PRUCO LIFE INSURANCE CO, 10-K filed on 3/26/2025
Annual Report
v3.25.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Mar. 26, 2025
Cover [Abstract]    
Document Type 10-K  
Amendment Flag false  
Document Annual Report true  
Document Period End Date Dec. 31, 2024  
Document Fiscal Year Focus 2024  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus FY  
Document Transition Report false  
Entity File Number 033-37587  
Entity Registrant Name PRUCO LIFE INSURANCE CO  
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 Well-known Seasoned Issuer No  
Entity Voluntary Filers No  
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  
ICFR Auditor Attestation Flag false  
Document Financial Statement Error Correction [Flag] false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   250,000
Entity Public Float $ 0  
Documents Incorporated by Reference
The information required to be furnished pursuant to Part III of this Form 10-K is set forth in, and is hereby incorporated by reference herein from, Prudential Financial, Inc.’s Definitive Proxy Statement for the Annual Meeting of Shareholders to be held on May 13, 2025, to be filed by Prudential Financial, Inc. with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the year ended December 31, 2024.
  
v3.25.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location New York, New York
Auditor Firm ID 238
v3.25.1
Consolidated Statements of Financial Position - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,008) (amortized cost: 2024 – $36,980,933; 2023 – $27,538,066) $ 34,986,160 $ 26,131,780
Fixed maturities, trading, at fair value (amortized cost: 2024 – $4,415,277; 2023 – $3,476,746) 3,845,045 2,796,446
Equity securities, at fair value (cost: 2024 – $2,650,542; 2023 – $824,270) 2,623,820 844,950
Policy loans 1,541,480 1,472,677
Short-term investments (net of allowance for credit losses: 2024 – $49; 2023 – $0) 517,386 380,366
Commercial mortgage and other loans (net of $37,715 and $37,689 allowance for credit losses at December 31, 2024 and 2023, respectively) 7,759,323 6,122,721
Other invested assets (includes $68,623 and $85,025 of assets measured at fair value at December 31, 2024 and 2023, respectively) 1,582,094 1,222,985
Total investments 52,855,308 38,971,925
Cash and cash equivalents 3,325,698 2,139,792
Deferred policy acquisition costs 7,807,060 7,144,736 [1]
Accrued investment income 466,394 333,838
Reinsurance recoverables and deposit receivables (includes $884,557 and $293,764 of embedded derivatives at fair value at December 31, 2024 and December 31, 2023, respectively) 48,247,817 40,256,800 [1],[2]
Receivables from parent and affiliates 678,028 332,583
Deferred sales inducements 322,351 351,424
Income tax assets 2,120,654 1,742,585 [1]
Market risk benefit assets 2,637,363 2,367,243
Other assets 1,850,800 440,276 [2]
Separate account assets 118,143,256 119,188,485
TOTAL ASSETS 238,454,729 213,269,687
LIABILITIES    
Policyholders’ account balances 69,628,318 52,986,700 [1]
Future policy benefits 25,113,767 23,205,205
Market risk benefit liabilities 4,281,244 5,156,858 [1]
Cash collateral for loaned securities 121,372 218,310
Reinsurance and funds withheld payables (includes $0 and $6,115 of embedded derivatives at fair value at December 31, 2024 and 2023, respectively) 8,611,141 2,738,979 [1],[2]
Short-term debt to affiliates 0 180,411
Payables to parent and affiliates 3,653,848 2,667,696
Other Liabilities 4,199,803 2,424,179 [2]
Separate account liabilities 118,143,256 119,188,485
Total liabilities 233,752,749 208,766,823
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 16)
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 4,923,299 5,052,602
Retained Earnings (accumulated deficit) 272,519 (551,471) [1]
Accumulated other comprehensive income (loss) (601,877) (30,961) [1]
Total Pruco Life Insurance Company equity 4,596,441 4,472,670
Noncontrolling Interests 105,539 30,194
Total equity 4,701,980 4,502,864
TOTAL LIABILITIES AND EQUITY $ 238,454,729 $ 213,269,687
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
[2] Prior period amounts have been reclassified to conform to current period presentation.
v3.25.1
Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fixed Maturities, Available-for-sale, allowance for credit losses $ 40,414 $ 2,008 $ 4,769  
Fixed maturities, available-for-sale, amortized cost 36,980,933 27,538,066    
Fixed maturities, trading, amortized cost 4,415,277 3,476,746    
Equity securities, at cost 2,650,542 824,270    
Commercial mortgage and other loans, allowance for credit losses 37,715 37,689 $ 20,263 $ 5,951
Other invested assets, at fair value 68,623 85,025    
Reinsurance recoverable and deposit receivables, embedded derivatives at fair value $ 645,193 $ 192,642    
Common stock, par value (in dollars 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 $ 49 $ 0    
v3.25.1
Consolidated Statement of Operations and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
REVENUES      
Premiums (includes $(2,690), $6,978 and $(1,250) of gains (losses) from change in estimates on deferred profit liability amortization for the year ended December 31, 2024, 2023 and 2022, respectively) $ 393,127 $ 328,897 $ 265,208
Policy charges and fee income 7,382,797 1,536,606 1,230,601
Net investment income 2,422,017 1,675,522 884,001
Asset administration fees 223,563 232,950 284,182
Other Income (loss) 759,756 751,363 [1] (636,273) [1]
Realized investment gains (losses), net 451,417 (1,147,099) [1] 289,929 [1]
Change in value of market risk benefits, net of related hedging gain (losses) (433,955) (106,773) [2] (700,581)
TOTAL REVENUES 11,198,722 3,271,466 1,617,067
BENEFITS AND EXPENSES      
Policyholders’ benefits 8,352,333 503,789 458,373
Changes in estimates of liability for future policy benefits (20,643) 3,952 55,099
Interest credited to policyholders’ account balances 1,037,731 621,645 [1] 445,215
Amortization of deferred policy acquisition costs (372,201) 539,510 [1] 521,269 [1]
General, administrative and other expense 1,228,443 1,124,923 [1] 1,129,700 [1]
TOTAL BENEFITS AND EXPENSES 10,225,663 2,793,819 2,609,656
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES AND OPERATING JOINT VENTURE 973,059 477,647 (992,589)
Income tax expense (benefit) 135,149 26,468 [1] (296,687) [1]
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 837,910 451,179 (695,902)
Equity in earnings of operating joint venture, net of taxes (425) (433) (75,137)
Net income (loss) 837,485 450,746 [2] (771,039) [2]
Less: Income (loss) attributable to noncontrolling interests 13,495 488 0
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY 823,990 450,258 (771,039)
Other comprehensive income (loss), before tax:      
Foreign currency translation adjustments (4,595) 2,419 (9,337)
Net unrealized investment gains (losses) (335,093) 691,952 (2,254,037)
Interest rate remeasurement of future policy benefits 58,676 (60,978) 310,353
Gain (loss) from changes in non-performance risk on market risk benefits (441,138) (659,927) [1] 1,440,305
Total (722,150) (26,534) (512,716)
Less: Income tax expense (benefit) related to other comprehensive income (loss) (151,234) (5,638) [1] (106,197)
Other comprehensive income (loss), net of tax (570,916) (20,896) (406,519)
Comprehensive income (loss) 266,569 429,850 (1,177,558)
Less: Comprehensive income (loss) attributable to noncontrolling interests 13,495 488 0
Comprehensive income (loss) attributable to Pruco Life Insurance Company $ 253,074 $ 429,362 $ (1,177,558)
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
[2] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Consolidated Statements of Stockholder's 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
Beginning Balance at Dec. 31, 2021 [1]   $ 2,500 $ 6,042,491 $ (230,690) $ 396,454 $ 6,210,755 $ 0 $ 6,210,755
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Return of Capital           0    
Contributed capital     17,861     17,861   17,861
Contributed (distributed) capital-parent/child asset transfers     (22,438)     (22,438)   (22,438)
Comprehensive income (loss):                
Net income (loss) $ (771,039) [2]     (771,039) [1]   (771,039) [1]   (771,039) [1]
Other Comprehensive Income (Loss), Net of Tax (406,519)       (406,519) (406,519) 0 (406,519)
Comprehensive income (loss) (1,177,558)     (771,039) [1] (406,519) [1] (1,177,558) [1] 0 [1] (1,177,558) [1]
Ending Balance at Dec. 31, 2022 [1]   2,500 6,037,914 (1,001,729) (10,065) 5,028,620 0 5,028,620
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Return of Capital     (1,400,000)     (1,400,000)   (1,400,000)
Contributed capital     412,382     412,382   412,382
Contributions from noncontrolling interests             29,706 29,706
Contributed (distributed) capital-parent/child asset transfers     2,306     2,306   2,306
Comprehensive income (loss):                
Net income (loss) 450,746 [2]     450,258 [1]   450,258 [1] 488 [1] 450,746 [1]
Other Comprehensive Income (Loss), Net of Tax (20,896)       (20,896) [1] (20,896) [1] 0 [1] (20,896) [1]
Comprehensive income (loss) 429,850     450,258 (20,896) 429,362 488 429,850
Ending Balance at Dec. 31, 2023 4,502,864 2,500 [1] 5,052,602 [1] (551,471) [1] (30,961) [1] 4,472,670 [1] 30,194 [1] 4,502,864 [1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Return of Capital 550,000   (550,000)     (550,000)   (550,000)
Contributed capital     415,696     415,696   415,696
Contributions from noncontrolling interests             250,422 250,422
Distributions to noncontrolling interests             (188,572) (188,572)
Contributed (distributed) capital-parent/child asset transfers     5,001     5,001   5,001
Comprehensive income (loss):                
Net income (loss) 837,485     823,990   823,990 13,495 837,485
Other Comprehensive Income (Loss), Net of Tax (570,916)       (570,916) (570,916) 0 (570,916)
Comprehensive income (loss) 266,569     823,990 (570,916) 253,074 13,495 266,569
Ending 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
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
[2] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 837,485 $ 450,746 [1] $ (771,039) [1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Policy charges and fee income 53,496 69,986 131,936
Interest credited to policyholders’ account balances 1,037,731 621,645 [1] 445,215
Realized investment gains (losses), net (451,417) 1,147,099 [2] (289,929) [2]
Change in value of market risk benefits, net of related hedging gain (losses) 433,955 106,773 [1] 700,581
Change in:      
Future policy benefits and other insurance liabilities 2,689,669 2,241,530 3,743,780
Reinsurance related-balances [3] (1,124,001) (678,725) [1] (1,786,851) [1]
Accrued investment income (116,571) (110,760) (58,762)
Net payables to (receivables from) parent and affiliates (36,204) (120,565) 80,370
Deferred policy acquisition costs (950,022) (581,925) [1] (468,074) [1]
Income taxes (228,166) (40,796) [1] (335,921) [1]
Derivatives, net 1,461,192 (282,729) (651,654)
Other, net [3] (126,696) (362,384) 1,085,312
Cash flows from (used in) operating activities 3,480,451 2,459,895 1,824,964
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 4,240,000 1,736,809 1,688,079
Fixed maturities, trading 802,378 97,693 907,941
Equity securities 961,421 189,237 242,292
Policy loans 188,153 182,973 169,723
Ceded policy loans (113,148) (119,787) (112,164)
Short-term investments 1,303,977 456,983 632,069
Commercial mortgage and other loans 731,440 167,888 196,672
Other invested assets 99,852 19,693 60,349
Notes receivable from parent and affiliates [3] 722 4,500 833
Payments for the purchase/origination of:      
Fixed maturities, available-for-sale (13,766,055) (7,544,596) (7,009,578)
Fixed maturities, trading (1,819,224) (857,717) (425,267)
Equity securities (2,373,486) (678,847) (281,684)
Policy loans (255,811) (1,162,959) (144,764)
Ceded policy loans 125,795 151,019 71,402
Short-term investments (1,441,031) (690,173) (558,161)
Commercial mortgage and other loans (2,392,198) (1,341,450) (1,076,351)
Other invested assets (460,721) (190,826) (166,345)
Notes receivable from parent and affiliates [3] (367,700) (44) (62)
Derivatives, net 171,230 (55,091) (366,805)
Other, net (3,264) (4,808) 57,687
Cash flows from (used in) investing activities (14,367,670) (9,639,503) (6,114,134)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Policyholders’ account deposits 17,265,165 12,101,043 9,996,128
Ceded policyholders’ account deposits (1,169,002) (1,189,331) (1,216,195)
Policyholders’ account withdrawals (3,980,496) (3,695,248) (3,727,579)
Ceded policyholders’ account withdrawals 764,421 625,238 638,392
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities (96,928) 131,577 83,762
Contributed capital 0 405,000 0
Return of capital (550,000) (1,400,000) 0
Contributed (distributed) capital - parent/child asset transfers 6,332 2,919 (11,478)
Net change in all other financing arrangements (maturities 90 days or less) 0 (584) 584
Repayments of debt (maturities longer than 90 days) (180,411) (121,772) 0
Drafts outstanding (84,531) (885) 63,579
Contributions from Noncontrolling Interests [3] 250,422 29,706 0
Distributions to Noncontrolling Interests (188,572) 0 0
Other, net [3] 36,725 34,110 (59,327)
Cash flows from (used in) financing activities 12,073,125 6,921,773 5,767,866
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,185,906 (257,835) 1,478,696
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 2,139,792 2,397,627 918,931
CASH AND CASH EQUIVALENTS, END OF YEAR 3,325,698 2,139,792 2,397,627
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes paid (refunded), net 363,208 67,203 39,201
Interest paid $ 2,644 $ 4,533 $ 7,863
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
[2] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
[3] Prior period amounts have been updated to conform to current period presentation.
v3.25.1
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Capital contributions | Prudential Insurance      
Non-cash activity $ 416    
Assets | Prudential Insurance      
Non-cash activity     $ 18
FLIAC | Reinsurance agreement      
Non-cash activity   $ 475 4,656
Lotus Re | Reinsurance agreement | Affiliated Entity      
Non-cash activity     $ 531
PARCC | Affiliated Entity      
Non-cash activity (78)    
PARCC | Reinsurance agreement | Affiliated Entity      
Non-cash activity (102)    
PURE and Prudential Insurance | Affiliated Entity      
Non-cash activity 936    
PURE and Prudential Insurance | Reinsurance agreement | Affiliated Entity      
Non-cash activity 1,129    
PAR U | Affiliated Entity      
Non-cash activity 7,190    
Non-cash activity (6,722)    
PAR U | Reinsurance agreement | Affiliated Entity      
Non-cash activity 7,218    
Non-cash activity (6,722)    
Wilton Re | Reinsurance agreement      
Non-cash activity 6,722    
Non-cash activity $ (7,469)    
v3.25.1
Unaudited Interim Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization Expense, Realized Gain (Loss) $ (2,690) $ 6,978 $ (1,250)
v3.25.1
Business and Basis of Presentation
 12 Months Ended
Dec. 31, 2024
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 The Prudential Insurance Company of America ("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.

Prudential Financial Sale of PALAC

Effective April 1, 2022, Prudential Financial completed the sale of Prudential Annuities Life Assurance Corporation (“PALAC”) to Fortitude Group Holdings, LLC (“Fortitude”). As such, PALAC is no longer an affiliate of Prudential Financial or the Company. Fortitude subsequently renamed the company Fortitude Life Insurance & Annuity Company (“FLIAC”).

Basis of Presentation

The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The 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.

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.

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; 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 Financial Statements

In the fourth quarter of 2024, the Company identified misstatements in the previously issued Consolidated Financial Statements for the years ended December 31, 2023 and 2022. Prior period amounts have been revised in the Consolidated Financial Statements and related disclosures to correct this error. Management evaluated these adjustments and concluded they were not material to any previously reported quarterly or annual Consolidated Financial Statements. See Note 17 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
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies and Pronouncements SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS
ASSETS

Fixed maturities, available-for-sale, at fair value ("AFS debt securities") includes bonds, notes and redeemable preferred stock that are carried at fair value. See Note 5 for additional information regarding the determination of fair value. The purchased cost of fixed maturities is adjusted for amortization of premiums and accretion of discounts to maturity or, if applicable, call date.

AFS debt securities, where fair value is below amortized cost, are reviewed quarterly to determine whether the amortized cost basis of the security is recoverable. For mortgage-backed and asset-backed AFS debt securities, a credit impairment will be recognized in earnings as an allowance for credit losses and reported in “Realized investment gains (losses), net,” to the extent the amortized cost exceeds the net present value of projected future cash flows (the “net present value”) for the security. A credit impairment recorded cannot exceed the difference between the amortized cost and fair value of the respective security. The net present value used to measure a credit impairment is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the AFS debt security at the date of acquisition. Once the Company has deemed all or a portion of the amortized cost uncollectible, the allowance is removed from the balance sheet by writing down the amortized cost basis of the AFS debt security. Any amount of an AFS debt security’s change in fair value not recorded as an allowance for credit losses will be recorded in Other Comprehensive Income (loss) (“OCI”).

For all other AFS debt securities, qualitative factors are first considered including, but not limited to, the extent of the decline and the reasons for the decline in value (e.g., credit events, currency or interest-rate related, including general credit spread widening), and the financial condition of the issuer. If analysis of these qualitative factors results in the security needing to be impaired, a credit impairment will be recognized and measured using the same process for mortgage-backed and asset-backed AFS debt securities.
When an AFS debt security's fair value is below amortized cost and the Company has the intent to sell the AFS debt security, or it is more likely than not the Company will be required to sell the AFS debt security before its anticipated recovery, the amortized cost basis of the AFS debt security is written down to fair value and any previously recognized allowance is reversed. The write-down is reported in "Realized investment gains (losses), net".

Interest income, including amortization of premium and accretion of discount, are included in “Net investment income” under the effective yield method. Prepayment premiums are also included in “Net investment income”.

For high credit quality mortgage-backed and asset-backed AFS debt securities (those rated AA or above), the amortized cost and effective yield of the securities are adjusted as necessary to reflect historical prepayment experience and changes in estimated future prepayments. The adjustments to amortized cost are recorded as a charge or credit to “Net investment income” in accordance with the retrospective method.

For mortgage-backed and asset-backed AFS debt securities rated below AA, the effective yield is adjusted prospectively for any changes in the estimated timing and amount of cash flows unless the investment is purchased with credit deterioration or an allowance is currently recorded for the respective security. If an investment is impaired, any changes in the estimated timing and amount of cash flows will be recorded as the credit impairment, as opposed to a yield adjustment. If the asset is purchased with credit deterioration (or previously impaired), the effective yield will be adjusted if there are favorable changes in cash flows subsequent to the allowance being reduced to zero.

For mortgage-backed and asset-backed AFS debt securities, cash flow estimates consider the payment terms of the underlying assets backing a particular security, including interest rate and prepayment assumptions based on data from widely accepted third-party data sources or internal estimates. In addition to interest rate and prepayment assumptions, cash flow estimates also include other assumptions regarding the underlying collateral including default rates and recoveries, which vary based on the asset type and geographic location, as well as the vintage year of the security. These assumptions can significantly impact income recognition, unrealized gains and loss recorded in OCI, and the amount of impairment recognized in earnings. The payment priority of the respective security is also considered. For all other AFS debt securities, cash flow estimates are driven by assumptions regarding probability of default and estimates regarding timing and amount of recoveries associated with a default. The Company has developed these estimates using information based on its historical experience as well as using market observable data, such as industry analyst reports and forecasts, sector credit ratings and other data relevant to the collectability of a security, such as the general payment terms of the security and the security’s position within the capital structure of the issuer.

Fixed maturities, trading, at fair value ("Trading debt securities") includes debt securities that are carried at fair value. See Note 5 for additional information regarding the determination of fair value. Realized and unrealized gains and losses for these investments are reported in “Other income (loss),” and interest income from these investments is reported in “Net investment income”.

Equity securities, at fair value consists of common stock and mutual fund shares carried at fair value. Realized and unrealized gains and losses on these investments are reported in “Other income (loss),” and dividend income is reported in “Net investment income” on the ex-dividend date.

Policy loans represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in “Net investment income” at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

Short-term investments primarily consists of highly liquid debt instruments with a maturity of twelve months or less and greater than three months when purchased. These investments are generally carried at fair value or amortized cost that approximates fair value and include certain money market investments, funds managed similar to regulated money market funds, short-term debt securities issued by government sponsored entities and other highly liquid debt instruments.
Commercial mortgage and other loans consist of commercial mortgage loans, agricultural property loans, as well as certain other collateralized loans. Commercial mortgage and other loans held for investment are generally carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses and net of any current expected credit loss ("CECL") allowance. Certain off-balance sheet credit exposures (e.g., indemnification of serviced mortgage loans, and certain unfunded mortgage loan commitments where the Company cannot unconditionally cancel the commitment) are also subject to a CECL allowance. See Note 16 for additional information.

Commercial mortgage and other loans acquired, including those related to the acquisition of a business, are recorded at fair value when purchased, reflecting any premiums or discounts to unpaid principal balances. Interest income, and the amortization of the related premiums or discounts, are included in “Net investment income” under the effective yield method. Prepayment fees are also included in “Net investment income.”

The CECL allowance represents the Company’s best estimate of expected credit losses over the remaining life of the assets or off-balance sheet credit exposures. The determination of the allowance considers historical credit loss experience, current conditions, and reasonable and supportable forecasts.

The allowance is calculated separately for commercial mortgage loans, agricultural mortgage loans and other collateralized loans. For commercial mortgage and agricultural mortgage loans, the allowance is calculated using an internally developed CECL model that pools together loans that share similar risk characteristics. Similar risk characteristics used to create the pools include, but are not limited to, vintage, maturity, credit rating, and collateral type.

Key inputs to the CECL model include unpaid principal balances, internal credit ratings, annual expected loss factors, average lives of the loans adjusted for prepayment considerations, current and historical interest rate assumptions, and other factors influencing the Company’s view of the current stage of the economic cycle and future economic conditions. Subjective considerations include a review of whether historical loss experience is representative of current market conditions and the Company’s view of the credit cycle. Model assumptions and factors are reviewed and updated as appropriate. Information about certain key inputs is detailed below.

Key factors in determining the internal credit ratings for commercial mortgage and agricultural mortgage loans include loan-to-value and debt-service-coverage ratios. Other factors include amortization, loan term, and estimated market value growth rate and volatility for the property type and region. The loan-to-value ratio compares the carrying amount of the loan to the fair value of the underlying property or properties collateralizing the loan, and is commonly expressed as a percentage. Loan-to-value ratios greater than 100% indicate that the carrying amount of the loan exceeds the collateral value. A loan-to-value ratio less than 100% indicates an excess of collateral value over the carrying amount of the loan. The debt service coverage ratio is a property’s net operating income as a percentage of its debt service payments. Debt service coverage ratios less than 1.0 indicates that property operations do not generate enough income to cover the loan’s current debt payments. A debt service coverage ratio greater than 1.0 indicates an excess of net operating income over the debt service payments. The values utilized in calculating these ratios are developed as part of the Company’s periodic review of the commercial mortgage loan and agricultural property loan portfolios, which includes an internal appraisal of the underlying collateral value. The Company’s periodic review also includes a quality re-rating process, whereby the internal quality rating originally assigned at underwriting is updated based on current loan, property and market information using a proprietary quality rating system. See Note 3 for additional information related to the loan-to-value ratios and debt service coverage ratios related to the Company’s commercial mortgage and agricultural loan portfolios.

Annual expected loss rates are based on historical default and loss experience factors. Using average lives, the annual expected loss rates are converted into life-of-loan loss expectations.

When individual loans no longer have the credit risk characteristics of the commercial or agricultural mortgage loan pools, they are removed from the pools and are evaluated individually for an allowance. The allowance is determined based on the outstanding loan balance less the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.

The CECL allowance on commercial mortgage and other loans can increase or decrease from period to period based on the factors noted above. The change in allowance is reported in “Realized investment gains (losses), net”. As it relates to unfunded commitments that are in scope of this guidance, the CECL allowance is reported in “Other liabilities”, and the change in the allowance is reported in “Realized investment gains (losses), net”.
The CECL allowance for other collateralized loans carried at amortized cost is determined based on probability of default and loss given default assumptions by sector, credit quality and average lives of the loans. Additions to or releases of the allowance are reported in “Realized investment gains (losses), net.”

Once the Company has deemed a portion of the amortized cost to be uncollectible, the uncollectible portion of allowance is removed from the balance sheet by writing down the amortized cost basis of the loan. The carrying amount of the loan is not adjusted for subsequent recoveries in value.

Interest received on loans that are past due is either applied against the principal or reported as net investment income based on the Company’s assessment as to the collectability of the principal. The Company defines “past due” as principal or interest not collected at least 30 days past the scheduled contractual due date. See Note 3 for additional information about the Company’s past due loans.

The Company discontinues accruing interest on loans after the loans become 90 days delinquent as to principal or interest payments, or earlier when the Company has doubts about collectability. When the Company discontinues accruing interest on a loan, any accrued but uncollectible interest on the loan and other loans backed by the same collateral, if any, is charged against interest income in the same period. Generally, a loan is restored to accrual status only after all delinquent interest and principal are brought current and, in the case of loans where the payment of interest has been interrupted for a substantial period, or the loan has been modified, a regular payment performance has been established.

Commercial mortgage and other loans are occasionally restructured. These restructurings generally include one or more of the following: full or partial payoffs outside of the original contract terms; changes to interest rates; extensions of maturity; or additions or modifications to covenants. Additionally, the Company may accept assets in full or partial satisfaction of the debt. Effective January 1, 2023, the Company adopted Accounting Standard Update ("ASU") 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure, on a prospective basis. This ASU eliminates the accounting guidance for Troubled Debt Restructurings (“TDR”) for creditors and requires all loan restructurings to follow the modification guidance in ASC 310-20.

Prior to the adoption of ASU 2022-02, when restructurings occurred, they were evaluated individually to determine whether the restructuring or modification constituted a TDR as defined by authoritative accounting guidance. If the borrower was experiencing financial difficulty and the Company granted a concession, the restructuring, including those that involved a partial payoff or the receipt of assets in full satisfaction of the debt was deemed to be a TDR. If a loan modification was a TDR, the CECL allowance of the loan was remeasured using the modified terms and the loan's original effective yield.

Post adoption of ASU 2022-02, all restructurings are evaluated under the modification guidance in ASC 310-20. When a loan is modified, the Company evaluates whether the restructuring results in a continuation of the existing loan or a new loan. For modifications that result in a continuation of the existing loan, the CECL allowance of the loan is remeasured using the modified terms, including the loan’s post-modification effective yield, and the allowance is adjusted accordingly.

For modifications that result in a new loan, any CECL allowance is reversed and a direct write-down of the loan is recorded for the amount of the allowance, and any additional loss, net of recoveries, or any gain is recorded for the difference between the fair value of the new loan and the recorded investment in the loan. The new loan is evaluated prospectively for credit impairment based on the CECL allowance process noted above.

Other invested assets consist of the Company’s non-coupon investments in limited partnerships and limited liability companies ("LPs/LLCs"), other than operating joint ventures, as well as derivative assets. LPs/LLCs interests are accounted for using either the equity method of accounting, or at fair value. The Company’s income from investments in LPs/LLCs accounted for using the equity method, other than the Company’s investments in operating joint ventures, is included in “Net investment income”. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary. In applying the equity method (including assessment for OTTI), the Company uses financial information provided by the investee, generally on a one to three-month lag. For the investments reported at fair value with changes in fair value reported in current earnings, the associated realized and unrealized gains and losses are reported in “Other income (loss)”.
Realized investment gains (losses) are computed using the specific identification method. Realized investment gains and losses are generated from numerous sources, including the sales of fixed maturity securities, investments in joint ventures and limited partnerships and other types of investments, as well as changes to the allowance for credit losses recognized in earnings. Realized investment gains and losses also reflect fair value changes on commercial mortgage loans carried at fair value, and fair value changes on embedded derivatives and free-standing derivatives that do not qualify for hedge accounting treatment. See “Derivative Financial Instruments” below for additional information regarding the accounting for derivatives.

Cash and cash equivalents includes cash on hand, amounts due from banks, certain money market investments, funds managed similar to regulated money market funds, other debt instruments with maturities of three months or less when purchased, other than cash equivalents that are included in "Fixed maturities, available-for-sale, at fair value,” and receivables related to securities purchased under agreements to resell (see also "Securities sold under agreements to repurchase" below.) The Company also engages in overnight borrowing and lending of funds with Prudential Financial and affiliates which are considered cash and cash equivalents. These assets are generally carried at fair value or amortized cost which approximates fair value.

Deferred policy acquisition costs ("DAC") represents costs directly related to the successful acquisition of new and renewal insurance and annuity business. Such DAC primarily includes commissions, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully acquired contracts. In each reporting period, previously capitalized DAC is amortized and included in “Amortization of deferred policy acquisition costs”. Upon the adoption of ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, the carrying amount of DAC for long-duration contracts is no longer subject to recoverability testing.

DAC for most long-duration contracts is amortized on a constant-level basis at a grouped contract level over the expected life of the underlying insurance contracts. Contracts are grouped consistent with the groupings used to estimate the liability for future policy benefits (or other related balances) for the corresponding contracts. Since contracts within a grouping may be of different sizes, contracts within a group are weighted to achieve appropriate amortization and to ensure that DAC is derecognized when a policy is no longer in force. The constant-level basis used to weight contracts within a grouping and amortize DAC is generally defined as follows:

•Life insurance contracts – DAC associated with life insurance contracts is generally amortized in proportion to the initial face amount of life insurance in force. This is applicable to traditional and universal life insurance products.

•Payout annuity contracts – DAC associated with payout annuity contracts is amortized in proportion to annual benefit payments.

•Deferred annuity contracts – DAC associated with fixed and variable deferred annuity contracts is amortized in proportion to deposits.

For single premium immediate annuities without life contingencies, acquisition expenses are deferred and amortized over the expected life of the contracts using the interest method.

Current period DAC amortization reflects the impact of changes in actual insurance in force during the period and changes in future assumptions effected as of the end of the quarter, where applicable. The Company typically updates actuarial assumptions annually in the second quarter, (see "Annual Assumptions Review" below), unless a material change is observed in an interim period that is indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, the Company expects such changes to be gradual over the long-term.

Assumptions used for DAC are consistent with those used in estimating the liability for future policy benefits (or any other related balance) for the corresponding contract. Determining the level of aggregation and actuarial assumptions used in projecting in force terminations requires judgment. Internal criteria are developed to determine the level of aggregation by considering both qualitative and quantitative materiality thresholds.

The assumptions used in projecting in force terminations are mortality, mortality improvement, and lapse assumptions. These assumptions are generally based on the Company’s experience, industry experience and/or other factors, as applicable. For variable deferred annuity contracts, lapse rates are adjusted at the contract level based on the in-the-moneyness of the living benefits 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 are also generally assumed to be lower for the period where surrender charges apply.
For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If policyholders surrender traditional life insurance policies in exchange for life insurance policies that do not have fixed and guaranteed terms, the Company immediately charges to expense the remaining unamortized DAC on the surrendered policies. For other internal replacement transactions, except those that involve the addition of a non-integrated contract feature that does not change the existing base contract, the unamortized DAC is immediately charged to expense if the terms of the new policies are not substantially similar to those of the former policies. If the new terms are substantially similar to those of the earlier policies, the DAC is retained with respect to the new policies and amortized over the expected life of the new policies. See Note 6 for additional information regarding DAC.

Accrued investment income primarily includes accruals of interest and dividend income from investments that have been earned but not yet received.

Reinsurance recoverables and deposit receivables includes amounts recoverable under reinsurance agreements and receivables that follow the deposit method of accounting (see “Reinsurance” below).

Market risk benefit assets represents market risk benefits ("MRBs") in an asset position and are presented separately from MRBs in a liability position. See “Market risk benefit liabilities” below. MRB assets also reflect ceded MRBs resulting from reinsurance of the Company's Prudential Defined Income ("PDI") traditional variable annuity contracts. See Note 11 for additional information regarding the reinsurance of PDI.

Deferred Sales Inducements ("DSI") are amounts that are credited to a policyholders’ account balance primarily as an inducement to purchase fixed and/or variable deferred annuity contracts. The Company defers sales inducements and amortizes them over the expected life of the policy using the same methodology, factors and assumptions used to amortize DAC. The Company records amortization of DSI in “Interest credited to policyholders’ account balances.” Unlike DAC, DSI are considered contractual cash flows and, as a result, are subject to periodic recoverability testing. See Note 6 for additional information regarding DSI.

Income tax assets primarily represents the net deferred tax asset and the Company’s estimated taxes receivable for the current year and open audit years.

The Company is a member of the federal income tax return of Prudential Financial and primarily files separate company state and local tax returns. Pursuant to the tax allocation arrangement with Prudential Financial, total federal income tax expense is determined on a separate company basis. Members record tax benefits to the extent tax losses or tax credits are recognized in the consolidated federal tax provision.

Items required by tax regulations to be included in the tax return may differ from the items reflected in the financial statements. As a result, the effective tax rate reflected in the financial statements may be different than the actual rate applied on the tax return. Some of these differences are permanent such as expenses that are not deductible in the Company’s tax return, and some differences are temporary, reversing over time, such as valuation of insurance reserves. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in future years for which the Company has already recorded the tax benefit in the Company’s Consolidated Statements of Operations. Deferred tax liabilities generally represent tax expense recognized in the Company’s financial statements for which payment has been deferred, or expenditures for which the Company has already taken a deduction in the Company’s tax return but have not yet been recognized in the Company’s financial statements.

Deferred income taxes are recognized, based on enacted rates, when assets and liabilities have different values for financial statement and tax reporting purposes. The application of U.S. GAAP requires the Company to evaluate the recoverability of the Company’s deferred tax assets and establish a valuation allowance if necessary to reduce the Company’s deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. See Note 12 for a discussion of factors considered when evaluating the need for a valuation allowance.
U.S. GAAP prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that a company has taken or expects to take on tax returns. The application of this guidance is a two-step process. First, the Company determines whether it is more likely than not, based on the technical merits, that the tax position will be sustained upon examination. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the financial statements. The second step is measurement. The Company measures the tax position as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate resolution with a taxing authority that has full knowledge of all relevant information. This measurement considers the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances, and information available at the reporting date.

The Company accrues a liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by the Internal Revenue Service ("IRS") or other taxing jurisdictions. Audit periods remain open for review until the statute of limitations has passed. Generally, for tax years which produce net operating losses, capital losses or tax credit carryforwards (“tax attributes”), the statute of limitations does not close, to the extent of these tax attributes, until the expiration of the statute of limitations for the tax year in which they are fully utilized. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the liability for income taxes. The Company classifies all interest and penalties related to tax uncertainties as income tax expense. See Note 12 for additional information regarding income taxes.

Other assets consists primarily of deferred reinsurance losses ("DRL") (see "Reinsurance" below) which are amortized over the expected life of the reinsured contracts on a constant-level basis, receivables resulting from sales of securities that had not yet settled at the balance sheet date, premiums due, prepaid tax expenses, and the Company’s investments in operating joint ventures. Investments in operating joint ventures are generally accounted for under the equity method. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary.

Separate account assets represents segregated funds that are invested for certain policyholders, and other customers. The assets consist primarily of equity securities, fixed maturities, real estate-related investments, real estate mortgage loans, short-term investments and derivative instruments and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. 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. The investment income and realized investment gains or losses from separate account assets generally accrue to the policyholders and are not included in the Company’s results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Policy charges and fee income”. Asset administration fees charged to the accounts are included in “Asset administration fees”. Seed money that the Company invests in separate accounts is reported in the appropriate general account asset line. Investment income and realized investment gains or losses from seed money invested in separate accounts accrue to the Company and are included in the Company’s results of operations. See Note 7 for additional information regarding separate account arrangements with contractual guarantees. See also “Separate account liabilities” below.

LIABILITIES

Future policy benefits primarily consists of the present value of expected future payments to or on behalf of policyholders, where the timing and amount of such payments depend on policyholder mortality or morbidity, less the present value of expected future net premiums (where net premiums are gross premiums multiplied by the Net-To-Gross ("NTG") ratio discussed below). The liability for future policy benefits is accrued over time as premium revenue is recognized. See Note 8 for additional information regarding future policy benefits.

The reserving methodology used for non-participating traditional and limited-payment contracts include the following:

•Cash Flow Assumptions. In measuring the liability for future policy benefits, the net premium valuation methodology is utilized. Under this methodology, a liability for future policy benefits is established using current best estimate insurance assumptions and interest rate assumptions locked-in at contract issuance date. The NTG ratio is calculated as the ratio of the present value of expected policy benefits and non-level claim settlement expenses divided by the present value of expected gross premiums. The NTG ratio is applied to gross premiums, as premium revenue is recognized, to determine net premiums. The liability is then determined as the present value of expected future policy benefits and non-level claim settlement expenses less the present value of expected future net premiums. For purposes of liability measurement, contracts are grouped into cohorts based primarily on issue year and major product line.
The NTG ratio is generally updated quarterly for actual experience and annually in the second quarter of each year for future cash flow assumption updates during the Company’s annual assumptions review process unless a material change is observed in an interim period that is indicative of a long-term trend (see “Annual Assumptions Review” below), with the exception of claim settlement expense assumptions which the Company has made an entity-wide election to lock-in as of contract issuance. The NTG ratio is subject to a retrospective unlocking method whereby the Company updates its best estimate of cash flows expected over the life of the cohort using actual historical experience and updated future cash flow assumptions. These updated cash flows are used to calculate the revised NTG ratio, which is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. The updated liability for future policy benefit amount as of the beginning of the quarter is then compared to the carrying amount of the liability as of that same date, before the updates for actual experience or future cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss that is recorded through current period earnings in “Change in estimates of liability for future policy benefits”. In subsequent periods, the revised NTG ratio is used to measure the liability for future policy benefits, subject to future revisions.

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 expected future policy benefits and non-level claim settlement expenses, the NTG ratio is capped at 100%. In these instances, all changes in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately. While the liability for future policy benefits cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”), the NTG ratio may be negative. This would be the case whereby conditions have improved such that the present value of future net premiums plus the existing liability for future policy benefits as of the valuation date exceed the present value of expected future policy benefits and non-level claim settlement expenses. In this case, the negative NTG ratio would be applied going forward to gross premiums received, effectively amortizing the gain into income and reducing the liability over time.

In addition, for limited-payment contracts, the liability for future policy benefits also includes a Deferred Profit Liability ("DPL") representing gross premiums received in excess of net premiums and is generally recognized in revenue in a constant relationship with insurance in force for life contracts or with the amount of expected future benefit payments for annuity contracts. The DPL is subject to a retrospective unlocking adjustment consistent with the liability for future policy benefits discussed above. The DPL cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”).

For contracts issued prior to January 1, 2021, the modified retrospective transition method was used to transition to ASU 2018-12. Under this method, the transition date of January 1, 2021 serves as the new issue date of the contracts in force for purposes of retrospectively unlocking the NTG ratio and DPL as described above.

•Discount Rate Assumption. The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield (i.e., global single A) at contract inception for contracts issued on or after January 1, 2021. The discount rate in effect at contract inception is locked-in for the calculation of the NTG ratio and accretion of interest cost on the liability through net income. However, for balance sheet remeasurement purposes, the discount rate is updated using the current single A rate at each reporting period, with the effect on the liability resulting from such update recorded in “Interest rate remeasurement of future policy benefits" in OCI.

The methodology used in constructing the single A discount rate curve for discounting cash flows used to calculate the liability for future policy benefits is intended to be reflective of the characteristics of the applicable insurance liabilities. The single A discount rate curve is developed by reference to upper medium grade (low credit risk) fixed income instrument yields that reflect the duration characteristics of the applicable insurance liabilities. The single A discount curve for the United States is developed using government bond rates plus public corporate A spreads in the observable periods. The definition of upper medium grade is based on Moody’s definition which includes the spectrum of A (i.e., A- to A+). Liquidity is considered in defining the observable period and linear extrapolation is performed to the Company's ultimate long-term economic assumptions. See “Annual Assumptions Review” below for further discussion regarding the Company’s long-term economic assumption setting process.
The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain long-duration life contracts, such as no-lapse guarantee contract features (Additional Insurance Reserves or "AIR" liability), for which a liability is established when associated assessments are recognized (which include investment margin on policyholders' account balances deposited to fixed and indexed funds and all policy charges including charges for administration, mortality, expense, surrender, and other charges). This liability is established using current best estimate assumptions and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). Any adjustments to this liability related to net unrealized gains (losses) on securities classified as available-for-sale are included in AOCI.

For universal life type contracts and participating contracts, the Company performs premium deficiency tests using best estimate assumptions as of the testing date. If the liabilities determined based on these best estimate assumptions are greater than the net reserves (i.e., GAAP reserves including unearned revenue reserves ("URR"), net of reinsurance and any DSI asset), the existing net reserves are adjusted by first reducing assets, such as DSI or deferred reinsurance loss, by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than these asset balances for insurance contracts, the net reserves are increased by the excess through a charge to current period earnings included in "Policyholders' benefits". Since investment yields are used as the discount rate, the premium deficiency test is also performed using a discount rate based on the market yield (i.e., assuming what would be the impact if any unrealized gains (losses) were realized as of the testing date). In the event that by using the market yield a deficiency occurs, an adjustment is established for the deficiency and is included in AOCI.

The Company’s liability for future policy benefits also includes a liability for unpaid claims and claim adjustment expenses. The Company does not establish claim liabilities until a loss has been incurred. However, unpaid claims and claim adjustment expenses include estimates of claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date.

Policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. These policyholders’ account balances also include provision for benefits under non-life contingent payout annuities and certain unearned revenues. The unearned revenue liability represents policy charges for services to be provided in future periods. The charges are deferred as incurred and are generally amortized over the expected life of the contract using the same methodology, factors, and assumption used to amortize DAC. See Note 9 for additional information regarding policyholders’ account balances. Policyholders' account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products. For additional information regarding the valuation of these embedded derivatives, see Note 5.

Market risk benefit liabilities represents contracts or contract features that provide protection to the contractholder and exposes the Company to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits associated with annuities products including guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”). The benefits are accounted for using a fair value measurement framework. If a contract contains multiple market risk benefits, the benefits are bundled together and accounted for as a single compound market risk benefit. Market risk benefits in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts. The fair value of market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefits. The fair value of market risk benefits is based on assumptions a market participant would use in valuing market risk benefits. For additional information regarding the valuation of market risk benefits, see Note 5. On a quarterly basis, changes in the fair value of market risk benefits are recorded in net income, net of related hedges, in "Change in value of market risk benefits, net of related hedging gains (losses)", except for the portion of the change attributable to changes in the Company’s non-performance risk ("NPR") which is recorded in OCI. See Note 10 for additional information regarding market risk benefits. See "Reinsurance" below for information regarding the reinsurance of MRBs.
Cash collateral for loaned securities represents liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income. As part of securities lending transactions, the Company transfers U.S. and foreign debt and equity securities, as well as U.S. government and government agency securities, and receives cash as collateral. Cash proceeds from securities lending transactions are primarily used to earn spread income, and are typically invested in cash equivalents, short-term investments or fixed maturities. Securities lending transactions are treated as financing arrangements and are recorded at the amount of cash received. The Company obtains collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of the Company’s securities lending transactions are with large brokerage firms and large banks. Income and expenses associated with securities lending transactions used to earn spread income are reported as "Net investment income".

Securities sold under agreements to repurchase represents liabilities associated with securities repurchase agreements that are used primarily to earn spread income. As part of securities repurchase agreements, the Company transfers U.S. government and government agency securities to a third-party, and receives cash as collateral. For securities repurchase agreements, the cash received is typically invested in cash equivalents, short-term investments or fixed maturities. Receivables associated with securities purchased under agreements to resell are generally reflected as cash equivalents. As part of securities resale agreements, the Company invests cash and receives as collateral U.S. government securities or other debt securities.

Securities repurchase and resale agreements that satisfy certain criteria are treated as secured borrowing or secured lending arrangements. These agreements are carried at the amounts at which the securities will be subsequently resold or reacquired, as specified in the respective transactions. For securities purchased under agreements to resell, the Company’s policy is to take possession or control of the securities either directly or through a third-party custodian. These securities are valued daily, and additional securities or cash collateral is received, or returned, when appropriate to protect against credit exposure. Securities to be resold are the same, or substantially the same, as the securities received. The majority of these transactions are with large brokerage firms and large banks. For securities sold under agreements to repurchase, the market value of the securities to be repurchased is monitored, and additional collateral is obtained where appropriate, to protect against credit exposure. The Company obtains collateral in an amount at least equal to 95% of the fair value of the securities sold. Securities to be repurchased are the same, or substantially the same, as those sold. The majority of these transactions are with highly rated money market funds. Income and expenses related to these transactions executed within the insurance companies used to earn spread income are reported as “Net investment income.”

Reinsurance and funds withheld payables represents amounts payable under reinsurance agreements (see “Reinsurance” below). Reinsurance and funds withheld payables may also include derivative instruments for which fair values are determined as described below under "Derivative Financial Instruments".

Other liabilities consists primarily of deferred reinsurance gains ("DRG") (see "Reinsurance" below), accrued expenses, technical overdrafts, payables resulting from purchases of securities that had not yet settled at the balance sheet date. The amortization method for DRG is amortized over the expected life of the reinsured contracts on a constant-level basis.

Separate account liabilities primarily represents the contractholders’ account balances in separate account assets and to a lesser extent borrowings of the separate account, and will be equal and offsetting to total separate account assets. See also “Separate account assets” above.

Short-term and long-term debt liabilities are primarily carried at an amount equal to unpaid principal balance, net of unamortized discount or premium and debt issuance costs. Original-issue discount or premium and debt-issue costs are recognized as a component of interest expense over the period the debt is expected to be outstanding, using the interest method of amortization. Interest expense is generally presented within “General, administrative and other expenses” in the Company’s Consolidated Statements of Operations. Short-term debt is debt coming due in the next twelve months, including that portion of debt otherwise classified as long-term. The short-term debt caption may exclude short-term debt items for which the Company has the intent and ability to refinance on a long-term basis in the near term. See Note 15 for additional information regarding short-term and long-term debt.

Commitments and contingent liabilities are accrued if it is probable that a liability has been incurred and an amount is reasonably estimable. Management evaluates whether there are incremental legal or other costs directly associated with the ultimate resolution of the matter that are reasonably estimable and, if so, they are included in the accrual. These accruals are generally reported in “Other liabilities”.
REVENUES, BENEFITS AND EXPENSES

Insurance Revenue and Expense Recognition

Premiums from individual life products, other than universal and variable life contracts, are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future policy benefits and non-level claim settlement expenses) is generally deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

Premiums from single premium immediate annuities with life contingencies are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium is generally deferred and recognized into revenue based on expected future benefit payments. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

Certain individual annuity contracts provide the contractholder a guarantee that the benefit received upon death or annuitization will be no less than a minimum prescribed amount. These benefits are generally accounted for as market risk benefits (see “Market risk benefits” above).

Amounts received from policyholders as payment for universal or variable individual life contracts, deferred fixed or variable annuities and other contracts without life contingencies are reported as deposits to “Policyholders’ account balances” and/or “Separate account liabilities.” Revenues from these contracts are reflected in “Policy charges and fee income” consisting primarily of fees assessed during the period against the policyholders’ account balances for mortality and other benefit charges, policy administration charges and surrender charges. In addition to fees, the Company earns investment income from the investment of deposits in the Company’s general account portfolio. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are generally deferred and amortized into revenue over the life of the related contracts using the same methodology, factors, and assumption used to amortize DAC as described above. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration, interest credited to policyholders’ account balances and amortization of DAC and DSI.

Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products where changes in the value of the embedded derivatives are recorded through "Realized investment gains (losses), net". For additional information regarding the valuation of these embedded derivatives, see Note 5.

Asset administration fees primarily include asset administration fee income received on contractholders’ account balances invested in The Prudential Series Funds, which are a portfolio of mutual fund investments related to the Company’s separate account products. Also, the Company receives fee income calculated on contractholder separate account balances invested in the Advanced Series Trust ("AST") (see Note 15). In addition, the Company receives fees from contractholders’ account balances invested in funds managed by companies other than affiliates of Prudential Insurance. Asset administration fees are recognized as income when earned.

Other income (loss) includes realized and unrealized gains or losses from investments reported as “Fixed maturities, trading, at fair value”, “Equity securities, at fair value”, and “Other invested assets” that are measured at fair value as well as interest income related to affiliated cash collateral. See Note 15 for more information related to affiliated cash collateral.

Realized investment gains (losses), net includes realized gains or losses from sales and maturities of investments, changes to the allowance for credit losses, other impairments, fair value changes on mortgage loans where the fair value option has been elected, and derivative gains or losses. The derivative gains or losses include the impact of maturities, terminations and changes in fair value of the derivative instruments, including embedded derivatives, and other hedging instruments. Realized investment gains (losses) from the sales of securities are generally calculated using the specific identification method.
OTHER ACCOUNTING POLICIES

Derivative Financial Instruments

Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and NPR used in valuation models. Derivative financial instruments generally used by the Company include swaps, futures, forwards and options and may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties, while others are bilateral contracts between two counterparties. Derivative positions are carried at fair value, generally by obtaining quoted market prices or through the use of valuation models.

Derivatives are used to manage the interest rate and currency characteristics of assets or liabilities. Additionally, derivatives may be used to reduce exposure to risks such as interest rate, credit, foreign currency and equity associated with assets held or expected to be purchased or sold, and liabilities incurred or expected to be incurred. As discussed in detail below and in Note 4, all realized and unrealized changes in fair value of derivatives are recorded in current earnings, with the exception of cash flow hedges. Cash flows from derivatives are reported in the operating, investing or financing activities sections in the Consolidated Statements of Cash Flows based on the nature and purpose of the derivative.

Derivatives are recorded either as assets, within “Other invested assets”, or as liabilities, within “Payables to parent and affiliates”, except for embedded derivatives which are recorded with the associated host contract. The Company nets the fair value of all derivative financial instruments with counterparties for which a master netting arrangement has been executed.

The Company designates derivatives as either (1) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow” hedge); or (2) a derivative that does not qualify for hedge accounting.

To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship.

The Company formally documents at inception all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions.

When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in its fair value are recorded in AOCI until earnings are affected by the variability of cash flows being hedged (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). At that time, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in the Consolidated Statements of Operations line item associated with the hedged item.

If it is determined that a derivative no longer qualifies as an effective cash flow hedge or management removes the hedge designation, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. The component of AOCI related to discontinued cash flow hedges is reclassified to the Consolidated Statements of Operations line associated with the hedged cash flows consistent with the earnings impact of the original hedged cash flows.

When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, or because it is probable that the forecasted transaction will not occur by the end of the specified time period, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. Any asset or liability that was recorded pursuant to recognition of the firm commitment is removed from the balance sheet and recognized currently in “Realized investment gains (losses), net”. Gains and losses that were in AOCI pursuant to the hedge of a forecasted transaction are recognized immediately in “Realized investment gains (losses), net”.
If a derivative does not qualify for hedge accounting, all changes in its fair value, including net receipts and payments, are included in “Realized investment gains (losses), net” without considering changes in the fair value of the economically associated assets or liabilities.

The Company is a party to financial instruments that contain derivative instruments that are “embedded” in the financial instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded instrument possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded instrument qualifies as an embedded derivative that is separated from the host contract, carried at fair value, and changes in its fair value are included in “Realized investment gains (losses), net”. For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company may elect to carry the entire instrument at fair value and report it within "Other invested assets" and "Reinsurance recoverable and deposit receivables", or as liabilities, within “Payables to parent and affiliates” or "Reinsurance and funds withheld payables".

The Company sells variable annuity contracts that include optional living benefit features that may be treated from an accounting perspective as embedded derivatives. The embedded derivatives related to the living benefit features and the related reinsurance agreements are carried at fair value and included in “Future policy benefits" and “Reinsurance recoverables and deposit receivables”. Additionally, changes in the fair value are determined using valuation models as described in Note 5 and are recorded in “Realized investment gains (losses), net".
Reinsurance

The Company participates in reinsurance arrangements in various capacities as either the ceding entity or as the reinsurer (i.e., assuming entity). See Note 11 for additional information regarding the Company’s reinsurance arrangements. Reinsurance assumed business is generally accounted for consistent with direct business. Amounts currently recoverable under reinsurance agreements are included in “Reinsurance recoverables and deposit receivables” and amounts payable are included in “Reinsurance and funds withheld payables”. “Reinsurance recoverables and deposit receivables” also includes deposit receivables where the Company has ceded fixed indexed annuities, including from coinsurance with funds withheld arrangements and receivables from modified coinsurance arrangements where the Company is the cedant, and in certain instances are net of the payables under these arrangements which generally reflect the fair value of the invested assets retained by the cedant. “Reinsurance and funds withheld payables” also includes amounts payable to the reinsurer under coinsurance with funds withheld arrangements where the Company is the cedant, and generally reflect the fair value of the invested assets retained by the Company. The receivables and payables associated with each of these coinsurance with funds withheld and modified coinsurance arrangements each contain an embedded derivative that is bifurcated and accounted for at fair value separately from the host contract, with changes in fair value recorded through “Realized investment gains (losses), net”, and are ultimately presented net within “Reinsurance recoverables and deposit receivables”. Revenues and benefits and expenses include amounts assumed under reinsurance agreements and are reflected net of reinsurance ceded.

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. Reinsurance recoverables are reported on the Consolidated Statements of Financial Position net of the CECL allowance. The CECL allowance considers the credit quality of the reinsurance counterparty and is generally determined based on the probability of default and loss given default assumptions, after considering any applicable collateral arrangements. The CECL allowance does not apply to reinsurance recoverables with affiliated counterparties under common control. Additions to or releases of the allowance are reported in “Policyholders’ benefits”. Reinsurance premiums, commissions, expense reimbursements, benefits and reserves related to reinsured long-duration contracts under coinsurance arrangements are accounted for over the life of the underlying reinsured contracts using assumptions consistent with those used to account for the underlying contracts. For reinsurance of in force blocks of non-participating traditional and limited-payment contracts, the current value of the direct liability as of inception of the reinsurance agreement is used to calculate the reinsurance recoverable and cost of reinsurance such that there is no immediate other comprehensive income or loss from recognition of the reinsurance recoverable at inception. Consistent with the direct liability, the reinsurance recoverable for non-participating traditional and limited-payment contracts is remeasured each period using current single A rates with the effect on the reinsurance recoverable resulting from such updates recorded in "Interest rate remeasurement of future policy benefits" in OCI. For reinsurance of limited-payment contracts, the Company establishes a cost of reinsurance asset relating to the direct DPL and amortizes this balance through “Premiums” using the same methodology and assumptions used to amortize the direct DPL.

For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference between the fair value of the net consideration exchanged and the net liabilities ceded related to the underlying reinsured contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. This initial net cost of reinsurance is deferred and amortized into income over the remaining life of the reinsured policies on a basis consistent with the methodologies and assumptions used for amortizing DAC. This initial net cost of reinsurance may result in a deferred reinsurance gain which is recorded in "Other liabilities" and amortized through "Other income (loss)", or a deferred reinsurance loss which is recorded in "Other assets" and amortized through "General, administrative and other expenses".

Consistent with direct contracts, reinsurance agreements may also include features that meet the definition of an MRB and, if so, are accounted for at fair value. The fair value of direct or assumed MRBs reflects the Company's NPR, while the fair value of ceded MRBs reflects the counterparty credit risk of the reinsurer. Changes in the fair value of ceded MRBs, including the impact of changes in counterparty credit risk, are recorded in net income in "Change in value of market risk benefits, net of related hedging gains (losses)".
Coinsurance arrangements contrast with the Company’s yearly renewable term ("YRT") arrangements, where only mortality risk is transferred to the reinsurer and premiums are paid to the reinsurer to reinsure that risk. The mortality risk that is reinsured under YRT arrangements represents the difference between the stated death benefits in the underlying reinsured contracts and the corresponding reserves or account value carried by the Company on those same contracts. The premiums paid to the reinsurer are based upon negotiated amounts, not on the actual premiums paid by the underlying contractholders to the Company. As YRT arrangements are usually entered into by the Company with the expectation that the contracts will be in force for the lives of the underlying policies, they are considered to be long-duration reinsurance contracts. The cost of reinsurance for universal life products is generally recognized based on the gross assessments of the underlying direct policies. The cost of reinsurance for term insurance products is generally recognized in proportion to direct premiums over the life of the underlying policies.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in “Reinsurance and funds withheld payables” and deposits made are included in “Reinsurance recoverables and deposit receivables”. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as “Other income (loss)” or “General, administrative and other expenses”, as appropriate.

Annual Assumptions Review

Annually, the Company performs a comprehensive review of the assumptions set for purposes of estimating future premiums, benefits, and other cash flows. Assumptions include those that are economic and those that are insurance related. Insurance related assumptions are based on the Company’s best estimates of future rates of mortality, morbidity, lapse, surrender, annuitization, expenses and other items. The Company generally looks to relevant Company experience as the primary basis for these assumptions. If relevant Company experience is not available or does not have sufficient credibility, the Company may look to experience of similar blocks of business, either in the Company or the industry. Mortality rate assumptions are generally based on Company experience, sometimes blending Company experience with an industry table where the Company experience alone is not sufficiently credible. The Company sets mortality and morbidity assumptions that vary by major type of business. Within type of business, rates vary by age and gender. The Company applies an adjustment for future mortality improvement, consistent with observed long-term trends of population mortality over time. Lapse and surrender assumptions are based on Company and industry experience, where available. The Company sets rates that vary by product type, taking into account features specific to the product.

As part of this review, the Company may update these assumptions and make refinements to its models based upon emerging experience, future expectations and other data, including any observable market data it feels is indicative of a long-term trend. These assumptions are generally updated annually, unless a material change is observed in an interim period that the Company feels is also indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, it expects such changes to be gradual over the long-term.

The Company also performs a comprehensive review of the economic assumptions, including long-term interest rate assumptions and equity return assumptions that impact reserve calculations. The Company generally utilizes relevant economic outlook information and industry surveys as the primary basis for these assumptions, which may be used to project future rates of return on investments.
RECENT ACCOUNTING PRONOUNCEMENTS

Changes to U.S. GAAP are established by the FASB in the form of 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 December 31, 2024, 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 adopted as of December 31, 2024

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresThis ASU requires entities, including those with a single operating or reportable segment, to provide more detailed information about significant segment expenses that are regularly provided to the chief operating decision maker. The ASU also clarifies that all of the disclosures required in the guidance apply to all public entities, including those with a single operating or reportable segment.Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, using the retrospective method.Adoption of the ASU did not have an impact on the Company’s Consolidated Financial Statements but resulted in expanded disclosures in the Notes to the Consolidated Financial Statements.

ASUs issued but not yet adopted as of December 31, 2024

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 ExpensesThis 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 Company plans to adopt the ASU for the annual reporting period beginning on January 1, 2025.The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
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Investments
 12 Months Ended
Dec. 31, 2024
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:
 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.

 December 31, 2023
 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$1,009,937 $38,858 $73,508 $0 $975,287 
Obligations of U.S. states and their political subdivisions789,856 5,288 18,517 0 776,627 
Foreign government securities330,830 1,840 50,684 0 281,986 
U.S. public corporate securities10,159,089 98,047 760,274 950 9,495,912 
U.S. private corporate securities5,207,699 37,435 254,828 812 4,989,494 
Foreign public corporate securities1,809,347 12,658 115,673 238 1,706,094 
Foreign private corporate securities4,902,391 109,806 381,215 0 4,630,982 
Asset-backed securities(1)2,016,028 23,035 11,512 1 2,027,550 
Commercial mortgage-backed securities913,347 4,776 66,345 0 851,778 
Residential mortgage-backed securities(2)399,542 4,016 7,481 7 396,070 
Total fixed maturities, available-for-sale$27,538,066 $335,759 $1,740,037 $2,008 $26,131,780 

(1)    Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans and home equity 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 fixed maturity, available-for-sale 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:
 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 

 December 31, 2023
 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$98,174 $945 $214,889 $72,563 $313,063 $73,508 
Obligations of U.S. states and their political subdivisions83,729 293 218,375 18,224 302,104 18,517 
Foreign government securities10,226 116 233,757 50,568 243,983 50,684 
U.S. public corporate securities782,904 10,009 5,201,353 750,265 5,984,257 760,274 
U.S. private corporate securities707,674 16,613 2,794,697 238,181 3,502,371 254,794 
Foreign public corporate securities92,955 1,063 948,963 114,169 1,041,918 115,232 
Foreign private corporate securities429,212 8,035 2,461,367 373,180 2,890,579 381,215 
Asset-backed securities208,970 1,761 532,814 9,750 741,784 11,511 
Commercial mortgage-backed securities42,621 298 580,931 66,047 623,552 66,345 
Residential mortgage-backed securities35,904 435 124,956 7,046 160,860 7,481 
  Total fixed maturities, available-for-sale$2,492,369 $39,568 $13,312,102 $1,699,993 $15,804,471 $1,739,561 
As of December 31, 2024 and 2023, the gross unrealized losses on fixed maturity, available-for-sale securities without an allowance of $2,059 million and $1,634 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 $102 million and $106 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. 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. As of December 31, 2023, the $1,700 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, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at December 31, 2024. 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 December 31, 2024, 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:
 December 31, 2024
 Amortized CostFair Value
 (in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$1,139,538 $1,118,484 
Due after one year through five years11,753,438 11,477,710 
Due after five years through ten years10,291,196 9,883,263 
Due after ten years8,757,031 7,504,193 
Asset-backed securities3,728,073 3,750,663 
Commercial mortgage-backed securities944,652 895,775 
Residential mortgage-backed securities367,005 356,072 
Total fixed maturities, available-for-sale$36,980,933 $34,986,160 
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:
Years Ended December 31
202420232022
  (in thousands) 
Fixed maturities, available-for-sale:
Proceeds from sales(1)$2,097,519 $460,596 $1,117,293 
Proceeds from maturities/prepayments2,300,919 1,218,844 624,640 
Gross investment gains from sales and maturities23,978 11,482 5,647 
Gross investment losses from sales and maturities(143,432)(43,078)(58,432)
Write-downs recognized in earnings(2)(9,534)(2,358)(20,600)
(Addition to) release of allowance for credit losses(38,406)2,761 (620)

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(158.4) million, $57.4 million and $(53.9) million for the years ended December 31, 2024, 2023 and 2022, respectively.
(2)Amounts represent write-downs of credit adverse securities and securities actively marketed for sale.
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:
Year Ended December 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 39,600 0 0 5 39,605 
Reductions for securities sold during the period0 0 (2,002)0 0 0 (2,002)
Additions (reductions) on securities with previous allowance0 0 337 (1)0 (12)324 
Assets transferred (to) from parent and affiliates0 0 479 0 0 0 479 
Balance, end of period$0 $0 $40,414 $0 $0 $0 $40,414 

Year Ended December 31, 2023
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 $5 $4,755 $0 $0 $9 $4,769 
Additions to allowance for credit losses not previously recorded0 0 4,267 1 0 0 4,268 
Reductions for securities sold during the period0 (1)(5,118)0 0 (1)(5,120)
Additions (reductions) on securities with previous allowance0 (4)436 0 0 (1)431 
Write-downs charged against the allowance0 0 (2,340)0 0 0 (2,340)
Balance, end of period$0 $0 $2,000 $1 $0 $7 $2,008 

See Note 2 for additional information about the Company's methodology for developing its allowance and expected losses.

