PRUDENTIAL FINANCIAL INC, 10-Q filed on 10/31/2024
Quarterly Report
v3.24.3
Cover - shares
 9 Months Ended
Sep. 30, 2024
Oct. 28, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Current Fiscal Year End Date --12-31  
Document Transition Report false  
Entity File Number 001-16707  
Entity Registrant Name Prudential Financial, Inc.  
Entity Incorporation, State or Country Code NJ  
Entity Tax Identification Number 22-3703799  
Entity Address, Address Line One 751 Broad Street  
Entity Address, City or Town Newark  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07102  
City Area Code 973  
Local Phone Number 802-6000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   356,000,000
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001137774  
Common Class A    
Document Information [Line Items]    
Title of 12(b) Security Common Stock, Par Value $.01  
Trading Symbol PRU  
Security Exchange Name NYSE  
5.950% Junior Subordinated Notes    
Document Information [Line Items]    
Title of 12(b) Security 5.950% Junior Subordinated Notes  
Trading Symbol PRH  
Security Exchange Name NYSE  
5.625% Junior Subordinated Notes    
Document Information [Line Items]    
Title of 12(b) Security 5.625% Junior Subordinated Notes  
Trading Symbol PRS  
Security Exchange Name NYSE  
4.125% Junior Subordinated Notes    
Document Information [Line Items]    
Title of 12(b) Security 4.125% Junior Subordinated Notes  
Trading Symbol PFH  
Security Exchange Name NYSE  
v3.24.3
Unaudited Interim Consolidated Statements of Financial Position - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
ASSETS    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024-$235; 2023-$160) (amortized cost: 2024-$357,428; 2023-$334,598) [1] $ 340,730 $ 316,321
Fixed maturities, trading, at fair value (amortized cost: 2024-$12,404; 2023-$10,624) [1] 12,065 9,790
Assets supporting experience-rated contractholder liabilities, at fair value 3,654 3,168
Equity securities, at fair value (cost: 2024-$4,224; 2023-$5,786) [1] 6,771 8,242
Commercial mortgage and other loans (net of $603 and $460 allowance for credit losses; includes $1,098 and $519 of loans measured at fair value under the fair value option at September 30, 2024 and December 31, 2023, respectively) [1] 62,573 59,305
Policy loans 9,947 10,047
Other invested assets (net of $2 and $1 allowance for credit losses; includes $7,061 and $6,074 of assets measured at fair value at September 30, 2024 and December 31, 2023, respectively) [1] 25,367 22,855
Short-term investments (net of allowance for credit losses: 2024-$0; 2023-$0) 8,010 5,005
Total investments 469,117 434,733
Cash and cash equivalents [1] 20,198 19,419
Accrued investment income [1] 3,566 3,287
Deferred policy acquisition cost 21,182 20,856
Value of business acquired 488 530
Market risk benefit assets 2,134 1,981
Reinsurance recoverables and deposit receivables (net of $11 and $12 allowance for credit losses; includes $324 and $149 of embedded derivatives at fair value at September 30, 2024 and December 31, 2023, respectively) [2] 29,633 27,311
Income Tax Assets 479 939
Other assets (net of $2 and $3 allowance for credit losses; includes $0 and $11 of assets at fair value at September 30, 2024 and December 31, 2023, respectively) [1],[2] 12,947 13,179
Separate account assets 200,550 198,888
TOTAL ASSETS 760,294 721,123
LIABILITIES    
Future policy benefits 285,474 273,281
Policyholders’ account balances 164,088 147,018
Market risk benefit liabilities 5,178 5,467
Policyholders’ dividends 2,089 1,475
Securities sold under agreements to repurchase 7,455 6,056
Cash collateral for loaned securities 8,471 6,477
Reinsurance and funds withheld payables (includes $577 and $490 of embedded derivatives at fair value at September 30, 2024 and December 31, 2023, respectively) [2] 17,443 15,729
Short-term debt 950 618
Long-term debt 19,076 18,882
Other liabilities (includes $14 and $15 allowance for credit losses and $3,764 and $4,175 of derivatives at fair value at September 30, 2024 and December 31, 2023, respectively) [1] 15,489 16,071
Notes issued by consolidated variable interest entities (includes $440 and $778 measured at fair value under the fair value option at September 30, 2024 and December 31, 2023, respectively) [1] 1,456 1,374
Separate account liabilities 200,550 198,888
Total liabilities 727,719 691,336
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 21)
Redeemable Noncontrolling Interest, Equity, Carrying Amount 560 524
Total mezzanine equity 560 524
EQUITY    
Preferred Stock $0.01 par value; $10,000,000 shares authorized; none issued) 0 0
Common Stock ($0.01 par value; 1,500,000,000 shares authorized; 666,305,189 shares issued as of both September 30, 2024 and December 31, 2023) 6 6
Additional paid-in capital 25,850 25,746
Common Stock held in treasury, at cost (310,374,607 and 307,089,216 shares at September 30, 2024 and December 31, 2023, respectively) (24,310) (23,780)
Accumulated other comprehensive income (loss) [2] (4,844) (6,504)
Retained Earnings 33,714 32,352
Total Prudential Financial, Inc. equity 30,416 27,820
Noncontrolling interests 1,599 1,443
Total equity 32,015 29,263
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 760,294 $ 721,123
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 20 for additional information regarding related party transactions.
v3.24.3
Unaudited Interim Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fixed Maturities, AFS, allowance for credit losses $ 235 $ 160
Fixed Maturities, available-for-sale, Amortized Cost 357,428 334,598
Fixed maturities, trading, amortized cost 12,404 10,624
Equity securities, AFS, amortized cost 4,224 5,786
Commercial mortgage and other loans, allowance for credit losses 603 460
Commercial mortgage and other loans [1] 62,573 59,305
Other invested assets, allowance for credit losses [1] 25,367 22,855
Other invested assets, at fair value 7,061 6,074
Reinsurance recoverables and deposit receivables, allowance for credit losses 11 12
Reinsurance recoverable and deposit receivables, embedded derivatives at fair value 324 149
Other assets, assets at fair value 0 11
Reinsurance and funds withheld payables, embedded derivatives at fair value 577 490
Other Liabilities, derivatives at fair value 3,764 4,175
Notes issued by consolidated variable interest entities (includes $440 and $778 measured at fair value under the fair value option at September 30, 2024 and December 31, 2023, respectively) [1] $ 1,456 $ 1,374
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 1,500,000,000 1,500,000,000
Common stock, shares, Issued 666,305,189 666,305,189
Treasury Stock, Common, Shares 310,374,607 307,089,216
Fair value option    
Commercial mortgage and other loans $ 1,098 $ 519
Other invested assets, allowance for credit losses 19 0
Notes issued by consolidated variable interest entities (includes $440 and $778 measured at fair value under the fair value option at September 30, 2024 and December 31, 2023, respectively) 440 778
Leveraged lease loans    
Other invested assets, allowance for credit losses 2 1
ASU 2016-13    
Short-term investments, allowance for credit losses 0 0
Other assets, allowance for credit losses 2 3
Other liabilities, allowance for credit losses $ 14 $ 15
[1] See Note 4 for details of balances associated with variable interest entities.
v3.24.3
Unaudited Interim Consolidated Statements of Operations - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUES        
Premiums (includes $45, $36, $37 and $311 of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024 and 2023, respectively) [1] $ 13,045 $ 4,173 $ 36,402 $ 20,445
Policy charges and fee income 1,111 1,112 3,252 3,319
Net Investment Income [1] 5,055 4,571 14,668 13,367
Asset management and service fees [1] 984 952 2,984 2,787
Other income (loss) [1] 1,285 197 3,214 2,260
Realized investment gains (losses), net [1] (1,844) (2,402) (2,318) [2] (3,123)
Change in value of market risk benefits, net of related hedging gains (losses) (146) (251) (320) (160)
Total revenues 19,490 8,352 57,882 38,895
BENEFITS AND EXPENSES        
Policyholders’ benefits [1] 14,027 5,163 39,485 23,128
Change in estimates of liability for future policy benefits [1] 180 (49) (13) 231
Interest credited to policyholders’ account balances 863 872 3,248 3,002
Dividends to policyholders 189   655 619
Dividends to policyholders   (3)    
Amortization of deferred policy acquisition costs 367 361 1,117 1,092
General and administrative expenses [1] 3,311 3,066 10,032 9,413
Total benefits and expenses 18,937 9,410 54,524 37,485
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES 553 (1,058) 3,358 1,410
Total income tax expense (benefit) 140 (251) 693 254
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES 413 (807) 2,665 1,156
Equity in earnings of joint ventures and other operating entities, net of taxes 38 16 108 26
NET INCOME (LOSS) 451 (791) 2,773 1,182
Less: Income (loss) attributable to noncontrolling interests 3 11 (11) 11
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. $ 448 $ (802) $ 2,784 $ 1,171
Basic earnings per share-Common Stock:        
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) $ 1.24 $ (2.23) $ 7.68 $ 3.17
Diluted earnings per share-Common Stock:        
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) $ 1.24 $ (2.23) $ 7.64 $ 3.15
[1] See Note 20 for additional information regarding related party transactions.
[2] See Note 20 for additional information regarding related party transactions.
v3.24.3
Unaudited Interim Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
NET INCOME (LOSS) $ 451 $ (791) $ 2,773 $ 1,182
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments for the period 844 (291) (3) (649)
Net unrealized investment gains (losses) 10,105 (15,044) (12) (9,479)
Interest rate remeasurement of future policy benefits [1] (8,127) 14,430 2,224 5,529
Gain (loss) from changes in non-performance risk on market risk benefits 54 (451) (142) (528)
Defined benefit pension and postretirement unrecognized periodic benefit (cost) 0 22 25 67
Total 2,876 (1,334) 2,092 (5,060)
Less: Income tax expense (benefit) related to other comprehensive income (loss) 276 (152) 432 (1,035)
Other comprehensive income (loss), net of taxes 2,600 (1,182) 1,660 (4,025)
Comprehensive income (loss) 3,051 (1,973) 4,433 (2,843)
Less: Comprehensive income (loss) attributable to noncontrolling interests 3 11 (11) 11
Comprehensive income (loss) attributable to Prudential Financial, Inc. $ 3,048 $ (1,984) $ 4,444 $ (2,854)
[1] See Note 20 for additional information regarding related party transactions.
v3.24.3
Unaudited Interim Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Common Stock Held in Treasury
Common Stock
Accumulated Other Comprehensive Income (Loss)
Total Prudential Financial, Inc. Equity
Noncontrolling Interests
Balance at Dec. 31, 2022 [1] $ 31,548 $ 6 $ 25,747 $ 31,714 $ (23,068) $ (3,806) $ 30,593 $ 955
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common Stock acquired (250)       (250)   (250)  
Contributions from noncontrolling interests 93             93
Distributions to noncontrolling interests (2)             (2)
Stock-based compensation programs 67   (104)   171   67  
Dividends declared on Common Stock (468)     (468)     (468)  
Comprehensive income:                
Net income (loss) 1,477     1,462     1,462 15
Other comprehensive income (loss), net of tax (18)         (19) (19) 1
Total comprehensive income (loss) 1,459     1,462   (19) 1,443 16
Balance at Mar. 31, 2023 32,447 6 25,643 32,708 (23,147) (3,825) 31,385 1,062
Balance at Dec. 31, 2022 [1] 31,548 6 25,747 31,714 (23,068) (3,806) 30,593 955
Comprehensive income:                
Net income (loss) 1,182              
Other comprehensive income (loss), net of tax (4,025)              
Total comprehensive income (loss) (2,843)              
Balance at Sep. 30, 2023 26,947 6 25,714 31,493 (23,568) (7,831) 25,814 1,133
Balance at Mar. 31, 2023 32,447 6 25,643 32,708 (23,147) (3,825) 31,385 1,062
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common Stock acquired (252)       (252)   (252)  
Contributions from noncontrolling interests 30             30
Distributions to noncontrolling interests (19)             (19)
Consolidations/(deconsolidations) of noncontrolling interests (36)             (36)
Stock-based compensation programs 77   33   44   77  
Dividends declared on Common Stock (463)     (463)     (463)  
Comprehensive income:                
Net income (loss) 496     511     511 (15)
Other comprehensive income (loss), net of tax (2,825)         (2,824) (2,824) (1)
Total comprehensive income (loss) (2,329)     511   (2,824) (2,313) (16)
Balance at Jun. 30, 2023 29,455 6 25,676 32,756 (23,355) (6,649) 28,434 1,021
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common Stock acquired (252)       (252)   (252)  
Contributions from noncontrolling interests 5             5
Distributions to noncontrolling interests (6)             (6)
Consolidations/(deconsolidations) of noncontrolling interests 102             102
Stock-based compensation programs 77   38   39   77  
Dividends declared on Common Stock (461)     (461)     (461)  
Comprehensive income:                
Net income (loss) (791)     (802)     (802) 11
Other comprehensive income (loss), net of tax (1,182)         (1,182) (1,182) 0
Total comprehensive income (loss) (1,973)     (802)   (1,182) (1,984) 11
Balance at Sep. 30, 2023 26,947 6 25,714 31,493 (23,568) (7,831) 25,814 1,133
Balance at Dec. 31, 2023 29,263 6 25,746 32,352 (23,780) (6,504) 27,820 1,443
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common Stock acquired (250)       (250)   (250)  
Contributions from noncontrolling interests 83             83
Distributions to noncontrolling interests (3)             (3)
Consolidations/(deconsolidations) of noncontrolling interests 125             125
Stock-based compensation programs 134   (5)   139   134  
Dividends declared on Common Stock (476)     (476)     (476)  
Comprehensive income:                
Net income (loss) 1,151     1,138     1,138 13
Other comprehensive income (loss), net of tax (1,157)         (1,157) (1,157) 0
Total comprehensive income (loss) (6)     1,138   (1,157) (19) 13
Balance at Mar. 31, 2024 28,870 6 25,741 33,014 (23,891) (7,661) 27,209 1,661
Balance at Dec. 31, 2023 29,263 6 25,746 32,352 (23,780) (6,504) 27,820 1,443
Comprehensive income:                
Net income (loss) 2,773              
Other comprehensive income (loss), net of tax 1,660              
Total comprehensive income (loss) 4,433              
Balance at Sep. 30, 2024 32,015 6 25,850 33,714 (24,310) (4,844) 30,416 1,599
Balance at Mar. 31, 2024 28,870 6 25,741 33,014 (23,891) (7,661) 27,209 1,661
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common Stock acquired (252)       (252)   (252)  
Contributions from noncontrolling interests 6             6
Distributions to noncontrolling interests (112)             (112)
Consolidations/(deconsolidations) of noncontrolling interests 19             19
Stock-based compensation programs 116   61   55   116  
Dividends declared on Common Stock (475)     (475)     (475)  
Comprehensive income:                
Net income (loss) 1,171     1,198     1,198 (27)
Other comprehensive income (loss), net of tax 217         217 217 0
Total comprehensive income (loss) 1,388     1,198   217 1,415 (27)
Balance at Jun. 30, 2024 29,560 6 25,802 33,737 (24,088) (7,444) 28,013 1,547
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common Stock acquired (252)       (252)   (252)  
Contributions from noncontrolling interests 59             59
Distributions to noncontrolling interests (10)             (10)
Stock-based compensation programs 78   48   30   78  
Dividends declared on Common Stock (471)     (471)     (471)  
Comprehensive income:                
Net income (loss) 451     448     448 3
Other comprehensive income (loss), net of tax 2,600         2,600 2,600 0
Total comprehensive income (loss) 3,051     448   2,600 3,048 3
Balance at Sep. 30, 2024 $ 32,015 $ 6 $ 25,850 $ 33,714 $ (24,310) $ (4,844) $ 30,416 $ 1,599
[1] Prior period amounts reflect the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.24.3
Unaudited Interim Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 2,773 $ 1,182
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Realized investment (gains) losses, net [1] 2,318 [2] 3,123
Change in value of market risk benefits, net of related hedging (gains) losses 320 160
Policy charges and fee income (1,682) (1,626)
Interest credited to policyholders’ account balances 3,248 3,002
Depreciation and amortization 330 1
(Gains) losses on assets supporting experience-rated contractholder liabilities, net (328) (426)
Change in:    
Deferred policy acquisition costs (782) (600)
Future policy benefits and other insurance liabilities 4,526 4,729
Income taxes 143 (282)
Derivatives, net 285 (737)
Other, net (4,971) [2] (3,119)
Cash flows from (used in) operating activities 6,180 5,407
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 39,839 32,743
Fixed maturities, held-to-maturity 0 22
Fixed maturities, trading 2,504 862
Assets supporting experience-rated contractholder liabilities 1,172 1,693
Equity securities 4,527 3,237
Commercial mortgage and other loans 3,587 2,722
Policy loans 1,492 1,319
Other invested assets 1,383 797
Short-term investments 23,095 24,197
Payments for the purchase/origination of:    
Fixed maturities, available-for-sale (53,915) (36,969)
Fixed maturities, trading (4,913) (1,774)
Assets supporting experience-rated contractholder liabilities (1,346) (1,741)
Equity securities (2,527) (2,393)
Commercial mortgage and other loans (6,360) (3,938)
Policy loans (1,179) (1,151)
Other invested assets (2,651) (1,949)
Short-term investments (25,952) (24,512)
Derivatives, net (97) (1,909)
Other, net 57 (280)
Cash flows from (used in) investing activities (21,284) (9,024)
CASH FLOWS FROM FINANCING ACTIVITIES    
Policyholders’ account deposits 27,657 20,690
Policyholders’ account withdrawals (14,170) (13,646)
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities 3,393 (1,075)
Cash dividends paid on Common Stock (1,424) (1,391)
Net change in financing arrangements (maturities 90 days or less) (536) (77)
Common Stock acquired (746) (754)
Common Stock reissued for exercise of stock options 142 91
Proceeds from the issuance of debt (maturities longer than 90 days) 1,303 662
Repayments of debt (maturities longer than 90 days) (812) (1,948)
Proceeds from notes issued by consolidated VIEs 823 484
Repayments of notes issued by consolidated VIEs (393) (39)
Other, net 737 [2] 470
Cash flows from (used in) financing activities 15,974 3,467
Effect of foreign exchange rate changes on cash balances (105) (220)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS 765 (370)
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR 19,463 17,299
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD 20,228 16,929
NON-CASH TRANSACTIONS DURING THE PERIOD    
Treasury Stock shares issued for stock-based compensation programs 214 276
Novation of annuity contracts [3] 0 491
Assets transferred upon surrender of IRA contract 0 2,019 [4]
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION    
Cash and cash equivalents 20,198 [5] 16,892
Restricted cash and restricted cash equivalents (included in “Other assets”) 30 37
Total cash, cash equivalents, restricted cash and restricted cash equivalents 20,228 16,929
Pension Risk Transfer    
NON-CASH TRANSACTIONS DURING THE PERIOD    
Assets received, excluding cash and cash equivalents 11,693 2,264
Liabilities assumed 16,020 3,257
Net cash received 4,327 993
Somerset Re    
NON-CASH TRANSACTIONS DURING THE PERIOD    
Reinsurance recoverables under modified coinsurance, net (578) [6] 0
Deferred reinsurance gain 363 [6] 0
Net cash received 69 [6] 0
Unwind of Deferred policy acquisition costs ceded 284 [6] 0
Prismic Re    
NON-CASH TRANSACTIONS DURING THE PERIOD    
Net cash received 0 (142) [6]
Net assets transferred, excluding Cash and cash equivalents 0 1,351 [6]
Payable established under coinsurance with funds withheld 0 8,184 [6]
Reinsurance recoverables established for Future policy benefits ceded 0 (5,584) [6]
Deposit assets established for Policyholders' account balances ceded 0 (3,723) [6]
Unwind of Deferred policy acquisition costs ceded 0 23 [6]
Deferred reinsurance loss $ 0 $ (393) [6]
[1] See Note 20 for additional information regarding related party transactions.
[2] See Note 20 for additional information regarding related party transactions.
[3] “Cash flows from (used in) operating activities” and “Cash flows from (used in) investing activities” exclude non-cash activities related to the novation of certain, previously reinsured, annuity products, from Fortitude Group Holdings, LLC to the Company.
[4] “Cash flows from (used in) operating activities” exclude certain non-cash activities related to the sale of the Full Service Retirement business as a result of the surrender of certain Stable Value Individual Retirement Account (“IRA”) contracts from the Company to Great-West Life & Annuity Insurance Company.
[5] See Note 4 for details of balances associated with variable interest entities.
[6] See Note 12 for additional information regarding the reinsurance agreements with Prismic Life Reinsurance, Ltd. (“Prismic Re”) and Somerset Reinsurance Ltd. (“Somerset Re”).
v3.24.3
Unaudited Interim Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Gain (loss) from changes in estimates on deferred profit liability amortization $ 45 $ 36 $ 37 $ 311
v3.24.3
Business and Basis of Presentation
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business and Basis of Presentation BUSINESS AND BASIS OF PRESENTATION
 
Prudential Financial, Inc. (“Prudential Financial”) and its subsidiaries (collectively, “Prudential” or the “Company”) provide a wide range of insurance, investment management, and other financial products and services to both individual and institutional customers throughout the United States and in many other countries. Principal products and services provided include life insurance, annuities, retirement solutions, mutual funds and investment management.

The Company’s principal operations consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement Strategies, Group Insurance and Individual Life businesses), the International Businesses (consisting of the Life Planner and Gibraltar Life and Other businesses), the Closed Block division, and the Company’s Corporate and Other operations. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included within Corporate and Other operations. Divested and Run-off Businesses consist of businesses that have been, or will be, sold or exited, including businesses that have been placed in wind-down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP. The Company’s Corporate and Other operations include corporate items and initiatives that are not allocated to business segments, as well as the Divested and Run-off Businesses described above.

In September 2023, the Company, through its Corporate and Other operations, invested approximately $200 million, and acquired a 20% equity interest as a limited partner, in Prismic Life Holding Company LP (“Prismic”), a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Life Reinsurance, Ltd. (“Prismic Re”), a licensed Bermuda-based life and annuity reinsurance company. As this investment is accounted for under the equity method, both Prismic and Prismic Re are considered related parties. Beginning with the fourth quarter of 2023, the operating results of Corporate and Other reflect the Company’s share of earnings in Prismic on a quarter lag. For information regarding the Company’s initial reinsurance transaction with Prismic Re, effective September 2023, see Note 12.

As part of its continuous improvement process, the Company is working to become a leaner and more agile company by simplifying its management structure, empowering its employees with faster decision-making processes and investing in technology and data platforms. As part of this, the Company is implementing changes to its organizational structure and recorded a restructuring charge of $200 million to “General and administrative expenses” in the fourth quarter of 2023 within its Corporate and Other operations. The Company expects these actions will create operating efficiencies, and provide reinvestment capacity to build capabilities, realize additional efficiencies, strengthen its competitiveness and fuel future growth.

Basis of Presentation

The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of Prudential Financial, entities over which the Company exercises control, including majority-owned subsidiaries and minority-owned entities such as limited partnerships in which the Company is the general partner, and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. See Note 4 for additional information regarding the Company’s consolidated variable interest entities. Intercompany balances and transactions have been eliminated.

In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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 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 measurement of goodwill and any related impairment; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments (“OTTI”); pension and other postretirement benefits; 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.

Out of Period Adjustments

In the second quarter of 2024, the Company recorded two unrelated out-of-period adjustments resulting in an aggregate net charge of $136 million to “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” for the second quarter of 2024. These adjustments did not have an impact to adjusted operating income, which is the Company’s segment measure of performance.

The adjustments included i) an $86 million valuation-related pre-tax charge from an increase to the policyholder account balances of indexed variable annuity products; and ii) a $50 million pre-tax charge from an increase to the allowance for credit losses related to certain loan balances.

These adjustments impacted the previously issued interim financial statements for the first quarter of 2024 and had no impact to any other previously reported quarterly or annual financial statements. As such, these adjustments do not impact the results for the three and nine months ended September 30, 2024, and will not impact the 2024 annual financial statements.

Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.
v3.24.3
Significant Accounting Policies and Pronouncements
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies and Pronouncements SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS
Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of 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 September 30, 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 issued but not yet adopted as of September 30, 2024
Standard
Description
Effective date and method
of adoption
Effect on the financial statements or other significant matters
ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures
This 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 with early adoption permitted, and is required to be applied prospectively with the option of retrospective application.
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 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
This ASU requires entities to provide more detailed information about significant segment expenses that are regularly provided to the chief operating decision maker.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.
The ASU has no impact on the Company’s Consolidated Financial Statements but will result in expanded disclosures in the Notes to the Consolidated Financial Statements.
v3.24.3
Investments
 9 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Investments 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:
 
 September 30, 2024
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$28,379 $1,063 $3,794 $0 $25,648 
Obligations of U.S. states and their political subdivisions7,216 224 411 0 7,029 
Foreign government securities
70,344 2,668 7,552 0 65,460 
U.S. public corporate securities115,390 2,946 8,049 79 110,208 
U.S. private corporate securities(1)45,419 1,101 2,010 31 44,479 
Foreign public corporate securities24,278 576 1,016 25 23,813 
Foreign private corporate securities37,940 1,006 2,913 100 35,933 
Asset-backed securities(2)16,062 228 67 0 16,223 
Commercial mortgage-backed securities9,616 75 419 0 9,272 
Residential mortgage-backed securities(3)2,784 35 154 0 2,665 
Total fixed maturities, available-for-sale(1)
$357,428 $9,922 $26,385 $235 $340,730 
__________
(1)Excludes notes with amortized cost of $14,126 million (fair value, $14,137 million), which have been offset with the associated debt under a netting agreement.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(3)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 millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$24,874 $1,091 $4,169 $0 $21,796 
Obligations of U.S. states and their political subdivisions8,650 267 459 0 8,458 
Foreign government securities
71,556 3,895 5,208 53 70,190 
U.S. public corporate securities105,593 2,357 9,711 67 98,172 
U.S. private corporate securities(1)42,801 807 2,574 14 41,020 
Foreign public corporate securities20,473 487 1,298 19 19,643 
Foreign private corporate securities35,128 613 3,446 5 32,290 
Asset-backed securities(2)12,514 202 119 2 12,595 
Commercial mortgage-backed securities10,571 34 713 0 9,892 
Residential mortgage-backed securities(3)2,438 24 197 0 2,265 
Total fixed maturities, available-for-sale(1)
$334,598 $9,777 $27,894 $160 $316,321 
__________
(1)Excludes notes with amortized cost of $12,370 million (fair value, $12,370 million), which have been offset with the associated debt under a netting agreement.
(2)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types.
(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
 
 September 30, 2024
 Less Than
Twelve Months		Twelve Months
or More		Total
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$3,156 $31 $12,202 $3,763 $15,358 $3,794 
Obligations of U.S. states and their political subdivisions728 10 3,626 401 4,354 411 
Foreign government securities
5,197 148 24,001 7,404 29,198 7,552 
U.S. public corporate securities6,077 96 55,020 7,945 61,097 8,041 
U.S. private corporate securities2,139 68 26,030 1,941 28,169 2,009 
Foreign public corporate securities1,644 18 9,241 991 10,885 1,009 
Foreign private corporate securities614 48 20,833 2,862 21,447 2,910 
Asset-backed securities1,140 26 1,456 41 2,596 67 
Commercial mortgage-backed securities76 0 6,761 419 6,837 419 
Residential mortgage-backed securities40 0 1,472 154 1,512 154 
Total fixed maturities, available-for-sale$20,811 $445 $160,642 $25,921 $181,453 $26,366 
 December 31, 2023
 Less Than
Twelve Months		Twelve Months
or More		Total
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$2,718 $95 $12,642 $4,074 $15,360 $4,169 
Obligations of U.S. states and their political subdivisions862 14 3,816 445 4,678 459 
Foreign government securities
9,098 542 19,589 4,664 28,687 5,206 
U.S. public corporate securities4,881 103 61,204 9,604 66,085 9,707 
U.S. private corporate securities3,026 69 27,062 2,504 30,088 2,573 
Foreign public corporate securities1,766 37 10,812 1,246 12,578 1,283 
Foreign private corporate securities1,578 120 22,145 3,324 23,723 3,444 
Asset-backed securities846 30 5,886 89 6,732 119 
Commercial mortgage-backed securities287 3 8,251 710 8,538 713 
Residential mortgage-backed securities92 2 1,599 195 1,691 197 
Total fixed maturities, available-for-sale$25,154 $1,015 $173,006 $26,855 $198,160 $27,870 

As of September 30, 2024 and December 31, 2023, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $25,471 million and $26,879 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 $895 million and $991 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of September 30, 2024, the $25,921 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities as well as in foreign government securities. As of December 31, 2023, the $26,855 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities, as well as in foreign government securities.

In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at September 30, 2024. This conclusion was based on 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 September 30, 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 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: 
September 30, 2024
Available-for-sale
 Amortized CostFair Value
(in millions)
Fixed maturities:
Due in one year or less$11,756 $11,725 
Due after one year through five years60,508 60,735 
Due after five years through ten years(1)
63,078 63,885 
Due after ten years(1)193,624 176,225 
Asset-backed securities16,062 16,223 
Commercial mortgage-backed securities9,616 9,272 
Residential mortgage-backed securities2,784 2,665 
Total$357,428 $340,730 
__________
(1)Excludes notes with amortized cost of $14,126 million (fair value, $14,137 million), which have been offset with the associated debt under a netting agreement.

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date.
 
The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$9,406 $6,619 $23,480 $20,741 
Proceeds from maturities/prepayments5,133 4,051 16,213 12,092 
Gross investment gains from sales and maturities357 295 952 724 
Gross investment losses from sales and maturities(687)(734)(1,957)(1,436)
Write-downs recognized in earnings(2)(440)(53)(449)(63)
(Addition to) release of allowance for credit losses(66)37 (99)(101)
Fixed maturities, held-to-maturity:
Proceeds from maturities/prepayments(3)$0 $4 $0 $21 
(Addition to) release of allowance for credit losses0 2 0 2 
__________ 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $146 million and $(90) million for the nine months ended September 30, 2024 and 2023, respectively.
(2)Amounts represent securities actively marketed for sale, securities where it is more likely than not the Company will be required to sell prior to the recovery of the amortized cost basis and write-downs on credit adverse securities.
(3)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $1 million for the nine months ended September 30, 2023.
The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated: 

Three Months Ended September 30, 2024
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $168 $1 $0 $0 $169 
Additions to allowance for credit losses not previously recorded0 0 59 0 0 0 59 
Reductions for securities sold during the period0 0 (7)0 0 0 (7)
Additions (reductions) on securities with previous allowance0 0 16 (1)0 0 15 
Change in foreign exchange0 0 (1)0 0 0 (1)
Balance, end of period$0 $0 $235 $0 $0 $0 $235 

Three Months Ended September 30, 2023
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $56 $219 $1 $0 $0 $276 
Additions to allowance for credit losses not previously recorded0 0 9 0 0 0 9 
Reductions for securities sold during the period0 0 (71)0 0 0 (71)
Additions (reductions) on securities with previous allowance0 8 16 1 0 0 25 
Balance, end of period$0 $64 $173 $2 $0 $0 $239 
Nine Months Ended September 30, 2024
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $53 $105 $2 $0 $0 $160 
Additions to allowance for credit losses not previously recorded0 0 118 0 0 0 118 
Reductions for securities sold during the period0 (30)(27)0 0 0 (57)
Additions (reductions) on securities with previous allowance0 (23)40 (2)0 0 15 
Change in foreign exchange
0 0 (1)0 0 0 (1)
Balance, end of period$0 $0 $235 $0 $0 $0 $235 

Nine Months Ended September 30, 2023
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $1 $136 $1 $0 $0 $138 
Additions to allowance for credit losses not previously recorded0 62 87 0 0 0 149 
Reductions for securities sold during the period0 0 (116)0 0 0 (116)
Additions (reductions) on securities with previous allowance0 1 66 1 0 0 68 
Balance, end of period$0 $64 $173 $2 $0 $0 $239 

For the three and nine months ended September 30, 2023, there was a $2 million net release in the allowance for credit losses for fixed maturities, held-to-maturity.

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

For the three months ended September 30, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer non-cyclical, consumer cyclical and energy sectors within corporate securities due to adverse projected cash flows. For the three months ended September 30, 2023, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to a net release in the capital goods and utility sectors within corporate securities due to investment restructurings.

For the nine months ended September 30, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the consumer non-cyclical, consumer cyclical and energy sectors within corporate securities due to adverse projected cash flows, partially offset by a net release within foreign government securities. For the nine months ended September 30, 2023, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the communications and technology sectors within corporate securities, as well as foreign government securities due to adverse projected cash flows. Partially offsetting the additions was a net release within the capital goods and utility sectors within corporate securities.
The Company did not have any fixed maturity securities purchased with credit deterioration as of September 30, 2024 or December 31, 2023.
Assets Supporting Experience-Rated Contractholder Liabilities
 
The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:

 September 30, 2024December 31, 2023
 Amortized
Cost or Cost		Fair
Value		Amortized
Cost or Cost		Fair
Value
 (in millions)
Fixed maturities:
Corporate securities$76 $75 $81 $79 
Foreign government securities
608 606 606 604 
Obligations of U.S. government authorities and agencies and obligations of U.S. states
222 224 202 206 
Total fixed maturities(1)906 905 889 889 
Equity securities1,787 2,749 1,607 2,279 
Total assets supporting experience-rated contractholder liabilities(2)$2,693 $3,654 $2,496 $3,168 
__________ 
(1)As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings as of both September 30, 2024 and December 31, 2023.
(2)As a percentage of amortized cost, 100% of the portfolio consisted of public securities as of both September 30, 2024 and December 31, 2023.

The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities still held at period end, recorded within “Other income (loss),” was $(47) million and $(27) million during the three months ended September 30, 2024 and 2023, respectively, and $326 million and $341 million during the nine months ended September 30, 2024 and 2023, respectively.

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 $543 million and $(295) million during the three months ended September 30, 2024 and 2023, respectively, and $216 million and $(190) million during the nine months ended September 30, 2024 and 2023, respectively.

Equity Securities
 
The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $179 million and $(276) million during the three months ended September 30, 2024 and 2023, respectively, and $822 million and $300 million during the nine months ended September 30, 2024 and 2023, respectively.

Concentrations of Financial Instruments
 
The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any single issuer.
 
As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:
 
 September 30, 2024December 31, 2023
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
 (in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale$62,117 $57,669 $62,591 $61,484 
Fixed maturities, trading20 19 19 19 
Assets supporting experience-rated contractholder liabilities527 519 522 514 
Total$62,664 $58,207 $63,132 $62,017 

 September 30, 2024December 31, 2023
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
 (in millions)
Investments in Brazil government and government agency securities:
Fixed maturities, available-for-sale$3,005 $2,688 $3,028 $2,992 
Fixed maturities, trading
48 47 0 0 
Short-term investments18 18 0 0 
Cash equivalents250 250 427 427 
Total$3,321 $3,003 $3,455 $3,419 
Commercial Mortgage and Other Loans
 
The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: 

 September 30, 2024December 31, 2023
 
Amount
% of
Total
Amount
% of
Total
($ in millions)
Commercial mortgage and agricultural property loans by property type:
Office$8,216 13.2 %$8,402 14.2 %
Retail5,409 8.7 5,384 9.1 
Apartments/Multi-Family17,710 28.5 16,555 28.0 
Industrial16,463 26.5 15,263 25.8 
Hospitality2,010 3.2 2,086 3.5 
Other4,507 7.4 4,069 6.9 
Total commercial mortgage loans54,315 87.5 51,759 87.5 
Agricultural property loans7,738 12.5 7,426 12.5 
Total commercial mortgage and agricultural property loans62,053 100.0 %59,185 100.0 %
Allowance for credit losses(555)(459)
Total net commercial mortgage and agricultural property loans61,498 58,726 
Other loans:
Uncollateralized loans674 425 
Residential property loans23 30 
Other collateralized loans426 125 
Total other loans1,123 580 
Allowance for credit losses(48)(1)
Total net other loans1,075 579 
Total net commercial mortgage and other loans(1)$62,573 $59,305 
__________ 
(1)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of September 30, 2024 and December 31, 2023, the net carrying value of these loans was $1,098 million and $519 million, respectively.

As of September 30, 2024, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (29%), Texas (7%) and New York (5%), and included loans secured by properties in Europe (7%), Mexico (2%), Asia (1%) and Australia (1%).
The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, for the periods indicated:

Three Months Ended September 30, 2024
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$489 $24 $0 $33 $18 $564 
Addition to (release of) allowance for expected losses(6)53 0 (1)(2)44 
Write-offs charged against the allowance
0 (5)0 0 0 (5)
Change in foreign exchange0 0 0 0 0 0 
Allowance, end of period$483 $72 $0 $32 $16 $603 

Three Months Ended September 30, 2023
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$224 $16 $0 $0 $1 $241 
Addition to (release of) allowance for expected losses90 0 0 0 0 90 
Change in foreign exchange1 0 0 0 0 1 
Allowance, end of period$315 $16 $0 $0 $1 $332 

Nine Months Ended September 30, 2024
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$443 $16 $0 $0 $1 $460 
Addition to (release of) allowance for expected losses41 61 0 32 15 149 
Write-offs charged against the allowance
0 (5)0 0 0 (5)
Reduction for loans sold during the period0 0 0 0 0 0 
Change in foreign exchange(1)0 0 0 0 (1)
Allowance, end of period$483 $72 $0 $32 $16 $603 
Nine Months Ended September 30, 2023
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$188 $13 $0 $0 $2 $203 
Addition to (release of) allowance for expected losses125 3 0 0 0 128 
Reduction for loans sold during the period0 0 0 0 (1)(1)
Change in foreign exchange2 0 0 0 0 2 
Allowance, end of period$315 $16 $0 $0 $1 $332 

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

For the three months ended September 30, 2024, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to an increase in the loan-specific reserve related to agricultural property loans. For the three months ended September 30, 2023, the net addition to the allowance for credit losses on commercial mortgage and other loans was due to an increase in loan-specific reserves related to commercial mortgage loans within the office sector and increases to the portfolio reserve to reflect declining market conditions.

For the nine months ended September 30, 2024, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to increases in the loan-specific reserves related to agricultural property loans and commercial mortgage loans within the office sector along with the establishment of loan-specific reserves for both the collateralized and uncollateralized consumer loan portfolios. For the nine months ended September 30, 2023, the net addition to the allowance for credit losses on commercial mortgage and other loans was due to an increase in loan-specific reserves related to commercial mortgage loans within the office sector and increases to the portfolio reserve to reflect declining market conditions.
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:

September 30, 2024
Amortized Cost by Origination Year
2024
2023202220212020PriorRevolving LoansTotal
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$1,265 $1,631 $1,021 $2,186 $1,234 $17,757 $11 $25,105 
60%-69.99%4,334 2,585 1,040 2,355 1,048 5,879 0 17,241 
70%-79.99%467 911 1,110 1,355 447 2,258 0 6,548 
80% or greater50 137 495 229 282 4,228 0 5,421 
Total$6,116 $5,264 $3,666 $6,125 $3,011 $30,122 $11 $54,315 
Debt Service Coverage Ratio:
Greater than 1.2x
$5,436 $4,779 $3,140 $6,022 $2,853 $27,250 $11 $49,491 
1.0 - 1.2x597 335 374 52 104 1,556 0 3,018 
Less than 1.0x83 150 152 51 54 1,316 0 1,806 
Total$6,116 $5,264 $3,666 $6,125 $3,011 $30,122 $11 $54,315 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$344 $374 $897 $2,019 $686 $1,789 $132 $6,241 
60%-69.99%58 555 124 10 53 43 0 843 
70%-79.99%0 0 0 0 0 3 0 3 
80% or greater0 6 517 0 71 5 52 651 
Total$402 $935 $1,538 $2,029 $810 $1,840 $184 $7,738 
Debt Service Coverage Ratio:
Greater than 1.2x
$394 $866 $1,004 $1,976 $737 $1,632 $132 $6,741 
1.0 - 1.2x8 64 526 45 57 153 52 905 
Less than 1.0x0 5 8 8 16 55 0 92 
Total$402 $935 $1,538 $2,029 $810 $1,840 $184 $7,738 
December 31, 2023
Amortized Cost by Origination Year
2023
2022202120202019PriorRevolving LoansTotal
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$1,822 $911 $2,264 $1,437 $3,205 $16,569 $0 $26,208 
60%-69.99%2,765 1,440 2,541 1,107 2,146 4,530 0 14,529 
70%-79.99%1,001 1,004 1,278 401 1,013 2,277 0 6,974 
80% or greater145 357 203 330 209 2,804 0 4,048 
Total$5,733 $3,712 $6,286 $3,275 $6,573 $26,180 $0 $51,759 
Debt Service Coverage Ratio:
Greater than 1.2x
$5,237 $3,194 $6,122 $3,182 $5,988 $23,196 $0 $46,919 
1.0 - 1.2x346 366 82 38 265 1,713 0 2,810 
Less than 1.0x150 152 82 55 320 1,271 0 2,030 
Total$5,733 $3,712 $6,286 $3,275 $6,573 $26,180 $0 $51,759 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$360 $880 $2,027 $774 $455 $1,481 $74 $6,051 
60%-69.99%586 668 25 50 20 4 0 1,353 
70%-79.99%7 0 0 0 0 0 0 7 
80% or greater0 0 0 0 15 0 0 15 
Total$953 $1,548 $2,052 $824 $490 $1,485 $74 $7,426 
Debt Service Coverage Ratio:
Greater than 1.2x
$948 $1,535 $2,040 $750 $489 $1,290 $74 $7,126 
1.0 - 1.2x0 5 4 58 0 151 0 218 
Less than 1.0x5 8 8 16 1 44 0 82 
Total$953 $1,548 $2,052 $824 $490 $1,485 $74 $7,426 

For additional information regarding the Company’s commercial mortgage and other loans credit quality monitoring process, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
 
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 tables set forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties for the dates indicated:

Three Months Ended September 30, 2024
Term
Extension
% of
Amortized Cost
Other Than Insignificant Delay in Payment
% of
Amortized Cost
($ in millions)
Commercial mortgage loans
$0 0.0 %$195 0.4 %
Agricultural property loans
$0 0.0 %$0 0.0 %
Nine Months Ended September 30, 2024
Term
Extension
% of
Amortized Cost
Other Than Insignificant Delay in Payment
% of
Amortized Cost
($ in millions)
Commercial mortgage loans
$341 0.6 %$195 0.4 %
Agricultural property loans
$3 0.0 %$0 0.0 %

The modifications added less than one year to the weighted average life in both the commercial mortgage and agricultural property loan portfolios.

During both the three and nine months ended September 30, 2023, the Company did not modify any loans to borrowers experiencing financial difficulties.

For the nine months ended September 30, 2024, all commercial mortgage and other loans that were modified to borrowers experiencing financial difficulties were current. The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of September 30, 2024 and December 31, 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:
 
 September 30, 2024
 Current30-59 Days
Past Due		60-89 Days
Past Due		90 Days or More Past Due(1)(2)Total Past
Due		Total
Loans		Non-Accrual
Status(3)
 (in millions)
Commercial mortgage loans$54,054 $0 $0 $261 $261 $54,315 $297 
Agricultural property loans6,984 0 11 743 754 7,738 749 
Residential property loans23 0 0 0 0 23 0 
Other collateralized loans426 0 0 0 0 426 0 
Uncollateralized loans674 0 0 0 0 674 25 
Total$62,161 $0 $11 $1,004 $1,015 $63,176 $1,071 
__________
(1)As of September 30, 2024, there were no loans in this category accruing interest.
(2)Includes loans for which no credit losses are expected due to U.S. agency guarantees.
(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.


 December 31, 2023
 Current30-59 Days
Past Due		60-89 Days
Past Due
90 Days or More Past Due(1)(2)
Total Past
Due		Total
Loans
Non-Accrual
Status(3)
 (in millions)
Commercial mortgage loans$51,665 $34 $0 $60 $94 $51,759 $94 
Agricultural property loans7,392 15 15 4 34 7,426 38 
Residential property loans30 0 0 0 0 30 0 
Other collateralized loans125 0 0 0 0 125 0 
Uncollateralized loans425 0 0 0 0 425 25 
Total$59,637 $49 $15 $64 $128 $59,765 $157 
__________
(1)As of December 31, 2023, there were no loans in this category accruing interest.
(2)Primarily includes loans for which no credit losses are expected due to U.S. agency guarantees.
(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Loans on non-accrual status recognized interest of $11 million and less than $1 million for the three months ended September 30, 2024 and 2023, respectively, and $12 million and less than $1 million for the nine months ended September 30, 2024 and 2023, respectively. Loans on non-accrual status that did not have a related allowance for credit losses were $138 million and $126 million as of September 30, 2024 and December 31, 2023, respectively.

The Company did not have any losses on commercial mortgage and other loans purchased with credit deterioration as of September 30, 2024 or December 31, 2023.
Other Invested Assets
 
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:

September 30, 2024December 31, 2023
 (in millions)
LPs/LLCs:
Equity method:
Private equity$10,129 $8,929 
Hedge funds3,079 3,164 
Real estate-related2,992 2,578 
Subtotal equity method16,200 14,671 
Fair value:
Private equity2,020 1,247 
Hedge funds2,036 2,078 
Real estate-related947 800 
Subtotal fair value5,003 4,125 
Total LPs/LLCs21,203 18,796 
Real estate held through direct ownership(1)1,825 1,794 
Derivative instruments1,147 1,100 
Other(2)1,192 1,165 
Total other invested assets$25,367 $22,855 
_________ 
(1)As of September 30, 2024 and December 31, 2023, real estate held through direct ownership had mortgage debt of $151 million and $158 million, respectively.
(2)Primarily includes equity investments accounted for under the measurement alternative, strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Bank of New York, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Accrued Investment Income

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

 September 30, 2024December 31, 2023
 (in millions)
Fixed maturities$2,987 $2,727 
Equity securities9 6 
Commercial mortgage and other loans223 224 
Policy loans253 259 
Other invested assets30 23 
Short-term investments and cash equivalents64 48 
Total accrued investment income$3,566 $3,287 

Write-downs on accrued investment income were $1 million and less than $1 million for the three months ended September 30, 2024 and 2023, respectively, and $1 million and less than $1 million for the nine months ended September 30, 2024 and 2023, respectively.

Net Investment Income
 
The following table sets forth “Net investment income” by investment type, for the periods indicated: 

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (in millions)
Fixed maturities, available-for-sale(1)$3,805 $3,390 $11,100 $9,921 
Fixed maturities, held-to-maturity(1)0 48 0 148 
Fixed maturities, trading146 65 392 177 
Assets supporting experience-rated contractholder liabilities14 9 41 34 
Equity securities35 38 134 142 
Commercial mortgage and other loans654 578 1,907 1,681 
Policy loans127 124 368 372 
Other invested assets
331 352 898 1,046 
Short-term investments and cash equivalents299 260 881 720 
Gross investment income5,411 4,864 15,721 14,241 
Less: investment expenses
(356)(293)(1,053)(874)
Net investment income$5,055 $4,571 $14,668 $13,367 
__________ 
(1)Includes income on credit-linked notes which are reported on the same financial statement line as related surplus notes, as conditions are met for right to offset.
Realized Investment Gains (Losses), Net
 
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (in millions)
Fixed maturities(1)$(836)$(453)$(1,553)$(874)
Commercial mortgage and other loans(41)(83)(136)(109)
Investment real estate2 22 (4)49 
LPs/LLCs16 (4)39 (21)
Derivatives(2)
(759)(1,857)(162)(2,162)
Other(2)
(226)(27)(502)(6)
Realized investment gains (losses), net$(1,844)$(2,402)$(2,318)$(3,123)
__________ 
(1)Excludes fixed maturity securities classified as trading.
Net Unrealized Gains (Losses) on Investments within AOCI

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:

September 30, 2024December 31, 2023
 (in millions)
Fixed maturity securities, available-for-sale with an allowance$(121)$(72)
Fixed maturity securities, available-for-sale without an allowance
(16,342)(18,045)
Derivatives designated as cash flow hedges(1)
694 869 
Derivatives designated as fair value hedges(1)
(164)(60)
Other investments(2)
85 57 
Net unrealized gains (losses) on investments$(15,848)$(17,251)
__________ 
(1)For additional information regarding cash flow and fair value hedges, see Note 5.
(2)Includes net unrealized gains 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. The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:
September 30, 2024December 31, 2023
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
 Overnight & ContinuousUp to 30 Days30 to 90 DaysTotal  Overnight & ContinuousUp to 30 Days30 to 90 DaysTotal
(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies$6,784 $0 $0 $6,784 $5,693 $0 $0 $5,693 
U.S. public corporate securities
0 33 0 33 0 118 0 118 
Foreign public corporate securities
0 18 0 18 0 0 0 0 
Commercial mortgage-backed securities620 0 0 620 245 0 0 245 
Total securities sold under agreements to repurchase$7,404 $51 $0 $7,455 $5,938 $118 $0 $6,056 

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:

September 30, 2024December 31, 2023
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
 Overnight & ContinuousUp to 30 DaysTotal  Overnight & ContinuousUp to 30 DaysTotal
(in millions)
U.S. Treasury securities and obligations of U.S.
government authorities and agencies		$154 $0 $154 $1 $0 $1 
Obligations of U.S. states and their political
subdivisions		54 0 54 67 0 67 
Foreign government securities
105 0 105 242 0 242 
U.S. public corporate securities6,416 342 6,758 4,399 420 4,819 
Foreign public corporate securities1,014 79 1,093 649 76 725 
Equity securities307 0 307 623 0 623 
Total cash collateral for loaned securities(1)$8,050 $421 $8,471 $5,981 $496 $6,477 
__________ 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
v3.24.3
Variable Interest Entities
 9 Months Ended
Sep. 30, 2024
Variable Interest Entity, Measure of Activity [Abstract]  
Variable Interest Entities VARIABLE INTEREST ENTITIES
 
In the normal course of its activities, the Company enters into relationships with various special-purpose entities and other entities that are deemed to be variable interest entities (“VIEs”). For additional information, see Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
 
Consolidated Variable Interest Entities
 
The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs.
Consolidated VIEs for which the
Company is the Investment
Manager(1)		Other Consolidated VIEs(1)
 September 30,
2024		December 31,
2023		September 30,
2024		December 31,
2023
 (in millions)
Fixed maturities, available-for-sale$926 $539 $803 $836 
Fixed maturities, trading561 943 0 0 
Equity securities88 106 0 0 
Commercial mortgage and other loans755 764 541 0 
Other invested assets6,093 4,319 515 485 
Cash and cash equivalents263 302 0 0 
Accrued investment income7 7 3 3 
Other assets686 1,023 655 636 
Total assets of consolidated VIEs$9,379 $8,003 $2,517 $1,960 
Other liabilities$175 $588 $0 $0 
Notes issued by consolidated VIEs(2)1,414 1,374 42 0 
Total liabilities of consolidated VIEs$1,589 $1,962 $42 $0 
__________
(1)Total assets of consolidated VIEs reflect $4,615 million and $4,003 million as of September 30, 2024 and December 31, 2023, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries.
(2)Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of September 30, 2024, the maturities of these obligations were between 5 and 13 years.
 
Unconsolidated Variable Interest Entities
 
The Company has determined that it is not the primary beneficiary of certain VIEs for which it may or may not be the investment manager. The Company’s maximum exposure to loss resulting from its relationship with unconsolidated VIEs is limited to its investment in the VIEs, which was $1,242 million and $1,165 million as of September 30, 2024 and December 31, 2023, respectively. These investments are reflected in “Fixed maturities, available-for-sale,” “Fixed maturities, trading,” “Equity securities” and “Other invested assets.” There are no liabilities associated with these unconsolidated VIEs on the Company’s Unaudited Interim Consolidated Statements of Financial Position.

In addition, in the normal course of its activities, the Company will invest in structured investments including VIEs for which it is not the investment manager. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The Company’s maximum exposure to loss on these structured investments, both VIEs and non-VIEs, is limited to the amount of its investment. See Note 3 for details regarding the carrying amounts and classification of these assets. The Company has not provided material financial or other support that was not contractually required to these structures. The Company has determined that it is not the primary beneficiary of these structures due to the fact that it does not control these entities.

Limited Partnerships and Limited Liability Companies
 
In the normal course of its activities, the Company will invest in limited partnerships and limited liability companies (“LPs/LLCs”), which include hedge funds, private equity funds and real estate-related funds and may or may not be VIEs. The Company classifies these investments as “Other invested assets” and its maximum exposure to loss associated with these VIE and non-VIE entities is limited to the amount of its investment, which was $21,203 million and $18,796 million as of September 30, 2024 and December 31, 2023, respectively.
v3.24.3
Derivative Instruments
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
5. DERIVATIVES AND HEDGING
 
Types of Derivative and Hedging Instruments

The Company utilizes various derivatives and hedging instruments to manage certain of its risks. Commonly used derivative and non-derivative hedging instruments include, but are not necessarily limited to:
•Interest rate contracts: futures, swaps, forwards, options, caps and floors
•Equity contracts: futures, options and total return swaps
•Foreign exchange contracts: futures, options, forwards, swaps, and foreign currency debt instruments
•Credit contracts: single and index reference credit default swaps

Other types of financial contracts that the Company accounts for as derivatives are:
•To-be-announced (“TBA”) forward contracts, loan commitments, embedded derivatives and synthetic guaranteed investment contracts (“GICs”).

