net unrealized investment (gains) losses 0
Ending Balance (1,505,344)
Other Costs  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Begining Balance (583,709)
Net investment gains (losses) on investments arising during the period 0
Reclassification adjustment for (gains) losses included in net income 0
Reclassification due to allowance for credit losses recorded during the period 0
Impact of net unrealized investment (gains) losses 167,546
Ending Balance (416,163)
Future Policy Benefits and Policyholders’ Account Balances and other liabilities  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Begining Balance 920,455
Net investment gains (losses) on investments arising during the period 0
Reclassification adjustment for (gains) losses included in net income 0
Reclassification due to allowance for credit losses recorded during the period 0
Impact of net unrealized investment (gains) losses (239,370)
Ending Balance 681,085
Income Tax Benefit (Expense)  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Begining Balance 316,837
Net investment gains (losses) on investments arising during the period (68,696)
Reclassification adjustment for (gains) losses included in net income (3,538)
Reclassification due to allowance for credit losses recorded during the period 0
Impact of net unrealized investment (gains) losses 15,058
Ending Balance 259,661
Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses)  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Begining Balance (1,192,702)
Net investment gains (losses) on investments arising during the period 259,272
Reclassification adjustment for (gains) losses included in net income 13,354
Reclassification due to allowance for credit losses recorded during the period 0
Impact of net unrealized investment (gains) losses (56,766)
Ending Balance $ (976,842)
v3.25.1
Equity - Narrative (Details)
Mar. 31, 2025
Certain Subsidiaries  
Subsidiary or Equity Method Investee [Line Items]  
Subsidiary, ownership percentage 100.00%
v3.25.1
Related Party Transactions (Narrative) (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2025
USD ($)
Dec. 31, 2024
USD ($)
Nov. 30, 2024
entity
Jun. 30, 2024
USD ($)
May 31, 2023
USD ($)
Mar. 31, 2025
USD ($)
policy
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Related Party Transaction [Line Items]                
Commissions and fees           $ 398,346,000 $ 2,909,205,000  
Payments to Fund Policy Loans           60,078,000 64,385,000  
Policy loans   $ 1,541,480,000       1,556,658,000   $ 1,541,480,000
Net investment income           734,796,000 505,320,000  
Other invested assets   1,582,094,000       2,040,612,000   1,582,094,000
Fee income from revenue sharing agreement           52,080,000 56,632,000  
Commercial Mortgage Loans   7,759,323,000       8,054,419,000   7,759,323,000
Accrued investment income   466,394,000       502,312,000   466,394,000
Prudential Insurance                
Related Party Transaction [Line Items]                
Contributed Capital $ 220,000,000 416,000,000            
Return of Capital       $ 550,000,000        
Dividends           0   0
PGF                
Related Party Transaction [Line Items]                
Investment Income, Interest           102,000,000 128,000,000  
Prudential Insurance                
Related Party Transaction [Line Items]                
Stock option program plan expense           100,000 200,000  
Deferred compensation program expense           2,500,000 3,300,000  
Pension plan expense           3,000,000 3,000,000  
Welfare plan expense           $ 5,000,000 4,000,000  
Defined contribution plan, employer matching contribution, percent (up to)           4.00%    
Defined contribution plan, cost recognized           $ 2,000,000 2,000,000  
Number of Corporate Owned Life Insurance policies sold | policy           5    
Prudential Insurance and Prudential Financial                
Related Party Transaction [Line Items]                
Life Insurance, Corporate or Bank Owned, amount   4,657,000,000       $ 4,644,000,000   4,657,000,000
Fees related to Life Insurance, Corporate or Bank Owned, amount           14,000,000 13,000,000  
Prudential Financial                
Related Party Transaction [Line Items]                
Company's share of corporate expenses           $ 29,000,000 36,000,000  
Number of Corporate Owned Life Insurance policies sold | policy           1    
Payments to Fund Policy Loans         $ 900,000,000      
Policy loans   897,000,000       $ 894,000,000   897,000,000
Interest Income on Policy Loans           10,000,000 10,000,000  
Affiliated Entity                
Related Party Transaction [Line Items]                