For the year ended December 31, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer cyclical, consumer non-cyclical and energy sectors within corporate securities due to adverse projected cash flows.
For the year ended December 31, 2023, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to net reductions within the capital goods and utility sectors within corporate securities due to restructurings, partially offset by net additions within the finance sector within corporate securities due to adverse projected cash flows.
The Company did not have any fixed maturity securities purchased with credit deterioration as of both December 31, 2024 and 2023.
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 $(182.9) million, $65.6 million and $(728.6) million during the years ended December 31, 2024, 2023 and 2022, respectively.
Equity Securities
The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss)” was $(34.2) million, $25.8 million and $(10.2) million during the years ended December 31, 2024, 2023 and 2022, respectively.
Commercial Mortgage and Other Loans
The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:
 December 31, 2024December 31, 2023
 Amount
(in thousands)		% of
Total		Amount
(in thousands)		% of
Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$1,949,926 25.0 %$1,578,785 25.7 %
Hospitality97,603 1.3 102,952 1.7 
Industrial2,906,413 37.3 2,486,230 40.4 
Office556,586 7.1 604,611 9.8 
Other750,541 9.6 456,720 7.4 
Retail693,949 9.0 363,706 5.9 
Total commercial mortgage loans6,955,018 89.3 5,593,004 90.9 
Agricultural property loans830,041 10.7 562,046 9.1 
Total commercial mortgage and agricultural property loans7,785,059 100.0 %6,155,050 100.0 %
Allowance for credit losses(37,715)(37,689)
Total net commercial mortgage and agricultural property loans7,747,344 6,117,361 
Other loans:
Other collateralized loans11,979 5,360 
Total other loans 11,979 5,360 
Total net commercial mortgage and other loans$7,759,323 $6,122,721 

As of December 31, 2024, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (25%), Florida (9%) and Texas (8%) and included loans secured by properties in Europe (8%), 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:
Commercial Mortgage LoansAgricultural Property LoansTotal
 (in thousands)
Balance at December 31, 2021$5,847 $104 $5,951 
Addition to (release of) allowance for expected losses13,818 494 14,312 
Balance at December 31, 202219,665 598 20,263 
Addition to (release of) allowance for expected losses17,093 333 17,426 
Balance at December 31, 202336,758 931 37,689 
Addition to (release of) allowance for expected losses5,613 3,780 9,393 
Write-downs charged against allowance(9,367)0 (9,367)
Balance at December 31, 2024$33,004 $4,711 $37,715 

See Note 2 for additional information about the Company's methodology for developing the allowance and expected losses.
For the year ended December 31, 2024, net additions to the allowance for credit losses on commercial mortgage and other loans were primarily related to increases in loan-specific allowances in commercial mortgage loans within the retail and office sectors and in agricultural property loans.

For the year ended December 31, 2023, net additions to the allowance for credit losses on commercial mortgage and other loans was primarily related to increases in the portfolio reserve to reflect declining market conditions and in loan-specific allowances, both within the office sector, as well as loan originations.

For the year ended December 31, 2024, there were $9.4 million of write-downs charged against the allowance related to a loan originated in 2016.
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:
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 
December 31, 2023
Amortized Cost by Origination Year
20232022202120202019PriorTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$249,037 $245,914 $482,718 $109,249 $265,053 $1,068,763 $2,420,734 
60%-69.99%675,153 355,984 449,878 172,721 225,803 206,237 2,085,776 
70%-79.99%218,015 133,343 255,299 77,812 20,924 86,806 792,199 
80% or greater0 47,555 73,702 3,817 16,508 152,713 294,295 
Total$1,142,205 $782,796 $1,261,597 $363,599 $528,288 $1,514,519 $5,593,004 
Debt Service Coverage Ratio:
Greater than 1.2x$1,038,315 $779,282 $1,261,597 $292,561 $497,407 $1,402,831 $5,271,993 
1.0 - 1.2x103,890 3,514 0 0 15,632 40,521 163,557 
Less than 1.0x0 0 0 71,038 15,249 71,167 157,454 
Total$1,142,205 $782,796 $1,261,597 $363,599 $528,288 $1,514,519 $5,593,004 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$73,774 $179,375 $132,042 $25,875 $15,824 $25,771 $452,661 
60%-69.99%47,489 56,210 0 0 0 0 103,699 
70%-79.99%5,686 0 0 0 0 0 5,686 
80% or greater0 0 0 0 0 0 0 
Total$126,949 $235,585 $132,042 $25,875 $15,824 $25,771 $562,046 
Debt Service Coverage Ratio:
Greater than 1.2x$126,949 $233,585 $130,353 $24,063 $15,824 $25,771 $556,545 
1.0 - 1.2x0 2,000 0 1,812 0 0 3,812 
Less than 1.0x0 0 1,689 0 0 0 1,689 
Total$126,949 $235,585 $132,042 $25,875 $15,824 $25,771 $562,046 

See Note 2 for additional information about the Company’s commercial mortgage and other loans credit quality monitoring process.
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 for the date indicated:
Year Ended December 31, 2024
Term
Extension		% of
Amortized Cost		Other Than Insignificant Delay in Payment% of
Amortized Cost
($ in thousands)
Commercial mortgage loans$14,546 0.2 %$4,570 0.1 %

The modifications added less than one year to the weighted average life in the commercial mortgage loan portfolio.
During the year ended December 31, 2023, the Company did not modify any loans to borrowers experiencing financial difficulties.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of both December 31, 2024 and 2023.

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:
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.

December 31, 2023
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$5,593,004 $0 $0 $0 $5,593,004 $0 
Agricultural property loans562,046 0 0 0 562,046 1,301 
Other collateralized loans5,360 0 0 0 5,360 0 
Total $6,160,410 $0 $0 $0 $6,160,410 $1,301 

(1)As of December 31, 2023, 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.

Loans on non-accrual status recognized interest income of $0.7 million and $0.0 million for the years ended December 31, 2024 and 2023, respectively. Loans on non-accrual status that did not have a related allowance for credit losses were $2.0 million and $1.3 million as of December 31, 2024 and 2023, respectively.
For the years ended December 31, 2024 and 2023, there were $12.6 million and $0.0 million, respectively, of commercial mortgage loans acquired, other than those through direct origination. For both the years ended December 31, 2024 and 2023, 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 December 31, 2024 and 2023.
Other Invested Assets
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:
December 31,
20242023
 (in thousands)
LPs/LLCs:
Equity method:
Private equity$388,822 $333,863 
Hedge funds1,024,534 720,360 
Real estate-related(1)75,730 70,278 
Subtotal equity method1,489,086 1,124,501 
Fair value:
Private equity28,094 48,483 
Hedge funds14 137 
Real estate-related16,016 18,687 
Subtotal fair value44,124 67,307 
Total LPs/LLCs1,533,210 1,191,808 
Derivative instruments24,499 17,718 
Other(1)(2)24,385 13,459 
Total other invested assets$1,582,094 $1,222,985 

(1)Prior period amounts have been updated to conform to current period presentation.
(2)Includes tax advantaged investments and investments in separate account funds.

Equity Method Investments

The following tables set forth summarized combined financial information for significant LP/LLC interests accounted for under the equity method, including the Company’s investments in operating joint ventures. Changes between periods in the tables below reflect changes in the activities within the operating joint ventures and LPs/LLCs, as well as changes in the Company’s level of investment in such entities:
 December 31,
 20242023
 (in thousands)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)$66,477,439 $44,591,082 
Total liabilities(2)$1,894,242 $2,802,022 
Partners’ capital64,583,197 41,789,060 
Total liabilities and partners’ capital$66,477,439 $44,591,082 
Equity in LP/LLC interests included above$1,338,056 $979,271 
Equity in LP/LLC interests not included above230,687 216,205 
Carrying value$1,568,743 $1,195,476 
(1)Amount represents gross assets of each fund where the Company has a significant investment. These assets consist primarily of investments in real estate, investments in securities and other miscellaneous assets.
(2)Amount represents gross liabilities of each fund where the Company has a significant investment. These liabilities consist primarily of third-party borrowed funds and other miscellaneous liabilities.
 Years Ended December 31,
 202420232022
 (in thousands)
STATEMENTS OF OPERATIONS
Total revenue(1)$1,678,772 $3,465,807 $11,062,060 
Total expenses(2)(473,445)(979,287)(1,655,673)
Net earnings (losses)$1,205,327 $2,486,520 $9,406,387 
Equity in net earnings (losses) included above$57,119 $17,795 $(36,513)
Equity in net earnings (losses) of LP/LLC interests not included above18,193 11,792 7,320 
Total equity in net earnings (losses)$75,312 $29,587 $(29,193)
(1)Amount represents gross revenue of each fund where the Company has a significant investment. This revenue consists of income from investments in real estate, investments in securities and other income.
(2)Amount represents gross expenses of each fund where the Company has a significant investment. These expenses consist primarily of interest expense, investment management fees, salary expenses and other expenses.


Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
December 31,
20242023
(in thousands)
Fixed maturities$396,173 $272,031 
Equity securities436 220 
Commercial mortgage and other loans29,437 21,070 
Policy loans30,820 35,210 
Other invested assets0 43 
Short-term investments and cash equivalents9,528 5,264 
Total accrued investment income$466,394 $333,838 

There were no write-downs on accrued investment income for the years ended December 31, 2024 and 2023.
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated: 
Years Ended December 31,
202420232022
 (in thousands)
Fixed maturities, available-for-sale$1,622,898 $1,139,581 $589,248 
Fixed maturities, trading156,407 96,128 55,790 
Equity securities30,698 14,772 8,226 
Commercial mortgage and other loans328,853 231,994 119,358 
Policy loans65,825 48,118 21,189 
Other invested assets140,376 98,369 101,289 
Short-term investments and cash equivalents182,094 123,857 44,182 
Gross investment income2,527,151 1,752,819 939,282 
Less: investment expenses(105,134)(77,297)(55,281)
Net investment income$2,422,017 $1,675,522 $884,001 
The carrying value of non-income producing assets included $55.3 million in fixed maturities, available-for-sale and $0.9 million in fixed maturities, trading as of December 31, 2024. Non-income producing assets represent investments that had not produced income for the twelve months preceding December 31, 2024.
Realized Investment Gains (Losses), Net
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
Years Ended December 31,
202420232022
(in thousands)
Fixed maturities(1)$(167,394)$(31,193)$(74,005)
Commercial mortgage and other loans(11,113)(17,854)(18,201)
LPs/LLCs(2)576 (272)(11,351)
Derivatives(4)713,403 (1,136,331)460,859 
Short-term investments and cash equivalents974 2,033 (54)
Other(2)(3)(4)(85,029)36,518 (67,319)
Realized investment gains (losses), net$451,417 $(1,147,099)$289,929 
(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)Includes changes in the value of reinsurance payables and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.
(4)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

Net Unrealized Gains (Losses) on Investments within AOCI
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated: 
December 31,
202420232022
(in thousands)
Fixed maturity securities, available-for-sale with an allowance$893 $1,987 $4,371 
Fixed maturity securities, available-for-sale without an allowance(1,955,252)(1,406,265)(2,285,288)
Derivatives designated as cash flow hedges(1)110,565 11,934 138,627 
Affiliated notes(3,276)(8,760)(13,189)
Other investments(2)785 (1,089)(1,176)
Net unrealized gains (losses) on investments$(1,846,285)$(1,402,193)$(2,156,655)
(1)For additional information regarding cash flow hedges, see Note 4.
(2)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 December 31, 2024 and 2023, 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:
December 31, 2024December 31, 2023
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$1,139 $0 $1,139 $0 $0 $0 
Foreign government securities0 0 0 486 0 486 
U.S. public corporate securities6,949 0 6,949 27,247 0 27,247 
U.S. private corporate securities18 0 18 0 0 0 
Foreign public corporate securities10,100 0 10,100 13,101 0 13,101 
Equity securities103,166 0 103,166 177,476 0 177,476 
Total cash collateral for loaned securities(1)$121,372 $0 $121,372 $218,310 $0 $218,310 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
Securities Pledged, Restricted Assets and Special Deposits
The Company pledges as collateral investment securities it owns through certain transactions, including securities lending, securities sold under agreements to repurchase, collateralized borrowings and postings of collateral with derivative counterparties. The following table sets forth the carrying value of investments pledged to third-parties and the carrying amount of the associated liabilities supported by the pledged collateral, as of the dates indicated:
December 31,
20242023
 (in thousands)
Securities pledged:
Fixed maturities, available-for-sale(1)$3,856,216 $4,081,391 
Fixed maturities, trading17 0 
Equity securities100,601 172,995 
Total securities pledged$3,956,834 $4,254,386 
Liabilities supported by the pledged collateral:
Cash collateral for loaned securities$121,372 $218,310 
Other liabilities(1)3,622,596 2,651,347 
Total liabilities supported by the pledged collateral(1)$3,743,968 $2,869,657 
(1)Prior period amounts have been updated to conform to current period presentation.
In the normal course of its business activities, the Company accepts collateral that can be sold or repledged. The primary sources of this collateral are securities purchased under agreements to resell. As of December 31, 2024 and 2023, there were $0 million and $25 million, respectively, of collateral that could be sold or repledged.
As of both December 31, 2024 and 2023, there was $3.6 million on deposit with governmental authorities or trustees as required by certain insurance laws.
v3.25.1
Derivative Instruments
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments DERIVATIVES AND HEDGING
Types of Derivative Instruments and Derivative Strategies
Interest Rate Contracts
Interest rate swaps, interest rate total return swaps, options, and futures are used by the Company to reduce risks from changes in interest rates, manage interest rate exposures arising from mismatches between assets and liabilities and to hedge against changes in the values it owns or anticipates acquiring or selling.

Swaps may be attributed to specific assets or liabilities or to a portfolio of assets or liabilities. Under interest rate swaps, the Company agrees with counterparties to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed upon notional principal amount. Under interest rate total return swaps, the company agrees with counterparties to exchange, at specified intervals, the difference between the return on a fixed income market index and Secured Overnight Financing Rate (“SOFR”) plus an associated funding spread based on a notional amount.

The Company also uses interest rate swaptions, caps and floors to manage interest rate risk. A swaption is an option to enter into a swap with a forward starting effective date. The Company pays a premium for purchased swaptions and receives a premium for written swaptions. In an interest rate cap, the buyer receives payments at the end of each period in which the interest rate exceeds the agreed strike price. Similarly, in an interest rate floor, the buyer receives payments at the end of each period in which the interest rate is below the agreed strike price. Swaptions, caps and floors are included in interest rate options.

In standardized exchange-traded interest rate futures transactions, the Company purchases or sells a specified number of contracts, the values of which are determined by the daily market values of underlying referenced investments. The Company enters into exchange-traded futures with regulated futures commission's merchants who are members of a trading exchange.
Equity Contracts
Equity options, equity total return swaps, and futures are used by the Company to manage its exposure to the equity markets which impacts the value of assets and liabilities it owns or anticipates acquiring or selling.
Equity index options are contracts which will settle in cash based on differentials in the underlying indices at the time of exercise and the strike price. The Company uses combinations of purchases and sales of equity index options to hedge the effects of adverse changes in equity indices within a predetermined range.
Equity total return swaps are contracts whereby the Company agrees with counterparties to exchange, at specified intervals, the difference between the return on an asset (or market index) and Secured Overnight Financing Rate (“SOFR”) plus an associated funding spread based on a notional amount. The Company generally uses total return swaps to hedge the effect of adverse changes in equity indices.

In standardized exchange-traded equity futures transactions, the Company purchases or sells a specified number of contracts, the values of which are determined by the daily market values of underlying referenced equity indices. The Company enters into exchange-traded futures with regulated futures commission's merchants who are members of a trading exchange.
Foreign Exchange Contracts
Currency derivatives, including currency swaps and forwards, are used by the Company to reduce risks from changes in currency exchange rates with respect to investments denominated in foreign currencies that the Company either holds or intends to acquire or sell.
Under currency forwards, the Company agrees with counterparties to deliver a specified amount of an identified currency at a specified future date. Typically, the price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. The Company executes forward sales of the hedged currency in exchange for U.S. dollars at a specified exchange rate. The maturities of these forwards correspond with the future periods in which the non-U.S. dollar-denominated earnings are expected to be generated.
Under currency swaps, the Company agrees with counterparties to exchange, at specified intervals, the difference between one currency and another at an exchange rate and calculated by reference to an agreed principal amount. Generally, the principal amount of each currency is exchanged at the beginning and termination of the currency swap by each party.
Credit Contracts
The Company writes credit protection to gain exposure similar to investment in public fixed maturity cash instruments. With these credit derivatives the Company sells credit protection on a single name reference, or certain index reference, and in return receives a quarterly premium. This premium or credit spread generally corresponds to the difference between the yield on the referenced name (or an index’s referenced names) public fixed maturity cash instruments and swap rates, at the time the agreement is executed. If there is an event of default by the referenced name or one of the referenced names in the index, as defined by the agreement, then the Company is obligated to pay the referenced amount of the contract to the counterparty and receive in return the referenced defaulted security or similar security or (in the case of a credit default index) pay the referenced amount less the auction recovery rate.
In addition to selling credit protection, the Company purchases credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio.
Embedded Derivatives
The Company offers certain products (for example, indexed annuities and index-linked universal life) which may include features that are accounted for as embedded derivatives; related to certain of these derivatives, the Company has entered into reinsurance agreements with both affiliated and unaffiliated parties. See Note 11 for additional information on the reinsurance agreements.
These embedded derivatives and reinsurance agreements, also accounted for as derivatives, are carried at fair value and marked to market through “Realized investment gains (losses), net” based on the change in value of the underlying contractual guarantees, which are determined using valuation models, as described in Note 5.
Synthetic Guarantees
The Company sells synthetic guarantees in the form of stable value wrap guarantees on third-party banked owned life insurance contracts. The synthetic guarantees are issued in respect of assets that are owned by the third-party insurer, who invest the assets according to the contract terms agreed to with the Company. The contracts establish policyholder balances and credit interest thereon. The policyholder balances are supported by the underlying assets. In connection with certain policyholder-initiated withdrawals, the contract guarantees that after all underlying assets are liquidated, any remaining policyholder balances will be paid by the Company. These guarantees are accounted for as derivatives and recorded at fair value.
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.
 December 31, 2024December 31, 2023
Primary Underlying Risk/Instrument TypeGross
Notional		Fair ValueGross
Notional		Fair Value
AssetsLiabilitiesAssetsLiabilities
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps$2,851 $0 $(209)$3,064 $0 $(238)
Foreign Currency Swaps3,308,842 202,606 (27,523)2,274,636 121,243 (54,044)
Total Derivatives Designated as Hedge Accounting Instruments$3,311,693 $202,606 $(27,732)$2,277,700 $121,243 $(54,282)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$174,170,160 $9,029,399 $(20,888,553)$163,179,764 $6,605,817 $(17,820,436)
Interest Rate Futures1,518,400 1,967 (1,443)1,332,600 3,055 (210)
Interest Rate Options29,135,000 279,414 (1,406,265)29,738,000 189,112 (969,718)
Interest Rate Forwards0 0 0 1,458,000 741 (3,196)
Interest Rate Total Return Swaps
223,721 1,472 (2,121)0 0 0 
Foreign Currency
Foreign Currency Forwards1,146,861 30,078 (181)744,576 1,772 (12,232)
Credit
Credit Default Swaps911,850 9,606 0 643,280 7,727 0 
Currency/Interest Rate
Foreign Currency Swaps2,285,052 164,152 (9,277)2,237,331 96,618 (31,294)
Equity
Equity Total Return Swaps
23,025,217 1,160,080 (1,182,913)15,049,993 418,084 (803,452)
Equity Options117,107,059 4,453,762 (3,717,637)49,247,510 1,600,335 (1,552,706)
Equity Futures1,802,205 15 (6,060)418,973 1,232 (500)
Synthetic GICs3,958,847 143 (31)311,302 1 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments$355,284,372 $15,130,088 $(27,214,481)$264,361,329 $8,924,494 $(21,193,744)
Total Derivatives(1)(2)$358,596,065 $15,332,694 $(27,242,213)$266,639,029 $9,045,737 $(21,248,026)
(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $11,968 million and $7,505 million as of December 31, 2024 and 2023, respectively, primarily included in "Policyholders' account balances".
(2)Recorded in “Other invested assets” and “Payables to parent and affiliates” on the 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 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 Consolidated Statements of Financial Position.
 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 
Securities purchased under agreements to resell0 0 0 0 0 
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 

 December 31, 2023
 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$9,045,718 $(9,028,019)$17,699 $0 $17,699 
Securities purchased under agreements to resell25,000 0 25,000 0 25,000 
Total Assets$9,070,718 $(9,028,019)$42,699 $0 $42,699 
Offsetting of Financial Liabilities:
Derivatives$21,248,026 $(18,596,679)$2,651,347 $(2,651,347)$0 
Total Liabilities$21,248,026 $(18,596,679)$2,651,347 $(2,651,347)$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 15. 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.
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.
  
Year Ended December 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$3 $0 $(118)$0 $46 
Currency/Interest Rate2,256 0 48,523 34,827 98,585 
Total cash flow hedges2,259 0 48,405 34,827 98,631 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate35,600 (2,094,268)0 0 0 
Currency54,543 0 0 0 0 
Currency/Interest Rate77,166 0 0 523 0 
Credit16,856 0 0 0 0 
Equity3,207,538 (761,850)0 0 0 
Embedded Derivatives(2,680,559)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments711,144 (2,856,118)0 523 0 
Total$713,403 $(2,856,118)$48,405 $35,350 $98,631 
  
Year Ended December 31, 2023
 
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$2 $0 $(118)$0 $72 
Currency/Interest Rate(636)0 43,934 (26,206)(126,765)
Total cash flow hedges(634)0 43,816 (26,206)(126,693)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate25,329 (1,555,807)0 0 0 
Currency(16,012)0 0 0 0 
Currency/Interest Rate(102,238)0 0 (257)0 
Credit14,350 0 0 0 0 
Equity1,744,218 (821,996)0 0 0 
Embedded Derivatives(1)(2,798,232)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(1,132,585)(2,377,803)0 (257)0 
Total$(1,133,219)$(2,377,803)$43,816 $(26,463)$(126,693)

 Year Ended December 31, 2022
 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 $(8)$0 $(312)
Currency/Interest Rate7,636 0 36,734 34,070 99,043 
Total cash flow hedges7,637 0 36,726 34,070 98,731 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate661,978 (5,230,085)0 0 0 
Currency18,952 0 0 0 0 
Currency/Interest Rate107,388 0 0 557 0 
Credit(15,904)0 0 0 0 
Equity40,076 1,050,139 0 0 0 
Embedded Derivatives(1)(359,268)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments453,222 (4,179,946)0 557 0 
Total$460,859 $(4,179,946)$36,726 $34,627 $98,731 
(1) Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
(in thousands)
Balance, December 31, 2021$39,896 
Amount recorded in AOCI
Interest Rate(319)
Currency/Interest Rate177,483 
Total amount recorded in AOCI177,164 
Amount reclassified from AOCI to income
Interest Rate7 
Currency/Interest Rate(78,440)
Total amount reclassified from AOCI to income(78,433)
Balance, December 31, 2022$138,627 
Amount recorded in AOCI
Interest Rate(44)
Currency/Interest Rate(109,673)
Total amount recorded in AOCI(109,717)
Amount reclassified from AOCI to income
Interest Rate116 
Currency/Interest Rate(17,092)
Total amount reclassified from AOCI to income(16,976)
Balance, December 31, 2023$11,934 
Amount recorded in AOCI
Interest Rate(69)
Currency/Interest Rate184,191 
Total amount recorded in AOCI184,122 
Amount reclassified from AOCI to income
Interest Rate115 
Currency/Interest Rate(85,606)
Total amount reclassified from AOCI to income(85,491)
Balance, December 31, 2024$110,565 
The changes in fair value of cash flow hedges are deferred in AOCI and are included in "Net unrealized investment gains (losses)" in the Consolidated Statements of Operations and Comprehensive Income (Loss); these amounts are then reclassified to earnings when the hedged item affects earnings. Using December 31, 2024 values, it is estimated that a pre-tax gain of $41 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending December 31, 2025.

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 $912 million and $643 million as of December 31, 2024 and 2023, respectively. These credit derivatives are reported at fair value as an asset of $10 million and $8 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024 the notional amount of these credit derivatives had $877 million in NAIC 3 and $35 million in NAIC 6.
The Company has no exposure on purchased credit protection as of December 31, 2024 and 2023.
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
 12 Months Ended
Dec. 31, 2024
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. The Company’s Level 1 assets and liabilities primarily include certain cash equivalents and short-term investments, equity securities, and derivative contracts that trade on an active exchange market included in other invested assets and other 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. The Company’s Level 2 assets and liabilities include: fixed maturities (corporate public and private bonds, most government securities, certain asset-backed and mortgage-backed securities, etc.), certain equity securities (mutual funds, which do not trade in active markets because they are not publicly available), certain cash equivalents (primarily commercial paper), short-term investments, certain OTC derivatives, separate account assets, receivables from parent and affiliates and other liabilities.
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. The Company’s Level 3 assets and liabilities primarily include: certain private fixed maturities and equity securities, certain manually priced public equity securities and fixed maturities, certain highly structured OTC derivative contracts, contracts or contract features pertaining to living benefit features (market risk benefits) of the Company's variable annuity contracts, embedded derivatives associated with the index-linked features of certain universal life and annuity products, receivables from parent and affiliates, short-term investments, cash equivalents and other liabilities.
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.
 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 $$1,099,241 
Obligations of U.S. states and their political subdivisions0 541,066 0 541,066 
Foreign government securities0 309,686 648 310,334 
U.S. corporate public securities0 13,238,428 0 13,238,428 
U.S. corporate private securities0 4,996,400 757,697 5,754,097 
Foreign corporate public securities0 3,692,124 6,727 3,698,851 
Foreign corporate private securities0 4,906,450 435,183 5,341,633 
Asset-backed securities(2)0 3,126,089 624,574 3,750,663 
Commercial mortgage-backed securities0 820,457 75,318 895,775 
Residential mortgage-backed securities0 356,072 0 356,072 
Subtotal0 33,086,013 1,900,147 34,986,160 
Market risk benefit assets0 0 2,637,363 2,637,363 
Fixed maturities, trading0 3,778,760 66,285 3,845,045 
Equity securities2,587,791 15,514 20,515 2,623,820 
Short-term investments0 390,745 105,540 496,285 
Cash equivalents0 2,851,250 33 2,851,283 
Other invested assets(4)2,302 15,330,249 143 (15,308,195)24,499 
Reinsurance recoverables and deposit receivables0 0 645,193 645,193 
Receivables from parent and affiliates0 169,072 351,390 520,462 
Subtotal excluding separate account assets2,590,093 55,621,603 5,726,609 (15,308,195)48,630,110 
Separate account assets(5)(6)273,288 111,415,717 10,547 111,699,552 
Total assets$2,863,381 $167,037,320 $5,737,156 $(15,308,195)$160,329,662 
Market risk benefit liabilities$0 $0 $4,281,244 $$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 
 December 31, 2023
 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 $975,287 $0 $$975,287 
Obligations of U.S. states and their political subdivisions0 776,627 0 776,627 
Foreign government securities0 281,304 682 281,986 
U.S. corporate public securities0 9,495,912 0 9,495,912 
U.S. corporate private securities0 4,476,258 513,236 4,989,494 
Foreign corporate public securities0 1,698,965 7,129 1,706,094 
Foreign corporate private securities0 4,137,004 493,978 4,630,982 
Asset-backed securities(2)0 1,928,428 99,122 2,027,550 
Commercial mortgage-backed securities0 773,663 78,115 851,778 
Residential mortgage-backed securities0 396,070 0 396,070 
Subtotal0 24,939,518 1,192,262 26,131,780 
Market risk benefit assets0 0 2,367,243 2,367,243 
Fixed maturities, trading0 2,762,398 34,048 2,796,446 
Equity securities(3)790,346 11,285 28,709 830,340 
Short-term investments31,879 280,228 1,759 313,866 
Cash equivalents447,396 1,196,729 0 1,644,125 
Other invested assets(4)23,432 9,022,304 1 (9,028,019)17,718 
Reinsurance recoverables and deposit receivables(7)(8)0 0 192,642 192,642 
Receivables from parent and affiliates0 147,984 0 147,984 
Subtotal excluding separate account assets1,293,053 38,360,446 3,816,664 (9,028,019)34,442,144 
Separate account assets(5)(6)176,239 113,747,569 5,985 113,929,793 
Total assets$1,469,292 $152,108,015 $3,822,649 $(9,028,019)$148,371,937 
Market risk benefit liabilities(8)$0 $0 $5,156,858 $$5,156,858 
Policyholders' account balances(8)0 0 7,697,627 7,697,627 
Payables to parent and affiliates0 21,239,770 0 (18,588,647)2,651,123 
Other liabilities(7)8,032 225 0 (8,032)225 
Total liabilities$8,032 $21,239,995 $12,854,485 $(18,596,679)$15,505,833 
(1)“Netting” amounts represent cash collateral of $(8,311) million and $(9,569) million as of December 31, 2024 and 2023, 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)Equity securities excluded from the fair value hierarchy include a fund for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. As of December 31, 2023, the fair value of this investment was $14.6 million.
(4)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 NAV per share (or its equivalent) as a practical expedient. At December 31, 2024 and 2023, the fair value of such investments was $44 million and $67 million, respectively.
(5)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 Consolidated Statements of Financial Position.
(6)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. At December 31, 2024 and 2023, the fair value of such investments was $6,444 million and $5,259 million, respectively.
(7)Prior period amounts have been updated to conform to current period presentation.
(8)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
The methods and assumptions the Company uses to estimate the fair value of assets and liabilities measured at fair value on a recurring basis are summarized below.
Fixed Maturity Securities - The fair values of the Company’s public fixed maturity securities are generally based on prices obtained from independent pricing services. Prices for each security are generally sourced from multiple pricing vendors, and a vendor hierarchy is maintained by asset type based on historical pricing experience and vendor expertise. The Company ultimately uses the price from the pricing service highest in the vendor hierarchy based on the respective asset type. The pricing hierarchy is updated for new financial products and recent pricing experience with various vendors. Consistent with the fair value hierarchy described above, securities with validated quotes from pricing services are generally reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. Typical inputs used by these pricing services include but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers, and/or estimated cash flow, prepayment speeds, and default rates. If the pricing information received from third-party pricing services is deemed not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process with the pricing service or classify the securities as Level 3. If the pricing service updates the price to be more consistent with the presented market observations, the security remains within Level 2.
Internally-developed valuations or indicative broker quotes are also used to determine fair value in circumstances where vendor pricing is not available, or where the Company ultimately concludes that pricing information received from the independent pricing services is not reflective of market activity. If the Company concludes the values from both pricing services and brokers are not reflective of market activity, it may override the information with an internally-developed valuation. As of December 31, 2024 and 2023, overrides on a net basis were not material. Pricing service overrides, internally-developed valuations and indicative broker quotes are generally included in Level 3 in the fair value hierarchy.
The Company conducts several specific price monitoring activities. Daily analyses identify price changes over predetermined thresholds defined at the financial instrument level. Various pricing integrity reports are reviewed on a daily and monthly basis to determine if pricing is reflective of market activity or if it would warrant any adjustments. Other procedures performed include, but are not limited to, reviews of third-party pricing services methodologies, reviews of pricing trends and back testing.
The fair values of private fixed maturities, which are originated by internal private asset managers, are primarily determined using discounted cash flow models. These models primarily use observable inputs that include Treasury or similar base rates plus estimated credit spreads to value each security. The credit spreads are obtained through a survey of private market intermediaries who are active in both primary and secondary transactions, and consider, among other factors, the credit quality and the reduced liquidity associated with private placements. Internal adjustments are made to reflect variation in observed sector spreads. Since most private placements are valued using standard market observable inputs and inputs derived from, or corroborated by, market observable data including, but not limited to observed prices and spreads for similar publicly or privately traded issues, they have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model may incorporate significant unobservable inputs, which reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the price of a security, a Level 3 classification is made.
Equity Securities - Equity securities consist principally of investments in common and preferred stock of publicly traded companies, privately traded securities, as well as mutual fund shares. The fair values of most publicly traded equity securities are based on quoted prices in active markets for identical assets and are classified within Level 1 in the fair value hierarchy. Estimated fair values for most privately traded equity securities are determined using discounted cash flow, earnings multiple and other valuation models that require a substantial level of judgment around inputs and therefore are classified within Level 3. The fair values of mutual fund shares that transact regularly (but do not trade in active markets because they are not publicly available) are based on transaction prices of identical fund shares and are classified within Level 2 in the fair value hierarchy.
Derivative Instruments - Derivatives are recorded at fair value either as assets, within “Other invested assets”, or as liabilities within “Payables to parent and affiliates” or "Other liabilities", except for embedded derivatives which are recorded with the associated host contract. The fair values of derivative contracts can be affected by changes in interest rates, foreign exchange rates, credit spreads, market volatility, expected returns, NPR, liquidity and other factors.
The Company's exchange-traded futures and options include treasury and equity futures. Exchange-traded futures and options are valued using quoted prices in active markets and are classified within Level 1 in the fair value hierarchy.
The majority of the Company’s derivative positions are traded in the OTC derivative market and are classified within Level 2 in the fair value hierarchy. OTC derivatives classified within Level 2 are valued using models that utilize actively quoted or observable market inputs from external market data providers, third-party pricing vendors and/or recent trading activity. The Company’s policy is to use mid-market pricing in determining its best estimate of fair value. The fair values of most OTC derivatives, including interest rate and cross-currency swaps, currency forward contracts and credit default swaps are determined using discounted cash flow models. The fair values of European style option contracts are determined using Black-Scholes option pricing models. These models’ key inputs include the contractual terms of the respective contract, along with significant observable inputs, including interest rates, currency rates, credit spreads, equity prices, index dividend yields, NPR, volatility and other factors.
The Company’s cleared interest rate swaps and credit derivatives linked to an index are valued using models that utilize actively quoted or observable market inputs, including SOFR, obtained from external market data providers, third-party pricing vendors and/or recent trading activity. These derivatives are classified as Level 2 in the fair value hierarchy.
Cash Equivalents and Short-Term Investments - Cash equivalents and short-term investments include money market instruments, commercial paper and other highly liquid debt instruments. Certain money market instruments are valued using unadjusted quoted prices in active markets that are accessible for identical assets and are primarily classified as Level 1. The remaining instruments in this category are generally fair valued based on market observable inputs and these investments have primarily been classified within Level 2.
Separate Account Assets - Separate account assets include fixed maturity securities, treasuries, equity securities, real estate, mutual funds and commercial mortgage loans for which values are determined consistent with similar instruments described above under “Fixed Maturity Securities” and “Equity Securities”.
Reinsurance Recoverables and Deposit Receivables - Reinsurance recoverables and deposit receivables primarily include (1) an embedded derivative associated with net receivables from modified coinsurance arrangements where the Company is the cedant; and (2) an embedded derivatives on deposit receivables where the Company has ceded fixed indexed annuities. The methods and assumptions used to estimate the fair value are consistent with those described below in “Policyholders' account balances”.
Receivables from Parent and Affiliates - Receivables from parent and affiliates carried at fair value include affiliated bonds within the Company’s legal entity where fair value is determined consistent with similar securities described above under “Fixed Maturity Securities” managed by affiliated asset managers.
Market Risk Benefits - As a result of the adoption of ASU 2018-12 in the first quarter of 2023, the Company is required to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value. Market risk benefit liabilities (or assets) represent contracts or contract features that provide protection to the contractholder and expose the insurance entity to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits in the annuities products including GMDB, GMIB, GMAB, GMWB and GMIWB. The benefits are bundled together and accounted for as single compound market risk benefits using a fair value measurement framework.
The fair value of these market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefits. The fair value of these benefit features is based on assumptions a market participant would use in valuing market risk benefits. This methodology could result in either a liability or asset balance, given changing capital market conditions and various actuarial assumptions. Since there is no observable active market for the transfer of these obligations, the valuations are calculated using internally-developed models with option pricing techniques. The models are based on a risk neutral valuation framework and incorporate premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows. The determination of these risk premiums requires the use of management’s judgment.

The significant inputs to the valuation models for these market risk benefits include capital market assumptions, such as interest rate levels and volatility assumptions, the Company’s market-perceived NPR, as well as actuarially determined assumptions, including contractholder behavior, such as lapse rates, benefit utilization rates, withdrawal rates, and mortality rates. Since many of these assumptions are unobservable and are considered to be significant inputs to the valuations, the assets and liabilities included in market risk benefits have been reflected within Level 3 in the fair value hierarchy.
Capital market inputs and actual policyholders’ account values are updated each quarter based on capital market conditions as of the end of the quarter, including interest rates, equity markets and volatility. In the risk neutral valuation, the initial swap curve drives the total return used to grow the policyholders’ account values. The Company’s discount rate assumption is based on the SOFR swap curve adjusted for an additional spread relative to SOFR to reflect the Company’s market-perceived 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 Company issued 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, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.

Actuarial assumptions, including contractholder behavior and mortality, are reviewed at least annually, and updated based upon Company emerging experience and industry studies, future expectations and other data, including any observable market data. These assumptions are generally updated annually unless a material change that the Company feels is indicative of a long-term trend is observed in an interim period.
Policyholders' Account Balances - The liability for policyholders’ account balances is related to certain embedded derivative instruments associated with certain universal life and annuity products that provide policyholders with index-linked interest credited over contract specified term periods. The fair values of these liabilities are determined using discounted cash flow models which include capital market assumptions such as interest rates and equity index volatility assumptions, the Company’s market-perceived NPR and actuarially determined assumptions for mortality, lapses and projected hedge costs.
As there is no observable active market for these liabilities, the fair value is determined as the present value of account balances paid to policyholders in excess of contractually guaranteed minimums using option pricing techniques for index term periods that contain deposits as of the valuation date, and the expected option cost for future index term periods, where the terms of index crediting rates have not yet been declared by the Company. Premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows are also incorporated in the fair value of these liabilities. Since the valuation of these liabilities requires the use of management’s judgment to determine these risk premiums and the use of unobservable inputs, these liabilities are reflected within Level 3 in the fair value hierarchy.
Capital market inputs, including interest rates and equity markets volatility, and actual policyholders’ account values are updated each quarter. Actuarial assumptions are reviewed at least annually and updated based upon emerging Company experience, future expectations and other data, including any observable market data. Aside from these annual updates, assumptions are generally updated only if a material change is observed in an interim period that the Company believes is indicative of a long-term trend.
Reinsurance and Funds Withheld Payables - Reinsurance and funds withheld payables primarily includes an embedded derivative associated with certain funds withheld reinsurance arrangements that are described in Note 11. The fair value is determined based on the valuation of the underlying funds withheld assets identified to support the payable due to the applicable reinsurance counterparties.
Other Liabilities - Other liabilities include certain derivative instruments. The fair values of derivative instruments are primarily determined consistent with those described above under "Derivative Instruments."
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.
 December 31, 2024
 Fair Value    Valuation  
Techniques		Unobservable 
Inputs  		Minimum  MaximumWeighted
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 %11.15 %Decrease
Market ComparablesEBITDA multiples(4)5.0 X5.0 X5.0 XIncrease
LiquidationLiquidation value75.00 %75.00 %75.00 %Increase
Asset-backed securities$90,370  Discounted cash flow  Discount rate 2.30 %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
 December 31, 2023
 Fair ValueValuation 
Techniques		Unobservable 
Inputs   		MinimumMaximumWeighted
Average		Impact of 
Increase in Input on Fair Value(1)(2)
 (in thousands)
Assets:
Corporate securities(3)$81,635 Discounted cash flowDiscount rate6.98 %20 %9.73 %Decrease
LiquidationLiquidation Value63.62 %63.62 %63.62 %Increase
Commercial mortgage-backed securities$78,115 Discounted cash flowLiquidity premium0.60 %0.75 %0.71 %Decrease
Market risk benefit assets(5)$2,367,243 Discounted cash flowLapse rate(6)1 %20 %Increase
Spread over SOFR(7)0.41 %1.91 %Increase
Utilization rate(8)38 %95 %Decrease
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %15 %Increase
Equity volatility curve15 %25 %Decrease
Reinsurance recoverables and deposit receivables(11)(14)(15)$192,642 Discounted cash flowLapse rate(6)1 %80 %Increase
Spread over SOFR(7)(14)0.41 %1.82 %Increase
Option budget(13)(1)%7 %Decrease
Liabilities:
Market risk benefit liabilities(5)(15)$5,156,858 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over SOFR(7)0.41 %1.91 %Decrease
Utilization rate(8)38 %95 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %15 %Decrease
Equity volatility curve15 %25 %Increase
Policyholders' account balances(12)(15)$7,697,627 Discounted cash flowLapse rate(6)1 %80 %Decrease
Spread over SOFR(7)0.41 %1.85 %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 multiples 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 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 December 31, 2024 and 2023, respectively. This spread includes an estimate of 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 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 December 31, 2024 and 2023, the minimum withdrawal rate assumption is 78% and 81%, respectively. As of December 31, 2024 and 2023, 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.
(14)Prior period amounts have been updated to conform to current period presentation.
(15)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

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.
Year Ended December 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 $(34)$0 $0 $0 $0 $0 $0 $0 $648 $(44)
Corporate securities(3)1,014,343 (69,658)1,172,201 (702,073)0 (183,577)(64,672)33,043 0 1,199,607 (61,011)
Structured securities(4)177,237 (5,386)771,208 (40,508)0 (96,067)65,480 34,578 (206,650)699,892 (3,394)
Other assets:
Fixed maturities, trading34,048 (9,654)261,968 (52)0 (2,261)0 18,842 (236,606)66,285 (9,705)
Equity securities28,709 (2,135)273 (6,120)0 (6,332)6,120 0 0 20,515 (230)
Other invested assets1 142 0 0 0 0 0 0 0 143 142 
Short-term investments1,759 1,539 117,046 (13,113)0 (1,488)(203)0 0 105,540 321 
Cash equivalents0 (41)744 0 0 (65)(605)0 0 33 (41)
Reinsurance recoverables and deposit receivables (5)192,642 26,029 333,291 0 0 0 93,231 0 0 645,193 (122,807)
Separate account assets5,985 457 5,823 (2,050)0 (126)0 458 0 10,547 457 
Receivables from parent and affiliates0 90 418,916 (51,199)0 0 0 0 (16,417)351,390 90 
Liabilities:
Policyholders' account balances(5)(7,697,627)(2,687,101)0 0 (2,286,786)0 46,929 0 0 (12,624,585)1,254,144 
Other liabilities0 (31)0 0 0 0 0 0 0 (31)(31)
Year Ended December 31, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(54,924)$0 $0 $(19,313)$(841)$(40,765)$0 $0 $(23,684)
Other assets:
Fixed maturities, trading0 (9,661)0 0 7 0 (9,705)0 0 
Equity securities0 (2,135)0 0 0 0 (230)0 0 
Other invested assets142 0 0 0 0 142 0 0 0 
Short-term investments1,142 0 0 385 12 (64)0 0 385 
Cash equivalents(41)0 0 0 0 (41)0 0 0 
Reinsurance recoverables and deposit receivables26,029 0 0 0 0 (122,807)0 0 0 
Separate account assets0 0 457 0 0 0 0 457 0 
Receivables from parent and affiliates0 0 0 90 0 0 0 0 90 
Liabilities:
Policyholders' account balances(2,687,101)0 0 0 0 1,254,144 0 0 0 
Other liabilities(31)0 0 0 0 (31)0 0 0 
Year Ended December 31, 2023(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$724 $(42)$0 $0 $0 $0 $0 $0 $0 $682 $(53)
Corporate securities(3)507,496 85 567,936 (39,722)0 (130,688)3,129 117,671 (11,564)1,014,343 (973)
Structured securities(4)104,724 (4,442)241,159 (37)0 (2,147)(2,222)4,537 (164,335)177,237 (4,298)
Other assets:
Fixed maturities, trading0 1,083 36,284 0 0 0 2,931 0 (6,250)34,048 1,225 
Equity securities28,593 (928)2,531 0 0 0 (1,487)0 0 28,709 (928)
Other invested assets0 1 0 0 0 0 0 0 0 1 1 
Short-term investments16,945 2,573 4,922 0 0 (21,322)(1,359)0 0 1,759 0 
Reinsurance recoverables and deposit receivables(5)(8)(9)115,886 (104,596)183,716 0 0 0 (2,364)0 0 192,642 (119,067)
Separate account assets4,645 408 2,216 (1,124)0 (160)0 0 0 5,985 406 
Liabilities:
Policyholders' account balances(5)(9)(3,502,096)(2,649,136)0 0 (1,653,026)0 106,631 0 0 (7,697,627)(368,507)
Year Ended December 31, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(2,081)$0 $0 $(2,808)$490 $(2,904)$0 $0 $(2,420)
Other assets:
Fixed maturities, trading0 1,080 0 0 3 0 1,225 0 0 
Equity securities0 (928)0 0 0 0 (928)0 0 
Other invested assets1 0 0 0 0 1 0 0 0 
Short-term investments1,857 0 0 (73)789 0 0 0 0 
Reinsurance recoverables and deposit receivables(8)(9)(104,596)0 0 0 0 (119,067)0 0 0 
Separate account assets0 0 408 0 0 0 0 406 0 
Liabilities:
Policyholders' account balances(9)(2,649,136)0 0 0 0 (368,507)0 0 0 
Year Ended December 31, 2022
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(16,829)$0 $0 $(56,470)$(242)$(14,416)$0 $0 $(59,239)
Other assets:
Equity securities0 (3,310)0 0 0 0 (3,872)0 0 
Short-term investments77 0 0 73 (36)0 0 0 73 
Reinsurance recoverables and deposit receivables(9)111,382 0 0 0 0 115,303 0 0 0 
Separate account assets0 0 (70)0 0 0 0 (70)0 
Liabilities:
Policyholders' account balances(409,912)0 0 0 0 (289,548)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 $2,637 million and $2,367 million and MRB liabilities of $4,281 million and $5,157 million as of December 31, 2024 and 2023, 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 17 for additional information.
Nonrecurring Fair Value Measurements - The following tables present information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3). For the years ended December 31, 2024 and 2023, there were no triggering events.
Years Ended December 31,
202420232022
(in thousands)
Equity in earnings of operating joint venture, net of taxes
Investment in joint venture$0 $0 $(75,000)
Gains (Losses):
Other invested assets$0 $0 $(11,125)
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 Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
 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 
 December 31, 2023
  
Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $5,918,386 $5,918,386 $6,122,721 
Policy loans0 0 1,472,677 1,472,677 1,472,677 
Short-term investments66,500 0 0 66,500 66,500 
Cash and cash equivalents470,668 24,999 0 495,667 495,667 
Accrued investment income0 333,838 0 333,838 333,838 
Reinsurance recoverables and deposit receivables(2)0 0 1,512,138 1,512,138 1,513,520 
Receivables from parent and affiliates0 184,599 0 184,599 184,599 
Other assets(2)0 80,646 0 80,646 80,646 
Total assets$537,168 $624,082 $8,903,201 $10,064,451 $10,270,168 
Liabilities:
Policyholders’ account balances - investment contracts$0 $955,647 $5,396,885 $6,352,532 $6,368,061 
Cash collateral for loaned securities0 218,310 0 218,310 218,310 
Short-term debt to affiliates0 176,110 0 176,110 180,411 
Reinsurance and funds withheld payables(2)0 1,517,131 0 1,517,131 1,517,131 
Payables to parent and affiliates0 16,573 0 16,573 16,573 
Other liabilities(2)0 604,730 32,423 637,153 637,153 
Total liabilities$0 $3,488,501 $5,429,308 $8,917,809 $8,937,639 
(1)Carrying values presented herein differ from those in the Company’s 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.
(2)Prior period amounts have been updated to conform to current period presentation.
The fair values presented above have been determined by using available market information and by applying market valuation methodologies, as described in more detail below.
Commercial Mortgage and Other Loans
The fair value of most commercial mortgage loans is based upon the present value of the expected future cash flows discounted at the appropriate U.S. Treasury rate or foreign government bond rate (for non-U.S. dollar-denominated loans) plus an appropriate credit spread for loans of similar quality, average life and currency. The quality ratings for these loans, a primary determinant of the credit spreads and a significant component of the pricing process, are based on an internally-developed methodology. Certain commercial mortgage loans are valued incorporating other factors, including the terms of the loans, the relative strength of the underlying collateral, the principal exit strategies for the loans, prevailing interest rates and credit risk.
Policy Loans
The Company's valuation technique for policy loans is to discount cash flows at the current policy loan coupon rate. Policy loans are fully collateralized by the cash surrender value of underlying insurance policies. As a result, the carrying value of the policy loans approximates the fair value.
Short-Term Investments, Cash and Cash Equivalents, Accrued Investment Income, Receivables from Parent and Affiliates and Other Assets
The Company believes that due to the short-term nature of certain assets, the carrying value approximates fair value. These assets include: certain short-term investments, which are not securities, recorded at amortized cost, cash and cash equivalent instruments; accrued investment income; receivables from parent and affiliates; and other assets that meet the definition of financial instruments, including receivables such as unsettled trades and accounts receivable.
Reinsurance Recoverables and Deposit Receivables
Reinsurance recoverables and deposit receivables include receivables from modified coinsurance arrangements and other reinsurance arrangements between the Company and related parties. See Note 11 for additional information about the Company's reinsurance arrangements. Deposit receivables primarily consist of deposit assets related to the reinsurance agreements. Deposits made are included in “Reinsurance recoverables and deposit receivables”. The deposit assets are adjusted as amounts are paid, consistent with the underlying contracts.
Policyholders’ Account Balances - Investment Contracts
Only the portion of policyholders’ account balances related to products that are investment contracts (those without significant mortality or morbidity risk) are reflected in the table above. For fixed deferred annuities, payout annuities and other similar contracts without life contingencies, fair values are generally derived using discounted projected cash flows based on interest rates that are representative of the Company’s financial strength ratings, and hence reflect the Company’s NPR. For those balances that can be withdrawn by the customer at any time without prior notice or penalty, the fair value is the amount estimated to be payable to the customer as of the reporting date, which is generally the carrying value.
Cash Collateral for Loaned Securities
Cash collateral for loaned securities represents the collateral received or paid in connection with loaning or borrowing securities. Due to the short-term nature of these transactions, the carrying value approximates fair value.
Debt
The fair value of short-term and long-term debt is generally determined by either prices obtained from independent pricing services, which are validated by the Company, or discounted cash flow models. These fair values consider the Company’s NPR. Discounted cash flow models predominately use market observable inputs such as the borrowing rates currently available to the Company for debt and financial instruments with similar terms and remaining maturities. For debt with a maturity of less than 90 days, the carrying value approximates fair value.
Reinsurance and Funds Withheld Payables
Reinsurance and funds withheld payables include amounts payable to the reinsurer under coinsurance with funds withheld arrangements where the Company is the cedant. Deposits received are included in "Reinsurance and funds withheld payables." The deposit liabilities are adjusted as amounts are received, consistent with the underlying contracts.
Payables to Parent and Affiliates
Payables to parent and affiliates is primarily related to accrued expense payables. Due to the short-term until settlement of most of these liabilities, the Company believes that carrying value approximates fair value.
Other Liabilities
Other liabilities are primarily payables, such as unsettled trades, drafts, and escrow deposits. Due to the short-term until settlement of most of these liabilities, the Company believes that carrying value approximates fair value.
v3.25.1
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements
 12 Months Ended
Dec. 31, 2024
Deferred Charges, Insurers [Abstract]  
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements DEFERRED POLICY ACQUISITION COSTS, DEFERRED REINSURANCE AND DEFERRED SALES INDUCEMENTS
Deferred Policy Acquisition Costs

The following table shows a rollforward for the lines of business that contain DAC balances, along with a reconciliation to the Company's total DAC balance: 
Fixed AnnuitiesVariable AnnuitiesTerm LifeVariable / Universal LifeTotal
 (in thousands)
Balance, December 31, 2021$84,481 $3,806,732 $577,084 $2,561,011 $7,029,308 
Capitalization(5)31,494 296,597 127,541 533,710 989,342 
Amortization expense(5)(13,724)(343,510)(55,423)(108,612)(521,269)
Other(1)0 0 (365)(540,819)(541,184)
Balance, December 31, 2022102,251 3,759,819 648,837 2,445,290 6,956,197 
Capitalization(5)117,851 263,869 159,000 580,715 1,121,435 
Amortization expense(5)(22,165)(331,368)(63,949)(122,028)(539,510)
Other(2)0 (393,385)0 (1)(393,386)
Balance, December 31, 2023197,937 3,298,935 743,888 2,903,976 7,144,736 
Capitalization216,410 430,520 183,463 703,465 1,533,858 
Amortization expense(42,705)(356,254)(63,447)(140,951)(603,357)
Other(3)(4)0 0 (249,836)(18,341)(268,177)
Balance, December 31, 2024$371,642 $3,373,201 $614,068 $3,448,149 $7,807,060 
(1)    Includes the impact of the reinsurance agreement with Lotus Re. See Note 11 for additional information.
(2)    Includes the impact of the reinsurance agreement with AuguStar. See Note 11 for additional information.
(3)    Includes the impacts of the Universal Life reinsurance transaction with PAR U and PURE. See Note 11 for additional information.
(4)    Includes the impacts of the Term Life reinsurance transaction with PARCC. See Note 11 for additional information.
(5)    Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Deferred Reinsurance Losses

The following table shows a rollforward for the lines of business that contain DRL balances, which is included in Other assets, along with a reconciliation to the Company's total DRL balance:

Variable AnnuitiesTerm LifeVariable/
Universal Life		Total
(in thousands)
Balance, December 31, 2021$254,577 $78,426 $0 $333,003 
Amortization expense(31,057)(9,048)0 (40,105)
Other(5)0 0 (5)
Balance, December 31, 2022223,515 69,378 0 292,893 
Amortization expense(29,403)(8,374)0 (37,777)
Other(1)0 0 (1)
Balance, December 31, 2023194,111 61,004 0 255,115 
Amortization expense(29,876)(15,345)(9,528)(54,749)
Other(1)(2)3 351,025 979,000 1,330,028 
Balance, December 31, 2024$164,238 $396,684 $969,472 $1,530,394 
(1)    Includes $979 million DRL related to the reinsurance transaction with Wilton Re. See Note 11 for additional information.
(2)    Includes $351 million DRL related to the reinsurance transaction with PARCC. See Note 11 for additional information.
Deferred Reinsurance Gains

The following table shows a rollforward for the lines of business that contain DRG balances, which is included in Other liabilities, along with a reconciliation to the Company's total DRG balance:
Fixed AnnuitiesVariable AnnuitiesVariable / Universal LifeTotal
(in thousands)
Balance, December 31, 2021$78,138 $0 $174,598 $252,736 
Amortization expense(6,437)0 (79,952)(86,389)
Other(1)(13,803)0 1,340,312 1,326,509 
Balance, December 31, 202257,898 0 1,434,958 1,492,856 
Amortization expense(9,790)(15,612)(71,462)(96,864)
Other(2)(34)277,333 0 277,299 
Balance, December 31, 202348,074 261,721 1,363,496 1,673,291 
Amortization expense(10,516)(20,061)(121,190)(151,767)
Other(3)(4)(10)(32)1,797,303 1,797,261 
Balance, December 31, 2024$37,548 $241,628 $3,039,609 $3,318,785 
(1)    Includes $1,352 million DRG related to the reinsurance agreement with Lotus Re, entered into January 1, 2022. See Note 11 for additional information.
(2)    Includes the impact of the reinsurance agreement with AuguStar. See Note 11 for additional information.
(3)    Includes the impact of the Universal Life reinsurance transactions with PAR U, PURE and Prudential Insurance effective January 1, 2024, including $1,207 million of DRG, partially offset by a $116 million write-off of the DRG that was recognized with the previous reinsurance agreement. See Note 11 for additional information.
(4)    Includes the impact of the Universal Life reinsurance transactions with PAR U and Prudential Insurance effective October 2024, including $798 million DRG, partially offset by a $94 million write-off of the DRG that was recognized with the previous reinsurance agreement. See Note 11 for additional information.
Deferred Sales Inducements

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:

Variable Annuities
(in thousands)
Balance, December 31, 2021$414,619 
Capitalization676 
Amortization expense(33,791)
Balance, December 31, 2022381,504 
Capitalization1,514 
Amortization expense(31,625)
Other31 
Balance, December 31, 2023351,424 
Capitalization1,243 
Amortization expense(30,316)
Balance, December 31, 2024$322,351 
v3.25.1
Separate Accounts
 12 Months Ended
Dec. 31, 2024
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:

December 31, 2024December 31, 2023
(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$15,548 $2,954 
Obligations of U.S. states and their political subdivisions authorities115 0 
 U.S. corporate securities24,458 9,504 
 Foreign corporate securities3,158 1,763 
Asset-backed securities1,099 0 
Mortgage-backed securities82 186 
Mutual funds:
Equity73,226,610 72,614,821 
Fixed Income33,828,097 37,065,162 
Other4,431,975 4,101,661 
Equity securities126,792 104,159 
Other invested assets6,444,077 5,258,900 
Short-term investments2,559 2,126 
   Cash and cash equivalents38,686 27,249 
Total$118,143,256 $119,188,485 

For the periods ended December 31, 2024, 2023 and 2022, 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:
Year Ended December 31, 2024
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$92,383,121 $26,805,364 $119,188,485 
     Deposits601,236 3,513,738 4,114,974 
     Investment performance8,395,586 4,657,022 13,052,608 
     Policy charges(2,210,261)(923,275)(3,133,536)
     Surrenders and withdrawals(13,827,431)(450,573)(14,278,004)
     Benefit payments(66,029)(285,680)(351,709)
     Net transfers (to) from general account(100,193)(380,869)(481,062)
     Other7,026 24,474 31,500 
Balance, end of period$85,183,055 $32,960,201 $118,143,256 
Cash surrender value(1)$84,325,382 $29,592,881 $113,918,263 
Year Ended December 31, 2023
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$91,785,447 $22,265,799 $114,051,246 
Deposits440,707 2,745,751 3,186,458 
Investment performance12,219,777 4,310,729 16,530,506 
Policy charges(2,296,859)(829,539)(3,126,398)
Surrenders and withdrawals(9,687,372)(347,955)(10,035,327)
Benefit payments(73,791)(226,242)(300,033)
Net transfers (to) from general account(2)(15,121)(1,175,575)(1,190,696)
Other10,333 62,396 72,729 
Balance, end of period$92,383,121 $26,805,364 $119,188,485 
Cash surrender value(1)$91,201,190 $23,700,726 $114,901,916 
Year Ended December 31, 2022
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$123,977,624 $25,820,204 $149,797,828 
Deposits658,695 2,275,000 2,933,695 
Investment performance(21,600,783)(4,270,091)(25,870,874)
Policy charges(2,513,831)(767,168)(3,280,999)
Surrenders and withdrawals(8,481,231)(339,931)(8,821,162)
Benefit payments(62,586)(278,140)(340,726)
Net transfers (to) from general account(206,269)(213,752)(420,021)
Other13,828 39,677 53,505 
Balance, end of period$91,785,447 $22,265,799 $114,051,246 
Cash surrender value(1)$90,208,083 $19,575,562 $109,783,645 
(1) Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(2) Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 15 for additional information.
v3.25.1
Liability for Future Policy Benefits
 12 Months Ended
Dec. 31, 2024
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; and
•Additional Insurance Reserves

In 2024, the Company recognized an impact to net income attributable to our annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.

In 2023, the Company recognized an impact to net income attributable to the annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns on universal life policies with secondary guarantees.

In 2022, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed benefit reserves, primarily due to updates to mortality assumptions on individual term life insurance. Additionally, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update and other refinements for direct and assumed additional insurance reserves, primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.
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.

Year Ended December 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 assumption update21,466 0 21,466 
Effect of actual variances from expected experience and other activity(219,878)58 (219,820)
Adjusted balance, beginning of period10,955,132 58 10,955,190 
Issuances827,606 35,717 863,323 
Net premiums / considerations collected(1,319,501)(35,775)(1,355,276)
Interest accrual511,817 0 511,817 
Other adjustments7,092 0 7,092 
Balance at original discount rate, end of period10,982,146 0 10,982,146 
Effect of cumulative changes in discount rate assumptions, end of period(567,443)0 (567,443)
Balance, end of period$10,414,703 $0 $10,414,703 

Year Ended December 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 assumption update21,480 (3,643)17,837 
Effect of actual variances from expected experience and other activity(259,137)502 (258,635)
Adjusted balance, beginning of period18,520,121 245,168 18,765,289 
Issuances827,606 35,717 863,323 
Interest accrual893,983 9,119 903,102 
Benefit payments(1,471,863)(32,225)(1,504,088)
Other adjustments11,225 (251)10,974 
Balance at original discount rate, end of period18,781,072 257,528 19,038,600 
Effect of cumulative changes in discount rate assumptions, end of period(1,091,673)(19,442)(1,111,115)
Balance, end of period$17,689,399 $238,086 $17,927,485 
Other, end of period1,474 
Total balance, end of period$17,928,959 
Year Ended December 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,274,696 $238,086 $7,512,782 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,274,740 238,086 7,512,826 
Less: Reinsurance recoverables6,753,842 20,516 6,774,358 
Balance after reinsurance recoverables, end of period, post-flooring$520,898 $217,570 $738,468 

Year Ended December 31, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,911,794 $0 $10,911,794 
Effect of cumulative changes in discount rate assumptions, beginning of period554,896 0 554,896 
Balance at original discount rate, beginning of period11,466,690 0 11,466,690 
Effect of assumption update(790)0 (790)
Effect of actual variances from expected experience and other activity(200,513)(989)(201,502)
Adjusted balance, beginning of period11,265,387 (989)11,264,398 
Issuances712,495 36,646 749,141 
Net premiums / considerations collected(1,345,514)(35,657)(1,381,171)
Interest accrual521,176 0 521,176 
Balance at original discount rate, end of period11,153,544 0 11,153,544 
Effect of cumulative changes in discount rate assumptions, end of period(225,711)0 (225,711)
Balance, end of period$10,927,833 $0 $10,927,833 


Year Ended December 31, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,835,251 $204,727 $18,039,978 
Effect of cumulative changes in discount rate assumptions, beginning of period962,035 24,876 986,911 
Balance at original discount rate, beginning of period18,797,286 229,603 19,026,889 
Effect of assumption update(1,044)0 (1,044)
Effect of actual variances from expected experience and other activity(263,243)6,991 (256,252)
Adjusted balance, beginning of period18,532,999 236,594 18,769,593 
Issuances712,495 36,646 749,141 
Interest accrual895,023 8,440 903,463 
Benefit payments(1,386,583)(33,287)(1,419,870)
Other adjustments3,844 (84)3,760 
Balance at original discount rate, end of period18,757,778 248,309 19,006,087 
Effect of cumulative changes in discount rate assumptions, end of period(331,571)(19,521)(351,092)
Balance, end of period$18,426,207 $228,788 $18,654,995 
Other, end of period1,765 
Total balance, end of period$18,656,760 
Year Ended December 31, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,498,374 $228,788 $7,727,162 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,498,418 228,788 7,727,206 
Less: Reinsurance recoverables6,817,488 18,489 6,835,977 
Balance after reinsurance recoverables, end of period, post-flooring$680,930 $210,299 $891,229 


Year Ended December 31, 2022
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$12,485,056 $0 $12,485,056 
Effect of cumulative changes in discount rate assumptions, beginning of period(1,826,120)0 (1,826,120)
Balance at original discount rate, beginning of period10,658,936 0 10,658,936 
Effect of assumption update1,295,294 0 1,295,294 
Effect of actual variances from expected experience and other activity(112,661)(1,143)(113,804)
Adjusted balance, beginning of period11,841,569 (1,143)11,840,426 
Issuances439,874 30,469 470,343 
Net premiums / considerations collected(1,339,902)(29,326)(1,369,228)
Interest accrual525,149 0 525,149 
Balance at original discount rate, end of period11,466,690 0 11,466,690 
Effect of cumulative changes in discount rate assumptions, end of period(554,896)0 (554,896)
Balance, end of period$10,911,794 $0 $10,911,794 
Year Ended December 31, 2022
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$20,937,097 $237,065 $21,174,162 
Effect of cumulative changes in discount rate assumptions, beginning of period(3,607,275)(16,704)(3,623,979)
Balance at original discount rate, beginning of period17,329,822 220,361 17,550,183 
Effect of assumption update1,756,995 0 1,756,995 
Effect of actual variances from expected experience and other activity(206,175)(1,639)(207,814)
Adjusted balance, beginning of period18,880,642 218,722 19,099,364 
Issuances439,874 30,469 470,343 
Interest accrual888,525 7,836 896,361 
Benefit payments(1,416,823)(27,138)(1,443,961)
Other adjustments5,068 (286)4,782 
Balance at original discount rate, end of period18,797,286 229,603 19,026,889 
Effect of cumulative changes in discount rate assumptions, end of period(962,035)(24,876)(986,911)
Balance, end of period$17,835,251 $204,727 $18,039,978 
Other, end of period2,127 
Total balance, end of period$18,042,105 

Year Ended December 31, 2022
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$6,923,457 $204,727 $7,128,184 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring6,923,457 204,727 7,128,184 
Less: Reinsurance recoverables6,497,257 16,460 6,513,717 
Balance after reinsurance recoverables, end of period, post-flooring$426,200 $188,267 $614,467 

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:
Year Ended December 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,815,010 $0
Discounted expected future gross premiums (at original discount rate)$14,889,078 $0
Discounted expected future gross premiums (at current discount rate)$14,154,658 $0
Undiscounted expected future benefits and expenses$29,163,241 $346,892
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.13 %3.94 %
Weighted-average interest rate (at current discount rate)5.59 %5.49 %
Year Ended December 31, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,871,767 $0 
Discounted expected future gross premiums (at original discount rate)$15,027,611 $0 
Discounted expected future gross premiums (at current discount rate)$14,748,999 $0 
Undiscounted expected future benefits and expenses$29,118,532 $332,902 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.17 %3.70 %
Weighted-average interest rate (at current discount rate)4.99 %4.95 %
Year Ended December 31, 2022
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$22,223,836 $0 
Discounted expected future gross premiums (at original discount rate)$15,322,180 $0 
Discounted expected future gross premiums (at current discount rate)$14,587,657 $0 
Undiscounted expected future benefits and expenses$29,330,574 $306,286 
Weighted-average duration of the liability in years (at original discount rate)117
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.23 %3.60 %
Weighted-average interest rate (at current discount rate)5.39 %5.33 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2.
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.