For detailed information regarding these contracts and the related strategies, see Note 5 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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 they are utilized to manage, excluding embedded derivatives. 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. These netting impacts resulted in total derivative assets of $1,151 million and $1,103 million as of September 30, 2024 and December 31, 2023, respectively, and total derivative liabilities of $3,764 million and $4,181 million as of September 30, 2024 and December 31, 2023, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position.
Primary Underlying Risk /Instrument TypeSeptember 30, 2024December 31, 2023
 Fair Value Fair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$4,262 $73 $(218)$3,582 $55 $(252)
Interest Rate Forwards0 0 0 0 0 0 
Foreign Currency
Foreign Currency Forwards4,903 33 (235)4,748 43 (195)
Currency/Interest Rate
Foreign Currency Swaps30,295 1,722 (726)27,933 1,952 (676)
Total Derivatives Designated as Hedge Accounting Instruments$39,460 $1,828 $(1,179)$36,263 $2,050 $(1,123)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$226,706 $7,941 $(20,314)$224,445 $8,604 $(21,599)
Interest Rate Futures9,418 23 (44)10,448 7 (26)
Interest Rate Options34,198 244 (1,033)32,718 292 (1,095)
Interest Rate Forwards4,589 56 (19)3,678 39 (14)
Foreign Currency
Foreign Currency Forwards27,231 989 (941)27,686 965 (954)
Currency/Interest Rate
Foreign Currency Swaps7,480 460 (157)7,771 502 (164)
Credit
Credit Default Swaps3,949 80 0 3,446 64 0 
Equity
Equity Futures1,249 3 (1)672 1 (2)
Equity Options82,356 4,163 (2,730)51,792 1,688 (1,662)
Total Return Swaps11,188 124 (350)9,237 48 (514)
Other
Other(1)1,250 0 0 1,250 0 0 
Synthetic GICs75,271 2 (2)78,009 1 (1)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$484,885 $14,085 $(25,591)$451,152 $12,211 $(26,031)
Total Derivatives(2)(3)$524,345 $15,913 $(26,770)$487,415 $14,261 $(27,154)
__________
(1)“Other” primarily includes derivative contracts used to improve the balance of the Company’s tail longevity and mortality risk. Under these contracts, the Company’s gains (losses) are capped at the notional amount.
(2)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $12,232 million (including the Prismic funds withheld related embedded derivative net liability of $578 million) and $8,096 million (including the Prismic funds withheld related embedded derivative net liability of $508 million) as of September 30, 2024 and December 31, 2023, respectively, primarily included in “Policyholders’ account balances” and “Reinsurance and funds withheld payables.”    
(3)Recorded in “Other invested assets” and “Other liabilities” on the Unaudited Interim Consolidated Statements of Financial Position.
As of September 30, 2024, the following amounts were recorded on the Unaudited Interim Consolidated Statements of Financial Position related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges.

September 30, 2024December 31, 2023
Balance Sheet Line Item in which Hedged Item is RecordedCarrying Amount of the Hedged Assets (Liabilities)Cumulative Amount of
Fair Value Hedging Adjustment Included in the
Carrying Amount of the Hedged
Assets (Liabilities)(1)		Carrying Amount of the Hedged Assets (Liabilities)Cumulative Amount of
Fair Value Hedging Adjustment Included in the
Carrying Amount of the Hedged
Assets (Liabilities)(1)
(in millions)
Fixed maturities, available-for-sale, at fair value$227 $19 $224 $19 
Policyholders’ account balances$(1,598)$223 $(810)$219 
Future policy benefits$(2,515)$189 $(2,441)$298 
__________
(1)There were no material fair value hedging adjustments for hedged assets and liabilities for which hedge accounting has been discontinued.

Most of the Company’s derivatives do not qualify for hedge accounting for various reasons. For example: (i) derivatives that economically hedge embedded derivatives do not qualify for hedge accounting because changes in the fair value of the embedded derivatives are already recorded in net income; (ii) derivatives that are utilized as macro hedges of the Company’s exposure to various risks typically do not qualify for hedge accounting because they do not meet the criteria required under portfolio hedge accounting rules; and (iii) synthetic GICs, which are product standalone derivatives, do not qualify as hedging instruments under hedge accounting rules.
Offsetting Assets and Liabilities
 
The following tables present recognized derivative instruments (excluding embedded derivatives), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.
 
 September 30, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements
of Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$15,789 $(14,762)$1,027 $(243)$784 
Securities purchased under agreements to resell
617 0 617 (342)275 
Total assets$16,406 $(14,762)$1,644 $(585)$1,059 
Offsetting of Financial Liabilities:
Derivatives$26,768 $(23,006)$3,762 $(2,881)$881 
Securities sold under agreements to repurchase
7,455 0 7,455 (6,836)619 
Total liabilities$34,223 $(23,006)$11,217 $(9,717)$1,500 
 
 December 31, 2023
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements
of Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$14,169 $(13,158)$1,011 $(240)$771 
Securities purchased under agreements to resell
388 0 388 (363)25 
Total assets$14,557 $(13,158)$1,399 $(603)$796 
Offsetting of Financial Liabilities:
Derivatives$27,154 $(22,973)$4,181 $(3,775)$406 
Securities sold under agreements to repurchase
6,056 0 6,056 (5,811)245 
Total liabilities$33,210 $(22,973)$10,237 $(9,586)$651 
__________
(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 “—Counterparty Credit Risk” below. 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 regarding the Company’s accounting policy for securities repurchase and resale agreements, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
 
Cash Flow, Fair Value and Net Investment Hedges
 
The primary derivative and non-derivative instruments used by the Company in its fair value, cash flow and net investment hedge accounting relationships are interest rate swaps, currency swaps, currency forwards, and foreign currency denominated debts. 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 fair value, cash flow or net investment hedge accounting relationships.
The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, including the offset of the hedged item in fair value hedge relationships.

 Three Months Ended September 30, 2024
 Realized
Investment
Gains
(Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$(7)$0 $0 $0 $0 $67 $74 $0 
Currency0 0 0 0 0 0 108 0 
Total gains (losses) on derivatives designated as hedge instruments(7)0 0 0 0 67 182 0 
Gains (losses) on the hedged item:
Interest Rate7 0 3 0 0 (70)(79)0 
Currency0 0 0 0 0 0 (107)0 
Total gains (losses) on hedged item7 0 3 0 0 (70)(186)0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (2)(94)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (2)(94)
Total gains (losses) on fair value hedges net of hedged item0 0 3 0 0 (3)(6)(94)
Cash flow hedges
Interest Rate0 0 (5)0 0 0 0 19 
Currency0 0 0 0 0 0 0 (69)
Currency/Interest Rate30 0 83 (230)0 0 0 (755)
Total gains (losses) on cash flow hedges30 0 78 (230)0 0 0 (805)
Net investment hedges
Currency0 0 0 0 0 0 0 (15)
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 (15)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate758 700 0 0 0 0 0 0 
Currency(19)0 0 0 0 0 0 0 
Currency/Interest Rate(152)0 0 (2)0 0 0 0 
Credit33 0 0 0 0 0 0 0 
Equity641 (354)0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives(2)
(2,036)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(775)346 0 (2)0 0 0 0 
Total$(745)$346 $81 $(232)$0 $(3)$(6)$(914)
 Nine Months Ended September 30, 2024
 Realized
Investment
Gains
(Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$(1)$0 $0 $0 $0 $(3)$(8)$0 
Currency0 0 0 0 0 0 93 0 
Total gains (losses) on derivatives designated as hedge instruments(1)0 0 0 0 (3)85 0 
Gains (losses) on the hedged item:
Interest Rate1 0 9 0 0 4 (16)0 
Currency0 0 0 0 0 0 (93)0 
Total gains (losses) on hedged item1 0 9 0 0 4 (109)0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (7)(103)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (7)(103)
Total gains (losses) on fair value hedges net of hedged item0 0 9 0 0 1 (31)(103)
Cash flow hedges
Interest Rate(14)0 (12)0 0 0 0 20 
Currency0 0 0 0 0 0 0 (45)
Currency/Interest Rate58 0 241 (145)0 0 0 (150)
Total gains (losses) on cash flow hedges44 0 229 (145)0 0 0 (175)
Net investment hedges
Currency0 0 0 0 0 0 0 (2)
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 (2)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(275)(712)0 0 0 0 0 0 
Currency(58)0 0 (1)0 0 0 0 
Currency/Interest Rate21 0 0 (2)0 0 0 0 
Credit89 0 0 0 0 0 0 0 
Equity2,681 (914)0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives(2)
(2,671)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(213)(1,626)0 (3)0 0 0 0 
Total$(169)$(1,626)$238 $(148)$0 $1 $(31)$(280)
 Three Months Ended September 30, 2023
 Realized
Investment
Gains
(Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$10 $0 $0 $0 $0 $(110)$(141)$0 
Currency0 0 0 0 0 0 (73)0 
Total gains (losses) on derivatives designated as hedge instruments10 0 0 0 0 (110)(214)0 
Gains (losses) on the hedged item:
Interest Rate(9)0 3 0 0 104 189 0 
Currency0 0 0 0 0 0 72 0 
Total gains (losses) on hedged item(9)0 3 0 0 104 261 0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (2)131 
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (2)131 
Total gains (losses) on fair value hedges net of hedged item1 0 3 0 0 (6)45 131 
Cash flow hedges
Interest Rate0 0 (3)0 0 0 0 (40)
Currency0 0 0 0 0 0 0 0 
Currency/Interest Rate3 0 75 144 0 0 0 (109)
Total gains (losses) on cash flow hedges3 0 72 144 0 0 0 (149)
Net investment hedges
Currency0 0 0 0 0 0 0 11 
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 11 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(1,918)(2,314)0 0 0 0 0 0 
Currency70 0 0 (1)0 0 0 0 
Currency/Interest Rate34 0 0 1 0 0 0 0 
Credit1 0 0 0 0 0 0 0 
Equity(461)314 0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives298 0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(1,976)(2,000)0 0 0 0 0 0 
Total$(1,972)$(2,000)$75 $144 $0 $(6)$45 $(7)
 Nine Months Ended September 30, 2023
 Realized
Investment
Gains
(Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$11 $0 $0 $0 $0 $(126)$(155)$0 
Currency(1)0 (1)0 0 0 26 0 
Total gains (losses) on derivatives designated as hedge instruments10 0 (1)0 0 (126)(129)0 
Gains (losses) on the hedged item:
Interest Rate(10)0 9 0 0 105 185 0 
Currency0 0 0 0 0 0 (25)0 
Total gains (losses) on hedged item(10)0 9 0 0 105 160 0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (6)36 
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (6)36 
Total gains (losses) on fair value hedges net of hedged item0 0 8 0 0 (21)25 36 
Cash flow hedges
Interest Rate(22)0 (10)0 0 0 0 (9)
Currency8 0 0 0 0 0 0 (40)
Currency/Interest Rate51 0 237 (2)0 0 0 (620)
Total gains (losses) on cash flow hedges37 0 227 (2)0 0 0 (669)
Net investment hedges
Currency0 0 0 0 0 0 0 27 
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 27 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(1,693)(3,069)0 0 0 0 0 0 
Currency(440)0 0 4 0 0 0 0 
Currency/Interest Rate(29)0 0 (1)0 0 0 0 
Credit86 0 0 0 0 0 0 0 
Equity689 (363)0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives(918)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(2,305)(3,432)0 3 0 0 0 0 
Total$(2,268)$(3,432)$235 $1 $0 $(21)$25 $(606)
__________
(1)Excludes changes related to net investment hedges using non-derivative instruments of $(122) million and $(21) million for the three and nine months ended September 30, 2024, respectively, and $15 million and $60 million for the three and nine months ended September 30, 2023, respectively.
(2)Includes the Prismic funds withheld related embedded derivative realized gain (loss) of $(543) million and $(71) million for the three and nine months ended September 30, 2024, respectively.
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
 (in millions)
Balance, December 31, 2023$869 
Amount recorded in AOCI:
Interest Rate(5)
Currency(42)
Currency/Interest Rate4 
Total amount recorded in AOCI(43)
Amount reclassified from AOCI to income:
Interest Rate25 
Currency(3)
Currency/Interest Rate(154)
Total amount reclassified from AOCI to income(132)
Balance, September 30, 2024$694 

The changes in fair value of cash flow hedges are deferred in AOCI and are included in “Net unrealized investment gains (losses)” in the Unaudited Interim Consolidated Statements of Comprehensive Income; these amounts are then reclassified to earnings when the hedged item affects earnings. Using September 30, 2024 values, it is estimated that a pre-tax gain of $291 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending September 30, 2025.

The exposures the Company is hedging with these qualifying cash flow hedges include the variability of future cash flows from forecasted transactions denominated in foreign currencies, the purchases of invested assets, and the receipt or payment of variable interest on existing financial instruments. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is 27 years.

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. In addition, there were no instances in which the Company discontinued fair value hedge accounting due to a hedged firm commitment no longer qualifying as a fair value hedge.

For net investment hedges, in addition to derivatives, the Company uses foreign currency denominated debt to hedge the risk of change in the net investment in a foreign subsidiary due to changes in exchange rates. For effective net investment hedges, the amounts, before applicable taxes, recorded in the cumulative translation adjustment within AOCI were $(136) million and $(23) million for the three and nine months ended September 30, 2024, respectively, and $25 million and $86 million for the three and nine months ended September 30, 2023, respectively.
Credit Derivatives
 
The following tables provide a summary of the notional and fair value of written credit protection, presented as assets (liabilities). The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying referenced securities become worthless, is equal to the notional amounts. These credit derivatives have maturities of less than 11 years for index reference.
September 30, 2024
NAIC Rating Designation of Underlying Credit Obligation(1)
NAIC 1NAIC 2NAIC 3NAIC 4NAIC 5
NAIC 6(2)
Total
Gross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair Value
(in millions)
Single name reference(3)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Index reference(3)
0 0 0 0 3,365 35 0 0 0 0 584 45 3,949 80 
Total$0 $0 $0 $0 $3,365 $35 $0 $0 $0 $0 $584 $45 $3,949 $80 
December 31, 2023
NAIC Rating Designation of Underlying Credit Obligation(1)
NAIC 1NAIC 2NAIC 3NAIC 4NAIC 5
NAIC 6(2)
Total
Gross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair Value
(in millions)
Single name reference(3)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Index reference(3)
0 0 0 0 2,723 19 0 0 89 5 634 40 3,446 64 
Total$0 $0 $0 $0 $2,723 $19 $0 $0 $89 $5 $634 $40 $3,446 $64 
_________
(1)The NAIC rating designations are based on availability and the lowest ratings among Moody's Investors Service, Inc. (“Moody's”), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings Inc. (“Fitch”). If no rating is available from a rating agency, a NAIC 6 rating is used.
(2)The NAIC rating designation is due to approximately 4% and 3% of the index reference name rated as NAIC 6 as of September 30, 2024 and December 31, 2023, respectively.
(3)Single name credit default swaps may make reference to the credit of corporate debt, sovereign debt, and structured finance. Index reference NAIC designations are based on the lowest rated single name reference included in the index.

The Company has no purchased credit protection as of September 30, 2024 and December 31, 2023.
Counterparty Credit Risk

The Company is exposed to losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by: (i) entering into derivative transactions with highly rated major financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and over-the-counter (“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. In addition, certain of the Company’s derivative agreements contain credit-risk related contingent features; if the credit rating of one of the parties to the derivative agreement is to fall below a certain level, the party with positive fair value could request termination at the then fair value or demand immediate full collateralization from the party whose credit rating fell and is in a net liability position.

As of September 30, 2024, there were no net liability derivative positions with counterparties with credit risk-related contingent features. All derivatives have been appropriately collateralized by the Company or the counterparty in accordance with the terms of the derivative agreements.
v3.24.3
Fair Value of Assets and Liabilities
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities
6. FAIR VALUE OF ASSETS AND LIABILITIES
 
Fair Value Measurement—Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:
 
Level 1—Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities.

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

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

For a discussion of the Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
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.

 September 30, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $25,648 $0 $$25,648 
Obligations of U.S. states and their political subdivisions0 7,023 6 7,029 
Foreign government securities
0 65,453 7 65,460 
U.S. corporate public securities0 110,143 65 110,208 
U.S. corporate private securities(2)0 40,838 3,641 44,479 
Foreign corporate public securities0 23,734 79 23,813 
Foreign corporate private securities0 34,104 1,829 35,933 
Asset-backed securities(3)0 14,861 1,362 16,223 
Commercial mortgage-backed securities0 8,364 908 9,272 
Residential mortgage-backed securities0 2,655 10 2,665 
Subtotal0 332,823 7,907 340,730 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 224 0 224 
Foreign government securities
0 606 0 606 
Corporate securities0 75 0 75 
Equity securities1,353 1,396 0 2,749 
Subtotal1,353 2,301 0 3,654 
Market risk benefit assets0 0 2,134 2,134 
Fixed maturities, trading0 10,451 1,614 12,065 
Equity securities
4,361 1,820 590 6,771 
Commercial mortgage and other loans0 1,098 0 1,098 
Other invested assets(5)23 15,888 928 (14,762)2,077 
Short-term investments1,345 5,625 468 7,438 
Cash equivalents992 8,686 1 9,679 
Reinsurance recoverables and deposit receivables0 (186)510 324 
Other assets0 0 0 0 
Separate account assets(6)(7)9,383 164,499 272 174,154 
Total assets$17,457 $543,005 $14,424 $(14,762)$560,124 
Market risk benefit liabilities$0 $0 $5,178 $$5,178 
Policyholders’ account balances0 0 11,977 11,977 
Reinsurance and funds withheld payables0 577 0 577 
Other liabilities45 26,723 2 (23,006)3,764 
Notes issued by consolidated VIEs0 0 440 440 
Total liabilities$45 $27,300 $17,597 $(23,006)$21,936 
 December 31, 2023
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $21,796 $0 $$21,796 
Obligations of U.S. states and their political subdivisions0 8,451 7 8,458 
Foreign government securities
0 70,182 8 70,190 
U.S. corporate public securities0 98,097 75 98,172 
U.S. corporate private securities(2)0 38,199 2,821 41,020 
Foreign corporate public securities0 19,576 67 19,643 
Foreign corporate private securities0 30,447 1,843 32,290 
Asset-backed securities(3)0 12,236 359 12,595 
Commercial mortgage-backed securities0 8,954 938 9,892 
Residential mortgage-backed securities0 2,265 0 2,265 
Subtotal0 310,203 6,118 316,321 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 206 0 206 
Foreign government securities
0 604 0 604 
Corporate securities0 79 0 79 
Equity securities1,004 1,275 0 2,279 
Subtotal1,004 2,164 0 3,168 
Market risk benefit assets0 0 1,981 1,981 
Fixed maturities, trading0 9,361 429 9,790 
Equity securities(4)
5,953 1,538 512 8,003 
Commercial mortgage and other loans0 519 0 519 
Other invested assets(5)27 14,234 846 (13,158)1,949 
Short-term investments125 3,746 29 3,900 
Cash equivalents2,240 8,058 4 10,302 
Reinsurance recoverables and deposit receivables0 (75)224 149 
Other assets0 0 11 11 
Separate account assets(6)(7)8,925 161,793 1,094 171,812 
Total assets$18,274 $511,541 $11,248 $(13,158)$527,905 
Market risk benefit liabilities$0 $0 $5,467 $$5,467 
Policyholders’ account balances0 0 7,752 7,752 
Reinsurance and funds withheld payables0 490 0 490 
Other liabilities35 27,112 1 (22,973)4,175 
Notes issued by consolidated VIEs0 0 778 778 
Total liabilities$35 $27,602 $13,998 $(22,973)$18,662 
__________
(1)“Netting” amounts represent cash collateral of $(8,244) million and $(9,815) million as of September 30, 2024 and December 31, 2023, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
(2)Excludes notes with fair value of $14,137 million (carrying amount of $14,126 million) and $12,370 million (carrying amount of $12,370 million) as of September 30, 2024 and December 31, 2023, respectively, which have been offset with the associated debt under a netting agreement.
(3)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(4)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 $239 million.
(5)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. As of September 30, 2024 and December 31, 2023, the fair value of such investments was $4,984 million and $4,125 million, respectively.
(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 other invested assets. As of September 30, 2024 and December 31, 2023, the fair value of such investments was $26,396 million and $27,076 million, respectively.
(7)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position.
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.

 As of September 30, 2024

Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$4,890 Discounted
cash flow		Discount rate0.92%20.00%11.15%Decrease
Market comparablesEBITDA multiples(4)4.0X8.8X5.0XIncrease
LiquidationLiquidation value0.00%0.00%0.00%Increase
Commercial mortgage-backed securities$908 Discounted
cash flow		Liquidity premium1.00%1.00%1.00%Decrease
Market risk benefit assets(6)
$2,134 
Discounted
cash flow
Lapse rate(8)
1%20%Increase
Spread over SOFR(9)
0.37%1.84%Increase
Utilization rate(10)
37%94%Decrease
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)
0%16%Increase
Equity volatility curve15%25%Decrease
Equity securities$223 
Discounted
cash flow
Discount rate(5)
0.16%40%Decrease
Market comparablesEBITDA multiples(4)1.0X12.2X5.1XIncrease
Net Asset ValueShare price$3$1,810$842Increase
Liabilities:
Market risk benefit liabilities(6)
$5,178 
Discounted
cash flow
Lapse rate(8)
1%20%Decrease
Spread over SOFR(9)
0.37%1.84%Decrease
Utilization rate(10)
37%94%Increase
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)
0%16%Decrease
   Equity volatility curve15%25% Increase
Policyholders’ account balances(7)
$11,974 
Discounted
cash flow
Lapse rate(8)
0%80%Decrease
Spread over SOFR(9)
0.37%1.85%Decrease
Mortality rate(12)
0%23%Decrease
Option Budget(13)
(1)%7%Increase
 
 As of December 31, 2023

Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$1,311 Discounted
cash flow		Discount rate0.57%20.00%8.65%Decrease
Market comparablesEBITDA multiples(4)5.5X8.8X7.4XIncrease
LiquidationLiquidation value3.55%68.00%57.63%Increase
Commercial mortgage-backed securities$938 Discounted
cash flow		Liquidity premium0.60%0.75%0.70%Decrease
Market risk benefit assets(6)
$1,981 
Discounted cash flow
Lapse rate(8)
1%20%Increase
Spread over SOFR(9)
0.41%1.82%Increase
Utilization rate(10)
38%95%Decrease
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)
0%15%Increase
Equity volatility curve15%25%Decrease
Equity securities$246 
Discounted
cash flow
Discount rate(5)
0.16%20%Decrease
Market comparablesEBITDA multiples(4)1.0X10.0X6.3XIncrease
Net Asset ValueShare price$3$1,714$733Increase
Liabilities:
Market risk benefit liabilities(6)
$5,467 
Discounted
cash flow
Lapse rate(8)
1%20%Decrease
Spread over SOFR(9)
0.41%1.82%Decrease
Utilization rate(10)
38%95%Increase
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)
0%15%Decrease
   Equity volatility curve15%25% Increase
Policyholders’ account balances(7)
$7,752 
Discounted
cash flow
Lapse rate(8)
1%80%Decrease
Spread over SOFR(9)
0.41%1.85%Decrease
Mortality rate(12)
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)Includes assets classified as fixed maturities, available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities, trading.
(3)Excludes notes which have been offset with the associated debt under a netting agreement.
(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)For these investments, a range of discount rates is typically used (10% to 20%) and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than weighted average.
(6)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.
(7)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.
(8)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.
(9)The spread over the secured overnight financing rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of September 30, 2024 and December 31, 2023, respectively. This spread includes an estimate of non-performance risk (“NPR”), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company (“AuguStar”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 12 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.
(10)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.
(11)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 September 30, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 78% and 81%, respectively. As of September 30, 2024 and December 31, 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%.
(12)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.
(13)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

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

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

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

Market Risk Benefits—The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent more efficient contractholder behavior results in greater in-the-moneyness
at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.

Changes in Level 3 Assets and Liabilities—The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.

Three Months Ended September 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(8)
Transfers out of Level 3(8)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$6 $1 $0 $0 $0 $0 $0 $0 $(1)$6 $0 
Foreign government7 0 0 0 0 1 0 (1)0 7 0 
Corporate securities(3)5,003 (12)694 (52)0 (112)28 81 (16)5,614 (20)
Structured securities(4)2,052 65 230 (55)0 (7)2 8 (15)2,280 62 
Other assets:
Fixed maturities, trading1,520 49 322 (1)0 (15)1 65 (327)1,614 49 
Equity securities556 7 47 (20)0 0 0 0 0 590 7 
Other invested assets938 (15)3 0 0 0 2 0 0 928 (14)
Short-term investments9 0 456 0 0 0 3 0 0 468 0 
Cash equivalents4 0 0 0 0 0 (4)0 1 1 0 
Reinsurance recoverables and deposit receivables
363 10 63 0 0 (14)88 0 0 510 (4)
Other assets0 0 0 0 0 0 0 0 0 0 0 
Separate account assets
342 4 176 (208)0 (3)0 12 (51)272 0 
Liabilities:
Policyholders’ account balances(5)
(10,213)(1,096)0 0 (711)0 43 0 0 (11,977)274 
Other liabilities(1)(1)0 0 0 0 0 0 0 (2)0 
Notes issued by consolidated VIEs(422)3 0 0 (21)0 0 0 0 (440)3 
 
Three Months Ended September 30, 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 balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(72)$0 $0 $119 $7 $(66)$0 $0 $108 
Other assets:
Fixed maturities, trading0 49 0 0 0 0 49 0 0 
Equity securities0 7 0 0 0 0 7 0 0 
Other invested assets0 (15)0 0 0 1 (15)0 0 
Short-term investments0 0 0 0 0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables
10 0 0 0 0 (4)0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 4 0 0 0 0 0 0 
Liabilities:
Policyholders’ account balances(1,096)0 0 0 0 274 0 0 0 
Other liabilities(1)0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 3 0 0 0 0 3 0 0 

Nine Months Ended September 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(8)
Transfers out of Level 3(8)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $0 $0 $0 $0 $0 $0 $0 $(1)$6 $0 
Foreign government8 0 0 0 0 0 0 (1)0 7 0 
Corporate securities(3)4,806 (101)1,513 (85)0 (620)(126)243 (16)5,614 (120)
Structured securities(4)1,297 58 1,822 (56)0 (82)(491)67 (335)2,280 51 
Other assets:
Fixed maturities, trading429 44 1,216 (23)0 (131)0 467 (388)1,614 49 
Equity securities512 0 122 (36)0 (5)6 1 (10)590 (3)
Other invested assets846 (62)125 (2)0 0 21 0 0 928 (62)
Short-term investments29 1 463 0 0 (6)(19)0 0 468 0 
Cash equivalents4 0 4 0 0 0 (8)0 1 1 0 
Reinsurance recoverables and deposit receivables
224 61 177 0 0 (40)88 0 0 510 21 
Other assets11 0 8 0 0 0 (19)0 0 0 0 
Separate account assets
1,094 (50)312 (1,032)0 (7)0 12 (57)272 (14)
Liabilities:
Policyholders’ account balances(5)
(7,752)(2,472)0 0 (1,798)0 45 0 0 (11,977)1,023 
Other liabilities(1)(1)0 0 0 0 0 0 0 (2)(1)
Notes issued by consolidated VIEs(778)(5)0 0 (48)0 391 0 0 (440)(5)
 
Nine Months Ended September 30, 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 balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(135)$0 $0 $70 $22 $(124)$0 $0 $55 
Other assets:
Fixed maturities, trading0 43 0 0 1 0 49 0 0 
Equity securities0 0 0 0 0 0 (3)0 0 
Other invested assets0 (62)0 0 0 0 (62)0 0 
Short-term investments0 0 0 0 1 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables
61 0 0 0 0 21 0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 (50)0 0 0 0 (14)0 
Liabilities:
Policyholders’ account balances(2,472)0 0 0 0 1,023 0 0 0 
Other liabilities(1)0 0 0 0 (1)0 0 0 
Notes issued by consolidated VIEs0 (5)0 0 0 0 (5)0 0 

 
Three Months Ended September 30, 2023(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(8)
Transfers out of Level 3(8)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $0 $0 $0 $0 $0 $0 $0 $0 $7 $0 
Foreign government8 0 0 0 0 0 0 0 0 8 0 
Corporate securities(3)4,461 (81)393 (23)0 (247)14 289 (149)4,657 (86)
Structured securities(4)1,264 (45)166 (1)0 (5)(1)76 (114)1,340 (45)
Other assets:
Fixed maturities, trading302 (4)32 (39)0 (5)9 0 2 297 (5)
Equity securities773 11 19 (1)0 (28)0 2 (35)741 12 
Other invested assets865 (7)5 (2)0 0 0 0 0 861 (7)
Short-term investments25 1 12 0 0 (14)0 0 0 24 0 
Cash equivalents0 0 0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables217 26 34 0 0 (7)0 0 0 270 19 
Other assets(7)
12 0 (1)0 0 0 0 0 0 11 0 
Separate account assets
1,175 0 87 (82)0 (2)0 42 (60)1,160 (12)
Liabilities:
Policyholders’ account balances(5)
(5,629)(97)0 0 (410)0 28 0 0 (6,108)(263)
Other liabilities(1)0 0 0 0 0 0 0 0 (1)0 
Notes issued by consolidated VIEs0 0 0 0 0 0 (392)0 0 (392)0 
 
Three Months Ended September 30, 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 balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(4)$0 $0 $(130)$8 $(1)$0 $0 $(130)
Other assets:
Fixed maturities, trading0 (4)0 0 0 0 (5)0 0 
Equity securities0 11 0 0 0 0 12 0 0 
Other invested assets(5)(2)0 0 0 (5)(2)0 0 
Short-term investments1 0 0 0 0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables26 0 0 0 0 19 0 0 0 
Other assets(7)
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 0 0 0 0 0 (12)0 
Liabilities:
Policyholders’ account balances(97)0 0 0 0 (263)0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 0 0 0 

 
 Nine Months Ended September 30, 2023(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(8)
Transfers out of Level 3(8)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $0 $0 $0 $0 $0 $0 $0 $0 $7 $0 
Foreign government8 0 0 0 0 0 0 0 0 8 0 
Corporate securities(3)3,858 (46)1,657 (198)0 (747)(6)307 (168)4,657 (47)
Structured securities(4)1,289 (74)405 (6)0 (30)(1)113 (356)1,340 (81)
Other assets:
Fixed maturities, trading304 (1)98 (39)0 (18)10 0 (57)297 (5)
Equity securities627 5 28 (68)0 (34)216 3 (36)741 (5)
Other invested assets539 (26)359 (11)0 0 0 0 0 861 (26)
Short-term investments18 4 43 0 0 (41)0 0 0 24 0 
Cash equivalents0 0 0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables141 34 107 0 0 (12)0 0 0 270 22 
Other assets(7)
11 0 0 0 0 0 0 0 0 11 0 
Separate account assets
1,081 88 396 (279)0 (68)0 45 (103)1,160 75 
Liabilities:
Policyholders’ account balances(5)
(3,492)(1,368)0 0 (1,249)0 1 0 0 (6,108)(525)
Other liabilities(1)0 0 0 0 0 0 0 0 (1)0 
Notes issued by consolidated VIEs0 0 0 0 0 0 (392)0 0 (392)0 
 
Nine Months Ended September 30, 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 balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(20)$0 $0 $(111)$11 $(3)$0 $0 $(125)
Other assets:
Fixed maturities, trading0 (2)0 0 1 0 (5)0 0 
Equity securities(1)6 0 0 0 0 (5)0 0 
Other invested assets(6)(20)0 0 0 (6)(20)0 0 
Short-term investments3 0 0 0 1 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables34 0 0 0 0 22 0 0 0 
Other assets(7)
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 88 0 0 0 0 75 0 
Liabilities:
Policyholders’ account balances(1,368)0 0 0 0 (525)0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 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 public, U.S. corporate private, foreign corporate public and foreign corporate private securities.
(4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.
(5)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward.
(6)Excludes MRB assets of $2,134 million and $2,200 million and MRB liabilities of $5,178 million and $4,660 million for the periods ended September 30, 2024 and 2023, respectively. See Note 11 for additional information.
(7)Prior period amounts have been reclassified to conform to current period presentation.
(8)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.
Derivative Fair Value Information
 
The following tables present the balances of certain derivative assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, by the primary underlying risks they are used to manage. These tables include NPR and exclude embedded derivatives. The derivative assets and liabilities shown below are included in “Other invested assets” or “Other liabilities” in the tables contained within the sections “—Assets and Liabilities by Hierarchy Level” and “—Changes in Level 3 Assets and Liabilities,” above.
 As of September 30, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Derivative Assets:
Interest Rate$23 $8,314 $2 $$8,339 
Currency0 1,022 0 1,022 
Credit0 80 0 80 
Currency/Interest Rate0 2,182 0 2,182 
Equity0 4,290 0 4,290 
Other0 0 0 0 
Netting(1)(14,762)(14,762)
Total derivative assets$23 $15,888 $2 $(14,762)$1,151 
Derivative Liabilities:
Interest Rate$44 $21,584 $2 $$21,630 
Currency0 1,176 0 1,176 
Credit0 0 0 0 
Currency/Interest Rate0 883 0 883 
Equity1 3,080 0 3,081 
Other0 0 0 0 
Netting(1)(23,006)(23,006)
Total derivative liabilities$45 $26,723 $2 $(23,006)$3,764 

 As of December 31, 2023
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Derivative Assets:
Interest Rate$7 $8,990 $1 $$8,998 
Currency0 1,008 0 1,008 
Credit0 64 0 64 
Currency/Interest Rate0 2,454 0 2,454 
Equity19 1,718 0 1,737 
Other0 0 0 0 
Netting(1)(13,158)(13,158)
Total derivative assets$26 $14,234 $1 $(13,158)$1,103 
Derivative Liabilities:
Interest Rate$26 $22,960 $1 $$22,987 
Currency0 1,149 0 1,149 
Credit0 0 0 0 
Currency/Interest Rate0 840 0 840 
Equity10 2,168 0 2,178 
Other0 0 0 0 
Netting(1)(22,973)(22,973)
Total derivative liabilities$36 $27,117 $1 $(22,973)$4,181 
__________ 
(1)“Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
Changes in Level 3 Derivative Assets and Liabilities—The following tables provide a summary of the changes in fair value of Level 3 derivative 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.

Three Months Ended September 30, 2024
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3(2)		Transfers out of Level 3(2)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate1 (1)0 0 0 0 0 0 0 0 0

Nine Months Ended September 30, 2024
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3(2)		Transfers out of Level 3(2)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate0 0 0 0 0 0 0 0 0 0 0

Three Months Ended September 30, 2023
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3(2)		Transfers out of Level 3(2)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate0 0 0 0 0 0 0 0 0 0 0

Nine Months Ended September 30, 2023
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3(2)		Transfers out of Level 3(2)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate0 0 0 0 0 0 0 0 0 0 0
__________ 
(1)Total realized and unrealized gains (losses) as well as unrealized gains (losses) for assets still held at the end of the period are recorded in “Realized investment gains (losses), net.”
(2)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.
Nonrecurring Fair Value Measurements—The following tables represent 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).
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in millions)
Gains (Losses):
Commercial mortgage loans(1)$0 $0 $0 $0 
Investment real estate$(9)$0 $(12)$(17)
Investment in JV/LP and Other
$0 $(10)$(7)$(65)

September 30, 2024December 31, 2023
(in millions)
Carrying value after measurement as of period end:
Commercial mortgage loans(1)$0 $34 
Investment real estate(2)
$176 $113 
Investment in JV/LP and Other(2)
$128 $186 
__________ 
(1)Commercial mortgage loans are valued based on discounted cash flows utilizing market rates or the fair value of the underlying real estate collateral.
(2)Reported carrying values for 2024 include values as of the measurement periods of March 31, 2024 for “Investment in JV/LP and Other” and September 30, 2024 for “Investment real estate.” Reported carrying values for 2023 include values as of the measurement periods of June 30, 2023 for “Investment real estate” and June 30, 2023 and December 31, 2023 for “Investment in JV/LP and Other.”
Fair Value Option
 
The fair value option allows the Company to elect fair value as an alternative measurement for selected financial assets and financial liabilities not otherwise reported at fair value. Such elections have been made by the Company to help mitigate volatility in earnings that result from different measurement attributes. Electing the fair value option also allows the Company to achieve consistent accounting for certain assets and liabilities. Changes in fair value are reflected in “Realized investment gains (losses), net” for commercial mortgage and other loans and “Other income (loss)” for other assets and notes issued by consolidated VIEs. Changes in fair value due to instrument-specific credit risk are estimated using changes in credit spreads and quality ratings for the period reported. Interest income on commercial mortgage and other loans is included in “Net investment income.” Interest income on these loans is recorded based on the effective interest rate as determined at the closing of the loan.
 
The following tables present information regarding assets and liabilities where the fair value option has been elected.

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in millions)
Liabilities:
Notes issued by consolidated VIEs:
Changes in fair value$(3)$0$5$0

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in millions)
Commercial mortgage and other loans:
Interest income$7 $2 $10 $7 
Notes issued by consolidated VIEs:
Interest expense$4 $0 $14 $0 
September 30, 2024December 31, 2023
(in millions)
Commercial mortgage and other loans(1):
Fair value as of period end$1,098 $519 
Aggregate contractual principal as of period end$1,089 $512 
Other invested assets:
Fair value as of period end$19 $0 
Other assets:
Fair value as of period end$0 $11 
Notes issued by consolidated VIEs:
Fair value as of period end$440 $778 
Aggregate contractual principal as of period end$443 $787 
__________ 
(1)As of September 30, 2024, for loans for which the fair value option has been elected, none of the loans were 90 days or more past due.
Fair Value of Financial Instruments
 
The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.

 September 30, 2024
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in millions)
Assets:
Commercial mortgage and other loans$0 $37 $59,335 $59,372 $61,475 
Policy loans8 0 9,939 9,947 9,947 
Other invested assets0 95 0 95 95 
Short-term investments540 32 0 572 572 
Cash and cash equivalents9,815 704 0 10,519 10,519 
Accrued investment income0 3,566 0 3,566 3,566 
Reinsurance recoverables and deposit receivables
0 8 5,656 5,664 5,664 
Other assets30 2,809 1 2,840 2,840 
Total assets$10,393 $7,251 $74,931 $92,575 $94,678 
Liabilities:
Policyholders’ account balances—investment contracts$0 $31,100 $43,633 $74,733 $79,503 
Securities sold under agreements to repurchase0 7,455 0 7,455 7,455 
Cash collateral for loaned securities0 8,471 0 8,471 8,471 
Reinsurance and funds withheld payables(2)
0 10,312 (31)10,281 10,281 
Short-term debt(3)
0 519 440 959 950 
Long-term debt(4)
565 17,975 406 18,946 19,076 
Notes issued by consolidated VIEs0 0 1,016 1,016 1,016 
Other liabilities0 6,892 32 6,924 6,924 
Separate account liabilities—investment contracts0 22,672 18,710 41,382 41,382 
Total liabilities$565 $105,396 $64,206 $170,167 $175,058 
 
 December 31, 2023
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in millions)
Assets:
Commercial mortgage and other loans$0 $41 $55,611 $55,652 $58,786 
Policy loans8 0 10,039 10,047 10,047 
Other invested assets0 97 0 97 97 
Short-term investments1,092 13 0 1,105 1,105 
Cash and cash equivalents8,709 408 0 9,117 9,117 
Accrued investment income0 3,287 0 3,287 3,287 
Reinsurance recoverables and deposit receivables
0 5 5,171 5,176 5,176 
Other assets43 3,059 0 3,102 3,102 
Total assets$9,852 $6,910 $70,821 $87,583 $90,717 
Liabilities:
Policyholders’ account balances—investment contracts$0 $31,089 $37,794 $68,883 $72,604 
Securities sold under agreements to repurchase0 6,056 0 6,056 6,056 
Cash collateral for loaned securities0 6,477 0 6,477 6,477 
Reinsurance and funds withheld payables(2)
0 9,553 (23)9,530 9,530 
Short-term debt(3)
0 535 83 618 618 
Long-term debt(4)
564 16,938 766 18,268 18,882 
Notes issued by consolidated VIEs0 0 596 596 596 
Other liabilities0 6,950 32 6,982 6,982 
Separate account liabilities—investment contracts0 24,050 21,315 45,365 45,365 
Total liabilities$564 $101,648 $60,563 $162,775 $167,110 
__________ 
(1)Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
(2)Includes contracts reinsured through coinsurance with funds withheld agreement with Prismic Re with a fair value of $7,902 million (carrying amount of $7,902 million) and $8,036 million (carrying amount of $8,036 million), a portion of which relates to insurance contracts as of September 30, 2024 and December 31, 2023, respectively. See Note 12 for additional information regarding the reinsurance arrangement with Prismic Re.
(3)Excludes debt with fair value of $1,750 million (carrying amount of $1,750 million) and $2,000 million (carrying amount of $2,000 million) as of September 30, 2024 and December 31, 2023, respectively, which have been offset with the associated notes under a netting agreement.
(4)Excludes debt with fair value of $12,387 million (carrying amount of $12,376 million) and $10,370 million (carrying amount of $10,370 million) as of September 30, 2024 and December 31, 2023, respectively, which have been offset with the associated notes under a netting agreement.
v3.24.3
Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired
 9 Months Ended
Sep. 30, 2024
Deferred Charges, Insurers [Abstract]  
Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED
Deferred Policy Acquisition Costs (“DAC”)

The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance:
Nine Months Ended September 30, 2024
Retirement StrategiesIndividual LifeInternational BusinessesTotal
Individual VariableTerm LifeVariable/
Universal Life		Life PlannerGibraltar Life
and Other
(in millions)
Balance, BOP$3,676 $2,237 $5,364 $4,909 $4,442 $20,628 
Capitalization302 138 517 428 441 1,826 
Amortization expense(286)(156)(184)(255)(247)(1,128)
Other adjustments(1)
0 0 (280)(49)4 (325)
Foreign currency adjustment0 0 0 (93)(22)(115)
Balance, EOP$3,692 $2,219 $5,417 $4,940 $4,618 20,886 
Other businesses296 
Total DAC balance$21,182 
__________
(1)Includes the impact of the reinsurance transaction with Somerset Reinsurance Ltd. in Individual Life (Universal Life). See Note 12 for additional information.


Nine Months Ended September 30, 2023
Retirement StrategiesIndividual LifeInternational BusinessesTotal
Individual VariableTerm LifeVariable/
Universal Life		Life PlannerGibraltar Life
and Other
(in millions)
Balance, BOP$4,171 $2,288 $5,000 $4,710 $4,231 $20,400 
Capitalization195 115 436 443 444 1,633 
Amortization expense(275)(160)(183)(244)(236)(1,098)
Other adjustments(1)
(393)2 0 14 0 (377)
Foreign currency adjustment0 0 0 (199)(158)(357)
Balance, EOP$3,698 $2,245 $5,253 $4,724 $4,281 20,201 
Other businesses193 
Total DAC balance$20,394 
__________
(1)Includes the impact of the reinsurance transaction with AuguStar in Individual Retirement Strategies. See Note 12 for additional information.

Deferred Sales Inducements (“DSI”)

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

Nine Months Ended September 30,
20242023
(in millions)
Balance, BOP
$410 $446 
Capitalization
2 2 
Amortization expense
(27)(28)
Balance, EOP
385 420 
Other businesses
31 33 
Total DSI balance
$416 $453 
Value of Business Acquired (“VOBA”)

The following table shows a rollforward of VOBA balances for Gibraltar Life and Other, which is the only line of business that contains a material VOBA balance, along with a reconciliation to the Company’s total VOBA balance:

Nine Months Ended September 30,
20242023
(in millions)
Balance, BOP
$511 $597 
Amortization expense
(31)(37)
Foreign currency adjustment
(9)(64)
Balance, EOP
471 496 
Other businesses(1)
17 18 
Total VOBA balance
$488 $514 
__________
(1)Represents Aoba Life business.

The following table provides estimated future amortization for the periods indicated:

2024 (October-December)
2025202620272028ThereafterTotal
(in millions)
Estimated future VOBA amortization$12 $43 $39 $36 $32 $326 $488 
v3.24.3
Separate Accounts
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Separate Account 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 10 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:

September 30,
2024		December 31,
2023
(in millions)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$4,688 $4,411 
Obligations of U.S. states and their political subdivisions
2,215 2,116 
Foreign government bonds
98 101 
U.S. corporate securities
11,782 12,782 
Foreign corporate securities
3,173 3,288 
Asset-backed securities
1,258 1,211 
Mortgage-backed securities
15,017 14,253 
Mutual funds:
Equity
94,457 88,397 
Fixed Income
34,531 37,065 
Other
5,576 5,587 
Equity securities
5,088 5,410 
Commercial mortgage and other loans
62 67 
Other invested assets
18,788 20,739 
Short-term investments
1,194 1,202 
Cash and cash equivalents
2,623 2,259 
Total
$200,550 $198,888 

For the periods ended September 30, 2024 and December 31, 2023, 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 ended are as follows:

Nine Months Ended September 30, 2024
Retirement Strategies
PGIMInstitutionalIndividualGroup InsuranceIndividual LifeTotal
(in millions)
Balance, BOP$32,648 $11,011 $94,130 $25,021 $39,223 $202,033 
Deposits13,071 128 426 400 2,589 16,614 
Investment performance(277)474 10,170 1,675 6,429 18,471 
Policy charges(58)(9)(1,690)(218)(861)(2,836)
Surrenders and withdrawals(12,571)(961)(10,315)(346)(776)(24,969)
Benefit payments(2,645)(401)(65)(238)(321)(3,670)
Net transfers (to) from general account(74)(66)(50)(29)(398)(617)
Other(763)36 5 (244)49 (917)
Balance, EOP$29,331 $10,212 $92,611 $26,021 $45,934 $204,109 
Other businesses(1)(3,559)
Total separate account liabilities$200,550 
Cash surrender value(2)$29,331 $10,212 $91,617 $25,919 $42,454 $199,533 
__________
(1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges.
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.

Nine Months Ended September 30, 2023
Retirement Strategies
PGIM
Institutional
Individual
Group Insurance
Individual Life
Total
(in millions)
Balance, BOP
$40,056 $11,428 $93,395 $23,513 $32,930 $201,322 
Deposits
4,301 209 332 44 2,183 7,069 
Investment performance
(965)79 4,278 3 3,228 6,623 
Policy charges
(62)(10)(1,755)(238)(800)(2,865)
Surrenders and withdrawals
(4,064)(338)(7,142)(29)(569)(12,142)
Benefit payments
(2,604)(415)(75)(219)(244)(3,557)
Net transfers (to) from general account
(459)(60)(6)(2)(1,244)(1,771)
Other
(949)(29)9 (208)73 (1,104)
Balance, EOP
$35,254 $10,864 $89,036 $22,864 $35,557 193,575 
Other businesses(1)
(2,933)
Total separate account liabilities
$190,642 
Cash surrender value(2)
$35,254 $10,864 $87,767 $22,750 $32,388 $189,023 
__________
(1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges.
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.
v3.24.3
Liability For Future Policy Benefits
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Liabilities for Future Policy Benefits LIABILITY FOR FUTURE POLICY BENEFITS
Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below:

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

In 2024, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements. The impact was favorable for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to mortality assumptions in Institutional Retirement Strategies and Long-Term Care, partially offset by unfavorable updates to policyholder behavior assumptions on certain life policies in International Businesses. Additionally, there was an unfavorable impact for direct and assumed AIR, primarily due to updates to policyholder behavior assumptions on universal life polices with secondary guarantees in Individual Life.

In 2023, the Company recognized an unfavorable impact to net income attributable to its annual reviews and update of assumptions and other refinements. The impact was unfavorable for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to policyholder behavior and claim assumptions in Long-Term Care. Additionally, there was an unfavorable impact for direct and assumed AIR, primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns on universal life polices with secondary guarantees in Individual Life.
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.

Nine Months Ended September 30, 2024
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP$71,407 $11,274 $29,064 $26,367 $3,286 $141,398 
Effect of cumulative changes in discount rate assumptions, BOP11,869 228 596 622 16 13,331 
Balance at original discount rate, BOP83,276 11,502 29,660 26,989 3,302 154,729 
Effect of assumption update41 21 (328)(535)(276)(1,077)
Effect of actual variances from expected experience and other activity534 (205)(1,030)(732)147 (1,286)
Adjusted balance, BOP83,851 11,318 28,302 25,722 3,173 152,366 
Issuances19,730 631 1,732 852 0 22,945 
Net premiums / considerations collected(20,691)(1,039)(2,849)(2,528)(241)(27,348)
Interest accrual2,150 397 634 526 113 3,820 
Foreign currency adjustment3,993 0 (521)(245)0 3,227 
Other adjustments0 3 95 0 0 98 
Balance at original discount rate, EOP89,033 11,310 27,393 24,327 3,045 155,108 
Effect of cumulative changes in discount rate assumptions, EOP(14,283)(109)(749)(651)6 (15,786)
Balance, EOP$74,750 $11,201 $26,644 $23,676 $3,051 $139,322 
Other businesses, EOP94 
Total balance, EOP$139,416 
Nine Months Ended September 30, 2024
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP$141,135 $19,852 $79,822 $79,036 $12,139 $331,984 
Effect of cumulative changes in discount rate assumptions, BOP14,751 334 563 7,355 603 23,606 
Balance at original discount rate, BOP155,886 20,186 80,385 86,391 12,742 355,590 
Effect of assumption update(481)21 (106)(407)(394)(1,367)
Effect of actual variances from expected experience and other activity638 (240)(1,023)(715)155 (1,185)
Adjusted balance, BOP156,043 19,967 79,256 85,269 12,503 353,038 
Issuances19,730 631 1,732 852 0 22,945 
Interest accrual4,633 707 1,921 1,630 454 9,345 
Benefit payments(9,743)(1,173)(3,450)(3,730)(240)(18,336)
Foreign currency adjustment4,046 0 (1,190)(743)0 2,113 
Other adjustments17 (7)208 (4)0 214 
Balance at original discount rate, EOP174,726 20,125 78,477 83,274 12,717 369,319 
Effect of cumulative changes in discount rate assumptions, EOP(16,145)(152)(2,888)(8,684)(567)(28,436)
Balance, EOP$158,581 $19,973 $75,589 $74,590 $12,150 $340,883 
Other businesses, EOP1,709 
Total balance, EOP$342,592 

Nine Months Ended September 30, 2024
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring$83,831 $8,773 $48,945 $50,915 $9,099 $201,563 
Flooring impact, EOP82 0 26 13 0 121 
Balance, EOP, post-flooring83,913 8,773 48,971 50,928 9,099 201,684 
Less: Reinsurance recoverables
5,481 719 98 290 0 6,588 
Balance after reinsurance recoverables, EOP, post-flooring
$78,432 $8,054 $48,873 $50,638 $9,099 $195,096 
Other businesses, EOP(1)1,551 
Total balance after reinsurance recoverables, EOP
$196,647 
Nine Months Ended September 30, 2023
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP$52,620 $11,282 $30,689 $28,951 $2,932 $126,474 
Effect of cumulative changes in discount rate assumptions, BOP14,349 572 1,354 1,326 103 17,704 
Balance at original discount rate, BOP66,969 11,854 32,043 30,277 3,035 144,178 
Effect of assumption update(1,117)(1)78 (175)266 (949)
Effect of actual variances from expected experience and other activity384 (159)(814)(516)145 (960)
Adjusted balance, BOP66,236 11,694 31,307 29,586 3,446 142,269 
Issuances8,453 539 1,793 1,258 0 12,043 
Net premiums / considerations collected(8,682)(1,060)(3,055)(2,873)(242)(15,912)
Interest accrual1,588 404 680 594 117 3,383 
Foreign currency adjustment950 0 (1,583)(1,608)0 (2,241)
Other adjustments0 (2)104 0 0 102 
Balance at original discount rate, EOP68,545 11,575 29,246 26,957 3,321 139,644 
Effect of cumulative changes in discount rate assumptions, EOP(16,742)(965)(1,571)(1,495)(249)(21,022)
Balance, EOP$51,803 $10,610 $27,675 $25,462 $3,072 $118,622 
Other businesses, EOP83 
Total balance, EOP$118,705 

Nine Months Ended September 30, 2023
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP $117,754 $19,288 $78,639 $80,331 $10,685 $306,697 
Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 3,719 11,266 1,216 37,383 
Balance at original discount rate, BOP 137,924 20,300 82,358 91,597 11,901 344,080 
Effect of assumption update(1,289)(1)145 44 357 (744)
Effect of actual variances from expected experience and other activity377 (194)(845)(503)171 (994)
Adjusted balance, BOP 137,012 20,105 81,658 91,138 12,429 342,342 
Issuances 8,453 539 1,793 1,258 0 12,043 
Interest accrual 3,720 707 1,977 1,729 443 8,576 
Benefit payments (8,550)(1,121)(2,729)(3,496)(196)(16,092)
Foreign currency adjustment 981 0 (4,630)(5,780)0 (9,429)
Other adjustments (138)(14)206 (18)0 36 
Balance at original discount rate, EOP 141,478 20,216 78,275 84,831 12,676 337,476 
Effect of cumulative changes in discount rate assumptions, EOP (24,887)(1,856)(5,296)(11,846)(2,305)(46,190)
Balance, EOP $116,591 $18,360 $72,979 $72,985 $10,371 $291,286 
Other businesses, EOP 1,635 
Total balance, EOP $292,921 
Nine Months Ended September 30, 2023
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $64,789 $7,750 $45,304 $47,523 $7,299 $172,665 
Flooring impact, EOP 0 2 27 31 0 60 
Balance, EOP, post-flooring 64,789 7,752 45,331 47,554 7,299 172,725 
Less: Reinsurance recoverables
4,810 696 96 189 0 5,791 
Balance after reinsurance recoverables, EOP, post-flooring
$59,979 $7,056 $45,235 $47,365 $7,299 $166,934 
Other businesses, EOP(1) 1,482 
Total balance after reinsurance recoverables, EOP
$168,416 
__________
(1)Reflects balance after reinsurance recoverables of $62 million and $69 million at September 30, 2024 and 2023, respectively.