Related Party Transaction, Number Of Other Affiliated Entities | entity     3          
Net investment income           0 2,000,000  
Accrued interest receivable related to long-term notes   1,000,000       2,000,000   1,000,000
Revenues related to long-term notes receivable           2,000,000 1,000,000  
Accrued investment income   0       0   0
Line of credit facility, maximum borrowing capacity           7,000,000,000    
Long-term debt to affiliates   0       0   0
Interest expense related to loans payable, Related Party           6,000,000 4,000,000  
Affiliated Entity | Total commercial mortgage loans                
Related Party Transaction [Line Items]                
Commercial Mortgage Loans   0       0   0
Affiliated Entity | PAD                
Related Party Transaction [Line Items]                
Commissions and fees           145,000,000 178,000,000  
Affiliated Entity | PGIM                
Related Party Transaction [Line Items]                
Net investment income           21,000,000 15,000,000  
Affiliated Entity | ASTISI and PGIM Investments                
Related Party Transaction [Line Items]                
Fee income from revenue sharing agreement           63,000,000 69,000,000  
Affiliated Entity | PGIM Investments                
Related Party Transaction [Line Items]                
Fee income from revenue sharing agreement           $ 12,000,000 11,000,000  
Affiliated Entity | Prudential Advisors                
Related Party Transaction [Line Items]                
Selling expenses - Percentage return to Related Party           98.00%    
Selling Expense           $ 113,000,000    
Prudential Financial Joint Ventures                
Related Party Transaction [Line Items]                
Net investment income           44,000,000 $ 9,000,000  
Other invested assets   $ 1,100,000,000       $ 1,513,000,000   $ 1,100,000,000
v3.25.1
Related Party Transactions (Affiliated Notes Receivable) (Details) - Affiliated Entity - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Total notes receivable - affiliated $ 567,031 $ 520,462
U.S. Dollar fixed rate notes    
Related Party Transaction [Line Items]    
Total notes receivable - affiliated $ 567,031 $ 520,462
U.S. Dollar fixed rate notes | Minimum    
Related Party Transaction [Line Items]    
Interest Rates 0.00%  
U.S. Dollar fixed rate notes | Maximum    
Related Party Transaction [Line Items]    
Interest Rates 9.46%  
v3.25.1
Related Party Transactions (Affiliated Asset Transfers) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
 [1]
Dec. 31, 2024
Related Party Transaction [Line Items]      
Additional Paid in Capital     $ 4,923,299
Realized investment gains (losses), net $ (106,374) $ (2,805)  
Affiliated Entity | PARU - January 2024 - Transfer in - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 1,598,161    
Book Value 1,598,161    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PARU - January 2024 - Transfer in - Fixed Maturities 1      
Related Party Transaction [Line Items]      
Fair Value 778,745    
Book Value 778,745    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURC - January 2024 - Transfer in - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,155,560    
Book Value 2,155,560    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | GUL Re - January 2024 - Transfer in - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 1,685,582    
Book Value 1,685,582    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | GUL Re - January 2024 - Transfer in - Fixed Maturities 1      
Related Party Transaction [Line Items]      
Fair Value 4,976    
Book Value 4,976    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURE - January 2024 - Transfer out - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 1,598,161    
Book Value 1,598,161    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURE - January 2024 - Transfer out - Fixed Maturities 1      
Related Party Transaction [Line Items]      
Fair Value 778,745    
Book Value 778,745    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURE - January 2024 - Transfer out - Fixed Maturities 2      
Related Party Transaction [Line Items]      
Fair Value 2,155,560    
Book Value 2,155,560    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURE - January 2024 - Transfer out - Fixed Maturities 3      
Related Party Transaction [Line Items]      
Fair Value 1,685,582    
Book Value 1,685,582    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURE - January 2024 - Transfer out - Fixed Maturities 4      
Related Party Transaction [Line Items]      
Fair Value 4,976    
Book Value 4,976    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Ironbound - January 2024 - Purchase - Other Invested Assets      