In 2024, there was a $29 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $28 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In 2023, there was a $31 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $30 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In 2022, there was an $83 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by an $82 million gain, reflecting the impact of ceded reinsurance on the affected cohorts.
The balances of and changes in DPL for the years ended December 31, are as follows:

202420232022
Fixed Annuities
(in thousands)
Balance, beginning of period, post-flooring$14,818 $18,193 $15,765 
Effect of assumption update2,110 0 0 
Effect of actual variances from expected experience and other activity580 (6,978)1,250 
Adjusted balance, beginning of period17,508 11,215 17,015 
Profits deferred7,070 5,191 2,511 
Interest accrual729 552 616 
Amortization(2,345)(2,129)(1,909)
Other adjustments(23)(11)(40)
Balance, end of period, post-flooring22,939 14,818 18,193 
Less: Reinsurance recoverables1,513 1,365 1,684 
Balance after reinsurance recoverables, end of period$21,426 $13,453 $16,509 
    
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 years ended December 31,:
202420232022
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$14,280,792 $12,664,445 $11,660,527 
Flooring impact and amounts in AOCI831,583 1,269,236 (896,931)
Balance, excluding amounts in AOCI, beginning of period, pre-flooring15,112,375 13,933,681 10,763,596 
Effect of assumption update154,058 22,910 2,197,592 
Effect of actual variances from expected experience and other activity265,684 34,021 (223,185)
Adjusted balance, beginning of period15,532,117 13,990,612 12,738,003 
Assessments collected(1)1,242,684 929,709 961,924 
Interest accrual536,678 486,253 433,631 
Benefits paid(343,241)(294,199)(199,877)
Balance, excluding amounts in AOCI, end of period, pre-flooring16,968,238 15,112,375 13,933,681 
Flooring impact and amounts in AOCI(617,186)(831,583)(1,269,236)
Balance, including amounts in AOCI, end of period, post-flooring16,351,052 14,280,792 12,664,445 
Less: Reinsurance recoverables16,129,846 14,054,600 12,458,184 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$221,206 $226,192 $206,261 
(1) Represents the portion of gross assessments required to fund the future policy benefits.
202420232022
($ in thousands)
Weighted-average duration of the liability in years (at original discount rate)222223
Weighted-average interest rate (at original discount rate)3.33 %3.39 %3.37 %
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 Consolidated Statements of Financial Position for the years ended December 31,:
202420232022
(in thousands)
Benefit reserves, end of period, post-flooring$7,512,826 $7,727,206 $7,128,184 
Deferred profit liability, end of period, post-flooring22,939 14,818 18,193 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring16,351,052 14,280,792 12,664,445 
Subtotal of amounts disclosed above23,886,817 22,022,816 19,810,822 
Other Future policy benefits reserves(1)1,226,950 1,182,389 1,018,211 
Total Future policy benefits$25,113,767 $23,205,205 $20,829,033 
(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:

Year Ended December 31, 2024
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,833,017 $0 $43,092 $1,876,109 
Deferred profit liability0 0 (8,121)(8,121)
Additional insurance reserves0 2,050,441 0 2,050,441 
Total$1,833,017 $2,050,441 $34,971 $3,918,429 

Year Ended December 31, 2023
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,804,955 $0 $41,111 $1,846,066 
Deferred profit liability0 0 3,375 3,375 
Additional insurance reserves0 1,405,696 0 1,405,696 
Total$1,804,955 $1,405,696 $44,486 $3,255,137 
Year Ended December 31, 2022
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,831,360 $0 $32,105 $1,863,465 
Deferred profit liability0 0 (2,428)(2,428)
Additional insurance reserves0 1,367,796 0 1,367,796 
Total$1,831,360 $1,367,796 $29,677 $3,228,833 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.

Year Ended December 31, 2024
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$382,165 $0 $9,119 $391,284 
Deferred profit liability0 0 729 729 
Additional insurance reserves0 536,678 0 536,678 
Total$382,165 $536,678 $9,848 $928,691 

Year Ended December 31, 2023
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$373,845 $0 $8,440 $382,285 
Deferred profit liability0 0 552 552 
Additional insurance reserves0 486,253 0 486,253 
Total$373,845 $486,253 $8,992 $869,090 

Year Ended December 31, 2022
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$363,375 $0 $7,836 $371,211 
Deferred profit liability0 0 616 616 
Additional insurance reserves0 433,631 0 433,631 
Total$363,375 $433,631 $8,452 $805,458 
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:
Year Ended December 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 risk4,775,390 (917,792)3,857,598 
Attributed fees collected1,095,139 (259,099)836,040 
Claims paid(57,083)5,669 (51,414)
Interest accrual226,734 (56,043)170,691 
Actual in force different from expected49,864 (21,062)28,802 
Effect of changes in interest rates(1,436,230)277,354 (1,158,876)
Effect of changes in equity markets(1,660,907)177,329 (1,483,578)
Effect of assumption update85,619 3,984 89,603 
Issuances70,965 (5,019)65,946 
Other adjustments(34,183)11,566 (22,617)
Effect of changes in current period counterparty non-performance risk0 (61,469)(61,469)
Balance, end of period, before effect of changes in non-performance risk3,115,308 (844,582)2,270,726 
Effect of cumulative changes in non-performance risk(626,845)0 (626,845)
Balance, end of period$2,488,463 $(844,582)$1,643,881 

Year Ended December 31, 2023
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$4,550,625 $(422,261)$4,128,364 
Effect of cumulative changes in non-performance risk1,727,910 0 1,727,910 
Balance, beginning of period, before effect of changes in non-performance risk6,278,535 (422,261)5,856,274 
Attributed fees collected1,158,879 (246,747)912,132 
Claims paid(85,898)9,952 (75,946)
Interest accrual293,205 (53,016)240,189 
Actual in force different from expected79,030 (13,338)65,692 
Effect of changes in interest rates(1,438,873)455,062 (983,811)
Effect of changes in equity markets(1,845,207)180,953 (1,664,254)
Effect of assumption update330,769 (54,067)276,702 
Issuances29,433 7,680 37,113 
Other adjustments(1)(2)(24,483)(635,011)(659,494)
Effect of changes in current period counterparty non-performance risk0 (146,999)(146,999)
Balance, end of period, before effect of changes in non-performance risk4,775,390 (917,792)3,857,598 
Effect of cumulative changes in non-performance risk(2)(1,067,983)0 (1,067,983)
Balance, end of period$3,707,407 $(917,792)$2,789,615 
Year Ended December 31, 2022
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$8,884,362 $(906,484)$7,977,878 
Effect of cumulative changes in non-performance risk287,605 0 287,605 
Balance, beginning of period, before effect of changes in non-performance risk9,171,967 (906,484)8,265,483 
Attributed fees collected1,249,956 (147,727)1,102,229 
Claims paid(64,406)3,456 (60,950)
Interest accrual143,483 (13,438)130,045 
Actual in force different from expected105,996 (9,968)96,028 
Effect of changes in interest rates(7,271,427)767,394 (6,504,033)
Effect of changes in equity markets3,103,563 (326,575)2,776,988 
Effect of assumption update(160,597)23,171 (137,426)
Effect of changes in current period counterparty non-performance risk0 187,910 187,910 
Balance, end of period, before effect of changes in non-performance risk6,278,535 (422,261)5,856,274 
Effect of cumulative changes in non-performance risk(1,727,910)0 (1,727,910)
Balance, end of period$4,550,625 $(422,261)$4,128,364 
(1)     Other adjustments for December 31, 2023 primarily includes $638 million related to the reinsurance transaction with AuguStar. See Note 11 for additional information.
(2) Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

In both 2024 and 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions on certain variable annuities.

In 2022, the Company recognized a favorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to mortality and policyholder behavior assumptions on certain variable annuities.

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.
December 31, 2024December 31, 2023December 31, 2022
Variable Annuities
($ in thousands)
Net amount at risk(1)$8,722,499 $9,041,651 $12,141,947 
Weighted-average attained age of contractholders717068
(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:
December 31, 2024December 31, 2023December 31, 2022
Variable Annuities
(in thousands)
Direct and assumed$1,492,186 $1,201,945 $850,060 
Ceded1,145,177 1,165,298 543,177 
Total market risk benefit assets$2,637,363 $2,367,243 $1,393,237 
Direct and assumed(1)$3,980,650 $4,909,352 $5,400,685 
Ceded300,594 247,506 120,916 
Total market risk benefit liabilities$4,281,244 $5,156,858 $5,521,601 
Net liability$1,643,881 $2,789,615 $4,128,364 
(1) Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Policyholders' Liabilities
 12 Months Ended
Dec. 31, 2024
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholders' Liabilities POLICYHOLDERS' ACCOUNT BALANCES
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:

Year Ended December 31, 2024
Fixed
Annuities		Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period(5)$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Deposits5,215,817 8,315,212 2,157,575 15,688,604 
Interest credited222,516 516,018 570,988 1,309,522 
Policy charges(5,290)(32,987)(1,831,168)(1,869,445)
Surrenders and withdrawals(554,653)(782,216)(778,928)(2,115,797)
Benefit payments(55,956)(30,427)(70,363)(156,746)
Net transfers (to) from separate account0 100,193 380,869 481,062 
Change in market value and other adjustments(1)210,590 2,320,873 94,453 2,625,916 
Balance, end of period$11,197,337 $33,217,331 $20,691,139 $65,105,807 
Unearned revenue reserve4,415,187 
Other107,324 
Total Policyholders' account balance$69,628,318 
Weighted-average crediting rate2.56 %1.72 %2.79 %2.23 %
Net amount at risk(3)$11 $0 $345,969,571 $345,969,582 
Cash surrender value(4)$9,863,990 $31,516,776 $19,391,617 $60,772,383 


Year Ended December 31, 2023
Fixed
Annuities		Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$3,575,823 $16,432,032 $18,736,365 $38,744,220 
Deposits2,612,775 4,633,727 2,117,153 9,363,655 
Interest credited(5)101,192 243,908 556,057 901,157 
Policy charges(8,438)(23,368)(1,810,644)(1,842,450)
Surrenders and withdrawals(229,843)(516,039)(845,436)(1,591,318)
Benefit payments(50,522)(30,461)(83,409)(164,392)
Net transfers (to) from separate account(2)0 15,121 1,175,575 1,190,696 
Change in market value and other adjustments(1)(5)163,326 2,055,745 322,052 2,541,123 
Balance, end of period(5)$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Unearned revenue reserve3,741,426 
Other102,583 
Total Policyholders' account balance(5)$52,986,700 
Weighted-average crediting rate2.08 %1.40 %2.86 %2.12 %
Net amount at risk(3)$15 $0 $323,508,432 $323,508,447 
Cash surrender value(4)$5,307,537 $20,490,433 $18,676,852 $44,474,822 
Year Ended December 31, 2022
Fixed
Annuities		Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period(5)$3,005,867 $11,723,977 $18,762,548 $33,492,392 
Deposits(5)754,397 4,550,660 2,173,035 7,478,092 
Interest credited53,884 175,574 583,814 813,272 
Policy charges(5,118)(5,482)(1,795,879)(1,806,479)
Surrenders and withdrawals(68,343)(282,497)(873,034)(1,223,874)
Benefit payments(90,640)(35,042)(103,358)(229,040)
Net transfers (to) from separate account0 206,269 213,752 420,021 
Change in market value and other adjustments(1)(5)(74,224)98,573 (224,513)(200,164)
Balance, end of period$3,575,823 $16,432,032 $18,736,365 $38,744,220 
Unearned revenue reserve3,067,336 
Other100,980 
Total Policyholders' account balance$41,912,536 
Weighted-average crediting rate1.64 %1.26 %3.11 %2.26 %
Net amount at risk(3)$3 $0 $304,864,582 $304,864,585 
Cash surrender value(4)$2,968,033 $13,844,151 $17,137,744 $33,949,928 
(1)    Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)    Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 15 for additional information.
(3)    The net amount at risk calculation includes both general and separate account balances.
(4)    Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(5) Amounts reflect revision to prior period Financial Statements. See Note 17 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:

December 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%
$249 $3,103 $11,939 $1,021,834 $1,037,125 
1.00% - 1.99%
430,47762,519172,87768,973734,846
2.00% - 2.99%
302,520459,748557,34915,7941,335,411
3.00% - 4.00%
1,894,6466,11410,8963,2191,914,875
Greater than 4.00%
00000
Total$2,627,892 $531,484 $753,061 $1,109,820 $5,022,257 
Variable Annuities
Less than 1.00%
$128,748 $502,988 $647,480 $182 $1,279,398 
1.00% - 1.99%
121,336294,6352,4940418,465
2.00% - 2.99%
17,0393,8294,162025,030
3.00% - 4.00%
819,3161,86000821,176
Greater than 4.00%
1,9780001,978
Total$1,088,417 $803,312 $654,136 $182 $2,546,047 
Variable Life / Universal Life
Less than 1.00%
$3,167 $0 $0 $177,213 $180,380 
1.00% - 1.99%
289,67701,849,8541,513,2733,652,804
2.00% - 2.99%
30,5001,535,7622,695,823390,1174,652,202
3.00% - 4.00%
4,149,6381,716,3741,082,02606,948,038
Greater than 4.00%
2,095,2350002,095,235
Total$6,568,217 $3,252,136 $5,627,703 $2,080,603 $17,528,659 
December 31, 2023
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%
$105 $337 $994 $117,377 $118,813 
1.00% - 1.99%
487,191 73,393 234,487 79,713 874,784 
2.00% - 2.99%
301,132 469,276 562,347 16,881 1,349,636 
3.00% - 4.00%
29,131 00029,131 
Greater than 4.00%
0 0000
Total$817,559 $543,006 $797,828 $213,971 $2,372,364 
Variable Annuities
Less than 1.00%
$908,097 $807,460 $18,083 $2 $1,733,642 
1.00% - 1.99%
214,377 2,061 1,060 0217,498 
2.00% - 2.99%
23,323 4,071 4135031,529 
3.00% - 4.00%
903,953 9245330913,231 
Greater than 4.00%
2,046 0002,046 
Total$2,051,796 $822,837 $23,311 $2 $2,897,946 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $196,692 $196,692 
1.00% - 1.99%
201,121 0 2,588,458 528,155 3,317,734 
2.00% - 2.99%
28,061 1,445,439 2,789,520 260,651 4,523,671 
3.00% - 4.00%
3,956,631 2,217,133 1,107,726 0 7,281,490 
Greater than 4.00%
2,136,137 0002,136,137 
Total$6,321,950 $3,662,572 $6,485,704 $985,498 $17,455,724 
December 31, 2022
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%
$0 $0 $0 $0 $0 
1.00% - 1.99%
521,189 73,554 248,881 83,415 927,039 
2.00% - 2.99%
208,420 0 0 0 208,420 
3.00% - 4.00%
38,195 0 0 0 38,195 
Greater than 4.00%
0 0 0 0 0 
Total$767,804 $73,554 $248,881 $83,415 $1,173,654 
Variable Annuities
Less than 1.00%
$1,008,763 $861,119 $18,744 $2 $1,888,628 
1.00% - 1.99%
243,223 2,257 12940246,774 
2.00% - 2.99%
26,778 973 0027,751 
3.00% - 4.00%
1,070,958 2,247 001,073,205 
Greater than 4.00%
2,172 0002,172 
Total$2,351,894 $866,596 $20,038 $2 $3,238,530 
Variable Life / Universal Life
Less than 1.00%
$11,902 $0 $0 $0 $11,902 
1.00% - 1.99%
418,399 0 773,591 1,928,342 3,120,332 
2.00% - 2.99%
32,651 121,200 2,413,571 1,824,303 4,391,725 
3.00% - 4.00%
4,737,864 3,510 2,093,511 129,398 6,964,283 
Greater than 4.00%
2,145,123 0002,145,123 
Total$7,345,939 $124,710 $5,280,673 $3,882,043 $16,633,365 

(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.

Unearned Revenue Reserve

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

Years Ended December 31,
202420232022
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$3,741,426 $3,067,336 $2,398,788 
Unearned revenue859,231827,960 799,185
Amortization expense(185,468)(153,779)(129,525)
Other adjustments(2)(91)(1,112)
Balance, end of period$4,415,187 $3,741,426 $3,067,336 
v3.25.1
Market Risk Benefits
 12 Months Ended
Dec. 31, 2024
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; and
•Additional Insurance Reserves

In 2024, the Company recognized an impact to net income attributable to our annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.

In 2023, the Company recognized an impact to net income attributable to the annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns on universal life policies with secondary guarantees.

In 2022, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed benefit reserves, primarily due to updates to mortality assumptions on individual term life insurance. Additionally, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update and other refinements for direct and assumed additional insurance reserves, primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.
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.

Year Ended December 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 assumption update21,466 0 21,466 
Effect of actual variances from expected experience and other activity(219,878)58 (219,820)
Adjusted balance, beginning of period10,955,132 58 10,955,190 
Issuances827,606 35,717 863,323 
Net premiums / considerations collected(1,319,501)(35,775)(1,355,276)
Interest accrual511,817 0 511,817 
Other adjustments7,092 0 7,092 
Balance at original discount rate, end of period10,982,146 0 10,982,146 
Effect of cumulative changes in discount rate assumptions, end of period(567,443)0 (567,443)
Balance, end of period$10,414,703 $0 $10,414,703 

Year Ended December 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 assumption update21,480 (3,643)17,837 
Effect of actual variances from expected experience and other activity(259,137)502 (258,635)
Adjusted balance, beginning of period18,520,121 245,168 18,765,289 
Issuances827,606 35,717 863,323 
Interest accrual893,983 9,119 903,102 
Benefit payments(1,471,863)(32,225)(1,504,088)
Other adjustments11,225 (251)10,974 
Balance at original discount rate, end of period18,781,072 257,528 19,038,600 
Effect of cumulative changes in discount rate assumptions, end of period(1,091,673)(19,442)(1,111,115)
Balance, end of period$17,689,399 $238,086 $17,927,485 
Other, end of period1,474 
Total balance, end of period$17,928,959 
Year Ended December 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,274,696 $238,086 $7,512,782 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,274,740 238,086 7,512,826 
Less: Reinsurance recoverables6,753,842 20,516 6,774,358 
Balance after reinsurance recoverables, end of period, post-flooring$520,898 $217,570 $738,468 

Year Ended December 31, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,911,794 $0 $10,911,794 
Effect of cumulative changes in discount rate assumptions, beginning of period554,896 0 554,896 
Balance at original discount rate, beginning of period11,466,690 0 11,466,690 
Effect of assumption update(790)0 (790)
Effect of actual variances from expected experience and other activity(200,513)(989)(201,502)
Adjusted balance, beginning of period11,265,387 (989)11,264,398 
Issuances712,495 36,646 749,141 
Net premiums / considerations collected(1,345,514)(35,657)(1,381,171)
Interest accrual521,176 0 521,176 
Balance at original discount rate, end of period11,153,544 0 11,153,544 
Effect of cumulative changes in discount rate assumptions, end of period(225,711)0 (225,711)
Balance, end of period$10,927,833 $0 $10,927,833 


Year Ended December 31, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,835,251 $204,727 $18,039,978 
Effect of cumulative changes in discount rate assumptions, beginning of period962,035 24,876 986,911 
Balance at original discount rate, beginning of period18,797,286 229,603 19,026,889 
Effect of assumption update(1,044)0 (1,044)
Effect of actual variances from expected experience and other activity(263,243)6,991 (256,252)
Adjusted balance, beginning of period18,532,999 236,594 18,769,593 
Issuances712,495 36,646 749,141 
Interest accrual895,023 8,440 903,463 
Benefit payments(1,386,583)(33,287)(1,419,870)
Other adjustments3,844 (84)3,760 
Balance at original discount rate, end of period18,757,778 248,309 19,006,087 
Effect of cumulative changes in discount rate assumptions, end of period(331,571)(19,521)(351,092)
Balance, end of period$18,426,207 $228,788 $18,654,995 
Other, end of period1,765 
Total balance, end of period$18,656,760 
Year Ended December 31, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,498,374 $228,788 $7,727,162 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,498,418 228,788 7,727,206 
Less: Reinsurance recoverables6,817,488 18,489 6,835,977 
Balance after reinsurance recoverables, end of period, post-flooring$680,930 $210,299 $891,229 


Year Ended December 31, 2022
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$12,485,056 $0 $12,485,056 
Effect of cumulative changes in discount rate assumptions, beginning of period(1,826,120)0 (1,826,120)
Balance at original discount rate, beginning of period10,658,936 0 10,658,936 
Effect of assumption update1,295,294 0 1,295,294 
Effect of actual variances from expected experience and other activity(112,661)(1,143)(113,804)
Adjusted balance, beginning of period11,841,569 (1,143)11,840,426 
Issuances439,874 30,469 470,343 
Net premiums / considerations collected(1,339,902)(29,326)(1,369,228)
Interest accrual525,149 0 525,149 
Balance at original discount rate, end of period11,466,690 0 11,466,690 
Effect of cumulative changes in discount rate assumptions, end of period(554,896)0 (554,896)
Balance, end of period$10,911,794 $0 $10,911,794 
Year Ended December 31, 2022
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$20,937,097 $237,065 $21,174,162 
Effect of cumulative changes in discount rate assumptions, beginning of period(3,607,275)(16,704)(3,623,979)
Balance at original discount rate, beginning of period17,329,822 220,361 17,550,183 
Effect of assumption update1,756,995 0 1,756,995 
Effect of actual variances from expected experience and other activity(206,175)(1,639)(207,814)
Adjusted balance, beginning of period18,880,642 218,722 19,099,364 
Issuances439,874 30,469 470,343 
Interest accrual888,525 7,836 896,361 
Benefit payments(1,416,823)(27,138)(1,443,961)
Other adjustments5,068 (286)4,782 
Balance at original discount rate, end of period18,797,286 229,603 19,026,889 
Effect of cumulative changes in discount rate assumptions, end of period(962,035)(24,876)(986,911)
Balance, end of period$17,835,251 $204,727 $18,039,978 
Other, end of period2,127 
Total balance, end of period$18,042,105 

Year Ended December 31, 2022
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$6,923,457 $204,727 $7,128,184 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring6,923,457 204,727 7,128,184 
Less: Reinsurance recoverables6,497,257 16,460 6,513,717 
Balance after reinsurance recoverables, end of period, post-flooring$426,200 $188,267 $614,467 

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:
Year Ended December 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,815,010 $0
Discounted expected future gross premiums (at original discount rate)$14,889,078 $0
Discounted expected future gross premiums (at current discount rate)$14,154,658 $0
Undiscounted expected future benefits and expenses$29,163,241 $346,892
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.13 %3.94 %
Weighted-average interest rate (at current discount rate)5.59 %5.49 %
Year Ended December 31, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,871,767 $0 
Discounted expected future gross premiums (at original discount rate)$15,027,611 $0 
Discounted expected future gross premiums (at current discount rate)$14,748,999 $0 
Undiscounted expected future benefits and expenses$29,118,532 $332,902 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.17 %3.70 %
Weighted-average interest rate (at current discount rate)4.99 %4.95 %
Year Ended December 31, 2022
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$22,223,836 $0 
Discounted expected future gross premiums (at original discount rate)$15,322,180 $0 
Discounted expected future gross premiums (at current discount rate)$14,587,657 $0 
Undiscounted expected future benefits and expenses$29,330,574 $306,286 
Weighted-average duration of the liability in years (at original discount rate)117
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.23 %3.60 %
Weighted-average interest rate (at current discount rate)5.39 %5.33 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2.
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.

In 2024, there was a $29 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $28 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In 2023, there was a $31 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $30 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In 2022, there was an $83 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by an $82 million gain, reflecting the impact of ceded reinsurance on the affected cohorts.
The balances of and changes in DPL for the years ended December 31, are as follows:

202420232022
Fixed Annuities
(in thousands)
Balance, beginning of period, post-flooring$14,818 $18,193 $15,765 
Effect of assumption update2,110 0 0 
Effect of actual variances from expected experience and other activity580 (6,978)1,250 
Adjusted balance, beginning of period17,508 11,215 17,015 
Profits deferred7,070 5,191 2,511 
Interest accrual729 552 616 
Amortization(2,345)(2,129)(1,909)
Other adjustments(23)(11)(40)
Balance, end of period, post-flooring22,939 14,818 18,193 
Less: Reinsurance recoverables1,513 1,365 1,684 
Balance after reinsurance recoverables, end of period$21,426 $13,453 $16,509 
    
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 years ended December 31,:
202420232022
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$14,280,792 $12,664,445 $11,660,527 
Flooring impact and amounts in AOCI831,583 1,269,236 (896,931)
Balance, excluding amounts in AOCI, beginning of period, pre-flooring15,112,375 13,933,681 10,763,596 
Effect of assumption update154,058 22,910 2,197,592 
Effect of actual variances from expected experience and other activity265,684 34,021 (223,185)
Adjusted balance, beginning of period15,532,117 13,990,612 12,738,003 
Assessments collected(1)1,242,684 929,709 961,924 
Interest accrual536,678 486,253 433,631 
Benefits paid(343,241)(294,199)(199,877)
Balance, excluding amounts in AOCI, end of period, pre-flooring16,968,238 15,112,375 13,933,681 
Flooring impact and amounts in AOCI(617,186)(831,583)(1,269,236)
Balance, including amounts in AOCI, end of period, post-flooring16,351,052 14,280,792 12,664,445 
Less: Reinsurance recoverables16,129,846 14,054,600 12,458,184 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$221,206 $226,192 $206,261 
(1) Represents the portion of gross assessments required to fund the future policy benefits.
202420232022
($ in thousands)
Weighted-average duration of the liability in years (at original discount rate)222223
Weighted-average interest rate (at original discount rate)3.33 %3.39 %3.37 %
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 Consolidated Statements of Financial Position for the years ended December 31,:
202420232022
(in thousands)
Benefit reserves, end of period, post-flooring$7,512,826 $7,727,206 $7,128,184 
Deferred profit liability, end of period, post-flooring22,939 14,818 18,193 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring16,351,052 14,280,792 12,664,445 
Subtotal of amounts disclosed above23,886,817 22,022,816 19,810,822 
Other Future policy benefits reserves(1)1,226,950 1,182,389 1,018,211 
Total Future policy benefits$25,113,767 $23,205,205 $20,829,033 
(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:

Year Ended December 31, 2024
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,833,017 $0 $43,092 $1,876,109 
Deferred profit liability0 0 (8,121)(8,121)
Additional insurance reserves0 2,050,441 0 2,050,441 
Total$1,833,017 $2,050,441 $34,971 $3,918,429 

Year Ended December 31, 2023
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,804,955 $0 $41,111 $1,846,066 
Deferred profit liability0 0 3,375 3,375 
Additional insurance reserves0 1,405,696 0 1,405,696 
Total$1,804,955 $1,405,696 $44,486 $3,255,137 
Year Ended December 31, 2022
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,831,360 $0 $32,105 $1,863,465 
Deferred profit liability0 0 (2,428)(2,428)
Additional insurance reserves0 1,367,796 0 1,367,796 
Total$1,831,360 $1,367,796 $29,677 $3,228,833 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.

Year Ended December 31, 2024
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$382,165 $0 $9,119 $391,284 
Deferred profit liability0 0 729 729 
Additional insurance reserves0 536,678 0 536,678 
Total$382,165 $536,678 $9,848 $928,691 

Year Ended December 31, 2023
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$373,845 $0 $8,440 $382,285 
Deferred profit liability0 0 552 552 
Additional insurance reserves0 486,253 0 486,253 
Total$373,845 $486,253 $8,992 $869,090 

Year Ended December 31, 2022
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$363,375 $0 $7,836 $371,211 
Deferred profit liability0 0 616 616 
Additional insurance reserves0 433,631 0 433,631 
Total$363,375 $433,631 $8,452 $805,458 
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:
Year Ended December 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 risk4,775,390 (917,792)3,857,598 
Attributed fees collected1,095,139 (259,099)836,040 
Claims paid(57,083)5,669 (51,414)
Interest accrual226,734 (56,043)170,691 
Actual in force different from expected49,864 (21,062)28,802 
Effect of changes in interest rates(1,436,230)277,354 (1,158,876)
Effect of changes in equity markets(1,660,907)177,329 (1,483,578)
Effect of assumption update85,619 3,984 89,603 
Issuances70,965 (5,019)65,946 
Other adjustments(34,183)11,566 (22,617)
Effect of changes in current period counterparty non-performance risk0 (61,469)(61,469)
Balance, end of period, before effect of changes in non-performance risk3,115,308 (844,582)2,270,726 
Effect of cumulative changes in non-performance risk(626,845)0 (626,845)
Balance, end of period$2,488,463 $(844,582)$1,643,881 

Year Ended December 31, 2023
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$4,550,625 $(422,261)$4,128,364 
Effect of cumulative changes in non-performance risk1,727,910 0 1,727,910 
Balance, beginning of period, before effect of changes in non-performance risk6,278,535 (422,261)5,856,274 
Attributed fees collected1,158,879 (246,747)912,132 
Claims paid(85,898)9,952 (75,946)
Interest accrual293,205 (53,016)240,189 
Actual in force different from expected79,030 (13,338)65,692 
Effect of changes in interest rates(1,438,873)455,062 (983,811)
Effect of changes in equity markets(1,845,207)180,953 (1,664,254)
Effect of assumption update330,769 (54,067)276,702 
Issuances29,433 7,680 37,113 
Other adjustments(1)(2)(24,483)(635,011)(659,494)
Effect of changes in current period counterparty non-performance risk0 (146,999)(146,999)
Balance, end of period, before effect of changes in non-performance risk4,775,390 (917,792)3,857,598 
Effect of cumulative changes in non-performance risk(2)(1,067,983)0 (1,067,983)
Balance, end of period$3,707,407 $(917,792)$2,789,615 
Year Ended December 31, 2022
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$8,884,362 $(906,484)$7,977,878 
Effect of cumulative changes in non-performance risk287,605 0 287,605 
Balance, beginning of period, before effect of changes in non-performance risk9,171,967 (906,484)8,265,483 
Attributed fees collected1,249,956 (147,727)1,102,229 
Claims paid(64,406)3,456 (60,950)
Interest accrual143,483 (13,438)130,045 
Actual in force different from expected105,996 (9,968)96,028 
Effect of changes in interest rates(7,271,427)767,394 (6,504,033)
Effect of changes in equity markets3,103,563 (326,575)2,776,988 
Effect of assumption update(160,597)23,171 (137,426)
Effect of changes in current period counterparty non-performance risk0 187,910 187,910 
Balance, end of period, before effect of changes in non-performance risk6,278,535 (422,261)5,856,274 
Effect of cumulative changes in non-performance risk(1,727,910)0 (1,727,910)
Balance, end of period$4,550,625 $(422,261)$4,128,364 
(1)     Other adjustments for December 31, 2023 primarily includes $638 million related to the reinsurance transaction with AuguStar. See Note 11 for additional information.
(2) Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

In both 2024 and 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions on certain variable annuities.

In 2022, the Company recognized a favorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to mortality and policyholder behavior assumptions on certain variable annuities.

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.
December 31, 2024December 31, 2023December 31, 2022
Variable Annuities
($ in thousands)
Net amount at risk(1)$8,722,499 $9,041,651 $12,141,947 
Weighted-average attained age of contractholders717068
(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:
December 31, 2024December 31, 2023December 31, 2022
Variable Annuities
(in thousands)
Direct and assumed$1,492,186 $1,201,945 $850,060 
Ceded1,145,177 1,165,298 543,177 
Total market risk benefit assets$2,637,363 $2,367,243 $1,393,237 
Direct and assumed(1)$3,980,650 $4,909,352 $5,400,685 
Ceded300,594 247,506 120,916 
Total market risk benefit liabilities$4,281,244 $5,156,858 $5,521,601 
Net liability$1,643,881 $2,789,615 $4,128,364 
(1) Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Reinsurance
 12 Months Ended
Dec. 31, 2024
Reinsurance Disclosures [Abstract]  
Reinsurance REINSURANCE
The Company participates in reinsurance with its affiliates PARCC, PAR U, PURE, Lotus Re, PALAC, a former subsidiary of Prudential Financial that was sold to Fortitude on April 1, 2022, 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 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 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 guaranteed universal life (“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 Consolidated Statements of Financial Position as of December 31, were as follows:
20242023
 (in thousands)
Reinsurance recoverables and deposit receivables(1)(2)$48,247,817 $40,256,800 
Policy loans(1,143,726)(1,082,584)
Deferred policy acquisition costs(2)(3,319,067)(3,189,110)
Deferred sales inducements(32,573)(35,313)
Market risk benefit assets1,145,580 1,165,378 
Other assets(1)1,538,231 258,748 
Policyholders’ account balances5,567,661 5,977,108 
Future policy benefits7,443,997 7,026,209 
Market risk benefit liabilities(2)302,310 251,318 
Reinsurance and funds withheld payables(1)(2)8,611,141 2,738,979 
Other liabilities(1)3,282,713 1,651,733 
(1)Prior period amounts have been updated to conform to current period presentation.
(2)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Unaffiliated reinsurance amounts included in the table above and in the Company's Consolidated Statements of Financial Position as of December 31, were as follows:
20242023
(in thousands)
Policy loans$(48,644)$0 
Deferred policy acquisition costs(1)(637,555)71,315 
Market risk benefit assets804,015 745,662 
Other assets(2)(3)1,118,974 176,436 
Policyholders’ account balances1,665,998 1,830,579 
Future policy benefits160 453 
Market risk benefit liabilities(4)151,432 133,374 
Reinsurance and funds withheld payables(2)(4)3,360,901 1,620,504 
Other liabilities(2)257,929 287,551 
(1)Includes $699 million of deferred policy acquisition costs related to the transaction with Wilton Re.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)Includes $979 million deferred loss related to the reinsurance transaction with Wilton Re.
(4)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Reinsurance recoverables and deposit receivables by counterparty as of December 31, were as follows:
20242023
 (in thousands)
PAR U$11,426,975 $15,722,061 
PURC0 7,565,968 
PARCC7,049,164 2,304,270 
GUL Re0 3,211,899 
PAR Term0 2,101,004 
Prudential Insurance(1)7,507,414 1,331,202 
Term Re0 2,080,564 
Lotus Re2,130,095 2,051,831 
DART0 744,043 
PURE7,951,965 0 
Unaffiliated(1)(2)(3)12,182,204 3,143,958 
Total reinsurance recoverables and deposit receivables(1)$48,247,817 $40,256,800 
(1)Prior period amounts have been updated to conform to current period presentation.
(2)Includes balances with Wilton Re, FLIAC, Somerset Re and other counterparties. See below for further information on significant third-party reinsurance arrangements.
(3)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Reinsurance amounts, included in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:
202420232022
 (in thousands)
Premiums:
Direct$1,846,109 $1,853,184 $1,868,709 
Assumed92 (61)776 
Ceded(1,453,074)(1,524,226)(1,604,277)
Net premiums393,127 328,897 265,208 
Policy charges and fee income:
Direct3,190,753 2,995,595 3,034,193 
Assumed899,767 604,311 594,622 
Ceded(1)3,292,277 (2,063,300)(2,398,214)
Net policy charges and fee income7,382,797 1,536,606 1,230,601 
202420232022
Net investment income:
Direct2,474,541 1,700,684 920,674 
Assumed1,325 1,364 1,513 
Ceded(53,849)(26,526)(38,186)
Net investment income(2)2,422,017 1,675,522 884,001 
Asset administration fees:
Direct329,181 323,444 351,600 
Assumed0 0 0 
Ceded(105,618)(90,494)(67,418)
Net asset administration fees223,563 232,950 284,182 
Other income (loss):
Direct297,868 636,930 (731,796)
Assumed2,983 (475)271 
Ceded(3)458,905 114,908 95,252 
Net other income(2)759,756 751,363 (636,273)
Realized investment gains (losses), net:
Direct(3)500,023 (1,203,453)497,016 
Assumed(3)85,248 162,291 (291,679)
Ceded(3)(133,854)(105,937)84,592 
Realized investment gains (losses), net(2)451,417 (1,147,099)289,929 
Change in value of market risk benefits, net of related hedging gains (losses):
Direct(3)(98,562)287,936 (181,260)
Assumed(3)2,626 (4,115)0 
Ceded(3)(338,019)(390,594)(519,321)
Net change in value of market risk benefits, net of related hedging gains (losses)(433,955)(106,773)(700,581)
Policyholders’ benefits (including change in reserves):
Direct3,825,305 3,354,306 3,362,353 
Assumed1,058,315 1,258,651 1,107,436 
Ceded(1)3,468,713 (4,109,168)(4,011,416)
Net policyholders’ benefits (including change in reserves)(2)8,352,333 503,789 458,373 
Change in estimates of liability for future policy benefits:
Direct303,141 (18,361)1,716,983 
Assumed92,766 8,644 679,863 
Ceded(416,550)13,669 (2,341,747)
Net change in estimates of liability for future policy benefits(20,643)3,952 55,099 
Interest credited to policyholders’ account balances:
Direct(3)1,310,867 884,527 805,411 
Assumed153,052 136,725 74,402 
Ceded(426,188)(399,607)(434,598)
Net interest credited to policyholders’ account balances1,037,731 621,645 445,215 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(3)(1,398,843)(403,517)(152,779)
(1)Current period amounts include the impacts of the recaptures from PAR U as discussed above.
(2)Amounts include reinsurance agreements using the deposit method of accounting.
(3)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Unaffiliated reinsurance assumed and ceded amounts included in the table above and in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:

202420232022
(in thousands)
Premiums:
Assumed$89 $(69)$149 
Ceded(107,449)(70,169)(42,721)
Policy charges and fee income:
Assumed1,381 1,563 2,113 
Ceded(191,368)(143,764)(81,781)
Net investment income(1):
Ceded(1,659)23,023 10,802 
Asset administration fees:
Ceded(28,354)(22,415)0
Other income (loss)(1):
Assumed(2)2,983 (475)270 
Ceded(2)142,267 44,260 18,440 
Realized investment gains (losses), net(1):
Assumed85,248 162,291 778,620 
Ceded(2)(91,712)(101,449)83,612 
Change in value of market risk benefits, net of related hedging gains (losses):
Assumed(2)2,626 (4,115)0 
Ceded(124,816)(186,996)(120,663)
Policyholders' benefits (including change in reserves)(1):
Assumed348 804 2,566 
Ceded(366,669)(157,344)(94,402)
Change in estimates of liability for future policy benefits:
Ceded96,014 (1,367)(6,824)
Interest credited to policyholders' account balances:
Assumed39,263 16,243 (95,285)
Ceded(24,550)0 0 
(1)Amounts include reinsurance agreements using the deposit method of accounting.
(2)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
The gross and net amounts of life insurance face amount in force as of December 31, were as follows:
202420232022
 (in thousands)
Direct gross life insurance face amount in force$1,181,531,932 $1,127,561,798 $1,093,610,227 
Assumed gross life insurance face amount in force34,530,341 35,558,423 36,668,045 
Reinsurance ceded(1,080,451,145)(1,027,473,705)(1,009,571,304)
Net life insurance face amount in force$135,611,128 $135,646,516 $120,706,968 
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.
PALAC
Effective April 1, 2016, the Company entered into a reinsurance agreement to reinsure its variable annuity base contracts, along with the living benefit guarantees to PALAC, excluding the PLNJ business, which was reinsured to Prudential Insurance. This reinsurance agreement excluded business reinsured externally. As of December 31, 2020, the Company discontinued the sales of traditional variable annuities with guaranteed living benefit riders. This discontinuation had no impact on the reinsurance agreement between PALAC, Prudential Insurance, and the Company.
Effective July 1, 2021, the Company recaptured the risks related to its business, as discussed above, that had previously been reinsured to PALAC from April 1, 2016 through June 30, 2021. The recapture did not impact PLNJ, which continued to reinsure its business to Prudential Insurance. The product risks related to the previously reinsured business that were being managed in PALAC, were transferred to the Company. In addition, the living benefit hedging program related to the previously reinsured living benefit riders were being managed within the Company.
On April 1, 2022, PALAC was sold to Fortitude as discussed in Note 1 and is no longer considered an affiliate of the Company.
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.
Prudential of Taiwan
On January 31, 2001, Pruco Life transferred all of its assets and liabilities associated with its Taiwanese branch, including its Taiwanese insurance book of business, to Prudential of Taiwan. The mechanism used to transfer this block of business in Taiwan is referred to as a “full acquisition and assumption” transaction. Under this mechanism, Pruco Life is jointly liable with Prudential of Taiwan for two years from the giving of notice to all obligees for all matured obligations and for two years after the maturity date of not-yet-matured obligations. Prudential of Taiwan is also contractually liable, under indemnification provisions of the transaction, for any liabilities that may be asserted against Pruco Life.
The transfer of the insurance related assets and liabilities was accounted for as a long-duration coinsurance transaction under U.S. GAAP. Under this accounting treatment, the insurance related liabilities remain on the books of Pruco Life and an offsetting reinsurance recoverable is established. These assets and liabilities are denominated in U.S. dollars.
On August 11, 2020, Prudential International Insurance Holdings, Ltd. (“PIIH”), a subsidiary of Prudential Financial, entered into a Share Purchase Agreement with Taishin Financial Holding Co., Ltd. (the “Buyer”) pursuant to which PIIH has agreed to sell to the Buyer all of the issued and outstanding capital stock of Prudential of Taiwan. The Share Purchase Agreement contains customary warranties and covenants of PIIH and the Buyer. On June 30, 2021, PIIH completed the sale of Prudential of Taiwan to the Buyer. This resulted in the removal of the insurance related liabilities and offsetting reinsurance recoverables previously on the books of Pruco Life. The Buyer provided Pruco Life a backstop indemnification and Pruco Life provided a guarantee to stand ready to perform in the event of default by both Prudential of Taiwan and the Buyer. Refer to Note 16 for details on the guarantee.
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 was $52 million as of December 31, 2024.
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.
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 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 December 31, 2024, the total account value of contracts novated from FLIAC to the Company were $5.3 billion for indexed variable annuities contracts and $2 billion for fixed annuities and fixed indexed annuities contracts, which is approximately 80% of the total reinsured block. Reinsurance recoverables was $1,395 million and $1,429 million as of December 31, 2024 and 2023, 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 $2,582 million and $1,526 million at December 31, 2024 and 2023, respectively. The funds withheld liabilities totaled $2,434 million and $1,412 million at December 31, 2024 and 2023, 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 December 31, 2024, $1.9 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 $7,478 million as of December 31, 2024.
v3.25.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The following schedule discloses significant components of income tax expense (benefit) for each year presented:
Years Ended December 31,
202420232022
(in thousands)
Current tax expense (benefit):
U.S. federal$151,544 $698,170 $(345,263)
State and local5,763 14,550 4,479 
Total157,307 712,720 (340,784)
Deferred tax expense (benefit):
U.S. federal(1)(22,612)(686,252)44,097 
State and local454 0 0 
Total(22,158)(686,252)44,097 
Total income tax expense (benefit) on income (loss) before equity in earnings of operating joint ventures135,149 26,468 (296,687)
Income tax expense (benefit) on equity in earnings of operating joint ventures24 (109)(193)
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)(1)(151,234)(5,638)(106,197)
Total income tax expense (benefit)$(16,061)$20,721 $(403,077)
(1)    Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Reconciliation of Expected Tax at Statutory Rates to Reported Income Tax Expense (Benefit)
The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2024, 2023 and 2022, and the reported income tax expense (benefit) are summarized as follows:
Years Ended December 31,
202420232022
($ in thousands)
Expected federal income tax expense (benefit)(1)$204,342 $100,305 $(208,444)
Non-taxable investment income(42,621)(42,730)(46,426)
Tax credits(29,001)(42,578)(47,544)
State taxes (net of federal benefit)4,911 11,495 3,538 
Other(2,482)(24)2,189 
Reported income tax expense (benefit)$135,149 $26,468 $(296,687)
Effective tax rate(1)13.9 %5.5 %29.9 %
(1)    Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
The effective tax rate is the ratio of “Income tax expense (benefit)” divided by “Income (loss) from operations before income taxes and equity in earnings of operating joint venture.” The Company’s effective tax rate for fiscal years 2024, 2023 and 2022 was 13.9%, 5.5% and 29.9%, respectively. The following is a description of items that had a significant impact on the difference between the Company’s statutory U.S. federal income tax rate of 21% applicable for 2024, 2023 and 2022, and the Company’s effective tax rate during the periods presented:
Non-Taxable Investment Income. The U.S. Dividends Received Deduction (“DRD”) reduces the amount of dividend income subject to U.S. tax and is included in the non-taxable investment income shown in the table above. More specifically, the U.S. DRD constitutes $41 million of the total $43 million of 2024 non-taxable investment income, $40 million of the total $43 million of 2023 non-taxable investment income, and $44 million of the total $46 million of 2022 non-taxable investment income. The DRD for the current period was estimated using information from 2023, current year investment results, and current year’s equity market performance. The actual current year DRD can vary based on factors such as, but not limited to, changes in the amount of dividends received that are eligible for the DRD, changes in the amount of distributions received from fund investments, changes in the account balances of variable life and annuity contracts, and the Company’s taxable income before the DRD.
Tax credits. These amounts primarily represent tax credits relating to foreign taxes withheld on the Company’s separate account investments.
Other. This line item represents reconciling items that are individually less than 5% of the computed expected federal income tax expense (benefit) and have therefore been aggregated for purposes of this reconciliation in accordance with relevant disclosure guidance.

Schedule of Deferred Tax Assets and Deferred Tax Liabilities
December 31,
20242023
 (in thousands)
Deferred tax assets:
Insurance reserves(1)$1,749,792 $1,663,037 
Investments(1)1,033,856 788,425 
Net unrealized loss on securities410,718 296,749 
Other5,647 4,723 
Deferred tax assets3,200,013 2,752,934 
Deferred tax liabilities:
Deferred policy acquisition cost(1)1,227,858 946,846 
Deferred sales inducements66,686 72,791 
Deferred tax liabilities1,294,544 1,019,637 
Net deferred tax asset (liability)$1,905,469 $1,733,297 
(1)    Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
The application of U.S. GAAP requires the Company to evaluate the recoverability of deferred tax assets and establish a valuation allowance if necessary to reduce the deferred tax asset to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including: (1) the nature of the deferred tax assets and liabilities; (2) whether they are ordinary or capital; (3) in which tax jurisdictions they were generated and the timing of their reversal; (4) taxable income in prior carryback years as well as projected taxable earnings exclusive of reversing temporary differences and carryforwards; (5) the length of time that carryovers can be utilized in the various taxing jurisdictions; (6) any unique tax rules that would impact the utilization of the deferred tax assets; and (7) any tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused. Although realization is not assured, management believes it is more likely than not that the deferred tax assets, net of valuation allowances, will be realized.
Changes in market conditions, including the significant rise in interest rates since the beginning of 2022, resulted in the recording of deferred tax assets related to net unrealized tax capital losses in the Company. When assessing recoverability of these deferred tax assets, the Company considers its ability and intent to hold the underlying securities to recovery in value, if necessary, as well as other factors as noted above. As of December 31, 2024, based on all available evidence, including capital loss carryback capacity, the Company concluded that the deferred tax assets related to the unrealized tax capital losses on the available-for-sale securities portfolios are, more likely than not, expected to be realized.
The Company had no valuation allowance as of December 31, 2024, and 2023. Adjustments to the valuation allowance will be made if there is a change in management’s assessment of the amount of deferred tax asset that is realizable.
The Company’s “Income (loss) from operations before income taxes and equity in earnings of operating joint venture” includes income from domestic operations of $973 million, $478 million and $(993) million for the years ended December 31, 2024, 2023 and 2022, respectively.
Tax Audit and Unrecognized Tax Benefits
The Company’s liability for income taxes includes the liability for unrecognized tax benefits and interest that relate to tax years still subject to review by the IRS or other taxing authorities. The completion of review or the expiration of the Federal statute of limitations for a given audit period could result in an adjustment to the liability for income taxes.
The Company had no unrecognized tax benefits as of December 31, 2024, 2023, and 2022. The Company does not anticipate any significant changes within the next twelve months to its total unrecognized tax benefits related to tax years for which the statute of limitations has not expired.
The Company classifies all interest and penalties related to tax uncertainties as income tax expense (benefit). The Company did not recognize tax related interest and penalties.
At December 31, 2024, the Company remains subject to examination in the U.S. for tax years 2014 through 2024.
The Company participates in the IRS’s Compliance Assurance Program. Under this program, the IRS assigns an examination team to review completed transactions as they occur in order to reach agreement with the Company on how they should be reported in the relevant tax returns. If disagreements arise, accelerated resolutions programs are available to resolve the disagreements in a timely manner.
v3.25.1
Equity
 12 Months Ended
Dec. 31, 2024
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 Consolidated Statements of Operations and Comprehensive Income (Loss). Net unrealized investment gains (losses) are described in further detail in Note 2, Note 8 (Interest rate remeasurement of Liability for Future Policy Benefits) and Note 10 (Gains (losses) from Changes in Nonperformance Risk on Market Risk Benefits). The balance of and changes in each component of AOCI as of and for the years ended December 31, 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, 2021$(11,274)$306,331 $(125,809)$227,206 $396,454 
Change in OCI before reclassifications(9,337)(2,249,609)310,351 1,440,307 (508,288)
Amounts reclassified from AOCI0 (4,428)0 0 (4,428)
Income tax benefit (expense)604 473,231 (65,174)(302,464)106,197 
Balance, December 31, 2022(20,007)(1,474,475)119,368 1,365,049 (10,065)
Change in OCI before reclassifications(2)2,419 677,735 (60,978)(659,927)(40,751)
Amounts reclassified from AOCI0 14,217 0 0 14,217 
Income tax benefit (expense)(2)(497)(145,255)12,805 138,585 5,638 
Balance, December 31, 2023(2)(18,085)(927,778)71,195 843,707 (30,961)
Change in OCI before reclassifications(4,595)(416,996)58,676 (441,138)(804,053)
Amounts reclassified from AOCI0 81,903 0 0 81,903 
Income tax benefit (expense)739 70,169 (12,313)92,639 151,234 
Balance, December 31, 2024$(21,941)$(1,192,702)$117,558 $495,208 $(601,877)
(1)Includes cash flow hedges of $111 million, $12 million, and $139 million as of December 31, 2024, 2023 and 2022, respectively.
(2)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Reclassifications out of Accumulated Other Comprehensive Income (Loss) 
Years Ended December 31,
202420232022
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges—Currency/Interest rate(3)$85,491 $16,976 $78,433 
Net unrealized investment gains (losses) on available-for-sale securities(167,394)(31,193)(74,005)
Total net unrealized investment gains (losses)(4)(81,903)(14,217)4,428 
Total reclassifications for the period$(81,903)$(14,217)$4,428 
(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 and 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 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 AFS 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)		AOCI
Related to Net
Unrealized
Investment
Gains (Losses)
 (in thousands)
Balance, December 31, 2021$3,685 $581,718 $835,430 $(1,033,194)$(81,308)$306,331 
Net investment gains (losses) on investments arising during the period(149)(2,737,481)0 0 574,760 (2,162,870)
Reclassification adjustment for (gains) losses included in net income831 (5,259)0 0 930 (3,498)
Reclassification due to allowance for credit losses recorded during the period4 (4)0 0 0 0 
Impact of net unrealized investment (gains) losses0 0 (2,033,852)2,521,873 (102,459)385,562 
Balance, December 31, 20224,371 (2,161,026)(1,198,422)1,488,679 391,923 (1,474,475)
Net investment gains (losses) on investments arising during the period(4,482)744,727 0 0 (155,393)584,852 
Reclassification adjustment for (gains) losses included in net income(265)14,482 0 0 (2,984)11,233 
Reclassification due to allowance for credit losses recorded during the period2,363 (2,363)0 0 0 0 
Impact of net unrealized investment (gains) losses0 0 397,071 (459,581)13,122 (49,388)
Balance, December 31, 20231,987 (1,404,180)(801,351)1,029,098 246,668 (927,778)
Net investment gains (losses) on investments arising during the period(773)(525,222)0 0 110,227 (415,768)
Reclassification adjustment for (gains) losses included in net income(175)82,078 0 0 (17,164)64,739 
Reclassification due to allowance for credit losses recorded during the period(146)146 0 0 0 0 
Impact of net unrealized investment (gains) losses0 0 217,642 (108,643)(22,894)86,105 
Balance, December 31, 2024$893 $(1,847,178)$(583,709)$920,455 $316,837 $(1,192,702)
(1)Includes cash flow hedges. See Note 4 for information on cash flow hedges.
(2)"Other costs" primarily includes reinsurance recoverables 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
Statutory Net Income and Surplus and Dividend Restrictions
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Statutory Net Income and Surplus and Dividend Restrictions STATUTORY NET INCOME AND SURPLUS AND DIVIDEND RESTRICTIONS
The Company is required to prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the Arizona Department of Insurance ("AZDOI"). It's subsidiary PLNJ is required to prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the New Jersey Department of Insurance and Banking. Statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis.
The following table summarizes certain statutory financial information for the Company, including its subsidiary PLNJ, for the periods indicated:
Years Ended December 31,
202420232022
(in millions)
Statutory net income (loss)(1)$(5,195)$4,923 $3,317 
Statutory capital and surplus(1)5,730 5,161 5,205 
(1) 2022 amounts include adjustments made to the audited statutory financial statements as of December 31, 2022.
The Company does not utilize prescribed or permitted practices that vary materially from the statutory accounting practices prescribed by the NAIC.
The Company is subject to Arizona law, which limits the amount of dividends that insurance companies can pay to stockholders without approval of the AZDOI. The maximum dividend, which may be paid in any twelve-month period without notification or approval, is limited to the lesser of 10% of statutory surplus as of December 31 of the preceding year or the net gain from operations of the preceding calendar year. Cash dividends may only be paid out of surplus derived from realized net profits. The Company must obtain approval from AZDOI prior to paying a dividend if the dividend, together with other dividend distributions made within the preceding twelve months, would exceed the lesser of 10% of statutory surplus or net gain from operations. Based on these limitations, there is no capacity to pay a dividend in 2025 without prior approval. In 2024, there was $550 million return of capital to Prudential Insurance. The Company did not pay dividends to Prudential Insurance in 2024, 2023 and 2022.
v3.25.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
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 $1 million for each of the years ended December 31, 2024, 2023 and 2022. The expense charged to the Company for the deferred compensation program was $6 million, $5 million and $5 million for the years ended December 31, 2024, 2023 and 2022, 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 $11 million, $13 million and $19 million for the years ended December 31, 2024, 2023 and 2022, respectively.
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 $18 million, $14 million and $15 million for the years ended December 31, 2024, 2023 and 2022, 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 $8 million, $7 million and $9 million for the years ended December 31, 2024, 2023 and 2022, respectively.
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 $56 million for the year ended December 31, 2024.
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 $820 million, $587 million and $611 million for the years ended December 31, 2024, 2023 and 2022, 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 $131 million, $144 million and $105 million for the years ended December 31, 2024, 2023 and 2022, 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 $4,657 million and $4,156 million as of December 31, 2024 and 2023, respectively. Fees related to these COLI policies were $55 million, $50 million and $52 million for the years ended December 31, 2024, 2023 and 2022, 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 $897 million and $898 million as of December 31, 2024 and 2023, respectively. Interest income related to the policy loan was $42 million and $26 million for the years ended December 31, 2024 and 2023, respectively.
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 $69 million, $53 million and $41 million for the years ended December 31, 2024, 2023 and 2022, respectively. These expenses are recorded as “Net investment income” in the Consolidated Statements of Operations and Comprehensive Income.
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 $490 million, $499 million and $137 million for the years ended December 31, 2024, 2023 and 2022, 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 $1,100 million and $754 million of investments in joint ventures as of December 31, 2024 and 2023, respectively. "Net investment income" related to these ventures includes gains of $68 million, $5 million and $21 million for the years ended December 31, 2024, 2023 and 2022, 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 $271 million, $274 million and $306 million for the years ended December 31, 2024, 2023 and 2022, respectively. These revenues are recorded as “Asset administration fees” in the Consolidated Statements of Operations and Comprehensive Income.
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 $47 million, $38 million and $36 million for the years ended December 31, 2024, 2023 and 2022, respectively. These revenues are recorded as “Asset administration fees” in the Consolidated Statements of Operations and Comprehensive Income (Loss).
Affiliated Notes Receivable
Affiliated notes receivable included in “Receivables from parent and affiliates” at December 31, were as follows:
Maturity DatesInterest Rates20242023
(in thousands)
U.S. dollar fixed rate notes2025-20380.00%-12.81 %$520,462 $147,984 
Total notes receivable - affiliated(1)$520,462 $147,984 
(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 $1 million at both December 31, 2024 and 2023, and is included in “Other assets.” Revenues related to these loans were $3 million for each of the years ended December 31, 2024, 2023 and 2022, 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 December 31, was as follows:
Maturity DateInterest Rate20242023
(in thousands)
Affiliated Commercial Mortgage Loan20259.67%$0 $71,038 
On October 16, 2024, the Company repaid in full its affiliated commercial mortgage loan. As a result, no remaining obligations exist as of December 31, 2024.
The commercial mortgage loan shown above 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 and $0.5 million at December 31, 2024 and 2023, respectively, and is included in "Accrued investment income". Revenues were $5.5 million, $6.9 million and $4.6 million for the years ended December 31, 2024, 2023, and 2022, respectively, and is 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 years ended December 31, 2024 and 2023.
AffiliateDateTransactionSecurity TypeFair
Value		Book ValueAPIC, Net of
Tax Increase/
(Decrease)		Realized
Investment
Gain/(Loss)
    (in thousands)
Prudential InsuranceJanuary 2023PurchaseFixed Maturities$48,329 $50,372 $1,614 $0 
Prudential InsuranceMarch 2023PurchaseFixed Maturities$7,175 $7,500 $256 $0 
PURCApril 2023PurchaseFixed Maturities$102,804 $102,804 $0 $0 
Term ReJune 2023PurchaseFixed Maturities$115,573 $115,573 $0 $0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$4,298 $4,443 $114 $0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$4,394 $4,494 $80 $0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$19,453 $19,203 $(198)$0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$14,452 $15,086 $502 $0 
Prudential InsuranceSeptember 2023PurchaseFixed Maturities$15,880 $15,801 $(62)$0 
PURCDecember 2023SaleCommercial Mortgage and Other Loans$762 $754 $0 $8 
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
Capital		Equities$415,696 $416,265 $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. The following table provides the breakout of the Company's short-term debt. There was no debt outstanding as of December 31, 2024.
AffiliateDate IssuedAmount of Notes - December 31, 2024Amount of Notes - December 31, 2023Interest 
Rate		Date of Maturity
(in thousands)
Prudential Insurance8/13/2021$0 $94,953 3.95 %6/20/2024
Prudential Insurance8/13/20210 37,981 3.95 %6/20/2024
Prudential Insurance8/13/20210 47,477 3.95 %6/20/2024
Total Loans Payable to Affiliates(1)$0 $180,411 
(1)Includes $180 million of loans reclassified as current portion of long-term debt as of December 31, 2023.
The total interest expense to the Company related to affiliated loans and cash collateral with PGF was $39 million, $17 million and $3 million for the years ended December 31, 2024, 2023 and 2022, respectively.
All debt outstanding as of December 31, 2023 is that of Pruco Life.
Contributed Capital and Dividends
In December 2024, the Company received capital contributions in the amount of $416 million from Prudential Insurance in the form of invested assets. In February and December 2023, the Company received capital contributions in the amount of $405 million and $7 million, respectively, from Prudential Insurance. In March, June and September of 2022, the Company received capital contributions in the amount of $8 million, $3 million and $7 million, respectively, from Prudential Insurance.
In June 2024, there was a $550 million return of capital to Prudential Insurance. In June, September, and December 2023, there was a $300 million, $650 million, and $450 million return of capital, respectively, to Prudential Insurance. There was no return of capital in 2022.
In 2024, 2023 and 2022, 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
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities COMMITMENTS AND CONTINGENT LIABILITIES
Commitments
The Company has made commitments to fund commercial mortgage loans. As of December 31, 2024 and 2023, the outstanding balances on these commitments were $230 million and $270 million, respectively. These amounts include unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $0.3 million as of both December 31, 2024 and 2023, which is a change of $0.0 million and $0.3 million for the years ended December 31, 2024 and 2023, respectively. 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 December 31, 2024 and 2023, $1,359 million and $1,182 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 both the years ended December 31, 2024 and 2023.
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 as discussed in Note 11. 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 December 31, 2024 and 2023, 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

December 31,
20242023
(in thousands)
Guaranteed value of third-party assets$3,958,847 $311,302 
Fair value of collateral supporting these assets$3,543,500 $287,621 
Asset (liability) associated with guarantee, carried at fair value $111 $1 

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 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 December 31, 2024, 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.
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 January 2024, a putative class action complaint entitled California Advocates for Nursing Home Reform v. The Prudential Insurance Company of America and Pruco Life Insurance Company, et al., was filed in California Superior Court, Alameda County, alleging that the Company has failed to comply with California laws requiring that life insurance policies issued or delivered in California: (i) provide for a contractual 60-day grace period pre-lapse during which a policy must stay in force; (ii) provide policyholders and designees with notice of payment default within 30 days and a 30-day advance written notice of pending lapse; and (iii) notify policyholders annually of their right to designate additional recipients for lapse notices. The complaint asserts claims for violation of California’s Unfair Competition law and seeks unspecified damages along with declaratory and injunctive relief. In February 2024, defendants removed the action from California state court to the United States District Court for the Northern District of California. Plaintiff filed a motion to remand the action to the California Superior Court, Alameda County, and in December 2024, the motion was granted.
Regulatory
Variable Products
The Company has received regulatory inquiries and requests for information from state and federal regulators, including subpoenas from the U.S. Securities and Exchange Commission (the “SEC”) concerning the appropriateness of variable product sales and replacement activity. The Company is cooperating with regulators and may become subject to additional regulatory inquiries and other actions related to this matter. In September 2024, the SEC notified the Company that the SEC has concluded its investigation and is not recommending an enforcement action.
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
 12 Months Ended
Dec. 31, 2024
Prior Period Adjustment [Abstract]  
Revision to Prior Year Information REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS
Revision to Financial Statements as of and for the Years Ended December 31, 2023 and 2022

The Company identified multiple errors which impacted the previously issued Consolidated Financial Statements for the years ended December 31, 2023 and 2022. 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 to correct these errors as shown below.