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 period indicated:

Nine Months Ended September 30, 2024
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$145,066 $22,937 $63,514 $51,059 $6,758 
Discounted expected future gross premiums (at original discount rate) $96,557 $15,183 $49,274 $41,069 $4,488 
Discounted expected future gross premiums (at current discount rate) $80,840 $15,067 $48,327 $40,061 $4,502 
Undiscounted expected future benefits and expenses $274,739 $31,059 $132,310 $133,511 $29,908 
Weighted-average duration of the liability in years (at original discount rate) 810181817
Weighted-average duration of the liability in years (at current discount rate) 89171616
Weighted-average interest rate (at original discount rate) 4.74 %5.14 %3.43 %2.59 %4.91 %
Weighted-average interest rate (at current discount rate) 4.96 %4.91 %3.36 %3.25 %5.24 %

Nine Months Ended September 30, 2023
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$108,863 $23,147 $68,665 $56,169 $6,854 
Discounted expected future gross premiums (at original discount rate) $75,372 $15,381 $53,078 $45,102 $4,496 
Discounted expected future gross premiums (at current discount rate) $56,962 $14,120 $50,753 $42,804 $4,167 
Undiscounted expected future benefits and expenses $217,931 $31,164 $137,378 $139,536 $30,897 
Weighted-average duration of the liability in years (at original discount rate) 910201918
Weighted-average duration of the liability in years (at current discount rate) 89191717
Weighted-average interest rate (at original discount rate) 4.57 %5.17 %3.46 %2.59 %4.91 %
Weighted-average interest rate (at current discount rate) 6.02 %6.01 %3.37 %3.26 %6.30 %

For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively.

For both the first nine months of 2024 and 2023, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.
Deferred Profit Liability

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

Nine Months Ended September 30, 2024
Deferred Profit Liability
Retirement StrategiesInternational Businesses
InstitutionalLife PlannerGibraltar Life and OtherTotal
(in millions)
Balance, BOP, post-flooring
$5,615 $3,956 $5,303 $14,874 
Less: Flooring impact, BOP
0 1 1 2 
Balance, BOP, pre-flooring 5,615 3,955 5,302 14,872 
Effect of assumption update370 (150)(138)82 
Effect of actual variances from expected experience and other activity (69)(20)(33)(122)
Adjusted balance, BOP 5,916 3,785 5,131 14,832 
Profits deferred 112 1,164 874 2,150 
Interest accrual 177 122 116 415 
Amortization (441)(851)(737)(2,029)
Foreign currency adjustment 14 (76)(32)(94)
Other adjustments 0 22 0 22 
Balance, EOP, pre-flooring 5,778 4,166 5,352 15,296 
Flooring impact, EOP 0 1 2 3 
Balance, EOP, post-flooring
5,778 4,167 5,354 15,299 
Less: Reinsurance recoverables
396 10 31 437 
Balance after reinsurance recoverables, EOP, post-flooring
$5,382 $4,157 $5,323 14,862 
Other businesses
156 
Total balance after reinsurance recoverables, EOP
$15,018 

Nine Months Ended September 30, 2023
Deferred Profit Liability
Retirement StrategiesInternational Businesses
InstitutionalLife PlannerGibraltar Life and OtherTotal
(in millions)
Balance, BOP, post-flooring
$5,532 $3,379 $5,261 $14,172 
Less: Flooring impact, BOP
0 0 1 1 
Balance, BOP, pre-flooring 5,532 3,379 5,260 14,171 
Effect of assumption update35 (67)(228)(260)
Effect of actual variances from expected experience and other activity 4 (4)(32)(32)
Adjusted balance, BOP 5,571 3,308 5,000 13,879 
Profits deferred 294 1,271 1,017 2,582 
Interest accrual 170 109 114 393 
Amortization (424)(869)(765)(2,058)
Foreign currency adjustment 2 (128)(251)(377)
Other adjustments 0 24 0 24 
Balance, EOP, pre-flooring 5,613 3,715 5,115 14,443 
Flooring impact, EOP 0 0 1 1 
Balance, EOP, post-flooring
5,613 3,715 5,116 14,444 
Less: Reinsurance recoverables
383 8 10 401 
Balance after reinsurance recoverables, EOP, post-flooring
$5,230 $3,707 $5,106 14,043 
Other businesses
145 
Total balance after reinsurance recoverables, EOP
$14,188 
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 within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:

Nine Months Ended September 30,
2024
2023
(in millions)
Balance, including amounts in AOCI, BOP, post-flooring$14,308 $12,684 
Flooring impact and amounts in AOCI843 1,285 
Balance, excluding amounts in AOCI, BOP, pre-flooring15,151 13,969 
Effect of assumption update153 23 
Effect of actual variances from expected experience and other activity315 (13)
Adjusted balance, BOP15,619 13,979 
Assessments collected(1)852 836 
Interest accrual399 362 
Benefits paid(268)(223)
Other adjustments13 0 
Balance, excluding amounts in AOCI, EOP, pre-flooring16,615 14,954 
Flooring impact and amounts in AOCI(352)(1,737)
Balance, including amounts in AOCI, EOP, post-flooring16,263 13,217 
Less: Reinsurance recoverables
8,287 5,286 
Balance after reinsurance recoverables, including amounts in AOCI, EOP
7,976 7,931 
Other businesses75 123 
Total balance after reinsurance recoverables
$8,051 $8,054 
__________
(1)Represents the portion of gross assessments required to fund the future policy benefits.
Nine Months Ended September 30,
2024
2023
Weighted-average duration of the liability in years (at original discount rate) 2222
Weighted-average interest rate (at original discount rate) 3.40 %3.36 %
Future Policy Benefits Reconciliation

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

Nine Months Ended September 30,
2024
2023
(in millions)
Benefit reserves, EOP, post-flooring$203,297 $174,276 
Deferred Profit Liability EOP, post-flooring15,455 14,589 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring16,338 13,340 
Subtotal of amounts disclosed above235,090 202,205 
Other Future Policy Benefits reserves(1)50,384 51,346 
Total Future Policy Benefits$285,474 $253,551 
__________
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, 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 in the Company's Consolidated Statement of Operations as of the periods indicated:

Nine Months Ended September 30, 2024
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$21,128 $1,384 $0 $4,359 $4,163 $419 $31,453 
Deferred profit liability(149)0 0 (287)(82)(7)(525)
Additional insurance reserves0 0 2,455 0 0 0 2,455 
Total$20,979 $1,384 $2,455 $4,072 $4,081 $412 $33,383 

Nine Months Ended September 30, 2023
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$9,310 $1,384 $0 $4,849 $4,741 $415 $20,699 
Deferred profit liability(79)0 0 (464)(105)37 (611)
Additional insurance reserves0 0 2,357 0 0 0 2,357 
Total$9,231 $1,384 $2,357 $4,385 $4,636 $452 $22,445 

Nine Months Ended September 30, 2024
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$2,483 $310 $0 $1,287 $1,105 $379 $5,564 
Deferred profit liability177 0 0 122 116 3 418 
Additional insurance reserves0 0 399 1 0 0 400 
Total$2,660 $310 $399 $1,410 $1,221 $382 $6,382 

Nine Months Ended September 30, 2023
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$2,132 $303 $0 $1,297 $1,135 $366 $5,233 
Deferred profit liability170 0 0 109 114 3 396 
Additional insurance reserves0 0 362 1 0 0 363 
Total$2,302 $303 $362 $1,407 $1,249 $369 $5,992 
__________
(1)Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR.
POLICYHOLDERS’ ACCOUNT BALANCES
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:

Nine Months Ended September 30, 2024
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal LifeLife PlannerGibraltar Life and Other
($ in millions)
Balance, BOP
$17,738 $23,765 $7,095 $5,293 $27,439 $12,949 $38,450 $132,729 
Deposits5,824 5,902 4,188 871 1,837 1,540 5,393 25,555 
Interest credited555 359 174 110 577 528 684 2,987 
Acquisitions and dispositions0 0 0 0 0 0 0 0 
Policy charges(9)(22)(4)(248)(1,537)(246)(190)(2,256)
Surrenders and withdrawals(4,123)(663)(537)(1,123)(1,264)(241)(1,230)(9,181)
Benefit payments(461)(60)(62)0 (98)(199)(1,618)(2,498)
Net transfers (to) from separate account0 61 0 29 443 0 0 533 
Change in market value and other adjustments(1)7 2,040 218 0 159 (347)(11)2,066 
Foreign currency adjustment0 0 0 0 0 (103)(101)(204)
Balance, EOP
$19,531 $31,382 $11,072 $4,932 $27,556 $13,881 $41,377 $149,731 
Closed Block Division4,391 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,849 
Other(2)
4,117 
Total Policyholders' account balance$164,088 
Weighted-average crediting rate3.97 %1.73 %2.57 %2.86 %2.80 %5.25 %2.29 %2.82 %
Net amount at risk(3)
$0 $0 $0 $73,883 $392,501 $21,532 $6,406 $494,322 
Cash surrender value(4)
$19,531 $30,049 $9,528 $3,842 $23,692 $12,638 $37,769 $137,049 
Nine Months Ended September 30, 2023
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal LifeLife PlannerGibraltar Life and Other
($ in millions)
Balance, BOP
$17,376 $17,524 $4,643 $5,839 $26,502 $11,168 $35,325 $118,377 
Deposits4,407 3,444 1,839 811 1,773 1,640 4,274 18,188 
Interest credited509 219 96 124 583 577 531 2,639 
Acquisitions and Dispositions
0 0 0 0 0 0 0 0 
Policy charges(16)(17)(6)(247)(1,536)(222)(146)(2,190)
Surrenders and withdrawals(4,332)(492)(298)(1,217)(1,267)(153)(1,015)(8,774)
Benefit payments0 (58)(58)0 (119)(203)(1,462)(1,900)
Net transfers (to) from separate account0 22 0 2 1,282 0 0 1,306 
Change in market value and other adjustments(1)0 1,192 82 0 75 21 (7)1,363 
Foreign currency adjustment0 0 0 0 0 (1,071)(1,291)(2,362)
Balance, EOP
$17,944 $21,834 $6,298 $5,312 $27,293 $11,757 $36,209 $126,647 
Closed Block Division4,528 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,109 
Other(2)
4,504 
Total Policyholders' account balance$140,788 
Weighted-average crediting rate3.85 %1.48 %2.33 %2.97 %2.89 %6.72 %1.98 %2.87 %
Net amount at risk(3)
$0 $0 $0 $73,260 $378,191 $17,400 $6,274 $475,125 
Cash surrender value(4)
$17,944 $19,184 $5,038 $3,966 $23,101 $10,063 $31,144 $110,440 
__________
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)Includes $5,207 million and $5,621 million of Full Service account balances reinsured to Great-West as of September 30, 2024 and 2023, respectively.
(3)The net amount at risk calculation includes both general account and separate account balances.
(4)Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment.

“Policyholders’ account balances” for Institutional Retirement Strategies and Life Planner includes the Company’s Funding Agreement Notes Issuance Program (“FANIP”), which totaled $6,061 million and $5,811 million at September 30, 2024 and 2023, respectively. Under this program, which has a maximum authorized amount of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by PICA. The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from two months to seven years. Included in the amounts at September 30, 2024 and 2023 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $3,969 million and $3,465 million, respectively, and short-term note liability of $2,127 million and $2,389 million, respectively.

“Policyholders’ account balances” for Institutional Retirement Strategies also includes collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) totaling $2,628 million as of both September 30, 2024 and 2023. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities of seven years.

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 11 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 (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows:

September 30, 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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$400 $0 $0 $0 $400 
1.00% - 1.99%
1,551 0 0 0 1,551 
2.00% - 2.99%
83 0 0 0 83 
3.00% - 4.00%
4,715 0 0 0 4,715 
Greater than 4.00%
3,201 0 0 0 3,201 
Total$9,950 $0 $0 $0 $9,950 
Retirement Strategies - Individual Variable
Less than 1.00%
$324 $622 $447 $0 $1,393 
1.00% - 1.99%
156 211 3 0 370 
2.00% - 2.99%
23 4 4 0 31 
3.00% - 4.00%
1,763 5 8 0 1,776 
Greater than 4.00%
85 0 0 0 85 
Total$2,351 $842 $462 $0 $3,655 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $3 $10 $967 $980 
1.00% - 1.99%
474 82 226 75 857 
2.00% - 2.99%
545 463 560 17 1,585 
3.00% - 4.00%
1,565 83 10 3 1,661 
Greater than 4.00%
85 0 0 0 85 
Total$2,669 $631 $806 $1,062 $5,168 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $966 $966 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
41 0 0 0 41 
3.00% - 4.00%
1,432 0 0 63 1,495 
Greater than 4.00%
68 0 0 0 68 
Total$1,541 $0 $0 $1,029 $2,570 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $309 $309 
1.00% - 1.99%
262 0 1,692 1,875 3,829 
2.00% - 2.99%
31 1,505 2,834 453 4,823 
3.00% - 4.00%
4,244 3,811 1,344 33 9,432 
Greater than 4.00%
5,406 0 0 0 5,406 
Total$9,943 $5,316 $5,870 $2,670 $23,799 
International Businesses - Life Planner
Less than 1.00%
$315 $43 $82 $2,809 $3,249 
1.00% - 1.99%
2,904 29 0 0 2,933 
2.00% - 2.99%
2,085 0 0 0 2,085 
3.00% - 4.00%
380 0 0 0 380 
Greater than 4.00%
410 0 0 0 410 
Total$6,094 $72 $82 $2,809 $9,057 
International Businesses - Gibraltar Life and Other
Less than 1.00%
$15,688 $0 $0 $0 $15,688 
1.00% - 1.99%
8,425 54 0 0 8,479 
2.00% - 2.99%
2,785 300 31 0 3,116 
3.00% - 4.00%
5,962 0 0 0 5,962 
Greater than 4.00%
8,001 0 0 0 8,001 
Total$40,861 $354 $31 $0 $41,246 
September 30, 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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$400 $0 $0 $0 $400 
1.00% - 1.99%
1,551 0 0 0 1,551 
2.00% - 2.99%
551 0 0 0 551 
3.00% - 4.00%
5,312 0 0 0 5,312 
Greater than 4.00%
2,150 0 0 0 2,150 
Total$9,964 $0 $0 $0 $9,964 
Retirement Strategies - Individual Variable
Less than 1.00%
$944 $821 $18 $0 $1,783 
1.00% - 1.99%
224 2 1 0 227 
2.00% - 2.99%
32 5 3 0 40 
3.00% - 4.00%
2,046 8 10 0 2,064 
Greater than 4.00%
97 0 0 0 97 
Total$3,343 $836 $32 $0 $4,211 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $0 $0 $20 $20 
1.00% - 1.99%
544 129 246 82 1,001 
2.00% - 2.99%
535 469 320 12 1,336 
3.00% - 4.00%
343 9 0 0 352 
Greater than 4.00%
97 0 0 0 97 
Total$1,519 $607 $566 $114 $2,806 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $1,221 $1,221 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
29 0 0 0 29 
3.00% - 4.00%
1,565 0 0 0 1,565 
Greater than 4.00%
73 0 0 0 73 
Total$1,667 $0 $0 $1,221 $2,888 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $408 $408 
1.00% - 1.99%
185 0 2,528 884 3,597 
2.00% - 2.99%
29 1,418 2,940 349 4,736 
3.00% - 4.00%
4,478 4,189 1,315 14 9,996 
Greater than 4.00%
5,533 0 0 0 5,533 
Total$10,225 $5,607 $6,783 $1,655 $24,270 
International Businesses - Life Planner
Less than 1.00%
$320 $42 $90 $1,440 $1,892 
1.00% - 1.99%
2,815 25 0 0 2,840 
2.00% - 2.99%
2,013 0 0 0 2,013 
3.00% - 4.00%
335 0 0 0 335 
Greater than 4.00%
380 0 0 0 380 
Total$5,863 $67 $90 $1,440 $7,460 
International Businesses - Gibraltar Life and Other
Less than 1.00%
$15,671 $0 $0 $0 $15,671 
1.00% - 1.99%
8,864 0 0 0 8,864 
2.00% - 2.99%
3,153 310 38 0 3,501 
3.00% - 4.00%
4,145 0 0 0 4,145 
Greater than 4.00%
3,873 0 0 0 3,873 
Total$35,706 $310 $38 $0 $36,054 
____________
(1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.
Unearned Revenue Reserve (“URR”)

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

Nine Months Ended September 30, 2024
Individual LifeInternational Businesses
Variable/ Universal Life
Life Planner
Gibraltar Life and Other
Total
(in millions)
Balance, BOP
$4,613 $359 $95 $5,067 
Unearned revenue653 107 15 775 
Amortization expense(179)(12)(4)(195)
Other adjustments0 (56)(1)(57)
FX adjustment0 1 0 1 
Balance, EOP
5,087 399 105 5,591 
Less: Reinsurance recoverables
409 0 0 409 
Balance after reinsurance recoverables, EOP
$4,678 $399 $105 $5,182 
Other businesses
56 
Total balance after reinsurance recoverables, EOP
$5,238 

Nine Months Ended September 30, 2023
Individual LifeInternational Businesses
Variable/ Universal Life
Life Planner
Gibraltar Life and Other
Total
(in millions)
Balance, BOP
$3,983 $231 $81 $4,295 
Unearned revenue622 100 16 738 
Amortization expense(154)(7)(4)(165)
Other adjustments0 2 0 2 
FX adjustment0 (22)(5)(27)
Balance, EOP
4,451 304 88 4,843 
Less: Reinsurance recoverables
0 0 0 0 
Balance after reinsurance recoverables, EOP
$4,451 $304 $88 $4,843 
Other businesses
50 
Total balance after reinsurance recoverables, EOP
$4,893 
MARKET RISK BENEFITS
The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
 
Nine Months Ended September 30,
20242023
(in millions)
Balance, BOP$4,038 $4,987 
Effect of cumulative changes in NPR1,137 1,828 
Balance, BOP, before effect of changes in NPR5,175 6,815 
Attributed fees collected850 899 
Claims paid(61)(83)
Interest accrual187 255 
Actual in force different from expected16 54 
Effect of changes in interest rates54 (2,986)
Effect of changes in equity markets(1,712)(995)
Effect of assumption update93 342 
Issuances52 15 
Other adjustments
14 (24)
Balance, EOP, before effect of changes in NPR4,668 4,292 
Effect of cumulative changes in NPR(996)(1,301)
Balance, EOP3,672 2,991 
Less: Reinsured MRBs
681 610 
Balance, EOP, net of reinsurance2,991 2,381 
Other businesses53 79 
Total net MRB balance$3,044 $2,460 

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.

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.

September 30, 2024September 30, 2023
($ in millions)
Net amount at risk(1)$7,878 $13,417 
Weighted-average attained age of contractholders7170
__________
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.
The tables below reconcile MRB asset and liability positions as of the following dates:

September 30, 2024
 Retirement Strategies
Individual VariableOther BusinessesTotal
(in millions)
Direct and assumed
$1,308 $10 $1,318 
Ceded
814 2 816 
Total MRB assets
$2,122 $12 $2,134 
Direct and assumed
$4,980 $65 $5,045 
Ceded
133 0 133 
Total MRB liabilities
$5,113 $65 $5,178 
Net liability
$2,991 $53 $3,044 

September 30, 2023
 Retirement Strategies
Individual VariableOther BusinessesTotal
(in millions)
Direct and assumed
$1,430 $10 $1,440 
Ceded
757 3 760 
Total MRB assets
$2,187 $13 $2,200 
Direct and assumed
$4,421 $92 $4,513 
Ceded
147 0 147 
Total MRB liabilities
$4,568 $92 $4,660 
Net liability
$2,381 $79 $2,460 
v3.24.3
Policyholders' Account Balances
 9 Months Ended
Sep. 30, 2024
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Liabilities for Future Policy Benefits LIABILITY FOR FUTURE POLICY BENEFITS
Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below:

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

In 2024, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements. The impact was favorable for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to mortality assumptions in Institutional Retirement Strategies and Long-Term Care, partially offset by unfavorable updates to policyholder behavior assumptions on certain life policies in International Businesses. Additionally, there was an unfavorable impact for direct and assumed AIR, primarily due to updates to policyholder behavior assumptions on universal life polices with secondary guarantees in Individual Life.

In 2023, the Company recognized an unfavorable impact to net income attributable to its annual reviews and update of assumptions and other refinements. The impact was unfavorable for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to policyholder behavior and claim assumptions in Long-Term Care. Additionally, there was an unfavorable impact for direct and assumed AIR, primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns on universal life polices with secondary guarantees in Individual Life.
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.

Nine Months Ended September 30, 2024
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP$71,407 $11,274 $29,064 $26,367 $3,286 $141,398 
Effect of cumulative changes in discount rate assumptions, BOP11,869 228 596 622 16 13,331 
Balance at original discount rate, BOP83,276 11,502 29,660 26,989 3,302 154,729 
Effect of assumption update41 21 (328)(535)(276)(1,077)
Effect of actual variances from expected experience and other activity534 (205)(1,030)(732)147 (1,286)
Adjusted balance, BOP83,851 11,318 28,302 25,722 3,173 152,366 
Issuances19,730 631 1,732 852 0 22,945 
Net premiums / considerations collected(20,691)(1,039)(2,849)(2,528)(241)(27,348)
Interest accrual2,150 397 634 526 113 3,820 
Foreign currency adjustment3,993 0 (521)(245)0 3,227 
Other adjustments0 3 95 0 0 98 
Balance at original discount rate, EOP89,033 11,310 27,393 24,327 3,045 155,108 
Effect of cumulative changes in discount rate assumptions, EOP(14,283)(109)(749)(651)6 (15,786)
Balance, EOP$74,750 $11,201 $26,644 $23,676 $3,051 $139,322 
Other businesses, EOP94 
Total balance, EOP$139,416 
Nine Months Ended September 30, 2024
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP$141,135 $19,852 $79,822 $79,036 $12,139 $331,984 
Effect of cumulative changes in discount rate assumptions, BOP14,751 334 563 7,355 603 23,606 
Balance at original discount rate, BOP155,886 20,186 80,385 86,391 12,742 355,590 
Effect of assumption update(481)21 (106)(407)(394)(1,367)
Effect of actual variances from expected experience and other activity638 (240)(1,023)(715)155 (1,185)
Adjusted balance, BOP156,043 19,967 79,256 85,269 12,503 353,038 
Issuances19,730 631 1,732 852 0 22,945 
Interest accrual4,633 707 1,921 1,630 454 9,345 
Benefit payments(9,743)(1,173)(3,450)(3,730)(240)(18,336)
Foreign currency adjustment4,046 0 (1,190)(743)0 2,113 
Other adjustments17 (7)208 (4)0 214 
Balance at original discount rate, EOP174,726 20,125 78,477 83,274 12,717 369,319 
Effect of cumulative changes in discount rate assumptions, EOP(16,145)(152)(2,888)(8,684)(567)(28,436)
Balance, EOP$158,581 $19,973 $75,589 $74,590 $12,150 $340,883 
Other businesses, EOP1,709 
Total balance, EOP$342,592 

Nine Months Ended September 30, 2024
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring$83,831 $8,773 $48,945 $50,915 $9,099 $201,563 
Flooring impact, EOP82 0 26 13 0 121 
Balance, EOP, post-flooring83,913 8,773 48,971 50,928 9,099 201,684 
Less: Reinsurance recoverables
5,481 719 98 290 0 6,588 
Balance after reinsurance recoverables, EOP, post-flooring
$78,432 $8,054 $48,873 $50,638 $9,099 $195,096 
Other businesses, EOP(1)1,551 
Total balance after reinsurance recoverables, EOP
$196,647 
Nine Months Ended September 30, 2023
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP$52,620 $11,282 $30,689 $28,951 $2,932 $126,474 
Effect of cumulative changes in discount rate assumptions, BOP14,349 572 1,354 1,326 103 17,704 
Balance at original discount rate, BOP66,969 11,854 32,043 30,277 3,035 144,178 
Effect of assumption update(1,117)(1)78 (175)266 (949)
Effect of actual variances from expected experience and other activity384 (159)(814)(516)145 (960)
Adjusted balance, BOP66,236 11,694 31,307 29,586 3,446 142,269 
Issuances8,453 539 1,793 1,258 0 12,043 
Net premiums / considerations collected(8,682)(1,060)(3,055)(2,873)(242)(15,912)
Interest accrual1,588 404 680 594 117 3,383 
Foreign currency adjustment950 0 (1,583)(1,608)0 (2,241)
Other adjustments0 (2)104 0 0 102 
Balance at original discount rate, EOP68,545 11,575 29,246 26,957 3,321 139,644 
Effect of cumulative changes in discount rate assumptions, EOP(16,742)(965)(1,571)(1,495)(249)(21,022)
Balance, EOP$51,803 $10,610 $27,675 $25,462 $3,072 $118,622 
Other businesses, EOP83 
Total balance, EOP$118,705 

Nine Months Ended September 30, 2023
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP $117,754 $19,288 $78,639 $80,331 $10,685 $306,697 
Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 3,719 11,266 1,216 37,383 
Balance at original discount rate, BOP 137,924 20,300 82,358 91,597 11,901 344,080 
Effect of assumption update(1,289)(1)145 44 357 (744)
Effect of actual variances from expected experience and other activity377 (194)(845)(503)171 (994)
Adjusted balance, BOP 137,012 20,105 81,658 91,138 12,429 342,342 
Issuances 8,453 539 1,793 1,258 0 12,043 
Interest accrual 3,720 707 1,977 1,729 443 8,576 
Benefit payments (8,550)(1,121)(2,729)(3,496)(196)(16,092)
Foreign currency adjustment 981 0 (4,630)(5,780)0 (9,429)
Other adjustments (138)(14)206 (18)0 36 
Balance at original discount rate, EOP 141,478 20,216 78,275 84,831 12,676 337,476 
Effect of cumulative changes in discount rate assumptions, EOP (24,887)(1,856)(5,296)(11,846)(2,305)(46,190)
Balance, EOP $116,591 $18,360 $72,979 $72,985 $10,371 $291,286 
Other businesses, EOP 1,635 
Total balance, EOP $292,921 
Nine Months Ended September 30, 2023
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $64,789 $7,750 $45,304 $47,523 $7,299 $172,665 
Flooring impact, EOP 0 2 27 31 0 60 
Balance, EOP, post-flooring 64,789 7,752 45,331 47,554 7,299 172,725 
Less: Reinsurance recoverables
4,810 696 96 189 0 5,791 
Balance after reinsurance recoverables, EOP, post-flooring
$59,979 $7,056 $45,235 $47,365 $7,299 $166,934 
Other businesses, EOP(1) 1,482 
Total balance after reinsurance recoverables, EOP
$168,416 
__________
(1)Reflects balance after reinsurance recoverables of $62 million and $69 million at September 30, 2024 and 2023, respectively.

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 period indicated:

Nine Months Ended September 30, 2024
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$145,066 $22,937 $63,514 $51,059 $6,758 
Discounted expected future gross premiums (at original discount rate) $96,557 $15,183 $49,274 $41,069 $4,488 
Discounted expected future gross premiums (at current discount rate) $80,840 $15,067 $48,327 $40,061 $4,502 
Undiscounted expected future benefits and expenses $274,739 $31,059 $132,310 $133,511 $29,908 
Weighted-average duration of the liability in years (at original discount rate) 810181817
Weighted-average duration of the liability in years (at current discount rate) 89171616
Weighted-average interest rate (at original discount rate) 4.74 %5.14 %3.43 %2.59 %4.91 %
Weighted-average interest rate (at current discount rate) 4.96 %4.91 %3.36 %3.25 %5.24 %

Nine Months Ended September 30, 2023
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$108,863 $23,147 $68,665 $56,169 $6,854 
Discounted expected future gross premiums (at original discount rate) $75,372 $15,381 $53,078 $45,102 $4,496 
Discounted expected future gross premiums (at current discount rate) $56,962 $14,120 $50,753 $42,804 $4,167 
Undiscounted expected future benefits and expenses $217,931 $31,164 $137,378 $139,536 $30,897 
Weighted-average duration of the liability in years (at original discount rate) 910201918
Weighted-average duration of the liability in years (at current discount rate) 89191717
Weighted-average interest rate (at original discount rate) 4.57 %5.17 %3.46 %2.59 %4.91 %
Weighted-average interest rate (at current discount rate) 6.02 %6.01 %3.37 %3.26 %6.30 %

For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively.

For both the first nine months of 2024 and 2023, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.
Deferred Profit Liability

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

Nine Months Ended September 30, 2024
Deferred Profit Liability
Retirement StrategiesInternational Businesses
InstitutionalLife PlannerGibraltar Life and OtherTotal
(in millions)
Balance, BOP, post-flooring
$5,615 $3,956 $5,303 $14,874 
Less: Flooring impact, BOP
0 1 1 2 
Balance, BOP, pre-flooring 5,615 3,955 5,302 14,872 
Effect of assumption update370 (150)(138)82 
Effect of actual variances from expected experience and other activity (69)(20)(33)(122)
Adjusted balance, BOP 5,916 3,785 5,131 14,832 
Profits deferred 112 1,164 874 2,150 
Interest accrual 177 122 116 415 
Amortization (441)(851)(737)(2,029)
Foreign currency adjustment 14 (76)(32)(94)
Other adjustments 0 22 0 22 
Balance, EOP, pre-flooring 5,778 4,166 5,352 15,296 
Flooring impact, EOP 0 1 2 3 
Balance, EOP, post-flooring
5,778 4,167 5,354 15,299 
Less: Reinsurance recoverables
396 10 31 437 
Balance after reinsurance recoverables, EOP, post-flooring
$5,382 $4,157 $5,323 14,862 
Other businesses
156 
Total balance after reinsurance recoverables, EOP
$15,018 

Nine Months Ended September 30, 2023
Deferred Profit Liability
Retirement StrategiesInternational Businesses
InstitutionalLife PlannerGibraltar Life and OtherTotal
(in millions)
Balance, BOP, post-flooring
$5,532 $3,379 $5,261 $14,172 
Less: Flooring impact, BOP
0 0 1 1 
Balance, BOP, pre-flooring 5,532 3,379 5,260 14,171 
Effect of assumption update35 (67)(228)(260)
Effect of actual variances from expected experience and other activity 4 (4)(32)(32)
Adjusted balance, BOP 5,571 3,308 5,000 13,879 
Profits deferred 294 1,271 1,017 2,582 
Interest accrual 170 109 114 393 
Amortization (424)(869)(765)(2,058)
Foreign currency adjustment 2 (128)(251)(377)
Other adjustments 0 24 0 24 
Balance, EOP, pre-flooring 5,613 3,715 5,115 14,443 
Flooring impact, EOP 0 0 1 1 
Balance, EOP, post-flooring
5,613 3,715 5,116 14,444 
Less: Reinsurance recoverables
383 8 10 401 
Balance after reinsurance recoverables, EOP, post-flooring
$5,230 $3,707 $5,106 14,043 
Other businesses
145 
Total balance after reinsurance recoverables, EOP
$14,188 
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 within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:

Nine Months Ended September 30,
2024
2023
(in millions)
Balance, including amounts in AOCI, BOP, post-flooring$14,308 $12,684 
Flooring impact and amounts in AOCI843 1,285 
Balance, excluding amounts in AOCI, BOP, pre-flooring15,151 13,969 
Effect of assumption update153 23 
Effect of actual variances from expected experience and other activity315 (13)
Adjusted balance, BOP15,619 13,979 
Assessments collected(1)852 836 
Interest accrual399 362 
Benefits paid(268)(223)
Other adjustments13 0 
Balance, excluding amounts in AOCI, EOP, pre-flooring16,615 14,954 
Flooring impact and amounts in AOCI(352)(1,737)
Balance, including amounts in AOCI, EOP, post-flooring16,263 13,217 
Less: Reinsurance recoverables
8,287 5,286 
Balance after reinsurance recoverables, including amounts in AOCI, EOP
7,976 7,931 
Other businesses75 123 
Total balance after reinsurance recoverables
$8,051 $8,054 
__________
(1)Represents the portion of gross assessments required to fund the future policy benefits.
Nine Months Ended September 30,
2024
2023
Weighted-average duration of the liability in years (at original discount rate) 2222
Weighted-average interest rate (at original discount rate) 3.40 %3.36 %
Future Policy Benefits Reconciliation

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

Nine Months Ended September 30,
2024
2023
(in millions)
Benefit reserves, EOP, post-flooring$203,297 $174,276 
Deferred Profit Liability EOP, post-flooring15,455 14,589 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring16,338 13,340 
Subtotal of amounts disclosed above235,090 202,205 
Other Future Policy Benefits reserves(1)50,384 51,346 
Total Future Policy Benefits$285,474 $253,551 
__________
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, 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 in the Company's Consolidated Statement of Operations as of the periods indicated:

Nine Months Ended September 30, 2024
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$21,128 $1,384 $0 $4,359 $4,163 $419 $31,453 
Deferred profit liability(149)0 0 (287)(82)(7)(525)
Additional insurance reserves0 0 2,455 0 0 0 2,455 
Total$20,979 $1,384 $2,455 $4,072 $4,081 $412 $33,383 

Nine Months Ended September 30, 2023
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$9,310 $1,384 $0 $4,849 $4,741 $415 $20,699 
Deferred profit liability(79)0 0 (464)(105)37 (611)
Additional insurance reserves0 0 2,357 0 0 0 2,357 
Total$9,231 $1,384 $2,357 $4,385 $4,636 $452 $22,445 

Nine Months Ended September 30, 2024
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$2,483 $310 $0 $1,287 $1,105 $379 $5,564 
Deferred profit liability177 0 0 122 116 3 418 
Additional insurance reserves0 0 399 1 0 0 400 
Total$2,660 $310 $399 $1,410 $1,221 $382 $6,382 

Nine Months Ended September 30, 2023
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$2,132 $303 $0 $1,297 $1,135 $366 $5,233 
Deferred profit liability170 0 0 109 114 3 396 
Additional insurance reserves0 0 362 1 0 0 363 
Total$2,302 $303 $362 $1,407 $1,249 $369 $5,992 
__________
(1)Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR.
POLICYHOLDERS’ ACCOUNT BALANCES
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:

Nine Months Ended September 30, 2024
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal LifeLife PlannerGibraltar Life and Other
($ in millions)
Balance, BOP
$17,738 $23,765 $7,095 $5,293 $27,439 $12,949 $38,450 $132,729 
Deposits5,824 5,902 4,188 871 1,837 1,540 5,393 25,555 
Interest credited555 359 174 110 577 528 684 2,987 
Acquisitions and dispositions0 0 0 0 0 0 0 0 
Policy charges(9)(22)(4)(248)(1,537)(246)(190)(2,256)
Surrenders and withdrawals(4,123)(663)(537)(1,123)(1,264)(241)(1,230)(9,181)
Benefit payments(461)(60)(62)0 (98)(199)(1,618)(2,498)
Net transfers (to) from separate account0 61 0 29 443 0 0 533 
Change in market value and other adjustments(1)7 2,040 218 0 159 (347)(11)2,066 
Foreign currency adjustment0 0 0 0 0 (103)(101)(204)
Balance, EOP
$19,531 $31,382 $11,072 $4,932 $27,556 $13,881 $41,377 $149,731 
Closed Block Division4,391 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,849 
Other(2)
4,117 
Total Policyholders' account balance$164,088 
Weighted-average crediting rate3.97 %1.73 %2.57 %2.86 %2.80 %5.25 %2.29 %2.82 %
Net amount at risk(3)
$0 $0 $0 $73,883 $392,501 $21,532 $6,406 $494,322 
Cash surrender value(4)
$19,531 $30,049 $9,528 $3,842 $23,692 $12,638 $37,769 $137,049 
Nine Months Ended September 30, 2023
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal LifeLife PlannerGibraltar Life and Other
($ in millions)
Balance, BOP
$17,376 $17,524 $4,643 $5,839 $26,502 $11,168 $35,325 $118,377 
Deposits4,407 3,444 1,839 811 1,773 1,640 4,274 18,188 
Interest credited509 219 96 124 583 577 531 2,639 
Acquisitions and Dispositions
0 0 0 0 0 0 0 0 
Policy charges(16)(17)(6)(247)(1,536)(222)(146)(2,190)
Surrenders and withdrawals(4,332)(492)(298)(1,217)(1,267)(153)(1,015)(8,774)
Benefit payments0 (58)(58)0 (119)(203)(1,462)(1,900)
Net transfers (to) from separate account0 22 0 2 1,282 0 0 1,306 
Change in market value and other adjustments(1)0 1,192 82 0 75 21 (7)1,363 
Foreign currency adjustment0 0 0 0 0 (1,071)(1,291)(2,362)
Balance, EOP
$17,944 $21,834 $6,298 $5,312 $27,293 $11,757 $36,209 $126,647 
Closed Block Division4,528 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,109 
Other(2)
4,504 
Total Policyholders' account balance$140,788 
Weighted-average crediting rate3.85 %1.48 %2.33 %2.97 %2.89 %6.72 %1.98 %2.87 %
Net amount at risk(3)
$0 $0 $0 $73,260 $378,191 $17,400 $6,274 $475,125 
Cash surrender value(4)
$17,944 $19,184 $5,038 $3,966 $23,101 $10,063 $31,144 $110,440 
__________
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)Includes $5,207 million and $5,621 million of Full Service account balances reinsured to Great-West as of September 30, 2024 and 2023, respectively.
(3)The net amount at risk calculation includes both general account and separate account balances.
(4)Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment.

“Policyholders’ account balances” for Institutional Retirement Strategies and Life Planner includes the Company’s Funding Agreement Notes Issuance Program (“FANIP”), which totaled $6,061 million and $5,811 million at September 30, 2024 and 2023, respectively. Under this program, which has a maximum authorized amount of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by PICA. The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from two months to seven years. Included in the amounts at September 30, 2024 and 2023 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $3,969 million and $3,465 million, respectively, and short-term note liability of $2,127 million and $2,389 million, respectively.

“Policyholders’ account balances” for Institutional Retirement Strategies also includes collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) totaling $2,628 million as of both September 30, 2024 and 2023. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities of seven years.

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 11 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 (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows:

September 30, 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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$400 $0 $0 $0 $400 
1.00% - 1.99%
1,551 0 0 0 1,551 
2.00% - 2.99%
83 0 0 0 83 
3.00% - 4.00%
4,715 0 0 0 4,715 
Greater than 4.00%
3,201 0 0 0 3,201 
Total$9,950 $0 $0 $0 $9,950 
Retirement Strategies - Individual Variable
Less than 1.00%
$324 $622 $447 $0 $1,393 
1.00% - 1.99%
156 211 3 0 370 
2.00% - 2.99%
23 4 4 0 31 
3.00% - 4.00%
1,763 5 8 0 1,776 
Greater than 4.00%
85 0 0 0 85 
Total$2,351 $842 $462 $0 $3,655 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $3 $10 $967 $980 
1.00% - 1.99%
474 82 226 75 857 
2.00% - 2.99%
545 463 560 17 1,585 
3.00% - 4.00%
1,565 83 10 3 1,661 
Greater than 4.00%
85 0 0 0 85 
Total$2,669 $631 $806 $1,062 $5,168 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $966 $966 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
41 0 0 0 41 
3.00% - 4.00%
1,432 0 0 63 1,495 
Greater than 4.00%
68 0 0 0 68 
Total$1,541 $0 $0 $1,029 $2,570 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $309 $309 
1.00% - 1.99%
262 0 1,692 1,875 3,829 
2.00% - 2.99%
31 1,505 2,834 453 4,823 
3.00% - 4.00%
4,244 3,811 1,344 33 9,432 
Greater than 4.00%
5,406 0 0 0 5,406 
Total$9,943 $5,316 $5,870 $2,670 $23,799 
International Businesses - Life Planner
Less than 1.00%
$315 $43 $82 $2,809 $3,249 
1.00% - 1.99%
2,904 29 0 0 2,933 
2.00% - 2.99%
2,085 0 0 0 2,085 
3.00% - 4.00%
380 0 0 0 380 
Greater than 4.00%
410 0 0 0 410 
Total$6,094 $72 $82 $2,809 $9,057 
International Businesses - Gibraltar Life and Other
Less than 1.00%
$15,688 $0 $0 $0 $15,688 
1.00% - 1.99%
8,425 54 0 0 8,479 
2.00% - 2.99%
2,785 300 31 0 3,116 
3.00% - 4.00%
5,962 0 0 0 5,962 
Greater than 4.00%
8,001 0 0 0 8,001 
Total$40,861 $354 $31 $0 $41,246 
September 30, 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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$400 $0 $0 $0 $400 
1.00% - 1.99%
1,551 0 0 0 1,551 
2.00% - 2.99%
551 0 0 0 551 
3.00% - 4.00%
5,312 0 0 0 5,312 
Greater than 4.00%
2,150 0 0 0 2,150 
Total$9,964 $0 $0 $0 $9,964 
Retirement Strategies - Individual Variable
Less than 1.00%
$944 $821 $18 $0 $1,783 
1.00% - 1.99%
224 2 1 0 227 
2.00% - 2.99%
32 5 3 0 40 
3.00% - 4.00%
2,046 8 10 0 2,064 
Greater than 4.00%
97 0 0 0 97 
Total$3,343 $836 $32 $0 $4,211 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $0 $0 $20 $20 
1.00% - 1.99%
544 129 246 82 1,001 
2.00% - 2.99%
535 469 320 12 1,336 
3.00% - 4.00%
343 9 0 0 352 
Greater than 4.00%
97 0 0 0 97 
Total$1,519 $607 $566 $114 $2,806 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $1,221 $1,221 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
29 0 0 0 29 
3.00% - 4.00%
1,565 0 0 0 1,565 
Greater than 4.00%
73 0 0 0 73 
Total$1,667 $0 $0 $1,221 $2,888 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $408 $408 
1.00% - 1.99%
185 0 2,528 884 3,597 
2.00% - 2.99%
29 1,418 2,940 349 4,736 
3.00% - 4.00%
4,478 4,189 1,315 14 9,996 
Greater than 4.00%
5,533 0 0 0 5,533 
Total$10,225 $5,607 $6,783 $1,655 $24,270 
International Businesses - Life Planner
Less than 1.00%
$320 $42 $90 $1,440 $1,892 
1.00% - 1.99%
2,815 25 0 0 2,840 
2.00% - 2.99%
2,013 0 0 0 2,013 
3.00% - 4.00%
335 0 0 0 335 
Greater than 4.00%
380 0 0 0 380 
Total$5,863 $67 $90 $1,440 $7,460 
International Businesses - Gibraltar Life and Other
Less than 1.00%
$15,671 $0 $0 $0 $15,671 
1.00% - 1.99%
8,864 0 0 0 8,864 
2.00% - 2.99%
3,153 310 38 0 3,501 
3.00% - 4.00%
4,145 0 0 0 4,145 
Greater than 4.00%
3,873 0 0 0 3,873 
Total$35,706 $310 $38 $0 $36,054 
____________
(1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.
Unearned Revenue Reserve (“URR”)

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

Nine Months Ended September 30, 2024
Individual LifeInternational Businesses
Variable/ Universal Life
Life Planner
Gibraltar Life and Other
Total
(in millions)
Balance, BOP
$4,613 $359 $95 $5,067 
Unearned revenue653 107 15 775 
Amortization expense(179)(12)(4)(195)
Other adjustments0 (56)(1)(57)
FX adjustment0 1 0 1 
Balance, EOP
5,087 399 105 5,591 
Less: Reinsurance recoverables
409 0 0 409 
Balance after reinsurance recoverables, EOP
$4,678 $399 $105 $5,182 
Other businesses
56 
Total balance after reinsurance recoverables, EOP
$5,238 

Nine Months Ended September 30, 2023
Individual LifeInternational Businesses
Variable/ Universal Life
Life Planner
Gibraltar Life and Other
Total
(in millions)
Balance, BOP
$3,983 $231 $81 $4,295 
Unearned revenue622 100 16 738 
Amortization expense(154)(7)(4)(165)
Other adjustments0 2 0 2 
FX adjustment0 (22)(5)(27)
Balance, EOP
4,451 304 88 4,843 
Less: Reinsurance recoverables
0 0 0 0 
Balance after reinsurance recoverables, EOP
$4,451 $304 $88 $4,843 
Other businesses
50 
Total balance after reinsurance recoverables, EOP
$4,893 
MARKET RISK BENEFITS
The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
 
Nine Months Ended September 30,
20242023
(in millions)
Balance, BOP$4,038 $4,987 
Effect of cumulative changes in NPR1,137 1,828 
Balance, BOP, before effect of changes in NPR5,175 6,815 
Attributed fees collected850 899 
Claims paid(61)(83)
Interest accrual187 255 
Actual in force different from expected16 54 
Effect of changes in interest rates54 (2,986)
Effect of changes in equity markets(1,712)(995)
Effect of assumption update93 342 
Issuances52 15 
Other adjustments
14 (24)
Balance, EOP, before effect of changes in NPR4,668 4,292 
Effect of cumulative changes in NPR(996)(1,301)
Balance, EOP3,672 2,991 
Less: Reinsured MRBs
681 610 
Balance, EOP, net of reinsurance2,991 2,381 
Other businesses53 79 
Total net MRB balance$3,044 $2,460 

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.

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.

September 30, 2024September 30, 2023
($ in millions)
Net amount at risk(1)$7,878 $13,417 
Weighted-average attained age of contractholders7170
__________
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.
The tables below reconcile MRB asset and liability positions as of the following dates:

September 30, 2024
 Retirement Strategies
Individual VariableOther BusinessesTotal
(in millions)
Direct and assumed
$1,308 $10 $1,318 
Ceded
814 2 816 
Total MRB assets
$2,122 $12 $2,134 
Direct and assumed
$4,980 $65 $5,045 
Ceded
133 0 133 
Total MRB liabilities
$5,113 $65 $5,178 
Net liability
$2,991 $53 $3,044 

September 30, 2023
 Retirement Strategies
Individual VariableOther BusinessesTotal
(in millions)
Direct and assumed
$1,430 $10 $1,440 
Ceded
757 3 760 
Total MRB assets
$2,187 $13 $2,200 
Direct and assumed
$4,421 $92 $4,513 
Ceded
147 0 147 
Total MRB liabilities
$4,568 $92 $4,660 
Net liability
$2,381 $79 $2,460 
v3.24.3
Market Risk Benefits
 9 Months Ended
Sep. 30, 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 (“DPL”); and
•Additional Insurance Reserves (“AIR”)

In 2024, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements. The impact was favorable for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to mortality assumptions in Institutional Retirement Strategies and Long-Term Care, partially offset by unfavorable updates to policyholder behavior assumptions on certain life policies in International Businesses. Additionally, there was an unfavorable impact for direct and assumed AIR, primarily due to updates to policyholder behavior assumptions on universal life polices with secondary guarantees in Individual Life.

In 2023, the Company recognized an unfavorable impact to net income attributable to its annual reviews and update of assumptions and other refinements. The impact was unfavorable for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to policyholder behavior and claim assumptions in Long-Term Care. Additionally, there was an unfavorable impact for direct and assumed AIR, primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns on universal life polices with secondary guarantees in Individual Life.
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.

Nine Months Ended September 30, 2024
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP$71,407 $11,274 $29,064 $26,367 $3,286 $141,398 
Effect of cumulative changes in discount rate assumptions, BOP11,869 228 596 622 16 13,331 
Balance at original discount rate, BOP83,276 11,502 29,660 26,989 3,302 154,729 
Effect of assumption update41 21 (328)(535)(276)(1,077)
Effect of actual variances from expected experience and other activity534 (205)(1,030)(732)147 (1,286)
Adjusted balance, BOP83,851 11,318 28,302 25,722 3,173 152,366 
Issuances19,730 631 1,732 852 0 22,945 
Net premiums / considerations collected(20,691)(1,039)(2,849)(2,528)(241)(27,348)
Interest accrual2,150 397 634 526 113 3,820 
Foreign currency adjustment3,993 0 (521)(245)0 3,227 
Other adjustments0 3 95 0 0 98 
Balance at original discount rate, EOP89,033 11,310 27,393 24,327 3,045 155,108 
Effect of cumulative changes in discount rate assumptions, EOP(14,283)(109)(749)(651)6 (15,786)
Balance, EOP$74,750 $11,201 $26,644 $23,676 $3,051 $139,322 
Other businesses, EOP94 
Total balance, EOP$139,416 
Nine Months Ended September 30, 2024
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP$141,135 $19,852 $79,822 $79,036 $12,139 $331,984 
Effect of cumulative changes in discount rate assumptions, BOP14,751 334 563 7,355 603 23,606 
Balance at original discount rate, BOP155,886 20,186 80,385 86,391 12,742 355,590 
Effect of assumption update(481)21 (106)(407)(394)(1,367)
Effect of actual variances from expected experience and other activity638 (240)(1,023)(715)155 (1,185)
Adjusted balance, BOP156,043 19,967 79,256 85,269 12,503 353,038 
Issuances19,730 631 1,732 852 0 22,945 
Interest accrual4,633 707 1,921 1,630 454 9,345 
Benefit payments(9,743)(1,173)(3,450)(3,730)(240)(18,336)
Foreign currency adjustment4,046 0 (1,190)(743)0 2,113 
Other adjustments17 (7)208 (4)0 214 
Balance at original discount rate, EOP174,726 20,125 78,477 83,274 12,717 369,319 
Effect of cumulative changes in discount rate assumptions, EOP(16,145)(152)(2,888)(8,684)(567)(28,436)
Balance, EOP$158,581 $19,973 $75,589 $74,590 $12,150 $340,883 
Other businesses, EOP1,709 
Total balance, EOP$342,592 

Nine Months Ended September 30, 2024
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring$83,831 $8,773 $48,945 $50,915 $9,099 $201,563 
Flooring impact, EOP82 0 26 13 0 121 
Balance, EOP, post-flooring83,913 8,773 48,971 50,928 9,099 201,684 
Less: Reinsurance recoverables
5,481 719 98 290 0 6,588 
Balance after reinsurance recoverables, EOP, post-flooring
$78,432 $8,054 $48,873 $50,638 $9,099 $195,096 
Other businesses, EOP(1)1,551 
Total balance after reinsurance recoverables, EOP
$196,647 
Nine Months Ended September 30, 2023
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP$52,620 $11,282 $30,689 $28,951 $2,932 $126,474 
Effect of cumulative changes in discount rate assumptions, BOP14,349 572 1,354 1,326 103 17,704 
Balance at original discount rate, BOP66,969 11,854 32,043 30,277 3,035 144,178 
Effect of assumption update(1,117)(1)78 (175)266 (949)
Effect of actual variances from expected experience and other activity384 (159)(814)(516)145 (960)
Adjusted balance, BOP66,236 11,694 31,307 29,586 3,446 142,269 
Issuances8,453 539 1,793 1,258 0 12,043 
Net premiums / considerations collected(8,682)(1,060)(3,055)(2,873)(242)(15,912)
Interest accrual1,588 404 680 594 117 3,383 
Foreign currency adjustment950 0 (1,583)(1,608)0 (2,241)
Other adjustments0 (2)104 0 0 102 
Balance at original discount rate, EOP68,545 11,575 29,246 26,957 3,321 139,644 
Effect of cumulative changes in discount rate assumptions, EOP(16,742)(965)(1,571)(1,495)(249)(21,022)
Balance, EOP$51,803 $10,610 $27,675 $25,462 $3,072 $118,622 
Other businesses, EOP83 
Total balance, EOP$118,705 

Nine Months Ended September 30, 2023
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP $117,754 $19,288 $78,639 $80,331 $10,685 $306,697 
Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 3,719 11,266 1,216 37,383 
Balance at original discount rate, BOP 137,924 20,300 82,358 91,597 11,901 344,080 
Effect of assumption update(1,289)(1)145 44 357 (744)
Effect of actual variances from expected experience and other activity377 (194)(845)(503)171 (994)
Adjusted balance, BOP 137,012 20,105 81,658 91,138 12,429 342,342 
Issuances 8,453 539 1,793 1,258 0 12,043 
Interest accrual 3,720 707 1,977 1,729 443 8,576 
Benefit payments (8,550)(1,121)(2,729)(3,496)(196)(16,092)
Foreign currency adjustment 981 0 (4,630)(5,780)0 (9,429)
Other adjustments (138)(14)206 (18)0 36 
Balance at original discount rate, EOP 141,478 20,216 78,275 84,831 12,676 337,476 
Effect of cumulative changes in discount rate assumptions, EOP (24,887)(1,856)(5,296)(11,846)(2,305)(46,190)
Balance, EOP $116,591 $18,360 $72,979 $72,985 $10,371 $291,286 
Other businesses, EOP 1,635 
Total balance, EOP $292,921 
Nine Months Ended September 30, 2023
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $64,789 $7,750 $45,304 $47,523 $7,299 $172,665 
Flooring impact, EOP 0 2 27 31 0 60 
Balance, EOP, post-flooring 64,789 7,752 45,331 47,554 7,299 172,725 
Less: Reinsurance recoverables
4,810 696 96 189 0 5,791 
Balance after reinsurance recoverables, EOP, post-flooring
$59,979 $7,056 $45,235 $47,365 $7,299 $166,934 
Other businesses, EOP(1) 1,482 
Total balance after reinsurance recoverables, EOP
$168,416 
__________
(1)Reflects balance after reinsurance recoverables of $62 million and $69 million at September 30, 2024 and 2023, respectively.