Related Party Transaction [Line Items]      
Fair Value 60,414    
Book Value 60,414    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 1, Ltd. - February 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 18,428    
Book Value 18,858    
Additional Paid in Capital 0    
Realized investment gains (losses), net (430)    
Affiliated Entity | Windhill CLO 2, Ltd - February 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 19,652    
Book Value 20,057    
Additional Paid in Capital 0    
Realized investment gains (losses), net (405)    
Affiliated Entity | PAR Term - February 2024 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 43,084    
Book Value 43,084    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 1, Ltd. - March 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 10,148    
Book Value 10,387    
Additional Paid in Capital 0    
Realized investment gains (losses), net (239)    
Affiliated Entity | Windhill CLO 2, Ltd. - March 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 14,763    
Book Value 15,091    
Additional Paid in Capital 0    
Realized investment gains (losses), net (328)    
Affiliated Entity | Prudential Insurance - March 2024 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 198,804    
Book Value 206,285    
Additional Paid in Capital 5,910    
Realized investment gains (losses), net 0    
Affiliated Entity | PAR U - March 2024 - Transfer in - Other Invested Assets      
Related Party Transaction [Line Items]      
Fair Value 188,500    
Book Value 188,500    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURE - March 2024 - Transfer out - Other Invested Assets      
Related Party Transaction [Line Items]      
Fair Value 188,500    
Book Value 188,500    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 1, Ltd. - April 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,261    
Book Value 2,300    
Additional Paid in Capital 0    
Realized investment gains (losses), net (39)    
Affiliated Entity | Windhill CLO 2, Ltd. - May 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 14,034    
Book Value 14,415    
Additional Paid in Capital 0    
Realized investment gains (losses), net (381)    
Affiliated Entity | Windhill CLO 1, Ltd. - June 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,045    
Book Value 2,100    
Additional Paid in Capital 0    
Realized investment gains (losses), net (55)    
Affiliated Entity | Windhill CLO 2, Ltd. - June 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 23,342    
Book Value 23,743    
Additional Paid in Capital 0    
Realized investment gains (losses), net (401)    
Affiliated Entity | PAR U - June 2024 - Transfer in - Other Invested Assets      
Related Party Transaction [Line Items]      
Fair Value 326    
Book Value 326    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURE - June 2024 - Transfer out - Other Invested Assets      
Related Party Transaction [Line Items]      
Fair Value 326    
Book Value 326    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PAR U - June 2024 - Purchase - Commercial Mortgage and Othe Loans      
Related Party Transaction [Line Items]      
Fair Value 12,555    
Book Value 12,555    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 2, Ltd. - July 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 53,462    
Book Value 54,628    
Additional Paid in Capital 0    
Realized investment gains (losses), net (1,166)    
Affiliated Entity | Windhill CLO 2, Ltd. - July 2024 - Sale - Fixed Maturities1      
Related Party Transaction [Line Items]      
Fair Value 6,579    
Book Value 6,695    
Additional Paid in Capital 0    
Realized investment gains (losses), net (116)    
Affiliated Entity | Windhill CLO 1, Ltd. - July 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,136    
Book Value 2,200    
Additional Paid in Capital 0    
Realized investment gains (losses), net (64)    
Affiliated Entity | PAR U - July 2024 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 17,402    
Book Value 17,402    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - July 2024 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 22,655    
Book Value 23,433    
Additional Paid in Capital 614    
Realized investment gains (losses), net 0    
Affiliated Entity | PAR U - July 2024 - Purchase - Fixed Maturities1      
Related Party Transaction [Line Items]      
Fair Value 1,239    
Book Value 1,239    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PAR U - July 2024 - Purchase - Derivatives      
Related Party Transaction [Line Items]      
Fair Value 2,975    
Book Value 2,975    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 2, Ltd. - August 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 21,929    