Management assessed the materiality of the misstatements described above on prior period Consolidated Financial Statements in accordance with SEC Staff Accounting Bulletin ("SAB") No. 99, Materiality, codified in ASC 250-10, Accounting Changes and Error Corrections ("ASC 250"), and concluded that these misstatements were not material to the current period and any prior periods. However, management determined it was appropriate to correctly present and revise the Consolidated Financial Statements as of and for the years ended December 31, 2023 and 2022. The Consolidated Financial Statements for the impacted interim periods during 2024 will be revised when they are presented within the Quarterly Report on Form 10-Q for the interim periods in 2025.
The following are the impacted line items from the Consolidated Financial Statements illustrating the effects of the revisions:

Consolidated Statements of Financial Position
December 31, 2023
As Previously ReportedAdjustmentsAs Revised
(in thousands)
ASSETS
Deferred policy acquisition costs$7,097,511 $47,225 $7,144,736 
Reinsurance recoverables and deposit receivables(1)40,348,313 (91,513)40,256,800 
Income tax assets1,737,651 4,934 1,742,585 
TOTAL ASSETS$213,309,041 $(39,354)$213,269,687 
LIABILITIES AND EQUITY
LIABILITIES
Policyholders’ account balances$53,012,800 $(26,100)$52,986,700 
Market risk benefit liabilities5,144,401 12,457 5,156,858 
Reinsurance and funds withheld payables(1)2,746,129 (7,150)2,738,979 
Total liabilities208,787,616 (20,793)208,766,823 
EQUITY
Retained earnings / (accumulated deficit)(532,951)(18,520)(551,471)
Accumulated other comprehensive income (loss)(30,920)(41)(30,961)
Total equity4,521,425 (18,561)4,502,864 
TOTAL LIABILITIES AND EQUITY$213,309,041 $(39,354)$213,269,687 
(1)    As previously reported balances have been updated to conform to the current period presentation.
Consolidated Statements of Operations and Comprehensive Income (Loss)
Year Ended December 31, 2023
As Previously ReportedAdjustmentsAs Revised
(in thousands)
REVENUES
Other income (loss)$744,628 $6,735 $751,363 
Realized investment gains (losses), net(1,083,660)(63,439)(1,147,099)
Change in value of market risk benefits, net of related hedging gains (losses)(94,368)(12,405)(106,773)
TOTAL REVENUES3,340,575 (69,109)3,271,466 
BENEFITS AND EXPENSES
Interest credited to policyholders’ account balances655,445 (33,800)621,645 
Amortization of deferred policy acquisition costs534,435 5,075 539,510 
General, administrative and other expenses1,151,452 (26,529)1,124,923 
TOTAL BENEFITS AND EXPENSES2,849,073 (55,254)2,793,819 
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE491,502 (13,855)477,647 
Income tax expense (benefit)29,378 (2,910)26,468 
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY$461,203 $(10,945)$450,258 
Other comprehensive income (loss), before tax:
Gain (loss) from changes in nonperformance risk on market risk benefits(659,875)(52)(659,927)
Total(26,482)(52)(26,534)
Less: Income tax expense (benefit) related to other comprehensive income (loss)(5,627)(11)(5,638)
Other comprehensive income (loss), net of taxes(20,855)(41)(20,896)
Comprehensive income (loss)440,836 (10,986)429,850 
Year Ended December 31, 2022
As Previously ReportedAdjustmentsAs Revised
(in thousands)
REVENUES
Other income (loss)$(651,469)$15,196 $(636,273)
Realized investment gains (losses), net336,382 (46,453)289,929 
TOTAL REVENUES1,648,324 (31,257)1,617,067 
BENEFITS AND EXPENSES
Amortization of deferred policy acquisition costs520,276 993 521,269 
General, administrative and other expenses1,156,464 (26,764)1,129,700 
TOTAL BENEFITS AND EXPENSES2,635,427 (25,771)2,609,656 
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE(987,103)(5,486)(992,589)
Income tax expense (benefit)(295,535)(1,152)(296,687)
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY$(766,705)$(4,334)$(771,039)
Comprehensive income (loss)(1,173,224)(4,334)(1,177,558)
Consolidated Statements of Equity

Retained EarningsAOCITotal Equity
As Previously ReportedAdjustmentsAs RevisedAs Previously ReportedAdjustmentsAs RevisedAs Previously ReportedAdjustmentsAs Revised
(in thousands)
Balance, December 31, 2021$(227,449)$(3,241)$(230,690)$396,454 $0 $396,454 $6,213,996 $(3,241)$6,210,755 
Comprehensive income (loss):
Net income (loss)(766,705)(4,334)(771,039)(766,705)(4,334)(771,039)
Total comprehensive income (loss)(766,705)(4,334)(771,039)(406,519)0 (406,519)(1,173,224)(4,334)(1,177,558)
Balance, December 31, 2022$(994,154)$(7,575)$(1,001,729)$(10,065)$0 $(10,065)$5,036,195 $(7,575)$5,028,620 
Comprehensive income (loss):
Net income (loss)461,203 (10,945)450,258 461,691 (10,945)450,746 
Other comprehensive income (loss), net of taxes(20,855)(41)(20,896)(20,855)(41)(20,896)
Total comprehensive income (loss)461,203 (10,945)450,258 (20,855)(41)(20,896)440,836 (10,986)429,850 
Balance, December 31, 2023$(532,951)$(18,520)$(551,471)$(30,920)$(41)$(30,961)$4,521,425 $(18,561)$4,502,864 

Consolidated Statements of Cash Flows
Year Ended December 31, 2023
As Previously ReportedAdjustmentsAs Revised
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$461,691 $(10,945)$450,746 
Interest credited to policyholders' account balances655,445 (33,800)621,645 
Realized investment (gains) losses, net1,083,660 63,439 1,147,099 
Change in value of market risk benefits, net of related hedging (gains) losses94,368 12,405 106,773 
Change in:
Reinsurance related balances(1)(671,990)(6,735)(678,725)
Deferred policy acquisition costs(560,471)(21,454)(581,925)
Income taxes(37,886)(2,910)(40,796)
Cash flows from (used in) operating activities2,459,895 0 2,459,895 
Year Ended December 31, 2022
As Previously ReportedAdjustmentsAs Revised
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$(766,705)$(4,334)$(771,039)
Realized investment (gains) losses, net(336,382)46,453 (289,929)
Change in:
Reinsurance related balances(1)(1,771,655)(15,196)(1,786,851)
Deferred policy acquisition costs(442,303)(25,771)(468,074)
Income taxes(334,769)(1,152)(335,921)
Cash flows from (used in) operating activities1,824,964 0 1,824,964 
(1)    As previously reported balances have been updated to conform to the current period presentation.
v3.25.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
In February 2025, the Company received a capital contribution of $220 million from Prudential Insurance.
In March 2025, the Company entered into an agreement with The Prudential Life Insurance Company, Ltd. (“Prudential of Japan”) to reinsure guaranteed minimum death benefits associated with JPY denominated variable whole life policies.
v3.25.1
Schedule I - Summary of Investments Other Than investments in Related Parties
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]  
Schedule I - Summary of Investments Other Than investments in Related Parties
Type of InvestmentAmortized Cost or CostFair
Value		Amount
Shown in the
Balance Sheet
Fixed maturities, available-for-sale:
Bonds:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$1,199,628 $1,099,241 $1,099,241 
Obligations of U.S. states and their political subdivisions570,253 541,066 541,066 
Foreign governments362,154 310,334 310,334 
Asset-backed securities3,728,073 3,750,663 3,750,663 
Commercial mortgage-backed securities944,652 895,775 895,775 
Residential mortgage-backed securities367,005 356,072 356,072 
Public utilities2,869,299 2,613,495 2,613,495 
All other corporate bonds26,934,775 25,414,259 25,414,259 
Redeemable preferred stock5,094 5,255 5,255 
Total fixed maturities, available-for-sale$36,980,933 $34,986,160 $34,986,160 
Equity securities:
Common stocks:
Other common stocks $2,452,942 $2,427,792 $2,427,792 
Mutual funds 177,939 175,882 175,882 
Perpetual preferred stocks 19,661 20,146 20,146 
Total equity securities, at fair value$2,650,542 $2,623,820 $2,623,820 
Fixed maturities, trading$4,415,277 $3,845,045 $3,845,045 
Commercial mortgage and other loans7,759,323 7,759,323 
Policy loans1,541,480 1,541,480 
Short-term investments517,386 517,386 
Other invested assets 1,582,094 1,582,094 
Total investments$55,447,035 $52,855,308 
v3.25.1
Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule II - Condensed Financial Information of Registrant
PRUCO LIFE INSURANCE COMPANY
Schedule II
Condensed Financial Information of Registrant
Condensed Statements of Financial Position
December 31, 2024 and 2023 (in thousands, except share amounts)
December 31, 2024December 31, 2023
ASSETS
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031)
$31,964,802 $23,662,832 
Fixed maturities, trading, at fair value (amortized cost: 2024 – $4,391,322; 2023 – $3,451,001)
3,823,792 2,773,006 
Equity securities, at fair value (cost: 2024 – $2,650,189; 2023 – $819,617)
2,623,758 840,335 
Policy loans422,891 357,581 
Short-term investments (net of allowance for credit losses: 2024 – $49; 2023 – $0)
505,991 374,407 
Commercial mortgage and other loans (net of $36,002 and $36,527 allowance for credit losses at December 31, 2024 and 2023, respectively)
7,281,995 5,883,092 
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively)
1,363,038 1,073,038 
Total investments47,986,267 34,964,291 
Cash and cash equivalents3,144,542 1,953,388 
Deferred policy acquisition costs(1)7,389,743 6,751,597 
Accrued investment income405,115 279,567 
Reinsurance recoverables and deposit receivables (includes $379,582 and $122,897 of embedded derivatives at fair value at December 31, 2024 and 2023, respectively)(1)(2)
44,233,228 36,691,407 
Investment in subsidiaries1,472,500 1,434,641 
Receivables from parent and affiliates567,631 308,635 
Deferred sales inducements322,351 351,424 
Income tax assets(1)2,013,349 1,675,310 
Market risk benefit assets2,144,919 1,829,584 
Other assets(2)1,833,801 432,913 
Separate account assets103,635,702 105,111,382 
TOTAL ASSETS$215,149,148 $191,784,139 
LIABILITIES AND EQUITY
LIABILITIES
Policyholders’ account balances(1)$65,114,184 $48,950,516 
Future policy benefits23,096,707 20,864,146 
Market risk benefit liabilities(1)3,788,800 4,619,199 
Cash collateral for loaned securities121,372 218,310 
Reinsurance and funds withheld payables(1)(2)7,192,595 2,348,162 
Short-term debt to affiliates0 180,411 
Payables to parent and affiliates3,653,229 2,658,870 
Other liabilities(2)3,950,118 2,360,473 
Separate account liabilities103,635,702 105,111,382 
Total liabilities210,552,707 187,311,469 
EQUITY
Common stock ($10 par value; 1,000,000 shares authorized; 250,000 shares issued and 250,000 outstanding)
2,500 2,500 
Additional paid-in capital4,923,299 5,052,602 
Retained earnings / (accumulated deficit)(1)272,519 (551,471)
Accumulated other comprehensive income (loss)(1)(601,877)(30,961)
Total equity4,596,441 4,472,670 
TOTAL LIABILITIES AND EQUITY$215,149,148 $191,784,139 
(1)    Amounts reflect revision to prior period Financial Statements. See Note 17 for the amounts of the errors which were revised and for additional information on these errors.
(2)    Prior period amounts have been reclassified to conform to current period presentation.
202420232022
REVENUES
Premiums (includes $(2,740), $6,296 and $(1,419) of gains (losses) from change in estimates on deferred profit liability amortization for the year ended December 31, 2024, 2023 and 2022, respectively)
$344,383 $289,344 $231,500 
Policy charges and fee income6,677,744 1,476,927 1,172,867 
Net investment income2,154,525 1,507,280 785,609 
Asset administration fees212,328 223,803 275,702 
Other income (loss)(1)743,843 747,789 (634,120)
Realized investment gains (losses), net(1)498,953 (1,102,789)276,094 
Change in value of market risk benefits, net of related hedging gains (losses)(1)(473,209)(169,565)(558,535)
TOTAL REVENUES10,158,567 2,972,789 1,549,117 
BENEFITS AND EXPENSES
Policyholders’ benefits7,338,059 448,286 430,184 
Change in estimates of liability for future policy benefits(14,594)6,067 38,468 
Interest credited to policyholders’ account balances(1)956,863 557,510 397,637 
Amortization of deferred policy acquisition costs(1)(285,676)518,939 501,979 
General, administrative and other expenses(1)1,180,030 1,074,134 1,072,835 
TOTAL BENEFITS AND EXPENSES9,174,682 2,604,936 2,441,103 
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES AND OPERATING JOINT VENTURE983,885 367,853 (891,986)
Income tax expense (benefit)(1)147,233 14,006 (265,913)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES AND OPERATING JOINT VENTURE836,652 353,847 (626,073)
Equity in earnings of subsidiaries(12,237)96,844 (69,829)
Equity in earnings of operating joint venture, net of taxes(425)(433)(75,137)
NET INCOME (LOSS)$823,990 $450,258 $(771,039)
Other comprehensive income (loss), before tax:
Net unrealized investment gains (losses)(246,952)632,819 (1,877,552)
Interest rate remeasurement of future policy benefits45,461 (50,679)250,486 
Gain (loss) from changes in non-performance risk on market risk benefits(1)(401,884)(597,135)1,298,259 
Other(118,775)(11,539)(183,909)
Total(722,150)(26,534)(512,716)
Less: Income tax expense (benefit) related to other comprehensive income (loss)(1)(151,234)(5,638)(106,197)
Other comprehensive income (loss), net of taxes(570,916)(20,896)(406,519)
Total comprehensive income (loss)$253,074 $429,362 $(1,177,558)
(1)    Amounts reflect revision to prior period Financial Statements. See Note 17 for the amounts of the errors which were revised and for additional information on these errors.
202420232022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash flows from (used in) operating activities$3,363,590 $2,365,722 $1,813,780 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale3,425,809 1,622,501 1,586,432 
Fixed maturities, trading800,588 95,872 901,690 
Equity securities957,650 189,210 242,247 
Policy loans157,478 152,275 140,937 
Ceded policy loans(87,521)(117,589)(110,477)
Short-term investments1,280,677 444,983 622,072 
Commercial mortgage and other loans724,559 157,116 178,564 
Other invested assets73,632 17,405 57,335 
Notes receivable from parent and affiliates(1)722 3,858 832 
Payments for the purchase/origination of:
Fixed maturities, available-for-sale(12,273,347)(6,762,400)(6,674,455)
Fixed maturities, trading(1,819,224)(857,717)(425,267)
Equity securities(2,373,213)(678,790)(281,502)
Policy loans(222,724)(236,886)(122,982)
Ceded policy loans117,552 147,961 69,369 
Short-term investments(1,412,350)(679,224)(551,161)
Commercial mortgage and other loans(2,145,910)(1,239,173)(1,024,697)
Other invested assets(406,031)(174,680)(149,837)
Notes receivable from parent and affiliates(1)(297,850)(31)(25)
Capital contributions to subsidiaries(549,964)(323,909)(325,000)
Return of capital from subsidiaries414,859 0 0 
Other, net164,779 (60,358)(316,977)
Cash flows from (used in) investing activities(13,469,829)(8,299,576)(6,182,902)
CASH FLOWS FROM FINANCING ACTIVITIES:
Policyholders’ account deposits16,148,664 10,508,549 9,500,054 
Ceded policyholders’ account deposits(826,393)(870,031)(902,233)
Policyholders’ account withdrawals(3,600,010)(3,287,164)(3,343,369)
Ceded policyholders’ account withdrawals454,788 360,211 398,101 
Contributed capital0 405,000 0 
Return of capital(550,000)(1,400,000)0 
Other, net(329,656)28,817 75,814 
Cash flows from (used in) financing activities11,297,393 5,745,382 5,728,367 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS1,191,154 (188,472)1,359,245 
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR1,953,388 2,141,860 782,615 
CASH AND CASH EQUIVALENTS, END OF YEAR$3,144,542 $1,953,388 $2,141,860 
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid (refunded), net$360,742 $57,749 $61,613 
Interest paid$2,644 $4,377 $7,863 
(1)    Prior period amounts have been updated to conform to current period presentation.
Significant Non-Cash Transactions
2024
"Cash flows from (used in) operating activities" and "Cash flows from (used in) investing activities" for the year ended December 31, 2024, excludes certain non-cash activities in the amount of $(7,469) million primarily related to reinsurance recoverables and $6,722 million related to invested asset transfers, respectively. These transactions are associated with the unaffiliated reinsurance agreement with Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, "Wilton Re"), effective October 1, 2024. Associated with the transaction with Wilton Re, "Cash flows from (used in) operating activities" and "Cash flows from (used in) investing activities" for the year ended December 31, 2024, exclude largely offsetting affiliated non-cash activities in the amount of $7,190 million, primarily related to reinsurance recoverables and payables, and $(6,722) million related to invested asset transfers, respectively. These are related to the recapture of the risks associated with the business that had previously been reinsured with Prudential Arizona Reinsurance Universal Company ("PAR U") as well as assumption of those recaptured by Pruco Life Insurance Company of New Jersey from PAR U. See Note 11 for additional information.

"Cash flows from (used in) operating activities" for the year ended December 31, 2024 excludes certain non-cash activities in the amount of $(78) million related to the affiliated reinsurance transaction with Prudential Arizona Reinsurance Captive Company, effective October 1, 2024. See Note 11 for additional information.

"Cash flows from (used in) operating activities" for the year ended December 31, 2024 excludes certain non-cash activities in the amount of $936 million related to the affiliated reinsurance transaction with Prudential Universal Reinsurance Entity Company and The Prudential Insurance Company of America, effective January 1, 2024. See Note 11 for additional information.

"Cash flows from (used in) investing activities" and "Cash flows from (used in) financing activities" for the year ended December 31, 2024 excludes non-cash activities related to invested asset transfers in the amount of $416 million, related to capital contributions the Company received from Prudential Insurance. See Note 15 for additional information.

2023
"Cash flows from (used in) operating activities" for the year ended December 31, 2023 excludes certain non-cash activities in the amount of $475 million related to the novated indexed variable annuities under the reinsurance agreement with Fortitude Life Insurance & Annuity Company (“FLIAC”). See Note 11 for more details regarding this transaction.

2022
"Cash flows from (used in) operating activities" for the year ended December 31, 2022 excludes certain non-cash activities in the amount of $531 million related to the Company entering into an affiliated reinsurance agreement with Lotus Reinsurance Company Ltd. ("Lotus Re") on January 1, 2022 and $4,656 million related to the indexed variable annuities novated to the Company in connection with the reinsurance agreement with FLIAC. See Note 11 for more details regarding these transactions. The Company also received $18 million of non-cash assets from Prudential Insurance. See Note 15 for additional information.
1.ORGANIZATION AND PRESENTATION

Pruco Life Insurance Company, (“Pruco Life”) is a wholly-owned subsidiary of The Prudential Insurance Company of America, which in turn is a direct wholly-owned subsidiary of Prudential Financial, Inc. 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.

The condensed financial information of Pruco Life should be read in conjunction with the consolidated financial statements of Pruco Life and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). The condensed financial statements of Pruco Life reflect its direct wholly-owned subsidiary and majority-owned subsidiaries using the equity method of accounting.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 823,990 $ 450,258 $ (771,039)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
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
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Because of the size and scope of our business, we are subject to numerous and evolving cybersecurity risks, any of which, if it materializes, could affect our business strategy, results of operations, or financial condition. See “Item 1A. Risk Factors—Operational Risk” for a discussion of such risks.

Cybersecurity risk management is integrated within our risk management framework. We conduct risk identification through several processes at the business unit, corporate, senior management, and Board levels. This framework includes escalation points to Prudential's risk committees, allowing cyber risk and control matters to be elevated to the Board of Directors or its Audit Committee for oversight.
In order to respond to the threat of security breaches and cyber-attacks, Prudential Financial has developed an information security program designed to protect and preserve the confidentiality, integrity, and continued availability of information owned by, or in the care of, the Company. This information security program provides for the coordination of various corporate functions and governance groups, including global technology, risk, legal, compliance and corporate audit, and serves as a framework for the execution of responsibilities across businesses and operational roles. Among other things, the information security program establishes security standards for our technological resources and includes training for employees, contractors and third-parties. Employees with access to our Company’s systems are subject to comprehensive annual training on responsible information security, data security, and cybersecurity practices and how to protect data against cyber threats.

As part of the information security program, we conduct periodic exercises with independent outside advisors to assess the effectiveness of our program and our internal response preparedness. We regularly engage with the broader cybersecurity community and monitor cyber threat information.

To address risks associated with third-parties, Prudential Financial has established an enterprise-wide Third-Party Risk Management Program. This program’s features include, among other things, identifying, assessing and managing cybersecurity risks throughout the life of our third-party relationships.

We also maintain an incident response plan, which specifies escalation and evaluation processes for cyber events. This plan is executed in close coordination with our corporate functions, including a dedicated cyber and privacy law function, external affairs, and risk management, and is designed to ensure, among other things, appropriate and timely reporting and disclosure.

During the period covered by this Report, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. See “Item 1A. Risk Factors—Operational Risk” for a discussion of risks related to cybersecurity.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Cybersecurity risk management is integrated within our risk management framework. We conduct risk identification through several processes at the business unit, corporate, senior management, and Board levels. This framework includes escalation points to Prudential's risk committees, allowing cyber risk and control matters to be elevated to the Board of Directors or its Audit Committee for oversight.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Prudential Financial's Audit Committee of the Board of Directors which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year. At least annually, Prudential Financial's Board and the Audit Committee also receive updates about the results of program reviews, including exercises and response readiness assessments led by outside advisors who provide a third-party independent assessment of our technical program and internal response preparedness. To the extent cybersecurity controls are related to internal control over financial reporting, such controls are considered in the context of Prudential Financial's annual external integrated audit.

Prudential Financial's Audit Committee regularly briefs the full Board of Directors on these matters, and the full Board of Directors also receives periodic briefings on cyber threats in order to enhance our directors’ literacy on cyber issues.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Prudential Financial's Audit Committee of the Board of Directors which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Prudential Financial's Audit Committee of the Board of Directors which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year. At least annually, Prudential Financial's Board and the Audit Committee also receive updates about the results of program reviews, including exercises and response readiness assessments led by outside advisors who provide a third-party independent assessment of our technical program and internal response preparedness. To the extent cybersecurity controls are related to internal control over financial reporting, such controls are considered in the context of Prudential Financial's annual external integrated audit.
Cybersecurity Risk Role of Management [Text Block] Prudential Financial's information security program is overseen by the Chief Information Security Officer (“CISO”) and Information Security Office, as well as the Head of Global Technology and Operations (“HGTO”). The CISO and Information Security Office are responsible for monitoring for, and informing management of, cybersecurity incidents impacting Prudential’s systems.Prudential Financial's Audit Committee of the Board of Directors which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Prudential Financial's information security program is overseen by the Chief Information Security Officer (“CISO”) and Information Security Office, as well as the Head of Global Technology and Operations (“HGTO”).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO has served in various roles in information technology and information security for over 25 years, including serving as the head of information technology risk at two large public companies. The CISO holds a graduate degree in technology management and has attained the professional certifications of Certified Information Systems Security Professional and Certified Information Privacy Professional.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Prudential Financial's Audit Committee of the Board of Directors which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year. At least annually, Prudential Financial's Board and the Audit Committee also receive updates about the results of program reviews, including exercises and response readiness assessments led by outside advisors who provide a third-party independent assessment of our technical program and internal response preparedness.
Prudential Financial's Audit Committee regularly briefs the full Board of Directors on these matters, and the full Board of Directors also receives periodic briefings on cyber threats in order to enhance our directors’ literacy on cyber issues.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.1
Significant Accounting Policies and Pronouncements (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The 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.
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; 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.
Annual Assumptions Review

Annually, the Company performs a comprehensive review of the assumptions set for purposes of estimating future premiums, benefits, and other cash flows. Assumptions include those that are economic and those that are insurance related. Insurance related assumptions are based on the Company’s best estimates of future rates of mortality, morbidity, lapse, surrender, annuitization, expenses and other items. The Company generally looks to relevant Company experience as the primary basis for these assumptions. If relevant Company experience is not available or does not have sufficient credibility, the Company may look to experience of similar blocks of business, either in the Company or the industry. Mortality rate assumptions are generally based on Company experience, sometimes blending Company experience with an industry table where the Company experience alone is not sufficiently credible. The Company sets mortality and morbidity assumptions that vary by major type of business. Within type of business, rates vary by age and gender. The Company applies an adjustment for future mortality improvement, consistent with observed long-term trends of population mortality over time. Lapse and surrender assumptions are based on Company and industry experience, where available. The Company sets rates that vary by product type, taking into account features specific to the product.

As part of this review, the Company may update these assumptions and make refinements to its models based upon emerging experience, future expectations and other data, including any observable market data it feels is indicative of a long-term trend. These assumptions are generally updated annually, unless a material change is observed in an interim period that the Company feels is also indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, it expects such changes to be gradual over the long-term.

The Company also performs a comprehensive review of the economic assumptions, including long-term interest rate assumptions and equity return assumptions that impact reserve calculations. The Company generally utilizes relevant economic outlook information and industry surveys as the primary basis for these assumptions, which may be used to project future rates of return on investments.
Reclassifications
Reclassifications

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

Revision to Prior Period Financial Statements

In the fourth quarter of 2024, the Company identified misstatements in the previously issued Consolidated Financial Statements for the years ended December 31, 2023 and 2022. Prior period amounts have been revised in the Consolidated Financial Statements and related disclosures to correct this error. Management evaluated these adjustments and concluded they were not material to any previously reported quarterly or annual Consolidated Financial Statements. See Note 17 for a more detailed description of the revisions and for comparisons of amounts previously reported to the revised amounts.
Investments and Investment-Related Liabilities
Fixed maturities, available-for-sale, at fair value ("AFS debt securities") includes bonds, notes and redeemable preferred stock that are carried at fair value. See Note 5 for additional information regarding the determination of fair value. The purchased cost of fixed maturities is adjusted for amortization of premiums and accretion of discounts to maturity or, if applicable, call date.

AFS debt securities, where fair value is below amortized cost, are reviewed quarterly to determine whether the amortized cost basis of the security is recoverable. For mortgage-backed and asset-backed AFS debt securities, a credit impairment will be recognized in earnings as an allowance for credit losses and reported in “Realized investment gains (losses), net,” to the extent the amortized cost exceeds the net present value of projected future cash flows (the “net present value”) for the security. A credit impairment recorded cannot exceed the difference between the amortized cost and fair value of the respective security. The net present value used to measure a credit impairment is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the AFS debt security at the date of acquisition. Once the Company has deemed all or a portion of the amortized cost uncollectible, the allowance is removed from the balance sheet by writing down the amortized cost basis of the AFS debt security. Any amount of an AFS debt security’s change in fair value not recorded as an allowance for credit losses will be recorded in Other Comprehensive Income (loss) (“OCI”).

For all other AFS debt securities, qualitative factors are first considered including, but not limited to, the extent of the decline and the reasons for the decline in value (e.g., credit events, currency or interest-rate related, including general credit spread widening), and the financial condition of the issuer. If analysis of these qualitative factors results in the security needing to be impaired, a credit impairment will be recognized and measured using the same process for mortgage-backed and asset-backed AFS debt securities.
When an AFS debt security's fair value is below amortized cost and the Company has the intent to sell the AFS debt security, or it is more likely than not the Company will be required to sell the AFS debt security before its anticipated recovery, the amortized cost basis of the AFS debt security is written down to fair value and any previously recognized allowance is reversed. The write-down is reported in "Realized investment gains (losses), net".

Interest income, including amortization of premium and accretion of discount, are included in “Net investment income” under the effective yield method. Prepayment premiums are also included in “Net investment income”.

For high credit quality mortgage-backed and asset-backed AFS debt securities (those rated AA or above), the amortized cost and effective yield of the securities are adjusted as necessary to reflect historical prepayment experience and changes in estimated future prepayments. The adjustments to amortized cost are recorded as a charge or credit to “Net investment income” in accordance with the retrospective method.

For mortgage-backed and asset-backed AFS debt securities rated below AA, the effective yield is adjusted prospectively for any changes in the estimated timing and amount of cash flows unless the investment is purchased with credit deterioration or an allowance is currently recorded for the respective security. If an investment is impaired, any changes in the estimated timing and amount of cash flows will be recorded as the credit impairment, as opposed to a yield adjustment. If the asset is purchased with credit deterioration (or previously impaired), the effective yield will be adjusted if there are favorable changes in cash flows subsequent to the allowance being reduced to zero.

For mortgage-backed and asset-backed AFS debt securities, cash flow estimates consider the payment terms of the underlying assets backing a particular security, including interest rate and prepayment assumptions based on data from widely accepted third-party data sources or internal estimates. In addition to interest rate and prepayment assumptions, cash flow estimates also include other assumptions regarding the underlying collateral including default rates and recoveries, which vary based on the asset type and geographic location, as well as the vintage year of the security. These assumptions can significantly impact income recognition, unrealized gains and loss recorded in OCI, and the amount of impairment recognized in earnings. The payment priority of the respective security is also considered. For all other AFS debt securities, cash flow estimates are driven by assumptions regarding probability of default and estimates regarding timing and amount of recoveries associated with a default. The Company has developed these estimates using information based on its historical experience as well as using market observable data, such as industry analyst reports and forecasts, sector credit ratings and other data relevant to the collectability of a security, such as the general payment terms of the security and the security’s position within the capital structure of the issuer.

Fixed maturities, trading, at fair value ("Trading debt securities") includes debt securities that are carried at fair value. See Note 5 for additional information regarding the determination of fair value. Realized and unrealized gains and losses for these investments are reported in “Other income (loss),” and interest income from these investments is reported in “Net investment income”.

Equity securities, at fair value consists of common stock and mutual fund shares carried at fair value. Realized and unrealized gains and losses on these investments are reported in “Other income (loss),” and dividend income is reported in “Net investment income” on the ex-dividend date.

Policy loans represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in “Net investment income” at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

Short-term investments primarily consists of highly liquid debt instruments with a maturity of twelve months or less and greater than three months when purchased. These investments are generally carried at fair value or amortized cost that approximates fair value and include certain money market investments, funds managed similar to regulated money market funds, short-term debt securities issued by government sponsored entities and other highly liquid debt instruments.
Commercial mortgage and other loans consist of commercial mortgage loans, agricultural property loans, as well as certain other collateralized loans. Commercial mortgage and other loans held for investment are generally carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses and net of any current expected credit loss ("CECL") allowance. Certain off-balance sheet credit exposures (e.g., indemnification of serviced mortgage loans, and certain unfunded mortgage loan commitments where the Company cannot unconditionally cancel the commitment) are also subject to a CECL allowance. See Note 16 for additional information.

Commercial mortgage and other loans acquired, including those related to the acquisition of a business, are recorded at fair value when purchased, reflecting any premiums or discounts to unpaid principal balances. Interest income, and the amortization of the related premiums or discounts, are included in “Net investment income” under the effective yield method. Prepayment fees are also included in “Net investment income.”

The CECL allowance represents the Company’s best estimate of expected credit losses over the remaining life of the assets or off-balance sheet credit exposures. The determination of the allowance considers historical credit loss experience, current conditions, and reasonable and supportable forecasts.

The allowance is calculated separately for commercial mortgage loans, agricultural mortgage loans and other collateralized loans. For commercial mortgage and agricultural mortgage loans, the allowance is calculated using an internally developed CECL model that pools together loans that share similar risk characteristics. Similar risk characteristics used to create the pools include, but are not limited to, vintage, maturity, credit rating, and collateral type.

Key inputs to the CECL model include unpaid principal balances, internal credit ratings, annual expected loss factors, average lives of the loans adjusted for prepayment considerations, current and historical interest rate assumptions, and other factors influencing the Company’s view of the current stage of the economic cycle and future economic conditions. Subjective considerations include a review of whether historical loss experience is representative of current market conditions and the Company’s view of the credit cycle. Model assumptions and factors are reviewed and updated as appropriate. Information about certain key inputs is detailed below.

Key factors in determining the internal credit ratings for commercial mortgage and agricultural mortgage loans include loan-to-value and debt-service-coverage ratios. Other factors include amortization, loan term, and estimated market value growth rate and volatility for the property type and region. The loan-to-value ratio compares the carrying amount of the loan to the fair value of the underlying property or properties collateralizing the loan, and is commonly expressed as a percentage. Loan-to-value ratios greater than 100% indicate that the carrying amount of the loan exceeds the collateral value. A loan-to-value ratio less than 100% indicates an excess of collateral value over the carrying amount of the loan. The debt service coverage ratio is a property’s net operating income as a percentage of its debt service payments. Debt service coverage ratios less than 1.0 indicates that property operations do not generate enough income to cover the loan’s current debt payments. A debt service coverage ratio greater than 1.0 indicates an excess of net operating income over the debt service payments. The values utilized in calculating these ratios are developed as part of the Company’s periodic review of the commercial mortgage loan and agricultural property loan portfolios, which includes an internal appraisal of the underlying collateral value. The Company’s periodic review also includes a quality re-rating process, whereby the internal quality rating originally assigned at underwriting is updated based on current loan, property and market information using a proprietary quality rating system. See Note 3 for additional information related to the loan-to-value ratios and debt service coverage ratios related to the Company’s commercial mortgage and agricultural loan portfolios.

Annual expected loss rates are based on historical default and loss experience factors. Using average lives, the annual expected loss rates are converted into life-of-loan loss expectations.

When individual loans no longer have the credit risk characteristics of the commercial or agricultural mortgage loan pools, they are removed from the pools and are evaluated individually for an allowance. The allowance is determined based on the outstanding loan balance less the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.

The CECL allowance on commercial mortgage and other loans can increase or decrease from period to period based on the factors noted above. The change in allowance is reported in “Realized investment gains (losses), net”. As it relates to unfunded commitments that are in scope of this guidance, the CECL allowance is reported in “Other liabilities”, and the change in the allowance is reported in “Realized investment gains (losses), net”.
The CECL allowance for other collateralized loans carried at amortized cost is determined based on probability of default and loss given default assumptions by sector, credit quality and average lives of the loans. Additions to or releases of the allowance are reported in “Realized investment gains (losses), net.”

Once the Company has deemed a portion of the amortized cost to be uncollectible, the uncollectible portion of allowance is removed from the balance sheet by writing down the amortized cost basis of the loan. The carrying amount of the loan is not adjusted for subsequent recoveries in value.

Interest received on loans that are past due is either applied against the principal or reported as net investment income based on the Company’s assessment as to the collectability of the principal. The Company defines “past due” as principal or interest not collected at least 30 days past the scheduled contractual due date. See Note 3 for additional information about the Company’s past due loans.

The Company discontinues accruing interest on loans after the loans become 90 days delinquent as to principal or interest payments, or earlier when the Company has doubts about collectability. When the Company discontinues accruing interest on a loan, any accrued but uncollectible interest on the loan and other loans backed by the same collateral, if any, is charged against interest income in the same period. Generally, a loan is restored to accrual status only after all delinquent interest and principal are brought current and, in the case of loans where the payment of interest has been interrupted for a substantial period, or the loan has been modified, a regular payment performance has been established.

Commercial mortgage and other loans are occasionally restructured. These restructurings generally include one or more of the following: full or partial payoffs outside of the original contract terms; changes to interest rates; extensions of maturity; or additions or modifications to covenants. Additionally, the Company may accept assets in full or partial satisfaction of the debt. Effective January 1, 2023, the Company adopted Accounting Standard Update ("ASU") 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure, on a prospective basis. This ASU eliminates the accounting guidance for Troubled Debt Restructurings (“TDR”) for creditors and requires all loan restructurings to follow the modification guidance in ASC 310-20.

Prior to the adoption of ASU 2022-02, when restructurings occurred, they were evaluated individually to determine whether the restructuring or modification constituted a TDR as defined by authoritative accounting guidance. If the borrower was experiencing financial difficulty and the Company granted a concession, the restructuring, including those that involved a partial payoff or the receipt of assets in full satisfaction of the debt was deemed to be a TDR. If a loan modification was a TDR, the CECL allowance of the loan was remeasured using the modified terms and the loan's original effective yield.

Post adoption of ASU 2022-02, all restructurings are evaluated under the modification guidance in ASC 310-20. When a loan is modified, the Company evaluates whether the restructuring results in a continuation of the existing loan or a new loan. For modifications that result in a continuation of the existing loan, the CECL allowance of the loan is remeasured using the modified terms, including the loan’s post-modification effective yield, and the allowance is adjusted accordingly.

For modifications that result in a new loan, any CECL allowance is reversed and a direct write-down of the loan is recorded for the amount of the allowance, and any additional loss, net of recoveries, or any gain is recorded for the difference between the fair value of the new loan and the recorded investment in the loan. The new loan is evaluated prospectively for credit impairment based on the CECL allowance process noted above.

Other invested assets consist of the Company’s non-coupon investments in limited partnerships and limited liability companies ("LPs/LLCs"), other than operating joint ventures, as well as derivative assets. LPs/LLCs interests are accounted for using either the equity method of accounting, or at fair value. The Company’s income from investments in LPs/LLCs accounted for using the equity method, other than the Company’s investments in operating joint ventures, is included in “Net investment income”. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary. In applying the equity method (including assessment for OTTI), the Company uses financial information provided by the investee, generally on a one to three-month lag. For the investments reported at fair value with changes in fair value reported in current earnings, the associated realized and unrealized gains and losses are reported in “Other income (loss)”.
Realized investment gains (losses) are computed using the specific identification method. Realized investment gains and losses are generated from numerous sources, including the sales of fixed maturity securities, investments in joint ventures and limited partnerships and other types of investments, as well as changes to the allowance for credit losses recognized in earnings. Realized investment gains and losses also reflect fair value changes on commercial mortgage loans carried at fair value, and fair value changes on embedded derivatives and free-standing derivatives that do not qualify for hedge accounting treatment. See “Derivative Financial Instruments” below for additional information regarding the accounting for derivatives.
Realized investment gains (losses), net includes realized gains or losses from sales and maturities of investments, changes to the allowance for credit losses, other impairments, fair value changes on mortgage loans where the fair value option has been elected, and derivative gains or losses. The derivative gains or losses include the impact of maturities, terminations and changes in fair value of the derivative instruments, including embedded derivatives, and other hedging instruments. Realized investment gains (losses) from the sales of securities are generally calculated using the specific identification method.
Cash and cash equivalents
Cash and cash equivalents includes cash on hand, amounts due from banks, certain money market investments, funds managed similar to regulated money market funds, other debt instruments with maturities of three months or less when purchased, other than cash equivalents that are included in "Fixed maturities, available-for-sale, at fair value,” and receivables related to securities purchased under agreements to resell (see also "Securities sold under agreements to repurchase" below.) The Company also engages in overnight borrowing and lending of funds with Prudential Financial and affiliates which are considered cash and cash equivalents. These assets are generally carried at fair value or amortized cost which approximates fair value.
Deferred policy acquisition costs
Deferred policy acquisition costs ("DAC") represents costs directly related to the successful acquisition of new and renewal insurance and annuity business. Such DAC primarily includes commissions, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully acquired contracts. In each reporting period, previously capitalized DAC is amortized and included in “Amortization of deferred policy acquisition costs”. Upon the adoption of ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, the carrying amount of DAC for long-duration contracts is no longer subject to recoverability testing.

DAC for most long-duration contracts is amortized on a constant-level basis at a grouped contract level over the expected life of the underlying insurance contracts. Contracts are grouped consistent with the groupings used to estimate the liability for future policy benefits (or other related balances) for the corresponding contracts. Since contracts within a grouping may be of different sizes, contracts within a group are weighted to achieve appropriate amortization and to ensure that DAC is derecognized when a policy is no longer in force. The constant-level basis used to weight contracts within a grouping and amortize DAC is generally defined as follows:

•Life insurance contracts – DAC associated with life insurance contracts is generally amortized in proportion to the initial face amount of life insurance in force. This is applicable to traditional and universal life insurance products.

•Payout annuity contracts – DAC associated with payout annuity contracts is amortized in proportion to annual benefit payments.

•Deferred annuity contracts – DAC associated with fixed and variable deferred annuity contracts is amortized in proportion to deposits.

For single premium immediate annuities without life contingencies, acquisition expenses are deferred and amortized over the expected life of the contracts using the interest method.

Current period DAC amortization reflects the impact of changes in actual insurance in force during the period and changes in future assumptions effected as of the end of the quarter, where applicable. The Company typically updates actuarial assumptions annually in the second quarter, (see "Annual Assumptions Review" below), unless a material change is observed in an interim period that is indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, the Company expects such changes to be gradual over the long-term.

Assumptions used for DAC are consistent with those used in estimating the liability for future policy benefits (or any other related balance) for the corresponding contract. Determining the level of aggregation and actuarial assumptions used in projecting in force terminations requires judgment. Internal criteria are developed to determine the level of aggregation by considering both qualitative and quantitative materiality thresholds.

The assumptions used in projecting in force terminations are mortality, mortality improvement, and lapse assumptions. These assumptions are generally based on the Company’s experience, industry experience and/or other factors, as applicable. For variable deferred annuity contracts, lapse rates are adjusted at the contract level based on the in-the-moneyness of the living benefits 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 are also generally assumed to be lower for the period where surrender charges apply.
For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If policyholders surrender traditional life insurance policies in exchange for life insurance policies that do not have fixed and guaranteed terms, the Company immediately charges to expense the remaining unamortized DAC on the surrendered policies. For other internal replacement transactions, except those that involve the addition of a non-integrated contract feature that does not change the existing base contract, the unamortized DAC is immediately charged to expense if the terms of the new policies are not substantially similar to those of the former policies. If the new terms are substantially similar to those of the earlier policies, the DAC is retained with respect to the new policies and amortized over the expected life of the new policies. See Note 6 for additional information regarding DAC.
Accrued investment income
Accrued investment income primarily includes accruals of interest and dividend income from investments that have been earned but not yet received.
Reinsurance
Reinsurance recoverables and deposit receivables includes amounts recoverable under reinsurance agreements and receivables that follow the deposit method of accounting (see “Reinsurance” below).
Reinsurance and funds withheld payables represents amounts payable under reinsurance agreements (see “Reinsurance” below). Reinsurance and funds withheld payables may also include derivative instruments for which fair values are determined as described below under "Derivative Financial Instruments".
Reinsurance

The Company participates in reinsurance arrangements in various capacities as either the ceding entity or as the reinsurer (i.e., assuming entity). See Note 11 for additional information regarding the Company’s reinsurance arrangements. Reinsurance assumed business is generally accounted for consistent with direct business. Amounts currently recoverable under reinsurance agreements are included in “Reinsurance recoverables and deposit receivables” and amounts payable are included in “Reinsurance and funds withheld payables”. “Reinsurance recoverables and deposit receivables” also includes deposit receivables where the Company has ceded fixed indexed annuities, including from coinsurance with funds withheld arrangements and receivables from modified coinsurance arrangements where the Company is the cedant, and in certain instances are net of the payables under these arrangements which generally reflect the fair value of the invested assets retained by the cedant. “Reinsurance and funds withheld payables” also includes amounts payable to the reinsurer under coinsurance with funds withheld arrangements where the Company is the cedant, and generally reflect the fair value of the invested assets retained by the Company. The receivables and payables associated with each of these coinsurance with funds withheld and modified coinsurance arrangements each contain an embedded derivative that is bifurcated and accounted for at fair value separately from the host contract, with changes in fair value recorded through “Realized investment gains (losses), net”, and are ultimately presented net within “Reinsurance recoverables and deposit receivables”. Revenues and benefits and expenses include amounts assumed under reinsurance agreements and are reflected net of reinsurance ceded.

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. Reinsurance recoverables are reported on the Consolidated Statements of Financial Position net of the CECL allowance. The CECL allowance considers the credit quality of the reinsurance counterparty and is generally determined based on the probability of default and loss given default assumptions, after considering any applicable collateral arrangements. The CECL allowance does not apply to reinsurance recoverables with affiliated counterparties under common control. Additions to or releases of the allowance are reported in “Policyholders’ benefits”. Reinsurance premiums, commissions, expense reimbursements, benefits and reserves related to reinsured long-duration contracts under coinsurance arrangements are accounted for over the life of the underlying reinsured contracts using assumptions consistent with those used to account for the underlying contracts. For reinsurance of in force blocks of non-participating traditional and limited-payment contracts, the current value of the direct liability as of inception of the reinsurance agreement is used to calculate the reinsurance recoverable and cost of reinsurance such that there is no immediate other comprehensive income or loss from recognition of the reinsurance recoverable at inception. Consistent with the direct liability, the reinsurance recoverable for non-participating traditional and limited-payment contracts is remeasured each period using current single A rates with the effect on the reinsurance recoverable resulting from such updates recorded in "Interest rate remeasurement of future policy benefits" in OCI. For reinsurance of limited-payment contracts, the Company establishes a cost of reinsurance asset relating to the direct DPL and amortizes this balance through “Premiums” using the same methodology and assumptions used to amortize the direct DPL.

For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference between the fair value of the net consideration exchanged and the net liabilities ceded related to the underlying reinsured contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. This initial net cost of reinsurance is deferred and amortized into income over the remaining life of the reinsured policies on a basis consistent with the methodologies and assumptions used for amortizing DAC. This initial net cost of reinsurance may result in a deferred reinsurance gain which is recorded in "Other liabilities" and amortized through "Other income (loss)", or a deferred reinsurance loss which is recorded in "Other assets" and amortized through "General, administrative and other expenses".

Consistent with direct contracts, reinsurance agreements may also include features that meet the definition of an MRB and, if so, are accounted for at fair value. The fair value of direct or assumed MRBs reflects the Company's NPR, while the fair value of ceded MRBs reflects the counterparty credit risk of the reinsurer. Changes in the fair value of ceded MRBs, including the impact of changes in counterparty credit risk, are recorded in net income in "Change in value of market risk benefits, net of related hedging gains (losses)".
Coinsurance arrangements contrast with the Company’s yearly renewable term ("YRT") arrangements, where only mortality risk is transferred to the reinsurer and premiums are paid to the reinsurer to reinsure that risk. The mortality risk that is reinsured under YRT arrangements represents the difference between the stated death benefits in the underlying reinsured contracts and the corresponding reserves or account value carried by the Company on those same contracts. The premiums paid to the reinsurer are based upon negotiated amounts, not on the actual premiums paid by the underlying contractholders to the Company. As YRT arrangements are usually entered into by the Company with the expectation that the contracts will be in force for the lives of the underlying policies, they are considered to be long-duration reinsurance contracts. The cost of reinsurance for universal life products is generally recognized based on the gross assessments of the underlying direct policies. The cost of reinsurance for term insurance products is generally recognized in proportion to direct premiums over the life of the underlying policies.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in “Reinsurance and funds withheld payables” and deposits made are included in “Reinsurance recoverables and deposit receivables”. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as “Other income (loss)” or “General, administrative and other expenses”, as appropriate.
Market Risk Benefit (assets and liabilities)
Market risk benefit assets represents market risk benefits ("MRBs") in an asset position and are presented separately from MRBs in a liability position. See “Market risk benefit liabilities” below. MRB assets also reflect ceded MRBs resulting from reinsurance of the Company's Prudential Defined Income ("PDI") traditional variable annuity contracts. See Note 11 for additional information regarding the reinsurance of PDI.
Market risk benefit liabilities represents contracts or contract features that provide protection to the contractholder and exposes the Company to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits associated with annuities products including guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”). The benefits are accounted for using a fair value measurement framework. If a contract contains multiple market risk benefits, the benefits are bundled together and accounted for as a single compound market risk benefit. Market risk benefits in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts. The fair value of market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefits. The fair value of market risk benefits is based on assumptions a market participant would use in valuing market risk benefits. For additional information regarding the valuation of market risk benefits, see Note 5. On a quarterly basis, changes in the fair value of market risk benefits are recorded in net income, net of related hedges, in "Change in value of market risk benefits, net of related hedging gains (losses)", except for the portion of the change attributable to changes in the Company’s non-performance risk ("NPR") which is recorded in OCI. See Note 10 for additional information regarding market risk benefits. See "Reinsurance" below for information regarding the reinsurance of MRBs.
Deferred sales inducements
Deferred Sales Inducements ("DSI") are amounts that are credited to a policyholders’ account balance primarily as an inducement to purchase fixed and/or variable deferred annuity contracts. The Company defers sales inducements and amortizes them over the expected life of the policy using the same methodology, factors and assumptions used to amortize DAC. The Company records amortization of DSI in “Interest credited to policyholders’ account balances.” Unlike DAC, DSI are considered contractual cash flows and, as a result, are subject to periodic recoverability testing. See Note 6 for additional information regarding DSI.
Income taxes assets
Income tax assets primarily represents the net deferred tax asset and the Company’s estimated taxes receivable for the current year and open audit years.

The Company is a member of the federal income tax return of Prudential Financial and primarily files separate company state and local tax returns. Pursuant to the tax allocation arrangement with Prudential Financial, total federal income tax expense is determined on a separate company basis. Members record tax benefits to the extent tax losses or tax credits are recognized in the consolidated federal tax provision.

Items required by tax regulations to be included in the tax return may differ from the items reflected in the financial statements. As a result, the effective tax rate reflected in the financial statements may be different than the actual rate applied on the tax return. Some of these differences are permanent such as expenses that are not deductible in the Company’s tax return, and some differences are temporary, reversing over time, such as valuation of insurance reserves. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in future years for which the Company has already recorded the tax benefit in the Company’s Consolidated Statements of Operations. Deferred tax liabilities generally represent tax expense recognized in the Company’s financial statements for which payment has been deferred, or expenditures for which the Company has already taken a deduction in the Company’s tax return but have not yet been recognized in the Company’s financial statements.

Deferred income taxes are recognized, based on enacted rates, when assets and liabilities have different values for financial statement and tax reporting purposes. The application of U.S. GAAP requires the Company to evaluate the recoverability of the Company’s deferred tax assets and establish a valuation allowance if necessary to reduce the Company’s deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. See Note 12 for a discussion of factors considered when evaluating the need for a valuation allowance.
U.S. GAAP prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that a company has taken or expects to take on tax returns. The application of this guidance is a two-step process. First, the Company determines whether it is more likely than not, based on the technical merits, that the tax position will be sustained upon examination. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the financial statements. The second step is measurement. The Company measures the tax position as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate resolution with a taxing authority that has full knowledge of all relevant information. This measurement considers the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances, and information available at the reporting date.

The Company accrues a liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by the Internal Revenue Service ("IRS") or other taxing jurisdictions. Audit periods remain open for review until the statute of limitations has passed. Generally, for tax years which produce net operating losses, capital losses or tax credit carryforwards (“tax attributes”), the statute of limitations does not close, to the extent of these tax attributes, until the expiration of the statute of limitations for the tax year in which they are fully utilized. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the liability for income taxes. The Company classifies all interest and penalties related to tax uncertainties as income tax expense. See Note 12 for additional information regarding income taxes.
Other assets and Other liabilities
Other assets consists primarily of deferred reinsurance losses ("DRL") (see "Reinsurance" below) which are amortized over the expected life of the reinsured contracts on a constant-level basis, receivables resulting from sales of securities that had not yet settled at the balance sheet date, premiums due, prepaid tax expenses, and the Company’s investments in operating joint ventures. Investments in operating joint ventures are generally accounted for under the equity method. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary.
Other liabilities consists primarily of deferred reinsurance gains ("DRG") (see "Reinsurance" below), accrued expenses, technical overdrafts, payables resulting from purchases of securities that had not yet settled at the balance sheet date. The amortization method for DRG is amortized over the expected life of the reinsured contracts on a constant-level basis.
Separate account assets and Separate account liabilities
Separate account assets represents segregated funds that are invested for certain policyholders, and other customers. The assets consist primarily of equity securities, fixed maturities, real estate-related investments, real estate mortgage loans, short-term investments and derivative instruments and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. 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. The investment income and realized investment gains or losses from separate account assets generally accrue to the policyholders and are not included in the Company’s results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Policy charges and fee income”. Asset administration fees charged to the accounts are included in “Asset administration fees”. Seed money that the Company invests in separate accounts is reported in the appropriate general account asset line. Investment income and realized investment gains or losses from seed money invested in separate accounts accrue to the Company and are included in the Company’s results of operations. See Note 7 for additional information regarding separate account arrangements with contractual guarantees. See also “Separate account liabilities” below.
Separate account liabilities primarily represents the contractholders’ account balances in separate account assets and to a lesser extent borrowings of the separate account, and will be equal and offsetting to total separate account assets. See also “Separate account assets” above.
Future policy benefits
Future policy benefits primarily consists of the present value of expected future payments to or on behalf of policyholders, where the timing and amount of such payments depend on policyholder mortality or morbidity, less the present value of expected future net premiums (where net premiums are gross premiums multiplied by the Net-To-Gross ("NTG") ratio discussed below). The liability for future policy benefits is accrued over time as premium revenue is recognized. See Note 8 for additional information regarding future policy benefits.

The reserving methodology used for non-participating traditional and limited-payment contracts include the following:

•Cash Flow Assumptions. In measuring the liability for future policy benefits, the net premium valuation methodology is utilized. Under this methodology, a liability for future policy benefits is established using current best estimate insurance assumptions and interest rate assumptions locked-in at contract issuance date. The NTG ratio is calculated as the ratio of the present value of expected policy benefits and non-level claim settlement expenses divided by the present value of expected gross premiums. The NTG ratio is applied to gross premiums, as premium revenue is recognized, to determine net premiums. The liability is then determined as the present value of expected future policy benefits and non-level claim settlement expenses less the present value of expected future net premiums. For purposes of liability measurement, contracts are grouped into cohorts based primarily on issue year and major product line.
The NTG ratio is generally updated quarterly for actual experience and annually in the second quarter of each year for future cash flow assumption updates during the Company’s annual assumptions review process unless a material change is observed in an interim period that is indicative of a long-term trend (see “Annual Assumptions Review” below), with the exception of claim settlement expense assumptions which the Company has made an entity-wide election to lock-in as of contract issuance. The NTG ratio is subject to a retrospective unlocking method whereby the Company updates its best estimate of cash flows expected over the life of the cohort using actual historical experience and updated future cash flow assumptions. These updated cash flows are used to calculate the revised NTG ratio, which is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. The updated liability for future policy benefit amount as of the beginning of the quarter is then compared to the carrying amount of the liability as of that same date, before the updates for actual experience or future cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss that is recorded through current period earnings in “Change in estimates of liability for future policy benefits”. In subsequent periods, the revised NTG ratio is used to measure the liability for future policy benefits, subject to future revisions.

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 expected future policy benefits and non-level claim settlement expenses, the NTG ratio is capped at 100%. In these instances, all changes in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately. While the liability for future policy benefits cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”), the NTG ratio may be negative. This would be the case whereby conditions have improved such that the present value of future net premiums plus the existing liability for future policy benefits as of the valuation date exceed the present value of expected future policy benefits and non-level claim settlement expenses. In this case, the negative NTG ratio would be applied going forward to gross premiums received, effectively amortizing the gain into income and reducing the liability over time.

In addition, for limited-payment contracts, the liability for future policy benefits also includes a Deferred Profit Liability ("DPL") representing gross premiums received in excess of net premiums and is generally recognized in revenue in a constant relationship with insurance in force for life contracts or with the amount of expected future benefit payments for annuity contracts. The DPL is subject to a retrospective unlocking adjustment consistent with the liability for future policy benefits discussed above. The DPL cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”).

For contracts issued prior to January 1, 2021, the modified retrospective transition method was used to transition to ASU 2018-12. Under this method, the transition date of January 1, 2021 serves as the new issue date of the contracts in force for purposes of retrospectively unlocking the NTG ratio and DPL as described above.

•Discount Rate Assumption. The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield (i.e., global single A) at contract inception for contracts issued on or after January 1, 2021. The discount rate in effect at contract inception is locked-in for the calculation of the NTG ratio and accretion of interest cost on the liability through net income. However, for balance sheet remeasurement purposes, the discount rate is updated using the current single A rate at each reporting period, with the effect on the liability resulting from such update recorded in “Interest rate remeasurement of future policy benefits" in OCI.

The methodology used in constructing the single A discount rate curve for discounting cash flows used to calculate the liability for future policy benefits is intended to be reflective of the characteristics of the applicable insurance liabilities. The single A discount rate curve is developed by reference to upper medium grade (low credit risk) fixed income instrument yields that reflect the duration characteristics of the applicable insurance liabilities. The single A discount curve for the United States is developed using government bond rates plus public corporate A spreads in the observable periods. The definition of upper medium grade is based on Moody’s definition which includes the spectrum of A (i.e., A- to A+). Liquidity is considered in defining the observable period and linear extrapolation is performed to the Company's ultimate long-term economic assumptions. See “Annual Assumptions Review” below for further discussion regarding the Company’s long-term economic assumption setting process.
The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain long-duration life contracts, such as no-lapse guarantee contract features (Additional Insurance Reserves or "AIR" liability), for which a liability is established when associated assessments are recognized (which include investment margin on policyholders' account balances deposited to fixed and indexed funds and all policy charges including charges for administration, mortality, expense, surrender, and other charges). This liability is established using current best estimate assumptions and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). Any adjustments to this liability related to net unrealized gains (losses) on securities classified as available-for-sale are included in AOCI.

For universal life type contracts and participating contracts, the Company performs premium deficiency tests using best estimate assumptions as of the testing date. If the liabilities determined based on these best estimate assumptions are greater than the net reserves (i.e., GAAP reserves including unearned revenue reserves ("URR"), net of reinsurance and any DSI asset), the existing net reserves are adjusted by first reducing assets, such as DSI or deferred reinsurance loss, by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than these asset balances for insurance contracts, the net reserves are increased by the excess through a charge to current period earnings included in "Policyholders' benefits". Since investment yields are used as the discount rate, the premium deficiency test is also performed using a discount rate based on the market yield (i.e., assuming what would be the impact if any unrealized gains (losses) were realized as of the testing date). In the event that by using the market yield a deficiency occurs, an adjustment is established for the deficiency and is included in AOCI.

The Company’s liability for future policy benefits also includes a liability for unpaid claims and claim adjustment expenses. The Company does not establish claim liabilities until a loss has been incurred. However, unpaid claims and claim adjustment expenses include estimates of claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date.
Policyholders' account balances Policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. These policyholders’ account balances also include provision for benefits under non-life contingent payout annuities and certain unearned revenues. The unearned revenue liability represents policy charges for services to be provided in future periods. The charges are deferred as incurred and are generally amortized over the expected life of the contract using the same methodology, factors, and assumption used to amortize DAC. See Note 9 for additional information regarding policyholders’ account balances. Policyholders' account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products. For additional information regarding the valuation of these embedded derivatives, see Note 5.
Cash collateral for loaned securities
Cash collateral for loaned securities represents liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income. As part of securities lending transactions, the Company transfers U.S. and foreign debt and equity securities, as well as U.S. government and government agency securities, and receives cash as collateral. Cash proceeds from securities lending transactions are primarily used to earn spread income, and are typically invested in cash equivalents, short-term investments or fixed maturities. Securities lending transactions are treated as financing arrangements and are recorded at the amount of cash received. The Company obtains collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of the Company’s securities lending transactions are with large brokerage firms and large banks. Income and expenses associated with securities lending transactions used to earn spread income are reported as "Net investment income".
Securities sold under agreements to repurchase
Securities sold under agreements to repurchase represents liabilities associated with securities repurchase agreements that are used primarily to earn spread income. As part of securities repurchase agreements, the Company transfers U.S. government and government agency securities to a third-party, and receives cash as collateral. For securities repurchase agreements, the cash received is typically invested in cash equivalents, short-term investments or fixed maturities. Receivables associated with securities purchased under agreements to resell are generally reflected as cash equivalents. As part of securities resale agreements, the Company invests cash and receives as collateral U.S. government securities or other debt securities.

Securities repurchase and resale agreements that satisfy certain criteria are treated as secured borrowing or secured lending arrangements. These agreements are carried at the amounts at which the securities will be subsequently resold or reacquired, as specified in the respective transactions. For securities purchased under agreements to resell, the Company’s policy is to take possession or control of the securities either directly or through a third-party custodian. These securities are valued daily, and additional securities or cash collateral is received, or returned, when appropriate to protect against credit exposure. Securities to be resold are the same, or substantially the same, as the securities received. The majority of these transactions are with large brokerage firms and large banks. For securities sold under agreements to repurchase, the market value of the securities to be repurchased is monitored, and additional collateral is obtained where appropriate, to protect against credit exposure. The Company obtains collateral in an amount at least equal to 95% of the fair value of the securities sold. Securities to be repurchased are the same, or substantially the same, as those sold. The majority of these transactions are with highly rated money market funds. Income and expenses related to these transactions executed within the insurance companies used to earn spread income are reported as “Net investment income.”
Short-term and long-term debt
Short-term and long-term debt liabilities are primarily carried at an amount equal to unpaid principal balance, net of unamortized discount or premium and debt issuance costs. Original-issue discount or premium and debt-issue costs are recognized as a component of interest expense over the period the debt is expected to be outstanding, using the interest method of amortization. Interest expense is generally presented within “General, administrative and other expenses” in the Company’s Consolidated Statements of Operations. Short-term debt is debt coming due in the next twelve months, including that portion of debt otherwise classified as long-term. The short-term debt caption may exclude short-term debt items for which the Company has the intent and ability to refinance on a long-term basis in the near term. See Note 15 for additional information regarding short-term and long-term debt.
Commitments and contingent liabilities
Commitments and contingent liabilities are accrued if it is probable that a liability has been incurred and an amount is reasonably estimable. Management evaluates whether there are incremental legal or other costs directly associated with the ultimate resolution of the matter that are reasonably estimable and, if so, they are included in the accrual. These accruals are generally reported in “Other liabilities”.
Insurance Revenue and Expense Recognition
Insurance Revenue and Expense Recognition

Premiums from individual life products, other than universal and variable life contracts, are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future policy benefits and non-level claim settlement expenses) is generally deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

Premiums from single premium immediate annuities with life contingencies are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium is generally deferred and recognized into revenue based on expected future benefit payments. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

Certain individual annuity contracts provide the contractholder a guarantee that the benefit received upon death or annuitization will be no less than a minimum prescribed amount. These benefits are generally accounted for as market risk benefits (see “Market risk benefits” above).

Amounts received from policyholders as payment for universal or variable individual life contracts, deferred fixed or variable annuities and other contracts without life contingencies are reported as deposits to “Policyholders’ account balances” and/or “Separate account liabilities.” Revenues from these contracts are reflected in “Policy charges and fee income” consisting primarily of fees assessed during the period against the policyholders’ account balances for mortality and other benefit charges, policy administration charges and surrender charges. In addition to fees, the Company earns investment income from the investment of deposits in the Company’s general account portfolio. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are generally deferred and amortized into revenue over the life of the related contracts using the same methodology, factors, and assumption used to amortize DAC as described above. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration, interest credited to policyholders’ account balances and amortization of DAC and DSI.

Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products where changes in the value of the embedded derivatives are recorded through "Realized investment gains (losses), net". For additional information regarding the valuation of these embedded derivatives, see Note 5.
Asset administration fees Asset administration fees primarily include asset administration fee income received on contractholders’ account balances invested in The Prudential Series Funds, which are a portfolio of mutual fund investments related to the Company’s separate account products. Also, the Company receives fee income calculated on contractholder separate account balances invested in the Advanced Series Trust ("AST") (see Note 15). In addition, the Company receives fees from contractholders’ account balances invested in funds managed by companies other than affiliates of Prudential Insurance. Asset administration fees are recognized as income when earned.
Other income Other income (loss) includes realized and unrealized gains or losses from investments reported as “Fixed maturities, trading, at fair value”, “Equity securities, at fair value”, and “Other invested assets” that are measured at fair value as well as interest income related to affiliated cash collateral. See Note 15 for more information related to affiliated cash collateral.
Derivative Financial Instruments
Derivative Financial Instruments

Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and NPR used in valuation models. Derivative financial instruments generally used by the Company include swaps, futures, forwards and options and may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties, while others are bilateral contracts between two counterparties. Derivative positions are carried at fair value, generally by obtaining quoted market prices or through the use of valuation models.