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 period indicated:

Nine Months Ended September 30, 2024
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$145,066 $22,937 $63,514 $51,059 $6,758 
Discounted expected future gross premiums (at original discount rate) $96,557 $15,183 $49,274 $41,069 $4,488 
Discounted expected future gross premiums (at current discount rate) $80,840 $15,067 $48,327 $40,061 $4,502 
Undiscounted expected future benefits and expenses $274,739 $31,059 $132,310 $133,511 $29,908 
Weighted-average duration of the liability in years (at original discount rate) 810181817
Weighted-average duration of the liability in years (at current discount rate) 89171616
Weighted-average interest rate (at original discount rate) 4.74 %5.14 %3.43 %2.59 %4.91 %
Weighted-average interest rate (at current discount rate) 4.96 %4.91 %3.36 %3.25 %5.24 %

Nine Months Ended September 30, 2023
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$108,863 $23,147 $68,665 $56,169 $6,854 
Discounted expected future gross premiums (at original discount rate) $75,372 $15,381 $53,078 $45,102 $4,496 
Discounted expected future gross premiums (at current discount rate) $56,962 $14,120 $50,753 $42,804 $4,167 
Undiscounted expected future benefits and expenses $217,931 $31,164 $137,378 $139,536 $30,897 
Weighted-average duration of the liability in years (at original discount rate) 910201918
Weighted-average duration of the liability in years (at current discount rate) 89191717
Weighted-average interest rate (at original discount rate) 4.57 %5.17 %3.46 %2.59 %4.91 %
Weighted-average interest rate (at current discount rate) 6.02 %6.01 %3.37 %3.26 %6.30 %

For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively.

For both the first nine months of 2024 and 2023, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.
Deferred Profit Liability

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

Nine Months Ended September 30, 2024
Deferred Profit Liability
Retirement StrategiesInternational Businesses
InstitutionalLife PlannerGibraltar Life and OtherTotal
(in millions)
Balance, BOP, post-flooring
$5,615 $3,956 $5,303 $14,874 
Less: Flooring impact, BOP
0 1 1 2 
Balance, BOP, pre-flooring 5,615 3,955 5,302 14,872 
Effect of assumption update370 (150)(138)82 
Effect of actual variances from expected experience and other activity (69)(20)(33)(122)
Adjusted balance, BOP 5,916 3,785 5,131 14,832 
Profits deferred 112 1,164 874 2,150 
Interest accrual 177 122 116 415 
Amortization (441)(851)(737)(2,029)
Foreign currency adjustment 14 (76)(32)(94)
Other adjustments 0 22 0 22 
Balance, EOP, pre-flooring 5,778 4,166 5,352 15,296 
Flooring impact, EOP 0 1 2 3 
Balance, EOP, post-flooring
5,778 4,167 5,354 15,299 
Less: Reinsurance recoverables
396 10 31 437 
Balance after reinsurance recoverables, EOP, post-flooring
$5,382 $4,157 $5,323 14,862 
Other businesses
156 
Total balance after reinsurance recoverables, EOP
$15,018 

Nine Months Ended September 30, 2023
Deferred Profit Liability
Retirement StrategiesInternational Businesses
InstitutionalLife PlannerGibraltar Life and OtherTotal
(in millions)
Balance, BOP, post-flooring
$5,532 $3,379 $5,261 $14,172 
Less: Flooring impact, BOP
0 0 1 1 
Balance, BOP, pre-flooring 5,532 3,379 5,260 14,171 
Effect of assumption update35 (67)(228)(260)
Effect of actual variances from expected experience and other activity 4 (4)(32)(32)
Adjusted balance, BOP 5,571 3,308 5,000 13,879 
Profits deferred 294 1,271 1,017 2,582 
Interest accrual 170 109 114 393 
Amortization (424)(869)(765)(2,058)
Foreign currency adjustment 2 (128)(251)(377)
Other adjustments 0 24 0 24 
Balance, EOP, pre-flooring 5,613 3,715 5,115 14,443 
Flooring impact, EOP 0 0 1 1 
Balance, EOP, post-flooring
5,613 3,715 5,116 14,444 
Less: Reinsurance recoverables
383 8 10 401 
Balance after reinsurance recoverables, EOP, post-flooring
$5,230 $3,707 $5,106 14,043 
Other businesses
145 
Total balance after reinsurance recoverables, EOP
$14,188 
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 within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:

Nine Months Ended September 30,
2024
2023
(in millions)
Balance, including amounts in AOCI, BOP, post-flooring$14,308 $12,684 
Flooring impact and amounts in AOCI843 1,285 
Balance, excluding amounts in AOCI, BOP, pre-flooring15,151 13,969 
Effect of assumption update153 23 
Effect of actual variances from expected experience and other activity315 (13)
Adjusted balance, BOP15,619 13,979 
Assessments collected(1)852 836 
Interest accrual399 362 
Benefits paid(268)(223)
Other adjustments13 0 
Balance, excluding amounts in AOCI, EOP, pre-flooring16,615 14,954 
Flooring impact and amounts in AOCI(352)(1,737)
Balance, including amounts in AOCI, EOP, post-flooring16,263 13,217 
Less: Reinsurance recoverables
8,287 5,286 
Balance after reinsurance recoverables, including amounts in AOCI, EOP
7,976 7,931 
Other businesses75 123 
Total balance after reinsurance recoverables
$8,051 $8,054 
__________
(1)Represents the portion of gross assessments required to fund the future policy benefits.
Nine Months Ended September 30,
2024
2023
Weighted-average duration of the liability in years (at original discount rate) 2222
Weighted-average interest rate (at original discount rate) 3.40 %3.36 %
Future Policy Benefits Reconciliation

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

Nine Months Ended September 30,
2024
2023
(in millions)
Benefit reserves, EOP, post-flooring$203,297 $174,276 
Deferred Profit Liability EOP, post-flooring15,455 14,589 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring16,338 13,340 
Subtotal of amounts disclosed above235,090 202,205 
Other Future Policy Benefits reserves(1)50,384 51,346 
Total Future Policy Benefits$285,474 $253,551 
__________
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, 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 in the Company's Consolidated Statement of Operations as of the periods indicated:

Nine Months Ended September 30, 2024
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$21,128 $1,384 $0 $4,359 $4,163 $419 $31,453 
Deferred profit liability(149)0 0 (287)(82)(7)(525)
Additional insurance reserves0 0 2,455 0 0 0 2,455 
Total$20,979 $1,384 $2,455 $4,072 $4,081 $412 $33,383 

Nine Months Ended September 30, 2023
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$9,310 $1,384 $0 $4,849 $4,741 $415 $20,699 
Deferred profit liability(79)0 0 (464)(105)37 (611)
Additional insurance reserves0 0 2,357 0 0 0 2,357 
Total$9,231 $1,384 $2,357 $4,385 $4,636 $452 $22,445 

Nine Months Ended September 30, 2024
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$2,483 $310 $0 $1,287 $1,105 $379 $5,564 
Deferred profit liability177 0 0 122 116 3 418 
Additional insurance reserves0 0 399 1 0 0 400 
Total$2,660 $310 $399 $1,410 $1,221 $382 $6,382 

Nine Months Ended September 30, 2023
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$2,132 $303 $0 $1,297 $1,135 $366 $5,233 
Deferred profit liability170 0 0 109 114 3 396 
Additional insurance reserves0 0 362 1 0 0 363 
Total$2,302 $303 $362 $1,407 $1,249 $369 $5,992 
__________
(1)Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR.
POLICYHOLDERS’ ACCOUNT BALANCES
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:

Nine Months Ended September 30, 2024
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal LifeLife PlannerGibraltar Life and Other
($ in millions)
Balance, BOP
$17,738 $23,765 $7,095 $5,293 $27,439 $12,949 $38,450 $132,729 
Deposits5,824 5,902 4,188 871 1,837 1,540 5,393 25,555 
Interest credited555 359 174 110 577 528 684 2,987 
Acquisitions and dispositions0 0 0 0 0 0 0 0 
Policy charges(9)(22)(4)(248)(1,537)(246)(190)(2,256)
Surrenders and withdrawals(4,123)(663)(537)(1,123)(1,264)(241)(1,230)(9,181)
Benefit payments(461)(60)(62)0 (98)(199)(1,618)(2,498)
Net transfers (to) from separate account0 61 0 29 443 0 0 533 
Change in market value and other adjustments(1)7 2,040 218 0 159 (347)(11)2,066 
Foreign currency adjustment0 0 0 0 0 (103)(101)(204)
Balance, EOP
$19,531 $31,382 $11,072 $4,932 $27,556 $13,881 $41,377 $149,731 
Closed Block Division4,391 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,849 
Other(2)
4,117 
Total Policyholders' account balance$164,088 
Weighted-average crediting rate3.97 %1.73 %2.57 %2.86 %2.80 %5.25 %2.29 %2.82 %
Net amount at risk(3)
$0 $0 $0 $73,883 $392,501 $21,532 $6,406 $494,322 
Cash surrender value(4)
$19,531 $30,049 $9,528 $3,842 $23,692 $12,638 $37,769 $137,049 
Nine Months Ended September 30, 2023
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal LifeLife PlannerGibraltar Life and Other
($ in millions)
Balance, BOP
$17,376 $17,524 $4,643 $5,839 $26,502 $11,168 $35,325 $118,377 
Deposits4,407 3,444 1,839 811 1,773 1,640 4,274 18,188 
Interest credited509 219 96 124 583 577 531 2,639 
Acquisitions and Dispositions
0 0 0 0 0 0 0 0 
Policy charges(16)(17)(6)(247)(1,536)(222)(146)(2,190)
Surrenders and withdrawals(4,332)(492)(298)(1,217)(1,267)(153)(1,015)(8,774)
Benefit payments0 (58)(58)0 (119)(203)(1,462)(1,900)
Net transfers (to) from separate account0 22 0 2 1,282 0 0 1,306 
Change in market value and other adjustments(1)0 1,192 82 0 75 21 (7)1,363 
Foreign currency adjustment0 0 0 0 0 (1,071)(1,291)(2,362)
Balance, EOP
$17,944 $21,834 $6,298 $5,312 $27,293 $11,757 $36,209 $126,647 
Closed Block Division4,528 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,109 
Other(2)
4,504 
Total Policyholders' account balance$140,788 
Weighted-average crediting rate3.85 %1.48 %2.33 %2.97 %2.89 %6.72 %1.98 %2.87 %
Net amount at risk(3)
$0 $0 $0 $73,260 $378,191 $17,400 $6,274 $475,125 
Cash surrender value(4)
$17,944 $19,184 $5,038 $3,966 $23,101 $10,063 $31,144 $110,440 
__________
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)Includes $5,207 million and $5,621 million of Full Service account balances reinsured to Great-West as of September 30, 2024 and 2023, respectively.
(3)The net amount at risk calculation includes both general account and separate account balances.
(4)Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment.

“Policyholders’ account balances” for Institutional Retirement Strategies and Life Planner includes the Company’s Funding Agreement Notes Issuance Program (“FANIP”), which totaled $6,061 million and $5,811 million at September 30, 2024 and 2023, respectively. Under this program, which has a maximum authorized amount of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by PICA. The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from two months to seven years. Included in the amounts at September 30, 2024 and 2023 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $3,969 million and $3,465 million, respectively, and short-term note liability of $2,127 million and $2,389 million, respectively.

“Policyholders’ account balances” for Institutional Retirement Strategies also includes collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) totaling $2,628 million as of both September 30, 2024 and 2023. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities of seven years.

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 11 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 (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows:

September 30, 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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$400 $0 $0 $0 $400 
1.00% - 1.99%
1,551 0 0 0 1,551 
2.00% - 2.99%
83 0 0 0 83 
3.00% - 4.00%
4,715 0 0 0 4,715 
Greater than 4.00%
3,201 0 0 0 3,201 
Total$9,950 $0 $0 $0 $9,950 
Retirement Strategies - Individual Variable
Less than 1.00%
$324 $622 $447 $0 $1,393 
1.00% - 1.99%
156 211 3 0 370 
2.00% - 2.99%
23 4 4 0 31 
3.00% - 4.00%
1,763 5 8 0 1,776 
Greater than 4.00%
85 0 0 0 85 
Total$2,351 $842 $462 $0 $3,655 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $3 $10 $967 $980 
1.00% - 1.99%
474 82 226 75 857 
2.00% - 2.99%
545 463 560 17 1,585 
3.00% - 4.00%
1,565 83 10 3 1,661 
Greater than 4.00%
85 0 0 0 85 
Total$2,669 $631 $806 $1,062 $5,168 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $966 $966 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
41 0 0 0 41 
3.00% - 4.00%
1,432 0 0 63 1,495 
Greater than 4.00%
68 0 0 0 68 
Total$1,541 $0 $0 $1,029 $2,570 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $309 $309 
1.00% - 1.99%
262 0 1,692 1,875 3,829 
2.00% - 2.99%
31 1,505 2,834 453 4,823 
3.00% - 4.00%
4,244 3,811 1,344 33 9,432 
Greater than 4.00%
5,406 0 0 0 5,406 
Total$9,943 $5,316 $5,870 $2,670 $23,799 
International Businesses - Life Planner
Less than 1.00%
$315 $43 $82 $2,809 $3,249 
1.00% - 1.99%
2,904 29 0 0 2,933 
2.00% - 2.99%
2,085 0 0 0 2,085 
3.00% - 4.00%
380 0 0 0 380 
Greater than 4.00%
410 0 0 0 410 
Total$6,094 $72 $82 $2,809 $9,057 
International Businesses - Gibraltar Life and Other
Less than 1.00%
$15,688 $0 $0 $0 $15,688 
1.00% - 1.99%
8,425 54 0 0 8,479 
2.00% - 2.99%
2,785 300 31 0 3,116 
3.00% - 4.00%
5,962 0 0 0 5,962 
Greater than 4.00%
8,001 0 0 0 8,001 
Total$40,861 $354 $31 $0 $41,246 
September 30, 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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$400 $0 $0 $0 $400 
1.00% - 1.99%
1,551 0 0 0 1,551 
2.00% - 2.99%
551 0 0 0 551 
3.00% - 4.00%
5,312 0 0 0 5,312 
Greater than 4.00%
2,150 0 0 0 2,150 
Total$9,964 $0 $0 $0 $9,964 
Retirement Strategies - Individual Variable
Less than 1.00%
$944 $821 $18 $0 $1,783 
1.00% - 1.99%
224 2 1 0 227 
2.00% - 2.99%
32 5 3 0 40 
3.00% - 4.00%
2,046 8 10 0 2,064 
Greater than 4.00%
97 0 0 0 97 
Total$3,343 $836 $32 $0 $4,211 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $0 $0 $20 $20 
1.00% - 1.99%
544 129 246 82 1,001 
2.00% - 2.99%
535 469 320 12 1,336 
3.00% - 4.00%
343 9 0 0 352 
Greater than 4.00%
97 0 0 0 97 
Total$1,519 $607 $566 $114 $2,806 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $1,221 $1,221 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
29 0 0 0 29 
3.00% - 4.00%
1,565 0 0 0 1,565 
Greater than 4.00%
73 0 0 0 73 
Total$1,667 $0 $0 $1,221 $2,888 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $408 $408 
1.00% - 1.99%
185 0 2,528 884 3,597 
2.00% - 2.99%
29 1,418 2,940 349 4,736 
3.00% - 4.00%
4,478 4,189 1,315 14 9,996 
Greater than 4.00%
5,533 0 0 0 5,533 
Total$10,225 $5,607 $6,783 $1,655 $24,270 
International Businesses - Life Planner
Less than 1.00%
$320 $42 $90 $1,440 $1,892 
1.00% - 1.99%
2,815 25 0 0 2,840 
2.00% - 2.99%
2,013 0 0 0 2,013 
3.00% - 4.00%
335 0 0 0 335 
Greater than 4.00%
380 0 0 0 380 
Total$5,863 $67 $90 $1,440 $7,460 
International Businesses - Gibraltar Life and Other
Less than 1.00%
$15,671 $0 $0 $0 $15,671 
1.00% - 1.99%
8,864 0 0 0 8,864 
2.00% - 2.99%
3,153 310 38 0 3,501 
3.00% - 4.00%
4,145 0 0 0 4,145 
Greater than 4.00%
3,873 0 0 0 3,873 
Total$35,706 $310 $38 $0 $36,054 
____________
(1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.
Unearned Revenue Reserve (“URR”)

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

Nine Months Ended September 30, 2024
Individual LifeInternational Businesses
Variable/ Universal Life
Life Planner
Gibraltar Life and Other
Total
(in millions)
Balance, BOP
$4,613 $359 $95 $5,067 
Unearned revenue653 107 15 775 
Amortization expense(179)(12)(4)(195)
Other adjustments0 (56)(1)(57)
FX adjustment0 1 0 1 
Balance, EOP
5,087 399 105 5,591 
Less: Reinsurance recoverables
409 0 0 409 
Balance after reinsurance recoverables, EOP
$4,678 $399 $105 $5,182 
Other businesses
56 
Total balance after reinsurance recoverables, EOP
$5,238 

Nine Months Ended September 30, 2023
Individual LifeInternational Businesses
Variable/ Universal Life
Life Planner
Gibraltar Life and Other
Total
(in millions)
Balance, BOP
$3,983 $231 $81 $4,295 
Unearned revenue622 100 16 738 
Amortization expense(154)(7)(4)(165)
Other adjustments0 2 0 2 
FX adjustment0 (22)(5)(27)
Balance, EOP
4,451 304 88 4,843 
Less: Reinsurance recoverables
0 0 0 0 
Balance after reinsurance recoverables, EOP
$4,451 $304 $88 $4,843 
Other businesses
50 
Total balance after reinsurance recoverables, EOP
$4,893 
MARKET RISK BENEFITS
The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
 
Nine Months Ended September 30,
20242023
(in millions)
Balance, BOP$4,038 $4,987 
Effect of cumulative changes in NPR1,137 1,828 
Balance, BOP, before effect of changes in NPR5,175 6,815 
Attributed fees collected850 899 
Claims paid(61)(83)
Interest accrual187 255 
Actual in force different from expected16 54 
Effect of changes in interest rates54 (2,986)
Effect of changes in equity markets(1,712)(995)
Effect of assumption update93 342 
Issuances52 15 
Other adjustments
14 (24)
Balance, EOP, before effect of changes in NPR4,668 4,292 
Effect of cumulative changes in NPR(996)(1,301)
Balance, EOP3,672 2,991 
Less: Reinsured MRBs
681 610 
Balance, EOP, net of reinsurance2,991 2,381 
Other businesses53 79 
Total net MRB balance$3,044 $2,460 

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.

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.

September 30, 2024September 30, 2023
($ in millions)
Net amount at risk(1)$7,878 $13,417 
Weighted-average attained age of contractholders7170
__________
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.
The tables below reconcile MRB asset and liability positions as of the following dates:

September 30, 2024
 Retirement Strategies
Individual VariableOther BusinessesTotal
(in millions)
Direct and assumed
$1,308 $10 $1,318 
Ceded
814 2 816 
Total MRB assets
$2,122 $12 $2,134 
Direct and assumed
$4,980 $65 $5,045 
Ceded
133 0 133 
Total MRB liabilities
$5,113 $65 $5,178 
Net liability
$2,991 $53 $3,044 

September 30, 2023
 Retirement Strategies
Individual VariableOther BusinessesTotal
(in millions)
Direct and assumed
$1,430 $10 $1,440 
Ceded
757 3 760 
Total MRB assets
$2,187 $13 $2,200 
Direct and assumed
$4,421 $92 $4,513 
Ceded
147 0 147 
Total MRB liabilities
$4,568 $92 $4,660 
Net liability
$2,381 $79 $2,460 
v3.24.3
Reinsurance
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Reinsurance REINSURANCE
The Company participates in reinsurance with third parties primarily to provide additional capacity for future growth, limit the maximum net loss potential arising from large risks and acquire or dispose of businesses.

Effective January 2024, the Company entered into an agreement with Somerset Reinsurance Ltd. (“Somerset Re”) to reinsure certain guaranteed universal life policies issued by Pruco Life Insurance Company (“Pruco Life”) and Pruco Life Insurance Company of New Jersey (“PLNJ”), both of which are wholly-owned subsidiaries of Prudential Financial. These policies represent approximately 30% of the Company’s statutory reserves on its in-force guaranteed universal life block of business as of December 31, 2023. This transaction is structured on a modified coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $363 million deferred reinsurance gain that will be amortized into income over the estimated remaining life of the reinsured policies. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Unaudited Interim Consolidated Statements of Financial Position. Separately, effective September 2019, Prudential Annuities Life Assurance Corporation (“PALAC”), a previously wholly-owned subsidiary of Prudential Financial, entered into an agreement with Somerset Re, to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. This agreement was subsequently novated from PALAC to Pruco Life effective October 2021, in connection with the sale of PALAC effective April 2022. Under this reinsurance agreement, which is accounted for under the deposit method of accounting, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured
contracts. The deposit receivables were $2,523 million and $1,619 million as of September 30, 2024 and December 31, 2023, respectively, and the funds withheld liabilities were $2,425 million and $1,518 million as of September 30, 2024 and December 31, 2023, respectively.

Effective September 2023, the Company entered into an agreement with Prismic Re to reinsure approximately $9 billion of reserves, representing approximately 70% of the in-force structured settlement annuities business previously issued by PICA, 90% of which is on a coinsurance with funds withheld basis and 10% of which is on a coinsurance basis. The reinsurance of the structured settlement annuities that provide periodic payments for the lifetime of the annuitant follows reinsurance accounting. The reinsurance of structured settlement annuities that provide payments for a guaranteed period of time and do not include life contingency risk follows deposit accounting. As a result of the transaction, the Company recognized a $240 million deferred reinsurance loss that will be amortized into income over the estimated remaining life of the reinsured contracts.

Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as 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 issued by Pruco Life, a wholly-owned subsidiary of Prudential Financial. 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 Pruco Life issued 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 $309 million deferred reinsurance gain that will be amortized into income over the estimated remaining life of the reinsured policies.

Effective April 2022, in connection with the sale of the Full Service Retirement business, the Company entered into separate agreements with external counterparties, Great-West and Great-West Life & Annuity Insurance Company of New York, now known as Empower Annuity Insurance Company of America and Empower Life & Annuity Insurance Company of New York, respectively, to reinsure a portion of its Full Service Retirement business. The Company ceded 100% of separate account liabilities under modified coinsurance and 100% of general account liabilities under coinsurance of its Full Service Retirement business. The Company’s Full Service Retirement business consists of market value and stable value separate accounts as well as general account products, including stable value accumulation funds and a stable value wrap product known as a synthetic guaranteed investment contract. The majority of these products are considered investment contracts as they do not contain significant insurance risk; therefore, the reinsurance of such products are accounted for under the deposit method of accounting. The reinsurance agreement offers the policyholders the opportunity to novate their contracts from the Company to Empower and any such novated contracts shall cease to be reinsured under this agreement.

Effective April 2022, in connection with the sale of the PALAC legal entity, now known as Fortitude Life Insurance and Annuity Company (“FLIAC”), 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. As a result of the agreement, reinsurance recoverables 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 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.
 
Effective April 2015, the Company entered into an agreement with Union Hamilton Reinsurance, Ltd. (“Union Hamilton”) an external counterparty, to reinsure approximately 50% of the Prudential Premier® Retirement Variable Annuity with Highest Daily Lifetime Income (“HDI”) v.3.0 business, a guaranteed benefit feature. This reinsurance agreement covered most new HDI v.3.0 variable annuity business issued between April 1, 2015 and December 31, 2016 on a quota share basis, with Union Hamilton’s cumulative quota share amounting to $2.9 billion of new rider premiums as of December 31, 2016. Reinsurance on business subject to this agreement remains in force for the duration of the underlying annuity contracts. New sales subsequent to December 31, 2016 are not covered by this external reinsurance agreement. This reinsurance agreement is accounted for as market risk benefits.
 
In January 2013, the Company acquired the Hartford Life Business through reinsurance transactions with three subsidiaries of Hartford Financial Services Group, Inc. (“Hartford Financial”). Under the related agreements, the Company provided reinsurance for approximately 700,000 life insurance policies with net retained face amount in force of approximately
$141 billion. The Company acquired the general account business through a coinsurance arrangement and, for certain types of general account policies, a modified coinsurance arrangement. The Company acquired the separate account business through a modified coinsurance arrangement. In May 2018, Hartford Financial sold a group of operating subsidiaries, which included two of the Company’s counterparties to these reinsurance arrangements, to Talcott Resolution Life Insurance Company (“Talcott Resolution”). Talcott Resolution was 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 these changes in control of such counterparties.

Since 2011, the Company has entered into a number of reinsurance agreements to assume pension liabilities in the United Kingdom. Under these arrangements, the Company assumes the longevity risk, and in some arrangements, also the investment risk associated with the pension benefits of certain specified beneficiaries.
 
In 2006, the Company acquired the variable annuity business of The Allstate Corporation (“Allstate”) through a reinsurance transaction. The reinsurance arrangements with Allstate include a coinsurance arrangement associated with the general account liabilities assumed and a modified coinsurance arrangement associated with the separate account liabilities assumed. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Unaudited Interim Consolidated Statements of Financial Position. During the fourth quarter of 2021, Allstate sold the two counterparties to the aforementioned variable annuity reinsurance transaction to third parties. 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.
 
For the domestic business, life and disability reinsurance is accomplished through various plans of reinsurance, primarily yearly renewable term, per person excess, excess of loss, and coinsurance. On policies sold since 2000, the Company has reinsured a significant portion of the individual life mortality risk. Placement of reinsurance is accomplished primarily on an automatic basis with some specific risks reinsured on a facultative basis. The Company is authorized and has historically retained up to $30 million per life, but reduced its operating retention limit to $20 million per life in 2013 and then down to $10 million per life for new business starting in 2020. Retention in excess of the operating limit is on an exception basis.
 
The international business primarily uses reinsurance to obtain experience with respect to certain new product offerings and to a lesser extent, to mitigate mortality risk for certain protection products and for capital management purposes.

Reinsurance amounts included in the Unaudited Interim Consolidated Statements of Operations for “Premiums,” “Policy charges and fee income,” “Change in value of market risk benefits, net of related hedging gains (losses),” “Policyholders’ benefits” and “Change in estimates of liability for future policy benefits,” are as follows:
 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in millions)
Direct premiums$11,983 $8,435 $33,656 $23,424 
Reinsurance assumed1,656 1,145 4,652 3,567 
Reinsurance ceded(594)(5,407)(1,906)(6,546)
Premiums$13,045 $4,173 $36,402 $20,445 
Direct policy charges and fee income$1,663 $969 $3,476 $2,862 
Reinsurance assumed295 308 894 923 
Reinsurance ceded(847)(165)(1,118)(466)
Policy charges and fee income$1,111 $1,112 $3,252 $3,319 
Direct change in value of market risk benefits, net of related hedging gains (losses)$(130)$(245)$(319)$(157)
Reinsurance assumed(21)65 58 148 
Reinsurance ceded5 (71)(59)(151)
Change in value of market risk benefits, net of related hedging gains (losses)$(146)$(251)$(320)$(160)
Direct policyholders’ benefits$13,023 $9,303 $36,849 $25,161 
Reinsurance assumed2,007 1,596 5,788 5,383 
Reinsurance ceded(1,003)(5,736)(3,152)(7,416)
Policyholders’ benefits$14,027 $5,163 $39,485 $23,128 
Direct change in estimates of liability for future policy benefits$251 $(103)$184 $326 
Reinsurance assumed19 (1)77 (147)
Reinsurance ceded(90)55 (274)52 
Change in estimates of liability for future policy benefits$180 $(49)$(13)$231 

Reinsurance recoverables are as follows:
 
September 30, 2024December 31, 2023
(in millions)
Individual and group annuities(1)$7,415 $7,516 
Life insurance(2)10,763 8,806 
Other reinsurance413 415 
Total reinsurance recoverables(3)(4)
$18,591 $16,737 
__________
(1)Primarily represents $5,930 million and $5,981 million of reinsurance recoverables as of September 30, 2024 and December 31, 2023, respectively, established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $8,480 million and $8,543 million as of September 30, 2024 and December 31, 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $1,441 million and $1,485 million as of September 30, 2024 and December 31, 2023, respectively.
(2)Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $2,085 million and $2,090 million as of September 30, 2024 and December 31, 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,397 million and $1,396 million as of September 30, 2024 and December 31, 2023, respectively. Also includes net reinsurance recoverables of $818 million as of September 30, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business.
(3)Net of $(11) million and $(12) million of allowance for credit losses as of September 30, 2024 and December 31, 2023, respectively.
(4)Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $11,042 million and $10,574 million as of September 30, 2024 and December 31, 2023, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $3,593 million and $3,771 million as of September 30, 2024 and December 31, 2023, respectively.
Excluding the reinsurance recoverables associated with the acquisition of the Hartford Life Business, four major reinsurance companies account for approximately 63% of the Company’s reinsurance recoverables as of September 30, 2024. The Company periodically reviews the financial condition of its reinsurers, amounts recoverable therefrom, and unearned reinsurance premium, in order to reduce its exposure to loss from reinsurer insolvencies. Any expected credit losses are reflected in the current expected credit loss (“CECL”) allowance, after considering any collateral the Company obtained in the form of a trust, letter of credit, or funds withheld arrangement. See Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional details regarding CECL. Under the Company’s international longevity reinsurance transactions, the Company obtains collateral from its counterparties to mitigate counterparty default risk.
v3.24.3
Closed Block
 9 Months Ended
Sep. 30, 2024
Closed Block Disclosure [Abstract]  
Closed Block CLOSED BLOCK
 
On December 18, 2001, the date of demutualization, The Prudential Insurance Company of America (“PICA”) established a closed block for certain in-force participating insurance policies and annuity products, along with corresponding assets used for the payment of benefits and policyholders’ dividends on these products, (collectively the “Closed Block”), and ceased offering these participating products. The recorded assets and liabilities were allocated to the Closed Block at their historical carrying amounts. The Closed Block forms the principal component of the Closed Block division. For additional information regarding the Closed Block, see Note 16 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
 
As of September 30, 2024 and December 31, 2023, the Company recognized a policyholder dividend obligation of $2,470 million and $2,873 million, respectively, to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings. Additionally, accumulated net unrealized investment gains (losses) were reflected as a policyholder dividend obligation of $(1,067) million and $(2,081) million at September 30, 2024 and December 31, 2023, respectively, with a corresponding amount reported in AOCI.

As of September 30, 2024, the Closed Block has sufficient funds to make guaranteed policy benefit payments and there is no expectation that assets outside of the Closed Block will be needed to fund future payments. The excess of Closed Block liabilities over Closed Block assets as of the end of the reporting period shown in the table below is a reasonable measure of the margin in the reported liabilities compared to best estimate liabilities assuming the current dividend scale. Closed Block liabilities and assets designated to the Closed Block, as well as maximum future earnings to be recognized from these liabilities and assets, are as follows:
September 30,
2024		December 31,
2023
 (in millions)
Closed Block liabilities
Future policy benefits$42,683 $43,587 
Policyholders’ dividends payable661 648 
Policyholders’ dividend obligation1,403 792 
Policyholders’ account balances4,391 4,500 
Other Closed Block liabilities3,790 3,605 
Total Closed Block liabilities52,928 53,132 
Closed Block assets
Fixed maturities, available-for-sale, at fair value30,322 30,314 
Fixed maturities, trading, at fair value726 887 
Equity securities, at fair value1,824 1,970 
Commercial mortgage and other loans7,819 7,769 
Policy loans3,388 3,479 
Other invested assets4,710 4,513 
Short-term investments558 232 
Total investments49,347 49,164 
Cash and cash equivalents450 993 
Accrued investment income434 421 
Other Closed Block assets340 138 
Total Closed Block assets50,571 50,716 
Excess of reported Closed Block liabilities over Closed Block assets2,357 2,416 
Portion of above representing accumulated other comprehensive income (loss):
Net unrealized investment gains (losses)(1,229)(2,241)
Allocated to policyholder dividend obligation1,067 2,081 
Future earnings to be recognized from Closed Block assets and Closed Block liabilities$2,195 $2,256 

Information regarding the policyholder dividend obligation is as follows:

Nine Months Ended
September 30, 2024
 (in millions)
Balance, December 31, 2023
$792 
Impact from earnings allocable to policyholder dividend obligation(403)
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation1,014 
Balance, September 30, 2024
$1,403 
Closed Block revenues and benefits and expenses are as follows for the periods indicated:


Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (in millions)
Revenues
Premiums$392 $392 $1,234 $1,228 
Net investment income502 508 1,521 1,485 
Realized investment gains (losses), net(232)(231)(531)(361)
Other income (loss)153 (58)360 182 
Total Closed Block revenues815 611 2,584 2,534 
Benefits and Expenses
Policyholders’ benefits535 534 1,723 1,716 
Interest credited to policyholders’ account balances29 30 88 89 
Dividends to policyholders177 (20)614 574 
General and administrative expenses67 68 201 212 
Total Closed Block benefits and expenses808 612 2,626 2,591 
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes7 (1)(42)(57)
Income tax expense (benefit)(13)(23)(100)(109)
Closed Block revenues, net of Closed Block benefits and expenses and income taxes$20 $22 $58 $52 
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
 
The Company uses a full-year projected effective tax rate approach to calculate year-to-date taxes. The projected effective tax rate is the ratio of projected “Total income tax expense” divided by projected “Income before income taxes and equity in earnings of joint ventures and other operating entities.” In addition, certain items impacting total income tax expense are recorded in the periods in which they occur. In determining the year-to-date income tax provision, the Company considers the realizability of deferred tax assets, including those associated with unrealized investment losses, and has determined based upon the weight of available evidence that no valuation allowance is necessary related to unrealized investment losses. Taxes attributable to joint ventures and other operating entities are recorded within “Equity in earnings of joint ventures and other operating entities, net of taxes.” The interim period tax expense (or benefit) is the difference between the year-to-date income tax provision and the amounts reported for the previous interim periods of the fiscal year.

The Company’s income tax provision, on a consolidated basis, amounted to an income tax expense of $693 million, or 20.6% of income (loss) before income taxes and equity in earnings of joint ventures and other operating entities, in the first nine months of 2024, compared to an income tax expense of $254 million, or 18.0%, in the first nine months of 2023. The Company’s current and prior effective tax rates differ from the U.S. statutory rate of 21% primarily due to non-taxable investment income, tax credits, foreign earnings taxed at higher rates than the U.S. statutory rate, and the items discussed below.

Foreign Tax Credit Regulations. The Treasury Department and the IRS published Final Regulations in the Federal Register (Treasury Decision 9959) on January 4, 2022, which affect the creditability of certain foreign taxes for U.S. federal income tax purposes. The Final Regulations created uncertainty as to whether a U.S. foreign tax credit could be claimed for taxes paid to Brazil. The ability to claim a foreign tax credit for taxes paid to Brazil impacted the benefit of the election made pursuant to Internal Revenue Code Section 952 to subject earnings from the Company’s insurance operations in Brazil to tax in the U.S. in the tax year earned, net of related foreign tax credits.

On August 7, 2023, the IRS issued Notice 2023-55 which provided temporary relief to taxpayers in determining whether a foreign tax is eligible for a U.S. foreign tax credit for tax years 2022 and 2023. Subsequently, on December 11, 2023 the IRS issued Notice 2023-80 which extended that relief to taxable years ending before the date that a notice or other guidance
withdrawing or modifying the temporary relief is issued and abolished certain changes that the Final Regulations had made to the credibility of a tax paid in lieu of a generally imposed foreign income tax. As a result of this guidance, the Company claimed a U.S. foreign tax credit for taxes paid to Brazil for its 2023 tax year and will be able to claim a U.S. foreign tax credit for taxes paid to Brazil in 2024.

GILTI High Tax Exclusion. The GILTI provision applies a minimum U.S. tax to earnings of consolidated foreign subsidiaries in excess of a 10% deemed return on tangible assets of foreign subsidiaries by imposing the U.S. tax rate to 50% of earnings of such foreign affiliates and provides for a partial foreign tax credit for foreign income taxes. In years that the PFI consolidated federal income tax return reports a net operating loss or has a loss attributable to U.S. sources of operations, including as a result of loss carrybacks, the GILTI provision would limit the amount of deductions or credits permissible against GILTI.

On July 20, 2020, the U.S. Treasury and the Internal Revenue Service issued Final Regulations (Treasury Decision 9902) pursuant to Internal Revenue Code Section 951A which allows an annual election to exclude from the U.S. tax return certain Global Intangible Low-Taxed Income (“GILTI”) amounts when the taxes paid by a foreign affiliate exceed 18.9% (90% of U.S. statutory rate of 21%) of the GILTI amount for that foreign affiliate (the “high-tax exception”). These regulations are effective for the 2021 taxable year with an election to apply to any taxable year beginning after 2017. In many of the countries in which the Company operates, including Japan and Brazil, there are differences between local tax rules used to determine the tax base and the U.S. tax principles used to determine GILTI. Also, the Company’s Japan affiliates have a different tax year than the U.S. calendar tax year used to determine GILTI; therefore, while many of the countries, including Japan, have a statutory tax rate above the 18.9% threshold, separate affiliates may not meet the 18.9% threshold each year and, as such, may not qualify for this annual exclusion. The Company made the high-tax exception election for the 2023 tax year and anticipates making the high-tax exception election for the 2024 tax year for its foreign affiliates that meet the 18.9% threshold. The Company reflected the impact of the election in its full year projected effective tax rate used to calculate year-to-date taxes for the first nine months of 2023 and 2024, respectively.

Inflation Reduction Act. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”), (House of Representatives, 5376). One of the most significant provisions of the Inflation Reduction Act is a 15% corporate alternative minimum tax (“CAMT”) based on the Company’s GAAP income, with certain adjustments. This provision, which is applicable only to companies with average applicable financial statement income in excess of $1 billion for any three-year period ending in 2022 or later, is effective in taxable years beginning after December 31, 2022. The impact of the book-income alternative minimum tax, if any, will vary from year to year based on the relationship of the Company’s GAAP income to the Company’s taxable income. Any tax paid pursuant to this provision is available as a tax credit in future years when the Company’s tax rate exceeds the 15% minimum tax threshold. The Company became subject to CAMT beginning in 2023 which may or may not result in a CAMT cash tax liability and will have no impact to the full year effective tax rate.

Tax Audit and Unrecognized Tax Benefits. It is possible the Company will make a payment within the next 12 months of approximately $86 million related to unrecognized tax benefits for prior audit cycles, including an amount attributable to the Section 952 election for tax years 2017 through 2022, as the Company pursues resolution of the Section 952 matter. The payment will have no impact on the effective tax rate. The Company cannot predict with reasonable accuracy whether there will be 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.
v3.24.3
Short-Term and Long-Term Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Short-Term and Long-Term Debt SHORT-TERM AND LONG-TERM DEBT
 
Short-term Debt
 
The table below presents the Company’s short-term debt as of the dates indicated:
 
September 30, 2024December 31, 2023
 ($ in millions)
Commercial paper:
Prudential Financial$25 $25 
Prudential Funding, LLC494 510 
Subtotal commercial paper519 535 
Current portion of long-term debt:
Surplus notes347 0 
Mortgage debt84 83 
Surplus notes subject to set-off arrangements(1)1,750 2,000 
Subtotal current portion of long-term debt2,181 2,083 
Subtotal2,700 2,618 
Less: assets under set-off arrangements(1)1,750 2,000 
Total short-term debt(2)
$950 $618 
Supplemental short-term debt information:
Portion of commercial paper borrowings due overnight$95$110
Daily average commercial paper outstanding for the quarter ended$1,671$1,334
Weighted average maturity of outstanding commercial paper, in days4349
Weighted average interest rate on outstanding commercial paper4.96 %5.50 %
_________
(1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in short-term debt.
(2)Includes Prudential Financial debt of $25 million at both September 30, 2024 and December 31, 2023.

Prudential Financial and certain subsidiaries have access to external sources of liquidity, including membership in the FHLBNY, a funding agreement facility with the Federal Agricultural Mortgage Company (“Farmer Mac”), commercial paper programs and contingent financing facilities in the form of facility agreements. The Company also maintains syndicated, unsecured committed credit facilities as an alternative source of liquidity. At September 30, 2024, no amounts were drawn on these syndicated, unsecured committed credit facilities. For additional information regarding these sources of liquidity, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Long-term Debt

The table below presents the Company’s long-term debt as of the dates indicated:
 
 September 30, 2024December 31, 2023
 (in millions)
Fixed-rate obligations:
Surplus notes$0 $346 
Surplus notes subject to set-off arrangements(1)(2)
11,796 9,790 
Senior notes10,165 10,112 
Mortgage debt(3)
34 0 
Floating-rate obligations:
Line of credit255 255 
Surplus notes subject to set-off arrangements(1)580 580 
Mortgage debt(3)
33 75 
Junior subordinated notes(4)
8,589 8,094 
Subtotal31,452 29,252 
Less: assets under set-off arrangements(1)12,376 10,370 
Total long-term debt(5)
$19,076 $18,882 
__________    
(1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in long-term debt.
(2)Amount includes $6.8 billion of surplus notes used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024. See Note 12 for additional information.
(3)Includes $67 million and $27 million of debt denominated in foreign currency at September 30, 2024 and December 31, 2023, respectively.
(4)Includes Prudential Financial debt of $8,546 million and $8,050 million at September 30, 2024, and December 31, 2023, respectively. Also includes subsidiary debt of $43 million and $44 million denominated in foreign currency at September 30, 2024, and December 31, 2023, respectively.
(5)Includes Prudential Financial debt of $18,711 million and $18,162 million at September 30, 2024 and December 31, 2023, respectively.

At September 30, 2024 and December 31, 2023, the Company was in compliance with all debt covenants related to the borrowings in the table above.

Senior Notes

In August 2024, the Company recommenced sales of InterNotes® Retail Notes under its shelf registration statement. These new notes will support the Company’s Institutional Retirement Strategies business through the purchase of funding agreements on which the segment will earn investment spread. As of September 30, 2024, the outstanding balance of the InterNotes® Retail Notes program, inclusive of notes that were issued in previous years, was $294 million, of which $55 million was utilized for Institutional Retirement Strategies, as described above.

Junior Subordinated Notes

In March 2024, the Company issued $1.0 billion in aggregate principal amount of 6.50% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due in March 2054, and also redeemed, in full, $0.5 billion in aggregate principal amount of 5.20% Fixed-to-Floating Rate Junior Subordinated Notes due in 2044.

Credit Facility Extensions

In July 2024, the Company amended and restated its $4.0 billion five-year credit facility that has both Prudential Financial and Prudential Funding as borrowers and a syndicate of financial institutions as lenders, extending the term of the facility to July 2029. Borrowings under the credit facility may be used for general corporate purposes, and the Company expects that it may borrow under the facility from time to time to fund its working capital needs and those of its subsidiaries. In addition, amounts under the credit facility may be drawn in the form of standby letters of credit that can be used to meet the operating needs of the Company and its subsidiaries. The credit facility contains customary representations and warranties, covenants and events of default, and borrowings are not contingent on the borrowers’ credit ratings nor subject to material adverse change clauses. Borrowings under the facility are conditioned on the continued satisfaction of customary conditions, including the
Company’s maintenance of consolidated net worth of at least $22.1 billion, which is calculated as U.S. GAAP equity, excluding AOCI, equity of noncontrolling interests, equity attributable to the Closed Block, and certain adjustments related to the Company’s adoption of Accounting Standards Update 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.

In September 2024, the Company refinanced its ¥100 billion five-year credit facility, on which Prudential Holdings of Japan, Inc. (“PHJ”) is a borrower, extending the term of the facility to September 2029. This facility contains customary representations and warranties, covenants and events of default, and borrowings are not contingent on the borrower’s credit ratings nor subject to material adverse change clauses. Borrowings under this credit facility may be used for general corporate purposes.

As of September 30, 2024, the Company was in compliance with the covenants under each of these credit facilities.
v3.24.3
Employee Benefit Plans
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans EMPLOYEE BENEFIT PLANS
 
Pension and Other Postretirement Plans
 
The Company has funded and non-funded non-contributory defined benefit pension plans (“Pension Benefits”), which cover substantially all of its employees. For some employees, benefits are based on final average earnings and length of service (the “traditional formula”), while benefits for other employees are based on an account balance that takes into consideration age, length of service and earnings during their career (the “cash balance formula”).
 
The Company provides certain health care and life insurance benefits for its retired employees, their beneficiaries and covered dependents (“Other Postretirement Benefits”). The health care plan is contributory; the life insurance plan is non-contributory. Substantially all of the Company’s U.S. employees may become eligible to receive certain other postretirement benefits if they retire after age 55 with at least 10 years of service or under certain circumstances after age 50 with at least 20 years of continuous service.
 
Net periodic (benefit) cost included in “General and administrative expenses” includes the following components:
 
 Three Months Ended September 30,
 Pension BenefitsOther Postretirement Benefits
 2024202320242023
 (in millions)
Components of net periodic (benefit) cost:
Service cost$52 $51 $1 $2 
Interest cost135 138 12 17 
Expected return on plan assets(238)(231)(19)(21)
Amortization of prior service cost0 (1)(16)(2)
Amortization of actuarial (gain) loss, net22 17 2 3 
Settlements1 1 0 0 
Special termination benefits
0 0 0 0 
Net periodic (benefit) cost$(28)$(25)$(20)$(1)
Nine Months Ended September 30,
Pension BenefitsOther Postretirement Benefits
2024202320242023
(in millions)
Components of net periodic (benefit) cost:
Service cost$155 $154 $5 $7 
Interest cost405 414 38 53 
Expected return on plan assets(715)(694)(57)(64)
Amortization of prior service cost(1)(1)(50)(6)
Amortization of actuarial (gain) loss, net67 51 6 8 
Settlements2 2 0 0 
Special termination benefits
1 0 0 0 
Net periodic (benefit) cost$(86)$(74)$(58)$(2)
v3.24.3
Equity
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
Equity EQUITY
 
The changes in the number of shares of Common Stock issued, held in treasury and outstanding, are as follows for the periods indicated:

 Common Stock
 IssuedHeld In
Treasury		Outstanding
 (in millions)
Balance, December 31, 2023666.3 307.1 359.2 
Common Stock issued0.0 0.0 0.0 
Common Stock acquired0.0 6.6 (6.6)
Stock-based compensation programs(1)0.0 (3.3)3.3 
Balance, September 30, 2024666.3 310.4 355.9 
__________ 
(1)Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs.

In December 2023, Prudential Financial’s Board of Directors (the “Board”) authorized the Company to repurchase at management’s discretion up to $1.0 billion of its outstanding Common Stock during the period from January 1, 2024 through
December 31, 2024. As of September 30, 2024, 6.6 million shares of the Company’s Common Stock were repurchased under this authorization at a total cost of $750 million.

The timing and amount of share repurchases are determined by management based upon market conditions and other considerations, and repurchases may be executed in the open market, through derivative, accelerated repurchase and other negotiated transactions and through prearranged trading plans complying with Rule 10b5-1(c) under the Securities Exchange Act of 1934 (the “Exchange Act”). Numerous factors could affect the timing and amount of any future repurchases under the share repurchase authorization, including, but not limited to: compliance with laws, increased capital needs of the Company due to changes in regulatory capital requirements, opportunities for growth and acquisitions, and the effect of adverse market conditions.

Dividends declared per share of Common Stock are as follows for the periods indicated:

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Dividends declared per share of Common Stock$1.30 $1.25 $3.90 $3.75 
Accumulated Other Comprehensive Income (Loss)
 
AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Unaudited Interim Consolidated Statements of Comprehensive Income. The balance of and changes in each component of AOCI as of and for the nine months ended September 30, 2024 and 2023, are as follows:

 Accumulated Other Comprehensive Income (Loss) Attributable to
Prudential Financial, Inc.
 Foreign 
Currency
Translation
Adjustment		Net Unrealized
Investment 
Gains
(Losses)(1)		Interest rate remeasurement of Liability for Future Policy Benefits
Gains (Losses) from Changes in Non-performance Risk on Market Risk Benefits
Pension and
Postretirement
Unrecognized Net
Periodic Benefit
(Cost)		Total
Accumulated
Other
Comprehensive
Income (Loss)
 (in millions)
Balance, December 31, 2023$(2,686)$(11,213)$8,547 $900 $(2,052)$(6,504)
Change in OCI before reclassifications31 (1,440)2,224 (142)3 676 
Amounts reclassified from AOCI(34)1,428 0 0 22 1,416 
Income tax benefit (expense)25 328 (780)30 (35)(432)
Balance, September 30, 2024$(2,664)$(10,897)$9,991 $788 $(2,062)$(4,844)

 Accumulated Other Comprehensive Income (Loss) Attributable to
Prudential Financial, Inc.
Foreign 
Currency
Translation
Adjustment		Net Unrealized
Investment 
Gains
(Losses)(1)		Interest rate remeasurement of Liability for Future Policy Benefits
Gains (Losses) from Changes in Non-performance Risk on Market Risk Benefits
Pension and
Postretirement
Unrecognized Net
Periodic Benefit
(Cost)		Total
Accumulated
Other
Comprehensive
Income (Loss)
 (in millions)
Balance, December 31, 2022$(2,274)$(16,194)$15,242 $1,448 $(2,028)$(3,806)
Change in OCI before reclassifications(650)(10,094)5,529 (528)15 (5,728)
Amounts reclassified from AOCI1 615 0 0 52 668 
Income tax benefit (expense)(93)2,213 (1,177)111 (19)1,035 
Balance, September 30, 2023$(3,016)$(23,460)$19,594 $1,031 $(1,980)$(7,831)
__________
(1)Includes cash flow hedges of $694 million and $869 million as of September 30, 2024 and December 31, 2023, respectively, and $1,947 million and $2,616 million as of September 30, 2023 and December 31, 2022, respectively, and fair value hedges of $(164) million and $(60) million as of September 30, 2024 and December 31, 2023, respectively, and $(18) million and $(54) million as of September 30, 2023 and December 31, 2022, respectively.
 