Book Value 22,500    
Additional Paid in Capital 0    
Realized investment gains (losses), net (571)    
Affiliated Entity | Windhill CLO 1, Ltd. - August 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 13,650    
Book Value 14,100    
Additional Paid in Capital 0    
Realized investment gains (losses), net (450)    
Affiliated Entity | PAR U - August 2024 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 46,742    
Book Value 46,742    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PAR U - August 2024 - Purchase - Fixed Maturities1      
Related Party Transaction [Line Items]      
Fair Value 4,793    
Book Value 4,793    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - August 2024 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 35,872    
Book Value 35,085    
Additional Paid in Capital (621)    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 2, Ltd. - September 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 57,613    
Book Value 57,613    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 2, Ltd. - September 2024 - Sale - Fixed Maturities1      
Related Party Transaction [Line Items]      
Fair Value 24,575    
Book Value 24,911    
Additional Paid in Capital 0    
Realized investment gains (losses), net (336)    
Affiliated Entity | Prudential Insurance - September 2024 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 44,773    
Book Value 43,632    
Additional Paid in Capital (901)    
Realized investment gains (losses), net 0    
Affiliated Entity | Hirakata - October 2024 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 21,229    
Book Value 21,229    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Hirakata - October 2024 - Purchase - Fixed Maturities1      
Related Party Transaction [Line Items]      
Fair Value 3,901    
Book Value 3,901    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PAR U - October 2024 - Transfer in - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 6,615,438    
Book Value 6,615,438    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 3, Ltd. - October 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 232,036    
Book Value 235,610    
Additional Paid in Capital 0    
Realized investment gains (losses), net (3,574)    
Affiliated Entity | Windhill CLO 2, Ltd. - October 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 5,824    
Book Value 5,899    
Additional Paid in Capital 0    
Realized investment gains (losses), net (75)    
Affiliated Entity | Windhill CLO 2, Ltd. - October 2024 - Sale - Fixed Maturities1      
Related Party Transaction [Line Items]      
Fair Value 14,690    
Book Value 14,959    
Additional Paid in Capital 0    
Realized investment gains (losses), net (269)    
Affiliated Entity | Windhill CLO 1, Ltd. - October 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 3,038    
Book Value 3,100    
Additional Paid in Capital 0    
Realized investment gains (losses), net (62)    
Affiliated Entity | PAR U - October 2024 - Transfer in - Equities      
Related Party Transaction [Line Items]      
Fair Value 6,120    
Book Value 6,120    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 3, Ltd. - November 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 17,409    
Book Value 17,518    
Additional Paid in Capital 0    
Realized investment gains (losses), net (109)    
Affiliated Entity | Windhill CLO 3, Ltd. - December 2024 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 38,020    
Book Value 38,537    
Additional Paid in Capital 0    
Realized investment gains (losses), net (517)    
Affiliated Entity | Windhill CLO 3, Ltd. - December 2024 - Sale - Short-term Investments1      
Related Party Transaction [Line Items]      
Fair Value 2,882    
Book Value 2,905    
Additional Paid in Capital 0    
Realized investment gains (losses), net (23)    
Affiliated Entity | Prudential Insurance - December 2024 - Contributed Capital - Equities      
Related Party Transaction [Line Items]      
Fair Value 415,696    
Book Value 416,265    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 2, Ltd. - January 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,738    
Book Value 2,800    
Additional Paid in Capital 0    
Realized investment gains (losses), net (62)    
Affiliated Entity | Windhill CLO 3, Ltd. - January 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 17,046    
Book Value 17,363    
Additional Paid in Capital 0    
Realized investment gains (losses), net (317)    
Affiliated Entity | Windhill CLO 1, Ltd. - January 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 2,152    
Book Value 2,200    
Additional Paid in Capital 0    