Derivatives are used to manage the interest rate and currency characteristics of assets or liabilities. Additionally, derivatives may be used to reduce exposure to risks such as interest rate, credit, foreign currency and equity associated with assets held or expected to be purchased or sold, and liabilities incurred or expected to be incurred. As discussed in detail below and in Note 4, all realized and unrealized changes in fair value of derivatives are recorded in current earnings, with the exception of cash flow hedges. Cash flows from derivatives are reported in the operating, investing or financing activities sections in the Consolidated Statements of Cash Flows based on the nature and purpose of the derivative.

Derivatives are recorded either as assets, within “Other invested assets”, or as liabilities, within “Payables to parent and affiliates”, except for embedded derivatives which are recorded with the associated host contract. The Company nets the fair value of all derivative financial instruments with counterparties for which a master netting arrangement has been executed.

The Company designates derivatives as either (1) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow” hedge); or (2) a derivative that does not qualify for hedge accounting.

To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship.

The Company formally documents at inception all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions.

When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in its fair value are recorded in AOCI until earnings are affected by the variability of cash flows being hedged (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). At that time, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in the Consolidated Statements of Operations line item associated with the hedged item.

If it is determined that a derivative no longer qualifies as an effective cash flow hedge or management removes the hedge designation, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. The component of AOCI related to discontinued cash flow hedges is reclassified to the Consolidated Statements of Operations line associated with the hedged cash flows consistent with the earnings impact of the original hedged cash flows.

When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, or because it is probable that the forecasted transaction will not occur by the end of the specified time period, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. Any asset or liability that was recorded pursuant to recognition of the firm commitment is removed from the balance sheet and recognized currently in “Realized investment gains (losses), net”. Gains and losses that were in AOCI pursuant to the hedge of a forecasted transaction are recognized immediately in “Realized investment gains (losses), net”.
If a derivative does not qualify for hedge accounting, all changes in its fair value, including net receipts and payments, are included in “Realized investment gains (losses), net” without considering changes in the fair value of the economically associated assets or liabilities.

The Company is a party to financial instruments that contain derivative instruments that are “embedded” in the financial instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded instrument possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded instrument qualifies as an embedded derivative that is separated from the host contract, carried at fair value, and changes in its fair value are included in “Realized investment gains (losses), net”. For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company may elect to carry the entire instrument at fair value and report it within "Other invested assets" and "Reinsurance recoverable and deposit receivables", or as liabilities, within “Payables to parent and affiliates” or "Reinsurance and funds withheld payables".

The Company sells variable annuity contracts that include optional living benefit features that may be treated from an accounting perspective as embedded derivatives. The embedded derivatives related to the living benefit features and the related reinsurance agreements are carried at fair value and included in “Future policy benefits" and “Reinsurance recoverables and deposit receivables”. Additionally, changes in the fair value are determined using valuation models as described in Note 5 and are recorded in “Realized investment gains (losses), net".
New accounting pronouncements including the Adoption of ASU 2018-12
ASUs adopted as of December 31, 2024

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresThis ASU requires entities, including those with a single operating or reportable segment, to provide more detailed information about significant segment expenses that are regularly provided to the chief operating decision maker. The ASU also clarifies that all of the disclosures required in the guidance apply to all public entities, including those with a single operating or reportable segment.Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, using the retrospective method.Adoption of the ASU did not have an impact on the Company’s Consolidated Financial Statements but resulted in expanded disclosures in the Notes to the Consolidated Financial Statements.
Future Adoption Of New Accounting Pronouncements
ASUs issued but not yet adopted as of December 31, 2024

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 ExpensesThis 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 Company plans to adopt the ASU for the annual reporting period beginning on January 1, 2025.The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
v3.25.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Fixed Maturities, Available-for-sale Securities
Fixed Maturity Securities
The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
 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.

 December 31, 2023
 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$1,009,937 $38,858 $73,508 $0 $975,287 
Obligations of U.S. states and their political subdivisions789,856 5,288 18,517 0 776,627 
Foreign government securities330,830 1,840 50,684 0 281,986 
U.S. public corporate securities10,159,089 98,047 760,274 950 9,495,912 
U.S. private corporate securities5,207,699 37,435 254,828 812 4,989,494 
Foreign public corporate securities1,809,347 12,658 115,673 238 1,706,094 
Foreign private corporate securities4,902,391 109,806 381,215 0 4,630,982 
Asset-backed securities(1)2,016,028 23,035 11,512 1 2,027,550 
Commercial mortgage-backed securities913,347 4,776 66,345 0 851,778 
Residential mortgage-backed securities(2)399,542 4,016 7,481 7 396,070 
Total fixed maturities, available-for-sale$27,538,066 $335,759 $1,740,037 $2,008 $26,131,780 

(1)    Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans and home equity 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 fixed maturity, available-for-sale 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:
 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 

 December 31, 2023
 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$98,174 $945 $214,889 $72,563 $313,063 $73,508 
Obligations of U.S. states and their political subdivisions83,729 293 218,375 18,224 302,104 18,517 
Foreign government securities10,226 116 233,757 50,568 243,983 50,684 
U.S. public corporate securities782,904 10,009 5,201,353 750,265 5,984,257 760,274 
U.S. private corporate securities707,674 16,613 2,794,697 238,181 3,502,371 254,794 
Foreign public corporate securities92,955 1,063 948,963 114,169 1,041,918 115,232 
Foreign private corporate securities429,212 8,035 2,461,367 373,180 2,890,579 381,215 
Asset-backed securities208,970 1,761 532,814 9,750 741,784 11,511 
Commercial mortgage-backed securities42,621 298 580,931 66,047 623,552 66,345 
Residential mortgage-backed securities35,904 435 124,956 7,046 160,860 7,481 
  Total fixed maturities, available-for-sale$2,492,369 $39,568 $13,312,102 $1,699,993 $15,804,471 $1,739,561 
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:
 December 31, 2024
 Amortized CostFair Value
 (in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$1,139,538 $1,118,484 
Due after one year through five years11,753,438 11,477,710 
Due after five years through ten years10,291,196 9,883,263 
Due after ten years8,757,031 7,504,193 
Asset-backed securities3,728,073 3,750,663 
Commercial mortgage-backed securities944,652 895,775 
Residential mortgage-backed securities367,005 356,072 
Total fixed maturities, available-for-sale$36,980,933 $34,986,160 
Sources of Fixed Maturity Proceeds and Related 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:
Years Ended December 31
202420232022
  (in thousands) 
Fixed maturities, available-for-sale:
Proceeds from sales(1)$2,097,519 $460,596 $1,117,293 
Proceeds from maturities/prepayments2,300,919 1,218,844 624,640 
Gross investment gains from sales and maturities23,978 11,482 5,647 
Gross investment losses from sales and maturities(143,432)(43,078)(58,432)
Write-downs recognized in earnings(2)(9,534)(2,358)(20,600)
(Addition to) release of allowance for credit losses(38,406)2,761 (620)

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(158.4) million, $57.4 million and $(53.9) million for the years ended December 31, 2024, 2023 and 2022, respectively.
(2)Amounts represent write-downs of credit adverse securities and securities actively marketed for sale.
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:
Year Ended December 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 39,600 0 0 5 39,605 
Reductions for securities sold during the period0 0 (2,002)0 0 0 (2,002)
Additions (reductions) on securities with previous allowance0 0 337 (1)0 (12)324 
Assets transferred (to) from parent and affiliates0 0 479 0 0 0 479 
Balance, end of period$0 $0 $40,414 $0 $0 $0 $40,414 

Year Ended December 31, 2023
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 $5 $4,755 $0 $0 $9 $4,769 
Additions to allowance for credit losses not previously recorded0 0 4,267 1 0 0 4,268 
Reductions for securities sold during the period0 (1)(5,118)0 0 (1)(5,120)
Additions (reductions) on securities with previous allowance0 (4)436 0 0 (1)431 
Write-downs charged against the allowance0 0 (2,340)0 0 0 (2,340)
Balance, end of period$0 $0 $2,000 $1 $0 $7 $2,008 
Commercial Mortgage and Other Loans
The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:
 December 31, 2024December 31, 2023
 Amount
(in thousands)		% of
Total		Amount
(in thousands)		% of
Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$1,949,926 25.0 %$1,578,785 25.7 %
Hospitality97,603 1.3 102,952 1.7 
Industrial2,906,413 37.3 2,486,230 40.4 
Office556,586 7.1 604,611 9.8 
Other750,541 9.6 456,720 7.4 
Retail693,949 9.0 363,706 5.9 
Total commercial mortgage loans6,955,018 89.3 5,593,004 90.9 
Agricultural property loans830,041 10.7 562,046 9.1 
Total commercial mortgage and agricultural property loans7,785,059 100.0 %6,155,050 100.0 %
Allowance for credit losses(37,715)(37,689)
Total net commercial mortgage and agricultural property loans7,747,344 6,117,361 
Other loans:
Other collateralized loans11,979 5,360 
Total other loans 11,979 5,360 
Total net commercial mortgage and other loans$7,759,323 $6,122,721 
The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at December 31, was as follows:
Maturity DateInterest Rate20242023
(in thousands)
Affiliated Commercial Mortgage Loan20259.67%$0 $71,038 
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:
Commercial Mortgage LoansAgricultural Property LoansTotal
 (in thousands)
Balance at December 31, 2021$5,847 $104 $5,951 
Addition to (release of) allowance for expected losses13,818 494 14,312 
Balance at December 31, 202219,665 598 20,263 
Addition to (release of) allowance for expected losses17,093 333 17,426 
Balance at December 31, 202336,758 931 37,689 
Addition to (release of) allowance for expected losses5,613 3,780 9,393 
Write-downs charged against allowance(9,367)0 (9,367)
Balance at December 31, 2024$33,004 $4,711 $37,715 
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:
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 
December 31, 2023
Amortized Cost by Origination Year
20232022202120202019PriorTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$249,037 $245,914 $482,718 $109,249 $265,053 $1,068,763 $2,420,734 
60%-69.99%675,153 355,984 449,878 172,721 225,803 206,237 2,085,776 
70%-79.99%218,015 133,343 255,299 77,812 20,924 86,806 792,199 
80% or greater0 47,555 73,702 3,817 16,508 152,713 294,295 
Total$1,142,205 $782,796 $1,261,597 $363,599 $528,288 $1,514,519 $5,593,004 
Debt Service Coverage Ratio:
Greater than 1.2x$1,038,315 $779,282 $1,261,597 $292,561 $497,407 $1,402,831 $5,271,993 
1.0 - 1.2x103,890 3,514 0 0 15,632 40,521 163,557 
Less than 1.0x0 0 0 71,038 15,249 71,167 157,454 
Total$1,142,205 $782,796 $1,261,597 $363,599 $528,288 $1,514,519 $5,593,004 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$73,774 $179,375 $132,042 $25,875 $15,824 $25,771 $452,661 
60%-69.99%47,489 56,210 0 0 0 0 103,699 
70%-79.99%5,686 0 0 0 0 0 5,686 
80% or greater0 0 0 0 0 0 0 
Total$126,949 $235,585 $132,042 $25,875 $15,824 $25,771 $562,046 
Debt Service Coverage Ratio:
Greater than 1.2x$126,949 $233,585 $130,353 $24,063 $15,824 $25,771 $556,545 
1.0 - 1.2x0 2,000 0 1,812 0 0 3,812 
Less than 1.0x0 0 1,689 0 0 0 1,689 
Total$126,949 $235,585 $132,042 $25,875 $15,824 $25,771 $562,046 
Amortized Cost Basis of Loan Modifications made to Borrowers Experiencing Financial Difficulties
The following table sets forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties for the date indicated:
Year Ended December 31, 2024
Term
Extension		% of
Amortized Cost		Other Than Insignificant Delay in Payment% of
Amortized Cost
($ in thousands)
Commercial mortgage loans$14,546 0.2 %$4,570 0.1 %
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:
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.

December 31, 2023
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$5,593,004 $0 $0 $0 $5,593,004 $0 
Agricultural property loans562,046 0 0 0 562,046 1,301 
Other collateralized loans5,360 0 0 0 5,360 0 
Total $6,160,410 $0 $0 $0 $6,160,410 $1,301 

(1)As of December 31, 2023, 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.
Other Invested Assets
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:
December 31,
20242023
 (in thousands)
LPs/LLCs:
Equity method:
Private equity$388,822 $333,863 
Hedge funds1,024,534 720,360 
Real estate-related(1)75,730 70,278 
Subtotal equity method1,489,086 1,124,501 
Fair value:
Private equity28,094 48,483 
Hedge funds14 137 
Real estate-related16,016 18,687 
Subtotal fair value44,124 67,307 
Total LPs/LLCs1,533,210 1,191,808 
Derivative instruments24,499 17,718 
Other(1)(2)24,385 13,459 
Total other invested assets$1,582,094 $1,222,985 

(1)Prior period amounts have been updated to conform to current period presentation.
(2)Includes tax advantaged investments and investments in separate account funds.
Equity Method Investments
The following tables set forth summarized combined financial information for significant LP/LLC interests accounted for under the equity method, including the Company’s investments in operating joint ventures. Changes between periods in the tables below reflect changes in the activities within the operating joint ventures and LPs/LLCs, as well as changes in the Company’s level of investment in such entities:
 December 31,
 20242023
 (in thousands)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)$66,477,439 $44,591,082 
Total liabilities(2)$1,894,242 $2,802,022 
Partners’ capital64,583,197 41,789,060 
Total liabilities and partners’ capital$66,477,439 $44,591,082 
Equity in LP/LLC interests included above$1,338,056 $979,271 
Equity in LP/LLC interests not included above230,687 216,205 
Carrying value$1,568,743 $1,195,476 
(1)Amount represents gross assets of each fund where the Company has a significant investment. These assets consist primarily of investments in real estate, investments in securities and other miscellaneous assets.
(2)Amount represents gross liabilities of each fund where the Company has a significant investment. These liabilities consist primarily of third-party borrowed funds and other miscellaneous liabilities.
 Years Ended December 31,
 202420232022
 (in thousands)
STATEMENTS OF OPERATIONS
Total revenue(1)$1,678,772 $3,465,807 $11,062,060 
Total expenses(2)(473,445)(979,287)(1,655,673)
Net earnings (losses)$1,205,327 $2,486,520 $9,406,387 
Equity in net earnings (losses) included above$57,119 $17,795 $(36,513)
Equity in net earnings (losses) of LP/LLC interests not included above18,193 11,792 7,320 
Total equity in net earnings (losses)$75,312 $29,587 $(29,193)
(1)Amount represents gross revenue of each fund where the Company has a significant investment. This revenue consists of income from investments in real estate, investments in securities and other income.
(2)Amount represents gross expenses of each fund where the Company has a significant investment. These expenses consist primarily of interest expense, investment management fees, salary expenses and other expenses.
Accrued Investment Income
The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
December 31,
20242023
(in thousands)
Fixed maturities$396,173 $272,031 
Equity securities436 220 
Commercial mortgage and other loans29,437 21,070 
Policy loans30,820 35,210 
Other invested assets0 43 
Short-term investments and cash equivalents9,528 5,264 
Total accrued investment income$466,394 $333,838 
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated: 
Years Ended December 31,
202420232022
 (in thousands)
Fixed maturities, available-for-sale$1,622,898 $1,139,581 $589,248 
Fixed maturities, trading156,407 96,128 55,790 
Equity securities30,698 14,772 8,226 
Commercial mortgage and other loans328,853 231,994 119,358 
Policy loans65,825 48,118 21,189 
Other invested assets140,376 98,369 101,289 
Short-term investments and cash equivalents182,094 123,857 44,182 
Gross investment income2,527,151 1,752,819 939,282 
Less: investment expenses(105,134)(77,297)(55,281)
Net investment income$2,422,017 $1,675,522 $884,001 
Realized Investment Gains (Losses), Net
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
Years Ended December 31,
202420232022
(in thousands)
Fixed maturities(1)$(167,394)$(31,193)$(74,005)
Commercial mortgage and other loans(11,113)(17,854)(18,201)
LPs/LLCs(2)576 (272)(11,351)
Derivatives(4)713,403 (1,136,331)460,859 
Short-term investments and cash equivalents974 2,033 (54)
Other(2)(3)(4)(85,029)36,518 (67,319)
Realized investment gains (losses), net$451,417 $(1,147,099)$289,929 
(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)Includes changes in the value of reinsurance payables and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.
(4)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Net Unrealized Gains and (Losses) on Investments
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated: 
December 31,
202420232022
(in thousands)
Fixed maturity securities, available-for-sale with an allowance$893 $1,987 $4,371 
Fixed maturity securities, available-for-sale without an allowance(1,955,252)(1,406,265)(2,285,288)
Derivatives designated as cash flow hedges(1)110,565 11,934 138,627 
Affiliated notes(3,276)(8,760)(13,189)
Other investments(2)785 (1,089)(1,176)
Net unrealized gains (losses) on investments$(1,846,285)$(1,402,193)$(2,156,655)
(1)For additional information regarding cash flow hedges, see Note 4.
(2)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:
December 31, 2024December 31, 2023
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$1,139 $0 $1,139 $0 $0 $0 
Foreign government securities0 0 0 486 0 486 
U.S. public corporate securities6,949 0 6,949 27,247 0 27,247 
U.S. private corporate securities18 0 18 0 0 0 
Foreign public corporate securities10,100 0 10,100 13,101 0 13,101 
Equity securities103,166 0 103,166 177,476 0 177,476 
Total cash collateral for loaned securities(1)$121,372 $0 $121,372 $218,310 $0 $218,310 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
Securities Pledged The following table sets forth the carrying value of investments pledged to third-parties and the carrying amount of the associated liabilities supported by the pledged collateral, as of the dates indicated:
December 31,
20242023
 (in thousands)
Securities pledged:
Fixed maturities, available-for-sale(1)$3,856,216 $4,081,391 
Fixed maturities, trading17 0 
Equity securities100,601 172,995 
Total securities pledged$3,956,834 $4,254,386 
Liabilities supported by the pledged collateral:
Cash collateral for loaned securities$121,372 $218,310 
Other liabilities(1)3,622,596 2,651,347 
Total liabilities supported by the pledged collateral(1)$3,743,968 $2,869,657 
v3.25.1
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
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.
 December 31, 2024December 31, 2023
Primary Underlying Risk/Instrument TypeGross
Notional		Fair ValueGross
Notional		Fair Value
AssetsLiabilitiesAssetsLiabilities
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps$2,851 $0 $(209)$3,064 $0 $(238)
Foreign Currency Swaps3,308,842 202,606 (27,523)2,274,636 121,243 (54,044)
Total Derivatives Designated as Hedge Accounting Instruments$3,311,693 $202,606 $(27,732)$2,277,700 $121,243 $(54,282)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$174,170,160 $9,029,399 $(20,888,553)$163,179,764 $6,605,817 $(17,820,436)
Interest Rate Futures1,518,400 1,967 (1,443)1,332,600 3,055 (210)
Interest Rate Options29,135,000 279,414 (1,406,265)29,738,000 189,112 (969,718)
Interest Rate Forwards0 0 0 1,458,000 741 (3,196)
Interest Rate Total Return Swaps
223,721 1,472 (2,121)0 0 0 
Foreign Currency
Foreign Currency Forwards1,146,861 30,078 (181)744,576 1,772 (12,232)
Credit
Credit Default Swaps911,850 9,606 0 643,280 7,727 0 
Currency/Interest Rate
Foreign Currency Swaps2,285,052 164,152 (9,277)2,237,331 96,618 (31,294)
Equity
Equity Total Return Swaps
23,025,217 1,160,080 (1,182,913)15,049,993 418,084 (803,452)
Equity Options117,107,059 4,453,762 (3,717,637)49,247,510 1,600,335 (1,552,706)
Equity Futures1,802,205 15 (6,060)418,973 1,232 (500)
Synthetic GICs3,958,847 143 (31)311,302 1 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments$355,284,372 $15,130,088 $(27,214,481)$264,361,329 $8,924,494 $(21,193,744)
Total Derivatives(1)(2)$358,596,065 $15,332,694 $(27,242,213)$266,639,029 $9,045,737 $(21,248,026)
(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $11,968 million and $7,505 million as of December 31, 2024 and 2023, respectively, primarily included in "Policyholders' account balances".
(2)Recorded in “Other invested assets” and “Payables to parent and affiliates” on the 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 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 Consolidated Statements of Financial Position.
 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 
Securities purchased under agreements to resell0 0 0 0 0 
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 

 December 31, 2023
 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$9,045,718 $(9,028,019)$17,699 $0 $17,699 
Securities purchased under agreements to resell25,000 0 25,000 0 25,000 
Total Assets$9,070,718 $(9,028,019)$42,699 $0 $42,699 
Offsetting of Financial Liabilities:
Derivatives$21,248,026 $(18,596,679)$2,651,347 $(2,651,347)$0 
Total Liabilities$21,248,026 $(18,596,679)$2,651,347 $(2,651,347)$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 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 Consolidated Statements of Financial Position.
 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 
Securities purchased under agreements to resell0 0 0 0 0 
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 

 December 31, 2023
 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$9,045,718 $(9,028,019)$17,699 $0 $17,699 
Securities purchased under agreements to resell25,000 0 25,000 0 25,000 
Total Assets$9,070,718 $(9,028,019)$42,699 $0 $42,699 
Offsetting of Financial Liabilities:
Derivatives$21,248,026 $(18,596,679)$2,651,347 $(2,651,347)$0 
Total Liabilities$21,248,026 $(18,596,679)$2,651,347 $(2,651,347)$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.
  
Year Ended December 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$3 $0 $(118)$0 $46 
Currency/Interest Rate2,256 0 48,523 34,827 98,585 
Total cash flow hedges2,259 0 48,405 34,827 98,631 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate35,600 (2,094,268)0 0 0 
Currency54,543 0 0 0 0 
Currency/Interest Rate77,166 0 0 523 0 
Credit16,856 0 0 0 0 
Equity3,207,538 (761,850)0 0 0 
Embedded Derivatives(2,680,559)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments711,144 (2,856,118)0 523 0 
Total$713,403 $(2,856,118)$48,405 $35,350 $98,631 
  
Year Ended December 31, 2023
 
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$2 $0 $(118)$0 $72 
Currency/Interest Rate(636)0 43,934 (26,206)(126,765)
Total cash flow hedges(634)0 43,816 (26,206)(126,693)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate25,329 (1,555,807)0 0 0 
Currency(16,012)0 0 0 0 
Currency/Interest Rate(102,238)0 0 (257)0 
Credit14,350 0 0 0 0 
Equity1,744,218 (821,996)0 0 0 
Embedded Derivatives(1)(2,798,232)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(1,132,585)(2,377,803)0 (257)0 
Total$(1,133,219)$(2,377,803)$43,816 $(26,463)$(126,693)

 Year Ended December 31, 2022
 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 $(8)$0 $(312)
Currency/Interest Rate7,636 0 36,734 34,070 99,043 
Total cash flow hedges7,637 0 36,726 34,070 98,731 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate661,978 (5,230,085)0 0 0 
Currency18,952 0 0 0 0 
Currency/Interest Rate107,388 0 0 557 0 
Credit(15,904)0 0 0 0 
Equity40,076 1,050,139 0 0 0 
Embedded Derivatives(1)(359,268)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments453,222 (4,179,946)0 557 0 
Total$460,859 $(4,179,946)$36,726 $34,627 $98,731 
(1) Amounts reflect revision to prior period Financial Statements. See Note 17 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, 2021$39,896 
Amount recorded in AOCI
Interest Rate(319)
Currency/Interest Rate177,483 
Total amount recorded in AOCI177,164 
Amount reclassified from AOCI to income
Interest Rate7 
Currency/Interest Rate(78,440)
Total amount reclassified from AOCI to income(78,433)
Balance, December 31, 2022$138,627 
Amount recorded in AOCI
Interest Rate(44)
Currency/Interest Rate(109,673)
Total amount recorded in AOCI(109,717)
Amount reclassified from AOCI to income
Interest Rate116 
Currency/Interest Rate(17,092)
Total amount reclassified from AOCI to income(16,976)
Balance, December 31, 2023$11,934 
Amount recorded in AOCI
Interest Rate(69)
Currency/Interest Rate184,191 
Total amount recorded in AOCI184,122 
Amount reclassified from AOCI to income
Interest Rate115 
Currency/Interest Rate(85,606)
Total amount reclassified from AOCI to income(85,491)
Balance, December 31, 2024$110,565 
v3.25.1
Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
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.
 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 $$1,099,241 
Obligations of U.S. states and their political subdivisions0 541,066 0 541,066 
Foreign government securities0 309,686 648 310,334 
U.S. corporate public securities0 13,238,428 0 13,238,428 
U.S. corporate private securities0 4,996,400 757,697 5,754,097 
Foreign corporate public securities0 3,692,124 6,727 3,698,851 
Foreign corporate private securities0 4,906,450 435,183 5,341,633 
Asset-backed securities(2)0 3,126,089 624,574 3,750,663 
Commercial mortgage-backed securities0 820,457 75,318 895,775 
Residential mortgage-backed securities0 356,072 0 356,072 
Subtotal0 33,086,013 1,900,147 34,986,160 
Market risk benefit assets0 0 2,637,363 2,637,363 
Fixed maturities, trading0 3,778,760 66,285 3,845,045 
Equity securities2,587,791 15,514 20,515 2,623,820 
Short-term investments0 390,745 105,540 496,285 
Cash equivalents0 2,851,250 33 2,851,283 
Other invested assets(4)2,302 15,330,249 143 (15,308,195)24,499 
Reinsurance recoverables and deposit receivables0 0 645,193 645,193 
Receivables from parent and affiliates0 169,072 351,390 520,462 
Subtotal excluding separate account assets2,590,093 55,621,603 5,726,609 (15,308,195)48,630,110 
Separate account assets(5)(6)273,288 111,415,717 10,547 111,699,552 
Total assets$2,863,381 $167,037,320 $5,737,156 $(15,308,195)$160,329,662 
Market risk benefit liabilities$0 $0 $4,281,244 $$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 
 December 31, 2023
 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 $975,287 $0 $$975,287 
Obligations of U.S. states and their political subdivisions0 776,627 0 776,627 
Foreign government securities0 281,304 682 281,986 
U.S. corporate public securities0 9,495,912 0 9,495,912 
U.S. corporate private securities0 4,476,258 513,236 4,989,494 
Foreign corporate public securities0 1,698,965 7,129 1,706,094 
Foreign corporate private securities0 4,137,004 493,978 4,630,982 
Asset-backed securities(2)0 1,928,428 99,122 2,027,550 
Commercial mortgage-backed securities0 773,663 78,115 851,778 
Residential mortgage-backed securities0 396,070 0 396,070 
Subtotal0 24,939,518 1,192,262 26,131,780 
Market risk benefit assets0 0 2,367,243 2,367,243 
Fixed maturities, trading0 2,762,398 34,048 2,796,446 
Equity securities(3)790,346 11,285 28,709 830,340 
Short-term investments31,879 280,228 1,759 313,866 
Cash equivalents447,396 1,196,729 0 1,644,125 
Other invested assets(4)23,432 9,022,304 1 (9,028,019)17,718 
Reinsurance recoverables and deposit receivables(7)(8)0 0 192,642 192,642 
Receivables from parent and affiliates0 147,984 0 147,984 
Subtotal excluding separate account assets1,293,053 38,360,446 3,816,664 (9,028,019)34,442,144 
Separate account assets(5)(6)176,239 113,747,569 5,985 113,929,793 
Total assets$1,469,292 $152,108,015 $3,822,649 $(9,028,019)$148,371,937 
Market risk benefit liabilities(8)$0 $0 $5,156,858 $$5,156,858 
Policyholders' account balances(8)0 0 7,697,627 7,697,627 
Payables to parent and affiliates0 21,239,770 0 (18,588,647)2,651,123 
Other liabilities(7)8,032 225 0 (8,032)225 
Total liabilities$8,032 $21,239,995 $12,854,485 $(18,596,679)$15,505,833 
(1)“Netting” amounts represent cash collateral of $(8,311) million and $(9,569) million as of December 31, 2024 and 2023, 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)Equity securities excluded from the fair value hierarchy include a fund for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. As of December 31, 2023, the fair value of this investment was $14.6 million.
(4)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 NAV per share (or its equivalent) as a practical expedient. At December 31, 2024 and 2023, the fair value of such investments was $44 million and $67 million, respectively.
(5)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 Consolidated Statements of Financial Position.
(6)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. At December 31, 2024 and 2023, the fair value of such investments was $6,444 million and $5,259 million, respectively.
(7)Prior period amounts have been updated to conform to current period presentation.
Fair Value Inputs, Assets and Liabilities, Quantitative Information The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.
 December 31, 2024
 Fair Value    Valuation  
Techniques		Unobservable 
Inputs  		Minimum  MaximumWeighted
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 %11.15 %Decrease
Market ComparablesEBITDA multiples(4)5.0 X5.0 X5.0 XIncrease
LiquidationLiquidation value75.00 %75.00 %75.00 %Increase
Asset-backed securities$90,370  Discounted cash flow  Discount rate 2.30 %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
 December 31, 2023
 Fair ValueValuation 
Techniques		Unobservable 
Inputs   		MinimumMaximumWeighted
Average		Impact of 
Increase in Input on Fair Value(1)(2)
 (in thousands)
Assets:
Corporate securities(3)$81,635 Discounted cash flowDiscount rate6.98 %20 %9.73 %Decrease
LiquidationLiquidation Value63.62 %63.62 %63.62 %Increase
Commercial mortgage-backed securities$78,115 Discounted cash flowLiquidity premium0.60 %0.75 %0.71 %Decrease
Market risk benefit assets(5)$2,367,243 Discounted cash flowLapse rate(6)1 %20 %Increase
Spread over SOFR(7)0.41 %1.91 %Increase
Utilization rate(8)38 %95 %Decrease
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %15 %Increase
Equity volatility curve15 %25 %Decrease
Reinsurance recoverables and deposit receivables(11)(14)(15)$192,642 Discounted cash flowLapse rate(6)1 %80 %Increase
Spread over SOFR(7)(14)0.41 %1.82 %Increase
Option budget(13)(1)%7 %Decrease
Liabilities:
Market risk benefit liabilities(5)(15)$5,156,858 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over SOFR(7)0.41 %1.91 %Decrease
Utilization rate(8)38 %95 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %15 %Decrease
Equity volatility curve15 %25 %Increase
Policyholders' account balances(12)(15)$7,697,627 Discounted cash flowLapse rate(6)1 %80 %Decrease
Spread over SOFR(7)0.41 %1.85 %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 multiples 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 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 December 31, 2024 and 2023, respectively. This spread includes an estimate of 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 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 December 31, 2024 and 2023, the minimum withdrawal rate assumption is 78% and 81%, respectively. As of December 31, 2024 and 2023, 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.
(14)Prior period amounts have been updated to conform to current period presentation.
(15)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
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.
Year Ended December 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 $(34)$0 $0 $0 $0 $0 $0 $0 $648 $(44)
Corporate securities(3)1,014,343 (69,658)1,172,201 (702,073)0 (183,577)(64,672)33,043 0 1,199,607 (61,011)
Structured securities(4)177,237 (5,386)771,208 (40,508)0 (96,067)65,480 34,578 (206,650)699,892 (3,394)
Other assets:
Fixed maturities, trading34,048 (9,654)261,968 (52)0 (2,261)0 18,842 (236,606)66,285 (9,705)
Equity securities28,709 (2,135)273 (6,120)0 (6,332)6,120 0 0 20,515 (230)
Other invested assets1 142 0 0 0 0 0 0 0 143 142 
Short-term investments1,759 1,539 117,046 (13,113)0 (1,488)(203)0 0 105,540 321 
Cash equivalents0 (41)744 0 0 (65)(605)0 0 33 (41)
Reinsurance recoverables and deposit receivables (5)192,642 26,029 333,291 0 0 0 93,231 0 0 645,193 (122,807)
Separate account assets5,985 457 5,823 (2,050)0 (126)0 458 0 10,547 457 
Receivables from parent and affiliates0 90 418,916 (51,199)0 0 0 0 (16,417)351,390 90 
Liabilities:
Policyholders' account balances(5)(7,697,627)(2,687,101)0 0 (2,286,786)0 46,929 0 0 (12,624,585)1,254,144 
Other liabilities0 (31)0 0 0 0 0 0 0 (31)(31)
Year Ended December 31, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(54,924)$0 $0 $(19,313)$(841)$(40,765)$0 $0 $(23,684)
Other assets:
Fixed maturities, trading0 (9,661)0 0 7 0 (9,705)0 0 
Equity securities0 (2,135)0 0 0 0 (230)0 0 
Other invested assets142 0 0 0 0 142 0 0 0 
Short-term investments1,142 0 0 385 12 (64)0 0 385 
Cash equivalents(41)0 0 0 0 (41)0 0 0 
Reinsurance recoverables and deposit receivables26,029 0 0 0 0 (122,807)0 0 0 
Separate account assets0 0 457 0 0 0 0 457 0 
Receivables from parent and affiliates0 0 0 90 0 0 0 0 90 
Liabilities:
Policyholders' account balances(2,687,101)0 0 0 0 1,254,144 0 0 0 
Other liabilities(31)0 0 0 0 (31)0 0 0 
Year Ended December 31, 2023(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$724 $(42)$0 $0 $0 $0 $0 $0 $0 $682 $(53)
Corporate securities(3)507,496 85 567,936 (39,722)0 (130,688)3,129 117,671 (11,564)1,014,343 (973)
Structured securities(4)104,724 (4,442)241,159 (37)0 (2,147)(2,222)4,537 (164,335)177,237 (4,298)
Other assets:
Fixed maturities, trading0 1,083 36,284 0 0 0 2,931 0 (6,250)34,048 1,225 
Equity securities28,593 (928)2,531 0 0 0 (1,487)0 0 28,709 (928)
Other invested assets0 1 0 0 0 0 0 0 0 1 1 
Short-term investments16,945 2,573 4,922 0 0 (21,322)(1,359)0 0 1,759 0 
Reinsurance recoverables and deposit receivables(5)(8)(9)115,886 (104,596)183,716 0 0 0 (2,364)0 0 192,642 (119,067)
Separate account assets4,645 408 2,216 (1,124)0 (160)0 0 0 5,985 406 
Liabilities:
Policyholders' account balances(5)(9)(3,502,096)(2,649,136)0 0 (1,653,026)0 106,631 0 0 (7,697,627)(368,507)
Year Ended December 31, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(2,081)$0 $0 $(2,808)$490 $(2,904)$0 $0 $(2,420)
Other assets:
Fixed maturities, trading0 1,080 0 0 3 0 1,225 0 0 
Equity securities0 (928)0 0 0 0 (928)0 0 
Other invested assets1 0 0 0 0 1 0 0 0 
Short-term investments1,857 0 0 (73)789 0 0 0 0 
Reinsurance recoverables and deposit receivables(8)(9)(104,596)0 0 0 0 (119,067)0 0 0 
Separate account assets0 0 408 0 0 0 0 406 0 
Liabilities:
Policyholders' account balances(9)(2,649,136)0 0 0 0 (368,507)0 0 0 
Year Ended December 31, 2022
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(16,829)$0 $0 $(56,470)$(242)$(14,416)$0 $0 $(59,239)
Other assets:
Equity securities0 (3,310)0 0 0 0 (3,872)0 0 
Short-term investments77 0 0 73 (36)0 0 0 73 
Reinsurance recoverables and deposit receivables(9)111,382 0 0 0 0 115,303 0 0 0 
Separate account assets0 0 (70)0 0 0 0 (70)0 
Liabilities:
Policyholders' account balances(409,912)0 0 0 0 (289,548)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 $2,637 million and $2,367 million and MRB liabilities of $4,281 million and $5,157 million as of December 31, 2024 and 2023, 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 17 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.
Year Ended December 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 $(34)$0 $0 $0 $0 $0 $0 $0 $648 $(44)
Corporate securities(3)1,014,343 (69,658)1,172,201 (702,073)0 (183,577)(64,672)33,043 0 1,199,607 (61,011)
Structured securities(4)177,237 (5,386)771,208 (40,508)0 (96,067)65,480 34,578 (206,650)699,892 (3,394)
Other assets:
Fixed maturities, trading34,048 (9,654)261,968 (52)0 (2,261)0 18,842 (236,606)66,285 (9,705)
Equity securities28,709 (2,135)273 (6,120)0 (6,332)6,120 0 0 20,515 (230)
Other invested assets1 142 0 0 0 0 0 0 0 143 142 
Short-term investments1,759 1,539 117,046 (13,113)0 (1,488)(203)0 0 105,540 321 
Cash equivalents0 (41)744 0 0 (65)(605)0 0 33 (41)
Reinsurance recoverables and deposit receivables (5)192,642 26,029 333,291 0 0 0 93,231 0 0 645,193 (122,807)
Separate account assets5,985 457 5,823 (2,050)0 (126)0 458 0 10,547 457 
Receivables from parent and affiliates0 90 418,916 (51,199)0 0 0 0 (16,417)351,390 90 
Liabilities:
Policyholders' account balances(5)(7,697,627)(2,687,101)0 0 (2,286,786)0 46,929 0 0 (12,624,585)1,254,144 
Other liabilities0 (31)0 0 0 0 0 0 0 (31)(31)
Year Ended December 31, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(54,924)$0 $0 $(19,313)$(841)$(40,765)$0 $0 $(23,684)
Other assets:
Fixed maturities, trading0 (9,661)0 0 7 0 (9,705)0 0 
Equity securities0 (2,135)0 0 0 0 (230)0 0 
Other invested assets142 0 0 0 0 142 0 0 0 
Short-term investments1,142 0 0 385 12 (64)0 0 385 
Cash equivalents(41)0 0 0 0 (41)0 0 0 
Reinsurance recoverables and deposit receivables26,029 0 0 0 0 (122,807)0 0 0 
Separate account assets0 0 457 0 0 0 0 457 0 
Receivables from parent and affiliates0 0 0 90 0 0 0 0 90 
Liabilities:
Policyholders' account balances(2,687,101)0 0 0 0 1,254,144 0 0 0 
Other liabilities(31)0 0 0 0 (31)0 0 0 
Year Ended December 31, 2023(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$724 $(42)$0 $0 $0 $0 $0 $0 $0 $682 $(53)
Corporate securities(3)507,496 85 567,936 (39,722)0 (130,688)3,129 117,671 (11,564)1,014,343 (973)
Structured securities(4)104,724 (4,442)241,159 (37)0 (2,147)(2,222)4,537 (164,335)177,237 (4,298)
Other assets:
Fixed maturities, trading0 1,083 36,284 0 0 0 2,931 0 (6,250)34,048 1,225 
Equity securities28,593 (928)2,531 0 0 0 (1,487)0 0 28,709 (928)
Other invested assets0 1 0 0 0 0 0 0 0 1 1 
Short-term investments16,945 2,573 4,922 0 0 (21,322)(1,359)0 0 1,759 0 
Reinsurance recoverables and deposit receivables(5)(8)(9)115,886 (104,596)183,716 0 0 0 (2,364)0 0 192,642 (119,067)
Separate account assets4,645 408 2,216 (1,124)0 (160)0 0 0 5,985 406 
Liabilities:
Policyholders' account balances(5)(9)(3,502,096)(2,649,136)0 0 (1,653,026)0 106,631 0 0 (7,697,627)(368,507)
Year Ended December 31, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(2,081)$0 $0 $(2,808)$490 $(2,904)$0 $0 $(2,420)
Other assets:
Fixed maturities, trading0 1,080 0 0 3 0 1,225 0 0 
Equity securities0 (928)0 0 0 0 (928)0 0 
Other invested assets1 0 0 0 0 1 0 0 0 
Short-term investments1,857 0 0 (73)789 0 0 0 0 
Reinsurance recoverables and deposit receivables(8)(9)(104,596)0 0 0 0 (119,067)0 0 0 
Separate account assets0 0 408 0 0 0 0 406 0 
Liabilities:
Policyholders' account balances(9)(2,649,136)0 0 0 0 (368,507)0 0 0 
Year Ended December 31, 2022
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(16,829)$0 $0 $(56,470)$(242)$(14,416)$0 $0 $(59,239)
Other assets:
Equity securities0 (3,310)0 0 0 0 (3,872)0 0 
Short-term investments77 0 0 73 (36)0 0 0 73 
Reinsurance recoverables and deposit receivables(9)111,382 0 0 0 0 115,303 0 0 0 
Separate account assets0 0 (70)0 0 0 0 (70)0 
Liabilities:
Policyholders' account balances(409,912)0 0 0 0 (289,548)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 $2,637 million and $2,367 million and MRB liabilities of $4,281 million and $5,157 million as of December 31, 2024 and 2023, 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 17 for additional information.
Fair Value Measurements, Nonrecurring The following tables present information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3). For the years ended December 31, 2024 and 2023, there were no triggering events.
Years Ended December 31,
202420232022
(in thousands)
Equity in earnings of operating joint venture, net of taxes
Investment in joint venture$0 $0 $(75,000)
Gains (Losses):
Other invested assets$0 $0 $(11,125)
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 Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
 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 
 December 31, 2023
  
Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $5,918,386 $5,918,386 $6,122,721 
Policy loans0 0 1,472,677 1,472,677 1,472,677 
Short-term investments66,500 0 0 66,500 66,500 
Cash and cash equivalents470,668 24,999 0 495,667 495,667 
Accrued investment income0 333,838 0 333,838 333,838 
Reinsurance recoverables and deposit receivables(2)0 0 1,512,138 1,512,138 1,513,520 
Receivables from parent and affiliates0 184,599 0 184,599 184,599 
Other assets(2)0 80,646 0 80,646 80,646 
Total assets$537,168 $624,082 $8,903,201 $10,064,451 $10,270,168 
Liabilities:
Policyholders’ account balances - investment contracts$0 $955,647 $5,396,885 $6,352,532 $6,368,061 
Cash collateral for loaned securities0 218,310 0 218,310 218,310 
Short-term debt to affiliates0 176,110 0 176,110 180,411 
Reinsurance and funds withheld payables(2)0 1,517,131 0 1,517,131 1,517,131 
Payables to parent and affiliates0 16,573 0 16,573 16,573 
Other liabilities(2)0 604,730 32,423 637,153 637,153 
Total liabilities$0 $3,488,501 $5,429,308 $8,917,809 $8,937,639 
(1)Carrying values presented herein differ from those in the Company’s 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.
(2)Prior period amounts have been updated to conform to current period presentation.
v3.25.1
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements (Tables)
 12 Months Ended
Dec. 31, 2024
Deferred Charges, Insurers [Abstract]  
Deferred Policy Acquisition Costs
The following table shows a rollforward for the lines of business that contain DAC balances, along with a reconciliation to the Company's total DAC balance: 
Fixed AnnuitiesVariable AnnuitiesTerm LifeVariable / Universal LifeTotal
 (in thousands)
Balance, December 31, 2021$84,481 $3,806,732 $577,084 $2,561,011 $7,029,308 
Capitalization(5)31,494 296,597 127,541 533,710 989,342 
Amortization expense(5)(13,724)(343,510)(55,423)(108,612)(521,269)
Other(1)0 0 (365)(540,819)(541,184)
Balance, December 31, 2022102,251 3,759,819 648,837 2,445,290 6,956,197 
Capitalization(5)117,851 263,869 159,000 580,715 1,121,435 
Amortization expense(5)(22,165)(331,368)(63,949)(122,028)(539,510)
Other(2)0 (393,385)0 (1)(393,386)
Balance, December 31, 2023197,937 3,298,935 743,888 2,903,976 7,144,736 
Capitalization216,410 430,520 183,463 703,465 1,533,858 
Amortization expense(42,705)(356,254)(63,447)(140,951)(603,357)
Other(3)(4)0 0 (249,836)(18,341)(268,177)
Balance, December 31, 2024$371,642 $3,373,201 $614,068 $3,448,149 $7,807,060 
(1)    Includes the impact of the reinsurance agreement with Lotus Re. See Note 11 for additional information.
(2)    Includes the impact of the reinsurance agreement with AuguStar. See Note 11 for additional information.
(3)    Includes the impacts of the Universal Life reinsurance transaction with PAR U and PURE. See Note 11 for additional information.
(4)    Includes the impacts of the Term Life reinsurance transaction with PARCC. See Note 11 for additional information.
(5)    Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Deferred Reinsurance Losses
The following table shows a rollforward for the lines of business that contain DRL balances, which is included in Other assets, along with a reconciliation to the Company's total DRL balance:

Variable AnnuitiesTerm LifeVariable/
Universal Life		Total
(in thousands)
Balance, December 31, 2021$254,577 $78,426 $0 $333,003 
Amortization expense(31,057)(9,048)0 (40,105)
Other(5)0 0 (5)
Balance, December 31, 2022223,515 69,378 0 292,893 
Amortization expense(29,403)(8,374)0 (37,777)
Other(1)0 0 (1)
Balance, December 31, 2023194,111 61,004 0 255,115 
Amortization expense(29,876)(15,345)(9,528)(54,749)
Other(1)(2)3 351,025 979,000 1,330,028 
Balance, December 31, 2024$164,238 $396,684 $969,472 $1,530,394 
(1)    Includes $979 million DRL related to the reinsurance transaction with Wilton Re. See Note 11 for additional information.
(2)    Includes $351 million DRL related to the reinsurance transaction with PARCC. See Note 11 for additional information.
Deferred Reinsurance Gains
The following table shows a rollforward for the lines of business that contain DRG balances, which is included in Other liabilities, along with a reconciliation to the Company's total DRG balance:
Fixed AnnuitiesVariable AnnuitiesVariable / Universal LifeTotal
(in thousands)
Balance, December 31, 2021$78,138 $0 $174,598 $252,736 
Amortization expense(6,437)0 (79,952)(86,389)
Other(1)(13,803)0 1,340,312 1,326,509 
Balance, December 31, 202257,898 0 1,434,958 1,492,856 
Amortization expense(9,790)(15,612)(71,462)(96,864)
Other(2)(34)277,333 0 277,299 
Balance, December 31, 202348,074 261,721 1,363,496 1,673,291 
Amortization expense(10,516)(20,061)(121,190)(151,767)
Other(3)(4)(10)(32)1,797,303 1,797,261 
Balance, December 31, 2024$37,548 $241,628 $3,039,609 $3,318,785 
(1)    Includes $1,352 million DRG related to the reinsurance agreement with Lotus Re, entered into January 1, 2022. See Note 11 for additional information.
(2)    Includes the impact of the reinsurance agreement with AuguStar. See Note 11 for additional information.
(3)    Includes the impact of the Universal Life reinsurance transactions with PAR U, PURE and Prudential Insurance effective January 1, 2024, including $1,207 million of DRG, partially offset by a $116 million write-off of the DRG that was recognized with the previous reinsurance agreement. See Note 11 for additional information.
(4)    Includes the impact of the Universal Life reinsurance transactions with PAR U and Prudential Insurance effective October 2024, including $798 million DRG, partially offset by a $94 million write-off of the DRG that was recognized with the previous reinsurance agreement. See Note 11 for additional information.
Deferred Sales Inducements
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:

Variable Annuities
(in thousands)
Balance, December 31, 2021$414,619 
Capitalization676 
Amortization expense(33,791)
Balance, December 31, 2022381,504 
Capitalization1,514 
Amortization expense(31,625)
Other31 
Balance, December 31, 2023351,424 
Capitalization1,243 
Amortization expense(30,316)
Balance, December 31, 2024$322,351 
v3.25.1
Separate Accounts (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Separate Account Assets
The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

December 31, 2024December 31, 2023
(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$15,548 $2,954 
Obligations of U.S. states and their political subdivisions authorities115 0 
 U.S. corporate securities24,458 9,504 
 Foreign corporate securities3,158 1,763 
Asset-backed securities1,099 0 
Mortgage-backed securities82 186 
Mutual funds:
Equity73,226,610 72,614,821 
Fixed Income33,828,097 37,065,162 
Other4,431,975 4,101,661 
Equity securities126,792 104,159 
Other invested assets6,444,077 5,258,900 
Short-term investments2,559 2,126 
   Cash and cash equivalents38,686 27,249 
Total$118,143,256 $119,188,485 
Separate Account Liabilities
The balances of and changes in separate account liabilities as of and for the periods indicated are as follows:
Year Ended December 31, 2024
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$92,383,121 $26,805,364 $119,188,485 
     Deposits601,236 3,513,738 4,114,974 
     Investment performance8,395,586 4,657,022 13,052,608 
     Policy charges(2,210,261)(923,275)(3,133,536)
     Surrenders and withdrawals(13,827,431)(450,573)(14,278,004)
     Benefit payments(66,029)(285,680)(351,709)
     Net transfers (to) from general account(100,193)(380,869)(481,062)
     Other7,026 24,474 31,500 
Balance, end of period$85,183,055 $32,960,201 $118,143,256 
Cash surrender value(1)$84,325,382 $29,592,881 $113,918,263 
Year Ended December 31, 2023
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$91,785,447 $22,265,799 $114,051,246 
Deposits440,707 2,745,751 3,186,458 
Investment performance12,219,777 4,310,729 16,530,506 
Policy charges(2,296,859)(829,539)(3,126,398)
Surrenders and withdrawals(9,687,372)(347,955)(10,035,327)
Benefit payments(73,791)(226,242)(300,033)
Net transfers (to) from general account(2)(15,121)(1,175,575)(1,190,696)
Other10,333 62,396 72,729 
Balance, end of period$92,383,121 $26,805,364 $119,188,485 
Cash surrender value(1)$91,201,190 $23,700,726 $114,901,916 
Year Ended December 31, 2022
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$123,977,624 $25,820,204 $149,797,828 
Deposits658,695 2,275,000 2,933,695 
Investment performance(21,600,783)(4,270,091)(25,870,874)
Policy charges(2,513,831)(767,168)(3,280,999)
Surrenders and withdrawals(8,481,231)(339,931)(8,821,162)
Benefit payments(62,586)(278,140)(340,726)
Net transfers (to) from general account(206,269)(213,752)(420,021)
Other13,828 39,677 53,505 
Balance, end of period$91,785,447 $22,265,799 $114,051,246 
Cash surrender value(1)$90,208,083 $19,575,562 $109,783,645 
(1) Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(2) Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 15 for additional information.
v3.25.1
Liability for Future Policy Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Liability for Future Policy Benefits
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.

Year Ended December 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 assumption update21,466 0 21,466 
Effect of actual variances from expected experience and other activity(219,878)58 (219,820)
Adjusted balance, beginning of period10,955,132 58 10,955,190 
Issuances827,606 35,717 863,323 
Net premiums / considerations collected(1,319,501)(35,775)(1,355,276)
Interest accrual511,817 0 511,817 
Other adjustments7,092 0 7,092 
Balance at original discount rate, end of period10,982,146 0 10,982,146 
Effect of cumulative changes in discount rate assumptions, end of period(567,443)0 (567,443)
Balance, end of period$10,414,703 $0 $10,414,703 

Year Ended December 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 assumption update21,480 (3,643)17,837 
Effect of actual variances from expected experience and other activity(259,137)502 (258,635)
Adjusted balance, beginning of period18,520,121 245,168 18,765,289 
Issuances827,606 35,717 863,323 
Interest accrual893,983 9,119 903,102 
Benefit payments(1,471,863)(32,225)(1,504,088)
Other adjustments11,225 (251)10,974 
Balance at original discount rate, end of period18,781,072 257,528 19,038,600 
Effect of cumulative changes in discount rate assumptions, end of period(1,091,673)(19,442)(1,111,115)
Balance, end of period$17,689,399 $238,086 $17,927,485 
Other, end of period1,474 
Total balance, end of period$17,928,959 
Year Ended December 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,274,696 $238,086 $7,512,782 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,274,740 238,086 7,512,826 
Less: Reinsurance recoverables6,753,842 20,516 6,774,358 
Balance after reinsurance recoverables, end of period, post-flooring$520,898 $217,570 $738,468 

Year Ended December 31, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,911,794 $0 $10,911,794 
Effect of cumulative changes in discount rate assumptions, beginning of period554,896 0 554,896 
Balance at original discount rate, beginning of period11,466,690 0 11,466,690 
Effect of assumption update(790)0 (790)
Effect of actual variances from expected experience and other activity(200,513)(989)(201,502)
Adjusted balance, beginning of period11,265,387 (989)11,264,398 
Issuances712,495 36,646 749,141 
Net premiums / considerations collected(1,345,514)(35,657)(1,381,171)
Interest accrual521,176 0 521,176 
Balance at original discount rate, end of period11,153,544 0 11,153,544 
Effect of cumulative changes in discount rate assumptions, end of period(225,711)0 (225,711)
Balance, end of period$10,927,833 $0 $10,927,833 


Year Ended December 31, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,835,251 $204,727 $18,039,978 
Effect of cumulative changes in discount rate assumptions, beginning of period962,035 24,876 986,911 
Balance at original discount rate, beginning of period18,797,286 229,603 19,026,889 
Effect of assumption update(1,044)0 (1,044)
Effect of actual variances from expected experience and other activity(263,243)6,991 (256,252)
Adjusted balance, beginning of period18,532,999 236,594 18,769,593 
Issuances712,495 36,646 749,141 
Interest accrual895,023 8,440 903,463 
Benefit payments(1,386,583)(33,287)(1,419,870)
Other adjustments3,844 (84)3,760 
Balance at original discount rate, end of period18,757,778 248,309 19,006,087 
Effect of cumulative changes in discount rate assumptions, end of period(331,571)(19,521)(351,092)
Balance, end of period$18,426,207 $228,788 $18,654,995 
Other, end of period1,765 
Total balance, end of period$18,656,760 
Year Ended December 31, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,498,374 $228,788 $7,727,162 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,498,418 228,788 7,727,206 
Less: Reinsurance recoverables6,817,488 18,489 6,835,977 
Balance after reinsurance recoverables, end of period, post-flooring$680,930 $210,299 $891,229 


Year Ended December 31, 2022
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$12,485,056 $0 $12,485,056 
Effect of cumulative changes in discount rate assumptions, beginning of period(1,826,120)0 (1,826,120)
Balance at original discount rate, beginning of period10,658,936 0 10,658,936 
Effect of assumption update1,295,294 0 1,295,294 
Effect of actual variances from expected experience and other activity(112,661)(1,143)(113,804)
Adjusted balance, beginning of period11,841,569 (1,143)11,840,426 
Issuances439,874 30,469 470,343 
Net premiums / considerations collected(1,339,902)(29,326)(1,369,228)
Interest accrual525,149 0 525,149 
Balance at original discount rate, end of period11,466,690 0 11,466,690 
Effect of cumulative changes in discount rate assumptions, end of period(554,896)0 (554,896)
Balance, end of period$10,911,794 $0 $10,911,794 
Year Ended December 31, 2022
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$20,937,097 $237,065 $21,174,162 
Effect of cumulative changes in discount rate assumptions, beginning of period(3,607,275)(16,704)(3,623,979)
Balance at original discount rate, beginning of period17,329,822 220,361 17,550,183 
Effect of assumption update1,756,995 0 1,756,995 
Effect of actual variances from expected experience and other activity(206,175)(1,639)(207,814)
Adjusted balance, beginning of period18,880,642 218,722 19,099,364 
Issuances439,874 30,469 470,343 
Interest accrual888,525 7,836 896,361 
Benefit payments(1,416,823)(27,138)(1,443,961)
Other adjustments5,068 (286)4,782 
Balance at original discount rate, end of period18,797,286 229,603 19,026,889 
Effect of cumulative changes in discount rate assumptions, end of period(962,035)(24,876)(986,911)
Balance, end of period$17,835,251 $204,727 $18,039,978 
Other, end of period2,127 
Total balance, end of period$18,042,105 

Year Ended December 31, 2022
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$6,923,457 $204,727 $7,128,184 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring6,923,457 204,727 7,128,184 
Less: Reinsurance recoverables6,497,257 16,460 6,513,717 
Balance after reinsurance recoverables, end of period, post-flooring$426,200 $188,267 $614,467 

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:
Year Ended December 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,815,010 $0
Discounted expected future gross premiums (at original discount rate)$14,889,078 $0
Discounted expected future gross premiums (at current discount rate)$14,154,658 $0
Undiscounted expected future benefits and expenses$29,163,241 $346,892
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.13 %3.94 %
Weighted-average interest rate (at current discount rate)5.59 %5.49 %
Year Ended December 31, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,871,767 $0 
Discounted expected future gross premiums (at original discount rate)$15,027,611 $0 
Discounted expected future gross premiums (at current discount rate)$14,748,999 $0 
Undiscounted expected future benefits and expenses$29,118,532 $332,902 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.17 %3.70 %
Weighted-average interest rate (at current discount rate)4.99 %4.95 %
Year Ended December 31, 2022
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$22,223,836 $0 
Discounted expected future gross premiums (at original discount rate)$15,322,180 $0 
Discounted expected future gross premiums (at current discount rate)$14,587,657 $0 
Undiscounted expected future benefits and expenses$29,330,574 $306,286 
Weighted-average duration of the liability in years (at original discount rate)117
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.23 %3.60 %
Weighted-average interest rate (at current discount rate)5.39 %5.33 %
The balances of and changes in DPL for the years ended December 31, are as follows:

202420232022
Fixed Annuities
(in thousands)
Balance, beginning of period, post-flooring$14,818 $18,193 $15,765 
Effect of assumption update2,110 0 0 
Effect of actual variances from expected experience and other activity580 (6,978)1,250 
Adjusted balance, beginning of period17,508 11,215 17,015 
Profits deferred7,070 5,191 2,511 
Interest accrual729 552 616 
Amortization(2,345)(2,129)(1,909)
Other adjustments(23)(11)(40)
Balance, end of period, post-flooring22,939 14,818 18,193 
Less: Reinsurance recoverables1,513 1,365 1,684 
Balance after reinsurance recoverables, end of period$21,426 $13,453 $16,509 
    
The following table shows a rollforward of AIR balances for variable and universal life products, for the years ended December 31,:
202420232022
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$14,280,792 $12,664,445 $11,660,527 
Flooring impact and amounts in AOCI831,583 1,269,236 (896,931)
Balance, excluding amounts in AOCI, beginning of period, pre-flooring15,112,375 13,933,681 10,763,596 
Effect of assumption update154,058 22,910 2,197,592 
Effect of actual variances from expected experience and other activity265,684 34,021 (223,185)
Adjusted balance, beginning of period15,532,117 13,990,612 12,738,003 
Assessments collected(1)1,242,684 929,709 961,924 
Interest accrual536,678 486,253 433,631 
Benefits paid(343,241)(294,199)(199,877)
Balance, excluding amounts in AOCI, end of period, pre-flooring16,968,238 15,112,375 13,933,681 
Flooring impact and amounts in AOCI(617,186)(831,583)(1,269,236)
Balance, including amounts in AOCI, end of period, post-flooring16,351,052 14,280,792 12,664,445 
Less: Reinsurance recoverables16,129,846 14,054,600 12,458,184 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$221,206 $226,192 $206,261 
(1) Represents the portion of gross assessments required to fund the future policy benefits.
202420232022
($ in thousands)
Weighted-average duration of the liability in years (at original discount rate)222223
Weighted-average interest rate (at original discount rate)3.33 %3.39 %3.37 %
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 Consolidated Statements of Financial Position for the years ended December 31,:
202420232022
(in thousands)
Benefit reserves, end of period, post-flooring$7,512,826 $7,727,206 $7,128,184 
Deferred profit liability, end of period, post-flooring22,939 14,818 18,193 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring16,351,052 14,280,792 12,664,445 
Subtotal of amounts disclosed above23,886,817 22,022,816 19,810,822 
Other Future policy benefits reserves(1)1,226,950 1,182,389 1,018,211 
Total Future policy benefits$25,113,767 $23,205,205 $20,829,033 
(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:

Year Ended December 31, 2024
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,833,017 $0 $43,092 $1,876,109 
Deferred profit liability0 0 (8,121)(8,121)
Additional insurance reserves0 2,050,441 0 2,050,441 
Total$1,833,017 $2,050,441 $34,971 $3,918,429 

Year Ended December 31, 2023
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,804,955 $0 $41,111 $1,846,066 
Deferred profit liability0 0 3,375 3,375 
Additional insurance reserves0 1,405,696 0 1,405,696 
Total$1,804,955 $1,405,696 $44,486 $3,255,137 
Year Ended December 31, 2022
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,831,360 $0 $32,105 $1,863,465 
Deferred profit liability0 0 (2,428)(2,428)
Additional insurance reserves0 1,367,796 0 1,367,796 
Total$1,831,360 $1,367,796 $29,677 $3,228,833 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.