Reclassifications out of Accumulated Other Comprehensive Income (Loss)

 Three Months Ended
September 30,		Nine Months Ended
September 30,		Affected line item in Unaudited Interim Consolidated Statements of Operations
 2024202320242023
 (in millions) 
Amounts reclassified from AOCI(1)(2):
Foreign currency translation adjustment:
Foreign currency translation adjustments$14 $0 $34 $(1)Realized investment gains (losses), net
Net unrealized investment gains (losses):
Cash flow hedges—Interest rate(5)(3)(25)(32)(3)
Cash flow hedges—Currency(1)3 3 11 (3)
Cash flow hedges—Currency/Interest rate(117)221 154 286 (3)
Fair value hedges—Currency(2)(2)(7)(6)(3)
Net unrealized investment gains (losses) on available-for-sale securities(836)(453)(1,553)(874)Realized investment gains (losses), net
Total net unrealized investment gains (losses)(961)(234)(1,428)(615)(4)
Amortization of defined benefit items:
Prior service cost16 3 51 7 (5)
Actuarial gain (loss)(24)(20)(73)(59)(5)
Total amortization of defined benefit items(8)(17)(22)(52)
Total reclassifications for the period$(955)$(251)$(1,416)$(668)
__________
(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 5 for additional information regarding cash flow and fair value hedges.
(4)See table below for additional information regarding unrealized investment gains (losses), including the impact on deferred policy acquisition and other costs, future policy benefits and policyholders’ dividends.
(5)See Note 16 for additional information regarding employee benefit plans.
 
Net Unrealized Investment Gains (Losses)
 
Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from “Other comprehensive income (loss)” those items that are included as part of “Net income (loss)” for a period that had been part of “Other comprehensive income (loss)” in earlier periods. The amounts for the periods indicated below, split between amounts related to available-for-sale fixed maturity securities on which an allowance for credit losses has been recorded, and all other net unrealized investment gains (losses), are as follows:
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been RecordedNet Unrealized
Gains (Losses)
on All Other Investments(1)		Reinsurance RecoverablesFuture Policy
Benefits,
Policyholders’
Account
Balances and
Reinsurance Payables		Policyholders’
Dividends		Income Tax Benefit (Expense)Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)
 (in millions)
Balance, December 31, 2023$(72)$(17,179)$(484)$1,306 $2,081 $3,135 $(11,213)
Net investment gains (losses) on investments arising during the period(61)36 (1)(26)
Reclassification adjustment for (gains) losses included in net income11 1,417 31 1,459 
Reclassification due to allowance for credit losses recorded during the period1 (1)0 0 
Impact of net unrealized investment (gains) losses326 (727)(1,014)298 (1,117)
Balance, September 30, 2024$(121)$(15,727)$(158)$579 $1,067 $3,463 $(10,897)
__________
(1)Includes cash flow and fair value hedges. See Note 5 for additional information.
v3.24.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share
A reconciliation of the numerators and denominators of the basic and diluted per share computations of Common Stock based on the consolidated earnings of Prudential Financial for the periods indicated is as follows:
 
Three Months Ended September 30,
 20242023
 IncomeWeighted
Average
Shares		Per Share
Amount		IncomeWeighted
Average
Shares		Per Share
Amount
 (in millions, except per share amounts)
Basic earnings per share
Net income (loss) $451 $(791)
Less: Income (loss) attributable to noncontrolling interests3 11 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards5 5 
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $443 356.9 $1.24 $(807)362.6 $(2.23)
Effect of dilutive securities and compensation programs
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic$5 $5 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted5 5 
Stock options0.2 0.0 
Deferred and long-term compensation programs1.6 0.0 
Diluted earnings per share
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $443 358.7 $1.24 $(807)362.6 $(2.23)
__________ 
(1)For the three months ended September 30, 2023, weighted average shares for basic earnings per share is also used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended September 30, 2023, all potential stock options and compensation programs were considered antidilutive.
 Nine Months Ended September 30,
 20242023
 IncomeWeighted
Average
Shares		Per Share
Amount		IncomeWeighted
Average
Shares		Per Share
Amount
 (in millions, except per share amounts)
Basic earnings per share
Net income (loss) $2,773 $1,182 
Less: Income (loss) attributable to noncontrolling interests(11)11 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards33 17 
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $2,751 358.3 $7.68 $1,154 364.6 $3.17 
Effect of dilutive securities and compensation programs
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic$33 $17 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted33 17 
Stock options0.2 0.2 
Deferred and long-term compensation programs1.4 1.0 
Diluted earnings per share
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $2,751 359.9 $7.64 $1,154 365.8 $3.15 

Unvested share-based payment awards that contain nonforfeitable rights to dividends are participating securities and included in the computation of earnings per share pursuant to the two-class method. Under this method, earnings attributable to Prudential Financial are allocated between Common Stock and the participating awards, as if the awards were a second class of stock. During periods of net income available to holders of Common Stock, the calculation of earnings per share excludes the income attributable to participating securities in the numerator and the dilutive impact of these securities from the denominator. In the event of a net loss available to holders of Common Stock, undistributed earnings are not allocated to participating securities and the denominator excludes the dilutive impact of these securities as they do not share in the losses of the Company. Undistributed earnings allocated to participating unvested share-based payment awards for the three months ended September 30, 2024 and 2023, as applicable, were based on 3.9 million and 4.1 million of such awards, respectively, and for the nine months ended September 30, 2024 and 2023, as applicable, were based on 4.0 million and 4.1 million of such awards, respectively, weighted for the period they were outstanding.
 
Stock options and shares related to deferred and long-term compensation programs that are considered antidilutive are excluded from the computation of diluted earnings per share. Stock options are considered antidilutive based on application of the treasury stock method or in the event of a net loss available to holders of Common Stock. Shares related to deferred and long-term compensation programs are considered antidilutive in the event of a net loss available to holders of Common Stock. For the periods indicated, the number of stock options and shares related to deferred and long-term compensation programs that were considered antidilutive and were excluded from the computation of diluted earnings per share, weighted for the portion of the period they were outstanding, are as follows:
 Three Months Ended September 30,
 20242023
 SharesExercise Price
Per Share		SharesExercise Price
Per Share
 (in millions, except per share amounts, based on weighted average)
Antidilutive stock options based on application of the treasury stock method0.0 $0.00 1.1 $103.19 
Antidilutive stock options due to net loss available to holders of Common Stock0.0 0.1 
Antidilutive shares based on application of the treasury stock method0.0 0.0 
Antidilutive shares due to net loss available to holders of Common Stock0.0 1.1 
Total antidilutive stock options and shares0.0 2.3 
 Nine Months Ended September 30,
 20242023
 SharesExercise Price
Per Share		SharesExercise Price
Per Share
 (in millions, except per share amounts, based on weighted average)
Antidilutive stock options based on application of the treasury stock method0.1 $110.42 1.3 $101.72 
Antidilutive stock options due to net loss available to holders of Common Stock0.0 0.0 
Antidilutive shares based on application of the treasury stock method0.0 0.1 
Antidilutive shares due to net loss available to holders of Common Stock0.0 0.0 
Total antidilutive stock options and shares0.1 1.4 
v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
 
Segments
 
The Company’s principal operations consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement Strategies, Group Insurance and Individual Life businesses), the International Businesses (consisting of the Life Planner and Gibraltar Life and Other businesses), the Closed Block division, and the Company’s Corporate and Other operations. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included in Corporate and Other operations. Divested and Run-off Businesses consist of businesses that have been, or will be, sold or exited, including businesses that have been placed in wind-down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP.

Adjusted Operating Income
 
The Company analyzes the operating performance of each segment using “adjusted operating income.” Adjusted operating income does not equate to “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” or “Net income (loss)” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company’s chief operating decision maker to evaluate segment performance and allocate resources, and consistent with authoritative guidance, is the measure of segment performance presented below. Adjusted operating income is calculated by adjusting each segment’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” for the following items:

•Realized investment gains (losses), net, and related charges and adjustments;
•Change in value of market risk benefits, net of related hedging gains (losses);
•Market experience updates;
•Divested and Run-off Businesses;
•Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests; and
•Other adjustments.
 
These items are important to an understanding of overall results of operations. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and the Company’s definition of adjusted operating income may differ from that used by other companies. The Company, however, believes that the presentation of adjusted operating income as measured for management purposes enhances the understanding of results of operations by highlighting the results from ongoing operations and the underlying profitability factors of its businesses. For additional information regarding these reconciling items, see Note 23 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Reconciliation of adjusted operating income to net income (loss)

The table below reconciles “Adjusted operating income before income taxes” to “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities”:
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
(in millions)
Adjusted operating income before income taxes by segment:
PGIM$241 $211 $616 $541 
U.S. Businesses:
Institutional Retirement Strategies438 439 1,429 1,263 
Individual Retirement Strategies528 502 1,488 1,391 
Retirement Strategies(1)966 941 2,917 2,654 
Group Insurance82 89 248 253 
Individual Life(1)60 58 (148)(103)
Total U.S. Businesses1,108 1,088 3,017 2,804 
International Businesses:
Life Planner
464 527 1,409 1,536 
Gibraltar Life and Other
302 284 955 899 
Total International Businesses
766 811 2,364 2,435 
Corporate and Other(2)
(487)(438)(1,293)(1,381)
Total segment adjusted operating income before income taxes1,628 1,672 4,704 4,399 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments(2)
(805)(2,491)(774)(2,879)
Change in value of market risk benefits, net of related hedging gains (losses)(146)(251)(320)(160)
Market experience updates(127)143 (112)188 
Divested and Run-off Businesses:
Closed Block division2 2 (61)(50)
Other Divested and Run-off Businesses(2)
47 (113)50 (22)
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(43)(11)(113)(42)
Other adjustments(3)
(3)(9)(16)(24)
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities per Unaudited Interim Consolidated Financial Statements
$553 $(1,058)$3,358 $1,410 
__________
(1)The Retirement Strategies and Individual Life segments’ results reflect DAC as if the business is a stand-alone operation. The elimination of intersegment costs capitalized in accordance with this policy is included in consolidating adjustments within Corporate and Other operations.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)Includes components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service period.
Reconciliation of select financial information

The tables below present certain financial information for the Company’s segments and its Corporate and Other operations, including assets by segment and revenues by segment on an adjusted operating income basis, and the reconciliation of the segment totals to amounts reported in the Unaudited Interim Consolidated Financial Statements. 

September 30,
2024		December 31,
2023
(in millions)
Assets by segment:
PGIM$37,878 $42,064 
U.S. Businesses:
Institutional Retirement Strategies131,755 111,308 
Individual Retirement Strategies152,002 139,934 
Retirement Strategies283,757 251,242 
Group Insurance40,201 39,214 
Individual Life122,526 116,449 
Total U.S. Businesses446,484 406,905 
International Businesses:
Life Planner
82,645 81,164 
Gibraltar Life and Other
110,651 110,060 
Total International Businesses
193,296 191,224 
Corporate and Other31,712 29,842 
Closed Block division50,924 51,088 
Total assets per Unaudited Interim Consolidated Financial Statements$760,294 $721,123 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in millions)
Revenues by segment:
PGIM$1,021 $976 $2,974 $2,723 
U.S. Businesses:
Institutional Retirement Strategies
9,473 221 25,052 7,847 
Individual Retirement Strategies1,310 1,153 3,770 3,367 
Retirement Strategies10,783 1,374 28,822 11,214 
Group Insurance1,643 1,576 4,863 4,738 
Individual Life1,546 1,589 4,655 4,680 
Total U.S. Businesses13,972 4,539 38,340 20,632 
International Businesses:
Life Planner2,247 2,359 7,164 7,364 
Gibraltar Life and Other2,170 2,207 6,478 6,940 
Total International Businesses:
4,417 4,566 13,642 14,304 
Corporate and Other(1)
71 (37)65 (50)
Total revenues on an adjusted operating income basis19,481 10,044 55,021 37,609 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments(1)
(967)(2,396)(425)(2,379)
Change in value of market risk benefits, net of related hedging gains (losses)(146)(251)(320)(160)
Market experience updates(34)39 (92)58 
Divested and Run-off Businesses:
Closed Block division817 615 2,590 2,541 
Other Divested and Run-off Businesses(1)
384 323 1,209 1,277 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(45)(22)(101)(51)
Total revenues per Unaudited Interim Consolidated Financial Statements$19,490 $8,352 $57,882 $38,895 
__________
(1)Prior period amounts have been updated to conform to current period presentation.

Intersegment revenues

Management has determined the intersegment revenues with reference to market rates. Intersegment revenues are eliminated in consolidation in Corporate and Other operations. The PGIM segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, as follows: 

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (in millions)
PGIM segment intersegment revenues$206 $201 $617 $604 
 
Segments may also enter into internal derivative contracts with other segments. For adjusted operating income, each segment accounts for the internal derivative results consistent with the manner in which that segment accounts for other similar external derivatives.
Asset management and service fees

The table below presents asset management and service fees, predominantly related to investment management activities, for the periods indicated:

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
 (in millions)
Asset-based management fees$841 $799 $2,526 $2,377 
Performance-based incentive fees17 26 78 33 
Other fees126 127 380 377 
Total asset management and service fees$984 $952 $2,984 $2,787 
v3.24.3
Related Party Disclosures
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure RELATED PARTY TRANSACTIONS
In September 2023, the Company invested approximately $200 million, and acquired a 20% equity interest as a limited partner, in Prismic, a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Re, a licensed Bermuda-based life and annuity reinsurance company. As this investment is accounted for under the equity method, both Prismic and Prismic Re are considered related parties.

Also in September 2023, the Company entered into an agreement with Prismic Re to reinsure approximately $9 billion of reserves for certain structured settlement annuity contracts issued by PICA, a wholly-owned subsidiary of the Company. These contracts represent approximately 70% of the Company’s in-force structured settlement annuities business. Separately, the Company, through PGIM, entered into an investment management agreement with Prismic to manage a large portion of Prismic Re's assets. The following tables summarize the impacts to the Company’s financial statements related to the agreements that the Company entered with Prismic and Prismic Re.

The related party balances with Prismic and Prismic Re impacted the Company’s balance sheet as of the periods indicated as follows:

September 30,
2024		December 31,
2023
 (in millions)
Reinsurance recoverables and deposit receivables$9,523 $9,752 
Other assets
$130 $132 
Reinsurance and funds withheld payables (includes $578 and $508 of embedded derivatives at fair value at September 30, 2024 and December 31, 2023, respectively)
$8,480 $8,544 
Accumulated other comprehensive income (loss)
$291 $335 

The Company has agreed to guarantee Prismic Re's reimbursement obligations on letters of credit that may be obtained by Prismic Re from third-party financial institutions to support Prismic Re’s obligations under the reinsurance agreement with the Company for a total amount up to $2.0 billion as of both September 30, 2024 and December 31, 2023. See Note 21 for additional information on the Company’s guarantees and commitments.
The related party activity with Prismic and Prismic Re impacted the Company’s results of operations and cash flows for the period indicated as follows:

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
 (in millions)
Premiums
$(4)$(4,814)$11 $(4,814)
Net investment income
0 13 0 13 
Asset management and service fees
9 3 27 3 
Other income (loss)
40 0 114 0 
Realized investment gains(losses), net
(710)435 (392)435 
Policyholders’ benefits
(70)(4,839)(211)(4,839)
Change in estimates of liability for future policy benefits
(4)2 12 2 
General and administrative expenses
9 7 28 7 
Income (loss) from related parties, before income taxes
(600)467 (69)467 
Other comprehensive income (loss), before tax383 (394)291 (394)
Total comprehensive income (loss), before tax$(217)$73 $222 $73 

Nine Months Ended September 30,
20242023
 (in millions)
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Realized investment (gains) losses, net
$392 $(435)
 Change in:
Other, net$(554)$(25)
CASH FLOWS FROM FINANCING ACTIVITIES
Other, net$285 $1 
v3.24.3
Commitments and Contingent Liabilities
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities COMMITMENTS AND CONTINGENT LIABILITIES
Commitments and Guarantees
 
Commercial Mortgage Loan Commitments

September 30,
2024		December 31,
2023
 (in millions)
Total outstanding mortgage loan commitments$2,294 $1,798 
Portion of commitment where prearrangement to sell to investor exists$514 $366 
 
The Company originates commercial mortgage loans as part of its commercial mortgage operations. Commitments for loans that will be held for sale are recognized as derivatives and recorded at fair value. In certain of these transactions, the Company prearranges that it will sell the loan to an investor, including to government sponsored entities as discussed below, after the Company funds the loan. The above amount includes unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $2 million and $1 million as of September 30, 2024 and December 31, 2023, respectively. The change in allowance was an increase of $1 million and $0 million for both the three months and nine months ended September 30, 2024 and 2023, respectively.
Commitments to Purchase Investments (excluding Commercial Mortgage Loans)

September 30,
2024		December 31,
2023
 (in millions)
Expected to be funded from the general account and other operations outside the separate accounts$10,816 $10,675 
Expected to be funded from separate accounts$66 $39 
The Company has other commitments to purchase or fund investments, 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. The above amount includes unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for either the three months or nine months ended September 30, 2024 or 2023.

 Indemnification of Securities Lending and Securities Repurchase Transactions

September 30,
2024		December 31,
2023
 (in millions)
Indemnification provided to certain clients for securities lending and securities repurchase transactions(1)$6,263 $5,409 
Fair value of related collateral associated with above indemnifications(1)
$6,398 $5,528 
Accrued liability associated with guarantee$0 $0 
__________ 
(1)Includes $265 million and $0 million related to securities repurchase transactions as of September 30, 2024 and December 31, 2023, respectively.


In the normal course of business, the Company may facilitate securities lending or securities repurchase transactions on behalf of certain client accounts (collectively, “the accounts”). In certain of these arrangements, the Company has provided an indemnification to the accounts to hold them harmless against losses caused by counterparty (i.e., borrower) defaults associated with such transactions facilitated by the Company. In securities lending transactions, collateral is provided by the counterparty to the accounts at the inception of the transaction in an amount at least equal to 102% of the fair value of the loaned securities and the collateral is maintained daily to equal at least 102% of the fair value of the loaned securities. In securities repurchase transactions, collateral is provided by the counterparty to the accounts at the inception of the transaction in an amount at least equal to 95% of the fair value of the securities subject to repurchase and the collateral is maintained daily to equal at least 95% of the fair value of the securities subject to repurchase. The Company is only at risk if the counterparty to the transaction defaults and the value of the collateral held is less than the value of the securities loaned to, or subject to repurchase from, such counterparty. The Company believes the possibility of any payments under these indemnities is remote.
 
Credit Derivatives Written
 
As discussed further in Note 5, the Company writes credit derivatives under which the Company is obligated to pay the counterparty the referenced amount of the contract and receive in return the defaulted security or similar security.
 
Guarantees of Asset Values

September 30,
2024		December 31,
2023
 (in millions)
Guaranteed value of third-parties’ assets$75,271 $78,009 
Fair value of collateral supporting these assets$71,533 $73,186 
Asset (liability) associated with guarantee, carried at fair value$(1)$(2)
 
Certain contracts underwritten by the Retirement Strategies segment include guarantees related to financial assets owned by the guaranteed party. These contracts are accounted for as derivatives and carried at fair value. The collateral supporting these guarantees is not reflected on the Unaudited Interim Consolidated Statements of Financial Position.
 
Indemnification of Serviced Mortgage Loans

September 30,
2024		December 31,
2023
 (in millions)
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company$3,189 $3,102 
First-loss exposure portion of above$922 $898 
Accrued liability associated with guarantees(1)$26 $28 
__________
(1)The accrued liability associated with guarantees includes an allowance for credit losses of $12 million and $14 million as of September 30, 2024 and December 31, 2023, respectively. The change in allowance was a reduction of $1 million for both the three months ended September 30, 2024 and 2023, and a reduction of $2 million for both the nine months ended September 30, 2024 and 2023.
 
As part of the commercial mortgage activities of the Company’s PGIM segment, the Company provides commercial mortgage origination, underwriting and servicing for certain government sponsored entities, such as Fannie Mae and Freddie Mac. The Company has agreed to indemnify the government sponsored entities for a portion of the credit risk associated with certain of the mortgages it services through a delegated authority arrangement. Under these arrangements, the Company originates multi-family mortgages for sale to the government sponsored entities based on underwriting standards they specify, and makes payments to them for a specified percentage share of losses they incur on certain loans serviced by the Company. The Company’s percentage share of losses incurred generally varies from 4% to 20% of the loan balance, and is typically based on a first-loss exposure for a stated percentage of the loan balance, plus a shared exposure with the government sponsored entity for any losses in excess of the stated first-loss percentage, subject to a contractually specified maximum percentage. The Company determines the liability related to this exposure using historical loss experience, and the size and remaining life of the asset. The Company serviced $25,299 million and $24,875 million of mortgages subject to these loss-sharing arrangements as of September 30, 2024 and December 31, 2023, respectively, all of which are collateralized by first priority liens on the underlying multi-family residential properties. As of September 30, 2024, these mortgages had a weighted-average debt service coverage ratio of 1.97 times and a weighted-average loan-to-value ratio of 62%. As of December 31, 2023, these mortgages had a weighted-average debt service coverage ratio of 1.97 times and a weighted-average loan-to-value ratio of 60%. The Company had no losses related to indemnifications that were settled for either the nine months ended September 30, 2024 or 2023.
 
Other Guarantees

September 30,
2024		December 31,
2023
 (in millions)
Other guarantees where amount can be determined$292 $36 
Accrued liability for other guarantees and indemnifications$32 $32 
 
The Company is also subject to other financial guarantees and indemnity arrangements. The Company has provided indemnities and guarantees related to acquisitions, dispositions, investments and other transactions that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. These obligations are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or applicable. This includes guarantees issued on $1.5 billion of standby committed letters of credit and $0.5 billion of standby uncommitted letters of credit that may be obtained by Prismic Re from third-party financial institutions, for the benefit of PICA as beneficiary, to support U.S. statutory reserve credit related to a reinsurance agreement with PICA. As of September 30, 2024, no letters of credit have been issued to PICA under the facility, and the likelihood of PICA drawing upon them is remote. The guarantees are renewable on an annual basis. The current value of the guarantees is estimated to be immaterial. See Note 20 for additional information on the related party relationship between the Company and Prismic Re and Note 12 for additional information on the Company’s reinsurance transactions.
 
Since certain of these obligations are not subject to limitations, it is not possible to determine the maximum potential amount due under these guarantees. The accrued liability identified above relates to the sale of The Prudential Life Insurance Company of Taiwan Inc. (“POT”) and represents a financial guarantee of certain insurance obligations of POT.
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 flow 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 flow 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 businesses. Pending legal and regulatory actions include proceedings relating to aspects of the Company’s businesses and operations that are specific to it and proceedings that are typical of the businesses in which it operates, including in both cases businesses that have been either divested or placed in wind-down status. Some of these proceedings have been brought on behalf of various alleged classes of complainants. In certain of these matters, the plaintiffs 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 potentially material, is disclosed, including matters discussed below. The Company estimates that as of September 30, 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 $250 million. Any estimate is not an indication of expected loss, if any, or the Company’s maximum possible loss exposure on such matters. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews.

The following discussion of litigation and regulatory matters provides an update of those matters discussed in Note 25 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and should be read in conjunction with the complete descriptions provided in the Form 10-K.

Individual Annuities, Individual Life and Group Insurance

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

In February 2024, defendants removed the action from California state court to the United States District Court for the Northern District of California.
Escheatment Litigation

Total Asset Recovery Services, LLC v. MetLife, Inc., et al., Prudential Financial, Inc., The Prudential Insurance Company of America, and Prudential Insurance Agency, LLC

In October 2024, defendants’ motion to dismiss the Fourth Amended Complaint was denied.

Securities Litigation

City of Warren v. PFI, et al.

In March 2024, the court issued an order granting the motion for preliminary approval of the Settlement. In June 2024, the Court granted final approval of the Settlement and issued a final judgment dismissing the action with prejudice. This matter is now closed.

Daniel Plaut v. Prudential Financial, Inc.

In September 2024, the court issued an order consolidating this action with Kevin M. Frost et al. v. Prudential Financial, Inc., under the caption In re Prudential Financial, Inc. Derivative Litigation.

Kevin M. Frost et al. v. Prudential Financial, Inc.

In September 2024, the court issued an order consolidating this action with Daniel Plaut v. Prudential Financial, Inc., under the caption In re Prudential Financial, Inc. Derivative Litigation. Case updates will be consolidated with the Daniel Plaut action.

Assurance IQ, LLC

William James Griffin, et al. v. Benefytt Technologies, Inc., et al. and Assurance IQ, LLC

In May 2024, the Court granted final approval of the Settlement and issued a final judgment dismissing the action with prejudice. This matter is now closed.

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 flow 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 flow 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.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 448 $ (802) $ 2,784 $ 1,171
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 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
v3.24.3
Significant Accounting Policies and Pronouncements (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of Prudential Financial, entities over which the Company exercises control, including majority-owned subsidiaries and minority-owned entities such as limited partnerships in which the Company is the general partner, and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. See Note 4 for additional information regarding the Company’s consolidated variable interest entities. Intercompany balances and transactions have been eliminated.

In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
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 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 measurement of goodwill and any related impairment; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments (“OTTI”); pension and other postretirement benefits; any provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.
Reclassifications
Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.
New Accounting Pronouncements
ASUs issued but not yet adopted as of September 30, 2024
Standard
Description
Effective date and method
of adoption
Effect on the financial statements or other significant matters
ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures
This 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 with early adoption permitted, and is required to be applied prospectively with the option of retrospective application.
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 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
This ASU requires entities to provide more detailed information about significant segment expenses that are regularly provided to the chief operating decision maker.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.
The ASU has no impact on the Company’s Consolidated Financial Statements but will result in expanded disclosures in the Notes to the Consolidated Financial Statements.
Future Adoption Of New Accounting Pronouncements
v3.24.3
Business and Basis of Presentation (Tables)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Deferred Policy Acquisition Costs
The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance:
Nine Months Ended September 30, 2024
Retirement StrategiesIndividual LifeInternational BusinessesTotal
Individual VariableTerm LifeVariable/
Universal Life		Life PlannerGibraltar Life
and Other
(in millions)
Balance, BOP$3,676 $2,237 $5,364 $4,909 $4,442 $20,628 
Capitalization302 138 517 428 441 1,826 
Amortization expense(286)(156)(184)(255)(247)(1,128)
Other adjustments(1)
0 0 (280)(49)4 (325)
Foreign currency adjustment0 0 0 (93)(22)(115)
Balance, EOP$3,692 $2,219 $5,417 $4,940 $4,618 20,886 
Other businesses296 
Total DAC balance$21,182 
__________
(1)Includes the impact of the reinsurance transaction with Somerset Reinsurance Ltd. in Individual Life (Universal Life). See Note 12 for additional information.


Nine Months Ended September 30, 2023
Retirement StrategiesIndividual LifeInternational BusinessesTotal
Individual VariableTerm LifeVariable/
Universal Life		Life PlannerGibraltar Life
and Other
(in millions)
Balance, BOP$4,171 $2,288 $5,000 $4,710 $4,231 $20,400 
Capitalization195 115 436 443 444 1,633 
Amortization expense(275)(160)(183)(244)(236)(1,098)
Other adjustments(1)
(393)2 0 14 0 (377)
Foreign currency adjustment0 0 0 (199)(158)(357)
Balance, EOP$3,698 $2,245 $5,253 $4,724 $4,281 20,201 
Other businesses193 
Total DAC balance$20,394 
__________
(1)Includes the impact of the reinsurance transaction with AuguStar in Individual Retirement Strategies. See Note 12 for additional information.
Deferred Sales Inducements
The following table shows a rollforward of DSI balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance:

Nine Months Ended September 30,
20242023
(in millions)
Balance, BOP
$410 $446 
Capitalization
2 2 
Amortization expense
(27)(28)
Balance, EOP
385 420 
Other businesses
31 33 
Total DSI balance
$416 $453 
Schedule of Value of Business Acquired
The following table shows a rollforward of VOBA balances for Gibraltar Life and Other, which is the only line of business that contains a material VOBA balance, along with a reconciliation to the Company’s total VOBA balance:

Nine Months Ended September 30,
20242023
(in millions)
Balance, BOP
$511 $597 
Amortization expense
(31)(37)
Foreign currency adjustment
(9)(64)
Balance, EOP
471 496 
Other businesses(1)
17 18 
Total VOBA balance
$488 $514 
__________
(1)Represents Aoba Life business.
Liability for Future Policy Benefit, Activity
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.

Nine Months Ended September 30, 2024
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP$71,407 $11,274 $29,064 $26,367 $3,286 $141,398 
Effect of cumulative changes in discount rate assumptions, BOP11,869 228 596 622 16 13,331 
Balance at original discount rate, BOP83,276 11,502 29,660 26,989 3,302 154,729 
Effect of assumption update41 21 (328)(535)(276)(1,077)
Effect of actual variances from expected experience and other activity534 (205)(1,030)(732)147 (1,286)
Adjusted balance, BOP83,851 11,318 28,302 25,722 3,173 152,366 
Issuances19,730 631 1,732 852 0 22,945 
Net premiums / considerations collected(20,691)(1,039)(2,849)(2,528)(241)(27,348)
Interest accrual2,150 397 634 526 113 3,820 
Foreign currency adjustment3,993 0 (521)(245)0 3,227 
Other adjustments0 3 95 0 0 98 
Balance at original discount rate, EOP89,033 11,310 27,393 24,327 3,045 155,108 
Effect of cumulative changes in discount rate assumptions, EOP(14,283)(109)(749)(651)6 (15,786)
Balance, EOP$74,750 $11,201 $26,644 $23,676 $3,051 $139,322 
Other businesses, EOP94 
Total balance, EOP$139,416 
Nine Months Ended September 30, 2024
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP$141,135 $19,852 $79,822 $79,036 $12,139 $331,984 
Effect of cumulative changes in discount rate assumptions, BOP14,751 334 563 7,355 603 23,606 
Balance at original discount rate, BOP155,886 20,186 80,385 86,391 12,742 355,590 
Effect of assumption update(481)21 (106)(407)(394)(1,367)
Effect of actual variances from expected experience and other activity638 (240)(1,023)(715)155 (1,185)
Adjusted balance, BOP156,043 19,967 79,256 85,269 12,503 353,038 
Issuances19,730 631 1,732 852 0 22,945 
Interest accrual4,633 707 1,921 1,630 454 9,345 
Benefit payments(9,743)(1,173)(3,450)(3,730)(240)(18,336)
Foreign currency adjustment4,046 0 (1,190)(743)0 2,113 
Other adjustments17 (7)208 (4)0 214 
Balance at original discount rate, EOP174,726 20,125 78,477 83,274 12,717 369,319 
Effect of cumulative changes in discount rate assumptions, EOP(16,145)(152)(2,888)(8,684)(567)(28,436)
Balance, EOP$158,581 $19,973 $75,589 $74,590 $12,150 $340,883 
Other businesses, EOP1,709 
Total balance, EOP$342,592 

Nine Months Ended September 30, 2024
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring$83,831 $8,773 $48,945 $50,915 $9,099 $201,563 
Flooring impact, EOP82 0 26 13 0 121 
Balance, EOP, post-flooring83,913 8,773 48,971 50,928 9,099 201,684 
Less: Reinsurance recoverables
5,481 719 98 290 0 6,588 
Balance after reinsurance recoverables, EOP, post-flooring
$78,432 $8,054 $48,873 $50,638 $9,099 $195,096 
Other businesses, EOP(1)1,551 
Total balance after reinsurance recoverables, EOP
$196,647 
Nine Months Ended September 30, 2023
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP$52,620 $11,282 $30,689 $28,951 $2,932 $126,474 
Effect of cumulative changes in discount rate assumptions, BOP14,349 572 1,354 1,326 103 17,704 
Balance at original discount rate, BOP66,969 11,854 32,043 30,277 3,035 144,178 
Effect of assumption update(1,117)(1)78 (175)266 (949)
Effect of actual variances from expected experience and other activity384 (159)(814)(516)145 (960)
Adjusted balance, BOP66,236 11,694 31,307 29,586 3,446 142,269 
Issuances8,453 539 1,793 1,258 0 12,043 
Net premiums / considerations collected(8,682)(1,060)(3,055)(2,873)(242)(15,912)
Interest accrual1,588 404 680 594 117 3,383 
Foreign currency adjustment950 0 (1,583)(1,608)0 (2,241)
Other adjustments0 (2)104 0 0 102 
Balance at original discount rate, EOP68,545 11,575 29,246 26,957 3,321 139,644 
Effect of cumulative changes in discount rate assumptions, EOP(16,742)(965)(1,571)(1,495)(249)(21,022)
Balance, EOP$51,803 $10,610 $27,675 $25,462 $3,072 $118,622 
Other businesses, EOP83 
Total balance, EOP$118,705 

Nine Months Ended September 30, 2023
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP $117,754 $19,288 $78,639 $80,331 $10,685 $306,697 
Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 3,719 11,266 1,216 37,383 
Balance at original discount rate, BOP 137,924 20,300 82,358 91,597 11,901 344,080 
Effect of assumption update(1,289)(1)145 44 357 (744)
Effect of actual variances from expected experience and other activity377 (194)(845)(503)171 (994)
Adjusted balance, BOP 137,012 20,105 81,658 91,138 12,429 342,342 
Issuances 8,453 539 1,793 1,258 0 12,043 
Interest accrual 3,720 707 1,977 1,729 443 8,576 
Benefit payments (8,550)(1,121)(2,729)(3,496)(196)(16,092)
Foreign currency adjustment 981 0 (4,630)(5,780)0 (9,429)
Other adjustments (138)(14)206 (18)0 36 
Balance at original discount rate, EOP 141,478 20,216 78,275 84,831 12,676 337,476 
Effect of cumulative changes in discount rate assumptions, EOP (24,887)(1,856)(5,296)(11,846)(2,305)(46,190)
Balance, EOP $116,591 $18,360 $72,979 $72,985 $10,371 $291,286 
Other businesses, EOP 1,635 
Total balance, EOP $292,921 
Nine Months Ended September 30, 2023
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $64,789 $7,750 $45,304 $47,523 $7,299 $172,665 
Flooring impact, EOP 0 2 27 31 0 60 
Balance, EOP, post-flooring 64,789 7,752 45,331 47,554 7,299 172,725 
Less: Reinsurance recoverables
4,810 696 96 189 0 5,791 
Balance after reinsurance recoverables, EOP, post-flooring
$59,979 $7,056 $45,235 $47,365 $7,299 $166,934 
Other businesses, EOP(1) 1,482 
Total balance after reinsurance recoverables, EOP
$168,416 
__________
(1)Reflects balance after reinsurance recoverables of $62 million and $69 million at September 30, 2024 and 2023, respectively.

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 period indicated:

Nine Months Ended September 30, 2024
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$145,066 $22,937 $63,514 $51,059 $6,758 
Discounted expected future gross premiums (at original discount rate) $96,557 $15,183 $49,274 $41,069 $4,488 
Discounted expected future gross premiums (at current discount rate) $80,840 $15,067 $48,327 $40,061 $4,502 
Undiscounted expected future benefits and expenses $274,739 $31,059 $132,310 $133,511 $29,908 
Weighted-average duration of the liability in years (at original discount rate) 810181817
Weighted-average duration of the liability in years (at current discount rate) 89171616
Weighted-average interest rate (at original discount rate) 4.74 %5.14 %3.43 %2.59 %4.91 %
Weighted-average interest rate (at current discount rate) 4.96 %4.91 %3.36 %3.25 %5.24 %

Nine Months Ended September 30, 2023
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$108,863 $23,147 $68,665 $56,169 $6,854 
Discounted expected future gross premiums (at original discount rate) $75,372 $15,381 $53,078 $45,102 $4,496 
Discounted expected future gross premiums (at current discount rate) $56,962 $14,120 $50,753 $42,804 $4,167 
Undiscounted expected future benefits and expenses $217,931 $31,164 $137,378 $139,536 $30,897 
Weighted-average duration of the liability in years (at original discount rate) 910201918
Weighted-average duration of the liability in years (at current discount rate) 89191717
Weighted-average interest rate (at original discount rate) 4.57 %5.17 %3.46 %2.59 %4.91 %
Weighted-average interest rate (at current discount rate) 6.02 %6.01 %3.37 %3.26 %6.30 %
The balances of and changes in DPL as of and for the period indicated are as follows:

Nine Months Ended September 30, 2024
Deferred Profit Liability
Retirement StrategiesInternational Businesses
InstitutionalLife PlannerGibraltar Life and OtherTotal
(in millions)
Balance, BOP, post-flooring
$5,615 $3,956 $5,303 $14,874 
Less: Flooring impact, BOP
0 1 1 2 
Balance, BOP, pre-flooring 5,615 3,955 5,302 14,872 
Effect of assumption update370 (150)(138)82 
Effect of actual variances from expected experience and other activity (69)(20)(33)(122)
Adjusted balance, BOP 5,916 3,785 5,131 14,832 
Profits deferred 112 1,164 874 2,150 
Interest accrual 177 122 116 415 
Amortization (441)(851)(737)(2,029)
Foreign currency adjustment 14 (76)(32)(94)
Other adjustments 0 22 0 22 
Balance, EOP, pre-flooring 5,778 4,166 5,352 15,296 
Flooring impact, EOP 0 1 2 3 
Balance, EOP, post-flooring
5,778 4,167 5,354 15,299 
Less: Reinsurance recoverables
396 10 31 437 
Balance after reinsurance recoverables, EOP, post-flooring
$5,382 $4,157 $5,323 14,862 
Other businesses
156 
Total balance after reinsurance recoverables, EOP
$15,018 

Nine Months Ended September 30, 2023
Deferred Profit Liability
Retirement StrategiesInternational Businesses
InstitutionalLife PlannerGibraltar Life and OtherTotal
(in millions)
Balance, BOP, post-flooring
$5,532 $3,379 $5,261 $14,172 
Less: Flooring impact, BOP
0 0 1 1 
Balance, BOP, pre-flooring 5,532 3,379 5,260 14,171 
Effect of assumption update35 (67)(228)(260)
Effect of actual variances from expected experience and other activity 4 (4)(32)(32)
Adjusted balance, BOP 5,571 3,308 5,000 13,879 
Profits deferred 294 1,271 1,017 2,582 
Interest accrual 170 109 114 393 
Amortization (424)(869)(765)(2,058)
Foreign currency adjustment 2 (128)(251)(377)
Other adjustments 0 24 0 24 
Balance, EOP, pre-flooring 5,613 3,715 5,115 14,443 
Flooring impact, EOP 0 0 1 1 
Balance, EOP, post-flooring
5,613 3,715 5,116 14,444 
Less: Reinsurance recoverables
383 8 10 401 
Balance after reinsurance recoverables, EOP, post-flooring
$5,230 $3,707 $5,106 14,043 
Other businesses
145 
Total balance after reinsurance recoverables, EOP
$14,188 
The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:

Nine Months Ended September 30,
2024
2023
(in millions)
Balance, including amounts in AOCI, BOP, post-flooring$14,308 $12,684 
Flooring impact and amounts in AOCI843 1,285 
Balance, excluding amounts in AOCI, BOP, pre-flooring15,151 13,969 
Effect of assumption update153 23 
Effect of actual variances from expected experience and other activity315 (13)
Adjusted balance, BOP15,619 13,979 
Assessments collected(1)852 836 
Interest accrual399 362 
Benefits paid(268)(223)
Other adjustments13 0 
Balance, excluding amounts in AOCI, EOP, pre-flooring16,615 14,954 
Flooring impact and amounts in AOCI(352)(1,737)
Balance, including amounts in AOCI, EOP, post-flooring16,263 13,217 
Less: Reinsurance recoverables
8,287 5,286 
Balance after reinsurance recoverables, including amounts in AOCI, EOP
7,976 7,931 
Other businesses75 123 
Total balance after reinsurance recoverables
$8,051 $8,054 
__________
(1)Represents the portion of gross assessments required to fund the future policy benefits.
Nine Months Ended September 30,
2024
2023
Weighted-average duration of the liability in years (at original discount rate) 2222
Weighted-average interest rate (at original discount rate) 3.40 %3.36 %
The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated:

Nine Months Ended September 30,
2024
2023
(in millions)
Benefit reserves, EOP, post-flooring$203,297 $174,276 
Deferred Profit Liability EOP, post-flooring15,455 14,589 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring16,338 13,340 
Subtotal of amounts disclosed above235,090 202,205 
Other Future Policy Benefits reserves(1)50,384 51,346 
Total Future Policy Benefits$285,474 $253,551 
__________
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, 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 in the Company's Consolidated Statement of Operations as of the periods indicated:

Nine Months Ended September 30, 2024
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$21,128 $1,384 $0 $4,359 $4,163 $419 $31,453 
Deferred profit liability(149)0 0 (287)(82)(7)(525)
Additional insurance reserves0 0 2,455 0 0 0 2,455 
Total$20,979 $1,384 $2,455 $4,072 $4,081 $412 $33,383 

Nine Months Ended September 30, 2023
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$9,310 $1,384 $0 $4,849 $4,741 $415 $20,699 
Deferred profit liability(79)0 0 (464)(105)37 (611)
Additional insurance reserves0 0 2,357 0 0 0 2,357 
Total$9,231 $1,384 $2,357 $4,385 $4,636 $452 $22,445 

Nine Months Ended September 30, 2024
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$2,483 $310 $0 $1,287 $1,105 $379 $5,564 
Deferred profit liability177 0 0 122 116 3 418 
Additional insurance reserves0 0 399 1 0 0 400 
Total$2,660 $310 $399 $1,410 $1,221 $382 $6,382 

Nine Months Ended September 30, 2023
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$2,132 $303 $0 $1,297 $1,135 $366 $5,233 
Deferred profit liability170 0 0 109 114 3 396 
Additional insurance reserves0 0 362 1 0 0 363 
Total$2,302 $303 $362 $1,407 $1,249 $369 $5,992 
__________
(1)Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR.
Additional Liability, Long-Duration Insurance
The balance of and changes in URR as of and for the periods ended are as follows:

Nine Months Ended September 30, 2024
Individual LifeInternational Businesses
Variable/ Universal Life
Life Planner
Gibraltar Life and Other
Total
(in millions)
Balance, BOP
$4,613 $359 $95 $5,067 
Unearned revenue653 107 15 775 
Amortization expense(179)(12)(4)(195)
Other adjustments0 (56)(1)(57)
FX adjustment0 1 0 1 
Balance, EOP
5,087 399 105 5,591 
Less: Reinsurance recoverables
409 0 0 409 
Balance after reinsurance recoverables, EOP
$4,678 $399 $105 $5,182 
Other businesses
56 
Total balance after reinsurance recoverables, EOP
$5,238 

Nine Months Ended September 30, 2023
Individual LifeInternational Businesses
Variable/ Universal Life
Life Planner
Gibraltar Life and Other
Total
(in millions)
Balance, BOP
$3,983 $231 $81 $4,295 
Unearned revenue622 100 16 738 
Amortization expense(154)(7)(4)(165)
Other adjustments0 2 0 2 
FX adjustment0 (22)(5)(27)
Balance, EOP
4,451 304 88 4,843 
Less: Reinsurance recoverables
0 0 0 0 
Balance after reinsurance recoverables, EOP
$4,451 $304 $88 $4,843 
Other businesses
50 
Total balance after reinsurance recoverables, EOP
$4,893 
Market Risk Benefit, Activity
The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
 
Nine Months Ended September 30,
20242023
(in millions)
Balance, BOP$4,038 $4,987 
Effect of cumulative changes in NPR1,137 1,828 
Balance, BOP, before effect of changes in NPR5,175 6,815 
Attributed fees collected850 899 
Claims paid(61)(83)
Interest accrual187 255 
Actual in force different from expected16 54 
Effect of changes in interest rates54 (2,986)
Effect of changes in equity markets(1,712)(995)
Effect of assumption update93 342 
Issuances52 15 
Other adjustments
14 (24)
Balance, EOP, before effect of changes in NPR4,668 4,292 
Effect of cumulative changes in NPR(996)(1,301)
Balance, EOP3,672 2,991 
Less: Reinsured MRBs
681 610 
Balance, EOP, net of reinsurance2,991 2,381 
Other businesses53 79 
Total net MRB balance$3,044 $2,460 
The following table presents accompanying information to the rollforward table above.

September 30, 2024September 30, 2023
($ in millions)
Net amount at risk(1)$7,878 $13,417 
Weighted-average attained age of contractholders7170
__________
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.
The tables below reconcile MRB asset and liability positions as of the following dates:

September 30, 2024
 Retirement Strategies
Individual VariableOther BusinessesTotal
(in millions)
Direct and assumed
$1,308 $10 $1,318 
Ceded
814 2 816 
Total MRB assets
$2,122 $12 $2,134 
Direct and assumed
$4,980 $65 $5,045 
Ceded
133 0 133 
Total MRB liabilities
$5,113 $65 $5,178 
Net liability
$2,991 $53 $3,044 

September 30, 2023
 Retirement Strategies
Individual VariableOther BusinessesTotal
(in millions)
Direct and assumed
$1,430 $10 $1,440 
Ceded
757 3 760 
Total MRB assets
$2,187 $13 $2,200 
Direct and assumed
$4,421 $92 $4,513 
Ceded
147 0 147 
Total MRB liabilities
$4,568 $92 $4,660 
Net liability
$2,381 $79 $2,460 
v3.24.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Fixed Maturities, Available-for-sale, Debt Securities
The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
 
 September 30, 2024
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$28,379 $1,063 $3,794 $0 $25,648 
Obligations of U.S. states and their political subdivisions7,216 224 411 0 7,029 
Foreign government securities
70,344 2,668 7,552 0 65,460 
U.S. public corporate securities115,390 2,946 8,049 79 110,208 
U.S. private corporate securities(1)45,419 1,101 2,010 31 44,479 
Foreign public corporate securities24,278 576 1,016 25 23,813 
Foreign private corporate securities37,940 1,006 2,913 100 35,933 
Asset-backed securities(2)16,062 228 67 0 16,223 
Commercial mortgage-backed securities9,616 75 419 0 9,272 
Residential mortgage-backed securities(3)2,784 35 154 0 2,665 
Total fixed maturities, available-for-sale(1)
$357,428 $9,922 $26,385 $235 $340,730 
__________
(1)Excludes notes with amortized cost of $14,126 million (fair value, $14,137 million), which have been offset with the associated debt under a netting agreement.
(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(3)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 millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$24,874 $1,091 $4,169 $0 $21,796 
Obligations of U.S. states and their political subdivisions8,650 267 459 0 8,458 
Foreign government securities
71,556 3,895 5,208 53 70,190 
U.S. public corporate securities105,593 2,357 9,711 67 98,172 
U.S. private corporate securities(1)42,801 807 2,574 14 41,020 
Foreign public corporate securities20,473 487 1,298 19 19,643 
Foreign private corporate securities35,128 613 3,446 5 32,290 
Asset-backed securities(2)12,514 202 119 2 12,595 
Commercial mortgage-backed securities10,571 34 713 0 9,892 
Residential mortgage-backed securities(3)2,438 24 197 0 2,265 
Total fixed maturities, available-for-sale(1)
$334,598 $9,777 $27,894 $160 $316,321 
__________
(1)Excludes notes with amortized cost of $12,370 million (fair value, $12,370 million), which have been offset with the associated debt under a netting agreement.
(2)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types.
(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
 
 September 30, 2024
 Less Than
Twelve Months		Twelve Months
or More		Total
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$3,156 $31 $12,202 $3,763 $15,358 $3,794 
Obligations of U.S. states and their political subdivisions728 10 3,626 401 4,354 411 
Foreign government securities
5,197 148 24,001 7,404 29,198 7,552 
U.S. public corporate securities6,077 96 55,020 7,945 61,097 8,041 
U.S. private corporate securities2,139 68 26,030 1,941 28,169 2,009 
Foreign public corporate securities1,644 18 9,241 991 10,885 1,009 
Foreign private corporate securities614 48 20,833 2,862 21,447 2,910 
Asset-backed securities1,140 26 1,456 41 2,596 67 
Commercial mortgage-backed securities76 0 6,761 419 6,837 419 
Residential mortgage-backed securities40 0 1,472 154 1,512 154 
Total fixed maturities, available-for-sale$20,811 $445 $160,642 $25,921 $181,453 $26,366 
 December 31, 2023
 Less Than
Twelve Months		Twelve Months
or More		Total
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$2,718 $95 $12,642 $4,074 $15,360 $4,169 
Obligations of U.S. states and their political subdivisions862 14 3,816 445 4,678 459 
Foreign government securities
9,098 542 19,589 4,664 28,687 5,206 
U.S. public corporate securities4,881 103 61,204 9,604 66,085 9,707 
U.S. private corporate securities3,026 69 27,062 2,504 30,088 2,573 
Foreign public corporate securities1,766 37 10,812 1,246 12,578 1,283 
Foreign private corporate securities1,578 120 22,145 3,324 23,723 3,444 
Asset-backed securities846 30 5,886 89 6,732 119 
Commercial mortgage-backed securities287 3 8,251 710 8,538 713 
Residential mortgage-backed securities92 2 1,599 195 1,691 197 
Total fixed maturities, available-for-sale$25,154 $1,015 $173,006 $26,855 $198,160 $27,870 
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: 
September 30, 2024
Available-for-sale
 Amortized CostFair Value
(in millions)
Fixed maturities:
Due in one year or less$11,756 $11,725 
Due after one year through five years60,508 60,735 
Due after five years through ten years(1)
63,078 63,885 
Due after ten years(1)193,624 176,225 
Asset-backed securities16,062 16,223 
Commercial mortgage-backed securities9,616 9,272 
Residential mortgage-backed securities2,784 2,665 
Total$357,428 $340,730 
__________
(1)Excludes notes with amortized cost of $14,126 million (fair value, $14,137 million), which have been offset with the associated debt under a netting agreement.
Sources of Fixed Maturity Proceeds and Related Investment Gains (Losses) as well as Losses on Impairments
The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$9,406 $6,619 $23,480 $20,741 
Proceeds from maturities/prepayments5,133 4,051 16,213 12,092 
Gross investment gains from sales and maturities357 295 952 724 
Gross investment losses from sales and maturities(687)(734)(1,957)(1,436)
Write-downs recognized in earnings(2)(440)(53)(449)(63)
(Addition to) release of allowance for credit losses(66)37 (99)(101)
Fixed maturities, held-to-maturity:
Proceeds from maturities/prepayments(3)$0 $4 $0 $21 
(Addition to) release of allowance for credit losses0 2 0 2 
__________ 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $146 million and $(90) million for the nine months ended September 30, 2024 and 2023, respectively.
(2)Amounts represent securities actively marketed for sale, securities where it is more likely than not the Company will be required to sell prior to the recovery of the amortized cost basis and write-downs on credit adverse securities.
(3)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $1 million for the nine months ended September 30, 2023.
Allowance for Credit Losses for Fixed Maturity Securities
The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated: 

Three Months Ended September 30, 2024
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $168 $1 $0 $0 $169 
Additions to allowance for credit losses not previously recorded0 0 59 0 0 0 59 
Reductions for securities sold during the period0 0 (7)0 0 0 (7)
Additions (reductions) on securities with previous allowance0 0 16 (1)0 0 15 
Change in foreign exchange0 0 (1)0 0 0 (1)
Balance, end of period$0 $0 $235 $0 $0 $0 $235 

Three Months Ended September 30, 2023
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $56 $219 $1 $0 $0 $276 
Additions to allowance for credit losses not previously recorded0 0 9 0 0 0 9 
Reductions for securities sold during the period0 0 (71)0 0 0 (71)
Additions (reductions) on securities with previous allowance0 8 16 1 0 0 25 
Balance, end of period$0 $64 $173 $2 $0 $0 $239 
Nine Months Ended September 30, 2024
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $53 $105 $2 $0 $0 $160 
Additions to allowance for credit losses not previously recorded0 0 118 0 0 0 118 
Reductions for securities sold during the period0 (30)(27)0 0 0 (57)
Additions (reductions) on securities with previous allowance0 (23)40 (2)0 0 15 
Change in foreign exchange
0 0 (1)0 0 0 (1)
Balance, end of period$0 $0 $235 $0 $0 $0 $235 

Nine Months Ended September 30, 2023
U.S. Treasury Securities and Obligations of U.S. States
Foreign Government Securities
U.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $1 $136 $1 $0 $0 $138 
Additions to allowance for credit losses not previously recorded0 62 87 0 0 0 149 
Reductions for securities sold during the period0 0 (116)0 0 0 (116)
Additions (reductions) on securities with previous allowance0 1 66 1 0 0 68 
Balance, end of period$0 $64 $173 $2 $0 $0 $239 
Assets Supporting Experience-Rated Contractholder Liabilities
The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:

 September 30, 2024December 31, 2023
 Amortized
Cost or Cost		Fair
Value		Amortized
Cost or Cost		Fair
Value
 (in millions)
Fixed maturities:
Corporate securities$76 $75 $81 $79 
Foreign government securities
608 606 606 604 
Obligations of U.S. government authorities and agencies and obligations of U.S. states
222 224 202 206 
Total fixed maturities(1)906 905 889 889 
Equity securities1,787 2,749 1,607 2,279 
Total assets supporting experience-rated contractholder liabilities(2)$2,693 $3,654 $2,496 $3,168 
__________ 
(1)As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings as of both September 30, 2024 and December 31, 2023.
(2)As a percentage of amortized cost, 100% of the portfolio consisted of public securities as of both September 30, 2024 and December 31, 2023.
Securities Concentrations of Credit Risk
As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:
 