Realized investment gains (losses), net (48)    
Affiliated Entity | PAR U - February 2025 - Purchase - Derivatives      
Related Party Transaction [Line Items]      
Fair Value 417,169    
Book Value 417,169    
Additional Paid in Capital 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 2, Ltd. - February 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 7,482    
Book Value 7,600    
Additional Paid in Capital 0    
Realized investment gains (losses), net (118)    
Affiliated Entity | Windhill CLO 3, Ltd. - February 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 17,172    
Book Value 17,410    
Additional Paid in Capital 0    
Realized investment gains (losses), net (238)    
Affiliated Entity | Windhill CLO 1, Ltd. - February 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 9,784    
Book Value 9,900    
Additional Paid in Capital 0    
Realized investment gains (losses), net (116)    
Affiliated Entity | Prudential Insurance - February 2025 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 100,033    
Book Value 101,147    
Additional Paid in Capital 880    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance - March 2025 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 226,726    
Book Value 260,396    
Additional Paid in Capital 26,599    
Realized investment gains (losses), net 0    
Affiliated Entity | Windhill CLO 3, Ltd. - March 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 9,019    
Book Value 9,144    
Additional Paid in Capital 0    
Realized investment gains (losses), net (125)    
Affiliated Entity | Windhill CLO 1, Ltd. - March 2025 - Sale - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 8,469    
Book Value 8,500    
Additional Paid in Capital 0    
Realized investment gains (losses), net (31)    
Affiliated Entity | Windhill CLO 1, Ltd. - March 2025 - Sale - Fixed Maturities1      
Related Party Transaction [Line Items]      
Fair Value 10,184    
Book Value 10,301    
Additional Paid in Capital 0    
Realized investment gains (losses), net (117)    
Affiliated Entity | Windhill CLO 1, Ltd. - March 2025 - Purchase - Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 921    
Book Value 921    
Additional Paid in Capital 0    
Realized investment gains (losses), net $ 0    
[1] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
v3.25.1
Commitments and Contingent Liabilities (Details) - Fair Value Guarantee [Member] - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Commitments and Contingent Liabilities [Line Items]    
Guaranteed value of third-parties assets $ 3,959,550 $ 3,958,847
Fair value of collateral supporting these assets 3,616,006 3,543,500
Asset (liability) associated with guarantee, carried at fair value $ (12,503) $ 111
v3.25.1
Commitments and Contingent Liabilities (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Jul. 31, 2017
Commitments and Contingent Liabilities [Line Items]        
Litigation and regulatory matters loss contingency, range of possible loss, maximum (less than) $ 100.0      
Indonesia | CT Corp Joint Venture        
Commitments and Contingent Liabilities [Line Items]        
Joint Venture with CT Corp, Ownership Percentage       49.00%
Commitments | Total commercial mortgage loans        
Commitments and Contingent Liabilities [Line Items]        
Total outstanding mortgage loan commitments 230.0   $ 230.0  
Allowance for credit losses 0.2   0.3  
Change in allowance for credit loss expense (reversal) 0.1 $ 0.1    
Commitments | Investments        
Commitments and Contingent Liabilities [Line Items]        
Commitments to purchase investment (excluding commercial mortgage loans) 1,634.0   1,359.0  
Purchase Commitment        
Commitments and Contingent Liabilities [Line Items]        
Change in allowance for credit loss expense (reversal) 0.0 $ 0.0    
Other Guarantees        
Commitments and Contingent Liabilities [Line Items]        
Accrued liabilities $ 32.0   $ 32.0  
v3.25.1
Revision to Prior Year Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
REVENUES    
Other income (loss) $ 176,441 $ 214,995 [1]
Realized investment gains (losses), net (106,374) (2,805) [1]
Change in value of market risk benefits, net of related hedging gains (losses) (326,071) 103,996 [1]
TOTAL REVENUES 1,052,678 3,879,525
BENEFITS AND EXPENSES    
Interest credited to policyholders’ account balances 293,762 258,350 [1]
Amortization of deferred policy acquisition costs 160,223 (129,157) [1]
General, administrative and other expenses 294,480 297,814 [1]
TOTAL BENEFITS AND EXPENSES 898,383 4,521,410
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE   (641,885)
Income tax expense (benefit) 19,677 (67,647) [1]
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY 129,569 (575,576)