Year Ended December 31, 2024
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$382,165 $0 $9,119 $391,284 
Deferred profit liability0 0 729 729 
Additional insurance reserves0 536,678 0 536,678 
Total$382,165 $536,678 $9,848 $928,691 

Year Ended December 31, 2023
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$373,845 $0 $8,440 $382,285 
Deferred profit liability0 0 552 552 
Additional insurance reserves0 486,253 0 486,253 
Total$373,845 $486,253 $8,992 $869,090 

Year Ended December 31, 2022
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$363,375 $0 $7,836 $371,211 
Deferred profit liability0 0 616 616 
Additional insurance reserves0 433,631 0 433,631 
Total$363,375 $433,631 $8,452 $805,458 
v3.25.1
Policyholders' Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
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:

Year Ended December 31, 2024
Fixed
Annuities		Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period(5)$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Deposits5,215,817 8,315,212 2,157,575 15,688,604 
Interest credited222,516 516,018 570,988 1,309,522 
Policy charges(5,290)(32,987)(1,831,168)(1,869,445)
Surrenders and withdrawals(554,653)(782,216)(778,928)(2,115,797)
Benefit payments(55,956)(30,427)(70,363)(156,746)
Net transfers (to) from separate account0 100,193 380,869 481,062 
Change in market value and other adjustments(1)210,590 2,320,873 94,453 2,625,916 
Balance, end of period$11,197,337 $33,217,331 $20,691,139 $65,105,807 
Unearned revenue reserve4,415,187 
Other107,324 
Total Policyholders' account balance$69,628,318 
Weighted-average crediting rate2.56 %1.72 %2.79 %2.23 %
Net amount at risk(3)$11 $0 $345,969,571 $345,969,582 
Cash surrender value(4)$9,863,990 $31,516,776 $19,391,617 $60,772,383 


Year Ended December 31, 2023
Fixed
Annuities		Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$3,575,823 $16,432,032 $18,736,365 $38,744,220 
Deposits2,612,775 4,633,727 2,117,153 9,363,655 
Interest credited(5)101,192 243,908 556,057 901,157 
Policy charges(8,438)(23,368)(1,810,644)(1,842,450)
Surrenders and withdrawals(229,843)(516,039)(845,436)(1,591,318)
Benefit payments(50,522)(30,461)(83,409)(164,392)
Net transfers (to) from separate account(2)0 15,121 1,175,575 1,190,696 
Change in market value and other adjustments(1)(5)163,326 2,055,745 322,052 2,541,123 
Balance, end of period(5)$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Unearned revenue reserve3,741,426 
Other102,583 
Total Policyholders' account balance(5)$52,986,700 
Weighted-average crediting rate2.08 %1.40 %2.86 %2.12 %
Net amount at risk(3)$15 $0 $323,508,432 $323,508,447 
Cash surrender value(4)$5,307,537 $20,490,433 $18,676,852 $44,474,822 
Year Ended December 31, 2022
Fixed
Annuities		Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period(5)$3,005,867 $11,723,977 $18,762,548 $33,492,392 
Deposits(5)754,397 4,550,660 2,173,035 7,478,092 
Interest credited53,884 175,574 583,814 813,272 
Policy charges(5,118)(5,482)(1,795,879)(1,806,479)
Surrenders and withdrawals(68,343)(282,497)(873,034)(1,223,874)
Benefit payments(90,640)(35,042)(103,358)(229,040)
Net transfers (to) from separate account0 206,269 213,752 420,021 
Change in market value and other adjustments(1)(5)(74,224)98,573 (224,513)(200,164)
Balance, end of period$3,575,823 $16,432,032 $18,736,365 $38,744,220 
Unearned revenue reserve3,067,336 
Other100,980 
Total Policyholders' account balance$41,912,536 
Weighted-average crediting rate1.64 %1.26 %3.11 %2.26 %
Net amount at risk(3)$3 $0 $304,864,582 $304,864,585 
Cash surrender value(4)$2,968,033 $13,844,151 $17,137,744 $33,949,928 
(1)    Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)    Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 15 for additional information.
(3)    The net amount at risk calculation includes both general and separate account balances.
(4)    Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(5) Amounts reflect revision to prior period Financial Statements. See Note 17 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:

December 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%
$249 $3,103 $11,939 $1,021,834 $1,037,125 
1.00% - 1.99%
430,47762,519172,87768,973734,846
2.00% - 2.99%
302,520459,748557,34915,7941,335,411
3.00% - 4.00%
1,894,6466,11410,8963,2191,914,875
Greater than 4.00%
00000
Total$2,627,892 $531,484 $753,061 $1,109,820 $5,022,257 
Variable Annuities
Less than 1.00%
$128,748 $502,988 $647,480 $182 $1,279,398 
1.00% - 1.99%
121,336294,6352,4940418,465
2.00% - 2.99%
17,0393,8294,162025,030
3.00% - 4.00%
819,3161,86000821,176
Greater than 4.00%
1,9780001,978
Total$1,088,417 $803,312 $654,136 $182 $2,546,047 
Variable Life / Universal Life
Less than 1.00%
$3,167 $0 $0 $177,213 $180,380 
1.00% - 1.99%
289,67701,849,8541,513,2733,652,804
2.00% - 2.99%
30,5001,535,7622,695,823390,1174,652,202
3.00% - 4.00%
4,149,6381,716,3741,082,02606,948,038
Greater than 4.00%
2,095,2350002,095,235
Total$6,568,217 $3,252,136 $5,627,703 $2,080,603 $17,528,659 
December 31, 2023
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%
$105 $337 $994 $117,377 $118,813 
1.00% - 1.99%
487,191 73,393 234,487 79,713 874,784 
2.00% - 2.99%
301,132 469,276 562,347 16,881 1,349,636 
3.00% - 4.00%
29,131 00029,131 
Greater than 4.00%
0 0000
Total$817,559 $543,006 $797,828 $213,971 $2,372,364 
Variable Annuities
Less than 1.00%
$908,097 $807,460 $18,083 $2 $1,733,642 
1.00% - 1.99%
214,377 2,061 1,060 0217,498 
2.00% - 2.99%
23,323 4,071 4135031,529 
3.00% - 4.00%
903,953 9245330913,231 
Greater than 4.00%
2,046 0002,046 
Total$2,051,796 $822,837 $23,311 $2 $2,897,946 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $196,692 $196,692 
1.00% - 1.99%
201,121 0 2,588,458 528,155 3,317,734 
2.00% - 2.99%
28,061 1,445,439 2,789,520 260,651 4,523,671 
3.00% - 4.00%
3,956,631 2,217,133 1,107,726 0 7,281,490 
Greater than 4.00%
2,136,137 0002,136,137 
Total$6,321,950 $3,662,572 $6,485,704 $985,498 $17,455,724 
December 31, 2022
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%
$0 $0 $0 $0 $0 
1.00% - 1.99%
521,189 73,554 248,881 83,415 927,039 
2.00% - 2.99%
208,420 0 0 0 208,420 
3.00% - 4.00%
38,195 0 0 0 38,195 
Greater than 4.00%
0 0 0 0 0 
Total$767,804 $73,554 $248,881 $83,415 $1,173,654 
Variable Annuities
Less than 1.00%
$1,008,763 $861,119 $18,744 $2 $1,888,628 
1.00% - 1.99%
243,223 2,257 12940246,774 
2.00% - 2.99%
26,778 973 0027,751 
3.00% - 4.00%
1,070,958 2,247 001,073,205 
Greater than 4.00%
2,172 0002,172 
Total$2,351,894 $866,596 $20,038 $2 $3,238,530 
Variable Life / Universal Life
Less than 1.00%
$11,902 $0 $0 $0 $11,902 
1.00% - 1.99%
418,399 0 773,591 1,928,342 3,120,332 
2.00% - 2.99%
32,651 121,200 2,413,571 1,824,303 4,391,725 
3.00% - 4.00%
4,737,864 3,510 2,093,511 129,398 6,964,283 
Greater than 4.00%
2,145,123 0002,145,123 
Total$7,345,939 $124,710 $5,280,673 $3,882,043 $16,633,365 

(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:

Years Ended December 31,
202420232022
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$3,741,426 $3,067,336 $2,398,788 
Unearned revenue859,231827,960 799,185
Amortization expense(185,468)(153,779)(129,525)
Other adjustments(2)(91)(1,112)
Balance, end of period$4,415,187 $3,741,426 $3,067,336 
v3.25.1
Market Risk Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
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:
Year Ended December 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 risk4,775,390 (917,792)3,857,598 
Attributed fees collected1,095,139 (259,099)836,040 
Claims paid(57,083)5,669 (51,414)
Interest accrual226,734 (56,043)170,691 
Actual in force different from expected49,864 (21,062)28,802 
Effect of changes in interest rates(1,436,230)277,354 (1,158,876)
Effect of changes in equity markets(1,660,907)177,329 (1,483,578)
Effect of assumption update85,619 3,984 89,603 
Issuances70,965 (5,019)65,946 
Other adjustments(34,183)11,566 (22,617)
Effect of changes in current period counterparty non-performance risk0 (61,469)(61,469)
Balance, end of period, before effect of changes in non-performance risk3,115,308 (844,582)2,270,726 
Effect of cumulative changes in non-performance risk(626,845)0 (626,845)
Balance, end of period$2,488,463 $(844,582)$1,643,881 

Year Ended December 31, 2023
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$4,550,625 $(422,261)$4,128,364 
Effect of cumulative changes in non-performance risk1,727,910 0 1,727,910 
Balance, beginning of period, before effect of changes in non-performance risk6,278,535 (422,261)5,856,274 
Attributed fees collected1,158,879 (246,747)912,132 
Claims paid(85,898)9,952 (75,946)
Interest accrual293,205 (53,016)240,189 
Actual in force different from expected79,030 (13,338)65,692 
Effect of changes in interest rates(1,438,873)455,062 (983,811)
Effect of changes in equity markets(1,845,207)180,953 (1,664,254)
Effect of assumption update330,769 (54,067)276,702 
Issuances29,433 7,680 37,113 
Other adjustments(1)(2)(24,483)(635,011)(659,494)
Effect of changes in current period counterparty non-performance risk0 (146,999)(146,999)
Balance, end of period, before effect of changes in non-performance risk4,775,390 (917,792)3,857,598 
Effect of cumulative changes in non-performance risk(2)(1,067,983)0 (1,067,983)
Balance, end of period$3,707,407 $(917,792)$2,789,615 
Year Ended December 31, 2022
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$8,884,362 $(906,484)$7,977,878 
Effect of cumulative changes in non-performance risk287,605 0 287,605 
Balance, beginning of period, before effect of changes in non-performance risk9,171,967 (906,484)8,265,483 
Attributed fees collected1,249,956 (147,727)1,102,229 
Claims paid(64,406)3,456 (60,950)
Interest accrual143,483 (13,438)130,045 
Actual in force different from expected105,996 (9,968)96,028 
Effect of changes in interest rates(7,271,427)767,394 (6,504,033)
Effect of changes in equity markets3,103,563 (326,575)2,776,988 
Effect of assumption update(160,597)23,171 (137,426)
Effect of changes in current period counterparty non-performance risk0 187,910 187,910 
Balance, end of period, before effect of changes in non-performance risk6,278,535 (422,261)5,856,274 
Effect of cumulative changes in non-performance risk(1,727,910)0 (1,727,910)
Balance, end of period$4,550,625 $(422,261)$4,128,364 
(1)     Other adjustments for December 31, 2023 primarily includes $638 million related to the reinsurance transaction with AuguStar. See Note 11 for additional information.
(2) Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
The following table presents accompanying information to the rollforward table above.
December 31, 2024December 31, 2023December 31, 2022
Variable Annuities
($ in thousands)
Net amount at risk(1)$8,722,499 $9,041,651 $12,141,947 
Weighted-average attained age of contractholders717068
(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:
December 31, 2024December 31, 2023December 31, 2022
Variable Annuities
(in thousands)
Direct and assumed$1,492,186 $1,201,945 $850,060 
Ceded1,145,177 1,165,298 543,177 
Total market risk benefit assets$2,637,363 $2,367,243 $1,393,237 
Direct and assumed(1)$3,980,650 $4,909,352 $5,400,685 
Ceded300,594 247,506 120,916 
Total market risk benefit liabilities$4,281,244 $5,156,858 $5,521,601 
Net liability$1,643,881 $2,789,615 $4,128,364 
(1) Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2024
Reinsurance Disclosures [Abstract]  
Reinsurance impact on balance sheet
Reinsurance amounts included in the Company’s Consolidated Statements of Financial Position as of December 31, were as follows:
20242023
 (in thousands)
Reinsurance recoverables and deposit receivables(1)(2)$48,247,817 $40,256,800 
Policy loans(1,143,726)(1,082,584)
Deferred policy acquisition costs(2)(3,319,067)(3,189,110)
Deferred sales inducements(32,573)(35,313)
Market risk benefit assets1,145,580 1,165,378 
Other assets(1)1,538,231 258,748 
Policyholders’ account balances5,567,661 5,977,108 
Future policy benefits7,443,997 7,026,209 
Market risk benefit liabilities(2)302,310 251,318 
Reinsurance and funds withheld payables(1)(2)8,611,141 2,738,979 
Other liabilities(1)3,282,713 1,651,733 
(1)Prior period amounts have been updated to conform to current period presentation.
(2)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Unaffiliated reinsurance amounts included in the table above and in the Company's Consolidated Statements of Financial Position as of December 31, were as follows:
20242023
(in thousands)
Policy loans$(48,644)$0 
Deferred policy acquisition costs(1)(637,555)71,315 
Market risk benefit assets804,015 745,662 
Other assets(2)(3)1,118,974 176,436 
Policyholders’ account balances1,665,998 1,830,579 
Future policy benefits160 453 
Market risk benefit liabilities(4)151,432 133,374 
Reinsurance and funds withheld payables(2)(4)3,360,901 1,620,504 
Other liabilities(2)257,929 287,551 
(1)Includes $699 million of deferred policy acquisition costs related to the transaction with Wilton Re.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)Includes $979 million deferred loss related to the reinsurance transaction with Wilton Re.
(4)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Reinsurance recoverables and deposit receivables by counterparty
Reinsurance recoverables and deposit receivables by counterparty as of December 31, were as follows:
20242023
 (in thousands)
PAR U$11,426,975 $15,722,061 
PURC0 7,565,968 
PARCC7,049,164 2,304,270 
GUL Re0 3,211,899 
PAR Term0 2,101,004 
Prudential Insurance(1)7,507,414 1,331,202 
Term Re0 2,080,564 
Lotus Re2,130,095 2,051,831 
DART0 744,043 
PURE7,951,965 0 
Unaffiliated(1)(2)(3)12,182,204 3,143,958 
Total reinsurance recoverables and deposit receivables(1)$48,247,817 $40,256,800 
(1)Prior period amounts have been updated to conform to current period presentation.
(2)Includes balances with Wilton Re, FLIAC, Somerset Re and other counterparties. See below for further information on significant third-party reinsurance arrangements.
(3)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Reinsurance impact on income statement
Reinsurance amounts, included in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:
202420232022
 (in thousands)
Premiums:
Direct$1,846,109 $1,853,184 $1,868,709 
Assumed92 (61)776 
Ceded(1,453,074)(1,524,226)(1,604,277)
Net premiums393,127 328,897 265,208 
Policy charges and fee income:
Direct3,190,753 2,995,595 3,034,193 
Assumed899,767 604,311 594,622 
Ceded(1)3,292,277 (2,063,300)(2,398,214)
Net policy charges and fee income7,382,797 1,536,606 1,230,601 
202420232022
Net investment income:
Direct2,474,541 1,700,684 920,674 
Assumed1,325 1,364 1,513 
Ceded(53,849)(26,526)(38,186)
Net investment income(2)2,422,017 1,675,522 884,001 
Asset administration fees:
Direct329,181 323,444 351,600 
Assumed0 0 0 
Ceded(105,618)(90,494)(67,418)
Net asset administration fees223,563 232,950 284,182 
Other income (loss):
Direct297,868 636,930 (731,796)
Assumed2,983 (475)271 
Ceded(3)458,905 114,908 95,252 
Net other income(2)759,756 751,363 (636,273)
Realized investment gains (losses), net:
Direct(3)500,023 (1,203,453)497,016 
Assumed(3)85,248 162,291 (291,679)
Ceded(3)(133,854)(105,937)84,592 
Realized investment gains (losses), net(2)451,417 (1,147,099)289,929 
Change in value of market risk benefits, net of related hedging gains (losses):
Direct(3)(98,562)287,936 (181,260)
Assumed(3)2,626 (4,115)0 
Ceded(3)(338,019)(390,594)(519,321)
Net change in value of market risk benefits, net of related hedging gains (losses)(433,955)(106,773)(700,581)
Policyholders’ benefits (including change in reserves):
Direct3,825,305 3,354,306 3,362,353 
Assumed1,058,315 1,258,651 1,107,436 
Ceded(1)3,468,713 (4,109,168)(4,011,416)
Net policyholders’ benefits (including change in reserves)(2)8,352,333 503,789 458,373 
Change in estimates of liability for future policy benefits:
Direct303,141 (18,361)1,716,983 
Assumed92,766 8,644 679,863 
Ceded(416,550)13,669 (2,341,747)
Net change in estimates of liability for future policy benefits(20,643)3,952 55,099 
Interest credited to policyholders’ account balances:
Direct(3)1,310,867 884,527 805,411 
Assumed153,052 136,725 74,402 
Ceded(426,188)(399,607)(434,598)
Net interest credited to policyholders’ account balances1,037,731 621,645 445,215 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(3)(1,398,843)(403,517)(152,779)
(1)Current period amounts include the impacts of the recaptures from PAR U as discussed above.
(2)Amounts include reinsurance agreements using the deposit method of accounting.
(3)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Unaffiliated reinsurance assumed and ceded amounts included in the table above and in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:

202420232022
(in thousands)
Premiums:
Assumed$89 $(69)$149 
Ceded(107,449)(70,169)(42,721)
Policy charges and fee income:
Assumed1,381 1,563 2,113 
Ceded(191,368)(143,764)(81,781)
Net investment income(1):
Ceded(1,659)23,023 10,802 
Asset administration fees:
Ceded(28,354)(22,415)0
Other income (loss)(1):
Assumed(2)2,983 (475)270 
Ceded(2)142,267 44,260 18,440 
Realized investment gains (losses), net(1):
Assumed85,248 162,291 778,620 
Ceded(2)(91,712)(101,449)83,612 
Change in value of market risk benefits, net of related hedging gains (losses):
Assumed(2)2,626 (4,115)0 
Ceded(124,816)(186,996)(120,663)
Policyholders' benefits (including change in reserves)(1):
Assumed348 804 2,566 
Ceded(366,669)(157,344)(94,402)
Change in estimates of liability for future policy benefits:
Ceded96,014 (1,367)(6,824)
Interest credited to policyholders' account balances:
Assumed39,263 16,243 (95,285)
Ceded(24,550)0 0 
(1)Amounts include reinsurance agreements using the deposit method of accounting.
(2)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Gross and net life insurance in force
The gross and net amounts of life insurance face amount in force as of December 31, were as follows:
202420232022
 (in thousands)
Direct gross life insurance face amount in force$1,181,531,932 $1,127,561,798 $1,093,610,227 
Assumed gross life insurance face amount in force34,530,341 35,558,423 36,668,045 
Reinsurance ceded(1,080,451,145)(1,027,473,705)(1,009,571,304)
Net life insurance face amount in force$135,611,128 $135,646,516 $120,706,968 
v3.25.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The following schedule discloses significant components of income tax expense (benefit) for each year presented:
Years Ended December 31,
202420232022
(in thousands)
Current tax expense (benefit):
U.S. federal$151,544 $698,170 $(345,263)
State and local5,763 14,550 4,479 
Total157,307 712,720 (340,784)
Deferred tax expense (benefit):
U.S. federal(1)(22,612)(686,252)44,097 
State and local454 0 0 
Total(22,158)(686,252)44,097 
Total income tax expense (benefit) on income (loss) before equity in earnings of operating joint ventures135,149 26,468 (296,687)
Income tax expense (benefit) on equity in earnings of operating joint ventures24 (109)(193)
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)(1)(151,234)(5,638)(106,197)
Total income tax expense (benefit)$(16,061)$20,721 $(403,077)
(1)    Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Schedule of Effective Income Tax Rate Reconciliation
The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2024, 2023 and 2022, and the reported income tax expense (benefit) are summarized as follows:
Years Ended December 31,
202420232022
($ in thousands)
Expected federal income tax expense (benefit)(1)$204,342 $100,305 $(208,444)
Non-taxable investment income(42,621)(42,730)(46,426)
Tax credits(29,001)(42,578)(47,544)
State taxes (net of federal benefit)4,911 11,495 3,538 
Other(2,482)(24)2,189 
Reported income tax expense (benefit)$135,149 $26,468 $(296,687)
Effective tax rate(1)13.9 %5.5 %29.9 %
Schedule of Deferred Tax Assets and Liabilities
Schedule of Deferred Tax Assets and Deferred Tax Liabilities
December 31,
20242023
 (in thousands)
Deferred tax assets:
Insurance reserves(1)$1,749,792 $1,663,037 
Investments(1)1,033,856 788,425 
Net unrealized loss on securities410,718 296,749 
Other5,647 4,723 
Deferred tax assets3,200,013 2,752,934 
Deferred tax liabilities:
Deferred policy acquisition cost(1)1,227,858 946,846 
Deferred sales inducements66,686 72,791 
Deferred tax liabilities1,294,544 1,019,637 
Net deferred tax asset (liability)$1,905,469 $1,733,297 
(1)    Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of AOCI as of and for the years ended December 31, are as follows:
 Accumulated Other Comprehensive Income (Loss)
 Foreign Currency
Translation
Adjustment		Net Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated
Other
Comprehensive
Income (Loss)
 (in thousands)
Balance, December 31, 2021$(11,274)$306,331 $(125,809)$227,206 $396,454 
Change in OCI before reclassifications(9,337)(2,249,609)310,351 1,440,307 (508,288)
Amounts reclassified from AOCI0 (4,428)0 0 (4,428)
Income tax benefit (expense)604 473,231 (65,174)(302,464)106,197 
Balance, December 31, 2022(20,007)(1,474,475)119,368 1,365,049 (10,065)
Change in OCI before reclassifications(2)2,419 677,735 (60,978)(659,927)(40,751)
Amounts reclassified from AOCI0 14,217 0 0 14,217 
Income tax benefit (expense)(2)(497)(145,255)12,805 138,585 5,638 
Balance, December 31, 2023(2)(18,085)(927,778)71,195 843,707 (30,961)
Change in OCI before reclassifications(4,595)(416,996)58,676 (441,138)(804,053)
Amounts reclassified from AOCI0 81,903 0 0 81,903 
Income tax benefit (expense)739 70,169 (12,313)92,639 151,234 
Balance, December 31, 2024$(21,941)$(1,192,702)$117,558 $495,208 $(601,877)
(1)Includes cash flow hedges of $111 million, $12 million, and $139 million as of December 31, 2024, 2023 and 2022, respectively.
(2)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
Reclassification out of Accumulated Other Comprehensive Income (Loss)
Reclassifications out of Accumulated Other Comprehensive Income (Loss) 
Years Ended December 31,
202420232022
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges—Currency/Interest rate(3)$85,491 $16,976 $78,433 
Net unrealized investment gains (losses) on available-for-sale securities(167,394)(31,193)(74,005)
Total net unrealized investment gains (losses)(4)(81,903)(14,217)4,428 
Total reclassifications for the period$(81,903)$(14,217)$4,428 
(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 and policyholders’ account balances.
OTTI, Allowance and All Other Net Unrealized Investment Gains (Losses) AOCI Rollforward
Net Unrealized Investment Gains (Losses) on AFS 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)		AOCI
Related to Net
Unrealized
Investment
Gains (Losses)
 (in thousands)
Balance, December 31, 2021$3,685 $581,718 $835,430 $(1,033,194)$(81,308)$306,331 
Net investment gains (losses) on investments arising during the period(149)(2,737,481)0 0 574,760 (2,162,870)
Reclassification adjustment for (gains) losses included in net income831 (5,259)0 0 930 (3,498)
Reclassification due to allowance for credit losses recorded during the period4 (4)0 0 0 0 
Impact of net unrealized investment (gains) losses0 0 (2,033,852)2,521,873 (102,459)385,562 
Balance, December 31, 20224,371 (2,161,026)(1,198,422)1,488,679 391,923 (1,474,475)
Net investment gains (losses) on investments arising during the period(4,482)744,727 0 0 (155,393)584,852 
Reclassification adjustment for (gains) losses included in net income(265)14,482 0 0 (2,984)11,233 
Reclassification due to allowance for credit losses recorded during the period2,363 (2,363)0 0 0 0 
Impact of net unrealized investment (gains) losses0 0 397,071 (459,581)13,122 (49,388)
Balance, December 31, 20231,987 (1,404,180)(801,351)1,029,098 246,668 (927,778)
Net investment gains (losses) on investments arising during the period(773)(525,222)0 0 110,227 (415,768)
Reclassification adjustment for (gains) losses included in net income(175)82,078 0 0 (17,164)64,739 
Reclassification due to allowance for credit losses recorded during the period(146)146 0 0 0 0 
Impact of net unrealized investment (gains) losses0 0 217,642 (108,643)(22,894)86,105 
Balance, December 31, 2024$893 $(1,847,178)$(583,709)$920,455 $316,837 $(1,192,702)
(1)Includes cash flow hedges. See Note 4 for information on cash flow hedges.
(2)"Other costs" primarily includes reinsurance recoverables and DRL.
v3.25.1
Statutory Net Income and Surplus and Dividend Restrictions (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Statutory Net Income and Surplus and Dividend Restrictions
The following table summarizes certain statutory financial information for the Company, including its subsidiary PLNJ, for the periods indicated:
Years Ended December 31,
202420232022
(in millions)
Statutory net income (loss)(1)$(5,195)$4,923 $3,317 
Statutory capital and surplus(1)5,730 5,161 5,205 
(1) 2022 amounts include adjustments made to the audited statutory financial statements as of December 31, 2022.
v3.25.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Affiliated Notes Receivable
Affiliated notes receivable included in “Receivables from parent and affiliates” at December 31, were as follows:
Maturity DatesInterest Rates20242023
(in thousands)
U.S. dollar fixed rate notes2025-20380.00%-12.81 %$520,462 $147,984 
Total notes receivable - affiliated(1)$520,462 $147,984 
(1)All notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.
Affiliated Commercial Mortgage Loans
The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:
 December 31, 2024December 31, 2023
 Amount
(in thousands)		% of
Total		Amount
(in thousands)		% of
Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$1,949,926 25.0 %$1,578,785 25.7 %
Hospitality97,603 1.3 102,952 1.7 
Industrial2,906,413 37.3 2,486,230 40.4 
Office556,586 7.1 604,611 9.8 
Other750,541 9.6 456,720 7.4 
Retail693,949 9.0 363,706 5.9 
Total commercial mortgage loans6,955,018 89.3 5,593,004 90.9 
Agricultural property loans830,041 10.7 562,046 9.1 
Total commercial mortgage and agricultural property loans7,785,059 100.0 %6,155,050 100.0 %
Allowance for credit losses(37,715)(37,689)
Total net commercial mortgage and agricultural property loans7,747,344 6,117,361 
Other loans:
Other collateralized loans11,979 5,360 
Total other loans 11,979 5,360 
Total net commercial mortgage and other loans$7,759,323 $6,122,721 
The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at December 31, was as follows:
Maturity DateInterest Rate20242023
(in thousands)
Affiliated Commercial Mortgage Loan20259.67%$0 $71,038 
Affiliated Asset Transfers The table below shows affiliated asset trades for the years ended December 31, 2024 and 2023.
AffiliateDateTransactionSecurity TypeFair
Value		Book ValueAPIC, Net of
Tax Increase/
(Decrease)		Realized
Investment
Gain/(Loss)
    (in thousands)
Prudential InsuranceJanuary 2023PurchaseFixed Maturities$48,329 $50,372 $1,614 $0 
Prudential InsuranceMarch 2023PurchaseFixed Maturities$7,175 $7,500 $256 $0 
PURCApril 2023PurchaseFixed Maturities$102,804 $102,804 $0 $0 
Term ReJune 2023PurchaseFixed Maturities$115,573 $115,573 $0 $0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$4,298 $4,443 $114 $0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$4,394 $4,494 $80 $0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$19,453 $19,203 $(198)$0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$14,452 $15,086 $502 $0 
Prudential InsuranceSeptember 2023PurchaseFixed Maturities$15,880 $15,801 $(62)$0 
PURCDecember 2023SaleCommercial Mortgage and Other Loans$762 $754 $0 $8 
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
Capital		Equities$415,696 $416,265 $0 $0 
Debt Agreements The following table provides the breakout of the Company's short-term debt. There was no debt outstanding as of December 31, 2024.
AffiliateDate IssuedAmount of Notes - December 31, 2024Amount of Notes - December 31, 2023Interest 
Rate		Date of Maturity
(in thousands)
Prudential Insurance8/13/2021$0 $94,953 3.95 %6/20/2024
Prudential Insurance8/13/20210 37,981 3.95 %6/20/2024
Prudential Insurance8/13/20210 47,477 3.95 %6/20/2024
Total Loans Payable to Affiliates(1)$0 $180,411 
(1)Includes $180 million of loans reclassified as current portion of long-term debt as of December 31, 2023.
v3.25.1
Commitments and Contingent Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Guarantees
Guarantees of Asset Values

December 31,
20242023
(in thousands)
Guaranteed value of third-party assets$3,958,847 $311,302 
Fair value of collateral supporting these assets$3,543,500 $287,621 
Asset (liability) associated with guarantee, carried at fair value $111 $1 
v3.25.1
Revision to Prior Year Financial Statement (Tables)
 12 Months Ended
Dec. 31, 2024
Prior Period Adjustment [Abstract]  
Revision to Prior Period Financial Statements
The following are the impacted line items from the Consolidated Financial Statements illustrating the effects of the revisions:

Consolidated Statements of Financial Position
December 31, 2023
As Previously ReportedAdjustmentsAs Revised
(in thousands)
ASSETS
Deferred policy acquisition costs$7,097,511 $47,225 $7,144,736 
Reinsurance recoverables and deposit receivables(1)40,348,313 (91,513)40,256,800 
Income tax assets1,737,651 4,934 1,742,585 
TOTAL ASSETS$213,309,041 $(39,354)$213,269,687 
LIABILITIES AND EQUITY
LIABILITIES
Policyholders’ account balances$53,012,800 $(26,100)$52,986,700 
Market risk benefit liabilities5,144,401 12,457 5,156,858 
Reinsurance and funds withheld payables(1)2,746,129 (7,150)2,738,979 
Total liabilities208,787,616 (20,793)208,766,823 
EQUITY
Retained earnings / (accumulated deficit)(532,951)(18,520)(551,471)
Accumulated other comprehensive income (loss)(30,920)(41)(30,961)
Total equity4,521,425 (18,561)4,502,864 
TOTAL LIABILITIES AND EQUITY$213,309,041 $(39,354)$213,269,687 
(1)    As previously reported balances have been updated to conform to the current period presentation.
Consolidated Statements of Operations and Comprehensive Income (Loss)
Year Ended December 31, 2023
As Previously ReportedAdjustmentsAs Revised
(in thousands)
REVENUES
Other income (loss)$744,628 $6,735 $751,363 
Realized investment gains (losses), net(1,083,660)(63,439)(1,147,099)
Change in value of market risk benefits, net of related hedging gains (losses)(94,368)(12,405)(106,773)
TOTAL REVENUES3,340,575 (69,109)3,271,466 
BENEFITS AND EXPENSES
Interest credited to policyholders’ account balances655,445 (33,800)621,645 
Amortization of deferred policy acquisition costs534,435 5,075 539,510 
General, administrative and other expenses1,151,452 (26,529)1,124,923 
TOTAL BENEFITS AND EXPENSES2,849,073 (55,254)2,793,819 
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE491,502 (13,855)477,647 
Income tax expense (benefit)29,378 (2,910)26,468 
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY$461,203 $(10,945)$450,258 
Other comprehensive income (loss), before tax:
Gain (loss) from changes in nonperformance risk on market risk benefits(659,875)(52)(659,927)
Total(26,482)(52)(26,534)
Less: Income tax expense (benefit) related to other comprehensive income (loss)(5,627)(11)(5,638)
Other comprehensive income (loss), net of taxes(20,855)(41)(20,896)
Comprehensive income (loss)440,836 (10,986)429,850 
Year Ended December 31, 2022
As Previously ReportedAdjustmentsAs Revised
(in thousands)
REVENUES
Other income (loss)$(651,469)$15,196 $(636,273)
Realized investment gains (losses), net336,382 (46,453)289,929 
TOTAL REVENUES1,648,324 (31,257)1,617,067 
BENEFITS AND EXPENSES
Amortization of deferred policy acquisition costs520,276 993 521,269 
General, administrative and other expenses1,156,464 (26,764)1,129,700 
TOTAL BENEFITS AND EXPENSES2,635,427 (25,771)2,609,656 
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE(987,103)(5,486)(992,589)
Income tax expense (benefit)(295,535)(1,152)(296,687)
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY$(766,705)$(4,334)$(771,039)
Comprehensive income (loss)(1,173,224)(4,334)(1,177,558)
Consolidated Statements of Equity

Retained EarningsAOCITotal Equity
As Previously ReportedAdjustmentsAs RevisedAs Previously ReportedAdjustmentsAs RevisedAs Previously ReportedAdjustmentsAs Revised
(in thousands)
Balance, December 31, 2021$(227,449)$(3,241)$(230,690)$396,454 $0 $396,454 $6,213,996 $(3,241)$6,210,755 
Comprehensive income (loss):
Net income (loss)(766,705)(4,334)(771,039)(766,705)(4,334)(771,039)
Total comprehensive income (loss)(766,705)(4,334)(771,039)(406,519)0 (406,519)(1,173,224)(4,334)(1,177,558)
Balance, December 31, 2022$(994,154)$(7,575)$(1,001,729)$(10,065)$0 $(10,065)$5,036,195 $(7,575)$5,028,620 
Comprehensive income (loss):
Net income (loss)461,203 (10,945)450,258 461,691 (10,945)450,746 
Other comprehensive income (loss), net of taxes(20,855)(41)(20,896)(20,855)(41)(20,896)
Total comprehensive income (loss)461,203 (10,945)450,258 (20,855)(41)(20,896)440,836 (10,986)429,850 
Balance, December 31, 2023$(532,951)$(18,520)$(551,471)$(30,920)$(41)$(30,961)$4,521,425 $(18,561)$4,502,864 