 September 30, 2024December 31, 2023
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
 (in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale$62,117 $57,669 $62,591 $61,484 
Fixed maturities, trading20 19 19 19 
Assets supporting experience-rated contractholder liabilities527 519 522 514 
Total$62,664 $58,207 $63,132 $62,017 

 September 30, 2024December 31, 2023
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
 (in millions)
Investments in Brazil government and government agency securities:
Fixed maturities, available-for-sale$3,005 $2,688 $3,028 $2,992 
Fixed maturities, trading
48 47 0 0 
Short-term investments18 18 0 0 
Cash equivalents250 250 427 427 
Total$3,321 $3,003 $3,455 $3,419 
Commercial Mortgage and Other Loans
The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: 

 September 30, 2024December 31, 2023
 
Amount
% of
Total
Amount
% of
Total
($ in millions)
Commercial mortgage and agricultural property loans by property type:
Office$8,216 13.2 %$8,402 14.2 %
Retail5,409 8.7 5,384 9.1 
Apartments/Multi-Family17,710 28.5 16,555 28.0 
Industrial16,463 26.5 15,263 25.8 
Hospitality2,010 3.2 2,086 3.5 
Other4,507 7.4 4,069 6.9 
Total commercial mortgage loans54,315 87.5 51,759 87.5 
Agricultural property loans7,738 12.5 7,426 12.5 
Total commercial mortgage and agricultural property loans62,053 100.0 %59,185 100.0 %
Allowance for credit losses(555)(459)
Total net commercial mortgage and agricultural property loans61,498 58,726 
Other loans:
Uncollateralized loans674 425 
Residential property loans23 30 
Other collateralized loans426 125 
Total other loans1,123 580 
Allowance for credit losses(48)(1)
Total net other loans1,075 579 
Total net commercial mortgage and other loans(1)$62,573 $59,305 
__________ 
(1)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of September 30, 2024 and December 31, 2023, the net carrying value of these loans was $1,098 million and $519 million, respectively.
Commercial Mortgage Loan Commitments

September 30,
2024		December 31,
2023
 (in millions)
Total outstanding mortgage loan commitments$2,294 $1,798 
Portion of commitment where prearrangement to sell to investor exists$514 $366 
Indemnification of Serviced Mortgage Loans

September 30,
2024		December 31,
2023
 (in millions)
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company$3,189 $3,102 
First-loss exposure portion of above$922 $898 
Accrued liability associated with guarantees(1)$26 $28 
__________
(1)The accrued liability associated with guarantees includes an allowance for credit losses of $12 million and $14 million as of September 30, 2024 and December 31, 2023, respectively. The change in allowance was a reduction of $1 million for both the three months ended September 30, 2024 and 2023, and a reduction of $2 million for both the nine months ended September 30, 2024 and 2023.
Allowance for Credit Losses
The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, for the periods indicated:

Three Months Ended September 30, 2024
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$489 $24 $0 $33 $18 $564 
Addition to (release of) allowance for expected losses(6)53 0 (1)(2)44 
Write-offs charged against the allowance
0 (5)0 0 0 (5)
Change in foreign exchange0 0 0 0 0 0 
Allowance, end of period$483 $72 $0 $32 $16 $603 

Three Months Ended September 30, 2023
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$224 $16 $0 $0 $1 $241 
Addition to (release of) allowance for expected losses90 0 0 0 0 90 
Change in foreign exchange1 0 0 0 0 1 
Allowance, end of period$315 $16 $0 $0 $1 $332 

Nine Months Ended September 30, 2024
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$443 $16 $0 $0 $1 $460 
Addition to (release of) allowance for expected losses41 61 0 32 15 149 
Write-offs charged against the allowance
0 (5)0 0 0 (5)
Reduction for loans sold during the period0 0 0 0 0 0 
Change in foreign exchange(1)0 0 0 0 (1)
Allowance, end of period$483 $72 $0 $32 $16 $603 
Nine Months Ended September 30, 2023
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$188 $13 $0 $0 $2 $203 
Addition to (release of) allowance for expected losses125 3 0 0 0 128 
Reduction for loans sold during the period0 0 0 0 (1)(1)
Change in foreign exchange2 0 0 0 0 2 
Allowance, end of period$315 $16 $0 $0 $1 $332 
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:

September 30, 2024
Amortized Cost by Origination Year
2024
2023202220212020PriorRevolving LoansTotal
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$1,265 $1,631 $1,021 $2,186 $1,234 $17,757 $11 $25,105 
60%-69.99%4,334 2,585 1,040 2,355 1,048 5,879 0 17,241 
70%-79.99%467 911 1,110 1,355 447 2,258 0 6,548 
80% or greater50 137 495 229 282 4,228 0 5,421 
Total$6,116 $5,264 $3,666 $6,125 $3,011 $30,122 $11 $54,315 
Debt Service Coverage Ratio:
Greater than 1.2x
$5,436 $4,779 $3,140 $6,022 $2,853 $27,250 $11 $49,491 
1.0 - 1.2x597 335 374 52 104 1,556 0 3,018 
Less than 1.0x83 150 152 51 54 1,316 0 1,806 
Total$6,116 $5,264 $3,666 $6,125 $3,011 $30,122 $11 $54,315 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$344 $374 $897 $2,019 $686 $1,789 $132 $6,241 
60%-69.99%58 555 124 10 53 43 0 843 
70%-79.99%0 0 0 0 0 3 0 3 
80% or greater0 6 517 0 71 5 52 651 
Total$402 $935 $1,538 $2,029 $810 $1,840 $184 $7,738 
Debt Service Coverage Ratio:
Greater than 1.2x
$394 $866 $1,004 $1,976 $737 $1,632 $132 $6,741 
1.0 - 1.2x8 64 526 45 57 153 52 905 
Less than 1.0x0 5 8 8 16 55 0 92 
Total$402 $935 $1,538 $2,029 $810 $1,840 $184 $7,738 
December 31, 2023
Amortized Cost by Origination Year
2023
2022202120202019PriorRevolving LoansTotal
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$1,822 $911 $2,264 $1,437 $3,205 $16,569 $0 $26,208 
60%-69.99%2,765 1,440 2,541 1,107 2,146 4,530 0 14,529 
70%-79.99%1,001 1,004 1,278 401 1,013 2,277 0 6,974 
80% or greater145 357 203 330 209 2,804 0 4,048 
Total$5,733 $3,712 $6,286 $3,275 $6,573 $26,180 $0 $51,759 
Debt Service Coverage Ratio:
Greater than 1.2x
$5,237 $3,194 $6,122 $3,182 $5,988 $23,196 $0 $46,919 
1.0 - 1.2x346 366 82 38 265 1,713 0 2,810 
Less than 1.0x150 152 82 55 320 1,271 0 2,030 
Total$5,733 $3,712 $6,286 $3,275 $6,573 $26,180 $0 $51,759 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$360 $880 $2,027 $774 $455 $1,481 $74 $6,051 
60%-69.99%586 668 25 50 20 4 0 1,353 
70%-79.99%7 0 0 0 0 0 0 7 
80% or greater0 0 0 0 15 0 0 15 
Total$953 $1,548 $2,052 $824 $490 $1,485 $74 $7,426 
Debt Service Coverage Ratio:
Greater than 1.2x
$948 $1,535 $2,040 $750 $489 $1,290 $74 $7,126 
1.0 - 1.2x0 5 4 58 0 151 0 218 
Less than 1.0x5 8 8 16 1 44 0 82 
Total$953 $1,548 $2,052 $824 $490 $1,485 $74 $7,426 
Amortized Cost Basis of Loan Modifications made to Borrowers Experiencing Financial Difficulties
The following tables set forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties for the dates indicated:

Three Months Ended September 30, 2024
Term
Extension
% of
Amortized Cost
Other Than Insignificant Delay in Payment
% of
Amortized Cost
($ in millions)
Commercial mortgage loans
$0 0.0 %$195 0.4 %
Agricultural property loans
$0 0.0 %$0 0.0 %
Nine Months Ended September 30, 2024
Term
Extension
% of
Amortized Cost
Other Than Insignificant Delay in Payment
% of
Amortized Cost
($ in millions)
Commercial mortgage loans
$341 0.6 %$195 0.4 %
Agricultural property loans
$3 0.0 %$0 0.0 %
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:
 
 September 30, 2024
 Current30-59 Days
Past Due		60-89 Days
Past Due		90 Days or More Past Due(1)(2)Total Past
Due		Total
Loans		Non-Accrual
Status(3)
 (in millions)
Commercial mortgage loans$54,054 $0 $0 $261 $261 $54,315 $297 
Agricultural property loans6,984 0 11 743 754 7,738 749 
Residential property loans23 0 0 0 0 23 0 
Other collateralized loans426 0 0 0 0 426 0 
Uncollateralized loans674 0 0 0 0 674 25 
Total$62,161 $0 $11 $1,004 $1,015 $63,176 $1,071 
__________
(1)As of September 30, 2024, there were no loans in this category accruing interest.
(2)Includes loans for which no credit losses are expected due to U.S. agency guarantees.
(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.


 December 31, 2023
 Current30-59 Days
Past Due		60-89 Days
Past Due
90 Days or More Past Due(1)(2)
Total Past
Due		Total
Loans
Non-Accrual
Status(3)
 (in millions)
Commercial mortgage loans$51,665 $34 $0 $60 $94 $51,759 $94 
Agricultural property loans7,392 15 15 4 34 7,426 38 
Residential property loans30 0 0 0 0 30 0 
Other collateralized loans125 0 0 0 0 125 0 
Uncollateralized loans425 0 0 0 0 425 25 
Total$59,637 $49 $15 $64 $128 $59,765 $157 
__________
(1)As of December 31, 2023, there were no loans in this category accruing interest.
(2)Primarily includes loans for which no credit losses are expected due to U.S. agency guarantees.
(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Other Invested Assets
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:

September 30, 2024December 31, 2023
 (in millions)
LPs/LLCs:
Equity method:
Private equity$10,129 $8,929 
Hedge funds3,079 3,164 
Real estate-related2,992 2,578 
Subtotal equity method16,200 14,671 
Fair value:
Private equity2,020 1,247 
Hedge funds2,036 2,078 
Real estate-related947 800 
Subtotal fair value5,003 4,125 
Total LPs/LLCs21,203 18,796 
Real estate held through direct ownership(1)1,825 1,794 
Derivative instruments1,147 1,100 
Other(2)1,192 1,165 
Total other invested assets$25,367 $22,855 
_________ 
(1)As of September 30, 2024 and December 31, 2023, real estate held through direct ownership had mortgage debt of $151 million and $158 million, respectively.
(2)Primarily includes equity investments accounted for under the measurement alternative, strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Bank of New York, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Accrued Investment Income
The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

 September 30, 2024December 31, 2023
 (in millions)
Fixed maturities$2,987 $2,727 
Equity securities9 6 
Commercial mortgage and other loans223 224 
Policy loans253 259 
Other invested assets30 23 
Short-term investments and cash equivalents64 48 
Total accrued investment income$3,566 $3,287 
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated: 

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (in millions)
Fixed maturities, available-for-sale(1)$3,805 $3,390 $11,100 $9,921 
Fixed maturities, held-to-maturity(1)0 48 0 148 
Fixed maturities, trading146 65 392 177 
Assets supporting experience-rated contractholder liabilities14 9 41 34 
Equity securities35 38 134 142 
Commercial mortgage and other loans654 578 1,907 1,681 
Policy loans127 124 368 372 
Other invested assets
331 352 898 1,046 
Short-term investments and cash equivalents299 260 881 720 
Gross investment income5,411 4,864 15,721 14,241 
Less: investment expenses
(356)(293)(1,053)(874)
Net investment income$5,055 $4,571 $14,668 $13,367 
__________ 
(1)Includes income on credit-linked notes which are reported on the same financial statement line as related surplus notes, as conditions are met for right to offset.
Realized Investment Gains (Losses), Net
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (in millions)
Fixed maturities(1)$(836)$(453)$(1,553)$(874)
Commercial mortgage and other loans(41)(83)(136)(109)
Investment real estate2 22 (4)49 
LPs/LLCs16 (4)39 (21)
Derivatives(2)
(759)(1,857)(162)(2,162)
Other(2)
(226)(27)(502)(6)
Realized investment gains (losses), net$(1,844)$(2,402)$(2,318)$(3,123)
__________ 
(1)Excludes fixed maturity securities classified as trading.
(2)Prior period has been revised to conform to current period presentation.
Net Unrealized Gains (Losses) on Investment
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:

September 30, 2024December 31, 2023
 (in millions)
Fixed maturity securities, available-for-sale with an allowance$(121)$(72)
Fixed maturity securities, available-for-sale without an allowance
(16,342)(18,045)
Derivatives designated as cash flow hedges(1)
694 869 
Derivatives designated as fair value hedges(1)
(164)(60)
Other investments(2)
85 57 
Net unrealized gains (losses) on investments$(15,848)$(17,251)
__________ 
(1)For additional information regarding cash flow and fair value hedges, see Note 5.
(2)Includes net unrealized gains 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 “Securities sold under agreements to repurchase,” as of the dates indicated:
September 30, 2024December 31, 2023
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
 Overnight & ContinuousUp to 30 Days30 to 90 DaysTotal  Overnight & ContinuousUp to 30 Days30 to 90 DaysTotal
(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies$6,784 $0 $0 $6,784 $5,693 $0 $0 $5,693 
U.S. public corporate securities
0 33 0 33 0 118 0 118 
Foreign public corporate securities
0 18 0 18 0 0 0 0 
Commercial mortgage-backed securities620 0 0 620 245 0 0 245 
Total securities sold under agreements to repurchase$7,404 $51 $0 $7,455 $5,938 $118 $0 $6,056 

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:

September 30, 2024December 31, 2023
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
 Overnight & ContinuousUp to 30 DaysTotal  Overnight & ContinuousUp to 30 DaysTotal
(in millions)
U.S. Treasury securities and obligations of U.S.
government authorities and agencies		$154 $0 $154 $1 $0 $1 
Obligations of U.S. states and their political
subdivisions		54 0 54 67 0 67 
Foreign government securities
105 0 105 242 0 242 
U.S. public corporate securities6,416 342 6,758 4,399 420 4,819 
Foreign public corporate securities1,014 79 1,093 649 76 725 
Equity securities307 0 307 623 0 623 
Total cash collateral for loaned securities(1)$8,050 $421 $8,471 $5,981 $496 $6,477 
__________ 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
v3.24.3
Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2024
Variable Interest Entity, Measure of Activity [Abstract]  
Schedule of Consolidated Variable Interest Entities
The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs.
Consolidated VIEs for which the
Company is the Investment
Manager(1)		Other Consolidated VIEs(1)
 September 30,
2024		December 31,
2023		September 30,
2024		December 31,
2023
 (in millions)
Fixed maturities, available-for-sale$926 $539 $803 $836 
Fixed maturities, trading561 943 0 0 
Equity securities88 106 0 0 
Commercial mortgage and other loans755 764 541 0 
Other invested assets6,093 4,319 515 485 
Cash and cash equivalents263 302 0 0 
Accrued investment income7 7 3 3 
Other assets686 1,023 655 636 
Total assets of consolidated VIEs$9,379 $8,003 $2,517 $1,960 
Other liabilities$175 $588 $0 $0 
Notes issued by consolidated VIEs(2)1,414 1,374 42 0 
Total liabilities of consolidated VIEs$1,589 $1,962 $42 $0 
__________
(1)Total assets of consolidated VIEs reflect $4,615 million and $4,003 million as of September 30, 2024 and December 31, 2023, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries.
(2)Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of September 30, 2024, the maturities of these obligations were between 5 and 13 years.
v3.24.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks they are utilized to manage, excluding embedded derivatives. 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. These netting impacts resulted in total derivative assets of $1,151 million and $1,103 million as of September 30, 2024 and December 31, 2023, respectively, and total derivative liabilities of $3,764 million and $4,181 million as of September 30, 2024 and December 31, 2023, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position.
Primary Underlying Risk /Instrument TypeSeptember 30, 2024December 31, 2023
 Fair Value Fair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$4,262 $73 $(218)$3,582 $55 $(252)
Interest Rate Forwards0 0 0 0 0 0 
Foreign Currency
Foreign Currency Forwards4,903 33 (235)4,748 43 (195)
Currency/Interest Rate
Foreign Currency Swaps30,295 1,722 (726)27,933 1,952 (676)
Total Derivatives Designated as Hedge Accounting Instruments$39,460 $1,828 $(1,179)$36,263 $2,050 $(1,123)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$226,706 $7,941 $(20,314)$224,445 $8,604 $(21,599)
Interest Rate Futures9,418 23 (44)10,448 7 (26)
Interest Rate Options34,198 244 (1,033)32,718 292 (1,095)
Interest Rate Forwards4,589 56 (19)3,678 39 (14)
Foreign Currency
Foreign Currency Forwards27,231 989 (941)27,686 965 (954)
Currency/Interest Rate
Foreign Currency Swaps7,480 460 (157)7,771 502 (164)
Credit
Credit Default Swaps3,949 80 0 3,446 64 0 
Equity
Equity Futures1,249 3 (1)672 1 (2)
Equity Options82,356 4,163 (2,730)51,792 1,688 (1,662)
Total Return Swaps11,188 124 (350)9,237 48 (514)
Other
Other(1)1,250 0 0 1,250 0 0 
Synthetic GICs75,271 2 (2)78,009 1 (1)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$484,885 $14,085 $(25,591)$451,152 $12,211 $(26,031)
Total Derivatives(2)(3)$524,345 $15,913 $(26,770)$487,415 $14,261 $(27,154)
__________
(1)“Other” primarily includes derivative contracts used to improve the balance of the Company’s tail longevity and mortality risk. Under these contracts, the Company’s gains (losses) are capped at the notional amount.
(2)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $12,232 million (including the Prismic funds withheld related embedded derivative net liability of $578 million) and $8,096 million (including the Prismic funds withheld related embedded derivative net liability of $508 million) as of September 30, 2024 and December 31, 2023, respectively, primarily included in “Policyholders’ account balances” and “Reinsurance and funds withheld payables.”    
(3)Recorded in “Other invested assets” and “Other liabilities” on the Unaudited Interim Consolidated Statements of Financial Position.
Schedule of Derivative instruments (hedged item in fair value hedge accounting relationship)
As of September 30, 2024, the following amounts were recorded on the Unaudited Interim Consolidated Statements of Financial Position related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges.

September 30, 2024December 31, 2023
Balance Sheet Line Item in which Hedged Item is RecordedCarrying Amount of the Hedged Assets (Liabilities)Cumulative Amount of
Fair Value Hedging Adjustment Included in the
Carrying Amount of the Hedged
Assets (Liabilities)(1)		Carrying Amount of the Hedged Assets (Liabilities)Cumulative Amount of
Fair Value Hedging Adjustment Included in the
Carrying Amount of the Hedged
Assets (Liabilities)(1)
(in millions)
Fixed maturities, available-for-sale, at fair value$227 $19 $224 $19 
Policyholders’ account balances$(1,598)$223 $(810)$219 
Future policy benefits$(2,515)$189 $(2,441)$298 
__________
(1)There were no material fair value hedging adjustments for hedged assets and liabilities for which hedge accounting has been discontinued.
Offsetting of Financial Assets
The following tables present recognized derivative instruments (excluding embedded derivatives), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.
 
 September 30, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements
of Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$15,789 $(14,762)$1,027 $(243)$784 
Securities purchased under agreements to resell
617 0 617 (342)275 
Total assets$16,406 $(14,762)$1,644 $(585)$1,059 
Offsetting of Financial Liabilities:
Derivatives$26,768 $(23,006)$3,762 $(2,881)$881 
Securities sold under agreements to repurchase
7,455 0 7,455 (6,836)619 
Total liabilities$34,223 $(23,006)$11,217 $(9,717)$1,500 
 
 December 31, 2023
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements
of Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$14,169 $(13,158)$1,011 $(240)$771 
Securities purchased under agreements to resell
388 0 388 (363)25 
Total assets$14,557 $(13,158)$1,399 $(603)$796 
Offsetting of Financial Liabilities:
Derivatives$27,154 $(22,973)$4,181 $(3,775)$406 
Securities sold under agreements to repurchase
6,056 0 6,056 (5,811)245 
Total liabilities$33,210 $(22,973)$10,237 $(9,586)$651 
__________
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Offsetting of Financial Liabilities
The following tables present recognized derivative instruments (excluding embedded derivatives), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.
 
 September 30, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements
of Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$15,789 $(14,762)$1,027 $(243)$784 
Securities purchased under agreements to resell
617 0 617 (342)275 
Total assets$16,406 $(14,762)$1,644 $(585)$1,059 
Offsetting of Financial Liabilities:
Derivatives$26,768 $(23,006)$3,762 $(2,881)$881 
Securities sold under agreements to repurchase
7,455 0 7,455 (6,836)619 
Total liabilities$34,223 $(23,006)$11,217 $(9,717)$1,500 
 
 December 31, 2023
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements
of Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in millions)
Offsetting of Financial Assets:
Derivatives$14,169 $(13,158)$1,011 $(240)$771 
Securities purchased under agreements to resell
388 0 388 (363)25 
Total assets$14,557 $(13,158)$1,399 $(603)$796 
Offsetting of Financial Liabilities:
Derivatives$27,154 $(22,973)$4,181 $(3,775)$406 
Securities sold under agreements to repurchase
6,056 0 6,056 (5,811)245 
Total liabilities$33,210 $(22,973)$10,237 $(9,586)$651 
__________
(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, including the offset of the hedged item in fair value hedge relationships.

 Three Months Ended September 30, 2024
 Realized
Investment
Gains
(Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$(7)$0 $0 $0 $0 $67 $74 $0 
Currency0 0 0 0 0 0 108 0 
Total gains (losses) on derivatives designated as hedge instruments(7)0 0 0 0 67 182 0 
Gains (losses) on the hedged item:
Interest Rate7 0 3 0 0 (70)(79)0 
Currency0 0 0 0 0 0 (107)0 
Total gains (losses) on hedged item7 0 3 0 0 (70)(186)0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (2)(94)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (2)(94)
Total gains (losses) on fair value hedges net of hedged item0 0 3 0 0 (3)(6)(94)
Cash flow hedges
Interest Rate0 0 (5)0 0 0 0 19 
Currency0 0 0 0 0 0 0 (69)
Currency/Interest Rate30 0 83 (230)0 0 0 (755)
Total gains (losses) on cash flow hedges30 0 78 (230)0 0 0 (805)
Net investment hedges
Currency0 0 0 0 0 0 0 (15)
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 (15)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate758 700 0 0 0 0 0 0 
Currency(19)0 0 0 0 0 0 0 
Currency/Interest Rate(152)0 0 (2)0 0 0 0 
Credit33 0 0 0 0 0 0 0 
Equity641 (354)0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives(2)
(2,036)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(775)346 0 (2)0 0 0 0 
Total$(745)$346 $81 $(232)$0 $(3)$(6)$(914)
 Nine Months Ended September 30, 2024
 Realized
Investment
Gains
(Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$(1)$0 $0 $0 $0 $(3)$(8)$0 
Currency0 0 0 0 0 0 93 0 
Total gains (losses) on derivatives designated as hedge instruments(1)0 0 0 0 (3)85 0 
Gains (losses) on the hedged item:
Interest Rate1 0 9 0 0 4 (16)0 
Currency0 0 0 0 0 0 (93)0 
Total gains (losses) on hedged item1 0 9 0 0 4 (109)0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (7)(103)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (7)(103)
Total gains (losses) on fair value hedges net of hedged item0 0 9 0 0 1 (31)(103)
Cash flow hedges
Interest Rate(14)0 (12)0 0 0 0 20 
Currency0 0 0 0 0 0 0 (45)
Currency/Interest Rate58 0 241 (145)0 0 0 (150)
Total gains (losses) on cash flow hedges44 0 229 (145)0 0 0 (175)
Net investment hedges
Currency0 0 0 0 0 0 0 (2)
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 (2)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(275)(712)0 0 0 0 0 0 
Currency(58)0 0 (1)0 0 0 0 
Currency/Interest Rate21 0 0 (2)0 0 0 0 
Credit89 0 0 0 0 0 0 0 
Equity2,681 (914)0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives(2)
(2,671)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(213)(1,626)0 (3)0 0 0 0 
Total$(169)$(1,626)$238 $(148)$0 $1 $(31)$(280)
 Three Months Ended September 30, 2023
 Realized
Investment
Gains
(Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$10 $0 $0 $0 $0 $(110)$(141)$0 
Currency0 0 0 0 0 0 (73)0 
Total gains (losses) on derivatives designated as hedge instruments10 0 0 0 0 (110)(214)0 
Gains (losses) on the hedged item:
Interest Rate(9)0 3 0 0 104 189 0 
Currency0 0 0 0 0 0 72 0 
Total gains (losses) on hedged item(9)0 3 0 0 104 261 0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (2)131 
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (2)131 
Total gains (losses) on fair value hedges net of hedged item1 0 3 0 0 (6)45 131 
Cash flow hedges
Interest Rate0 0 (3)0 0 0 0 (40)
Currency0 0 0 0 0 0 0 0 
Currency/Interest Rate3 0 75 144 0 0 0 (109)
Total gains (losses) on cash flow hedges3 0 72 144 0 0 0 (149)
Net investment hedges
Currency0 0 0 0 0 0 0 11 
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 11 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(1,918)(2,314)0 0 0 0 0 0 
Currency70 0 0 (1)0 0 0 0 
Currency/Interest Rate34 0 0 1 0 0 0 0 
Credit1 0 0 0 0 0 0 0 
Equity(461)314 0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives298 0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(1,976)(2,000)0 0 0 0 0 0 
Total$(1,972)$(2,000)$75 $144 $0 $(6)$45 $(7)
 Nine Months Ended September 30, 2023
 Realized
Investment
Gains
(Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$11 $0 $0 $0 $0 $(126)$(155)$0 
Currency(1)0 (1)0 0 0 26 0 
Total gains (losses) on derivatives designated as hedge instruments10 0 (1)0 0 (126)(129)0 
Gains (losses) on the hedged item:
Interest Rate(10)0 9 0 0 105 185 0 
Currency0 0 0 0 0 0 (25)0 
Total gains (losses) on hedged item(10)0 9 0 0 105 160 0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (6)36 
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (6)36 
Total gains (losses) on fair value hedges net of hedged item0 0 8 0 0 (21)25 36 
Cash flow hedges
Interest Rate(22)0 (10)0 0 0 0 (9)
Currency8 0 0 0 0 0 0 (40)
Currency/Interest Rate51 0 237 (2)0 0 0 (620)
Total gains (losses) on cash flow hedges37 0 227 (2)0 0 0 (669)
Net investment hedges
Currency0 0 0 0 0 0 0 27 
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 27 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(1,693)(3,069)0 0 0 0 0 0 
Currency(440)0 0 4 0 0 0 0 
Currency/Interest Rate(29)0 0 (1)0 0 0 0 
Credit86 0 0 0 0 0 0 0 
Equity689 (363)0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives(918)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(2,305)(3,432)0 3 0 0 0 0 
Total$(2,268)$(3,432)$235 $1 $0 $(21)$25 $(606)
__________
(1)Excludes changes related to net investment hedges using non-derivative instruments of $(122) million and $(21) million for the three and nine months ended September 30, 2024, respectively, and $15 million and $60 million for the three and nine months ended September 30, 2023, respectively.
(2)Includes the Prismic funds withheld related embedded derivative realized gain (loss) of $(543) million and $(71) million for the three and nine months ended September 30, 2024, respectively.
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 millions)
Balance, December 31, 2023$869 
Amount recorded in AOCI:
Interest Rate(5)
Currency(42)
Currency/Interest Rate4 
Total amount recorded in AOCI(43)
Amount reclassified from AOCI to income:
Interest Rate25 
Currency(3)
Currency/Interest Rate(154)
Total amount reclassified from AOCI to income(132)
Balance, September 30, 2024$694 
Credit Derivatives
The following tables provide a summary of the notional and fair value of written credit protection, presented as assets (liabilities). The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying referenced securities become worthless, is equal to the notional amounts. These credit derivatives have maturities of less than 11 years for index reference.
September 30, 2024
NAIC Rating Designation of Underlying Credit Obligation(1)
NAIC 1NAIC 2NAIC 3NAIC 4NAIC 5
NAIC 6(2)
Total
Gross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair Value
(in millions)
Single name reference(3)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Index reference(3)
0 0 0 0 3,365 35 0 0 0 0 584 45 3,949 80 
Total$0 $0 $0 $0 $3,365 $35 $0 $0 $0 $0 $584 $45 $3,949 $80 
December 31, 2023
NAIC Rating Designation of Underlying Credit Obligation(1)
NAIC 1NAIC 2NAIC 3NAIC 4NAIC 5
NAIC 6(2)
Total
Gross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair ValueGross NotionalFair Value
(in millions)
Single name reference(3)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Index reference(3)
0 0 0 0 2,723 19 0 0 89 5 634 40 3,446 64 
Total$0 $0 $0 $0 $2,723 $19 $0 $0 $89 $5 $634 $40 $3,446 $64 
_________
(1)The NAIC rating designations are based on availability and the lowest ratings among Moody's Investors Service, Inc. (“Moody's”), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings Inc. (“Fitch”). If no rating is available from a rating agency, a NAIC 6 rating is used.
(2)The NAIC rating designation is due to approximately 4% and 3% of the index reference name rated as NAIC 6 as of September 30, 2024 and December 31, 2023, respectively.
(3)Single name credit default swaps may make reference to the credit of corporate debt, sovereign debt, and structured finance. Index reference NAIC designations are based on the lowest rated single name reference included in the index.
v3.24.3
Fair Value of Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 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.
 September 30, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $25,648 $0 $$25,648 
Obligations of U.S. states and their political subdivisions0 7,023 6 7,029 
Foreign government securities
0 65,453 7 65,460 
U.S. corporate public securities0 110,143 65 110,208 
U.S. corporate private securities(2)0 40,838 3,641 44,479 
Foreign corporate public securities0 23,734 79 23,813 
Foreign corporate private securities0 34,104 1,829 35,933 
Asset-backed securities(3)0 14,861 1,362 16,223 
Commercial mortgage-backed securities0 8,364 908 9,272 
Residential mortgage-backed securities0 2,655 10 2,665 
Subtotal0 332,823 7,907 340,730 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 224 0 224 
Foreign government securities
0 606 0 606 
Corporate securities0 75 0 75 
Equity securities1,353 1,396 0 2,749 
Subtotal1,353 2,301 0 3,654 
Market risk benefit assets0 0 2,134 2,134 
Fixed maturities, trading0 10,451 1,614 12,065 
Equity securities
4,361 1,820 590 6,771 
Commercial mortgage and other loans0 1,098 0 1,098 
Other invested assets(5)23 15,888 928 (14,762)2,077 
Short-term investments1,345 5,625 468 7,438 
Cash equivalents992 8,686 1 9,679 
Reinsurance recoverables and deposit receivables0 (186)510 324 
Other assets0 0 0 0 
Separate account assets(6)(7)9,383 164,499 272 174,154 
Total assets$17,457 $543,005 $14,424 $(14,762)$560,124 
Market risk benefit liabilities$0 $0 $5,178 $$5,178 
Policyholders’ account balances0 0 11,977 11,977 
Reinsurance and funds withheld payables0 577 0 577 
Other liabilities45 26,723 2 (23,006)3,764 
Notes issued by consolidated VIEs0 0 440 440 
Total liabilities$45 $27,300 $17,597 $(23,006)$21,936 
 December 31, 2023
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $21,796 $0 $$21,796 
Obligations of U.S. states and their political subdivisions0 8,451 7 8,458 
Foreign government securities
0 70,182 8 70,190 
U.S. corporate public securities0 98,097 75 98,172 
U.S. corporate private securities(2)0 38,199 2,821 41,020 
Foreign corporate public securities0 19,576 67 19,643 
Foreign corporate private securities0 30,447 1,843 32,290 
Asset-backed securities(3)0 12,236 359 12,595 
Commercial mortgage-backed securities0 8,954 938 9,892 
Residential mortgage-backed securities0 2,265 0 2,265 
Subtotal0 310,203 6,118 316,321 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 206 0 206 
Foreign government securities
0 604 0 604 
Corporate securities0 79 0 79 
Equity securities1,004 1,275 0 2,279 
Subtotal1,004 2,164 0 3,168 
Market risk benefit assets0 0 1,981 1,981 
Fixed maturities, trading0 9,361 429 9,790 
Equity securities(4)
5,953 1,538 512 8,003 
Commercial mortgage and other loans0 519 0 519 
Other invested assets(5)27 14,234 846 (13,158)1,949 
Short-term investments125 3,746 29 3,900 
Cash equivalents2,240 8,058 4 10,302 
Reinsurance recoverables and deposit receivables0 (75)224 149 
Other assets0 0 11 11 
Separate account assets(6)(7)8,925 161,793 1,094 171,812 
Total assets$18,274 $511,541 $11,248 $(13,158)$527,905 
Market risk benefit liabilities$0 $0 $5,467 $$5,467 
Policyholders’ account balances0 0 7,752 7,752 
Reinsurance and funds withheld payables0 490 0 490 
Other liabilities35 27,112 1 (22,973)4,175 
Notes issued by consolidated VIEs0 0 778 778 
Total liabilities$35 $27,602 $13,998 $(22,973)$18,662 
__________
(1)“Netting” amounts represent cash collateral of $(8,244) million and $(9,815) million as of September 30, 2024 and December 31, 2023, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
(2)Excludes notes with fair value of $14,137 million (carrying amount of $14,126 million) and $12,370 million (carrying amount of $12,370 million) as of September 30, 2024 and December 31, 2023, respectively, which have been offset with the associated debt under a netting agreement.
(3)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.
(4)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 $239 million.
(5)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. As of September 30, 2024 and December 31, 2023, the fair value of such investments was $4,984 million and $4,125 million, respectively.
(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 other invested assets. As of September 30, 2024 and December 31, 2023, the fair value of such investments was $26,396 million and $27,076 million, respectively.
(7)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position.
Fair Value Inputs, Assets and Liabilities, Quantitative Information
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.

 As of September 30, 2024

Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$4,890 Discounted
cash flow		Discount rate0.92%20.00%11.15%Decrease
Market comparablesEBITDA multiples(4)4.0X8.8X5.0XIncrease
LiquidationLiquidation value0.00%0.00%0.00%Increase
Commercial mortgage-backed securities$908 Discounted
cash flow		Liquidity premium1.00%1.00%1.00%Decrease
Market risk benefit assets(6)
$2,134 
Discounted
cash flow
Lapse rate(8)
1%20%Increase
Spread over SOFR(9)
0.37%1.84%Increase
Utilization rate(10)
37%94%Decrease
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)
0%16%Increase
Equity volatility curve15%25%Decrease
Equity securities$223 
Discounted
cash flow
Discount rate(5)
0.16%40%Decrease
Market comparablesEBITDA multiples(4)1.0X12.2X5.1XIncrease
Net Asset ValueShare price$3$1,810$842Increase
Liabilities:
Market risk benefit liabilities(6)
$5,178 
Discounted
cash flow
Lapse rate(8)
1%20%Decrease
Spread over SOFR(9)
0.37%1.84%Decrease
Utilization rate(10)
37%94%Increase
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)
0%16%Decrease
   Equity volatility curve15%25% Increase
Policyholders’ account balances(7)
$11,974 
Discounted
cash flow
Lapse rate(8)
0%80%Decrease
Spread over SOFR(9)
0.37%1.85%Decrease
Mortality rate(12)
0%23%Decrease
Option Budget(13)
(1)%7%Increase
 
 As of December 31, 2023

Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$1,311 Discounted
cash flow		Discount rate0.57%20.00%8.65%Decrease
Market comparablesEBITDA multiples(4)5.5X8.8X7.4XIncrease
LiquidationLiquidation value3.55%68.00%57.63%Increase
Commercial mortgage-backed securities$938 Discounted
cash flow		Liquidity premium0.60%0.75%0.70%Decrease
Market risk benefit assets(6)
$1,981 
Discounted cash flow
Lapse rate(8)
1%20%Increase
Spread over SOFR(9)
0.41%1.82%Increase
Utilization rate(10)
38%95%Decrease
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)
0%15%Increase
Equity volatility curve15%25%Decrease
Equity securities$246 
Discounted
cash flow
Discount rate(5)
0.16%20%Decrease
Market comparablesEBITDA multiples(4)1.0X10.0X6.3XIncrease
Net Asset ValueShare price$3$1,714$733Increase
Liabilities:
Market risk benefit liabilities(6)
$5,467 
Discounted
cash flow
Lapse rate(8)
1%20%Decrease
Spread over SOFR(9)
0.41%1.82%Decrease
Utilization rate(10)
38%95%Increase
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)
0%15%Decrease
   Equity volatility curve15%25% Increase
Policyholders’ account balances(7)
$7,752 
Discounted
cash flow
Lapse rate(8)
1%80%Decrease
Spread over SOFR(9)
0.41%1.85%Decrease
Mortality rate(12)
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)Includes assets classified as fixed maturities, available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities, trading.
(3)Excludes notes which have been offset with the associated debt under a netting agreement.
(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)For these investments, a range of discount rates is typically used (10% to 20%) and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than weighted average.
(6)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.
(7)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.
(8)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.
(9)The spread over the secured overnight financing rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of September 30, 2024 and December 31, 2023, respectively. This spread includes an estimate of non-performance risk (“NPR”), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company (“AuguStar”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 12 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.
(10)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.
(11)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 September 30, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 78% and 81%, respectively. As of September 30, 2024 and December 31, 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%.
(12)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.
(13)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
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 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.

Three Months Ended September 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(8)
Transfers out of Level 3(8)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$6 $1 $0 $0 $0 $0 $0 $0 $(1)$6 $0 
Foreign government7 0 0 0 0 1 0 (1)0 7 0 
Corporate securities(3)5,003 (12)694 (52)0 (112)28 81 (16)5,614 (20)
Structured securities(4)2,052 65 230 (55)0 (7)2 8 (15)2,280 62 
Other assets:
Fixed maturities, trading1,520 49 322 (1)0 (15)1 65 (327)1,614 49 
Equity securities556 7 47 (20)0 0 0 0 0 590 7 
Other invested assets938 (15)3 0 0 0 2 0 0 928 (14)
Short-term investments9 0 456 0 0 0 3 0 0 468 0 
Cash equivalents4 0 0 0 0 0 (4)0 1 1 0 
Reinsurance recoverables and deposit receivables
363 10 63 0 0 (14)88 0 0 510 (4)
Other assets0 0 0 0 0 0 0 0 0 0 0 
Separate account assets
342 4 176 (208)0 (3)0 12 (51)272 0 
Liabilities:
Policyholders’ account balances(5)
(10,213)(1,096)0 0 (711)0 43 0 0 (11,977)274 
Other liabilities(1)(1)0 0 0 0 0 0 0 (2)0 
Notes issued by consolidated VIEs(422)3 0 0 (21)0 0 0 0 (440)3 
 
Three Months Ended September 30, 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 balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(72)$0 $0 $119 $7 $(66)$0 $0 $108 
Other assets:
Fixed maturities, trading0 49 0 0 0 0 49 0 0 
Equity securities0 7 0 0 0 0 7 0 0 
Other invested assets0 (15)0 0 0 1 (15)0 0 
Short-term investments0 0 0 0 0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables
10 0 0 0 0 (4)0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 4 0 0 0 0 0 0 
Liabilities:
Policyholders’ account balances(1,096)0 0 0 0 274 0 0 0 
Other liabilities(1)0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 3 0 0 0 0 3 0 0 

Nine Months Ended September 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(8)
Transfers out of Level 3(8)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $0 $0 $0 $0 $0 $0 $0 $(1)$6 $0 
Foreign government8 0 0 0 0 0 0 (1)0 7 0 
Corporate securities(3)4,806 (101)1,513 (85)0 (620)(126)243 (16)5,614 (120)
Structured securities(4)1,297 58 1,822 (56)0 (82)(491)67 (335)2,280 51 
Other assets:
Fixed maturities, trading429 44 1,216 (23)0 (131)0 467 (388)1,614 49 
Equity securities512 0 122 (36)0 (5)6 1 (10)590 (3)
Other invested assets846 (62)125 (2)0 0 21 0 0 928 (62)
Short-term investments29 1 463 0 0 (6)(19)0 0 468 0 
Cash equivalents4 0 4 0 0 0 (8)0 1 1 0 
Reinsurance recoverables and deposit receivables
224 61 177 0 0 (40)88 0 0 510 21 
Other assets11 0 8 0 0 0 (19)0 0 0 0 
Separate account assets
1,094 (50)312 (1,032)0 (7)0 12 (57)272 (14)
Liabilities:
Policyholders’ account balances(5)
(7,752)(2,472)0 0 (1,798)0 45 0 0 (11,977)1,023 
Other liabilities(1)(1)0 0 0 0 0 0 0 (2)(1)
Notes issued by consolidated VIEs(778)(5)0 0 (48)0 391 0 0 (440)(5)
 
Nine Months Ended September 30, 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 balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(135)$0 $0 $70 $22 $(124)$0 $0 $55 
Other assets:
Fixed maturities, trading0 43 0 0 1 0 49 0 0 
Equity securities0 0 0 0 0 0 (3)0 0 
Other invested assets0 (62)0 0 0 0 (62)0 0 
Short-term investments0 0 0 0 1 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables
61 0 0 0 0 21 0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 (50)0 0 0 0 (14)0 
Liabilities:
Policyholders’ account balances(2,472)0 0 0 0 1,023 0 0 0 
Other liabilities(1)0 0 0 0 (1)0 0 0 
Notes issued by consolidated VIEs0 (5)0 0 0 0 (5)0 0 

 
Three Months Ended September 30, 2023(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(8)
Transfers out of Level 3(8)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $0 $0 $0 $0 $0 $0 $0 $0 $7 $0 
Foreign government8 0 0 0 0 0 0 0 0 8 0 
Corporate securities(3)4,461 (81)393 (23)0 (247)14 289 (149)4,657 (86)
Structured securities(4)1,264 (45)166 (1)0 (5)(1)76 (114)1,340 (45)
Other assets:
Fixed maturities, trading302 (4)32 (39)0 (5)9 0 2 297 (5)
Equity securities773 11 19 (1)0 (28)0 2 (35)741 12 
Other invested assets865 (7)5 (2)0 0 0 0 0 861 (7)
Short-term investments25 1 12 0 0 (14)0 0 0 24 0 
Cash equivalents0 0 0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables217 26 34 0 0 (7)0 0 0 270 19 
Other assets(7)
12 0 (1)0 0 0 0 0 0 11 0 
Separate account assets
1,175 0 87 (82)0 (2)0 42 (60)1,160 (12)
Liabilities:
Policyholders’ account balances(5)
(5,629)(97)0 0 (410)0 28 0 0 (6,108)(263)
Other liabilities(1)0 0 0 0 0 0 0 0 (1)0 
Notes issued by consolidated VIEs0 0 0 0 0 0 (392)0 0 (392)0 
 
Three Months Ended September 30, 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 balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(4)$0 $0 $(130)$8 $(1)$0 $0 $(130)
Other assets:
Fixed maturities, trading0 (4)0 0 0 0 (5)0 0 
Equity securities0 11 0 0 0 0 12 0 0 
Other invested assets(5)(2)0 0 0 (5)(2)0 0 
Short-term investments1 0 0 0 0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables26 0 0 0 0 19 0 0 0 
Other assets(7)
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 0 0 0 0 0 (12)0 
Liabilities:
Policyholders’ account balances(97)0 0 0 0 (263)0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 0 0 0 

 
 Nine Months Ended September 30, 2023(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(8)
Transfers out of Level 3(8)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $0 $0 $0 $0 $0 $0 $0 $0 $7 $0 
Foreign government8 0 0 0 0 0 0 0 0 8 0 
Corporate securities(3)3,858 (46)1,657 (198)0 (747)(6)307 (168)4,657 (47)
Structured securities(4)1,289 (74)405 (6)0 (30)(1)113 (356)1,340 (81)
Other assets:
Fixed maturities, trading304 (1)98 (39)0 (18)10 0 (57)297 (5)
Equity securities627 5 28 (68)0 (34)216 3 (36)741 (5)
Other invested assets539 (26)359 (11)0 0 0 0 0 861 (26)
Short-term investments18 4 43 0 0 (41)0 0 0 24 0 
Cash equivalents0 0 0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables141 34 107 0 0 (12)0 0 0 270 22 
Other assets(7)
11 0 0 0 0 0 0 0 0 11 0 
Separate account assets
1,081 88 396 (279)0 (68)0 45 (103)1,160 75 
Liabilities:
Policyholders’ account balances(5)
(3,492)(1,368)0 0 (1,249)0 1 0 0 (6,108)(525)
Other liabilities(1)0 0 0 0 0 0 0 0 (1)0 
Notes issued by consolidated VIEs0 0 0 0 0 0 (392)0 0 (392)0 
 
Nine Months Ended September 30, 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 balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(20)$0 $0 $(111)$11 $(3)$0 $0 $(125)
Other assets:
Fixed maturities, trading0 (2)0 0 1 0 (5)0 0 
Equity securities(1)6 0 0 0 0 (5)0 0 
Other invested assets(6)(20)0 0 0 (6)(20)0 0 
Short-term investments3 0 0 0 1 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables34 0 0 0 0 22 0 0 0 
Other assets(7)
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 88 0 0 0 0 75 0 
Liabilities:
Policyholders’ account balances(1,368)0 0 0 0 (525)0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 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 public, U.S. corporate private, foreign corporate public and foreign corporate private securities.
(4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.
(5)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward.
(6)Excludes MRB assets of $2,134 million and $2,200 million and MRB liabilities of $5,178 million and $4,660 million for the periods ended September 30, 2024 and 2023, respectively. See Note 11 for additional information.
(7)Prior period amounts have been reclassified to conform to current period presentation.
(8)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.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
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 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.

Three Months Ended September 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(8)
Transfers out of Level 3(8)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$6 $1 $0 $0 $0 $0 $0 $0 $(1)$6 $0 
Foreign government7 0 0 0 0 1 0 (1)0 7 0 
Corporate securities(3)5,003 (12)694 (52)0 (112)28 81 (16)5,614 (20)
Structured securities(4)2,052 65 230 (55)0 (7)2 8 (15)2,280 62 
Other assets:
Fixed maturities, trading1,520 49 322 (1)0 (15)1 65 (327)1,614 49 
Equity securities556 7 47 (20)0 0 0 0 0 590 7 
Other invested assets938 (15)3 0 0 0 2 0 0 928 (14)
Short-term investments9 0 456 0 0 0 3 0 0 468 0 
Cash equivalents4 0 0 0 0 0 (4)0 1 1 0 
Reinsurance recoverables and deposit receivables
363 10 63 0 0 (14)88 0 0 510 (4)
Other assets0 0 0 0 0 0 0 0 0 0 0 
Separate account assets
342 4 176 (208)0 (3)0 12 (51)272 0 
Liabilities:
Policyholders’ account balances(5)
(10,213)(1,096)0 0 (711)0 43 0 0 (11,977)274 
Other liabilities(1)(1)0 0 0 0 0 0 0 (2)0 
Notes issued by consolidated VIEs(422)3 0 0 (21)0 0 0 0 (440)3 
 
Three Months Ended September 30, 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 balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(72)$0 $0 $119 $7 $(66)$0 $0 $108 
Other assets:
Fixed maturities, trading0 49 0 0 0 0 49 0 0 
Equity securities0 7 0 0 0 0 7 0 0 
Other invested assets0 (15)0 0 0 1 (15)0 0 
Short-term investments0 0 0 0 0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables
10 0 0 0 0 (4)0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 4 0 0 0 0 0 0 
Liabilities:
Policyholders’ account balances(1,096)0 0 0 0 274 0 0 0 
Other liabilities(1)0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 3 0 0 0 0 3 0 0 

Nine Months Ended September 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(8)
Transfers out of Level 3(8)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $0 $0 $0 $0 $0 $0 $0 $(1)$6 $0 
Foreign government8 0 0 0 0 0 0 (1)0 7 0 
Corporate securities(3)4,806 (101)1,513 (85)0 (620)(126)243 (16)5,614 (120)
Structured securities(4)1,297 58 1,822 (56)0 (82)(491)67 (335)2,280 51 
Other assets:
Fixed maturities, trading429 44 1,216 (23)0 (131)0 467 (388)1,614 49 
Equity securities512 0 122 (36)0 (5)6 1 (10)590 (3)
Other invested assets846 (62)125 (2)0 0 21 0 0 928 (62)
Short-term investments29 1 463 0 0 (6)(19)0 0 468 0 
Cash equivalents4 0 4 0 0 0 (8)0 1 1 0 
Reinsurance recoverables and deposit receivables
224 61 177 0 0 (40)88 0 0 510 21 
Other assets11 0 8 0 0 0 (19)0 0 0 0 
Separate account assets
1,094 (50)312 (1,032)0 (7)0 12 (57)272 (14)
Liabilities:
Policyholders’ account balances(5)
(7,752)(2,472)0 0 (1,798)0 45 0 0 (11,977)1,023 
Other liabilities(1)(1)0 0 0 0 0 0 0 (2)(1)
Notes issued by consolidated VIEs(778)(5)0 0 (48)0 391 0 0 (440)(5)
 
Nine Months Ended September 30, 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 balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(135)$0 $0 $70 $22 $(124)$0 $0 $55 
Other assets:
Fixed maturities, trading0 43 0 0 1 0 49 0 0 
Equity securities0 0 0 0 0 0 (3)0 0 
Other invested assets0 (62)0 0 0 0 (62)0 0 
Short-term investments0 0 0 0 1 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables
61 0 0 0 0 21 0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 (50)0 0 0 0 (14)0 
Liabilities:
Policyholders’ account balances(2,472)0 0 0 0 1,023 0 0 0 
Other liabilities(1)0 0 0 0 (1)0 0 0 
Notes issued by consolidated VIEs0 (5)0 0 0 0 (5)0 0 

 
Three Months Ended September 30, 2023(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(8)
Transfers out of Level 3(8)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $0 $0 $0 $0 $0 $0 $0 $0 $7 $0 
Foreign government8 0 0 0 0 0 0 0 0 8 0 
Corporate securities(3)4,461 (81)393 (23)0 (247)14 289 (149)4,657 (86)
Structured securities(4)1,264 (45)166 (1)0 (5)(1)76 (114)1,340 (45)
Other assets:
Fixed maturities, trading302 (4)32 (39)0 (5)9 0 2 297 (5)
Equity securities773 11 19 (1)0 (28)0 2 (35)741 12 
Other invested assets865 (7)5 (2)0 0 0 0 0 861 (7)
Short-term investments25 1 12 0 0 (14)0 0 0 24 0 
Cash equivalents0 0 0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables217 26 34 0 0 (7)0 0 0 270 19 
Other assets(7)
12 0 (1)0 0 0 0 0 0 11 0 
Separate account assets
1,175 0 87 (82)0 (2)0 42 (60)1,160 (12)
Liabilities:
Policyholders’ account balances(5)
(5,629)(97)0 0 (410)0 28 0 0 (6,108)(263)
Other liabilities(1)0 0 0 0 0 0 0 0 (1)0 
Notes issued by consolidated VIEs0 0 0 0 0 0 (392)0 0 (392)0 
 
Three Months Ended September 30, 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 balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(4)$0 $0 $(130)$8 $(1)$0 $0 $(130)
Other assets:
Fixed maturities, trading0 (4)0 0 0 0 (5)0 0 
Equity securities0 11 0 0 0 0 12 0 0 
Other invested assets(5)(2)0 0 0 (5)(2)0 0 
Short-term investments1 0 0 0 0 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables26 0 0 0 0 19 0 0 0 
Other assets(7)
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 0 0 0 0 0 (12)0 
Liabilities:
Policyholders’ account balances(97)0 0 0 0 (263)0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 0 0 0 

 
 Nine Months Ended September 30, 2023(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(8)
Transfers out of Level 3(8)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $0 $0 $0 $0 $0 $0 $0 $0 $7 $0 
Foreign government8 0 0 0 0 0 0 0 0 8 0 
Corporate securities(3)3,858 (46)1,657 (198)0 (747)(6)307 (168)4,657 (47)
Structured securities(4)1,289 (74)405 (6)0 (30)(1)113 (356)1,340 (81)
Other assets:
Fixed maturities, trading304 (1)98 (39)0 (18)10 0 (57)297 (5)
Equity securities627 5 28 (68)0 (34)216 3 (36)741 (5)
Other invested assets539 (26)359 (11)0 0 0 0 0 861 (26)
Short-term investments18 4 43 0 0 (41)0 0 0 24 0 
Cash equivalents0 0 0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables141 34 107 0 0 (12)0 0 0 270 22 
Other assets(7)
11 0 0 0 0 0 0 0 0 11 0 
Separate account assets
1,081 88 396 (279)0 (68)0 45 (103)1,160 75 
Liabilities:
Policyholders’ account balances(5)
(3,492)(1,368)0 0 (1,249)0 1 0 0 (6,108)(525)
Other liabilities(1)0 0 0 0 0 0 0 0 (1)0 
Notes issued by consolidated VIEs0 0 0 0 0 0 (392)0 0 (392)0 
 
Nine Months Ended September 30, 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 balances
Included in other comprehensive income (losses)
Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account balances
Included in other comprehensive income (losses)
(in millions)
Fixed maturities, available-for-sale$(20)$0 $0 $(111)$11 $(3)$0 $0 $(125)
Other assets:
Fixed maturities, trading0 (2)0 0 1 0 (5)0 0 
Equity securities(1)6 0 0 0 0 (5)0 0 
Other invested assets(6)(20)0 0 0 (6)(20)0 0 
Short-term investments3 0 0 0 1 0 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables34 0 0 0 0 22 0 0 0 
Other assets(7)
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 88 0 0 0 0 75 0 
Liabilities:
Policyholders’ account balances(1,368)0 0 0 0 (525)0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 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 public, U.S. corporate private, foreign corporate public and foreign corporate private securities.
(4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.
(5)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward.
(6)Excludes MRB assets of $2,134 million and $2,200 million and MRB liabilities of $5,178 million and $4,660 million for the periods ended September 30, 2024 and 2023, respectively. See Note 11 for additional information.
(7)Prior period amounts have been reclassified to conform to current period presentation.
(8)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.
Fair Value Assets and Liabilities Measured on Recurring Basis, Derivatives
Derivative Fair Value Information
 
The following tables present the balances of certain derivative assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, by the primary underlying risks they are used to manage. These tables include NPR and exclude embedded derivatives. The derivative assets and liabilities shown below are included in “Other invested assets” or “Other liabilities” in the tables contained within the sections “—Assets and Liabilities by Hierarchy Level” and “—Changes in Level 3 Assets and Liabilities,” above.
 As of September 30, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Derivative Assets:
Interest Rate$23 $8,314 $2 $$8,339 
Currency0 1,022 0 1,022 
Credit0 80 0 80 
Currency/Interest Rate0 2,182 0 2,182 
Equity0 4,290 0 4,290 
Other0 0 0 0 
Netting(1)(14,762)(14,762)
Total derivative assets$23 $15,888 $2 $(14,762)$1,151 
Derivative Liabilities:
Interest Rate$44 $21,584 $2 $$21,630 
Currency0 1,176 0 1,176 
Credit0 0 0 0 
Currency/Interest Rate0 883 0 883 
Equity1 3,080 0 3,081 
Other0 0 0 0 
Netting(1)(23,006)(23,006)
Total derivative liabilities$45 $26,723 $2 $(23,006)$3,764 

 As of December 31, 2023
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Derivative Assets:
Interest Rate$7 $8,990 $1 $$8,998 
Currency0 1,008 0 1,008 
Credit0 64 0 64 
Currency/Interest Rate0 2,454 0 2,454 
Equity19 1,718 0 1,737 
Other0 0 0 0 
Netting(1)(13,158)(13,158)
Total derivative assets$26 $14,234 $1 $(13,158)$1,103 
Derivative Liabilities:
Interest Rate$26 $22,960 $1 $$22,987 
Currency0 1,149 0 1,149 
Credit0 0 0 0 
Currency/Interest Rate0 840 0 840 
Equity10 2,168 0 2,178 
Other0 0 0 0 
Netting(1)(22,973)(22,973)
Total derivative liabilities$36 $27,117 $1 $(22,973)$4,181 
__________ 
(1)“Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation, Derivatives
Changes in Level 3 Derivative Assets and Liabilities—The following tables provide a summary of the changes in fair value of Level 3 derivative 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.