Gain (loss) from changes in non-performance risk on market risk benefits   (238,921)
Total 421,910 (521,760)
Less: Income tax expense (benefit) related to other comprehensive income (loss)   (109,279)
Other comprehensive income (loss), net of tax 332,968 (412,481)
Comprehensive income (loss) 467,494 (986,876)
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Begining Balance 4,701,980  
Comprehensive income (loss):    
Net Income (Loss) 134,526 (574,395) [2]
Other comprehensive income (loss), net of tax 332,968 (412,481)
Total comprehensive income (loss) 467,494 (986,876)
Ending Balance 5,468,127  
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) 134,526 (574,395) [2]
Interest credited to policyholders’ account balances 293,762 258,350 [2]
Realized investment (gains) losses, net 106,374 2,805 [1]
Change in value of market risk benefits, net of related hedging (gains) losses 326,071 (103,996) [1]
Change in:    
Reinsurance related-balances [3] (248,674) 496,373 [2]
Deferred policy acquisition costs [3] (197,401) (194,547) [2]
Income taxes 20,891 (68,453) [2]
Derivatives, net (714,931) 125,100 [2]
Other, net [3] (150,083) (52,194) [2]
Cash flows from (used in) operating activities 41,311 690,625
CASH FLOWS FROM FINANCING ACTIVITIES:    
Ceded policyholders’ account deposits (592,077) (301,733) [2]
Policyholders’ account withdrawals (1,048,147) (978,866) [2]
Other, net [3] 86,696 (78,207) [2]
Cash flows from (used in) financing activities 3,213,526 2,739,124
Scenario, Adjustment    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Interest credited to policyholders’ account balances   258,350
Retained Earnings    
BENEFITS AND EXPENSES    
Comprehensive income (loss) 129,569 (575,576)
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Begining Balance 272,519 (551,471)
Comprehensive income (loss):    
Net Income (Loss) 129,569 (575,576) [4]
Total comprehensive income (loss) 129,569 (575,576)
Ending Balance 402,088 (1,127,047) [4]
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) 129,569 (575,576) [4]
AOCI    
BENEFITS AND EXPENSES    
Other comprehensive income (loss), net of tax 332,968 (412,481) [4]
Comprehensive income (loss) 332,968 (412,481)
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Begining Balance (601,877) (30,961)
Comprehensive income (loss):    
Other comprehensive income (loss), net of tax 332,968 (412,481) [4]
Total comprehensive income (loss) 332,968 (412,481)
Ending Balance (268,909) (443,442) [4]
Total  Equity    
BENEFITS AND EXPENSES    
Other comprehensive income (loss), net of tax 332,968 (412,481) [4]
Comprehensive income (loss) 467,494 (986,876)
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Begining Balance 4,701,980 4,502,864
Comprehensive income (loss):    
Net Income (Loss) 134,526 (574,395) [4]
Other comprehensive income (loss), net of tax 332,968 (412,481) [4]
Total comprehensive income (loss) 467,494 (986,876)
Ending Balance 5,468,127 3,547,020 [4]
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ 134,526 (574,395) [4]
Previously Reported    
REVENUES    
Other income (loss)   213,485
Realized investment gains (losses), net   23,000
Change in value of market risk benefits, net of related hedging gains (losses)   91,591
TOTAL REVENUES   3,891,415
BENEFITS AND EXPENSES    
Interest credited to policyholders’ account balances   224,550
Amortization of deferred policy acquisition costs   (131,015)
General, administrative and other expenses   308,178
TOTAL BENEFITS AND EXPENSES   4,496,116
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE   (604,701)
Income tax expense (benefit)   (63,617)
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY   (542,422)
Gain (loss) from changes in non-performance risk on market risk benefits   (238,974)
Total   (521,813)
Less: Income tax expense (benefit) related to other comprehensive income (loss)   (109,291)
Other comprehensive income (loss), net of tax   (412,522)
Comprehensive income (loss)   (953,763)
Comprehensive income (loss):    
Net Income (Loss)   (541,241)
Other comprehensive income (loss), net of tax   (412,522)
Total comprehensive income (loss)   (953,763)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss)   (541,241)
Interest credited to policyholders’ account balances   224,550
Realized investment (gains) losses, net   (23,000)
Change in value of market risk benefits, net of related hedging (gains) losses   (91,591)
Change in:    
Reinsurance related-balances   497,883
Deferred policy acquisition costs   (186,041)
Income taxes   (64,423)
Derivatives, net   (23,220)
Other, net   96,126
Cash flows from (used in) operating activities   690,625
CASH FLOWS FROM FINANCING ACTIVITIES:    