Consolidated Statements of Cash Flows
Year Ended December 31, 2023
As Previously ReportedAdjustmentsAs Revised
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$461,691 $(10,945)$450,746 
Interest credited to policyholders' account balances655,445 (33,800)621,645 
Realized investment (gains) losses, net1,083,660 63,439 1,147,099 
Change in value of market risk benefits, net of related hedging (gains) losses94,368 12,405 106,773 
Change in:
Reinsurance related balances(1)(671,990)(6,735)(678,725)
Deferred policy acquisition costs(560,471)(21,454)(581,925)
Income taxes(37,886)(2,910)(40,796)
Cash flows from (used in) operating activities2,459,895 0 2,459,895 
Year Ended December 31, 2022
As Previously ReportedAdjustmentsAs Revised
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$(766,705)$(4,334)$(771,039)
Realized investment (gains) losses, net(336,382)46,453 (289,929)
Change in:
Reinsurance related balances(1)(1,771,655)(15,196)(1,786,851)
Deferred policy acquisition costs(442,303)(25,771)(468,074)
Income taxes(334,769)(1,152)(335,921)
Cash flows from (used in) operating activities1,824,964 0 1,824,964 
(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)
 12 Months Ended
Dec. 31, 2024
segment
subsidiary
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number Of Subsidiaries | subsidiary 1
Number of reportable segments | segment 1
v3.25.1
Significant Accounting Policies and Pronouncements (Narrative) (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Accounting Policies [Abstract]    
Commercial mortgage and other loans, Loan-to-value ratios (greater than) 100.00%  
Commercial mortgage and other loans, Loan-to-value ratios (less than) 100.00%  
Commercial mortgage and other loans, Debt service coverage ratios (less than) 1.0  
Commercial mortgage and agricultural mortgage loans, Debt service coverage ratios (greater than) 1.0  
Securities Loaned Transactions Collateral Fair Value of Domestic Securities 102.00%  
Securities Loaned Transactions Collateral Fair Value of Foreign Securities 105.00%  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Equity, Attributable to Parent $ 4,596,441,000 $ 4,472,670,000
Maximum    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Equity method investment, financial information, lag period 3 months  
Net To Gross Ratio 1  
Minimum      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Equity method investment, financial information, lag period 1 month  
Repurchase and Resale Agreements, Collateral, Percentage 95.00%  
Minimum   | Liability for Future Policy Benefit    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Liability for Future Policy Benefits, cohort level and balance floored $ 0  
Minimum   | Deferred Profit Liability    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Liability for Future Policy Benefits, cohort level and balance floored $ 0  
v3.25.1
Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost $ 36,980,933 $ 27,538,066  
Gross Unrealized Gains 208,233 335,759  
Gross Unrealized Losses 2,162,592 1,740,037  
Allowance for credit losses 40,414 2,008 $ 4,769
Fair Value 34,986,160 26,131,780  
U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 1,199,628 1,009,937  
Gross Unrealized Gains 8,357 38,858  
Gross Unrealized Losses 108,744 73,508  
Allowance for credit losses 0 0 0
Fair Value 1,099,241 975,287  
Obligations of U.S. states and their political subdivisions      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 570,253 789,856  
Gross Unrealized Gains 1,156 5,288  
Gross Unrealized Losses 30,343 18,517  
Allowance for credit losses 0 0  
Fair Value 541,066 776,627  
Foreign government securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 362,154 330,830  
Gross Unrealized Gains 646 1,840  
Gross Unrealized Losses 52,466 50,684  
Allowance for credit losses 0 0 5
Fair Value 310,334 281,986  
U.S. public corporate securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 14,134,828 10,159,089  
Gross Unrealized Gains 60,917 98,047  
Gross Unrealized Losses 957,316 760,274  
Allowance for credit losses 1 950  
Fair Value 13,238,428 9,495,912  
U.S. private corporate securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 6,030,898 5,207,699  
Gross Unrealized Gains 35,828 37,435  
Gross Unrealized Losses 301,451 254,828  
Allowance for credit losses 11,178 812  
Fair Value 5,754,097 4,989,494  
Foreign public corporate securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 3,804,503 1,809,347  
Gross Unrealized Gains 21,136 12,658  
Gross Unrealized Losses 126,767 115,673  
Allowance for credit losses 21 238  
Fair Value 3,698,851 1,706,094  
Foreign private corporate securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 5,838,939 4,902,391  
Gross Unrealized Gains 43,334 109,806  
Gross Unrealized Losses 511,426 381,215  
Allowance for credit losses 29,214 0  
Fair Value 5,341,633 4,630,982  
Asset-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 3,728,073 2,016,028  
Gross Unrealized Gains 31,431 23,035  
Gross Unrealized Losses 8,841 11,512  
Allowance for credit losses 0 1 0
Fair Value 3,750,663 2,027,550  
Commercial mortgage-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 944,652 913,347  
Gross Unrealized Gains 4,567 4,776  
Gross Unrealized Losses 53,444 66,345  
Allowance for credit losses 0 0 0
Fair Value 895,775 851,778  
Residential mortgage-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 367,005 399,542  
Gross Unrealized Gains 861 4,016  
Gross Unrealized Losses 11,794 7,481  
Allowance for credit losses 0 7 $ 9
Fair Value 356,072 $ 396,070  
Fixed maturities | U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Debt Securities, Available-for-sale [Line Items]      
Fair Value 1,099,241    
Fixed maturities | Obligations of U.S. states and their political subdivisions      
Debt Securities, Available-for-sale [Line Items]      
Fair Value 541,066    
Fixed maturities | Foreign government securities      
Debt Securities, Available-for-sale [Line Items]      
Fair Value 310,334    
Fixed maturities | Asset-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Fair Value 3,750,663    
Fixed maturities | Commercial mortgage-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Fair Value 895,775    
Fixed maturities | Residential mortgage-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Fair Value $ 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
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value $ 10,716,329 $ 2,492,369
Less than Twelve Months, Gross Unrealized Losses 267,215 39,568
Twelve Months or More Fair Value 11,256,350 13,312,102
Twelve Months or More, Gross Unrealized Losses 1,893,641 1,699,993
Total, Fair Value 21,972,679 15,804,471
Total, Gross Unrealized Losses 2,160,856 1,739,561
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 377,531 98,174
Less than Twelve Months, Gross Unrealized Losses 13,829 945
Twelve Months or More Fair Value 238,723 214,889
Twelve Months or More, Gross Unrealized Losses 94,915 72,563
Total, Fair Value 616,254 313,063
Total, Gross Unrealized Losses 108,744 73,508
Obligations of U.S. states and their political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 226,731 83,729
Less than Twelve Months, Gross Unrealized Losses 5,019 293
Twelve Months or More Fair Value 212,060 218,375
Twelve Months or More, Gross Unrealized Losses 25,324 18,224
Total, Fair Value 438,791 302,104
Total, Gross Unrealized Losses 30,343 18,517
Foreign government securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 118,168 10,226
Less than Twelve Months, Gross Unrealized Losses 2,615 116
Twelve Months or More Fair Value 171,166 233,757
Twelve Months or More, Gross Unrealized Losses 49,851 50,568
Total, Fair Value 289,334 243,983
Total, Gross Unrealized Losses 52,466 50,684
U.S. public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 4,320,552 782,904
Less than Twelve Months, Gross Unrealized Losses 105,145 10,009
Twelve Months or More Fair Value 4,677,336 5,201,353
Twelve Months or More, Gross Unrealized Losses 852,171 750,265
Total, Fair Value 8,997,888 5,984,257
Total, Gross Unrealized Losses 957,316 760,274
U.S. private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 1,999,008 707,674
Less than Twelve Months, Gross Unrealized Losses 41,931 16,613
Twelve Months or More Fair Value 2,379,755 2,794,697
Twelve Months or More, Gross Unrealized Losses 259,489 238,181
Total, Fair Value 4,378,763 3,502,371
Total, Gross Unrealized Losses 301,420 254,794
Foreign public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 1,088,644 92,955
Less than Twelve Months, Gross Unrealized Losses 20,465 1,063
Twelve Months or More Fair Value 716,172 948,963
Twelve Months or More, Gross Unrealized Losses 106,294 114,169
Total, Fair Value 1,804,816 1,041,918
Total, Gross Unrealized Losses 126,759 115,232
Foreign private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 1,977,169 429,212
Less than Twelve Months, Gross Unrealized Losses 69,399 8,035
Twelve Months or More Fair Value 2,107,705 2,461,367
Twelve Months or More, Gross Unrealized Losses 440,330 373,180
Total, Fair Value 4,084,874 2,890,579
Total, Gross Unrealized Losses 509,729 381,215
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 363,744 208,970
Less than Twelve Months, Gross Unrealized Losses 5,510 1,761
Twelve Months or More Fair Value 140,090 532,814
Twelve Months or More, Gross Unrealized Losses 3,331 9,750
Total, Fair Value 503,834 741,784
Total, Gross Unrealized Losses 8,841 11,511
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 101,821 42,621
Less than Twelve Months, Gross Unrealized Losses 1,356 298
Twelve Months or More Fair Value 489,490 580,931
Twelve Months or More, Gross Unrealized Losses 52,088 66,047
Total, Fair Value 591,311 623,552
Total, Gross Unrealized Losses 53,444 66,345
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 142,961 35,904
Less than Twelve Months, Gross Unrealized Losses 1,946 435
Twelve Months or More Fair Value 123,853 124,956
Twelve Months or More, Gross Unrealized Losses 9,848 7,046
Total, Fair Value 266,814 160,860
Total, Gross Unrealized Losses $ 11,794 $ 7,481
v3.25.1
Investments (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Investments [Line Items]      
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%  
Write-downs charged against allowance $ 9,367,000    
Loans on non-accrual status recognized in interest income 700,000 $ 0.0  
Loans on non-accrual status, do not have allowance for credit losses 2,000,000.0 1,300,000  
Loans acquired 12,600,000 0.0  
Loans sold 0 0  
Commercial mortgage and other loans purchased with credit deterioration 0 0  
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 34,986,160,000 26,131,780,000  
Fixed maturities, trading, at fair value (amortized cost: 2024 – $4,391,322; 2023 – $3,451,001) 3,845,045,000 2,796,446,000  
Fair value of collateral that could be sold or repledged 0 25,000,000  
Assets Deposited With Governmental Authorities 3,600,000 3,600,000  
Gross Unrealized Losses 2,160,856,000 1,739,561,000  
Twelve Months or More, Gross Unrealized Losses $ 1,893,641,000 1,699,993,000  
Commercial mortgage Loans | Extended Maturity      
Schedule of Investments [Line Items]      
Financing Receivable, Modified, Weighted Average Term Increase from Modification 1 year    
Carrying value of non-income producing assets      
Schedule of Investments [Line Items]      
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) $ 55,300,000    
Fixed maturities, trading, at fair value (amortized cost: 2024 – $4,391,322; 2023 – $3,451,001) 900,000    
Fixed maturities | Trading      
Schedule of Investments [Line Items]      
Fixed maturities, trading, at fair value (amortized cost: 2024 – $4,391,322; 2023 – $3,451,001) 3,845,045,000    
NAIC high or highest quality rating | Fixed maturities      
Schedule of Investments [Line Items]      
Gross Unrealized Losses 2,059,000,000 1,634,000,000  
NAIC other than high or highest quality rating | Fixed maturities      
Schedule of Investments [Line Items]      
Gross Unrealized Losses $ 102,000,000 106,000,000  
California      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 25.00%    
Florida      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 9.00%    
Texas      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 8.00%    
Europe      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 8.00%    
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]      
Unrealized Gain (Loss) on Investments $ (182,900,000) 65,600,000 $ (728,600,000)
Other Income | Equity securities      
Schedule of Investments [Line Items]      
Unrealized Gain (Loss) on Investments (34,200,000) 25,800,000 $ (10,200,000)
Fixed maturities      
Schedule of Investments [Line Items]      
Twelve Months or More, Gross Unrealized Losses $ 1,894,000,000 $ 1,700,000,000  
v3.25.1
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Amortized Cost    
Due in one year or less $ 1,139,538  
Due after one year through five years 11,753,438  
Due after five years through ten years 10,291,196  
Due after ten years 8,757,031  
Amortized Cost 36,980,933 $ 27,538,066
Fair Value    
Due in one year or less 1,118,484  
Due after one year through five years 11,477,710  
Due after five years through ten years 9,883,263  
Due after ten years 7,504,193  
Fair Value 34,986,160 26,131,780
Asset-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Amortized Cost 3,728,073  
Amortized Cost 3,728,073 2,016,028
Fair Value    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Fair Value 3,750,663  
Fair Value 3,750,663 2,027,550
Commercial mortgage-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Amortized Cost 944,652  
Amortized Cost 944,652 913,347
Fair Value    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Fair Value 895,775  
Fair Value 895,775 851,778
Residential mortgage-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Amortized Cost 367,005  
Amortized Cost 367,005 399,542
Fair Value    
Debt Securities, Available-for-sale,Maturity, without Single Maturity Date,Fair Value 356,072  
Fair Value $ 356,072 $ 396,070
v3.25.1
Investments (Fixed Maturities Securities Proceeds) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]      
Proceeds from maturities/prepayments $ 4,240,000 $ 1,736,809 $ 1,688,079
Fixed maturities | Available-for-sale      
Debt Securities, Available-for-sale [Line Items]      
Proceeds from sales 2,097,519 460,596 1,117,293
Proceeds from maturities/prepayments 2,300,919 1,218,844 624,640
Gross investment gains from sales and maturities 23,978 11,482 5,647
Gross investment losses from sales and maturities (143,432) (43,078) (58,432)
Write-downs recognized in earnings (9,534) (2,358) (20,600)
(Addition to) release of allowance for credit losses (38,406) 2,761 (620)
Noncash or part noncash divestiture, amount of consideration received $ (158,400) $ 57,400 $ (53,900)
v3.25.1
Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period $ 2,008 $ 4,769
Additions to allowance for credit losses not previously recorded 39,605 4,268
Reductions for securities sold during the period (2,002) (5,120)
Addition (reductions) on securities with previous allowance 324 431
Write-downs charged against the allowance   (2,340)
Assets transferred to parent and affiliates 479  
Balance, end of period 40,414 2,008
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
Addition (reductions) on securities with previous allowance 0 0
Write-downs charged against the allowance   0
Assets transferred to parent and affiliates 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 5
Additions to allowance for credit losses not previously recorded 0 0
Reductions for securities sold during the period 0 (1)
Addition (reductions) on securities with previous allowance 0 (4)
Write-downs charged against the allowance   0
Assets transferred to parent and affiliates 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 2,000 4,755
Additions to allowance for credit losses not previously recorded 39,600 4,267
Reductions for securities sold during the period (2,002) (5,118)
Addition (reductions) on securities with previous allowance 337 436
Write-downs charged against the allowance   (2,340)
Assets transferred to parent and affiliates 479  
Balance, end of period 40,414 2,000
Asset-backed securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 1 0
Additions to allowance for credit losses not previously recorded 0 1
Reductions for securities sold during the period 0 0
Addition (reductions) on securities with previous allowance (1) 0
Write-downs charged against the allowance   0
Assets transferred to parent and affiliates 0  
Balance, end of period 0 1
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
Addition (reductions) on securities with previous allowance 0 0
Write-downs charged against the allowance   0
Assets transferred to parent and affiliates 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 7 9
Additions to allowance for credit losses not previously recorded 5 0
Reductions for securities sold during the period 0 (1)
Addition (reductions) on securities with previous allowance (12) (1)
Write-downs charged against the allowance   0
Assets transferred to parent and affiliates 0  
Balance, end of period $ 0 $ 7
v3.25.1
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 7,785,059 $ 6,155,050
Commercial mortgage loans, Percentage 100.00% 100.00%
Allowance for Credit Losses $ (37,715) $ (37,689)
Commercial mortgage and other loans (net of $36,002 and $36,527 allowance for credit losses at December 31, 2024 and 2023, respectively) 7,759,323 6,122,721
Total net Commercial Mortgage and Other Loans 7,759,323 6,122,721
Other loans 11,979 5,360
Commercial Mortgage and Agricultural Loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and other loans (net of $36,002 and $36,527 allowance for credit losses at December 31, 2024 and 2023, respectively) 7,747,344 6,117,361
Total net Commercial Mortgage and Other Loans 7,747,344 6,117,361
Other Collateralized Loans    
Commercial Mortgage and Other Loans [Line Items]    
Other loans 11,979 5,360
Total Net Commercial Mortgage and Other Loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and other loans (net of $36,002 and $36,527 allowance for credit losses at December 31, 2024 and 2023, respectively) 7,759,323 6,122,721
Total net Commercial Mortgage and Other Loans 7,759,323 6,122,721
Apartments and multi-family    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 1,949,926 $ 1,578,785
Commercial mortgage loans, Percentage 25.00% 25.70%
Hospitality    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 97,603 $ 102,952
Commercial mortgage loans, Percentage 1.30% 1.70%
Industrial    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 2,906,413 $ 2,486,230
Commercial mortgage loans, Percentage 37.30% 40.40%
Office    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 556,586 $ 604,611
Commercial mortgage loans, Percentage 7.10% 9.80%
Other    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 750,541 $ 456,720
Commercial mortgage loans, Percentage 9.60% 7.40%
Retail    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 693,949 $ 363,706
Commercial mortgage loans, Percentage 9.00% 5.90%
Commercial mortgage loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 6,955,018 $ 5,593,004
Commercial mortgage loans, Percentage 89.30% 90.90%
Agricultural property loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 830,041 $ 562,046
Commercial mortgage loans, Percentage 10.70% 9.10%
v3.25.1
Investments (Allowance for Credit Losses) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Allowance for Loan and Lease Losses [Roll Forward]      
Balance, beginning of year $ 37,689 $ 20,263 $ 5,951
Addition to (release of) allowance for expected losses 9,393 17,426 14,312
Write-downs charged against allowance (9,367)    
Total ending balance 37,715 37,689 20,263
Commercial mortgage loans      
Allowance for Loan and Lease Losses [Roll Forward]      
Balance, beginning of year 36,758 19,665 5,847
Addition to (release of) allowance for expected losses 5,613 17,093 13,818
Write-downs charged against allowance (9,367)    
Total ending balance 33,004 36,758 19,665
Agricultural Property Loans      
Allowance for Loan and Lease Losses [Roll Forward]      
Balance, beginning of year 931 598 104
Addition to (release of) allowance for expected losses 3,780 333 494
Write-downs charged against allowance 0    
Total ending balance $ 4,711 $ 931 $ 598
v3.25.1
Investments (Credit Quality Indicators) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Recording investment gross of allowance for credit losses $ 7,797,038 $ 6,160,410
Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 1,788,998 1,142,205
One Year Prior 1,139,236 782,796
Two Year Prior 770,354 1,261,597
Three Year Prior 1,258,169 363,599
Four Year Prior 255,562 528,288
Prior 1,736,220 1,514,519
Revolving Loans 6,479  
Recording investment gross of allowance for credit losses 6,955,018 5,593,004
Commercial mortgage loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 1,728,895 1,038,315
One Year Prior 962,290 779,282
Two Year Prior 755,350 1,261,597
Three Year Prior 1,256,699 292,561
Four Year Prior 255,562 497,407
Prior 1,616,904 1,402,831
Revolving Loans 0  
Recording investment gross of allowance for credit losses 6,575,700 5,271,993
Commercial mortgage loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 60,103 103,890
One Year Prior 176,946 3,514
Two Year Prior 15,004 0
Three Year Prior 0 0
Four Year Prior 0 15,632
Prior 59,871 40,521
Revolving Loans 6,479  
Recording investment gross of allowance for credit losses 318,403 163,557
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 1,470 71,038
Four Year Prior 0 15,249
Prior 59,445 71,167
Revolving Loans 0  
Recording investment gross of allowance for credit losses 60,915 157,454
Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 271,275 126,949
One Year Prior 108,965 235,585
Two Year Prior 220,325 132,042
Three Year Prior 131,581 25,875
Four Year Prior 25,145 15,824
Prior 38,478 25,771
Revolving Loans 34,272  
Recording investment gross of allowance for credit losses 830,041 562,046
Agricultural Property Loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 259,647 126,949
One Year Prior 95,087 233,585
Two Year Prior 211,030 130,353
Three Year Prior 129,865 24,063
Four Year Prior 23,488 15,824
Prior 38,478 25,771
Revolving Loans 18,834  
Recording investment gross of allowance for credit losses 776,429 556,545
Agricultural Property Loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 11,628 0
One Year Prior 13,878 2,000
Two Year Prior 9,295 0
Three Year Prior 0 1,812
Four Year Prior 0 0
Prior 0 0
Revolving Loans 15,438  
Recording investment gross of allowance for credit losses 50,239 3,812
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 1,689
Three Year Prior 1,716 0
Four Year Prior 1,657 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses 3,373 1,689
0%-59.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 452,940 249,037
One Year Prior 232,276 245,914
Two Year Prior 306,684 482,718
Three Year Prior 482,596 109,249
Four Year Prior 134,403 265,053
Prior 1,138,394 1,068,763
Revolving Loans 6,479  
Recording investment gross of allowance for credit losses 2,753,772 2,420,734
0%-59.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 241,715 73,774
One Year Prior 89,569 179,375
Two Year Prior 163,820 132,042
Three Year Prior 126,368 25,875
Four Year Prior 23,488 15,824
Prior 38,478 25,771
Revolving Loans 18,834  
Recording investment gross of allowance for credit losses 702,272 452,661
60%-69.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 972,161 675,153
One Year Prior 541,849 355,984
Two Year Prior 273,258 449,878
Three Year Prior 360,457 172,721
Four Year Prior 110,515 225,803
Prior 303,107 206,237
Revolving Loans 0  
Recording investment gross of allowance for credit losses 2,561,347 2,085,776
60%-69.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 29,560 47,489
One Year Prior 19,396 56,210
Two Year Prior 49,210 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses 98,166 103,699
70%-79.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 362,701 218,015
One Year Prior 365,111 133,343
Two Year Prior 134,208 255,299
Three Year Prior 330,355 77,812
Four Year Prior 6,774 20,924
Prior 77,399 86,806
Revolving Loans 0  
Recording investment gross of allowance for credit losses 1,276,548 792,199
70%-79.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 5,686
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 5,213 0
Four Year Prior 0 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses 5,213 5,686
80% or greater | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 1,196 0
One Year Prior 0 47,555
Two Year Prior 56,204 73,702
Three Year Prior 84,761 3,817
Four Year Prior 3,870 16,508
Prior 217,320 152,713
Revolving Loans 0  
Recording investment gross of allowance for credit losses 363,351 294,295
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 7,295 0
Three Year Prior 0 0
Four Year Prior 1,657 0
Prior 0 0
Revolving Loans 15,438  
Recording investment gross of allowance for credit losses $ 24,390 $ 0
v3.25.1
Investments (Amortized Cost Basis of Loan Modifications made to Borrowers Experiencing Financial Difficulties) (Details) - Commercial Portfolio Segment
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Term Extension  
Financing Receivable, Modified [Line Items]  
Financing Receivable, Modified in Period, Amount $ 14,546
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.20%
Other Than Insignificant Delay in Payment  
Financing Receivable, Modified [Line Items]  
Financing Receivable, Modified in Period, Amount $ 4,570
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.10%
v3.25.1
Investments (Analysis of Past Due Commercial Mortgage, Agricultural and Other Loans) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses $ 7,797,038 $ 6,160,410
Non-Accrual Status 29,885 1,301
Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 7,767,876 6,160,410
30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 2,505 0
90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 26,657 0
Commercial mortgage loans    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 6,955,018 5,593,004
Non-Accrual Status 5,120 0
Commercial mortgage loans | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 6,951,093 5,593,004
Commercial mortgage loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Commercial mortgage loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Commercial mortgage loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 3,925 0
Agricultural Loan    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 830,041 562,046
Non-Accrual Status 24,765 1,301
Agricultural Loan | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 804,804 562,046
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 2,505 0
Agricultural Loan | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 22,732 0
Other Collateralized Loans    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 11,979 5,360
Non-Accrual Status 0 0
Other Collateralized Loans | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 11,979 5,360
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
Dec. 31, 2024
Dec. 31, 2023
Other Invested Assets [Line Items]    
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) $ 1,582,094 $ 1,222,985
Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 1,533,210 1,191,808
Derivatives    
Other Invested Assets [Line Items]    
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 24,499 17,718
Other    
Other Invested Assets [Line Items]    
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 24,385 13,459
Equity Method | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 1,489,086 1,124,501
Equity Method | Private equity | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 388,822 333,863
Equity Method | Hedge funds | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 1,024,534 720,360
Equity Method | Real estate-related | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 75,730 70,278
Fair Value | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 44,124 67,307
Fair Value | Private equity | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 28,094 48,483
Fair Value | Hedge funds | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 14 137
Fair Value | Real estate-related | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) $ 16,016 $ 18,687
v3.25.1
Investments (Equity Method Investments, Statement of Financial Position) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]    
Total assets $ 238,454,729 $ 213,269,687
Total liabilities 233,752,749 208,766,823
Partners’ capital 4,596,441 4,472,670
Total liabilities and partners’ capital 238,454,729 213,269,687
LP/LLC Interests    
Schedule of Equity Method Investments [Line Items]    
Total liabilities and partners’ capital included above 1,338,056 979,271
Equity in LP/LLC interests not included above 230,687 216,205
Carrying value 1,568,743 1,195,476
Equity Method Investment    
Schedule of Equity Method Investments [Line Items]    
Total assets 66,477,439 44,591,082
Total liabilities 1,894,242 2,802,022
Partners’ capital 64,583,197 41,789,060
Total liabilities and partners’ capital $ 66,477,439 $ 44,591,082
v3.25.1
Investments (Equity Method Investments, Statement of Operations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments [Abstract]      
Total Revenue $ 1,678,772 $ 3,465,807 $ 11,062,060
Total Expenses (473,445) (979,287) (1,655,673)
Net earnings (losses) 1,205,327 2,486,520 9,406,387
Earnings in net earnings (losses) included above 57,119 17,795 (36,513)
Equity in net earnings (losses) of LP/LLC interests not included above 18,193 11,792 7,320
Total equity in net earnings (losses) $ 75,312 $ 29,587 $ (29,193)
v3.25.1
Investments (Accrued Investment Income) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Net Investment Income    
Accrued investment income $ 466,394 $ 333,838
Fixed maturities    
Net Investment Income    
Accrued investment income 396,173 272,031
Equity securities    
Net Investment Income    
Accrued investment income 436 220
Commercial mortgage and other loans    
Net Investment Income    
Accrued investment income 29,437 21,070
Policy loans    
Net Investment Income    
Accrued investment income 30,820 35,210
Other invested assets    
Net Investment Income    
Accrued investment income 0 43
Short-term investments and cash equivalents    
Net Investment Income    
Accrued investment income $ 9,528 $ 5,264
v3.25.1
Investments (Net Investment Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income $ 2,527,151 $ 1,752,819 $ 939,282
Less: investment expenses (105,134) (77,297) (55,281)
Net investment income 2,422,017 1,675,522 884,001
Equity securities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 30,698 14,772 8,226
Commercial mortgage and other loans      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 328,853 231,994 119,358
Policy loans      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 65,825 48,118 21,189
Other invested assets      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 140,376 98,369 101,289
Short-term investments and cash equivalents      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 182,094 123,857 44,182
Available-for-sale | Fixed maturities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 1,622,898 1,139,581 589,248
Trading | Fixed maturities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income $ 156,407 $ 96,128 $ 55,790
v3.25.1
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net $ 451,417 $ (1,147,099) [1] $ 289,929 [1]
Fixed maturities      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net (167,394) (31,193) (74,005)
Commercial mortgage and other loans      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net (11,113) (17,854) (18,201)
LPs/LLCs      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net 576 (272) (11,351)
Derivatives      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net 713,403 (1,136,331) 460,859
Short-term investments and cash equivalents      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net 974 2,033 (54)
Other      
Schedule of Gain (Loss) on Investments [Line Items]      
Realized investment gains (losses), net $ (85,029) $ 36,518 $ (67,319)
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Investments (Net Unrealized Gains Losses on Investments by Asset Class) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments $ (1,846,285) $ (1,402,193) $ (2,156,655)
Fixed maturities | Available-for-sale | With an allowance      
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments 893 1,987 4,371
Fixed maturities | Available-for-sale | Without an allowance      
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments (1,955,252) (1,406,265) (2,285,288)
Derivatives designated as cash flow hedges      
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments 110,565 11,934 138,627
Affiliated notes      
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments (3,276) (8,760) (13,189)
Other investments      
Gain (Loss) on Securities [Line Items]      
Net Unrealized Gains (Losses) on Investments $ 785 $ (1,089) $ (1,176)
v3.25.1
Investments (Repurchase Agreements and Securities Lending) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities $ 121,372 $ 218,310
Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 121,372 218,310
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 1,139 0
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 1,139 0
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 0 486
Foreign government securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 486
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 6,949 27,247
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 6,949 27,247
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 18 0
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 18 0
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 10,100 13,101
Foreign public corporate securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 10,100 13,101
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 103,166 177,476
Equity securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 103,166 177,476
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
Investments (Securities Pledged) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged $ 3,956,834 $ 4,254,386
Total liabilities supported by pledged collateral 3,743,968 2,869,657
Equity securities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged 100,601 172,995
Cash collateral for loaned securities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total liabilities supported by pledged collateral 121,372 218,310
Available-for-sale | Fixed maturities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged 3,856,216 4,081,391
Trading | Fixed maturities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Total securities pledged $ 17 $ 0
v3.25.1
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Gross Notional $ 358,596,065 $ 266,639,029
Fair Value Assets 15,332,694 9,045,737
Fair Value Liabilities (27,242,213) (21,248,026)
Derivatives Designated as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 3,311,693 2,277,700
Fair Value Assets 202,606 121,243
Fair Value Liabilities (27,732) (54,282)
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Gross Notional 2,851 3,064
Fair Value Assets 0 0
Fair Value Liabilities (209) (238)
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 3,308,842 2,274,636
Fair Value Assets 202,606 121,243
Fair Value Liabilities (27,523) (54,044)
Derivatives Not Qualifying as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 355,284,372 264,361,329
Fair Value Assets 15,130,088 8,924,494
Fair Value Liabilities (27,214,481) (21,193,744)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Gross Notional 174,170,160 163,179,764
Fair Value Assets 9,029,399 6,605,817
Fair Value Liabilities (20,888,553) (17,820,436)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Future    
Derivative [Line Items]    
Gross Notional 1,518,400 1,332,600
Fair Value Assets 1,967 3,055
Fair Value Liabilities (1,443) (210)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Option    
Derivative [Line Items]    
Gross Notional 29,135,000 29,738,000
Fair Value Assets 279,414 189,112
Fair Value Liabilities (1,406,265) (969,718)
Derivatives Not Qualifying as Hedge Accounting Instruments: | interest rate forward    
Derivative [Line Items]    
Gross Notional 0 1,458,000
Fair Value Assets 0 741
Fair Value Liabilities 0 (3,196)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Total Return Swaps    
Derivative [Line Items]    
Gross Notional 223,721 0
Fair Value Assets 1,472 0
Fair Value Liabilities (2,121) 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards    
Derivative [Line Items]    
Gross Notional 1,146,861 744,576
Fair Value Assets 30,078 1,772
Fair Value Liabilities (181) (12,232)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps    
Derivative [Line Items]    
Gross Notional 911,850 643,280
Fair Value Assets 9,606 7,727
Fair Value Liabilities 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 2,285,052 2,237,331
Fair Value Assets 164,152 96,618
Fair Value Liabilities (9,277) (31,294)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Total Return Swap    
Derivative [Line Items]    
Gross Notional 23,025,217 15,049,993
Fair Value Assets 1,160,080 418,084
Fair Value Liabilities (1,182,913) (803,452)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options    
Derivative [Line Items]    
Gross Notional 117,107,059 49,247,510
Fair Value Assets 4,453,762 1,600,335
Fair Value Liabilities (3,717,637) (1,552,706)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Futures    
Derivative [Line Items]    
Gross Notional 1,802,205 418,973
Fair Value Assets 15 1,232
Fair Value Liabilities (6,060) (500)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Synthetic Gics    
Derivative [Line Items]    
Gross Notional 3,958,847 311,302
Fair Value Assets 143 1
Fair Value Liabilities $ (31) $ 0
v3.25.1
Derivative Instruments (Offsetting Balance Sheet) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Offsetting of Financial Assets, Derivatives    
Derivatives, Gross Amounts of Recognized Financial Instruments $ 15,332,538 $ 9,045,718
Derivatives, Gross Amounts Offset in the Consolidated Statement of Financial Position (15,308,195) (9,028,019)
Derivatives, Net Amounts Presented in the Consolidated Statements of Financial Position 24,343 17,699
Derivatives, Financial Instruments/Collateral 0 0
Derivatives, Net Amount 24,343 17,699
Offsetting of Financial Assets, Securities Purchased Under Agreements to Resell    
Securities Purchased Under Agreements to Resell, Gross Amounts of Recognized Financial Instruments 0 25,000
Securities Purchased Under Agreements to Resell, Gross Amounts Offset in the Consolidated Statement of Financial Position 0 0
Securities Purchased Under Agreements to Resell, Net Amounts Presented in the Consolidated Statements of Financial Position 0 25,000
Securities Purchased Under Agreements to Resell, Financial Instruments/Collateral 0 0
Security Purchased under Agreement to Resell, Net Amount 0 25,000
Offsetting of Financial Assets, Total Assets    
Total Assets, Gross Amounts of Recognized Financial Instruments 15,332,538 9,070,718
Total Assets, Gross Amounts Offset in the Consolidated Statement of Financial Position (15,308,195) (9,028,019)
Total Assets, Net Amounts Presented in the Consolidated Statements of Financial Position 24,343 42,699
Total Assets, Financial Instruments/Collateral 0 0
Total Assets, Net Amount 24,343 42,699
Offsetting of Financial Liabilities, Derivatives    
Derivatives, Gross Amounts of Recognized Financial Instruments 27,242,182 21,248,026
Derivatives, Gross Amounts Offset in the Consolidated Statement of Financial Position (23,619,586) (18,596,679)
Derivatives, Net Amounts Presented in the Consolidated Statements of Financial Position 3,622,596 2,651,347
Derivatives, Financial Instruments/Collateral (3,622,596) (2,651,347)
Derivatives, Net Amount 0 0
Offsetting of Financial Liabilities, Total Liabilities    
Total Liabilities, Gross Amounts of Recognized Financial Instruments 27,242,182 21,248,026
Total Liabilities, Gross Amounts Offset in the Consolidated Statement of Financial Position (23,619,586) (18,596,679)
Total Liabilities, Net Amounts Presented in the Consolidated Statements of Financial Position 3,622,596 2,651,347
Total Liabilities, Financial Instruments/Collateral (3,622,596) (2,651,347)
Total Liabilities, Net Amount $ 0 $ 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
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ 713,403 $ (1,133,219) $ 460,859
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Realized Investment Gains (Losses) Realized Investment Gains (Losses) Realized Investment Gains (Losses)
Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ (2,856,118) $ (2,377,803) $ (4,179,946)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Change in value of market risk benefits, net of related hedging gain (losses) Change in value of market risk benefits, net of related hedging gain (losses) Change in value of market risk benefits, net of related hedging gain (losses)
Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ 48,405 $ 43,816 $ 36,726
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net investment income Net investment income Net investment income
Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ 35,350 $ (26,463) $ 34,627
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Income (loss) Other Income (loss) Other Income (loss)
AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ 98,631 $ (126,693) $ 98,731
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Comprehensive Income (Loss), Net of Tax Other Comprehensive Income (Loss), Net of Tax Other Comprehensive Income (Loss), Net of Tax
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ 2,259 $ (634) $ 7,637
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 48,405 43,816 36,726
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 34,827 (26,206) 34,070
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 98,631 (126,693) 98,731
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate Contract | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 3 2 1
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate Contract | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate Contract | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (118) (118) (8)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate Contract | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate Contract | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 46 72 (312)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 2,256 (636) 7,636
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 48,523 43,934 36,734
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 34,827 (26,206) 34,070
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 98,585 (126,765) 99,043
Derivatives Not Qualifying as Hedge Accounting Instruments: | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 711,144 (1,132,585) 453,222
Derivatives Not Qualifying as Hedge Accounting Instruments: | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (2,856,118) (2,377,803) (4,179,946)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 523 (257) 557
Derivatives Not Qualifying as Hedge Accounting Instruments: | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Contract | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 35,600 25,329 661,978
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Contract | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (2,094,268) (1,555,807) (5,230,085)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Contract | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Contract | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Contract | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 54,543 (16,012) 18,952
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 77,166 (102,238) 107,388
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 523 (257) 557
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 16,856 14,350 (15,904)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 3,207,538 1,744,218 40,076
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (761,850) (821,996) 1,050,139
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivative Financial Instruments | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net (2,680,559) (2,798,232) (359,268)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivative Financial Instruments | Market Risk Benefit, Increase (Decrease)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivative Financial Instruments | Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivative Financial Instruments | Other Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivative Financial Instruments | AOCI      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, gain (loss) on derivative, net $ 0 $ 0 $ 0
v3.25.1
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance $ 4,502,864    
Ending Balance 4,701,980 $ 4,502,864  
Accumulated Gain (Loss), Net, Cash Flow Hedge      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance 11,934 138,627 $ 39,896
Total amount recorded in AOCI 184,122 (109,717) 177,164
Total amount reclassified from AOCI to income (85,491) (16,976) (78,433)
Ending Balance 110,565 11,934 138,627
Interest Rate Contract | Accumulated Gain (Loss), Net, Cash Flow Hedge      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Total amount recorded in AOCI (69) (44) (319)
Total amount reclassified from AOCI to income 115 116 7
Currency/Interest Rate | Accumulated Gain (Loss), Net, Cash Flow Hedge      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Total amount recorded in AOCI 184,191 (109,673) 177,483
Total amount reclassified from AOCI to income $ (85,606) $ (17,092) $ (78,440)
v3.25.1
Derivative Instruments (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months $ 41,000,000  
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability (11,968,000,000) $ (7,505,000,000)
Credit derivatives exposure on purchased credit protection 0 0
Credit Default Swap, Selling Protection    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 912,000,000 643,000,000
Credit Risk Derivatives, at Fair Value, Net Asset (Liability) (less than) 10,000,000 $ 8,000,000
Credit Default Swap, Selling Protection | NAIC 3    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 877,000,000  
Credit Default Swap, Selling Protection | NAIC 6    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted $ 35,000,000  
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
Dec. 31, 2024
Dec. 31, 2023
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) $ 34,986,160 $ 26,131,780
Market risk benefit assets 2,637,363 2,367,243
Fixed maturities, trading, at fair value (amortized cost: 2024 – $4,391,322; 2023 – $3,451,001) 3,845,045 2,796,446
Equity securities 2,623,820 844,950
Short-term investments 517,386  
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 1,582,094 1,222,985
Receivables from parent and affiliates 678,028 332,583
Separate account assets 118,143,256 119,188,485
TOTAL ASSETS 238,454,729 213,269,687
Market risk benefit liabilities 4,281,244 5,156,858 [1]
Payables to parent and affiliates 3,653,848 2,667,696
Total liabilities 233,752,749 208,766,823
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 1,099,241 975,287
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 541,066 776,627
Foreign government securities    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 310,334 281,986
U.S. corporate public securities    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 13,238,428 9,495,912
U.S. corporate private securities    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 5,754,097 4,989,494
Foreign corporate public securities    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 3,698,851 1,706,094
Foreign corporate private securities    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 5,341,633 4,630,982
Asset-backed securities    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 3,750,663 2,027,550
Commercial mortgage-backed securities    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 895,775 851,778
Residential mortgage-backed securities    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 356,072 396,070
Equity securities    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value investment measured at NAV per share   14,600
Fair Value, Measurements, Recurring    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 34,986,160 26,131,780
Market risk benefit assets 2,637,363 2,367,243
Fixed maturities, trading, at fair value (amortized cost: 2024 – $4,391,322; 2023 – $3,451,001) 3,845,045 2,796,446
Equity securities 2,623,820 830,340
Short-term investments 496,285 313,866
Cash equivalents 2,851,283 1,644,125
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 24,499 17,718
Reinsurance recoverables and deposit receivables 645,193 192,642
Receivables from parent and affiliates 520,462 147,984
Subtotal excluding separate account assets 48,630,110 34,442,144
Separate account assets 111,699,552 113,929,793
TOTAL ASSETS 160,329,662 148,371,937
Market risk benefit liabilities 4,281,244 5,156,858
Policyholders’ account balances 12,624,585 7,697,627
Payables to parent and affiliates 3,615,277 2,651,123
Other liabilities 7,350 225
Total liabilities 20,528,456 15,505,833
Assets netting (15,308,195) (9,028,019)
Liabilities netting (23,619,586) (18,596,679)
Derivative liability, cash collateral (8,311,000) (9,569,000)
Fair Value, Measurements, Recurring | Payables to parent and affiliates    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities netting (23,617,643) (18,588,647)
Fair Value, Measurements, Recurring | Other liabilities    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities netting (1,943) (8,032)
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 1,099,241 975,287
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 541,066 776,627
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 310,334 281,986
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 13,238,428 9,495,912
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 5,754,097 4,989,494
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 3,698,851 1,706,094
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 5,341,633 4,630,982
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 3,750,663 2,027,550
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 895,775 851,778
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 356,072 396,070
Fair Value, Measurements, Recurring | Level 1    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 0 0
Market risk benefit assets 0 0
Fixed maturities, trading, at fair value (amortized cost: 2024 – $4,391,322; 2023 – $3,451,001) 0 0
Equity securities 2,587,791 790,346
Short-term investments 0 31,879
Cash equivalents 0 447,396
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 2,302 23,432
Reinsurance recoverables and deposit receivables 0 0
Receivables from parent and affiliates 0 0
Subtotal excluding separate account assets 2,590,093 1,293,053
Separate account assets 273,288 176,239
TOTAL ASSETS 2,863,381 1,469,292
Market risk benefit liabilities 0 0
Policyholders’ account balances 0 0
Payables to parent and affiliates 0 0
Other liabilities 7,988 8,032
Total liabilities 7,988 8,032
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 33,086,013 24,939,518
Market risk benefit assets 0 0
Fixed maturities, trading, at fair value (amortized cost: 2024 – $4,391,322; 2023 – $3,451,001) 3,778,760 2,762,398
Equity securities 15,514 11,285
Short-term investments 390,745 280,228
Cash equivalents 2,851,250 1,196,729
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 15,330,249 9,022,304
Reinsurance recoverables and deposit receivables 0 0
Receivables from parent and affiliates 169,072 147,984
Subtotal excluding separate account assets 55,621,603 38,360,446
Separate account assets 111,415,717 113,747,569
TOTAL ASSETS 167,037,320 152,108,015
Market risk benefit liabilities 0 0
Policyholders’ account balances 0 0
Payables to parent and affiliates 27,232,920 21,239,770
Other liabilities 1,274 225
Total liabilities 27,234,194 21,239,995
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 1,099,241 975,287
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 541,066 776,627
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 309,686 281,304
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 13,238,428 9,495,912
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 4,996,400 4,476,258
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 3,692,124 1,698,965
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 4,906,450 4,137,004
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 3,126,089 1,928,428
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 820,457 773,663
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 356,072 396,070
Fair Value, Measurements, Recurring | Level 3    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 1,900,147 1,192,262
Market risk benefit assets 2,637,363 2,367,243
Fixed maturities, trading, at fair value (amortized cost: 2024 – $4,391,322; 2023 – $3,451,001) 66,285 34,048
Equity securities 20,515 28,709
Short-term investments 105,540 1,759
Cash equivalents 33 0
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 143 1
Reinsurance recoverables and deposit receivables 645,193 192,642
Receivables from parent and affiliates 351,390 0
Subtotal excluding separate account assets 5,726,609 3,816,664
Separate account assets 10,547 5,985
TOTAL ASSETS 5,737,156 3,822,649
Market risk benefit liabilities 4,281,244 5,156,858
Policyholders’ account balances 12,624,585 7,697,627
Payables to parent and affiliates 0 0
Other liabilities 31 0
Total liabilities 16,905,860 12,854,485
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 648 682
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 757,697 513,236
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 6,727 7,129
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 435,183 493,978
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 624,574 99,122
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 75,318 78,115
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, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 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 44,000 67,000
Separate account assets    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value investment measured at NAV per share $ 6,444,000 $ 5,259,000
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Corporate securities $ 2,650,542 $ 824,270
Market risk benefit assets 2,637,363 2,367,243
Receivables from parent and affiliates 678,028 332,583
Market risk benefit liabilities 4,281,244 5,156,858 [1]
Fair Value, Measurements, Recurring    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Market risk benefit assets 2,637,363 2,367,243
Reinsurance recoverables and deposit receivables 645,193 192,642
Receivables from parent and affiliates 520,462 147,984
Market risk benefit liabilities 4,281,244 5,156,858
Policyholders’ account balances 12,624,585 7,697,627
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 $ 2,637,363 2,367,243
Reinsurance recoverables and deposit receivables 645,193 192,642
Receivables from parent and affiliates 351,390 0
Market risk benefit liabilities 4,281,244 5,156,858
Policyholders’ account balances $ 12,624,585 $ 7,697,627
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 0.29% 0.41%
Utilization rate 37.00% 38.00%
Withdrawal rate (greater than maximum range) 78.00% 81.00%
Mortality rate 0.00% 0.00%
Equity volatility curve 16.00% 15.00%
Level 3 | Internal | Minimum   | Discounted cash flow | Policyholders' account balances    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Lapse rate 0.00% 1.00%
Spread over SOFR 0.29% 0.41%
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 2.15% 6.98%
Level 3 | Internal | Minimum   | Discounted cash flow | Asset-backed securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 2.30%  
Level 3 | Internal | Minimum   | Discounted cash flow | Commercial mortgage-backed securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidity premium 1.00% 0.60%
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 0.29% 0.41%
Utilization rate 37.00% 38.00%
Withdrawal rate (greater than maximum range) 78.00% 81.00%
Mortality rate 0.00% 0.00%
Equity volatility curve 16.00% 15.00%
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% 1.00%
Spread over SOFR 0.29% 0.41%
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  
Level 3 | Internal | Minimum   | Liquidation | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidation value 75.00% 63.62%
Level 3 | Internal | Minimum   | Liquidation | Receivables from parent and affiliates    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidation value 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 1.79% 1.91%
Utilization rate 94.00% 95.00%
Withdrawal rate (greater than maximum range) 100.00% 100.00%
Mortality rate 16.00% 15.00%
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 1.73% 1.85%
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 20.00% 20.00%
Level 3 | Internal | Maximum | Discounted cash flow | Asset-backed securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 10.70%  
Level 3 | Internal | Maximum | Discounted cash flow | Commercial mortgage-backed securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidity premium 1.00% 0.75%
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 1.79% 1.91%
Utilization rate 94.00% 95.00%
Withdrawal rate (greater than maximum range) 100.00% 100.00%
Mortality rate 16.00% 15.00%
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 1.71% 1.82%
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  
Level 3 | Internal | Maximum | Liquidation | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidation value 75.00% 63.62%
Level 3 | Internal | Maximum | Liquidation | Receivables from parent and affiliates    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidation value 100.00%  
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 11.15% 9.73%
Level 3 | Internal | Weighted Average | Discounted cash flow | Asset-backed securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 6.18%  
Level 3 | Internal | Weighted Average | Discounted cash flow | Commercial mortgage-backed securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidity premium 1.00% 0.71%
Level 3 | Internal | Weighted Average | Market comparables | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
EBITDA multiples 5.0  
Level 3 | Internal | Weighted Average | Liquidation | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidation value 75.00% 63.62%
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%  
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 $ 4,281,244 $ 5,156,858
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders' account balances    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Policyholders’ account balances 12,624,585 7,697,627
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Corporate securities 1,130,627 81,635
Level 3 | Internal | Fair Value, Measurements, Recurring | Asset-backed securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Asset backed securities 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 75,318 78,115
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 2,637,363 2,367,243
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 645,193 $ 192,642
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 $ 328,001  
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrealized gains (losses) for assets/liabilities still held:      
Market risk benefit assets $ 2,637,363 $ 2,367,243  
Market risk benefit liabilities 4,281,244 5,156,858 [1]  
Equity securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 28,709 28,593  
Purchases 273 2,531  
Sales (6,120) 0  
Issuances 0 0  
Settlements (6,332) 0  
Other 6,120 (1,487)  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 20,515 28,709 $ 28,593
Total gains (losses) (realized/unrealized):      
Included in earnings (2,135) (928)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (230) (928)  
Equity securities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Equity securities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (2,135) (928) (3,310)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (230) (928) (3,872)
Equity securities | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Equity securities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Equity securities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Other invested assets      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 1 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 143 1 0
Total gains (losses) (realized/unrealized):      
Included in earnings 142 1  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 142 1  
Other invested assets | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 142 1  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 142 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 1,759 16,945  
Purchases 117,046 4,922  
Sales (13,113) 0  
Issuances 0 0  
Settlements (1,488) (21,322)  
Other (203) (1,359)  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 105,540 1,759 16,945
Total gains (losses) (realized/unrealized):      
Included in earnings 1,539 2,573  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 321 0  
Short-term investments | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 1,142 1,857 77
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (64) 0 0
Short-term investments | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Short-term investments | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Short-term investments | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 385 (73) 73
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 385 0 73
Short-term investments | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 12 789 (36)
Cash equivalents      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0    
Purchases 744    
Sales 0    
Issuances 0    
Settlements (65)    
Other (605)    
Transfers into Level 3 0    
Transfers out of Level 3 0    
Fair Value, end of period 33 0  
Total gains (losses) (realized/unrealized):      
Included in earnings (41)    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (41)    
Cash equivalents | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (41)    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (41)    
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    
Reinsurance recoverables and deposit receivables      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 192,642 115,886  
Purchases 333,291 183,716  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 93,231 (2,364)  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 645,193 192,642 115,886
Total gains (losses) (realized/unrealized):      
Included in earnings 26,029 (104,596)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (122,807) (119,067)  
Reinsurance recoverables and deposit receivables | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 26,029 (104,596) 111,382
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (122,807) (119,067) 115,303
Reinsurance recoverables and deposit receivables | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Reinsurance recoverables and deposit receivables | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Reinsurance recoverables and deposit receivables | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Reinsurance recoverables and deposit receivables | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Separate account assets      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 5,985 4,645  
Purchases 5,823 2,216  
Sales (2,050) (1,124)  
Issuances 0 0  
Settlements (126) (160)  
Other 0 0  
Transfers into Level 3 458 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 10,547 5,985 4,645
Total gains (losses) (realized/unrealized):      
Included in earnings 457 408  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 457 406  
Separate account assets | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Separate account assets | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Separate account assets | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 457 408 (70)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 457 406 (70)
Separate account assets | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Separate account assets | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Receivables from parent and affiliates      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0    
Purchases 418,916    
Sales (51,199)    
Issuances 0    
Settlements 0    
Other 0    
Transfers into Level 3 0    
Transfers out of Level 3 (16,417)    
Fair Value, end of period 351,390 0  
Total gains (losses) (realized/unrealized):      
Included in earnings 90    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 90    
Receivables from parent and affiliates | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Receivables from parent 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 parent 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 parent and affiliates | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 90    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 90    
Receivables from parent and affiliates | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Policyholders' account balances      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period (7,697,627) (3,502,096)  
Purchases 0 0  
Sales 0 0  
Issuances (2,286,786) (1,653,026)  
Settlements 0 0  
Other 46,929 106,631  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period (12,624,585) (7,697,627) (3,502,096)
Total gains (losses) (realized/unrealized):      
Included in earnings (2,687,101) (2,649,136)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 1,254,144 (368,507)  
Policyholders' account balances | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (2,687,101) (2,649,136) (409,912)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 1,254,144 (368,507) (289,548)
Policyholders' account balances | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Policyholders' account balances | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Policyholders' account balances | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Policyholders' account balances | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Other liabilities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0    
Purchases 0    
Sales 0    
Issuances 0    
Settlements 0    
Other 0    
Transfers into Level 3 0    
Transfers out of Level 3 0    
Fair Value, end of period (31) 0  
Total gains (losses) (realized/unrealized):      
Included in earnings (31)    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (31)    
Other liabilities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (31)    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (31)    
Other liabilities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Other liabilities | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Other liabilities | 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    
Other liabilities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Available-for-sale | Fixed maturities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (54,924) (2,081) (16,829)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (40,765) (2,904) (14,416)
Available-for-sale | Fixed maturities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Available-for-sale | Fixed maturities | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Available-for-sale | Fixed maturities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (19,313) (2,808) (56,470)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (23,684) (2,420) (59,239)
Available-for-sale | Fixed maturities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings (841) 490 (242)
Available-for-sale | Fixed maturities | Foreign government      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 682 724  
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 648 682 724
Total gains (losses) (realized/unrealized):      
Included in earnings (34) (42)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (44) (53)  
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 1,014,343 507,496  
Purchases 1,172,201 567,936  
Sales (702,073) (39,722)  
Issuances 0 0  
Settlements (183,577) (130,688)  
Other (64,672) 3,129  
Transfers into Level 3 33,043 117,671  
Transfers out of Level 3 0 (11,564)  
Fair Value, end of period 1,199,607 1,014,343 507,496
Total gains (losses) (realized/unrealized):      
Included in earnings (69,658) 85  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (61,011) (973)  
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 177,237 104,724  
Purchases 771,208 241,159  
Sales (40,508) (37)  
Issuances 0 0  
Settlements (96,067) (2,147)  
Other 65,480 (2,222)  
Transfers into Level 3 34,578 4,537  
Transfers out of Level 3 (206,650) (164,335)  
Fair Value, end of period 699,892 177,237 104,724
Total gains (losses) (realized/unrealized):      
Included in earnings (5,386) (4,442)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (3,394) (4,298)  
Trading | Fixed maturities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 34,048 0  
Purchases 261,968 36,284  
Sales (52) 0  
Issuances 0 0  
Settlements (2,261) 0  
Other 0 2,931  
Transfers into Level 3 18,842 0  
Transfers out of Level 3 (236,606) (6,250)  
Fair Value, end of period 66,285 34,048 $ 0
Total gains (losses) (realized/unrealized):      
Included in earnings (9,654) 1,083  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (9,705) 1,225  
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 (9,661) 1,080  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (9,705) 1,225  
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 $ 7 $ 3  
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Fair Value of Assets and Liabilities (Nonrecurring Fair Value Measurements) (Details) - Level 3 - Fair Value, Nonrecurring - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investment in joint venture      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Equity in earnings of operating joint venture, net of taxes $ 0 $ 0 $ (75,000)
Other invested assets      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Gains (losses) $ 0 $ 0 $ (11,125)
v3.25.1
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets:    
Policy loans $ 1,541,480 $ 1,472,677
Short-term investments 517,386  
Cash and cash equivalents 3,325,698 2,139,792
Accrued investment income 466,394 333,838
Receivables from parent and affiliates 678,028 332,583
Liabilities:    
Cash collateral for loaned securities 121,372 218,310
Reinsurance Payable And Funds Withheld Payable 8,611,141 2,738,979 [1],[2]
Fair Value    
Assets:    
Commercial mortgage and other loans 7,534,909 5,918,386
Policy loans 1,541,480 1,472,677
Short-term investments 21,101 66,500
Cash and cash equivalents 474,415 495,667
Accrued investment income 466,394 333,838
Reinsurance recoverables and deposit receivables 2,355,489 1,512,138
Receivables from parent and affiliates 157,566 184,599
Other assets 203,493 80,646
Total assets 12,754,847 10,064,451
Liabilities:    
Policyholders’ account balances - investment contracts 10,811,361 6,352,532
Cash collateral for loaned securities 121,372 218,310
Reinsurance Payable And Funds Withheld Payable 2,602,140 1,517,131
Short-term debt to affiliates   176,110
Payables to parent and affiliates 38,571 16,573
Other liabilities 880,884 637,153
Total liabilities 14,454,328 8,917,809
Carrying Amount    
Assets:    
Commercial mortgage and other loans 7,759,323 6,122,721
Policy loans 1,541,480 1,472,677
Short-term investments 21,101 66,500
Cash and cash equivalents 474,415 495,667
Accrued investment income 466,394 333,838
Reinsurance recoverables and deposit receivables 2,357,292 1,513,520
Receivables from parent and affiliates 157,566 184,599
Other assets 203,493 80,646
Total assets 12,981,064 10,270,168
Liabilities:    
Policyholders’ account balances - investment contracts 10,826,931 6,368,061
Cash collateral for loaned securities 121,372 218,310
Reinsurance Payable And Funds Withheld Payable 2,602,140 1,517,131
Short-term debt to affiliates   180,411
Payables to parent and affiliates 38,571 16,573
Other liabilities 880,884 637,153
Total liabilities 14,469,898 8,937,639
Level 1 | Fair Value    
Assets:    
Commercial mortgage and other loans 0 0
Policy loans 0 0
Short-term investments 21,101 66,500
Cash and cash equivalents 474,415 470,668
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 495,516 537,168
Liabilities:    
Policyholders’ account balances - investment contracts 0 0
Cash collateral for loaned securities 0 0
Reinsurance Payable And Funds Withheld Payable 0 0
Short-term debt to affiliates   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 0 0
Cash and cash equivalents 0 24,999
Accrued investment income 466,394 333,838
Reinsurance recoverables and deposit receivables 0 0
Receivables from parent and affiliates 157,566 184,599
Other assets 203,493 80,646
Total assets 827,453 624,082
Liabilities:    
Policyholders’ account balances - investment contracts 815,520 955,647
Cash collateral for loaned securities 121,372 218,310
Reinsurance Payable And Funds Withheld Payable 2,602,140 1,517,131
Short-term debt to affiliates   176,110
Payables to parent and affiliates 38,571 16,573
Other liabilities 849,278 604,730
Total liabilities 4,426,881 3,488,501
Level 3 | Fair Value    
Assets:    
Commercial mortgage and other loans 7,534,909 5,918,386
Policy loans 1,541,480 1,472,677
Short-term investments 0 0
Cash and cash equivalents 0 0
Accrued investment income 0 0
Reinsurance recoverables and deposit receivables 2,355,489 1,512,138
Receivables from parent and affiliates 0 0
Other assets 0 0
Total assets 11,431,878 8,903,201
Liabilities:    
Policyholders’ account balances - investment contracts 9,995,841 5,396,885
Cash collateral for loaned securities 0 0
Reinsurance Payable And Funds Withheld Payable 0 0
Short-term debt to affiliates   0
Payables to parent and affiliates 0 0
Other liabilities 31,606 32,423
Total liabilities $ 10,027,447 $ 5,429,308
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
[2] Prior period amounts have been reclassified to conform to current period presentation.
v3.25.1
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements (Balance of and Changes in DAC) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Deferred Policy Acquisition Cost, Beginning Balance $ 7,144,736 [1] $ 6,956,197 $ 7,029,308
Capitalization 1,533,858 1,121,435 989,342
Amortization Expense (603,357) (539,510) (521,269)
Other (268,177) (393,386) (541,184)
Balance, end of period 7,807,060 7,144,736 [1] 6,956,197
Fixed Annuities      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Deferred Policy Acquisition Cost, Beginning Balance 197,937 102,251 84,481
Capitalization 216,410 117,851 31,494
Amortization Expense (42,705) (22,165) (13,724)
Other 0 0 0
Balance, end of period 371,642 197,937 102,251
Variable Annuties      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Deferred Policy Acquisition Cost, Beginning Balance 3,298,935 3,759,819 3,806,732
Capitalization 430,520 263,869 296,597
Amortization Expense (356,254) (331,368) (343,510)
Other 0 (393,385) 0
Balance, end of period 3,373,201 3,298,935 3,759,819
Term Life      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Deferred Policy Acquisition Cost, Beginning Balance 743,888 648,837 577,084
Capitalization 183,463 159,000 127,541
Amortization Expense (63,447) (63,949) (55,423)
Other (249,836) 0 (365)
Balance, end of period 614,068 743,888 648,837
Variable / Universal Life      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Deferred Policy Acquisition Cost, Beginning Balance 2,903,976 2,445,290 2,561,011
Capitalization 703,465 580,715 533,710
Amortization Expense (140,951) (122,028) (108,612)
Other (18,341) (1) (540,819)
Balance, end of period $ 3,448,149 $ 2,903,976 $ 2,445,290
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements (Balance of and Changes in Deferred Reinsurance Losses) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period $ 255,115 $ 292,893 $ 333,003
Amortization expense (54,749) (37,777) (40,105)
Other 1,330,028 (1) (5)
Balance, end of period 1,530,394 255,115 292,893
PARCC      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, end of period 351,000    
Variable Annuties      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period 194,111 223,515 254,577
Amortization expense (29,876) (29,403) (31,057)
Other 3 (1) (5)
Balance, end of period 164,238 194,111 223,515
Term Life      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period 61,004 69,378 78,426
Amortization expense (15,345) (8,374) (9,048)
Other 351,025 0 0
Balance, end of period 396,684 61,004 69,378
Variable / Universal Life      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period 0 0 0
Amortization expense (9,528) 0 0
Other 979,000 0 0
Balance, end of period $ 969,472 $ 0 $ 0
v3.25.1
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements (Balance of and Changes in Deferred Reinsurance Gain) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Balance, beginning of period $ 1,673,291 $ 1,492,856 $ 252,736
Amortization (151,767) (96,864) (86,389)
Other 1,797,261 277,299 1,326,509
Balance, end of period 3,318,785 1,673,291 1,492,856
Lotus Re      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Other     1,352,000
Fixed Annuities      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Balance, beginning of period 48,074 57,898 78,138
Amortization (10,516) (9,790) (6,437)
Other (10) (34) (13,803)
Balance, end of period 37,548 48,074 57,898
Variable Annuties      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Balance, beginning of period 261,721 0 0
Amortization (20,061) (15,612) 0
Other (32) 277,333 0
Balance, end of period 241,628 261,721 0
Variable / Universal Life      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Balance, beginning of period 1,363,496 1,434,958 174,598
Amortization (121,190) (71,462) (79,952)
Other 1,797,303 0 1,340,312
Balance, end of period 3,039,609 $ 1,363,496 $ 1,434,958
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    
Variable / Universal Life | Wilton Re      
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]      
Other $ 798,000    
v3.25.1
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements (Balance of and Changes in DSI) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Movement in Deferred Sales Inducements [Roll Forward]      
Beginning Balance $ 351,424    
Ending Balance 322,351 $ 351,424  
Variable Annuties      
Movement in Deferred Sales Inducements [Roll Forward]      
Beginning Balance 351,424 381,504 $ 414,619
Capitalization 1,243 1,514 676
Amortization expense (30,316) (31,625) (33,791)
Other adjustments   31  
Ending Balance $ 322,351 $ 351,424 $ 381,504
v3.25.1
Separate Accounts (Separate Account Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 118,143,256 $ 119,188,485
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 15,548 2,954
Obligations of U.S. states and their political subdivisions authorities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 115 0
U.S. corporate securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 24,458 9,504
Foreign corporate securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3,158 1,763
Asset-Backed Securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,099 0
Mortgage-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 82 186
Equity    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 73,226,610 72,614,821
Fixed Income    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 33,828,097 37,065,162
Other    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 4,431,975 4,101,661
Equity securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 126,792 104,159
Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 6,444,077 5,258,900
Short-term investments    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2,559 2,126
Cash and cash equivalents    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 38,686 $ 27,249
v3.25.1
Separate Accounts (Separate Account Liabilities) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Separate Account, Liability [Roll Forward]      
Balance, beginning of period $ 119,188,485 $ 114,051,246 $ 149,797,828
Deposits 4,114,974 3,186,458 2,933,695
Investment performance 13,052,608 16,530,506 (25,870,874)
Policy charges (3,133,536) (3,126,398) (3,280,999)
Surrenders and withdrawals (14,278,004) (10,035,327) (8,821,162)
Benefit payments (351,709) (300,033) (340,726)
Net transfers (to) from general account (481,062) (1,190,696) (420,021)
Other 31,500 72,729 53,505
Balance, end of period 118,143,256 119,188,485 114,051,246
Cash surrender value 113,918,263 114,901,916 109,783,645
Variable Annuties      
Separate Account, Liability [Roll Forward]      
Balance, beginning of period 92,383,121 91,785,447 123,977,624
Deposits 601,236 440,707 658,695
Investment performance 8,395,586 12,219,777 (21,600,783)
Policy charges (2,210,261) (2,296,859) (2,513,831)
Surrenders and withdrawals (13,827,431) (9,687,372) (8,481,231)
Benefit payments (66,029) (73,791) (62,586)
Net transfers (to) from general account (100,193) (15,121) (206,269)
Other 7,026 10,333 13,828
Balance, end of period 85,183,055 92,383,121 91,785,447
Cash surrender value 84,325,382 91,201,190 90,208,083
Variable Life      
Separate Account, Liability [Roll Forward]      
Balance, beginning of period 26,805,364 22,265,799 25,820,204
Deposits 3,513,738 2,745,751 2,275,000
Investment performance 4,657,022 4,310,729 (4,270,091)
Policy charges (923,275) (829,539) (767,168)
Surrenders and withdrawals (450,573) (347,955) (339,931)
Benefit payments (285,680) (226,242) (278,140)
Net transfers (to) from general account (380,869) (1,175,575) (213,752)
Other 24,474 62,396 39,677
Balance, end of period 32,960,201 26,805,364 22,265,799
Cash surrender value $ 29,592,881 23,700,726 $ 19,575,562
Policy loan funding to an affiliated irrevocable trust | Variable Life      
Separate Account, Liability [Roll Forward]      
Net transfers (to) from general account   $ (900,000)  
v3.25.1
Liability for Future Policy Benefits (Benefit Reserves) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Other adjustments $ 20,643 $ (3,952) $ (55,099)  
Other Businesses        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 1,765 2,127    
Balance after transition, at current discount rate 1,474 1,765 2,127  
Total        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 18,656,760 18,042,105    
Balance after transition, at current discount rate 17,928,959 18,656,760 18,042,105  
Term Life        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, beginning of period 10,927,833 10,911,794 12,485,056  
Effect of cumulative changes in discount rate assumptions, beginning of period 225,711 554,896 (1,826,120)  
Balance at original discount rate, beginning of period 11,153,544 11,466,690 10,658,936  
Effect of assumption update   21,466 (790) $ 1,295,294
Effect of actual variances from expected experiences and other activity   (219,878) (200,513) (112,661)
Adjusted balance, beginning of period   10,955,132 11,265,387 11,841,569
Issuances 827,606 712,495 439,874  
Net Premium / Consideration Collected (1,319,501) (1,345,514) (1,339,902)  
Interest accural 511,817 521,176 525,149  
Other adjustments 7,092      
Balance at original discount rate, end of period 10,982,146 11,153,544 11,466,690  
Effect of cumulative changes in discount rate assumptions, end of period (567,443) (225,711) (554,896)  
Balance, end of period 10,414,703 10,927,833 10,911,794  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 18,426,207 17,835,251 20,937,097  
Effect of cumulative changes in discount rate assumptions, beginning of period 331,571 962,035 (3,607,275)  
Balance at original discount rate, beginning of period 18,757,778 18,797,286 17,329,822  
Effect of assumption update   21,480 (1,044) 1,756,995
Effect of actual variance from expected experience and other activity   (259,137) (263,243) (206,175)
Adjusted balance, beginning of period   18,520,121 18,532,999 18,880,642
Issuances 827,606 712,495 439,874  
Interest accrual 893,983 895,023 888,525  
Benefit Payments (1,471,863) (1,386,583) (1,416,823)  
Other adjustments 11,225 3,844 5,068  
Balance at original discount rate, end of period 18,781,072 18,757,778 18,797,286  
Effect of cumulative changes in discount rate assumptions, end of period (1,091,673) (331,571) (962,035)  
Balance after transition, at current discount rate 17,689,399 18,426,207 17,835,251  
Balance, end of period, pre-flooring 7,274,696 7,498,374 6,923,457  
Flooring impact, end of period 44 44 0  
Balance, end of period, post-flooring 7,274,740 7,498,418 6,923,457  
Less: Reinsurance Recoverable 6,753,842 6,817,488 6,497,257  
Balance after transition, net of reinsurance recoverable 520,898 680,930 426,200  
Term Life | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Undiscounted expected future gross premiums 21,815,010 21,871,767 22,223,836  
Discounted expected future gross premiums (at original discount rate) 14,889,078 15,027,611 15,322,180  
Discounted expected future gross premiums (at current discount rate) 14,154,658 14,748,999 14,587,657  
Undiscounted expected future benefits and expenses $ 29,163,241 $ 29,118,532 $ 29,330,574  
Weighted-average duration of the liability in years (at original discount rate) 10 years 10 years 11 years  
Weighted-average duration of the liability in years (at current discount rate) 9 years 10 years 10 years  
Weighted-Average Interest Rate (At Original Discount Rate) 5.13% 5.17% 5.23%  
Weighted-average interest rate (at current discount rate) 5.59% 4.99% 5.39%  
Fixed Annuities        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, beginning of period $ 0 $ 0 $ 0  
Effect of cumulative changes in discount rate assumptions, beginning of period 0 0 0  
Balance at original discount rate, beginning of period 0 0 0  
Effect of assumption update   0 0 0
Effect of actual variances from expected experiences and other activity   58 (989) (1,143)
Adjusted balance, beginning of period   58    
Issuances 35,717 36,646 30,469  
Net Premium / Consideration Collected (35,775) (35,657) (29,326)  
Interest accural 0 0 0  
Other adjustments 0      
Balance at original discount rate, end of period 0 0 0  
Effect of cumulative changes in discount rate assumptions, end of period 0 0 0  
Balance, end of period 0 0 0  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 228,788 204,727 237,065  
Effect of cumulative changes in discount rate assumptions, beginning of period 19,521 24,876 (16,704)  
Balance at original discount rate, beginning of period 248,309 229,603 220,361  
Effect of assumption update   (3,643) 0 0
Effect of actual variance from expected experience and other activity   502 6,991 (1,639)
Adjusted balance, beginning of period   245,168 236,594 218,722
Issuances 35,717 36,646 30,469  
Interest accrual 9,119 8,440 7,836  
Benefit Payments (32,225) (33,287) (27,138)  
Other adjustments (251) (84) (286)  
Balance at original discount rate, end of period 257,528 248,309 229,603  
Effect of cumulative changes in discount rate assumptions, end of period (19,442) (19,521) (24,876)  
Balance after transition, at current discount rate 238,086 228,788 204,727  
Balance, end of period, pre-flooring 238,086 228,788 204,727  
Flooring impact, end of period 0 0 0  
Balance, end of period, post-flooring 238,086 228,788 204,727  
Less: Reinsurance Recoverable 20,516 18,489 16,460  
Balance after transition, net of reinsurance recoverable 217,570 210,299 188,267  
Fixed Annuities | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Undiscounted expected future gross premiums 0 0 0  
Discounted expected future gross premiums (at original discount rate) 0 0 0  
Discounted expected future gross premiums (at current discount rate) 0 0 0  
Undiscounted expected future benefits and expenses $ 346,892 $ 332,902 $ 306,286  
Weighted-average duration of the liability in years (at original discount rate) 7 years 7 years 7 years  
Weighted-average duration of the liability in years (at current discount rate) 6 years 6 years 6 years  
Weighted-Average Interest Rate (At Original Discount Rate) 3.94% 3.70% 3.60%  
Weighted-average interest rate (at current discount rate) 5.49% 4.95% 5.33%  
Fixed Annuity        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Adjusted balance, beginning of period     $ (989) (1,143)
Term Life and Fixed Annuities        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, beginning of period $ 10,927,833 $ 10,911,794 12,485,056  
Effect of cumulative changes in discount rate assumptions, beginning of period 225,711 554,896 (1,826,120)  
Balance at original discount rate, beginning of period 11,153,544 11,466,690 10,658,936  
Effect of assumption update   21,466 (790) 1,295,294
Effect of actual variances from expected experiences and other activity   (219,820) (201,502) (113,804)
Adjusted balance, beginning of period   10,955,190 11,264,398 11,840,426
Issuances 863,323 749,141 470,343  
Net Premium / Consideration Collected (1,355,276) (1,381,171) (1,369,228)  
Interest accural 511,817 521,176 525,149  
Other adjustments 7,092      
Balance at original discount rate, end of period 10,982,146 11,153,544 11,466,690  
Effect of cumulative changes in discount rate assumptions, end of period (567,443) (225,711) (554,896)  
Balance, end of period 10,414,703 10,927,833 10,911,794  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 18,654,995 18,039,978 21,174,162  
Effect of cumulative changes in discount rate assumptions, beginning of period 351,092 986,911 (3,623,979)  
Balance at original discount rate, beginning of period 19,006,087 19,026,889 17,550,183  
Effect of assumption update   17,837 (1,044) 1,756,995
Effect of actual variance from expected experience and other activity   (258,635) (256,252) (207,814)
Adjusted balance, beginning of period   18,765,289 18,769,593 $ 19,099,364
Issuances 863,323 749,141 470,343  
Interest accrual 903,102 903,463 896,361  
Benefit Payments (1,504,088) (1,419,870) (1,443,961)  
Other adjustments 10,974 3,760 4,782  
Balance at original discount rate, end of period 19,038,600 19,006,087 19,026,889  
Effect of cumulative changes in discount rate assumptions, end of period (1,111,115) (351,092) (986,911)  
Balance after transition, at current discount rate 17,927,485 18,654,995 18,039,978  
Balance, end of period, pre-flooring 7,512,782 7,727,162 7,128,184  
Flooring impact, end of period 44 44 0  
Balance, end of period, post-flooring 7,512,826 7,727,206 7,128,184  
Less: Reinsurance Recoverable 6,774,358 6,835,977 6,513,717  
Balance after transition, net of reinsurance recoverable 738,468 891,229 614,467  
Nonparticipating Traditional and Limited-Pay Business        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Loss in net income 28,000 30,000 83,000  
Gain in net income $ 29,000 $ 31,000 $ 82,000  
v3.25.1
Liability for Future Policy Benefits (Deferred Profit Liability) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Other adjustments $ 20,643 $ (3,952) $ (55,099)  
Fixed Annuities | Deferred Profit Liability        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 14,818 18,193 15,765  
Effect of assumption update   2,110 0 $ 0
Effect of actual variance from expected experience and other activity   580 (6,978) 1,250
Adjusted balance, beginning of period   17,508 11,215 $ 17,015
Profits deferred 7,070 5,191 2,511  
Interest accrual 729 552 616  
Amortization (2,345) (2,129) (1,909)  
Other adjustments (23) (11) (40)  
Balance, end of period 22,939 14,818 18,193  
Less: Reinsurance Recoverable 1,513 1,365 1,684  
Balance after reinsurance recoverable $ 21,426 $ 13,453 $ 16,509  
v3.25.1
Liability for Future Policy Benefits (Additional Insurance Reserves) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Insurance [Abstract]        
Balance including amounts in AOCI, beginning of period, post-flooring $ 14,280,792 $ 12,664,445 $ 11,660,527  
Flooring Impact and amounts in AOCI 831,583 1,269,236 (896,931)  
Balance, excluding amounts in AOCI, beginning of period, pre-flooring   15,112,375 13,933,681 $ 10,763,596
Effect of assumption updates   154,058 22,910 2,197,592
Effect of actual variance from expected experience and other activity   265,684 34,021 (223,185)
Adjusted balance, beginning of period   15,532,117 13,990,612 $ 12,738,003
Assessments collected 1,242,684 929,709 961,924  
Interest accrual 536,678 486,253 433,631  
Benefits paid (343,241) (294,199) (199,877)  
Balance, excluding amounts in AOCI, end of period, pre-flooring 16,968,238 15,112,375 13,933,681  
Flooring Impact and amounts in AOCI (617,186) (831,583) (1,269,236)  
Balance, including amounts in AOCI, end of period, post-flooring 16,351,052 14,280,792 12,664,445  
Less: Reinsurance recoverable 16,129,846 14,054,600 12,458,184  
Balance after reinsurance recoverable, including amounts in AOCI, end of period $ 221,206 $ 226,192 $ 206,261  
Weighted-average duration of the liability in years (at original discount rate) 22 years 22 years 23 years  
Weighted-average interest rate (at original discount rate) 3.33% 3.39% 3.37%  
v3.25.1
Liability for Future Policy Benefits (Future Policy Benefits Reconciliation) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Insurance [Abstract]      
Benefit reserves, end of period, post-flooring $ 7,512,826 $ 7,727,206 $ 7,128,184
Deferred profit liability, end of period, post-flooring 22,939 14,818 18,193
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring 16,351,052 14,280,792 12,664,445
Subtotal of amounts disclosed above 23,886,817 22,022,816 19,810,822
Other future policy benefit reserves 1,226,950 1,182,389 1,018,211
Future policy benefits $ 25,113,767 $ 23,205,205 $ 20,829,033
v3.25.1
Liability for Future Policy Benefits (Revenue and Interest Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Benefit Reserves | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue $ 1,833,017 $ 1,804,955 $ 1,831,360
Interest expense 382,165 373,845 363,375
Benefit Reserves | Variable / Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest expense 0 0 0
Benefit Reserves | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 43,092 41,111 32,105
Interest expense 9,119 8,440 7,836
Benefit Reserves | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 1,876,109 1,846,066 1,863,465
Interest expense 391,284 382,285 371,211