Three Months Ended September 30, 2024
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3(2)		Transfers out of Level 3(2)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate1 (1)0 0 0 0 0 0 0 0 0

Nine Months Ended September 30, 2024
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3(2)		Transfers out of Level 3(2)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate0 0 0 0 0 0 0 0 0 0 0

Three Months Ended September 30, 2023
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3(2)		Transfers out of Level 3(2)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate0 0 0 0 0 0 0 0 0 0 0

Nine Months Ended September 30, 2023
Fair Value, beginning of periodTotal realized and unrealized gains (losses)(1)PurchasesSalesIssuancesSettlementsOtherTransfers into
Level 3(2)		Transfers out of Level 3(2)Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in millions)
Net Derivative - Equity$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 
Net Derivative - Interest Rate0 0 0 0 0 0 0 0 0 0 0
__________ 
(1)Total realized and unrealized gains (losses) as well as unrealized gains (losses) for assets still held at the end of the period are recorded in “Realized investment gains (losses), net.”
(2)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.
Fair Value Measurements, Nonrecurring The following tables represent 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).
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in millions)
Gains (Losses):
Commercial mortgage loans(1)$0 $0 $0 $0 
Investment real estate$(9)$0 $(12)$(17)
Investment in JV/LP and Other
$0 $(10)$(7)$(65)

September 30, 2024December 31, 2023
(in millions)
Carrying value after measurement as of period end:
Commercial mortgage loans(1)$0 $34 
Investment real estate(2)
$176 $113 
Investment in JV/LP and Other(2)
$128 $186 
__________ 
(1)Commercial mortgage loans are valued based on discounted cash flows utilizing market rates or the fair value of the underlying real estate collateral.
(2)Reported carrying values for 2024 include values as of the measurement periods of March 31, 2024 for “Investment in JV/LP and Other” and September 30, 2024 for “Investment real estate.” Reported carrying values for 2023 include values as of the measurement periods of June 30, 2023 for “Investment real estate” and June 30, 2023 and December 31, 2023 for “Investment in JV/LP and Other.”
Fair Value, Option
The following tables present information regarding assets and liabilities where the fair value option has been elected.

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in millions)
Liabilities:
Notes issued by consolidated VIEs:
Changes in fair value$(3)$0$5$0

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in millions)
Commercial mortgage and other loans:
Interest income$7 $2 $10 $7 
Notes issued by consolidated VIEs:
Interest expense$4 $0 $14 $0 
September 30, 2024December 31, 2023
(in millions)
Commercial mortgage and other loans(1):
Fair value as of period end$1,098 $519 
Aggregate contractual principal as of period end$1,089 $512 
Other invested assets:
Fair value as of period end$19 $0 
Other assets:
Fair value as of period end$0 $11 
Notes issued by consolidated VIEs:
Fair value as of period end$440 $778 
Aggregate contractual principal as of period end$443 $787 
__________ 
(1)As of September 30, 2024, for loans for which the fair value option has been elected, none of the loans were 90 days or more past due.
Fair Value Disclosure Financial Instruments Not Carried at Fair Value
The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.

 September 30, 2024
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in millions)
Assets:
Commercial mortgage and other loans$0 $37 $59,335 $59,372 $61,475 
Policy loans8 0 9,939 9,947 9,947 
Other invested assets0 95 0 95 95 
Short-term investments540 32 0 572 572 
Cash and cash equivalents9,815 704 0 10,519 10,519 
Accrued investment income0 3,566 0 3,566 3,566 
Reinsurance recoverables and deposit receivables
0 8 5,656 5,664 5,664 
Other assets30 2,809 1 2,840 2,840 
Total assets$10,393 $7,251 $74,931 $92,575 $94,678 
Liabilities:
Policyholders’ account balances—investment contracts$0 $31,100 $43,633 $74,733 $79,503 
Securities sold under agreements to repurchase0 7,455 0 7,455 7,455 
Cash collateral for loaned securities0 8,471 0 8,471 8,471 
Reinsurance and funds withheld payables(2)
0 10,312 (31)10,281 10,281 
Short-term debt(3)
0 519 440 959 950 
Long-term debt(4)
565 17,975 406 18,946 19,076 
Notes issued by consolidated VIEs0 0 1,016 1,016 1,016 
Other liabilities0 6,892 32 6,924 6,924 
Separate account liabilities—investment contracts0 22,672 18,710 41,382 41,382 
Total liabilities$565 $105,396 $64,206 $170,167 $175,058 
 
 December 31, 2023
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in millions)
Assets:
Commercial mortgage and other loans$0 $41 $55,611 $55,652 $58,786 
Policy loans8 0 10,039 10,047 10,047 
Other invested assets0 97 0 97 97 
Short-term investments1,092 13 0 1,105 1,105 
Cash and cash equivalents8,709 408 0 9,117 9,117 
Accrued investment income0 3,287 0 3,287 3,287 
Reinsurance recoverables and deposit receivables
0 5 5,171 5,176 5,176 
Other assets43 3,059 0 3,102 3,102 
Total assets$9,852 $6,910 $70,821 $87,583 $90,717 
Liabilities:
Policyholders’ account balances—investment contracts$0 $31,089 $37,794 $68,883 $72,604 
Securities sold under agreements to repurchase0 6,056 0 6,056 6,056 
Cash collateral for loaned securities0 6,477 0 6,477 6,477 
Reinsurance and funds withheld payables(2)
0 9,553 (23)9,530 9,530 
Short-term debt(3)
0 535 83 618 618 
Long-term debt(4)
564 16,938 766 18,268 18,882 
Notes issued by consolidated VIEs0 0 596 596 596 
Other liabilities0 6,950 32 6,982 6,982 
Separate account liabilities—investment contracts0 24,050 21,315 45,365 45,365 
Total liabilities$564 $101,648 $60,563 $162,775 $167,110 
__________ 
(1)Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
(2)Includes contracts reinsured through coinsurance with funds withheld agreement with Prismic Re with a fair value of $7,902 million (carrying amount of $7,902 million) and $8,036 million (carrying amount of $8,036 million), a portion of which relates to insurance contracts as of September 30, 2024 and December 31, 2023, respectively. See Note 12 for additional information regarding the reinsurance arrangement with Prismic Re.
(3)Excludes debt with fair value of $1,750 million (carrying amount of $1,750 million) and $2,000 million (carrying amount of $2,000 million) as of September 30, 2024 and December 31, 2023, respectively, which have been offset with the associated notes under a netting agreement.
(4)Excludes debt with fair value of $12,387 million (carrying amount of $12,376 million) and $10,370 million (carrying amount of $10,370 million) as of September 30, 2024 and December 31, 2023, respectively, which have been offset with the associated notes under a netting agreement.
v3.24.3
Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables)
 9 Months Ended
Sep. 30, 2024
Deferred Charges, Insurers [Abstract]  
Schedule of Deferred Policy Acquisition Costs
The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance:
Nine Months Ended September 30, 2024
Retirement StrategiesIndividual LifeInternational BusinessesTotal
Individual VariableTerm LifeVariable/
Universal Life		Life PlannerGibraltar Life
and Other
(in millions)
Balance, BOP$3,676 $2,237 $5,364 $4,909 $4,442 $20,628 
Capitalization302 138 517 428 441 1,826 
Amortization expense(286)(156)(184)(255)(247)(1,128)
Other adjustments(1)
0 0 (280)(49)4 (325)
Foreign currency adjustment0 0 0 (93)(22)(115)
Balance, EOP$3,692 $2,219 $5,417 $4,940 $4,618 20,886 
Other businesses296 
Total DAC balance$21,182 
__________
(1)Includes the impact of the reinsurance transaction with Somerset Reinsurance Ltd. in Individual Life (Universal Life). See Note 12 for additional information.


Nine Months Ended September 30, 2023
Retirement StrategiesIndividual LifeInternational BusinessesTotal
Individual VariableTerm LifeVariable/
Universal Life		Life PlannerGibraltar Life
and Other
(in millions)
Balance, BOP$4,171 $2,288 $5,000 $4,710 $4,231 $20,400 
Capitalization195 115 436 443 444 1,633 
Amortization expense(275)(160)(183)(244)(236)(1,098)
Other adjustments(1)
(393)2 0 14 0 (377)
Foreign currency adjustment0 0 0 (199)(158)(357)
Balance, EOP$3,698 $2,245 $5,253 $4,724 $4,281 20,201 
Other businesses193 
Total DAC balance$20,394 
__________
(1)Includes the impact of the reinsurance transaction with AuguStar in Individual Retirement Strategies. See Note 12 for additional information.
Deferred Sales Inducements
The following table shows a rollforward of DSI balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance:

Nine Months Ended September 30,
20242023
(in millions)
Balance, BOP
$410 $446 
Capitalization
2 2 
Amortization expense
(27)(28)
Balance, EOP
385 420 
Other businesses
31 33 
Total DSI balance
$416 $453 
Schedule of Value of Business Acquired
The following table shows a rollforward of VOBA balances for Gibraltar Life and Other, which is the only line of business that contains a material VOBA balance, along with a reconciliation to the Company’s total VOBA balance:

Nine Months Ended September 30,
20242023
(in millions)
Balance, BOP
$511 $597 
Amortization expense
(31)(37)
Foreign currency adjustment
(9)(64)
Balance, EOP
471 496 
Other businesses(1)
17 18 
Total VOBA balance
$488 $514 
__________
(1)Represents Aoba Life business.
Estimated Future VOBA Amortization, Net of Interest
The following table provides estimated future amortization for the periods indicated:

2024 (October-December)
2025202620272028ThereafterTotal
(in millions)
Estimated future VOBA amortization$12 $43 $39 $36 $32 $326 $488 
v3.24.3
Separate Accounts (Tables)
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Separate Account Assets
The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

September 30,
2024		December 31,
2023
(in millions)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$4,688 $4,411 
Obligations of U.S. states and their political subdivisions
2,215 2,116 
Foreign government bonds
98 101 
U.S. corporate securities
11,782 12,782 
Foreign corporate securities
3,173 3,288 
Asset-backed securities
1,258 1,211 
Mortgage-backed securities
15,017 14,253 
Mutual funds:
Equity
94,457 88,397 
Fixed Income
34,531 37,065 
Other
5,576 5,587 
Equity securities
5,088 5,410 
Commercial mortgage and other loans
62 67 
Other invested assets
18,788 20,739 
Short-term investments
1,194 1,202 
Cash and cash equivalents
2,623 2,259 
Total
$200,550 $198,888 
Separate Account Liability
The balances of and changes in separate account liabilities as of and for the periods ended are as follows:

Nine Months Ended September 30, 2024
Retirement Strategies
PGIMInstitutionalIndividualGroup InsuranceIndividual LifeTotal
(in millions)
Balance, BOP$32,648 $11,011 $94,130 $25,021 $39,223 $202,033 
Deposits13,071 128 426 400 2,589 16,614 
Investment performance(277)474 10,170 1,675 6,429 18,471 
Policy charges(58)(9)(1,690)(218)(861)(2,836)
Surrenders and withdrawals(12,571)(961)(10,315)(346)(776)(24,969)
Benefit payments(2,645)(401)(65)(238)(321)(3,670)
Net transfers (to) from general account(74)(66)(50)(29)(398)(617)
Other(763)36 5 (244)49 (917)
Balance, EOP$29,331 $10,212 $92,611 $26,021 $45,934 $204,109 
Other businesses(1)(3,559)
Total separate account liabilities$200,550 
Cash surrender value(2)$29,331 $10,212 $91,617 $25,919 $42,454 $199,533 
__________
(1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges.
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.

Nine Months Ended September 30, 2023
Retirement Strategies
PGIM
Institutional
Individual
Group Insurance
Individual Life
Total
(in millions)
Balance, BOP
$40,056 $11,428 $93,395 $23,513 $32,930 $201,322 
Deposits
4,301 209 332 44 2,183 7,069 
Investment performance
(965)79 4,278 3 3,228 6,623 
Policy charges
(62)(10)(1,755)(238)(800)(2,865)
Surrenders and withdrawals
(4,064)(338)(7,142)(29)(569)(12,142)
Benefit payments
(2,604)(415)(75)(219)(244)(3,557)
Net transfers (to) from general account
(459)(60)(6)(2)(1,244)(1,771)
Other
(949)(29)9 (208)73 (1,104)
Balance, EOP
$35,254 $10,864 $89,036 $22,864 $35,557 193,575 
Other businesses(1)
(2,933)
Total separate account liabilities
$190,642 
Cash surrender value(2)
$35,254 $10,864 $87,767 $22,750 $32,388 $189,023 
__________
(1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges.
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.
v3.24.3
Liability For Future Policy Benefits (Tables)
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Liability for Future Policy Benefit, Activity
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.

Nine Months Ended September 30, 2024
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP$71,407 $11,274 $29,064 $26,367 $3,286 $141,398 
Effect of cumulative changes in discount rate assumptions, BOP11,869 228 596 622 16 13,331 
Balance at original discount rate, BOP83,276 11,502 29,660 26,989 3,302 154,729 
Effect of assumption update41 21 (328)(535)(276)(1,077)
Effect of actual variances from expected experience and other activity534 (205)(1,030)(732)147 (1,286)
Adjusted balance, BOP83,851 11,318 28,302 25,722 3,173 152,366 
Issuances19,730 631 1,732 852 0 22,945 
Net premiums / considerations collected(20,691)(1,039)(2,849)(2,528)(241)(27,348)
Interest accrual2,150 397 634 526 113 3,820 
Foreign currency adjustment3,993 0 (521)(245)0 3,227 
Other adjustments0 3 95 0 0 98 
Balance at original discount rate, EOP89,033 11,310 27,393 24,327 3,045 155,108 
Effect of cumulative changes in discount rate assumptions, EOP(14,283)(109)(749)(651)6 (15,786)
Balance, EOP$74,750 $11,201 $26,644 $23,676 $3,051 $139,322 
Other businesses, EOP94 
Total balance, EOP$139,416 
Nine Months Ended September 30, 2024
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP$141,135 $19,852 $79,822 $79,036 $12,139 $331,984 
Effect of cumulative changes in discount rate assumptions, BOP14,751 334 563 7,355 603 23,606 
Balance at original discount rate, BOP155,886 20,186 80,385 86,391 12,742 355,590 
Effect of assumption update(481)21 (106)(407)(394)(1,367)
Effect of actual variances from expected experience and other activity638 (240)(1,023)(715)155 (1,185)
Adjusted balance, BOP156,043 19,967 79,256 85,269 12,503 353,038 
Issuances19,730 631 1,732 852 0 22,945 
Interest accrual4,633 707 1,921 1,630 454 9,345 
Benefit payments(9,743)(1,173)(3,450)(3,730)(240)(18,336)
Foreign currency adjustment4,046 0 (1,190)(743)0 2,113 
Other adjustments17 (7)208 (4)0 214 
Balance at original discount rate, EOP174,726 20,125 78,477 83,274 12,717 369,319 
Effect of cumulative changes in discount rate assumptions, EOP(16,145)(152)(2,888)(8,684)(567)(28,436)
Balance, EOP$158,581 $19,973 $75,589 $74,590 $12,150 $340,883 
Other businesses, EOP1,709 
Total balance, EOP$342,592 

Nine Months Ended September 30, 2024
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring$83,831 $8,773 $48,945 $50,915 $9,099 $201,563 
Flooring impact, EOP82 0 26 13 0 121 
Balance, EOP, post-flooring83,913 8,773 48,971 50,928 9,099 201,684 
Less: Reinsurance recoverables
5,481 719 98 290 0 6,588 
Balance after reinsurance recoverables, EOP, post-flooring
$78,432 $8,054 $48,873 $50,638 $9,099 $195,096 
Other businesses, EOP(1)1,551 
Total balance after reinsurance recoverables, EOP
$196,647 
Nine Months Ended September 30, 2023
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP$52,620 $11,282 $30,689 $28,951 $2,932 $126,474 
Effect of cumulative changes in discount rate assumptions, BOP14,349 572 1,354 1,326 103 17,704 
Balance at original discount rate, BOP66,969 11,854 32,043 30,277 3,035 144,178 
Effect of assumption update(1,117)(1)78 (175)266 (949)
Effect of actual variances from expected experience and other activity384 (159)(814)(516)145 (960)
Adjusted balance, BOP66,236 11,694 31,307 29,586 3,446 142,269 
Issuances8,453 539 1,793 1,258 0 12,043 
Net premiums / considerations collected(8,682)(1,060)(3,055)(2,873)(242)(15,912)
Interest accrual1,588 404 680 594 117 3,383 
Foreign currency adjustment950 0 (1,583)(1,608)0 (2,241)
Other adjustments0 (2)104 0 0 102 
Balance at original discount rate, EOP68,545 11,575 29,246 26,957 3,321 139,644 
Effect of cumulative changes in discount rate assumptions, EOP(16,742)(965)(1,571)(1,495)(249)(21,022)
Balance, EOP$51,803 $10,610 $27,675 $25,462 $3,072 $118,622 
Other businesses, EOP83 
Total balance, EOP$118,705 

Nine Months Ended September 30, 2023
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, BOP $117,754 $19,288 $78,639 $80,331 $10,685 $306,697 
Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 3,719 11,266 1,216 37,383 
Balance at original discount rate, BOP 137,924 20,300 82,358 91,597 11,901 344,080 
Effect of assumption update(1,289)(1)145 44 357 (744)
Effect of actual variances from expected experience and other activity377 (194)(845)(503)171 (994)
Adjusted balance, BOP 137,012 20,105 81,658 91,138 12,429 342,342 
Issuances 8,453 539 1,793 1,258 0 12,043 
Interest accrual 3,720 707 1,977 1,729 443 8,576 
Benefit payments (8,550)(1,121)(2,729)(3,496)(196)(16,092)
Foreign currency adjustment 981 0 (4,630)(5,780)0 (9,429)
Other adjustments (138)(14)206 (18)0 36 
Balance at original discount rate, EOP 141,478 20,216 78,275 84,831 12,676 337,476 
Effect of cumulative changes in discount rate assumptions, EOP (24,887)(1,856)(5,296)(11,846)(2,305)(46,190)
Balance, EOP $116,591 $18,360 $72,979 $72,985 $10,371 $291,286 
Other businesses, EOP 1,635 
Total balance, EOP $292,921 
Nine Months Ended September 30, 2023
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $64,789 $7,750 $45,304 $47,523 $7,299 $172,665 
Flooring impact, EOP 0 2 27 31 0 60 
Balance, EOP, post-flooring 64,789 7,752 45,331 47,554 7,299 172,725 
Less: Reinsurance recoverables
4,810 696 96 189 0 5,791 
Balance after reinsurance recoverables, EOP, post-flooring
$59,979 $7,056 $45,235 $47,365 $7,299 $166,934 
Other businesses, EOP(1) 1,482 
Total balance after reinsurance recoverables, EOP
$168,416 
__________
(1)Reflects balance after reinsurance recoverables of $62 million and $69 million at September 30, 2024 and 2023, respectively.

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 period indicated:

Nine Months Ended September 30, 2024
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$145,066 $22,937 $63,514 $51,059 $6,758 
Discounted expected future gross premiums (at original discount rate) $96,557 $15,183 $49,274 $41,069 $4,488 
Discounted expected future gross premiums (at current discount rate) $80,840 $15,067 $48,327 $40,061 $4,502 
Undiscounted expected future benefits and expenses $274,739 $31,059 $132,310 $133,511 $29,908 
Weighted-average duration of the liability in years (at original discount rate) 810181817
Weighted-average duration of the liability in years (at current discount rate) 89171616
Weighted-average interest rate (at original discount rate) 4.74 %5.14 %3.43 %2.59 %4.91 %
Weighted-average interest rate (at current discount rate) 4.96 %4.91 %3.36 %3.25 %5.24 %

Nine Months Ended September 30, 2023
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLife PlannerGibraltar Life and OtherLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$108,863 $23,147 $68,665 $56,169 $6,854 
Discounted expected future gross premiums (at original discount rate) $75,372 $15,381 $53,078 $45,102 $4,496 
Discounted expected future gross premiums (at current discount rate) $56,962 $14,120 $50,753 $42,804 $4,167 
Undiscounted expected future benefits and expenses $217,931 $31,164 $137,378 $139,536 $30,897 
Weighted-average duration of the liability in years (at original discount rate) 910201918
Weighted-average duration of the liability in years (at current discount rate) 89191717
Weighted-average interest rate (at original discount rate) 4.57 %5.17 %3.46 %2.59 %4.91 %
Weighted-average interest rate (at current discount rate) 6.02 %6.01 %3.37 %3.26 %6.30 %
The balances of and changes in DPL as of and for the period indicated are as follows:

Nine Months Ended September 30, 2024
Deferred Profit Liability
Retirement StrategiesInternational Businesses
InstitutionalLife PlannerGibraltar Life and OtherTotal
(in millions)
Balance, BOP, post-flooring
$5,615 $3,956 $5,303 $14,874 
Less: Flooring impact, BOP
0 1 1 2 
Balance, BOP, pre-flooring 5,615 3,955 5,302 14,872 
Effect of assumption update370 (150)(138)82 
Effect of actual variances from expected experience and other activity (69)(20)(33)(122)
Adjusted balance, BOP 5,916 3,785 5,131 14,832 
Profits deferred 112 1,164 874 2,150 
Interest accrual 177 122 116 415 
Amortization (441)(851)(737)(2,029)
Foreign currency adjustment 14 (76)(32)(94)
Other adjustments 0 22 0 22 
Balance, EOP, pre-flooring 5,778 4,166 5,352 15,296 
Flooring impact, EOP 0 1 2 3 
Balance, EOP, post-flooring
5,778 4,167 5,354 15,299 
Less: Reinsurance recoverables
396 10 31 437 
Balance after reinsurance recoverables, EOP, post-flooring
$5,382 $4,157 $5,323 14,862 
Other businesses
156 
Total balance after reinsurance recoverables, EOP
$15,018 

Nine Months Ended September 30, 2023
Deferred Profit Liability
Retirement StrategiesInternational Businesses
InstitutionalLife PlannerGibraltar Life and OtherTotal
(in millions)
Balance, BOP, post-flooring
$5,532 $3,379 $5,261 $14,172 
Less: Flooring impact, BOP
0 0 1 1 
Balance, BOP, pre-flooring 5,532 3,379 5,260 14,171 
Effect of assumption update35 (67)(228)(260)
Effect of actual variances from expected experience and other activity 4 (4)(32)(32)
Adjusted balance, BOP 5,571 3,308 5,000 13,879 
Profits deferred 294 1,271 1,017 2,582 
Interest accrual 170 109 114 393 
Amortization (424)(869)(765)(2,058)
Foreign currency adjustment 2 (128)(251)(377)
Other adjustments 0 24 0 24 
Balance, EOP, pre-flooring 5,613 3,715 5,115 14,443 
Flooring impact, EOP 0 0 1 1 
Balance, EOP, post-flooring
5,613 3,715 5,116 14,444 
Less: Reinsurance recoverables
383 8 10 401 
Balance after reinsurance recoverables, EOP, post-flooring
$5,230 $3,707 $5,106 14,043 
Other businesses
145 
Total balance after reinsurance recoverables, EOP
$14,188 
The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:

Nine Months Ended September 30,
2024
2023
(in millions)
Balance, including amounts in AOCI, BOP, post-flooring$14,308 $12,684 
Flooring impact and amounts in AOCI843 1,285 
Balance, excluding amounts in AOCI, BOP, pre-flooring15,151 13,969 
Effect of assumption update153 23 
Effect of actual variances from expected experience and other activity315 (13)
Adjusted balance, BOP15,619 13,979 
Assessments collected(1)852 836 
Interest accrual399 362 
Benefits paid(268)(223)
Other adjustments13 0 
Balance, excluding amounts in AOCI, EOP, pre-flooring16,615 14,954 
Flooring impact and amounts in AOCI(352)(1,737)
Balance, including amounts in AOCI, EOP, post-flooring16,263 13,217 
Less: Reinsurance recoverables
8,287 5,286 
Balance after reinsurance recoverables, including amounts in AOCI, EOP
7,976 7,931 
Other businesses75 123 
Total balance after reinsurance recoverables
$8,051 $8,054 
__________
(1)Represents the portion of gross assessments required to fund the future policy benefits.
Nine Months Ended September 30,
2024
2023
Weighted-average duration of the liability in years (at original discount rate) 2222
Weighted-average interest rate (at original discount rate) 3.40 %3.36 %
The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated:

Nine Months Ended September 30,
2024
2023
(in millions)
Benefit reserves, EOP, post-flooring$203,297 $174,276 
Deferred Profit Liability EOP, post-flooring15,455 14,589 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring16,338 13,340 
Subtotal of amounts disclosed above235,090 202,205 
Other Future Policy Benefits reserves(1)50,384 51,346 
Total Future Policy Benefits$285,474 $253,551 
__________
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, 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 in the Company's Consolidated Statement of Operations as of the periods indicated:

Nine Months Ended September 30, 2024
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$21,128 $1,384 $0 $4,359 $4,163 $419 $31,453 
Deferred profit liability(149)0 0 (287)(82)(7)(525)
Additional insurance reserves0 0 2,455 0 0 0 2,455 
Total$20,979 $1,384 $2,455 $4,072 $4,081 $412 $33,383 

Nine Months Ended September 30, 2023
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$9,310 $1,384 $0 $4,849 $4,741 $415 $20,699 
Deferred profit liability(79)0 0 (464)(105)37 (611)
Additional insurance reserves0 0 2,357 0 0 0 2,357 
Total$9,231 $1,384 $2,357 $4,385 $4,636 $452 $22,445 

Nine Months Ended September 30, 2024
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$2,483 $310 $0 $1,287 $1,105 $379 $5,564 
Deferred profit liability177 0 0 122 116 3 418 
Additional insurance reserves0 0 399 1 0 0 400 
Total$2,660 $310 $399 $1,410 $1,221 $382 $6,382 

Nine Months Ended September 30, 2023
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
InstitutionalTerm LifeVariable/Universal LifeLife PlannerGibraltar Life and Other
Other Businesses
Total
(in millions)
Benefit reserves$2,132 $303 $0 $1,297 $1,135 $366 $5,233 
Deferred profit liability170 0 0 109 114 3 396 
Additional insurance reserves0 0 362 1 0 0 363 
Total$2,302 $303 $362 $1,407 $1,249 $369 $5,992 
__________
(1)Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR.
v3.24.3
Policyholders' Account Balances (Tables)
 9 Months Ended
Sep. 30, 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:

Nine Months Ended September 30, 2024
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal LifeLife PlannerGibraltar Life and Other
($ in millions)
Balance, BOP
$17,738 $23,765 $7,095 $5,293 $27,439 $12,949 $38,450 $132,729 
Deposits5,824 5,902 4,188 871 1,837 1,540 5,393 25,555 
Interest credited555 359 174 110 577 528 684 2,987 
Acquisitions and dispositions0 0 0 0 0 0 0 0 
Policy charges(9)(22)(4)(248)(1,537)(246)(190)(2,256)
Surrenders and withdrawals(4,123)(663)(537)(1,123)(1,264)(241)(1,230)(9,181)
Benefit payments(461)(60)(62)0 (98)(199)(1,618)(2,498)
Net transfers (to) from separate account0 61 0 29 443 0 0 533 
Change in market value and other adjustments(1)7 2,040 218 0 159 (347)(11)2,066 
Foreign currency adjustment0 0 0 0 0 (103)(101)(204)
Balance, EOP
$19,531 $31,382 $11,072 $4,932 $27,556 $13,881 $41,377 $149,731 
Closed Block Division4,391 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,849 
Other(2)
4,117 
Total Policyholders' account balance$164,088 
Weighted-average crediting rate3.97 %1.73 %2.57 %2.86 %2.80 %5.25 %2.29 %2.82 %
Net amount at risk(3)
$0 $0 $0 $73,883 $392,501 $21,532 $6,406 $494,322 
Cash surrender value(4)
$19,531 $30,049 $9,528 $3,842 $23,692 $12,638 $37,769 $137,049 
Nine Months Ended September 30, 2023
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal LifeLife PlannerGibraltar Life and Other
($ in millions)
Balance, BOP
$17,376 $17,524 $4,643 $5,839 $26,502 $11,168 $35,325 $118,377 
Deposits4,407 3,444 1,839 811 1,773 1,640 4,274 18,188 
Interest credited509 219 96 124 583 577 531 2,639 
Acquisitions and Dispositions
0 0 0 0 0 0 0 0 
Policy charges(16)(17)(6)(247)(1,536)(222)(146)(2,190)
Surrenders and withdrawals(4,332)(492)(298)(1,217)(1,267)(153)(1,015)(8,774)
Benefit payments0 (58)(58)0 (119)(203)(1,462)(1,900)
Net transfers (to) from separate account0 22 0 2 1,282 0 0 1,306 
Change in market value and other adjustments(1)0 1,192 82 0 75 21 (7)1,363 
Foreign currency adjustment0 0 0 0 0 (1,071)(1,291)(2,362)
Balance, EOP
$17,944 $21,834 $6,298 $5,312 $27,293 $11,757 $36,209 $126,647 
Closed Block Division4,528 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,109 
Other(2)
4,504 
Total Policyholders' account balance$140,788 
Weighted-average crediting rate3.85 %1.48 %2.33 %2.97 %2.89 %6.72 %1.98 %2.87 %
Net amount at risk(3)
$0 $0 $0 $73,260 $378,191 $17,400 $6,274 $475,125 
Cash surrender value(4)
$17,944 $19,184 $5,038 $3,966 $23,101 $10,063 $31,144 $110,440 
__________
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)Includes $5,207 million and $5,621 million of Full Service account balances reinsured to Great-West as of September 30, 2024 and 2023, respectively.
(3)The net amount at risk calculation includes both general account and separate account balances.
(4)Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment.
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 (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows:

September 30, 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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$400 $0 $0 $0 $400 
1.00% - 1.99%
1,551 0 0 0 1,551 
2.00% - 2.99%
83 0 0 0 83 
3.00% - 4.00%
4,715 0 0 0 4,715 
Greater than 4.00%
3,201 0 0 0 3,201 
Total$9,950 $0 $0 $0 $9,950 
Retirement Strategies - Individual Variable
Less than 1.00%
$324 $622 $447 $0 $1,393 
1.00% - 1.99%
156 211 3 0 370 
2.00% - 2.99%
23 4 4 0 31 
3.00% - 4.00%
1,763 5 8 0 1,776 
Greater than 4.00%
85 0 0 0 85 
Total$2,351 $842 $462 $0 $3,655 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $3 $10 $967 $980 
1.00% - 1.99%
474 82 226 75 857 
2.00% - 2.99%
545 463 560 17 1,585 
3.00% - 4.00%
1,565 83 10 3 1,661 
Greater than 4.00%
85 0 0 0 85 
Total$2,669 $631 $806 $1,062 $5,168 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $966 $966 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
41 0 0 0 41 
3.00% - 4.00%
1,432 0 0 63 1,495 
Greater than 4.00%
68 0 0 0 68 
Total$1,541 $0 $0 $1,029 $2,570 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $309 $309 
1.00% - 1.99%
262 0 1,692 1,875 3,829 
2.00% - 2.99%
31 1,505 2,834 453 4,823 
3.00% - 4.00%
4,244 3,811 1,344 33 9,432 
Greater than 4.00%
5,406 0 0 0 5,406 
Total$9,943 $5,316 $5,870 $2,670 $23,799 
International Businesses - Life Planner
Less than 1.00%
$315 $43 $82 $2,809 $3,249 
1.00% - 1.99%
2,904 29 0 0 2,933 
2.00% - 2.99%
2,085 0 0 0 2,085 
3.00% - 4.00%
380 0 0 0 380 
Greater than 4.00%
410 0 0 0 410 
Total$6,094 $72 $82 $2,809 $9,057 
International Businesses - Gibraltar Life and Other
Less than 1.00%
$15,688 $0 $0 $0 $15,688 
1.00% - 1.99%
8,425 54 0 0 8,479 
2.00% - 2.99%
2,785 300 31 0 3,116 
3.00% - 4.00%
5,962 0 0 0 5,962 
Greater than 4.00%
8,001 0 0 0 8,001 
Total$40,861 $354 $31 $0 $41,246 
September 30, 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 millions)
Retirement Strategies - Institutional
Less than 1.00%
$400 $0 $0 $0 $400 
1.00% - 1.99%
1,551 0 0 0 1,551 
2.00% - 2.99%
551 0 0 0 551 
3.00% - 4.00%
5,312 0 0 0 5,312 
Greater than 4.00%
2,150 0 0 0 2,150 
Total$9,964 $0 $0 $0 $9,964 
Retirement Strategies - Individual Variable
Less than 1.00%
$944 $821 $18 $0 $1,783 
1.00% - 1.99%
224 2 1 0 227 
2.00% - 2.99%
32 5 3 0 40 
3.00% - 4.00%
2,046 8 10 0 2,064 
Greater than 4.00%
97 0 0 0 97 
Total$3,343 $836 $32 $0 $4,211 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $0 $0 $20 $20 
1.00% - 1.99%
544 129 246 82 1,001 
2.00% - 2.99%
535 469 320 12 1,336 
3.00% - 4.00%
343 9 0 0 352 
Greater than 4.00%
97 0 0 0 97 
Total$1,519 $607 $566 $114 $2,806 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $1,221 $1,221 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
29 0 0 0 29 
3.00% - 4.00%
1,565 0 0 0 1,565 
Greater than 4.00%
73 0 0 0 73 
Total$1,667 $0 $0 $1,221 $2,888 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $408 $408 
1.00% - 1.99%
185 0 2,528 884 3,597 
2.00% - 2.99%
29 1,418 2,940 349 4,736 
3.00% - 4.00%
4,478 4,189 1,315 14 9,996 
Greater than 4.00%
5,533 0 0 0 5,533 
Total$10,225 $5,607 $6,783 $1,655 $24,270 
International Businesses - Life Planner
Less than 1.00%
$320 $42 $90 $1,440 $1,892 
1.00% - 1.99%
2,815 25 0 0 2,840 
2.00% - 2.99%
2,013 0 0 0 2,013 
3.00% - 4.00%
335 0 0 0 335 
Greater than 4.00%
380 0 0 0 380 
Total$5,863 $67 $90 $1,440 $7,460 
International Businesses - Gibraltar Life and Other
Less than 1.00%
$15,671 $0 $0 $0 $15,671 
1.00% - 1.99%
8,864 0 0 0 8,864 
2.00% - 2.99%
3,153 310 38 0 3,501 
3.00% - 4.00%
4,145 0 0 0 4,145 
Greater than 4.00%
3,873 0 0 0 3,873 
Total$35,706 $310 $38 $0 $36,054 
____________
(1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.
Additional Liability, Long-Duration Insurance
The balance of and changes in URR as of and for the periods ended are as follows:

Nine Months Ended September 30, 2024
Individual LifeInternational Businesses
Variable/ Universal Life
Life Planner
Gibraltar Life and Other
Total
(in millions)
Balance, BOP
$4,613 $359 $95 $5,067 
Unearned revenue653 107 15 775 
Amortization expense(179)(12)(4)(195)
Other adjustments0 (56)(1)(57)
FX adjustment0 1 0 1 
Balance, EOP
5,087 399 105 5,591 
Less: Reinsurance recoverables
409 0 0 409 
Balance after reinsurance recoverables, EOP
$4,678 $399 $105 $5,182 
Other businesses
56 
Total balance after reinsurance recoverables, EOP
$5,238 

Nine Months Ended September 30, 2023
Individual LifeInternational Businesses
Variable/ Universal Life
Life Planner
Gibraltar Life and Other
Total
(in millions)
Balance, BOP
$3,983 $231 $81 $4,295 
Unearned revenue622 100 16 738 
Amortization expense(154)(7)(4)(165)
Other adjustments0 2 0 2 
FX adjustment0 (22)(5)(27)
Balance, EOP
4,451 304 88 4,843 
Less: Reinsurance recoverables
0 0 0 0 
Balance after reinsurance recoverables, EOP
$4,451 $304 $88 $4,843 
Other businesses
50 
Total balance after reinsurance recoverables, EOP
$4,893 
v3.24.3
Market Risk Benefits (Tables)
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Market Risk Benefits In Asset and Liability Positions
The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
 
Nine Months Ended September 30,
20242023
(in millions)
Balance, BOP$4,038 $4,987 
Effect of cumulative changes in NPR1,137 1,828 
Balance, BOP, before effect of changes in NPR5,175 6,815 
Attributed fees collected850 899 
Claims paid(61)(83)
Interest accrual187 255 
Actual in force different from expected16 54 
Effect of changes in interest rates54 (2,986)
Effect of changes in equity markets(1,712)(995)
Effect of assumption update93 342 
Issuances52 15 
Other adjustments
14 (24)
Balance, EOP, before effect of changes in NPR4,668 4,292 
Effect of cumulative changes in NPR(996)(1,301)
Balance, EOP3,672 2,991 
Less: Reinsured MRBs
681 610 
Balance, EOP, net of reinsurance2,991 2,381 
Other businesses53 79 
Total net MRB balance$3,044 $2,460 
The following table presents accompanying information to the rollforward table above.

September 30, 2024September 30, 2023
($ in millions)
Net amount at risk(1)$7,878 $13,417 
Weighted-average attained age of contractholders7170
__________
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.
The tables below reconcile MRB asset and liability positions as of the following dates:

September 30, 2024
 Retirement Strategies
Individual VariableOther BusinessesTotal
(in millions)
Direct and assumed
$1,308 $10 $1,318 
Ceded
814 2 816 
Total MRB assets
$2,122 $12 $2,134 
Direct and assumed
$4,980 $65 $5,045 
Ceded
133 0 133 
Total MRB liabilities
$5,113 $65 $5,178 
Net liability
$2,991 $53 $3,044 

September 30, 2023
 Retirement Strategies
Individual VariableOther BusinessesTotal
(in millions)
Direct and assumed
$1,430 $10 $1,440 
Ceded
757 3 760 
Total MRB assets
$2,187 $13 $2,200 
Direct and assumed
$4,421 $92 $4,513 
Ceded
147 0 147 
Total MRB liabilities
$4,568 $92 $4,660 
Net liability
$2,381 $79 $2,460 
v3.24.3
Reinsurance (Tables)
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Reinsurance amounts included in the Consolidated Statement of Operations
Reinsurance amounts included in the Unaudited Interim Consolidated Statements of Operations for “Premiums,” “Policy charges and fee income,” “Change in value of market risk benefits, net of related hedging gains (losses),” “Policyholders’ benefits” and “Change in estimates of liability for future policy benefits,” are as follows:
 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in millions)
Direct premiums$11,983 $8,435 $33,656 $23,424 
Reinsurance assumed1,656 1,145 4,652 3,567 
Reinsurance ceded(594)(5,407)(1,906)(6,546)
Premiums$13,045 $4,173 $36,402 $20,445 
Direct policy charges and fee income$1,663 $969 $3,476 $2,862 
Reinsurance assumed295 308 894 923 
Reinsurance ceded(847)(165)(1,118)(466)
Policy charges and fee income$1,111 $1,112 $3,252 $3,319 
Direct change in value of market risk benefits, net of related hedging gains (losses)$(130)$(245)$(319)$(157)
Reinsurance assumed(21)65 58 148 
Reinsurance ceded5 (71)(59)(151)
Change in value of market risk benefits, net of related hedging gains (losses)$(146)$(251)$(320)$(160)
Direct policyholders’ benefits$13,023 $9,303 $36,849 $25,161 
Reinsurance assumed2,007 1,596 5,788 5,383 
Reinsurance ceded(1,003)(5,736)(3,152)(7,416)
Policyholders’ benefits$14,027 $5,163 $39,485 $23,128 
Direct change in estimates of liability for future policy benefits$251 $(103)$184 $326 
Reinsurance assumed19 (1)77 (147)
Reinsurance ceded(90)55 (274)52 
Change in estimates of liability for future policy benefits$180 $(49)$(13)$231 
Reinsurance recoverables
Reinsurance recoverables are as follows:
 
September 30, 2024December 31, 2023
(in millions)
Individual and group annuities(1)$7,415 $7,516 
Life insurance(2)10,763 8,806 
Other reinsurance413 415 
Total reinsurance recoverables(3)(4)
$18,591 $16,737 
__________
(1)Primarily represents $5,930 million and $5,981 million of reinsurance recoverables as of September 30, 2024 and December 31, 2023, respectively, established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $8,480 million and $8,543 million as of September 30, 2024 and December 31, 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $1,441 million and $1,485 million as of September 30, 2024 and December 31, 2023, respectively.
(2)Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $2,085 million and $2,090 million as of September 30, 2024 and December 31, 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,397 million and $1,396 million as of September 30, 2024 and December 31, 2023, respectively. Also includes net reinsurance recoverables of $818 million as of September 30, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business.
(3)Net of $(11) million and $(12) million of allowance for credit losses as of September 30, 2024 and December 31, 2023, respectively.
(4)Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $11,042 million and $10,574 million as of September 30, 2024 and December 31, 2023, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $3,593 million and $3,771 million as of September 30, 2024 and December 31, 2023, respectively.
v3.24.3
Closed Block (Tables)
 9 Months Ended
Sep. 30, 2024
Closed Block Disclosure [Abstract]  
Schedule of Closed Block Liabilities and Assets Closed Block liabilities and assets designated to the Closed Block, as well as maximum future earnings to be recognized from these liabilities and assets, are as follows:
September 30,
2024		December 31,
2023
 (in millions)
Closed Block liabilities
Future policy benefits$42,683 $43,587 
Policyholders’ dividends payable661 648 
Policyholders’ dividend obligation1,403 792 
Policyholders’ account balances4,391 4,500 
Other Closed Block liabilities3,790 3,605 
Total Closed Block liabilities52,928 53,132 
Closed Block assets
Fixed maturities, available-for-sale, at fair value30,322 30,314 
Fixed maturities, trading, at fair value726 887 
Equity securities, at fair value1,824 1,970 
Commercial mortgage and other loans7,819 7,769 
Policy loans3,388 3,479 
Other invested assets4,710 4,513 
Short-term investments558 232 
Total investments49,347 49,164 
Cash and cash equivalents450 993 
Accrued investment income434 421 
Other Closed Block assets340 138 
Total Closed Block assets50,571 50,716 
Excess of reported Closed Block liabilities over Closed Block assets2,357 2,416 
Portion of above representing accumulated other comprehensive income (loss):
Net unrealized investment gains (losses)(1,229)(2,241)
Allocated to policyholder dividend obligation1,067 2,081 
Future earnings to be recognized from Closed Block assets and Closed Block liabilities$2,195 $2,256 
Schedule of Closed Block Dividend Obligation
Information regarding the policyholder dividend obligation is as follows:

Nine Months Ended
September 30, 2024
 (in millions)
Balance, December 31, 2023
$792 
Impact from earnings allocable to policyholder dividend obligation(403)
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation1,014 
Balance, September 30, 2024
$1,403 
Schedule of Closed Block Revenues Benefits Expenses
Closed Block revenues and benefits and expenses are as follows for the periods indicated:


Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (in millions)
Revenues
Premiums$392 $392 $1,234 $1,228 
Net investment income502 508 1,521 1,485 
Realized investment gains (losses), net(232)(231)(531)(361)
Other income (loss)153 (58)360 182 
Total Closed Block revenues815 611 2,584 2,534 
Benefits and Expenses
Policyholders’ benefits535 534 1,723 1,716 
Interest credited to policyholders’ account balances29 30 88 89 
Dividends to policyholders177 (20)614 574 
General and administrative expenses67 68 201 212 
Total Closed Block benefits and expenses808 612 2,626 2,591 
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes7 (1)(42)(57)
Income tax expense (benefit)(13)(23)(100)(109)
Closed Block revenues, net of Closed Block benefits and expenses and income taxes$20 $22 $58 $52 
v3.24.3
Short-Term and Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
The table below presents the Company’s short-term debt as of the dates indicated:
 
September 30, 2024December 31, 2023
 ($ in millions)
Commercial paper:
Prudential Financial$25 $25 
Prudential Funding, LLC494 510 
Subtotal commercial paper519 535 
Current portion of long-term debt:
Surplus notes347 0 
Mortgage debt84 83 
Surplus notes subject to set-off arrangements(1)1,750 2,000 
Subtotal current portion of long-term debt2,181 2,083 
Subtotal2,700 2,618 
Less: assets under set-off arrangements(1)1,750 2,000 
Total short-term debt(2)
$950 $618 
Supplemental short-term debt information:
Portion of commercial paper borrowings due overnight$95$110
Daily average commercial paper outstanding for the quarter ended$1,671$1,334
Weighted average maturity of outstanding commercial paper, in days4349
Weighted average interest rate on outstanding commercial paper4.96 %5.50 %
_________
(1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in short-term debt.
(2)Includes Prudential Financial debt of $25 million at both September 30, 2024 and December 31, 2023.
Schedule of Long-term Debt
The table below presents the Company’s long-term debt as of the dates indicated:
 
 September 30, 2024December 31, 2023
 (in millions)
Fixed-rate obligations:
Surplus notes$0 $346 
Surplus notes subject to set-off arrangements(1)(2)
11,796 9,790 
Senior notes10,165 10,112 
Mortgage debt(3)
34 0 
Floating-rate obligations:
Line of credit255 255 
Surplus notes subject to set-off arrangements(1)580 580 
Mortgage debt(3)
33 75 
Junior subordinated notes(4)
8,589 8,094 
Subtotal31,452 29,252 
Less: assets under set-off arrangements(1)12,376 10,370 
Total long-term debt(5)
$19,076 $18,882 
__________    
(1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in long-term debt.
(2)Amount includes $6.8 billion of surplus notes used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024. See Note 12 for additional information.
(3)Includes $67 million and $27 million of debt denominated in foreign currency at September 30, 2024 and December 31, 2023, respectively.
(4)Includes Prudential Financial debt of $8,546 million and $8,050 million at September 30, 2024, and December 31, 2023, respectively. Also includes subsidiary debt of $43 million and $44 million denominated in foreign currency at September 30, 2024, and December 31, 2023, respectively.
(5)Includes Prudential Financial debt of $18,711 million and $18,162 million at September 30, 2024 and December 31, 2023, respectively.
v3.24.3
Employee Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
Net periodic (benefit) cost included in “General and administrative expenses” includes the following components:
 
 Three Months Ended September 30,
 Pension BenefitsOther Postretirement Benefits
 2024202320242023
 (in millions)
Components of net periodic (benefit) cost:
Service cost$52 $51 $1 $2 
Interest cost135 138 12 17 
Expected return on plan assets(238)(231)(19)(21)
Amortization of prior service cost0 (1)(16)(2)
Amortization of actuarial (gain) loss, net22 17 2 3 
Settlements1 1 0 0 
Special termination benefits
0 0 0 0 
Net periodic (benefit) cost$(28)$(25)$(20)$(1)
Nine Months Ended September 30,
Pension BenefitsOther Postretirement Benefits
2024202320242023
(in millions)
Components of net periodic (benefit) cost:
Service cost$155 $154 $5 $7 
Interest cost405 414 38 53 
Expected return on plan assets(715)(694)(57)(64)
Amortization of prior service cost(1)(1)(50)(6)
Amortization of actuarial (gain) loss, net67 51 6 8 
Settlements2 2 0 0 
Special termination benefits
1 0 0 0 
Net periodic (benefit) cost$(86)$(74)$(58)$(2)
v3.24.3
Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
Common Stock Disclosure
The changes in the number of shares of Common Stock issued, held in treasury and outstanding, are as follows for the periods indicated:

 Common Stock
 IssuedHeld In
Treasury		Outstanding
 (in millions)
Balance, December 31, 2023666.3 307.1 359.2 
Common Stock issued0.0 0.0 0.0 
Common Stock acquired0.0 6.6 (6.6)
Stock-based compensation programs(1)0.0 (3.3)3.3 
Balance, September 30, 2024666.3 310.4 355.9 
__________ 
(1)Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs.
Dividends Declared
Dividends declared per share of Common Stock are as follows for the periods indicated:

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Dividends declared per share of Common Stock$1.30 $1.25 $3.90 $3.75 
Components of Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of AOCI as of and for the nine months ended September 30, 2024 and 2023, are as follows:
 Accumulated Other Comprehensive Income (Loss) Attributable to
Prudential Financial, Inc.
 Foreign 
Currency
Translation
Adjustment		Net Unrealized
Investment 
Gains
(Losses)(1)		Interest rate remeasurement of Liability for Future Policy Benefits
Gains (Losses) from Changes in Non-performance Risk on Market Risk Benefits
Pension and
Postretirement
Unrecognized Net
Periodic Benefit
(Cost)		Total
Accumulated
Other
Comprehensive
Income (Loss)
 (in millions)
Balance, December 31, 2023$(2,686)$(11,213)$8,547 $900 $(2,052)$(6,504)
Change in OCI before reclassifications31 (1,440)2,224 (142)3 676 
Amounts reclassified from AOCI(34)1,428 0 0 22 1,416 
Income tax benefit (expense)25 328 (780)30 (35)(432)
Balance, September 30, 2024$(2,664)$(10,897)$9,991 $788 $(2,062)$(4,844)