Ceded policyholders’ account deposits   (356,405)
Policyholders’ account withdrawals   (1,027,050)
Other, net   24,649
Cash flows from (used in) financing activities   2,739,124
Previously Reported | Retained Earnings    
BENEFITS AND EXPENSES    
Comprehensive income (loss)   (542,422)
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Begining Balance   (532,951)
Comprehensive income (loss):    
Net Income (Loss)   (542,422)
Total comprehensive income (loss)   (542,422)
Ending Balance   (1,075,373)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss)   (542,422)
Previously Reported | AOCI    
BENEFITS AND EXPENSES    
Other comprehensive income (loss), net of tax   (412,522)
Comprehensive income (loss)   (412,522)
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Begining Balance   (30,920)
Comprehensive income (loss):    
Other comprehensive income (loss), net of tax   (412,522)
Total comprehensive income (loss)   (412,522)
Ending Balance   (443,442)
Previously Reported | Total  Equity    
BENEFITS AND EXPENSES    
Other comprehensive income (loss), net of tax   (412,522)
Comprehensive income (loss)   (953,763)
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Begining Balance   4,521,425
Comprehensive income (loss):    
Net Income (Loss)   (541,241)
Other comprehensive income (loss), net of tax   (412,522)
Total comprehensive income (loss)   (953,763)
Ending Balance   3,598,694
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss)   (541,241)
Adjustments    
REVENUES    
Other income (loss)   1,510
Realized investment gains (losses), net   (25,805)
Change in value of market risk benefits, net of related hedging gains (losses)   12,405
TOTAL REVENUES   (11,890)
BENEFITS AND EXPENSES    
Interest credited to policyholders’ account balances   33,800
Amortization of deferred policy acquisition costs   1,858
General, administrative and other expenses   (10,364)
TOTAL BENEFITS AND EXPENSES   25,294
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE   (37,184)
Income tax expense (benefit)   (4,030)
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY   (33,154)
Gain (loss) from changes in non-performance risk on market risk benefits   53
Total   53
Less: Income tax expense (benefit) related to other comprehensive income (loss)   12
Other comprehensive income (loss), net of tax   41
Comprehensive income (loss)   (33,113)
Comprehensive income (loss):    
Net Income (Loss)   (33,154)
Other comprehensive income (loss), net of tax   41
Total comprehensive income (loss)   (33,113)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss)   (33,154)
Interest credited to policyholders’ account balances   33,800
Realized investment (gains) losses, net   25,805
Change in value of market risk benefits, net of related hedging (gains) losses   (12,405)
Change in:    
Reinsurance related-balances   (1,510)
Deferred policy acquisition costs   (8,506)
Income taxes   (4,030)
Derivatives, net   148,320
Other, net   (148,320)
Cash flows from (used in) operating activities   0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Ceded policyholders’ account deposits   54,672
Policyholders’ account withdrawals   48,184
Other, net   (102,856)
Cash flows from (used in) financing activities   0
Adjustments | Retained Earnings    
BENEFITS AND EXPENSES    
Comprehensive income (loss)   (33,154)
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Begining Balance   (18,520)
Comprehensive income (loss):    
Net Income (Loss)   (33,154)
Total comprehensive income (loss)   (33,154)
Ending Balance   (51,674)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss)   (33,154)
Adjustments | AOCI    
BENEFITS AND EXPENSES    
Other comprehensive income (loss), net of tax   41
Comprehensive income (loss)   41
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Begining Balance   (41)
Comprehensive income (loss):    
Other comprehensive income (loss), net of tax   41
Total comprehensive income (loss)   41
Ending Balance   0
Adjustments | Total  Equity    
BENEFITS AND EXPENSES    
Other comprehensive income (loss), net of tax   41
Comprehensive income (loss)   (33,113)
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Begining Balance   (18,561)
Comprehensive income (loss):    
Net Income (Loss)   (33,154)
Other comprehensive income (loss), net of tax   41
Total comprehensive income (loss)   (33,113)
Ending Balance   (51,674)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss)   $ (33,154)
[1] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
[2] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
[3] Prior period amounts have been updated to conform to current period presentation.
[4] Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.