Deferred Profit Liability | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest expense 0 0 0
Deferred Profit Liability | Variable / Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest expense 0 0 0
Deferred Profit Liability | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue   3,375  
Interest expense 729 552 616
Deferred Profit Liability | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue   3,375  
Interest expense 729 552 616
Deferred Profit Liability | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue (8,121)   (2,428)
Deferred Profit Liability | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue (8,121)   (2,428)
Additional Insurance Reserves | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest expense 0 0 0
Additional Insurance Reserves | Variable / Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 2,050,441 1,405,696 1,367,796
Interest expense 536,678 486,253 433,631
Additional Insurance Reserves | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest expense 0 0 0
Additional Insurance Reserves | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 2,050,441 1,405,696 1,367,796
Interest expense 536,678 486,253 433,631
Revenues | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 1,833,017 1,804,955 1,831,360
Revenues | Variable / Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 2,050,441 1,405,696 1,367,796
Revenues | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 34,971 44,486 29,677
Revenues | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 3,918,429 3,255,137 3,228,833
Interest Expense | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 382,165 373,845 363,375
Interest Expense | Variable / Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 536,678 486,253 433,631
Interest Expense | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense 9,848 8,992 8,452
Interest Expense | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest expense $ 928,691 $ 869,090 $ 805,458
v3.25.1
Policyholders' Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period $ 52,986,700 [1] $ 41,912,536  
Transfer (to) from separate account 481,062 1,190,696 $ 420,021
Unearned revenue reserve 4,415,187 3,741,426 3,067,336
Other 107,324 102,583 100,980
Total Policyholders' account balance $ 69,628,318 $ 52,986,700 [1] $ 41,912,536
Weighted-average crediting rate 2.23% 2.12% 2.26%
Net amount at risk $ 345,969,582 $ 323,508,447 $ 304,864,585
Cash surrender value 60,772,383 44,474,822 33,949,928
As Previously Reported      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 53,012,800    
Total Policyholders' account balance   53,012,800  
Total      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 49,142,691 38,744,220 33,492,392
Deposits 15,688,604 9,363,655 7,478,092
Interest credited 1,309,522 901,157 813,272
Policy charges (1,869,445) (1,842,450) (1,806,479)
Surrenders and withdrawals (2,115,797) (1,591,318) (1,223,874)
Benefit payments (156,746) (164,392) (229,040)
Transfer (to) from separate account 481,062 1,190,696 420,021
Change in market value and other adjustments 2,625,916 2,541,123 (200,164)
Balance, end of period 65,105,807 49,142,691 38,744,220
Total Policyholders' account balance   49,142,691 38,744,220
Fixed Annuities      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 6,164,313 3,575,823 3,005,867
Deposits 5,215,817 2,612,775 754,397
Interest credited 222,516 101,192 53,884
Policy charges (5,290) (8,438) (5,118)
Surrenders and withdrawals (554,653) (229,843) (68,343)
Benefit payments (55,956) (50,522) (90,640)
Transfer (to) from separate account 0 0 0
Change in market value and other adjustments 210,590 163,326 (74,224)
Balance, end of period $ 11,197,337 6,164,313 3,575,823
Total Policyholders' account balance   $ 6,164,313 $ 3,575,823
Weighted-average crediting rate 2.56% 2.08% 1.64%
Net amount at risk $ 11 $ 15 $ 3
Cash surrender value 9,863,990 5,307,537 2,968,033
Variable Annuties      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 22,810,665 16,432,032 11,723,977
Deposits 8,315,212 4,633,727 4,550,660
Interest credited 516,018 243,908 175,574
Policy charges (32,987) (23,368) (5,482)
Surrenders and withdrawals (782,216) (516,039) (282,497)
Benefit payments (30,427) (30,461) (35,042)
Transfer (to) from separate account 100,193 15,121 206,269
Change in market value and other adjustments 2,320,873 2,055,745 98,573
Balance, end of period $ 33,217,331 22,810,665 16,432,032
Total Policyholders' account balance   $ 22,810,665 $ 16,432,032
Weighted-average crediting rate 1.72% 1.40% 1.26%
Net amount at risk $ 0 $ 0 $ 0
Cash surrender value 31,516,776 20,490,433 13,844,151
Variable / Universal Life      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 20,167,713 18,736,365 18,762,548
Deposits 2,157,575 2,117,153 2,173,035
Interest credited 570,988 556,057 583,814
Policy charges (1,831,168) (1,810,644) (1,795,879)
Surrenders and withdrawals (778,928) (845,436) (873,034)
Benefit payments (70,363) (83,409) (103,358)
Transfer (to) from separate account 380,869 1,175,575 213,752
Change in market value and other adjustments 94,453 322,052 (224,513)
Balance, end of period $ 20,691,139 20,167,713 18,736,365
Total Policyholders' account balance   $ 20,167,713 $ 18,736,365
Weighted-average crediting rate 2.79% 2.86% 3.11%
Net amount at risk $ 345,969,571 $ 323,508,432 $ 304,864,582
Cash surrender value 19,391,617 18,676,852 17,137,744
Variable Life      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Transfer (to) from separate account $ 380,869 1,175,575 $ 213,752
Policy loans | Variable Life      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Transfer (to) from separate account   $ 900,000  
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Policyholders' Liabilities (Guaranteed Minimum Crediting Rate) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 69,628,318 $ 52,986,700 [1] $ 41,912,536  
1 - 50 bps above guaranteed minimum | Maximum        
Policyholder Account Balance [Line Items]        
Policyholder account balance, above guaranteed minimum crediting rate 50 50 50  
1 - 50 bps above guaranteed minimum | Minimum          
Policyholder Account Balance [Line Items]        
Policyholder account balance, above guaranteed minimum crediting rate 1 1 1  
51 - 150 bps above guaranteed minimum | Maximum        
Policyholder Account Balance [Line Items]        
Policyholder account balance, above guaranteed minimum crediting rate 150 150 150  
51 - 150 bps above guaranteed minimum | Minimum          
Policyholder Account Balance [Line Items]        
Policyholder account balance, above guaranteed minimum crediting rate 51 51 51  
Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholder account balance, above guaranteed minimum crediting rate 150 150 150  
Fixed Annuities        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances   $ 6,164,313 $ 3,575,823 $ 3,005,867
Variable Annuties        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances   22,810,665 16,432,032 11,723,977
Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances   20,167,713 18,736,365 $ 18,762,548
Less than 1.00% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 1,037,125 $ 118,813 $ 0  
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
Less than 1.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 249 $ 105 $ 0  
Less than 1.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 3,103 337 0  
Less than 1.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 11,939 994 0  
Less than 1.00% | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,021,834 117,377 0  
Less than 1.00% | Variable Annuties        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 1,279,398 $ 1,733,642 $ 1,888,628  
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
Less than 1.00% | Variable Annuties | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 128,748 $ 908,097 $ 1,008,763  
Less than 1.00% | Variable Annuties | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 502,988 807,460 861,119  
Less than 1.00% | Variable Annuties | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 647,480 18,083 18,744  
Less than 1.00% | Variable Annuties | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 182 2 2  
Less than 1.00% | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 180,380 $ 196,692 $ 11,902  
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
Less than 1.00% | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 3,167 $ 0 $ 11,902  
Less than 1.00% | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Less than 1.00% | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Less than 1.00% | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 177,213 196,692 0  
1.00% - 1.99% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 734,846 $ 874,784 $ 927,039  
1.00% - 1.99% | Fixed Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99% 1.99%  
1.00% - 1.99% | Fixed Annuities | Minimum          
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
1.00% - 1.99% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 430,477 $ 487,191 $ 521,189  
1.00% - 1.99% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 62,519 73,393 73,554  
1.00% - 1.99% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 172,877 234,487 248,881  
1.00% - 1.99% | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 68,973 79,713 83,415  
1.00% - 1.99% | Variable Annuties        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 418,465 $ 217,498 $ 246,774  
1.00% - 1.99% | Variable Annuties | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99% 1.99%  
1.00% - 1.99% | Variable Annuties | Minimum          
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
1.00% - 1.99% | Variable Annuties | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 121,336 $ 214,377 $ 243,223  
1.00% - 1.99% | Variable Annuties | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 294,635 2,061 2,257  
1.00% - 1.99% | Variable Annuties | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 2,494 1,060 1,294  
1.00% - 1.99% | Variable Annuties | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
1.00% - 1.99% | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 3,652,804 $ 3,317,734 $ 3,120,332  
1.00% - 1.99% | Variable / Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99% 1.99%  
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%  
1.00% - 1.99% | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 289,677 $ 201,121 $ 418,399  
1.00% - 1.99% | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
1.00% - 1.99% | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,849,854 2,588,458 773,591  
1.00% - 1.99% | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,513,273 528,155 1,928,342  
2.00% - 2.99% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 1,335,411 $ 1,349,636 $ 208,420  
2.00% - 2.99% | Fixed Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99% 2.99%  
2.00% - 2.99% | Fixed Annuities | Minimum          
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00% 2.00%  
2.00% - 2.99% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 302,520 $ 301,132 $ 208,420  
2.00% - 2.99% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 459,748 469,276 0  
2.00% - 2.99% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 557,349 562,347 0  
2.00% - 2.99% | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 15,794 16,881 0  
2.00% - 2.99% | Variable Annuties        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 25,030 $ 31,529 $ 27,751  
2.00% - 2.99% | Variable Annuties | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99% 2.99%  
2.00% - 2.99% | Variable Annuties | Minimum          
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00% 2.00%  
2.00% - 2.99% | Variable Annuties | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 17,039 $ 23,323 $ 26,778  
2.00% - 2.99% | Variable Annuties | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 3,829 4,071 973  
2.00% - 2.99% | Variable Annuties | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 4,162 4,135 0  
2.00% - 2.99% | Variable Annuties | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
2.00% - 2.99% | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 4,652,202 $ 4,523,671 $ 4,391,725  
2.00% - 2.99% | Variable / Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99% 2.99%  
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%  
2.00% - 2.99% | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 30,500 $ 28,061 $ 32,651  
2.00% - 2.99% | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,535,762 1,445,439 121,200  
2.00% - 2.99% | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 2,695,823 2,789,520 2,413,571  
2.00% - 2.99% | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 390,117 260,651 1,824,303  
3.00% - 4.00% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 1,914,875 $ 29,131 $ 38,195  
3.00% - 4.00% | Fixed Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
3.00% - 4.00% | Fixed Annuities | Minimum          
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00% 3.00%  
3.00% - 4.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 1,894,646 $ 29,131 $ 38,195  
3.00% - 4.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 6,114 0 0  
3.00% - 4.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 10,896 0 0  
3.00% - 4.00% | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 3,219 0 0  
3.00% - 4.00% | Variable Annuties        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 821,176 $ 913,231 $ 1,073,205  
3.00% - 4.00% | Variable Annuties | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
3.00% - 4.00% | Variable Annuties | Minimum          
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00% 3.00%  
3.00% - 4.00% | Variable Annuties | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 819,316 $ 903,953 $ 1,070,958  
3.00% - 4.00% | Variable Annuties | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,860 9,245 2,247  
3.00% - 4.00% | Variable Annuties | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 33 0  
3.00% - 4.00% | Variable Annuties | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
3.00% - 4.00% | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 6,948,038 $ 7,281,490 $ 6,964,283  
3.00% - 4.00% | Variable / Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
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%  
3.00% - 4.00% | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 4,149,638 $ 3,956,631 $ 4,737,864  
3.00% - 4.00% | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,716,374 2,217,133 3,510  
3.00% - 4.00% | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,082,026 1,107,726 2,093,511  
3.00% - 4.00% | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 129,398  
Greater than 4.00% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 0 $ 0 $ 0  
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
Greater than 4.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 0 $ 0 $ 0  
Greater than 4.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Variable Annuties        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 1,978 $ 2,046 $ 2,172  
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
Greater than 4.00% | Variable Annuties | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 1,978 $ 2,046 $ 2,172  
Greater than 4.00% | Variable Annuties | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Variable Annuties | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Variable Annuties | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 2,095,235 $ 2,136,137 $ 2,145,123  
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
Greater than 4.00% | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 2,095,235 $ 2,136,137 $ 2,145,123  
Greater than 4.00% | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Greater than 4.00% | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 0 0 0  
Total | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 5,022,257 2,372,364 1,173,654  
Total | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 2,627,892 817,559 767,804  
Total | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 531,484 543,006 73,554  
Total | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 753,061 797,828 248,881  
Total | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,109,820 213,971 83,415  
Total | Variable Annuties        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 2,546,047 2,897,946 3,238,530  
Total | Variable Annuties | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 1,088,417 2,051,796 2,351,894  
Total | Variable Annuties | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 803,312 822,837 866,596  
Total | Variable Annuties | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 654,136 23,311 20,038  
Total | Variable Annuties | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 182 2 2  
Total | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 17,528,659 17,455,724 16,633,365  
Total | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 6,568,217 6,321,950 7,345,939  
Total | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 3,252,136 3,662,572 124,710  
Total | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances 5,627,703 6,485,704 5,280,673  
Total | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholders’ account balances $ 2,080,603 $ 985,498 $ 3,882,043  
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Policyholders' Liabilities (Additional Insurance Reserves) (Details) - Variable / Universal Life - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Balance, beginning of period $ 3,741,426 $ 3,067,336 $ 2,398,788
Unearned revenue 859,231 827,960 799,185
Amortization expense (185,468) (153,779) (129,525)
Other adjustments (2) (91) (1,112)
Balance, end of period $ 4,415,187 $ 3,741,426 $ 3,067,336
v3.25.1
Market Risk Benefits - Rollforward of Balances for Variable Annuity Products (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Variable Annuties      
Market Risk Benefit [Roll Forward]      
Balance, beginning of period $ 3,707,407 $ 4,550,625 $ 8,884,362
Effect of cumulative changes in non-performance risk 1,067,983 1,727,910 287,605
Balance, beginning of period, before effect of changes in non-performance risk 4,775,390 6,278,535 9,171,967
Attributed fees collected 1,095,139 1,158,879 1,249,956
Claims Paid (57,083) (85,898) (64,406)
Interest accrual 226,734 293,205 143,483
Actual in force different from expected 49,864 79,030 105,996
Effect of changes in interest rates (1,436,230) (1,438,873) (7,271,427)
Effect of changes in equity markets (1,660,907) (1,845,207) 3,103,563
Effect of assumption update 85,619 330,769 (160,597)
Issuances 70,965 29,433  
Other adjustments (34,183) (24,483)  
Effect of changes in current period counterparty non-performance risk 0 0 0
Balance, end of period, before effect of changes in non-performance risk 3,115,308 4,775,390 6,278,535
Effect of cumulative changes in non-performance risk (626,845) (1,067,983) (1,727,910)
Balance, end of period 2,488,463 3,707,407 4,550,625
Less: Reinsured Market Risk Benefits      
Market Risk Benefit [Roll Forward]      
Balance, beginning of period (917,792) (422,261) (906,484)
Effect of cumulative changes in non-performance risk 0 0 0
Balance, beginning of period, before effect of changes in non-performance risk (917,792) (422,261) (906,484)
Interest accrual (56,043) (53,016) (13,438)
Actual in force different from expected (21,062) (13,338) (9,968)
Effect of changes in interest rates 277,354 455,062 767,394
Effect of changes in equity markets 177,329 180,953 (326,575)
Effect of assumption update 3,984 (54,067) 23,171
Issuances   7,680  
Other adjustments 11,566 (635,011)  
Effect of changes in current period counterparty non-performance risk (61,469) (146,999) 187,910
Balance, end of period, before effect of changes in non-performance risk (844,582) (917,792) (422,261)
Effect of cumulative changes in non-performance risk 0 0 0
Balance, end of period (844,582) (917,792) (422,261)
Less: Reinsured Market Risk Benefits | Augustar      
Market Risk Benefit [Roll Forward]      
Other adjustments 638,000    
Less: Reinsured Market Risk Benefits      
Market Risk Benefit [Roll Forward]      
Attributed fees collected (259,099) (246,747) (147,727)
Claims Paid 5,669 9,952 3,456
Issuances (5,019)    
Total, Net of Reinsurance      
Market Risk Benefit [Roll Forward]      
Balance, beginning of period 2,789,615 4,128,364 7,977,878
Effect of cumulative changes in non-performance risk 1,067,983 1,727,910 287,605
Balance, beginning of period, before effect of changes in non-performance risk 3,857,598 5,856,274 8,265,483
Attributed fees collected 836,040 912,132 1,102,229
Claims Paid (51,414) (75,946) (60,950)
Interest accrual 170,691 240,189 130,045
Actual in force different from expected 28,802 65,692 96,028
Effect of changes in interest rates (1,158,876) (983,811) (6,504,033)
Effect of changes in equity markets (1,483,578) (1,664,254) 2,776,988
Effect of assumption update 89,603 276,702 (137,426)
Issuances 65,946 37,113  
Other adjustments (22,617) (659,494)  
Effect of changes in current period counterparty non-performance risk (61,469) (146,999) 187,910
Balance, end of period, before effect of changes in non-performance risk 2,270,726 3,857,598 5,856,274
Effect of cumulative changes in non-performance risk (626,845) (1,067,983) (1,727,910)
Balance, end of period $ 1,643,881 $ 2,789,615 $ 4,128,364
v3.25.1
Market Risk Benefits - Market Risk Benefits In Asset and Liability Positions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Liability for Future Policy Benefit, Activity [Line Items]        
Total market risk benefit assets $ 2,637,363 $ 2,367,243    
Total market risk benefit liabilities 4,281,244 5,156,858 [1]    
Variable Annuties        
Liability for Future Policy Benefit, Activity [Line Items]        
Net amount at risk $ 8,722,499 $ 9,041,651 $ 12,141,947  
Weighted-average attained age of contractholders 71 years 70 years 68 years  
Direct and assumed $ 1,492,186 $ 1,201,945 $ 850,060  
Ceded 1,145,177 1,165,298 543,177  
Total market risk benefit assets 2,637,363 2,367,243 1,393,237  
Direct and assumed(1) 3,980,650 4,909,352 5,400,685  
Ceded 300,594 247,506 120,916  
Total market risk benefit liabilities 4,281,244 5,156,858 5,521,601  
Net liability   3,707,407 4,550,625 $ 8,884,362
Total, Net of Reinsurance        
Liability for Future Policy Benefit, Activity [Line Items]        
Net liability $ 1,643,881 $ 2,789,615 $ 4,128,364 $ 7,977,878
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Reinsurance (Balance Sheet Reinsurance Results) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Oct. 01, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Effects of Reinsurance [Line Items]          
Reinsurance recoverables and deposit receivables $ 48,247,817   $ 40,256,800    
Policy loans (1,541,480)   (1,472,677)    
Deferred policy acquisition costs 7,807,060   7,144,736 [1] $ 6,956,197 $ 7,029,308
Deferred sales inducements (322,351)   (351,424)    
Total market risk benefit assets 2,637,363   2,367,243    
Other assets 1,850,800   440,276 [2]    
Future policy benefits 25,113,767   23,205,205 20,829,033  
Total market risk benefit liabilities 4,281,244   5,156,858 [1]    
Reinsurance Payable And Funds Withheld Payable 8,611,141   2,738,979 [1],[2]    
Other Liabilities 4,199,803   2,424,179 [2]    
Deferred reinsurance loss 1,530,394   255,115 $ 292,893 $ 333,003
Wilton Re          
Effects of Reinsurance [Line Items]          
Reinsurance recoverables and deposit receivables   $ 7,478,000      
Deferred reinsurance loss   $ 979,000      
Impacts of Reinsurance          
Effects of Reinsurance [Line Items]          
Reinsurance recoverables and deposit receivables 48,247,817   40,256,800    
Policy loans (1,143,726)   (1,082,584)    
Deferred policy acquisition costs (3,319,067)   (3,189,110)    
Deferred sales inducements (32,573)   (35,313)    
Total market risk benefit assets 1,145,580   1,165,378    
Other assets 1,538,231   258,748    
Policyholders’ account balances 5,567,661   5,977,108    
Future policy benefits 7,443,997   7,026,209    
Total market risk benefit liabilities 302,310   251,318    
Reinsurance Payable And Funds Withheld Payable 8,611,141   2,738,979    
Other Liabilities 3,282,713   1,651,733    
Unaffiliated activity          
Effects of Reinsurance [Line Items]          
Total market risk benefit assets 804,015   745,662    
Other assets 1,118,974   176,436    
Policyholders’ account balances 1,665,998   1,830,579    
Future policy benefits 160   453    
Total market risk benefit liabilities 151,432   133,374    
Reinsurance Payable And Funds Withheld Payable 3,360,901   1,620,504    
Other Liabilities 257,929   287,551    
Unaffiliated activity          
Effects of Reinsurance [Line Items]          
Policy loans (48,644)   0    
Deferred policy acquisition costs (637,555)   $ 71,315    
Unaffiliated activity | Wilton Re          
Effects of Reinsurance [Line Items]          
Deferred policy acquisition costs 699,000        
Deferred reinsurance loss $ 979,000        
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
[2] Prior period amounts have been reclassified to conform to current period presentation.
v3.25.1
Reinsurance (Reinsurance Recoverable and Deposit Receivables by Counterparty) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables $ 48,247,817 $ 40,256,800
PAR U    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 11,426,975 15,722,061
PURC    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 0 7,565,968
PARCC    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 7,049,164 2,304,270
GUL Re    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 0 3,211,899
PAR Term    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 0 2,101,004
Prudential Insurance    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 7,507,414 1,331,202
Term Re    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 0 2,080,564
Lotus Re    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 2,130,095 2,051,831
DART    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 0 744,043
PURE    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables 7,951,965 0
Unaffiliated activity    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables $ 12,182,204 $ 3,143,958
v3.25.1
Reinsurance (Income Statement Reinsurance Results) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Premiums:      
Direct $ 1,846,109 $ 1,853,184 $ 1,868,709
Assumed 92 (61) 776
Ceded (1,453,074) (1,524,226) (1,604,277)
Net premiums 393,127 328,897 265,208
Policy charges and fee income:      
Direct 3,190,753 2,995,595 3,034,193
Assumed 899,767 604,311 594,622
Ceded 3,292,277 (2,063,300) (2,398,214)
Net policy charges and fee income 7,382,797 1,536,606 1,230,601
Net investment income:      
Direct 2,474,541 1,700,684 920,674
Assumed 1,325 1,364 1,513
Ceded (53,849) (26,526) (38,186)
Net investment income 2,422,017 1,675,522 884,001
Asset administration fees:      
Direct 329,181 323,444 351,600
Assumed 0 0 0
Ceded (105,618) (90,494) (67,418)
Net asset administration fees 223,563 232,950 284,182
Other income (loss):      
Direct 297,868 636,930 (731,796)
Assumed 2,983 (475) 271
Ceded 458,905 114,908 95,252
Net other income 759,756 751,363 [1] (636,273) [1]
Realized investment gains (losses), net:      
Direct 500,023 (1,203,453) 497,016
Assumed 85,248 162,291 (291,679)
Ceded (133,854) (105,937) 84,592
Realized investment gains (losses), net 451,417 (1,147,099) [1] 289,929 [1]
Change in value of market risk benefits, net of related hedging gains (losses):      
Direct (98,562) 287,936 (181,260)
Assumed 2,626 (4,115) 0
Ceded (338,019) (390,594) (519,321)
Net change in value of market risk benefits, net of related hedging gains (losses) (433,955) (106,773) [2] (700,581)
Policyholders’ benefits (including change in reserves):      
Direct 3,825,305 3,354,306 3,362,353
Assumed 1,058,315 1,258,651 1,107,436
Ceded 3,468,713 (4,109,168) (4,011,416)
Net policyholders’ benefits (including change in reserves) 8,352,333 503,789 458,373
Change in estimates of liability for future policy benefits:      
Direct 303,141 (18,361) 1,716,983
Assumed 92,766 8,644 679,863
Ceded (416,550) 13,669 (2,341,747)
Change in estimates of liability for future policy benefits (20,643) 3,952 55,099
Interest credited to policyholders’ account balances:      
Direct 1,310,867 884,527 805,411
Assumed 153,052 136,725 74,402
Ceded (426,188) (399,607) (434,598)
Net interest credited to policyholders’ account balances 1,037,731 621,645 [1] 445,215
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization (1,398,843) (403,517) (152,779)
Unaffiliated activity      
Premiums:      
Assumed 89 (69) 149
Ceded (107,449) (70,169) (42,721)
Policy charges and fee income:      
Assumed 1,381 1,563 2,113
Ceded (191,368) (143,764) (81,781)
Net investment income:      
Ceded (1,659) 23,023 10,802
Asset administration fees:      
Ceded (28,354) (22,415) 0
Other income (loss):      
Assumed 2,983 (475) 270
Ceded 142,267 44,260 18,440
Realized investment gains (losses), net:      
Assumed 85,248 162,291 778,620
Ceded (91,712) (101,449) 83,612
Change in value of market risk benefits, net of related hedging gains (losses):      
Assumed 2,626 (4,115) 0
Ceded 124,816 186,996 120,663
Policyholders’ benefits (including change in reserves):      
Assumed 348 804 2,566
Ceded (366,669) (157,344) (94,402)
Change in estimates of liability for future policy benefits:      
Ceded 96,014 (1,367) (6,824)
Interest credited to policyholders’ account balances:      
Assumed 39,263 16,243 (95,285)
Ceded $ (24,550) $ 0 $ 0
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
[2] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Reinsurance (Life Insurance In Force) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reinsurance Disclosures [Abstract]      
Direct gross life insurance face amount in force $ 1,181,531,932 $ 1,127,561,798 $ 1,093,610,227
Assumed gross life insurance face amount in force 34,530,341 35,558,423 36,668,045
Reinsurance ceded (1,080,451,145) (1,027,473,705) (1,009,571,304)
Net life insurance face amount in force $ 135,611,128 $ 135,646,516 $ 120,706,968
v3.25.1
Reinsurance (Narrative) (Details)
$ in Thousands
 3 Months Ended 12 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 ($)
Jul. 01, 2019
Jul. 01, 2017
Jan. 01, 2015
Dec. 31, 2014
Jul. 01, 2012
Dec. 31, 2010
Dec. 31, 2009
Jan. 31, 2001
Dec. 31, 2021
USD ($)
Dec. 31, 2024
USD ($)
counterparty
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2016
Dec. 31, 2019
Dec. 31, 2019
Dec. 31, 2016
Dec. 31, 2013
Dec. 31, 2017
Dec. 31, 2013
Dec. 31, 2019
Jan. 01, 2024
USD ($)
Oct. 01, 2021
USD ($)
Effects of Reinsurance [Line Items]                                                    
Deferred reinsurance gain                         $ 252,736 $ 3,318,785 $ 1,673,291 $ 1,492,856                    
Deferred Reinsurance Loss                         333,003 1,530,394 255,115 292,893                    
Policy charges and fee income                           7,382,797 1,536,606 1,230,601                    
Policy loans                           1,541,480 1,472,677                      
Reinsurance recoverables                           48,247,817 40,256,800                      
Variable Annuties                                                    
Effects of Reinsurance [Line Items]                                                    
Deferred reinsurance gain                         0 241,628 261,721 0                    
Deferred Reinsurance Loss                         254,577 164,238 194,111 223,515                    
Fixed Annuities                                                    
Effects of Reinsurance [Line Items]                                                    
Deferred reinsurance gain                         $ 78,138 37,548 48,074 57,898                    
Impacts of Reinsurance                                                    
Effects of Reinsurance [Line Items]                                                    
Policy loans                           1,143,726 1,082,584                      
Reinsurance recoverables                           48,247,817 40,256,800                      
PAR U                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                           11,426,975 15,722,061                      
PURE                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                           7,951,965 0                      
PURC                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                           0 7,565,968                      
PARCC                                                    
Effects of Reinsurance [Line Items]                                                    
Deferred Reinsurance Loss                           351,000                        
Reinsurance recoverables                           7,049,164 2,304,270                      
GUL Re                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                           0 3,211,899                      
PAR Term                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                           0 2,101,004                      
Term Re                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                           0 2,080,564                      
Prudential Insurance                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                           7,507,414 1,331,202                      
Lotus Re                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                           2,130,095 2,051,831                      
DART                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                           0 744,043                      
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                           1,395,000 1,429,000                      
FLIAC | Variable Annuties                                                    
Effects of Reinsurance [Line Items]                                                    
Funds held under reinsurance agreements                           5,300,000                        
FLIAC | Fixed Annuities                                                    
Effects of Reinsurance [Line Items]                                                    
Funds held under reinsurance agreements                           $ 2,000,000                        
Percent of total reinsured block                           0.80                        
Somerset Re                                                    
Effects of Reinsurance [Line Items]                                                    
Recapture loss                                                 $ 990,000  
Deferred reinsurance gain                                                 1,207,000  
Deposit assets on reinsurance                           $ 2,582,000 1,526,000                      
Funds withheld liabilities                           2,434,000 $ 1,412,000                      
Union Hamilton                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                           $ 1,900,000                        
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   7,478,000                                                
Affiliated Entity | PAR U                                                    
Effects of Reinsurance [Line Items]                                                    
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 | Prudential of Taiwan                                                    
Effects of Reinsurance [Line Items]                                                    
Related Party Transaction, Term                       2 years                            
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                        
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 loans                               855,000                    
Cash received                               $ 820,000                    
Recognized gains                         $ 1,352,000                          
Deposit receivables                           $ 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]                                                    
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 (Components of Income Tax Expense (Benefit)) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current tax expense (benefit):      
U.S. federal $ 151,544 $ 698,170 $ (345,263)
State and local 5,763 14,550 4,479
Total 157,307 712,720 (340,784)
Deferred tax expense (benefit):      
U.S. federal (22,612) (686,252) 44,097
State and local 454 0 0
Total (22,158) (686,252) 44,097
Income tax expense (benefit) 135,149 26,468 [1] (296,687) [1]
Income tax expense (benefit) on equity in earnings of operating joint ventures 24 (109) (193)
Income tax expense (benefit) reported in equity related to:      
Other comprehensive income (loss) (151,234) (5,638) (106,197)
Total income tax expense (benefit) $ (16,061) $ 20,721 $ (403,077)
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Statutory federal income tax rate 21.00% 21.00% 21.00%
Effective tax rate 13.90% 5.50% 29.90%
Percent of income tax expense (benefit) 5.00%    
Deferred Tax Assets, Valuation Allowance $ 0 $ 0  
Income (loss) from domestic operations 973 478 $ (993)
Unrecognized Tax Benefits 0 0 0
DRD constituting non-taxable investment income 41 40 44
Non-taxable investment income $ 43 $ 43 $ 46
v3.25.1
Income Taxes (Reconciliation To Effective Rate) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Expected federal income tax expense (benefit) $ 204,342 $ 100,305 $ (208,444)
Non-taxable investment income (42,621) (42,730) (46,426)
Tax credits (29,001) (42,578) (47,544)
State and Local Income Tax Expense (Benefit) 4,911 11,495 3,538
Other (2,482) (24) 2,189
Total income tax expense (benefit) on income (loss) before equity in earnings of operating joint ventures $ 135,149 $ 26,468 [1] $ (296,687) [1]
Effective tax rate 13.90% 5.50% 29.90%
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Insurance reserves $ 1,749,792 $ 1,663,037
Deferred Tax Assets, Investments 1,033,856 788,425
Net unrealized loss on securities 410,718 296,749
Other 5,647 4,723
Deferred tax assets 3,200,013 2,752,934
Deferred tax liabilities:    
Deferred policy acquisition cost 1,227,858 946,846
Deferred sales inducements 66,686 72,791
Deferred tax liabilities 1,294,544 1,019,637
Net deferred tax asset $ 1,905,469 $ 1,733,297
v3.25.1
Equity (Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance [1] $ (30,961)    
Income tax benefit (expense) 151,234 $ 5,638 $ 106,197
Ending balance (601,877) (30,961) [1]  
Foreign Currency Translation Adjustment      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance (18,085) (20,007) (11,274)
Change in OCI before reclassifications (4,595) 2,419 (9,337)
Amounts reclassified from AOCI 0 0 0
Income tax benefit (expense) 739 (497) 604
Ending balance (21,941) (18,085) (20,007)
Net Unrealized Investment Gains (Losses)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance (927,778) (1,474,475) 306,331
Change in OCI before reclassifications (416,996) 677,735 (2,249,609)
Amounts reclassified from AOCI 81,903 14,217 (4,428)
Income tax benefit (expense) 70,169 (145,255) 473,231
Ending balance (1,192,702) (927,778) (1,474,475)
AOCI, Liability for Future Policy Benefit, Parent      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance 71,195 119,368 (125,809)
Change in OCI before reclassifications 58,676 (60,978) 310,351
Amounts reclassified from AOCI 0 0 0
Income tax benefit (expense) (12,313) 12,805 (65,174)
Ending balance 117,558 71,195 119,368
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance 843,707 1,365,049 227,206
Change in OCI before reclassifications (441,138) (659,927) 1,440,307
Amounts reclassified from AOCI 0 0 0
Income tax benefit (expense) 92,639 138,585 (302,464)
Ending balance 495,208 843,707 1,365,049
Total Accumulated Other Comprehensive Income (Loss)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance (30,961) (10,065) 396,454
Change in OCI before reclassifications (804,053) (40,751) (508,288)
Amounts reclassified from AOCI 81,903 14,217 (4,428)
Income tax benefit (expense) 151,234 5,638 106,197
Ending balance (601,877) (30,961) (10,065)
Cash flow hedges | Net Unrealized Investment Gains (Losses)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance 12,000 139,000  
Ending balance $ 111,000 $ 12,000 $ 139,000
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Equity (Reclassification out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Total net unrealized investment gains (losses)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI $ 81,903 $ 14,217 $ (4,428)
Accumulated Other   Comprehensive  Income (Loss)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI 81,903 14,217 (4,428)
Amounts reclassified from AOCI | Total net unrealized investment gains (losses)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI (81,903) (14,217) 4,428
Amounts reclassified from AOCI | Accumulated Other   Comprehensive  Income (Loss)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI (81,903) (14,217) 4,428
Amounts reclassified from AOCI | Net unrealized investment gains (losses) on available-for-sale securities      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Unrealized Gain (Loss) on Investments (167,394) (31,193) (74,005)
Amounts reclassified from AOCI | Currency/Interest Rate | Cash flow hedges      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Unrealized Gain (Loss) on Investments $ 85,491 $ 16,976 $ 78,433
v3.25.1
Equity (Net Unrealized Investment Gains (Losses) in AOCI on AFS Fixed Maturity Securities with OTTI, Allowance for Credit Losses and All Other Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance [1] $ (30,961)    
Ending balance (601,877) $ (30,961) [1]  
Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance (927,778) (1,474,475) $ 306,331
Ending balance (1,192,702) (927,778) (1,474,475)
Net Unrealized Investment Gains (losses) | Accumulated Net Unrealized Investment Gains (Losses) Pre-Tax with Allowance      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance 1,987 4,371 3,685
Net unrealized investment gains (losses) on investments arising during period (773) (4,482) (149)
Reclassification adjustment for (gains) losses included in net income (175) (265) 831
Reclassification due to allowance for credit losses recorded during the period (146) 2,363 4
Impact of net unrealized investment (gains) losses 0 0 0
Ending balance 893 1,987 4,371
Net Unrealized Investment Gains (losses) | Accumulated Net Unrealized Investment Gains (Losses) Pre Tax All Other      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance (1,404,180) (2,161,026) 581,718
Net unrealized investment gains (losses) on investments arising during period (525,222) 744,727 (2,737,481)
Reclassification adjustment for (gains) losses included in net income 82,078 14,482 (5,259)
Reclassification due to allowance for credit losses recorded during the period 146 (2,363) (4)
Impact of net unrealized investment (gains) losses 0 0 0
Ending balance (1,847,178) (1,404,180) (2,161,026)
Net Unrealized Investment Gains (losses) | Deferred Policy Acquisition Costs and Other Costs      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance (801,351) (1,198,422) 835,430
Net unrealized investment gains (losses) on investments arising during period 0 0 0
Reclassification adjustment for (gains) losses included in net income 0 0 0
Reclassification due to allowance for credit losses recorded during the period 0 0 0
Impact of net unrealized investment (gains) losses 217,642 397,071 (2,033,852)
Ending balance (583,709) (801,351) (1,198,422)
Net Unrealized Investment Gains (losses) | Future Policy Benefits and Policyholders' Account Balances and Other Liabilities      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance 1,029,098 1,488,679 (1,033,194)
Net unrealized investment gains (losses) on investments arising during period 0 0 0
Reclassification adjustment for (gains) losses included in net income 0 0 0
Reclassification due to allowance for credit losses recorded during the period 0 0 0
Impact of net unrealized investment (gains) losses (108,643) (459,581) 2,521,873
Ending balance 920,455 1,029,098 1,488,679
Net Unrealized Investment Gains (losses) | Income Tax Benefit (Expense)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance 246,668 391,923 (81,308)
Net unrealized investment gains (losses) on investments arising during period 110,227 (155,393) 574,760
Reclassification adjustment for (gains) losses included in net income (17,164) (2,984) 930
Reclassification due to allowance for credit losses recorded during the period 0 0 0
Impact of net unrealized investment (gains) losses (22,894) 13,122 (102,459)
Ending balance 316,837 246,668 391,923
Net Unrealized Investment Gains (losses) | Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Beginning balance (927,778) (1,474,475) 306,331
Net unrealized investment gains (losses) on investments arising during period (415,768) 584,852 (2,162,870)
Reclassification adjustment for (gains) losses included in net income 64,739 11,233 (3,498)
Reclassification due to allowance for credit losses recorded during the period 0 0 0
Impact of net unrealized investment (gains) losses 86,105 (49,388) 385,562
Ending balance $ (1,192,702) $ (927,778) $ (1,474,475)
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Equity - Narrative (Details)
Dec. 31, 2024
Certain Subsidiaries  
Subsidiary or Equity Method Investee [Line Items]  
Subsidiary, ownership percentage 100.00%
v3.25.1
Statutory Net Income and Surplus and Dividend Restrictions (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statutory Accounting Practices [Line Items]      
Statutory net income (loss) $ (5,195) $ 4,923 $ 3,317
Statutory capital and surplus 5,730 5,161 5,205
Statutory surplus capacity to pay divided without prior approval in 2024 0    
Return of Capital 550    
Statutory dividend paid to Prudential Insurance $ 0 $ 0 $ 0
Pruco Life Insurance      
Statutory Accounting Practices [Line Items]      
Statutory Accounting Practices Dividends And Distributions Surplus Restriction 10.00%    
v3.25.1
Related Party Transactions (Narrative) (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
May 31, 2023
USD ($)
Feb. 28, 2023
USD ($)
Dec. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Jun. 30, 2022
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
entity
policy
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Related Party Transaction [Line Items]                            
Commissions and fees                       $ 7,382,797,000 $ 1,536,606,000 $ 1,230,601,000
Company's share of corporate expenses                       473,445,000 979,287,000 1,655,673,000
Payments to Fund Policy Loans                       255,811,000 1,162,959,000 144,764,000
Policy loans $ 1,472,677,000     $ 1,541,480,000   $ 1,472,677,000           1,541,480,000 1,472,677,000  
Net investment income                       2,422,017,000 1,675,522,000 884,001,000
Commercial mortgage and other loans (net of $36,002 and $36,527 allowance for credit losses at December 31, 2024 and 2023, respectively) 6,122,721,000     7,759,323,000   6,122,721,000           7,759,323,000 6,122,721,000  
Accrued investment income 333,838,000     466,394,000   333,838,000           466,394,000 333,838,000  
Return of Capital                       550,000,000    
Prudential Insurance                            
Related Party Transaction [Line Items]                            
Contributed capital 7,000,000   $ 405,000,000 416,000,000         $ 7,000,000 $ 3,000,000 $ 8,000,000      
Return of Capital         $ 550,000,000 450,000,000 $ 650,000,000 $ 300,000,000       (550,000,000) (1,400,000,000) 0
Dividend                       0 0 0
Prudential Insurance and Prudential FInancial                            
Related Party Transaction [Line Items]                            
Life Insurance, Corporate or Bank Owned, amount 4,156,000,000     4,657,000,000   4,156,000,000           4,657,000,000 4,156,000,000  
Fees related to Life Insurance, Corporate or Bank Owned, amount                       55,000,000 50,000,000 52,000,000
Prudential Insurance                            
Related Party Transaction [Line Items]                            
Stock option program plan expense                       1,000,000 1,000,000 1,000,000
Deferred compensation program expense                       6,000,000 5,000,000 5,000,000
Pension plan expense                       11,000,000 13,000,000 19,000,000
Welfare plan expense                       $ 18,000,000 14,000,000 15,000,000
Defined contribution plan, employer matching contribution, percent (up to)                       4.00%    
Defined contribution plan, cost recognized                       $ 8,000,000 7,000,000 9,000,000
Number of Corporate Owned Life Insurance policies sold | policy                       5    
PRUCO Life Insurance Company                            
Related Party Transaction [Line Items]                            
Company's share of corporate expenses                       $ 131,000,000 144,000,000 105,000,000
Number of Corporate Owned Life Insurance policies sold | policy                       1    
Payments to Fund Policy Loans   $ 900,000,000                        
Policy loans 898,000,000     897,000,000   898,000,000           $ 897,000,000 898,000,000  
Interest and Fee Income, Other Loans                       $ 42,000,000 26,000,000  
Affiliated Entity                            
Related Party Transaction [Line Items]                            
Number of other affiliated entities | entity                       3    
Net investment income                       $ 5,500,000 6,900,000 4,600,000
Accrued interest receivable related to long-term notes 1,000,000     1,000,000   1,000,000           1,000,000 1,000,000  
Revenue related to long-term notes receivable                       3,000,000 3,000,000 3,000,000
Commercial mortgage and other loans (net of $36,002 and $36,527 allowance for credit losses at December 31, 2024 and 2023, respectively)       0               0    
Accrued investment income 500,000     0   500,000           0 500,000  
Line of credit facility, maximum borrowing capacity       7,000,000,000               7,000,000,000    
Long-Term and Short-Term debt to affiliates 180,411,000     0   180,411,000           0 180,411,000  
Interest expense related to loans payable, Related Party                       39,000,000 17,000,000 3,000,000
Affiliated Entity | PAD                            
Related Party Transaction [Line Items]                            
Commissions and fees                       820,000,000 587,000,000 611,000,000
Affiliated Entity | ASTISI and Prudential Investments                            
Related Party Transaction [Line Items]                            
Fee income from revenue sharing agreement                       271,000,000 274,000,000 306,000,000
Affiliated Entity | PGIM Investments                            
Related Party Transaction [Line Items]                            
Fee income from revenue sharing agreement                       47,000,000 38,000,000 36,000,000
Affiliated Entity | PGIM                            
Related Party Transaction [Line Items]                            
Net investment income                       $ 69,000,000 53,000,000 41,000,000
Affiliated Entity | Prudential Advisors                            
Related Party Transaction [Line Items]                            
Selling expenses - Percentage return to Related Party                       98.00%    
Distribution Expenses                       $ 56,000,000    
Prudential Financial Joint Venture                            
Related Party Transaction [Line Items]                            
Net investment income                       68,000,000 5,000,000 21,000,000
Other invested assets $ 754,000,000     $ 1,100,000,000   $ 754,000,000           1,100,000,000 754,000,000  
PGF                            
Related Party Transaction [Line Items]                            
Investment Income, Interest                       $ 490,000,000 $ 499,000,000 $ 137,000,000
v3.25.1
Related Party Transactions (Affiliated Notes Receivable) (Details) - Affiliated Entity - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Total long-term notes receivable - affiliated $ 520,462 $ 147,984
U.S. Dollar fixed rate notes    
Related Party Transaction [Line Items]    
Total long-term notes receivable - affiliated $ 520,462 $ 147,984
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 12.81%  
v3.25.1
Related Party Transactions (Affiliate Commercial Mortgage Loan) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Commercial mortgage and other loans (net of $36,002 and $36,527 allowance for credit losses at December 31, 2024 and 2023, respectively) $ 7,759,323 $ 6,122,721
Affiliated Entity    
Related Party Transaction [Line Items]    
Commercial mortgage and other loans (net of $36,002 and $36,527 allowance for credit losses at December 31, 2024 and 2023, respectively) $ 0  
Affiliated Entity | Commercial mortgage Loans    
Related Party Transaction [Line Items]    
Interest Rates 9.67%  
Commercial mortgage and other loans (net of $36,002 and $36,527 allowance for credit losses at December 31, 2024 and 2023, respectively) $ 0 $ 71,038
v3.25.1
Related Party Transactions (Affiliated Asset Transfers) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
 [1]
Dec. 31, 2022
 [1]
Related Party Transaction [Line Items]      
Realized investment gains (losses), net $ 451,417 $ (1,147,099) $ 289,929
Affiliated Entity | Prudential Insurance, January 2023, Purchase, Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 48,329    
Book Value 50,372    
APIC, Net of Tax Increase/ (Decrease) 1,614    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance, March 2023, Purchase, Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 7,175    
Book Value 7,500    
APIC, Net of Tax Increase/ (Decrease) 256    
Realized investment gains (losses), net 0    
Affiliated Entity | PURC, April 2023, Purchase, Fixed maturities      
Related Party Transaction [Line Items]      
Fair Value 102,804    
Book Value 102,804    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Term Re, June 2023, Purchase, Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 115,573    
Book Value 115,573    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance, June 2023, Purchase, Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 4,298    
Book Value 4,443    
APIC, Net of Tax Increase/ (Decrease) 114    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance, June 2023, Purchase, Fixed Maturities 1      
Related Party Transaction [Line Items]      
Fair Value 4,394    
Book Value 4,494    
APIC, Net of Tax Increase/ (Decrease) 80    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance, June 2023, Purchase, Fixed Maturities 2      
Related Party Transaction [Line Items]      
Fair Value 19,453    
Book Value 19,203    
APIC, Net of Tax Increase/ (Decrease) (198)    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance, June 2023, Purchase, Fixed Maturities 3      
Related Party Transaction [Line Items]      
Fair Value 14,452    
Book Value 15,086    
APIC, Net of Tax Increase/ (Decrease) 502    
Realized investment gains (losses), net 0    
Affiliated Entity | Prudential Insurance, September 2023, Purchase, Fixed Maturities 4      
Related Party Transaction [Line Items]      
Fair Value 15,880    
Book Value 15,801    
APIC, Net of Tax Increase/ (Decrease) (62)    
Realized investment gains (losses), net 0    
Affiliated Entity | PURC - December 2023, Sale, Commercial Mortgage and Other Loans      
Related Party Transaction [Line Items]      
Fair Value 762    
Book Value 754    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 8    
Affiliated Entity | PAR U - January 2024, Transfer in, Fixed Maturities      
Related Party Transaction [Line Items]      
Fair Value 1,598,161    
Book Value 1,598,161    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PAR U, January 2024, Transfer in, Fixed Maturities 1      
Related Party Transaction [Line Items]      
Fair Value 778,745    
Book Value 778,745    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | GUL Re - January 2024 - Transfer in - Equities      
Related Party Transaction [Line Items]      
Fair Value 4,976    
Book Value 4,976    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net 0    
Affiliated Entity | PURE - January 2024 - Transfer out - Equities      
Related Party Transaction [Line Items]      
Fair Value 4,976    
Book Value 4,976    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) (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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) (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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net (517)    
Affiliated Entity | Windhill CLO 3, Ltd. - December 2024 - Sale - Short-term Investments      
Related Party Transaction [Line Items]      
Fair Value 2,882    
Book Value 2,905    
APIC, Net of Tax Increase/ (Decrease) 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    
APIC, Net of Tax Increase/ (Decrease) 0    
Realized investment gains (losses), net $ 0    
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Related Party Transactions (Debt Agreements) (Details) - Affiliated Entity - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 0 $ 180,411
Short-term debt to affiliates   180,000
Prudential Insurance Loan Issued 8/13/2021    
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 0 94,953
Interest Rates 3.95%  
Prudential Insurance Loan Issued 8/13/2021    
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 0 37,981
Interest Rates 3.95%  
Prudential Insurance Loan Issued 8/13/2021    
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 0 $ 47,477
Interest Rates 3.95%  
v3.25.1
Commitments and Contingent Liabilities (Details) - Fair Value Guarantee [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingent Liabilities [Line Items]    
Guaranteed value of third-party assets $ 3,958,847 $ 311,302
Fair value of collateral supporting these assets 3,543,500 287,621
Asset (liability) associated with guarantee, carried at fair value $ 111 $ 1
v3.25.1
Commitments and Contingent Liabilities (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
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 | Joint Venture With CT Corp      
Commitments and Contingent Liabilities [Line Items]      
Joint Venture with CT Corp, Ownership Percentage     49.00%
Commitments | Commercial mortgage loans      
Commitments and Contingent Liabilities [Line Items]      
Total outstanding commercial mortgage loan commitments 230.0 $ 270.0  
Allowance for credit losses 0.3 0.3  
Change in allowance for credit loss expense (reversal) 0.0 0.3  
Commitments | Investments      
Commitments and Contingent Liabilities [Line Items]      
Commitments to purchase investment (excluding commercial mortgage loans) 1,359.0 1,182.0  
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
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Assets:        
Deferred policy acquisition costs $ 7,807,060 $ 7,144,736 [1] $ 6,956,197 $ 7,029,308
Reinsurance recoverables and deposit receivables 48,247,817 40,256,800    
Income taxes assets 2,120,654 1,742,585 [1]    
Total assets 238,454,729 213,269,687    
Liabilities:        
Policyholder Account Balance 69,628,318 52,986,700 [1] 41,912,536  
Total market risk benefit liabilities 4,281,244 5,156,858 [1]    
Reinsurance Payable And Funds Withheld Payable 8,611,141 2,738,979 [1],[2]    
Total liabilities 233,752,749 208,766,823    
EQUITY        
Retained Earnings (accumulated deficit) 272,519 (551,471) [1]    
Accumulated other comprehensive income (loss) (601,877) (30,961) [1]    
Total equity 4,701,980 4,502,864    
Total liabilities and partners’ capital 238,454,729 213,269,687    
REVENUES        
Other Income (loss) 759,756 751,363 [3] (636,273) [3]  
Realized investment gains (losses), net 451,417 (1,147,099) [3] 289,929 [3]  
Change in value of market risk benefits, net of related hedging gain (losses) (433,955) (106,773) [4] (700,581)  
TOTAL REVENUES 11,198,722 3,271,466 1,617,067  
BENEFITS AND EXPENSES        
Interest credited to policyholders’ account balances 1,037,731 621,645 [3] 445,215  
Amortization of deferred policy acquisition costs (372,201) 539,510 [3] 521,269 [3]  
General, administrative and other expense 1,228,443 1,124,923 [3] 1,129,700 [3]  
TOTAL BENEFITS AND EXPENSES 10,225,663 2,793,819 2,609,656  
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE   477,647 (992,589)  
Income tax expense (benefit) 135,149 26,468 [3] (296,687) [3]  
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY 823,990 450,258 (771,039)  
Gain (loss) from changes in non-performance risk on market risk benefits (441,138) (659,927) [3] 1,440,305  
Total (722,150) (26,534) (512,716)  
Less: Income tax expense (benefit) related to other comprehensive income (loss) (151,234) (5,638) [3] (106,197)  
Other Comprehensive Income (Loss), Net of Tax (570,916) (20,896) (406,519)  
Comprehensive income (loss) 266,569 429,850 (1,177,558)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 4,502,864      
Comprehensive income (loss):        
Net Income (Loss) 837,485 450,746 [4] (771,039) [4]  
Other Comprehensive Income (Loss), Net of Tax (570,916) (20,896) (406,519)  
Total comprehensive income (loss) 266,569 429,850 (1,177,558)  
Ending Balance 4,701,980 4,502,864    
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income (Loss) 837,485 450,746 [4] (771,039) [4]  
Realized investment gains (losses), net (451,417) 1,147,099 [3] (289,929) [3]  
Change in value of market risk benefits, net of related hedging gain (losses) 433,955 106,773 [4] 700,581  
Change in:        
Reinsurance related-balances [5] (1,124,001) (678,725) [4] (1,786,851) [4]  
Deferred policy acquisition costs (950,022) (581,925) [4] (468,074) [4]  
Income taxes (228,166) (40,796) [4] (335,921) [4]  
Cash flows from (used in) operating activities 3,480,451 2,459,895 1,824,964  
Scenario, Adjustment        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Interest credited to policyholders’ account balances   621,645    
Retained Earnings        
EQUITY        
Total equity 272,519 (551,471) [6] (1,001,729) [6] (230,690) [6]
BENEFITS AND EXPENSES        
Comprehensive income (loss) 823,990 450,258 (771,039) [6]  
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance [6] (551,471) (1,001,729) (230,690)  
Comprehensive income (loss):        
Net Income (Loss) 823,990 450,258 [6] (771,039) [6]  
Total comprehensive income (loss) 823,990 450,258 (771,039) [6]  
Ending Balance 272,519 (551,471) [6] (1,001,729) [6]  
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income (Loss) 823,990 450,258 [6] (771,039) [6]  
AOCI        
EQUITY        
Accumulated other comprehensive income (loss) (601,877) (30,961) (10,065) 396,454
Total equity (601,877) (30,961) [6] (10,065) [6] 396,454 [6]
BENEFITS AND EXPENSES        
Other Comprehensive Income (Loss), Net of Tax (570,916) (20,896) [6] (406,519)  
Comprehensive income (loss) (570,916) (20,896) (406,519) [6]  
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance [6] (30,961) (10,065) 396,454  
Comprehensive income (loss):        
Other Comprehensive Income (Loss), Net of Tax (570,916) (20,896) [6] (406,519)  
Total comprehensive income (loss) (570,916) (20,896) (406,519) [6]  
Ending Balance (601,877) (30,961) [6] (10,065) [6]  
Total  Equity        
EQUITY        
Total equity 4,701,980 4,502,864 [6] 5,028,620 [6] 6,210,755 [6]
BENEFITS AND EXPENSES        
Other Comprehensive Income (Loss), Net of Tax (570,916) (20,896) [6] (406,519)  
Comprehensive income (loss) 266,569 429,850 (1,177,558) [6]  
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance [6] 4,502,864 5,028,620 6,210,755  
Comprehensive income (loss):        
Net Income (Loss) 837,485 450,746 [6] (771,039) [6]  
Other Comprehensive Income (Loss), Net of Tax (570,916) (20,896) [6] (406,519)  
Total comprehensive income (loss) 266,569 429,850 (1,177,558) [6]  
Ending Balance 4,701,980 4,502,864 [6] 5,028,620 [6]  
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income (Loss) 837,485 450,746 [6] (771,039) [6]  
As Previously Reported        
Assets:        
Deferred policy acquisition costs   7,097,511    
Reinsurance recoverables and deposit receivables   40,348,313    
Income taxes assets   1,737,651    
Total assets   213,309,041    
Liabilities:        
Policyholder Account Balance   53,012,800    
Total market risk benefit liabilities   5,144,401    
Reinsurance Payable And Funds Withheld Payable   2,746,129    
Total liabilities   208,787,616    
EQUITY        
Retained Earnings (accumulated deficit)   (532,951)    
Accumulated other comprehensive income (loss)   (30,920)    
Total equity   4,521,425    
Total liabilities and partners’ capital   213,309,041    
REVENUES        
Other Income (loss)   744,628 (651,469)  
Realized investment gains (losses), net   (1,083,660) 336,382  
Change in value of market risk benefits, net of related hedging gain (losses)   (94,368)    
TOTAL REVENUES   3,340,575 1,648,324  
BENEFITS AND EXPENSES        
Interest credited to policyholders’ account balances   655,445    
Amortization of deferred policy acquisition costs   534,435 520,276  
General, administrative and other expense   1,151,452 1,156,464  
TOTAL BENEFITS AND EXPENSES   2,849,073 2,635,427  
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE   491,502 (987,103)  
Income tax expense (benefit)   29,378 (295,535)  
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY   461,203 (766,705)  
Gain (loss) from changes in non-performance risk on market risk benefits   (659,875)    
Total   (26,482)    
Less: Income tax expense (benefit) related to other comprehensive income (loss)   (5,627)    
Other Comprehensive Income (Loss), Net of Tax   (20,855)    
Comprehensive income (loss)   440,836    
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 4,521,425      
Comprehensive income (loss):        
Net Income (Loss)   461,691 (766,705)  
Other Comprehensive Income (Loss), Net of Tax   (20,855)    
Total comprehensive income (loss)   440,836    
Ending Balance   4,521,425    
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income (Loss)   461,691 (766,705)  
Interest credited to policyholders’ account balances   655,445    
Realized investment gains (losses), net   1,083,660 (336,382)  
Change in value of market risk benefits, net of related hedging gain (losses)   94,368    
Change in:        
Reinsurance related-balances   (671,990) (1,771,655)  
Deferred policy acquisition costs   (560,471) (442,303)  
Income taxes   (37,886) (334,769)  
Cash flows from (used in) operating activities   2,459,895 1,824,964  
As Previously Reported | Retained Earnings        
EQUITY        
Total equity   (532,951) (994,154) (227,449)
BENEFITS AND EXPENSES        
Comprehensive income (loss)   461,203 (766,705)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (532,951) (994,154) (227,449)  
Comprehensive income (loss):        
Net Income (Loss)   461,203 (766,705)  
Total comprehensive income (loss)   461,203 (766,705)  
Ending Balance   (532,951) (994,154)  
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income (Loss)   461,203 (766,705)  
As Previously Reported | AOCI        
EQUITY        
Total equity   (30,920) (10,065) 396,454
BENEFITS AND EXPENSES        
Other Comprehensive Income (Loss), Net of Tax   (20,855)    
Comprehensive income (loss)   (20,855) (406,519)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (30,920) (10,065) 396,454  
Comprehensive income (loss):        
Other Comprehensive Income (Loss), Net of Tax   (20,855)    
Total comprehensive income (loss)   (20,855) (406,519)  
Ending Balance   (30,920) (10,065)  
As Previously Reported | Total  Equity        
EQUITY        
Total equity   4,521,425 5,036,195 6,213,996
BENEFITS AND EXPENSES        
Other Comprehensive Income (Loss), Net of Tax   (20,855)    
Comprehensive income (loss)   440,836 (1,173,224)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 4,521,425 5,036,195 6,213,996  
Comprehensive income (loss):        
Net Income (Loss)   461,691 (766,705)  
Other Comprehensive Income (Loss), Net of Tax   (20,855)    
Total comprehensive income (loss)   440,836 (1,173,224)  
Ending Balance   4,521,425 5,036,195  
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income (Loss)   461,691 (766,705)  
Revision        
Assets:        
Deferred policy acquisition costs   47,225    
Reinsurance recoverables and deposit receivables   (91,513)    
Income taxes assets   4,934    
Total assets   (39,354)    
Liabilities:        
Policyholder Account Balance   (26,100)    
Total market risk benefit liabilities   12,457    
Reinsurance Payable And Funds Withheld Payable   (7,150)    
Total liabilities   (20,793)    
EQUITY        
Retained Earnings (accumulated deficit)   (18,520)    
Accumulated other comprehensive income (loss)   (41)    
Total equity   (18,561)    
Total liabilities and partners’ capital   (39,354)    
REVENUES        
Other Income (loss)   6,735 15,196  
Realized investment gains (losses), net   (63,439) (46,453)  
Change in value of market risk benefits, net of related hedging gain (losses)   (12,405)    
TOTAL REVENUES   (69,109) (31,257)  
BENEFITS AND EXPENSES        
Interest credited to policyholders’ account balances   (33,800)    
Amortization of deferred policy acquisition costs   5,075 993  
General, administrative and other expense   (26,529) (26,764)  
TOTAL BENEFITS AND EXPENSES   (55,254) (25,771)  
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURE   (13,855) (5,486)  
Income tax expense (benefit)   (2,910) (1,152)  
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY   (10,945) (4,334)  
Gain (loss) from changes in non-performance risk on market risk benefits   (52)    
Total   (52)    
Less: Income tax expense (benefit) related to other comprehensive income (loss)   (11)    
Other Comprehensive Income (Loss), Net of Tax   (41)    
Comprehensive income (loss)   (10,986)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (18,561)      
Comprehensive income (loss):        
Net Income (Loss)   (10,945) (4,334)  
Other Comprehensive Income (Loss), Net of Tax   (41)    
Total comprehensive income (loss)   (10,986)    
Ending Balance   (18,561)    
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income (Loss)   (10,945) (4,334)  
Interest credited to policyholders’ account balances   (33,800)    
Realized investment gains (losses), net   63,439 46,453  
Change in value of market risk benefits, net of related hedging gain (losses)   12,405    
Change in:        
Reinsurance related-balances   (6,735) (15,196)  
Deferred policy acquisition costs   (21,454) (25,771)  
Income taxes   (2,910) (1,152)  
Cash flows from (used in) operating activities   0 0  
Revision | Retained Earnings        
EQUITY        
Total equity   (18,520) (7,575) (3,241)
BENEFITS AND EXPENSES        
Comprehensive income (loss)   (10,945) (4,334)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (18,520) (7,575) (3,241)  
Comprehensive income (loss):        
Net Income (Loss)   (10,945) (4,334)  
Total comprehensive income (loss)   (10,945) (4,334)  
Ending Balance   (18,520) (7,575)  
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income (Loss)   (10,945) (4,334)  
Revision | AOCI        
EQUITY        
Total equity   (41) 0 0
BENEFITS AND EXPENSES        
Other Comprehensive Income (Loss), Net of Tax   (41)    
Comprehensive income (loss)   (41) 0  
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance (41) 0 0  
Comprehensive income (loss):        
Other Comprehensive Income (Loss), Net of Tax   (41)    
Total comprehensive income (loss)   (41) 0  
Ending Balance   (41) 0  
Revision | Total  Equity        
EQUITY        
Total equity   (18,561) (7,575) $ (3,241)
BENEFITS AND EXPENSES        
Other Comprehensive Income (Loss), Net of Tax   (41)    
Comprehensive income (loss)   (10,986) (4,334)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance $ (18,561) (7,575) (3,241)  
Comprehensive income (loss):        
Net Income (Loss)   (10,945) (4,334)  
Other Comprehensive Income (Loss), Net of Tax   (41)    
Total comprehensive income (loss)   (10,986) (4,334)  
Ending Balance   (18,561) (7,575)  
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income (Loss)   $ (10,945) $ (4,334)  
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
[2] Prior period amounts have been reclassified to conform to current period presentation.
[3] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
[4] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
[5] Prior period amounts have been updated to conform to current period presentation.
[6] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Subsequent Events (Narrative) (Details) - Prudential Insurance - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Feb. 28, 2025
Dec. 31, 2023
Feb. 28, 2023
Dec. 31, 2024
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Subsequent Event [Line Items]              
Contributed capital   $ 7 $ 405 $ 416 $ 7 $ 3 $ 8
Subsequent Event              
Subsequent Event [Line Items]              
Contributed capital $ 220            
v3.25.1
Schedule I - Summary of Investments Other Than investments in Related Parties (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost $ 36,980,933 $ 27,538,066
Fair Value 34,986,160 26,131,780
Equity securities, at cost 2,650,542 824,270
Equity securities, at fair value (cost: 2024 – $2,650,189; 2023 – $819,617) 2,623,820 844,950
Fixed maturities, trading, amortized cost 4,415,277 3,476,746
Fixed maturities, trading, at fair value (amortized cost: 2024 – $4,391,322; 2023 – $3,451,001) 3,845,045 2,796,446
Commercial mortgage and other loans (net of $36,002 and $36,527 allowance for credit losses at December 31, 2024 and 2023, respectively) 7,759,323 6,122,721
Policy loans 1,541,480 1,472,677
Short-term Investments 517,386  
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 1,582,094 1,222,985
Total Investment at Cost 55,447,035  
Total investment per Balance Sheet 52,855,308 38,971,925
Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 2,650,542  
Equity securities, at fair value (cost: 2024 – $2,650,189; 2023 – $819,617) 2,623,820  
Available-for-sale | Fixed maturities    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 36,980,933  
Fair Value 34,986,160  
Trading | Fixed maturities    
Schedule of Investments [Line Items]    
Fixed maturities, trading, amortized cost 4,415,277  
Fixed maturities, trading, at fair value (amortized cost: 2024 – $4,391,322; 2023 – $3,451,001) 3,845,045  
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 1,199,628 1,009,937
Fair Value 1,099,241 975,287
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Fixed maturities    
Schedule of Investments [Line Items]    
Fair Value 1,099,241  
Obligations of U.S. states and their political subdivisions    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 570,253 789,856
Fair Value 541,066 776,627
Obligations of U.S. states and their political subdivisions | Fixed maturities    
Schedule of Investments [Line Items]    
Fair Value 541,066  
Foreign government securities    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 362,154 330,830
Fair Value 310,334 281,986
Foreign government securities | Fixed maturities    
Schedule of Investments [Line Items]    
Fair Value 310,334  
Asset-backed securities    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 3,728,073 2,016,028
Fair Value 3,750,663 2,027,550
Asset-backed securities | Fixed maturities    
Schedule of Investments [Line Items]    
Fair Value 3,750,663  
Commercial mortgage-backed securities    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 944,652 913,347
Fair Value 895,775 851,778
Commercial mortgage-backed securities | Fixed maturities    
Schedule of Investments [Line Items]    
Fair Value 895,775  
Residential mortgage-backed securities    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 367,005 399,542
Fair Value 356,072 396,070
Residential mortgage-backed securities | Fixed maturities    
Schedule of Investments [Line Items]    
Fair Value 356,072  
Public utilities | Available-for-sale | Fixed maturities    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 2,869,299  
Fair Value 2,613,495  
All other corporate bonds | Available-for-sale | Fixed maturities    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 26,934,775  
Fair Value 25,414,259  
Redeemable preferred stock | Available-for-sale | Fixed maturities    
Schedule of Investments [Line Items]    
Fixed maturities, available-for-sale, amortized cost 5,094  
Fair Value 5,255  
Other common stocks | Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 2,452,942  
Equity securities, at fair value (cost: 2024 – $2,650,189; 2023 – $819,617) 2,427,792  
Mutual funds | Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 177,939  
Equity securities, at fair value (cost: 2024 – $2,650,189; 2023 – $819,617) 175,882  
Perpetual preferred stocks | Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 19,661  
Equity securities, at fair value (cost: 2024 – $2,650,189; 2023 – $819,617) 20,146  
Total Net Commercial Mortgage and Other Loans    
Schedule of Investments [Line Items]    
Commercial mortgage and other loans (net of $36,002 and $36,527 allowance for credit losses at December 31, 2024 and 2023, respectively) $ 7,759,323 $ 6,122,721
v3.25.1
Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Financial Position) (Details) - USD ($)
$ / shares in Units, $ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Assets:        
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) $ 34,986,160 $ 26,131,780    
Fixed maturities, trading, at fair value (amortized cost: 2024 – $4,391,322; 2023 – $3,451,001) 3,845,045 2,796,446    
Equity securities, at fair value (cost: 2024 – $2,650,189; 2023 – $819,617) 2,623,820 844,950    
Policy loans 1,541,480 1,472,677    
Short-term investments (net of allowance for credit losses: 2024 – $49; 2023 – $0) 517,386 380,366    
Commercial mortgage and other loans (net of $36,002 and $36,527 allowance for credit losses at December 31, 2024 and 2023, respectively) 7,759,323 6,122,721    
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 1,582,094 1,222,985    
Total investments 52,855,308 38,971,925    
Cash and cash equivalents 3,325,698 2,139,792    
Deferred policy acquisition costs 7,807,060 7,144,736 [1] $ 6,956,197 $ 7,029,308
Accrued investment income 466,394 333,838    
Reinsurance recoverables and deposit receivables (includes $211,058 and $224,019 of embedded derivatives at fair value at December 31, 2024 and 2023, respectively) 48,247,817 40,256,800 [1],[2]    
Receivables from parent and affiliates 678,028 332,583    
Deferred sales inducements 322,351 351,424    
Income taxes assets 2,120,654 1,742,585 [1]    
Market risk benefit assets 2,637,363 2,367,243    
Other assets 1,850,800 440,276 [2]    
Separate account assets 118,143,256 119,188,485    
TOTAL ASSETS 238,454,729 213,269,687    
Liabilities:        
Policyholders’ account balances 69,628,318 52,986,700 [1] 41,912,536  
Future policy benefits 25,113,767 23,205,205 20,829,033  
Market risk benefit liabilities 4,281,244 5,156,858 [1]    
Cash collateral for loaned securities 121,372 218,310    
Reinsurance and funds withheld payables (includes $0 and $6,115 of embedded derivatives at fair value at December 31, 2024 and 2023, respectively) 8,611,141 2,738,979 [1],[2]    
Short-term debt to affiliates 0 180,411    
Payables to parent and affiliates 3,653,848 2,667,696    
Other liabilities 4,199,803 2,424,179 [2]    
Separate account liabilities 118,143,256 119,188,485 114,051,246 149,797,828
Total liabilities 233,752,749 208,766,823    
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 4,923,299 5,052,602    
Retained Earnings (accumulated deficit) 272,519 (551,471) [1]    
Accumulated other comprehensive income (loss) (601,877) (30,961) [1]    
Total equity 4,701,980 4,502,864    
TOTAL LIABILITIES AND EQUITY 238,454,729 213,269,687    
Fixed Maturities, Available-for-sale, allowance for credit losses 40,414 2,008 4,769  
Fixed maturities, available-for-sale, amortized cost 36,980,933 27,538,066    
Fixed maturities, trading, amortized cost 4,415,277 3,476,746    
Equity securities, at cost 2,650,542 824,270    
Commercial mortgage and other loans, allowance for credit losses 37,715 37,689 $ 20,263 $ 5,951
Other invested assets, at fair value 68,623 85,025    
Reinsurance recoverable and deposit receivables, embedded derivatives at fair value $ 645,193 $ 192,642    
Common stock, par value (in dollars 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        
Equity        
Short-term investments, allowance for credit losses $ 49 $ 0    
PRUCO Life Insurance Company        
Assets:        
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $40,414; 2023 – $2,004) (amortized cost: 2024 – $33,648,311; 2023 – $24,872,031) 31,964,802 23,662,832    
Fixed maturities, trading, at fair value (amortized cost: 2024 – $4,391,322; 2023 – $3,451,001) 3,823,792 2,773,006    
Equity securities, at fair value (cost: 2024 – $2,650,189; 2023 – $819,617) 2,623,758 840,335    
Policy loans 422,891 357,581    
Short-term investments (net of allowance for credit losses: 2024 – $49; 2023 – $0) 505,991 374,407    
Commercial mortgage and other loans (net of $36,002 and $36,527 allowance for credit losses at December 31, 2024 and 2023, respectively) 7,281,995 5,883,092    
Other invested assets (includes $12,999 and $80,638 of assets measured at fair value at December 31, 2024 and 2023, respectively) 1,363,038 1,073,038    
Total investments 47,986,267 34,964,291    
Cash and cash equivalents 3,144,542 1,953,388    
Deferred policy acquisition costs 7,389,743 6,751,597    
Accrued investment income 405,115 279,567    
Reinsurance recoverables and deposit receivables (includes $211,058 and $224,019 of embedded derivatives at fair value at December 31, 2024 and 2023, respectively) 44,233,228 36,691,407    
Investment in subsidiaries 1,472,500 1,434,641    
Receivables from parent and affiliates 567,631 308,635    
Deferred sales inducements 322,351 351,424    
Income taxes assets 2,013,349 1,675,310    
Market risk benefit assets 2,144,919 1,829,584    
Other assets 1,833,801 432,913    
Separate account assets 103,635,702 105,111,382    
TOTAL ASSETS 215,149,148 191,784,139    
Liabilities:        
Policyholders’ account balances 65,114,184 48,950,516    
Future policy benefits 23,096,707 20,864,146    
Market risk benefit liabilities 3,788,800 4,619,199    
Cash collateral for loaned securities 121,372 218,310    
Reinsurance and funds withheld payables (includes $0 and $6,115 of embedded derivatives at fair value at December 31, 2024 and 2023, respectively) 7,192,595 2,348,162    
Short-term debt to affiliates 0 180,411    
Payables to parent and affiliates 3,653,229 2,658,870    
Other liabilities 3,950,118 2,360,473    
Separate account liabilities 103,635,702 105,111,382    
Total liabilities 210,552,707 187,311,469    
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 4,923,299 5,052,602    
Retained Earnings (accumulated deficit) 272,519 (551,471)    
Accumulated other comprehensive income (loss) (601,877) (30,961)    
Total equity 4,596,441 4,472,670    
TOTAL LIABILITIES AND EQUITY 215,149,148 191,784,139    
Fixed Maturities, Available-for-sale, allowance for credit losses 40,414 2,004    
Fixed maturities, available-for-sale, amortized cost 33,648,311 24,872,031    
Fixed maturities, trading, amortized cost 4,391,322 3,451,001    
Equity securities, at cost 2,650,189 819,617    
Commercial mortgage and other loans, allowance for credit losses 36,002 36,527    
Other invested assets, at fair value 12,999 80,638    
Reinsurance recoverable and deposit receivables, embedded derivatives at fair value $ 379,582 $ 122,897    
Common stock, par value (in dollars 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    
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
[2] Prior period amounts have been reclassified to conform to current period presentation.
v3.25.1
Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Operations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
REVENUES      
Premiums (includes $(2,740), $6,296 and $(1,419) of gains (losses) from change in estimates on deferred profit liability amortization for the year ended December 31, 2024, 2023 and 2022, respectively) $ 393,127 $ 328,897 $ 265,208
Policy charges and fee income 7,382,797 1,536,606 1,230,601
Net investment income 2,422,017 1,675,522 884,001
Asset administration fees 223,563 232,950 284,182
Other Income (loss) 759,756 751,363 [1] (636,273) [1]
Realized Investment Gains (Losses) 451,417 (1,147,099) [1] 289,929 [1]
Change in value of market risk benefits, net of related hedging gain (losses) (433,955) (106,773) [2] (700,581)
TOTAL REVENUES 11,198,722 3,271,466 1,617,067
BENEFITS AND EXPENSES      
Policyholders’ benefits 8,352,333 503,789 458,373
Change in estimates of liability for future policy benefits (20,643) 3,952 55,099
Interest credited to policyholders’ account balances 1,037,731 621,645 [1] 445,215
Amortization of deferred policy acquisition costs (372,201) 539,510 [1] 521,269 [1]
General, administrative and other expense 1,228,443 1,124,923 [1] 1,129,700 [1]
TOTAL BENEFITS AND EXPENSES 10,225,663 2,793,819 2,609,656
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES AND OPERATING JOINT VENTURE 973,059 477,647 (992,589)
Income tax expense (benefit) 135,149 26,468 [1] (296,687) [1]
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 837,910 451,179 (695,902)
Equity in earnings of operating joint venture, net of taxes (425) (433) (75,137)
Net income (loss) 837,485 450,746 [2] (771,039) [2]
Net unrealized investment gains (losses) (335,093) 691,952 (2,254,037)
Interest rate remeasurement of future policy benefits 58,676 (60,978) 310,353
Gain (loss) from changes in non-performance risk on market risk benefits (441,138) (659,927) [1] 1,440,305
Total (722,150) (26,534) (512,716)
Less: Income tax expense (benefit) related to other comprehensive income (loss) (151,234) (5,638) [1] (106,197)
Total Comprehensive Income (Loss) 253,074 429,362 (1,177,558)
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization Expense, Realized Gain (Loss) (2,690) 6,978 (1,250)
PRUCO Life Insurance Company      
REVENUES      
Premiums (includes $(2,740), $6,296 and $(1,419) of gains (losses) from change in estimates on deferred profit liability amortization for the year ended December 31, 2024, 2023 and 2022, respectively) 344,383 289,344 231,500
Policy charges and fee income 6,677,744 1,476,927 1,172,867
Net investment income 2,154,525 1,507,280 785,609
Asset administration fees 212,328 223,803 275,702
Other Income (loss) 743,843 747,789 (634,120)
Realized Investment Gains (Losses) 498,953 (1,102,789) 276,094
Change in value of market risk benefits, net of related hedging gain (losses) (473,209) (169,565) (558,535)
TOTAL REVENUES 10,158,567 2,972,789 1,549,117
BENEFITS AND EXPENSES      
Policyholders’ benefits 7,338,059 448,286 430,184
Change in estimates of liability for future policy benefits (14,594) 6,067 38,468
Interest credited to policyholders’ account balances 956,863 557,510 397,637
Amortization of deferred policy acquisition costs (285,676) 518,939 501,979
General, administrative and other expense 1,180,030 1,074,134 1,072,835
TOTAL BENEFITS AND EXPENSES 9,174,682 2,604,936 2,441,103
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES AND OPERATING JOINT VENTURE 983,885 367,853 (891,986)
Income tax expense (benefit) 147,233 14,006 (265,913)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 836,652 353,847 (626,073)
Equity In Earnings Of Subsidiaries (12,237) 96,844 (69,829)
Equity in earnings of operating joint venture, net of taxes (425) (433) (75,137)
Net income (loss) 823,990 450,258 (771,039)
Net unrealized investment gains (losses) (246,952) 632,819 (1,877,552)
Interest rate remeasurement of future policy benefits 45,461 (50,679) 250,486
Gain (loss) from changes in non-performance risk on market risk benefits (401,884) (597,135) 1,298,259
Other (118,775) (11,539) (183,909)
Total (722,150) (26,534) (512,716)
Less: Income tax expense (benefit) related to other comprehensive income (loss) (151,234) (5,638) (106,197)
Other Comprehensive Income (Loss), Net of Tax (570,916) (20,896) (406,519)
Total Comprehensive Income (Loss) 253,074 429,362 (1,177,558)
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization Expense, Realized Gain (Loss) $ (2,740) $ 6,296 $ (1,419)
[1] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
[2] Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.
v3.25.1
Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Cash Flow) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:        
Cash flows from (used in) operating activities $ 3,480,451 $ 2,459,895 $ 1,824,964  
Proceeds from the sale/maturity/prepayment of:        
Fixed maturities, available-for-sale 4,240,000 1,736,809 1,688,079  
Fixed maturities, trading 802,378 97,693 907,941  
Equity securities 961,421 189,237 242,292  
Policy loans 188,153 182,973 169,723  
Ceded Policy Loans Proceeds (113,148) (119,787) (112,164)  
Short-term investments 1,303,977 456,983 632,069  
Commercial mortgage and other loans 731,440 167,888 196,672  
Other invested assets 99,852 19,693 60,349  
Notes receivable from parent and affiliates [1] 722 4,500 833  
Payments for the purchase/origination of:        
Fixed maturities, available-for-sale (13,766,055) (7,544,596) (7,009,578)  
Fixed maturities, trading (1,819,224) (857,717) (425,267)  
Equity securities (2,373,486) (678,847) (281,684)  
Policy loans (255,811) (1,162,959) (144,764)  
Ceded policy loans 125,795 151,019 71,402  
Short-term investments (1,441,031) (690,173) (558,161)  
Commercial mortgage and other loans (2,392,198) (1,341,450) (1,076,351)  
Other invested assets (460,721) (190,826) (166,345)  
Notes receivable from parent and affiliates [1] (367,700) (44) (62)  
Other, net (3,264) (4,808) 57,687  
Cash flows from (used in) investing activities (14,367,670) (9,639,503) (6,114,134)  
CASH FLOWS FROM FINANCING ACTIVITIES:        
Policyholders’ account deposits 17,265,165 12,101,043 9,996,128  
Ceded policyholders’ account deposits (1,169,002) (1,189,331) (1,216,195)  
Policyholders’ account withdrawals (3,980,496) (3,695,248) (3,727,579)  
Ceded policyholders’ account withdrawals 764,421 625,238 638,392  
Contributed capital 0 405,000 0  
Return of capital 550,000 1,400,000 0  
Other, net [1] 36,725 34,110 (59,327)  
Cash flows from (used in) financing activities 12,073,125 6,921,773 5,767,866  
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,185,906 (257,835) 1,478,696  
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,325,698 2,139,792 2,397,627 $ 918,931
CASH AND CASH EQUIVALENTS, END OF YEAR 3,325,698 2,139,792 2,397,627 918,931
SUPPLEMENTAL CASH FLOW INFORMATION        
Income taxes paid (refunded), net 363,208 67,203 39,201  
Interest paid 2,644 4,533 7,863  
PRUCO Life Insurance Company        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Cash flows from (used in) operating activities 3,363,590 2,365,722 1,813,780  
Proceeds from the sale/maturity/prepayment of:        
Fixed maturities, available-for-sale 3,425,809 1,622,501 1,586,432  
Fixed maturities, trading 800,588 95,872 901,690  
Equity securities 957,650 189,210 242,247  
Policy loans 157,478 152,275 140,937  
Ceded Policy Loans Proceeds (87,521) (117,589) (110,477)  
Short-term investments 1,280,677 444,983 622,072  
Commercial mortgage and other loans 724,559 157,116 178,564  
Other invested assets 73,632 17,405 57,335  
Notes receivable from parent and affiliates 722 3,858 832  
Payments for the purchase/origination of:        
Fixed maturities, available-for-sale (12,273,347) (6,762,400) (6,674,455)  
Fixed maturities, trading (1,819,224) (857,717) (425,267)  
Equity securities (2,373,213) (678,790) (281,502)  
Policy loans (222,724) (236,886) (122,982)  
Ceded policy loans 117,552 147,961 69,369  
Short-term investments (1,412,350) (679,224) (551,161)  
Commercial mortgage and other loans (2,145,910) (1,239,173) (1,024,697)  
Other invested assets (406,031) (174,680) (149,837)  
Notes receivable from parent and affiliates (297,850) (31) (25)  
Capital contributions to subsidiaries (549,964) (323,909) (325,000)  
Return of capital from subsidiaries 414,859 0 0  
Other, net 164,779 (60,358) (316,977)  
Cash flows from (used in) investing activities (13,469,829) (8,299,576) (6,182,902)  
CASH FLOWS FROM FINANCING ACTIVITIES:        
Policyholders’ account deposits 16,148,664 10,508,549 9,500,054  
Ceded policyholders’ account deposits (826,393) (870,031) (902,233)  
Policyholders’ account withdrawals (3,600,010) (3,287,164) (3,343,369)  
Ceded policyholders’ account withdrawals 454,788 360,211 398,101  
Contributed capital 0 405,000 0  
Return of capital 550,000 1,400,000 0  
Other, net (329,656) 28,817 75,814  
Cash flows from (used in) financing activities 11,297,393 5,745,382 5,728,367  
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,191,154 (188,472) 1,359,245  
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,144,542 1,953,388 2,141,860 782,615
CASH AND CASH EQUIVALENTS, END OF YEAR 3,144,542 1,953,388 2,141,860 $ 782,615
SUPPLEMENTAL CASH FLOW INFORMATION        
Income taxes paid (refunded), net 360,742 57,749 61,613  
Interest paid $ 2,644 $ 4,377 $ 7,863  
[1] Prior period amounts have been updated to conform to current period presentation.
v3.25.1
Schedule II - Condensed Financial Information of Registrant (Condensed Statements of Cash Flow) (Narratives) (Details)) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets | Prudential Insurance      
Non-cash activity     $ 18
Capital contributions | Prudential Insurance      
Non-cash activity $ 416    
FLIAC | Reinsurance agreement      
Non-cash activity   $ 475 4,656
Lotus Re | Reinsurance agreement | Affiliated Entity      
Non-cash activity     $ 531
PARCC | Affiliated Entity      
Non-cash activity (78)    
PARCC | Reinsurance agreement | Affiliated Entity      
Non-cash activity (102)    
PURE and Prudential Insurance | Affiliated Entity      
Non-cash activity 936    
PURE and Prudential Insurance | Reinsurance agreement | Affiliated Entity      
Non-cash activity 1,129    
Wilton Re | Reinsurance agreement      
Non-cash activity 6,722    
Non-cash activity (7,469)    
PAR U | Affiliated Entity      
Non-cash activity 7,190    
Non-cash activity (6,722)    
PAR U | Reinsurance agreement | Affiliated Entity      
Non-cash activity 7,218    
Non-cash activity $ (6,722)