 Accumulated Other Comprehensive Income (Loss) Attributable to
Prudential Financial, Inc.
Foreign 
Currency
Translation
Adjustment		Net Unrealized
Investment 
Gains
(Losses)(1)		Interest rate remeasurement of Liability for Future Policy Benefits
Gains (Losses) from Changes in Non-performance Risk on Market Risk Benefits
Pension and
Postretirement
Unrecognized Net
Periodic Benefit
(Cost)		Total
Accumulated
Other
Comprehensive
Income (Loss)
 (in millions)
Balance, December 31, 2022$(2,274)$(16,194)$15,242 $1,448 $(2,028)$(3,806)
Change in OCI before reclassifications(650)(10,094)5,529 (528)15 (5,728)
Amounts reclassified from AOCI1 615 0 0 52 668 
Income tax benefit (expense)(93)2,213 (1,177)111 (19)1,035 
Balance, September 30, 2023$(3,016)$(23,460)$19,594 $1,031 $(1,980)$(7,831)
__________
(1)Includes cash flow hedges of $694 million and $869 million as of September 30, 2024 and December 31, 2023, respectively, and $1,947 million and $2,616 million as of September 30, 2023 and December 31, 2022, respectively, and fair value hedges of $(164) million and $(60) million as of September 30, 2024 and December 31, 2023, respectively, and $(18) million and $(54) million as of September 30, 2023 and December 31, 2022, respectively.
Reclassification Out Of Accumulated Other Comprehensive Income (Loss)
Reclassifications out of Accumulated Other Comprehensive Income (Loss)

 Three Months Ended
September 30,		Nine Months Ended
September 30,		Affected line item in Unaudited Interim Consolidated Statements of Operations
 2024202320242023
 (in millions) 
Amounts reclassified from AOCI(1)(2):
Foreign currency translation adjustment:
Foreign currency translation adjustments$14 $0 $34 $(1)Realized investment gains (losses), net
Net unrealized investment gains (losses):
Cash flow hedges—Interest rate(5)(3)(25)(32)(3)
Cash flow hedges—Currency(1)3 3 11 (3)
Cash flow hedges—Currency/Interest rate(117)221 154 286 (3)
Fair value hedges—Currency(2)(2)(7)(6)(3)
Net unrealized investment gains (losses) on available-for-sale securities(836)(453)(1,553)(874)Realized investment gains (losses), net
Total net unrealized investment gains (losses)(961)(234)(1,428)(615)(4)
Amortization of defined benefit items:
Prior service cost16 3 51 7 (5)
Actuarial gain (loss)(24)(20)(73)(59)(5)
Total amortization of defined benefit items(8)(17)(22)(52)
Total reclassifications for the period$(955)$(251)$(1,416)$(668)
__________
(1)All amounts are shown before tax.
(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.
(3)See Note 5 for additional information regarding cash flow and fair value hedges.
(4)See table below for additional information regarding unrealized investment gains (losses), including the impact on deferred policy acquisition and other costs, future policy benefits and policyholders’ dividends.
(5)See Note 16 for additional information regarding employee benefit plans.
Net Unrealized Investment Gains (Losses) on AFS Fixed Maturity Securities with Allowance for Credit losses and All Other Investments AOCI Rollforward The amounts for the periods indicated below, split between amounts related to available-for-sale fixed maturity securities on which an allowance for credit losses has been recorded, and all other net unrealized investment gains (losses), are as follows:
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been RecordedNet Unrealized
Gains (Losses)
on All Other Investments(1)		Reinsurance RecoverablesFuture Policy
Benefits,
Policyholders’
Account
Balances and
Reinsurance Payables		Policyholders’
Dividends		Income Tax Benefit (Expense)Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)
 (in millions)
Balance, December 31, 2023$(72)$(17,179)$(484)$1,306 $2,081 $3,135 $(11,213)
Net investment gains (losses) on investments arising during the period(61)36 (1)(26)
Reclassification adjustment for (gains) losses included in net income11 1,417 31 1,459 
Reclassification due to allowance for credit losses recorded during the period1 (1)0 0 
Impact of net unrealized investment (gains) losses326 (727)(1,014)298 (1,117)
Balance, September 30, 2024$(121)$(15,727)$(158)$579 $1,067 $3,463 $(10,897)
__________
(1)Includes cash flow and fair value hedges. See Note 5 for additional information.
v3.24.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Reconciliation of Earnings Per Share
A reconciliation of the numerators and denominators of the basic and diluted per share computations of Common Stock based on the consolidated earnings of Prudential Financial for the periods indicated is as follows:
 
Three Months Ended September 30,
 20242023
 IncomeWeighted
Average
Shares		Per Share
Amount		IncomeWeighted
Average
Shares		Per Share
Amount
 (in millions, except per share amounts)
Basic earnings per share
Net income (loss) $451 $(791)
Less: Income (loss) attributable to noncontrolling interests3 11 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards5 5 
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $443 356.9 $1.24 $(807)362.6 $(2.23)
Effect of dilutive securities and compensation programs
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic$5 $5 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted5 5 
Stock options0.2 0.0 
Deferred and long-term compensation programs1.6 0.0 
Diluted earnings per share
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $443 358.7 $1.24 $(807)362.6 $(2.23)
__________ 
(1)For the three months ended September 30, 2023, weighted average shares for basic earnings per share is also used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended September 30, 2023, all potential stock options and compensation programs were considered antidilutive.
 Nine Months Ended September 30,
 20242023
 IncomeWeighted
Average
Shares		Per Share
Amount		IncomeWeighted
Average
Shares		Per Share
Amount
 (in millions, except per share amounts)
Basic earnings per share
Net income (loss) $2,773 $1,182 
Less: Income (loss) attributable to noncontrolling interests(11)11 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards33 17 
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $2,751 358.3 $7.68 $1,154 364.6 $3.17 
Effect of dilutive securities and compensation programs
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic$33 $17 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted33 17 
Stock options0.2 0.2 
Deferred and long-term compensation programs1.4 1.0 
Diluted earnings per share
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $2,751 359.9 $7.64 $1,154 365.8 $3.15 
Earnings Per Share Computation For the periods indicated, the number of stock options and shares related to deferred and long-term compensation programs that were considered antidilutive and were excluded from the computation of diluted earnings per share, weighted for the portion of the period they were outstanding, are as follows:
 Three Months Ended September 30,
 20242023
 SharesExercise Price
Per Share		SharesExercise Price
Per Share
 (in millions, except per share amounts, based on weighted average)
Antidilutive stock options based on application of the treasury stock method0.0 $0.00 1.1 $103.19 
Antidilutive stock options due to net loss available to holders of Common Stock0.0 0.1 
Antidilutive shares based on application of the treasury stock method0.0 0.0 
Antidilutive shares due to net loss available to holders of Common Stock0.0 1.1 
Total antidilutive stock options and shares0.0 2.3 
 Nine Months Ended September 30,
 20242023
 SharesExercise Price
Per Share		SharesExercise Price
Per Share
 (in millions, except per share amounts, based on weighted average)
Antidilutive stock options based on application of the treasury stock method0.1 $110.42 1.3 $101.72 
Antidilutive stock options due to net loss available to holders of Common Stock0.0 0.0 
Antidilutive shares based on application of the treasury stock method0.0 0.1 
Antidilutive shares due to net loss available to holders of Common Stock0.0 0.0 
Total antidilutive stock options and shares0.1 1.4 
v3.24.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The table below reconciles “Adjusted operating income before income taxes” to “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities”:
 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
(in millions)
Adjusted operating income before income taxes by segment:
PGIM$241 $211 $616 $541 
U.S. Businesses:
Institutional Retirement Strategies438 439 1,429 1,263 
Individual Retirement Strategies528 502 1,488 1,391 
Retirement Strategies(1)966 941 2,917 2,654 
Group Insurance82 89 248 253 
Individual Life(1)60 58 (148)(103)
Total U.S. Businesses1,108 1,088 3,017 2,804 
International Businesses:
Life Planner
464 527 1,409 1,536 
Gibraltar Life and Other
302 284 955 899 
Total International Businesses
766 811 2,364 2,435 
Corporate and Other(2)
(487)(438)(1,293)(1,381)
Total segment adjusted operating income before income taxes1,628 1,672 4,704 4,399 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments(2)
(805)(2,491)(774)(2,879)
Change in value of market risk benefits, net of related hedging gains (losses)(146)(251)(320)(160)
Market experience updates(127)143 (112)188 
Divested and Run-off Businesses:
Closed Block division2 2 (61)(50)
Other Divested and Run-off Businesses(2)
47 (113)50 (22)
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(43)(11)(113)(42)
Other adjustments(3)
(3)(9)(16)(24)
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities per Unaudited Interim Consolidated Financial Statements
$553 $(1,058)$3,358 $1,410 
__________
(1)The Retirement Strategies and Individual Life segments’ results reflect DAC as if the business is a stand-alone operation. The elimination of intersegment costs capitalized in accordance with this policy is included in consolidating adjustments within Corporate and Other operations.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)Includes components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service period.
Reconciliation of Certain Financial Information from Segments to Consolidated
The tables below present certain financial information for the Company’s segments and its Corporate and Other operations, including assets by segment and revenues by segment on an adjusted operating income basis, and the reconciliation of the segment totals to amounts reported in the Unaudited Interim Consolidated Financial Statements. 

September 30,
2024		December 31,
2023
(in millions)
Assets by segment:
PGIM$37,878 $42,064 
U.S. Businesses:
Institutional Retirement Strategies131,755 111,308 
Individual Retirement Strategies152,002 139,934 
Retirement Strategies283,757 251,242 
Group Insurance40,201 39,214 
Individual Life122,526 116,449 
Total U.S. Businesses446,484 406,905 
International Businesses:
Life Planner
82,645 81,164 
Gibraltar Life and Other
110,651 110,060 
Total International Businesses
193,296 191,224 
Corporate and Other31,712 29,842 
Closed Block division50,924 51,088 
Total assets per Unaudited Interim Consolidated Financial Statements$760,294 $721,123 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in millions)
Revenues by segment:
PGIM$1,021 $976 $2,974 $2,723 
U.S. Businesses:
Institutional Retirement Strategies
9,473 221 25,052 7,847 
Individual Retirement Strategies1,310 1,153 3,770 3,367 
Retirement Strategies10,783 1,374 28,822 11,214 
Group Insurance1,643 1,576 4,863 4,738 
Individual Life1,546 1,589 4,655 4,680 
Total U.S. Businesses13,972 4,539 38,340 20,632 
International Businesses:
Life Planner2,247 2,359 7,164 7,364 
Gibraltar Life and Other2,170 2,207 6,478 6,940 
Total International Businesses:
4,417 4,566 13,642 14,304 
Corporate and Other(1)
71 (37)65 (50)
Total revenues on an adjusted operating income basis19,481 10,044 55,021 37,609 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments(1)
(967)(2,396)(425)(2,379)
Change in value of market risk benefits, net of related hedging gains (losses)(146)(251)(320)(160)
Market experience updates(34)39 (92)58 
Divested and Run-off Businesses:
Closed Block division817 615 2,590 2,541 
Other Divested and Run-off Businesses(1)
384 323 1,209 1,277 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(45)(22)(101)(51)
Total revenues per Unaudited Interim Consolidated Financial Statements$19,490 $8,352 $57,882 $38,895 
__________
(1)Prior period amounts have been updated to conform to current period presentation.
Schedule of Intersegment Revenues The PGIM segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, as follows: 
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (in millions)
PGIM segment intersegment revenues$206 $201 $617 $604 
Schedule of Asset Management and Service Fees
The table below presents asset management and service fees, predominantly related to investment management activities, for the periods indicated:

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
 (in millions)
Asset-based management fees$841 $799 $2,526 $2,377 
Performance-based incentive fees17 26 78 33 
Other fees126 127 380 377 
Total asset management and service fees$984 $952 $2,984 $2,787 
v3.24.3
Related Party Disclosures (Tables)
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The related party balances with Prismic and Prismic Re impacted the Company’s balance sheet as of the periods indicated as follows:

September 30,
2024		December 31,
2023
 (in millions)
Reinsurance recoverables and deposit receivables$9,523 $9,752 
Other assets
$130 $132 
Reinsurance and funds withheld payables (includes $578 and $508 of embedded derivatives at fair value at September 30, 2024 and December 31, 2023, respectively)
$8,480 $8,544 
Accumulated other comprehensive income (loss)
$291 $335 
The related party activity with Prismic and Prismic Re impacted the Company’s results of operations and cash flows for the period indicated as follows:

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
 (in millions)
Premiums
$(4)$(4,814)$11 $(4,814)
Net investment income
0 13 0 13 
Asset management and service fees
9 3 27 3 
Other income (loss)
40 0 114 0 
Realized investment gains(losses), net
(710)435 (392)435 
Policyholders’ benefits
(70)(4,839)(211)(4,839)
Change in estimates of liability for future policy benefits
(4)2 12 2 
General and administrative expenses
9 7 28 7 
Income (loss) from related parties, before income taxes
(600)467 (69)467 
Other comprehensive income (loss), before tax383 (394)291 (394)
Total comprehensive income (loss), before tax$(217)$73 $222 $73 

Nine Months Ended September 30,
20242023
 (in millions)
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Realized investment (gains) losses, net
$392 $(435)
 Change in:
Other, net$(554)$(25)
CASH FLOWS FROM FINANCING ACTIVITIES
Other, net$285 $1 
v3.24.3
Commitments and Contingent Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Mortgage Loans
The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: 

 September 30, 2024December 31, 2023
 
Amount
% of
Total
Amount
% of
Total
($ in millions)
Commercial mortgage and agricultural property loans by property type:
Office$8,216 13.2 %$8,402 14.2 %
Retail5,409 8.7 5,384 9.1 
Apartments/Multi-Family17,710 28.5 16,555 28.0 
Industrial16,463 26.5 15,263 25.8 
Hospitality2,010 3.2 2,086 3.5 
Other4,507 7.4 4,069 6.9 
Total commercial mortgage loans54,315 87.5 51,759 87.5 
Agricultural property loans7,738 12.5 7,426 12.5 
Total commercial mortgage and agricultural property loans62,053 100.0 %59,185 100.0 %
Allowance for credit losses(555)(459)
Total net commercial mortgage and agricultural property loans61,498 58,726 
Other loans:
Uncollateralized loans674 425 
Residential property loans23 30 
Other collateralized loans426 125 
Total other loans1,123 580 
Allowance for credit losses(48)(1)
Total net other loans1,075 579 
Total net commercial mortgage and other loans(1)$62,573 $59,305 
__________ 
(1)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of September 30, 2024 and December 31, 2023, the net carrying value of these loans was $1,098 million and $519 million, respectively.
Commercial Mortgage Loan Commitments

September 30,
2024		December 31,
2023
 (in millions)
Total outstanding mortgage loan commitments$2,294 $1,798 
Portion of commitment where prearrangement to sell to investor exists$514 $366 
Indemnification of Serviced Mortgage Loans

September 30,
2024		December 31,
2023
 (in millions)
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company$3,189 $3,102 
First-loss exposure portion of above$922 $898 
Accrued liability associated with guarantees(1)$26 $28 
__________
(1)The accrued liability associated with guarantees includes an allowance for credit losses of $12 million and $14 million as of September 30, 2024 and December 31, 2023, respectively. The change in allowance was a reduction of $1 million for both the three months ended September 30, 2024 and 2023, and a reduction of $2 million for both the nine months ended September 30, 2024 and 2023.
Commitments to Purchase Investments (excluding Commercial Mortgage Loans)
Commitments to Purchase Investments (excluding Commercial Mortgage Loans)

September 30,
2024		December 31,
2023
 (in millions)
Expected to be funded from the general account and other operations outside the separate accounts$10,816 $10,675 
Expected to be funded from separate accounts$66 $39 
Indemnification of Securities Lending and Securities Repurchase Transactions Indemnification of Securities Lending and Securities Repurchase Transactions
September 30,
2024		December 31,
2023
 (in millions)
Indemnification provided to certain clients for securities lending and securities repurchase transactions(1)$6,263 $5,409 
Fair value of related collateral associated with above indemnifications(1)
$6,398 $5,528 
Accrued liability associated with guarantee$0 $0 
__________ 
(1)Includes $265 million and $0 million related to securities repurchase transactions as of September 30, 2024 and December 31, 2023, respectively.
Guarantees
Guarantees of Asset Values

September 30,
2024		December 31,
2023
 (in millions)
Guaranteed value of third-parties’ assets$75,271 $78,009 
Fair value of collateral supporting these assets$71,533 $73,186 
Asset (liability) associated with guarantee, carried at fair value$(1)$(2)
Other Guarantees

September 30,
2024		December 31,
2023
 (in millions)
Other guarantees where amount can be determined$292 $36 
Accrued liability for other guarantees and indemnifications$32 $32 
v3.24.3
Business and Basic Presentation (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Restructuring Charges   $ 200      
Error Corrections and Prior Period Adjustments Restatement [Line Items]          
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest $ 553   $ (1,058) $ 3,358 $ 1,410
Related Party          
Error Corrections and Prior Period Adjustments Restatement [Line Items]          
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (600)   467 $ (69) 467
Out of period adjustments          
Error Corrections and Prior Period Adjustments Restatement [Line Items]          
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (136)        
Change to the allowance for credit losses 50        
Out of period adjustments | Indexed Annuity          
Error Corrections and Prior Period Adjustments Restatement [Line Items]          
Policyholder Account Balance, Increase (Decrease) from Other Change $ 86        
Prismic HoldCo | Related Party          
Related Party Transaction [Line Items]          
Carrying value     $ 200   $ 200
Equity Method Investment, Ownership Percentage     20.00%   20.00%
v3.24.3
Significant Accounting Policies and Pronouncements (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
 [1]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Equity, Including Portion Attributable to Noncontrolling Interest $ 32,015 $ 29,560 $ 28,870 $ 29,263 $ 26,947 $ 29,455 $ 32,447 $ 31,548
Liability for Future Policy Benefit, after Reinsurance 196,647       168,416      
Deferred profit liability                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Liability for Future Policy Benefit, after Reinsurance 15,018       14,188      
Change in AOCI                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Equity, Including Portion Attributable to Noncontrolling Interest (4,844) (7,444) (7,661) (6,504) (7,831) (6,649) (3,825) (3,806)
Retained Earnings                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Equity, Including Portion Attributable to Noncontrolling Interest $ 33,714 $ 33,737 $ 33,014 $ 32,352 $ 31,493 $ 32,756 $ 32,708 $ 31,714
[1] Prior period amounts reflect the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.24.3
Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost $ 357,428   $ 334,598      
Gross Unrealized Gains 9,922   9,777      
Gross Unrealized Losses 26,385   27,894      
Fixed Maturities, AFS, allowance for credit losses 235 $ 169 160 $ 239 $ 276 $ 138
Fixed maturities, available-for-sale, at fair value [1] 340,730   316,321      
U.S. Treasury securities and obligations of U.S. government authorities and agencies            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 28,379   24,874      
Gross Unrealized Gains 1,063   1,091      
Gross Unrealized Losses 3,794   4,169      
Fixed Maturities, AFS, allowance for credit losses 0 0 0 0 0 0
Fixed maturities, available-for-sale, at fair value 25,648   21,796      
Obligations of U.S. states and their political subdivisions            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 7,216   8,650      
Gross Unrealized Gains 224   267      
Gross Unrealized Losses 411   459      
Fixed Maturities, AFS, allowance for credit losses 0   0      
Fixed maturities, available-for-sale, at fair value 7,029   8,458      
Foreign government securities            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 70,344   71,556      
Gross Unrealized Gains 2,668   3,895      
Gross Unrealized Losses 7,552   5,208      
Fixed Maturities, AFS, allowance for credit losses 0 0 53 64 56 1
Fixed maturities, available-for-sale, at fair value 65,460   70,190      
U.S. public corporate securities            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 115,390   105,593      
Gross Unrealized Gains 2,946   2,357      
Gross Unrealized Losses 8,049   9,711      
Fixed Maturities, AFS, allowance for credit losses 79   67      
Fixed maturities, available-for-sale, at fair value 110,208   98,172      
U.S. private corporate securities            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 45,419   42,801      
Gross Unrealized Gains 1,101   807      
Gross Unrealized Losses 2,010   2,574      
Fixed Maturities, AFS, allowance for credit losses 31   14      
Fixed maturities, available-for-sale, at fair value 44,479   41,020      
Foreign public corporate securities            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 24,278   20,473      
Gross Unrealized Gains 576   487      
Gross Unrealized Losses 1,016   1,298      
Fixed Maturities, AFS, allowance for credit losses 25   19      
Fixed maturities, available-for-sale, at fair value 23,813   19,643      
Foreign private corporate securities            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 37,940   35,128      
Gross Unrealized Gains 1,006   613      
Gross Unrealized Losses 2,913   3,446      
Fixed Maturities, AFS, allowance for credit losses 100   5      
Fixed maturities, available-for-sale, at fair value 35,933   32,290      
Asset-backed securities            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 16,062   12,514      
Gross Unrealized Gains 228   202      
Gross Unrealized Losses 67   119      
Fixed Maturities, AFS, allowance for credit losses 0 1 2 2 1 1
Fixed maturities, available-for-sale, at fair value 16,223   12,595      
Commercial mortgage-backed securities            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 9,616   10,571      
Gross Unrealized Gains 75   34      
Gross Unrealized Losses 419   713      
Fixed Maturities, AFS, allowance for credit losses 0 0 0 0 0 0
Fixed maturities, available-for-sale, at fair value 9,272   9,892      
Residential mortgage-backed securities            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 2,784   2,438      
Gross Unrealized Gains 35   24      
Gross Unrealized Losses 154   197      
Fixed Maturities, AFS, allowance for credit losses 0 $ 0 0 $ 0 $ 0 $ 0
Fixed maturities, available-for-sale, at fair value 2,665   2,265      
Prudential Netting Agreement | U.S. private corporate securities            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 14,126   12,370      
Fixed maturities, available-for-sale, at fair value $ 14,137   $ 12,370      
[1] See Note 4 for details of balances associated with variable interest entities.
v3.24.3
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value $ 20,811 $ 25,154
Less than Twelve Months, Unrealized Losses 445 1,015
Twelve Months or More, Fair Value 160,642 173,006
Twelve Months or More, Unrealized Losses 25,921 26,855
Fair Value 181,453 198,160
Gross Unrealized Losses 26,366 27,870
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 3,156 2,718
Less than Twelve Months, Unrealized Losses 31 95
Twelve Months or More, Fair Value 12,202 12,642
Twelve Months or More, Unrealized Losses 3,763 4,074
Fair Value 15,358 15,360
Gross Unrealized Losses 3,794 4,169
Obligations of U.S. states and their political subdivisions    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 728 862
Less than Twelve Months, Unrealized Losses 10 14
Twelve Months or More, Fair Value 3,626 3,816
Twelve Months or More, Unrealized Losses 401 445
Fair Value 4,354 4,678
Gross Unrealized Losses 411 459
Foreign government securities    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 5,197 9,098
Less than Twelve Months, Unrealized Losses 148 542
Twelve Months or More, Fair Value 24,001 19,589
Twelve Months or More, Unrealized Losses 7,404 4,664
Fair Value 29,198 28,687
Gross Unrealized Losses 7,552 5,206
U.S. public corporate securities    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 6,077 4,881
Less than Twelve Months, Unrealized Losses 96 103
Twelve Months or More, Fair Value 55,020 61,204
Twelve Months or More, Unrealized Losses 7,945 9,604
Fair Value 61,097 66,085
Gross Unrealized Losses 8,041 9,707
U.S. private corporate securities    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 2,139 3,026
Less than Twelve Months, Unrealized Losses 68 69
Twelve Months or More, Fair Value 26,030 27,062
Twelve Months or More, Unrealized Losses 1,941 2,504
Fair Value 28,169 30,088
Gross Unrealized Losses 2,009 2,573
Foreign public corporate securities    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 1,644 1,766
Less than Twelve Months, Unrealized Losses 18 37
Twelve Months or More, Fair Value 9,241 10,812
Twelve Months or More, Unrealized Losses 991 1,246
Fair Value 10,885 12,578
Gross Unrealized Losses 1,009 1,283
Foreign private corporate securities    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 614 1,578
Less than Twelve Months, Unrealized Losses 48 120
Twelve Months or More, Fair Value 20,833 22,145
Twelve Months or More, Unrealized Losses 2,862 3,324
Fair Value 21,447 23,723
Gross Unrealized Losses 2,910 3,444
Asset-backed securities    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 1,140 846
Less than Twelve Months, Unrealized Losses 26 30
Twelve Months or More, Fair Value 1,456 5,886
Twelve Months or More, Unrealized Losses 41 89
Fair Value 2,596 6,732
Gross Unrealized Losses 67 119
Commercial mortgage-backed securities    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 76 287
Less than Twelve Months, Unrealized Losses 0 3
Twelve Months or More, Fair Value 6,761 8,251
Twelve Months or More, Unrealized Losses 419 710
Fair Value 6,837 8,538
Gross Unrealized Losses 419 713
Residential mortgage-backed securities    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 40 92
Less than Twelve Months, Unrealized Losses 0 2
Twelve Months or More, Fair Value 1,472 1,599
Twelve Months or More, Unrealized Losses 154 195
Fair Value 1,512 1,691
Gross Unrealized Losses $ 154 $ 197
v3.24.3
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Available-for-sale, Amortized Cost    
Due in one year or less $ 11,756  
Due after one year through five years 60,508  
Due after five years through ten years 63,078  
Due after ten years 193,624  
Fixed Maturities, available-for-sale, Amortized Cost 357,428 $ 334,598
Available-for-sale, Fair Value    
Due in one year or less 11,725  
Due after one year through five years 60,735  
Due after five years through ten years(1) 63,885  
Due after ten years 176,225  
Fixed maturities, available-for-sale, at fair value [1] 340,730 316,321
U.S. private corporate securities    
Available-for-sale, Amortized Cost    
Fixed Maturities, available-for-sale, Amortized Cost 45,419 42,801
Available-for-sale, Fair Value    
Fixed maturities, available-for-sale, at fair value 44,479 41,020
Asset-backed securities    
Available-for-sale, Amortized Cost    
Debt Maturities, without single maturity date 16,062  
Fixed Maturities, available-for-sale, Amortized Cost 16,062 12,514
Available-for-sale, Fair Value    
Debt Maturities, without single maturity date 16,223  
Fixed maturities, available-for-sale, at fair value 16,223 12,595
Commercial mortgage-backed securities    
Available-for-sale, Amortized Cost    
Debt Maturities, without single maturity date 9,616  
Fixed Maturities, available-for-sale, Amortized Cost 9,616 10,571
Available-for-sale, Fair Value    
Debt Maturities, without single maturity date 9,272  
Fixed maturities, available-for-sale, at fair value 9,272 9,892
Residential mortgage-backed securities    
Available-for-sale, Amortized Cost    
Debt Maturities, without single maturity date 2,784  
Fixed Maturities, available-for-sale, Amortized Cost 2,784 2,438
Available-for-sale, Fair Value    
Debt Maturities, without single maturity date 2,665  
Fixed maturities, available-for-sale, at fair value 2,665 2,265
Prudential Netting Agreement | U.S. private corporate securities    
Available-for-sale, Amortized Cost    
Fixed Maturities, available-for-sale, Amortized Cost 14,126 12,370
Available-for-sale, Fair Value    
Fixed maturities, available-for-sale, at fair value $ 14,137 $ 12,370
[1] See Note 4 for details of balances associated with variable interest entities.
v3.24.3
Investments (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Schedule of Investments [Line Items]          
Total Unrealized Losses $ 26,366   $ 26,366   $ 27,870
Twelve Months or More, Unrealized Losses 25,921   25,921   26,855
Fixed maturity securities purchased with credit deterioration     0   0
Write-down on accrued investment income receivable 1 $ 1 1 $ 1  
Loans on non-accrual status, do not have allowance for credit losses 138   138   126
Commercial mortgage and other loans purchased with credit deterioration     0   0
Loans on non-accrual status recognized in interest income $ 11 1 $ 12 1  
Commercial Mortgage Loans | Extended Maturity [Member]          
Schedule of Investments [Line Items]          
Financing Receivable, Modified, Weighted Average Term Increase from Modification 1 year   1 year    
Held-to-Maturity Securities [Member]          
Schedule of Investments [Line Items]          
Allowance for credit losses   2   2  
Corporate securities          
Schedule of Investments [Line Items]          
Twelve Months or More, Unrealized Losses $ 25,921   $ 25,921   26,855
Other income (loss) | Fixed maturities | Trading          
Schedule of Investments [Line Items]          
Unrealized gains (losses) on investments 543 (295) 216 (190)  
Other income (loss) | Equity securities          
Schedule of Investments [Line Items]          
Unrealized gains (losses) on investments 179 (276) 822 300  
Other income (loss) | Assets supporting experience-rated contractholder liabilities          
Schedule of Investments [Line Items]          
Unrealized gains (losses) on investments $ (47) $ (27) $ 326 $ 341  
California          
Schedule of Investments [Line Items]          
Commercial mortgage loan, concentration percentage 29.00%   29.00%    
Texas          
Schedule of Investments [Line Items]          
Commercial mortgage loan, concentration percentage 7.00%   7.00%    
New York          
Schedule of Investments [Line Items]          
Commercial mortgage loan, concentration percentage 5.00%   5.00%    
Europe          
Schedule of Investments [Line Items]          
Commercial mortgage loan, concentration percentage 7.00%   7.00%    
Mexico          
Schedule of Investments [Line Items]          
Commercial mortgage loan, concentration percentage 2.00%   2.00%    
Asia          
Schedule of Investments [Line Items]          
Commercial mortgage loan, concentration percentage 1.00%   1.00%    
Australia          
Schedule of Investments [Line Items]          
Commercial mortgage loan, concentration percentage 1.00%   1.00%    
NAIC High or Highest Quality Rating | Fixed maturities          
Schedule of Investments [Line Items]          
Total Unrealized Losses $ 25,471   $ 25,471   26,879
NAIC Other Than High or Highest Quality Rating | Fixed maturities          
Schedule of Investments [Line Items]          
Total Unrealized Losses $ 895   $ 895   $ 991
v3.24.3
Investments (Fixed Maturity Proceeds) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Debt Securities [Line Items]        
Proceeds from maturities/prepayments     $ 39,839 $ 32,743
Proceeds from maturities/prepayments - HTM     0 22
Held-to-Maturity Securities Netting        
Debt Securities [Line Items]        
Non cash Or Part Non cash Divestitures Amount Of Consideration Received       1
Available for sale Securities Netting        
Debt Securities [Line Items]        
Non cash Or Part Non cash Divestitures Amount Of Consideration Received     146 (90)
Fixed maturities | Available-for-sale        
Debt Securities [Line Items]        
Proceeds from sales $ 9,406 $ 6,619 23,480 20,741
Proceeds from maturities/prepayments 5,133 4,051 16,213 12,092
Gross investment gains from sales and maturities 357 295 952 724
Gross investment losses from sales and maturities (687) (734) (1,957) (1,436)
Write-downs recognized in earnings (440) (53) (449) (63)
(Addition to) release of allowance for credit losses (66) 37 (99) (101)
Fixed maturities | Held-to-Maturity Securities [Member]        
Debt Securities [Line Items]        
Proceeds from maturities/prepayments - HTM 0 4 0 21
(Addition to) release of allowance for credit losses $ 0 $ 2 $ 0 $ 2
v3.24.3
Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period $ 169 $ 276 $ 160 $ 138
Additions to allowance for credit losses not previously recorded 59 9 118 149
Reductions for securities sold during the period (7) (71) (57) (116)
Additions (reductions) on securities with previous allowance 15 25 15 68
Change in foreign exchange (1)   (1)  
Balance, ending of period 235 239 235 239
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 0 0
Additions to allowance for credit losses not previously recorded 0 0 0 0
Reductions for securities sold during the period 0 0 0 0
Additions (reductions) on securities with previous allowance 0 0 0 0
Change in foreign exchange 0   0  
Balance, ending of period 0 0 0 0
Foreign government securities        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period 0 56 53 1
Additions to allowance for credit losses not previously recorded 0 0 0 62
Reductions for securities sold during the period 0 0 (30) 0
Additions (reductions) on securities with previous allowance 0 8 (23) 1
Change in foreign exchange 0   0  
Balance, ending of period 0 64 0 64
U.S. and Foreign Corporate Securities        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period 168 219 105 136
Additions to allowance for credit losses not previously recorded 59 9 118 87
Reductions for securities sold during the period (7) (71) (27) (116)
Additions (reductions) on securities with previous allowance 16 16 40 66
Change in foreign exchange (1)   (1)  
Balance, ending of period 235 173 235 173
Asset-backed securities        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period 1 1 2 1
Additions to allowance for credit losses not previously recorded 0 0 0 0
Reductions for securities sold during the period 0 0 0 0
Additions (reductions) on securities with previous allowance (1) 1 (2) 1
Change in foreign exchange 0   0  
Balance, ending of period 0 2 0 2
Commercial mortgage-backed securities        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period 0 0 0 0
Additions to allowance for credit losses not previously recorded 0 0 0 0
Reductions for securities sold during the period 0 0 0 0
Additions (reductions) on securities with previous allowance 0 0 0 0
Change in foreign exchange 0   0  
Balance, ending of period 0 0 0 0
Residential mortgage-backed securities        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period 0 0 0 0
Additions to allowance for credit losses not previously recorded 0 0 0 0
Reductions for securities sold during the period 0 0 0 0
Additions (reductions) on securities with previous allowance 0 0 0 0
Change in foreign exchange 0   0  
Balance, ending of period $ 0 $ 0 $ 0 $ 0
v3.24.3
Investments (Assets Supporting Experience-Rated Contractholder Liabilities) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost $ 2,693 $ 2,496
Assets supporting experience-rated contractholder liabilities, at fair value 3,654 3,168
Fixed maturities    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost 906 889
Assets supporting experience-rated contractholder liabilities, at fair value 905 889
Equity securities    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost 1,787 1,607
Assets supporting experience-rated contractholder liabilities, at fair value 2,749 2,279
Corporate securities    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost 76 81
Assets supporting experience-rated contractholder liabilities, at fair value 75 79
Foreign government securities    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost 608 606
Assets supporting experience-rated contractholder liabilities, at fair value 606 604
Obligations of U.S. government authorities and agencies and obligations of U.S. states    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost 222 202
Assets supporting experience-rated contractholder liabilities, at fair value $ 224 $ 206
Public Securities    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost percentage 100.00% 100.00%
NAIC High or Highest Quality Rating    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost percentage 99.00% 99.00%
v3.24.3
Investments (Concentrations of Credit Risk) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Investments in Japanese government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost $ 62,664 $ 63,132
Concentrations of credit risk at fair value 58,207 62,017
Investments in Brazil government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 3,321 3,455
Concentrations of credit risk at fair value 3,003 3,419
Assets supporting experience-rated contractholder liabilities | Investments in Japanese government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 527 522
Concentrations of credit risk at fair value 519 514
Short-term investments | Investments in Brazil government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 18 0
Concentrations of credit risk at fair value 18 0
Cash equivalents | Investments in Brazil government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 250 427
Concentrations of credit risk at fair value 250 427
Fixed maturities, available-for-sale | Fixed maturities | Investments in Japanese government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 62,117 62,591
Concentrations of credit risk at fair value 57,669 61,484
Fixed maturities, available-for-sale | Fixed maturities | Investments in Brazil government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 3,005 3,028
Concentrations of credit risk at fair value 2,688 2,992
Fixed maturities, trading | Fixed maturities | Investments in Japanese government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 20 19
Concentrations of credit risk at fair value 19 19
Fixed maturities, trading | Fixed maturities | Investments in Brazil government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 48 0
Concentrations of credit risk at fair value $ 47 $ 0
v3.24.3
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Jun. 30, 2024
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 62,053 $ 59,185        
Commercial mortgage and other loans [1] 62,573 59,305        
Other loans 1,123 580        
Allowance for credit losses (603) (460) $ (564) $ (332) $ (241) $ (203)
Total commercial mortgage and other loans $ 62,573 $ 59,305        
% of Total 100.00% 100.00%        
Net carrying value of commercial loans held for sale $ 1,098 $ 519        
Commercial Mortgage Loans            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type 54,315 51,759        
Allowance for credit losses $ (483) $ (443) (489) (315) (224) (188)
% of Total 87.50% 87.50%        
Commercial mortgage and agricultural property loans            
Commercial Mortgage and Other Loans [Line Items]            
Allowance for credit losses $ (555) $ (459)        
Commercial mortgage and other loans 61,498 58,726        
Uncollateralized loans            
Commercial Mortgage and Other Loans [Line Items]            
Other loans 674 425        
Allowance for credit losses (16) (1) (18) (1) (1) (2)
Residential property loans            
Commercial Mortgage and Other Loans [Line Items]            
Other loans 23 30        
Allowance for credit losses 0 0 0 0 0 0
Other collateralized loans            
Commercial Mortgage and Other Loans [Line Items]            
Other loans 426 125        
Allowance for credit losses (32) 0 $ (33) $ 0 $ 0 $ 0
Other loans            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and other loans 1,075 579        
Allowance for credit losses (48) (1)        
Office            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 8,216 $ 8,402        
% of Total 13.20% 14.20%        
Retail            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 5,409 $ 5,384        
% of Total 8.70% 9.10%        
Apartments/Multi-Family            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 17,710 $ 16,555        
% of Total 28.50% 28.00%        
Industrial            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 16,463 $ 15,263        
% of Total 26.50% 25.80%        
Hospitality            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 2,010 $ 2,086        
% of Total 3.20% 3.50%        
Other            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 4,507 $ 4,069        
% of Total 7.40% 6.90%        
Agricultural property loans            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 7,738 $ 7,426        
% of Total 12.50% 12.50%        
[1] See Note 4 for details of balances associated with variable interest entities.
v3.24.3
Investments (Allowance for Credit Losses) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance, beginning of period $ 564 $ 241 $ 460 $ 203
Addition to (release of) allowance for expected losses 44 90 149 128
Write-offs charged against the allowance (5)   (5)  
Reduction for loans sold during the period     0 (1)
Change in foreign exchange 0 1 (1) 2
Allowance, end of period 603 332 603 332
Commercial Mortgage Loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance, beginning of period 489 224 443 188
Addition to (release of) allowance for expected losses (6) 90 41 125
Write-offs charged against the allowance 0   0  
Reduction for loans sold during the period     0 0
Change in foreign exchange 0 1 (1) 2
Allowance, end of period 483 315 483 315
Agricultural Property Loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance, beginning of period 24 16 16 13
Addition to (release of) allowance for expected losses 53 0 61 3
Write-offs charged against the allowance (5)   (5)  
Reduction for loans sold during the period     0 0
Change in foreign exchange 0 0 0 0
Allowance, end of period 72 16 72 16
Residential Property Loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance, beginning of period 0 0 0 0
Addition to (release of) allowance for expected losses 0 0 0 0
Write-offs charged against the allowance 0   0  
Reduction for loans sold during the period     0 0
Change in foreign exchange 0 0 0 0
Allowance, end of period 0 0 0 0
Other collateralized loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance, beginning of period 33 0 0 0
Addition to (release of) allowance for expected losses (1) 0 32 0
Write-offs charged against the allowance 0   0  
Reduction for loans sold during the period     0 0
Change in foreign exchange 0 0 0 0
Allowance, end of period 32 0 32 0
Uncollateralized Loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance, beginning of period 18 1 1 2
Addition to (release of) allowance for expected losses (2) 0 15 0
Write-offs charged against the allowance 0   0  
Reduction for loans sold during the period     0 (1)
Change in foreign exchange 0 0 0 0
Allowance, end of period $ 16 $ 1 $ 16 $ 1
v3.24.3
Investments (Credit Quality Indicators) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Recording investment gross of allowance for credit losses $ 63,176 $ 59,765
Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 6,116 5,733
One Years Prior 5,264 3,712
Two Years Prior 3,666 6,286
Three Years Prior 6,125 3,275
Four Years Prior 3,011 6,573
Prior 30,122 26,180
Revolving Loans 11 0
Recording investment gross of allowance for credit losses 54,315 51,759
Commercial Mortgage Loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 5,436 5,237
One Years Prior 4,779 3,194
Two Years Prior 3,140 6,122
Three Years Prior 6,022 3,182
Four Years Prior 2,853 5,988
Prior 27,250 23,196
Revolving Loans 11 0
Recording investment gross of allowance for credit losses 49,491 46,919
Commercial Mortgage Loans | 1.0 - 1.2x    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 597 346
One Years Prior 335 366
Two Years Prior 374 82
Three Years Prior 52 38
Four Years Prior 104 265
Prior 1,556 1,713
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 3,018 2,810
Commercial Mortgage Loans | Less than 1.0x    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 83 150
One Years Prior 150 152
Two Years Prior 152 82
Three Years Prior 51 55
Four Years Prior 54 320
Prior 1,316 1,271
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 1,806 2,030
Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 402 953
One Years Prior 935 1,548
Two Years Prior 1,538 2,052
Three Years Prior 2,029 824
Four Years Prior 810 490
Prior 1,840 1,485
Revolving Loans 184 74
Recording investment gross of allowance for credit losses 7,738 7,426
Agricultural property loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 394 948
One Years Prior 866 1,535
Two Years Prior 1,004 2,040
Three Years Prior 1,976 750
Four Years Prior 737 489
Prior 1,632 1,290
Revolving Loans 132 74
Recording investment gross of allowance for credit losses 6,741 7,126
Agricultural property loans | 1.0 - 1.2x    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 8 0
One Years Prior 64 5
Two Years Prior 526 4
Three Years Prior 45 58
Four Years Prior 57 0
Prior 153 151
Revolving Loans 52 0
Recording investment gross of allowance for credit losses 905 218
Agricultural property loans | Less than 1.0x    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 0 5
One Years Prior 5 8
Two Years Prior 8 8
Three Years Prior 8 16
Four Years Prior 16 1
Prior 55 44
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 92 82
0%-59.99% | Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 1,265 1,822
One Years Prior 1,631 911
Two Years Prior 1,021 2,264
Three Years Prior 2,186 1,437
Four Years Prior 1,234 3,205
Prior 17,757 16,569
Revolving Loans 11 0
Recording investment gross of allowance for credit losses 25,105 26,208
0%-59.99% | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 344 360
One Years Prior 374 880
Two Years Prior 897 2,027
Three Years Prior 2,019 774
Four Years Prior 686 455
Prior 1,789 1,481
Revolving Loans 132 74
Recording investment gross of allowance for credit losses 6,241 6,051
60%-69.99% | Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 4,334 2,765
One Years Prior 2,585 1,440
Two Years Prior 1,040 2,541
Three Years Prior 2,355 1,107
Four Years Prior 1,048 2,146
Prior 5,879 4,530
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 17,241 14,529
60%-69.99% | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 58 586
One Years Prior 555 668
Two Years Prior 124 25
Three Years Prior 10 50
Four Years Prior 53 20
Prior 43 4
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 843 1,353
70%-79.99% | Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 467 1,001
One Years Prior 911 1,004
Two Years Prior 1,110 1,278
Three Years Prior 1,355 401
Four Years Prior 447 1,013
Prior 2,258 2,277
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 6,548 6,974
70%-79.99% | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 0 7
One Years Prior 0 0
Two Years Prior 0 0
Three Years Prior 0 0
Four Years Prior 0 0
Prior 3 0
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 3 7
80% or greater | Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 50 145
One Years Prior 137 357
Two Years Prior 495 203
Three Years Prior 229 330
Four Years Prior 282 209
Prior 4,228 2,804
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 5,421 4,048
80% or greater | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 0 0
One Years Prior 6 0
Two Years Prior 517 0
Three Years Prior 0 0
Four Years Prior 71 15
Prior 5 0
Revolving Loans 52 0
Recording investment gross of allowance for credit losses $ 651 $ 15
v3.24.3
Investments (Amortized Cost Basis of Loan Modifications made to Borrowers Experiencing Financial Difficulties) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Term Extension | Commercial mortgage loans    
Financing Receivable, Modified, Subsequent Default [Line Items]    
Amortized cost basis $ 0 $ 341
% of Amortized Cost 0.00% 0.60%
Term Extension | Agricultural property loans    
Financing Receivable, Modified, Subsequent Default [Line Items]    
Amortized cost basis $ 0 $ 3
% of Amortized Cost 0.00% 0.00%
Other Than Insignificant Delay in Payment | Commercial mortgage loans    
Financing Receivable, Modified, Subsequent Default [Line Items]    
Amortized cost basis $ 195 $ 195
% of Amortized Cost 0.40% 0.40%
Other Than Insignificant Delay in Payment | Agricultural property loans    
Financing Receivable, Modified, Subsequent Default [Line Items]    
Amortized cost basis $ 0 $ 0
% of Amortized Cost 0.00% 0.00%
v3.24.3
Investments (Analysis of Past Due Commercial Mortgage and Other Loans) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Financing Receivable, Past Due [Line Items]    
Total $ 63,176 $ 59,765
Non-accrual status 1,071 157
Current    
Financing Receivable, Past Due [Line Items]    
Total 62,161 59,637
30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 49
60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 11 15
90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Total 1,004 64
Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 1,015 128
Commercial Mortgage Loans    
Financing Receivable, Past Due [Line Items]    
Total 54,315 51,759
Non-accrual status 297 94
Commercial Mortgage Loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 54,054 51,665
Commercial Mortgage Loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 34
Commercial Mortgage Loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Commercial Mortgage Loans | 90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Total 261 60
Commercial Mortgage Loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 261 94
Agricultural property loans    
Financing Receivable, Past Due [Line Items]    
Total 7,738 7,426
Non-accrual status 749 38
Agricultural property loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 6,984 7,392
Agricultural property loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 15
Agricultural property loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 11 15
Agricultural property loans | 90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Total 743 4
Agricultural property loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 754 34
Residential property loans    
Financing Receivable, Past Due [Line Items]    
Total 23 30
Non-accrual status 0 0
Residential property loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 23 30
Residential property loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Residential property loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Residential property loans | 90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Residential property loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Other collateralized loans    
Financing Receivable, Past Due [Line Items]    
Total 426 125
Non-accrual status 0 0
Other collateralized loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 426 125
Other collateralized loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Other collateralized loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Other collateralized loans | 90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Other collateralized loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Uncollateralized loans    
Financing Receivable, Past Due [Line Items]    
Total 674 425
Non-accrual status 25 25
Uncollateralized loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 674 425
Uncollateralized loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Uncollateralized loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Uncollateralized loans | 90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Uncollateralized loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Loans | 90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Accruing interest $ 0 $ 0
v3.24.3
Investments (Other Invested Assets) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Other Invested Assets [Line Items]    
Other invested assets [1] $ 25,367 $ 22,855
LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 21,203 18,796
Real estate held through direct ownership    
Other Invested Assets [Line Items]    
Other invested assets 1,825 1,794
Derivative instruments    
Other Invested Assets [Line Items]    
Other invested assets 1,147 1,100
Other    
Other Invested Assets [Line Items]    
Other invested assets 1,192 1,165
Mortgage Debt | Real estate-related    
Other Invested Assets [Line Items]    
Other invested assets 151 158
Equity method | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 16,200 14,671
Equity method | Private equity | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 10,129 8,929
Equity method | Hedge funds | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 3,079 3,164
Equity method | Real estate-related | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 2,992 2,578
Fair Value    
Other Invested Assets [Line Items]    
Other invested assets 95 97
Fair Value | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 5,003 4,125
Fair Value | Private equity | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 2,020 1,247
Fair Value | Hedge funds | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 2,036 2,078
Fair Value | Real estate-related | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets $ 947 $ 800
[1] See Note 4 for details of balances associated with variable interest entities.
v3.24.3
Investments (Accrued Investment Income) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Net Investment Income [Line Items]    
Accrued investment income [1] $ 3,566 $ 3,287
Fixed maturities    
Net Investment Income [Line Items]    
Accrued investment income 2,987 2,727
Equity securities    
Net Investment Income [Line Items]    
Accrued investment income 9 6
Commercial mortgage and other loans    
Net Investment Income [Line Items]    
Accrued investment income 223 224
Policy loans    
Net Investment Income [Line Items]    
Accrued investment income 253 259
Other invested assets    
Net Investment Income [Line Items]    
Accrued investment income 30 23
Short-term investments and cash equivalents    
Net Investment Income [Line Items]    
Accrued investment income $ 64 $ 48
[1] See Note 4 for details of balances associated with variable interest entities.
v3.24.3
Investments (Net Investment Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income $ 5,411 $ 4,864 $ 15,721 $ 14,241
Less: investment expense (356) (293) (1,053) (874)
Net investment income [1] 5,055 4,571 14,668 13,367
Assets supporting experience-rated contractholder liabilities        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 14 9 41 34
Equity securities        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 35 38 134 142
Commercial mortgage and other loans        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 654 578 1,907 1,681
Policy loans        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 127 124 368 372
Other invested assets        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 331 352 898 1,046
Short-term investments and cash equivalents        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 299 260 881 720
Available-for-sale | Fixed maturities        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 3,805 3,390 11,100 9,921
Fixed maturities, held-to-maturity | Fixed maturities        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 0 48 0 148
Trading | Fixed maturities        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income $ 146 $ 65 $ 392 $ 177
[1] See Note 20 for additional information regarding related party transactions.
v3.24.3
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Gain (Loss) on Securities [Line Items]        
Realized investment (gains) losses, net [1] $ (1,844) $ (2,402) $ (2,318) [2] $ (3,123)
Fixed maturities        
Gain (Loss) on Securities [Line Items]        
Realized investment (gains) losses, net (836) (453) (1,553) (874)
Commercial mortgage and other loans        
Gain (Loss) on Securities [Line Items]        
Realized investment (gains) losses, net (41) (83) (136) (109)
Investment real estate        
Gain (Loss) on Securities [Line Items]        
Realized investment (gains) losses, net 2 22 (4) 49
LPs/LLCs        
Gain (Loss) on Securities [Line Items]        
Realized investment (gains) losses, net 16 (4) 39 (21)
Derivatives        
Gain (Loss) on Securities [Line Items]        
Realized investment (gains) losses, net (759) (1,857) (162) (2,162)
Other        
Gain (Loss) on Securities [Line Items]        
Realized investment (gains) losses, net $ (226) $ (27) $ (502) $ (6)
[1] See Note 20 for additional information regarding related party transactions.
[2] See Note 20 for additional information regarding related party transactions.
v3.24.3
Investments (Net Unrealized Gains Losses on Investments) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments $ (15,848) $ (17,251)
Fixed maturities | Available-for-sale | With an allowance    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments (121) (72)
Fixed maturities | Available-for-sale | Without an allowance    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments (16,342) (18,045)
Derivatives designated as cash flow hedges    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments 694 869
Derivatives designated as fair value hedges    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments (164) (60)
Other investments    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments $ 85 $ 57
v3.24.3
Investments (Repurchase Agreements and Securities Lending Transactions) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase $ 7,455 $ 6,056
Total cash collateral for loaned securities 8,471 6,477
Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 7,404 5,938
Total cash collateral for loaned securities 8,050 5,981
Up to 30 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 51 118
Total cash collateral for loaned securities 421 496
30 to 90 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 0 0
Total cash collateral for loaned securities 0 0
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 6,784 5,693
Total cash collateral for loaned securities 154 1
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 6,784 5,693
Total cash collateral for loaned securities 154 1
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Up to 30 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 0 0
Total cash collateral for loaned securities 0 0
U.S. Treasury securities and obligations of U.S. government authorities and agencies | 30 to 90 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 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 54 67
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 54 67
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 105 242
Foreign government securities | Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 105 242
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 securities sold under agreements to repurchase 33 118
Total cash collateral for loaned securities 6,758 4,819
U.S. public corporate securities | Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 0 0
Total cash collateral for loaned securities 6,416 4,399
U.S. public corporate securities | Up to 30 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 33 118
Total cash collateral for loaned securities 342 420
U.S. public corporate securities | 30 to 90 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 0 0
Foreign public corporate securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 18 0
Total cash collateral for loaned securities 1,093 725
Foreign public corporate securities | Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 0 0
Total cash collateral for loaned securities 1,014 649
Foreign public corporate securities | Up to 30 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 18 0
Total cash collateral for loaned securities 79 76
Foreign public corporate securities | 30 to 90 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 0 0
Commercial mortgage-backed securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 620 245
Commercial mortgage-backed securities | Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 620 245
Commercial mortgage-backed securities | Up to 30 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 0 0
Commercial mortgage-backed securities | 30 to 90 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 0 0
Equity securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 307 623
Equity securities | Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 307 623
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
v3.24.3
Variable Interest Entities (Assets and Liabilities of Consolidated VIEs) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Variable Interest Entity [Line Items]      
Fixed maturities, available-for-sale [1] $ 340,730 $ 316,321  
Fixed maturities, trading [1] 12,065 9,790  
Equity securities [1] 6,771 8,242  
Commercial mortgage and other loans [1] 62,573 59,305  
Other invested assets [1] 25,367 22,855  
Cash and cash equivalents 20,198 [1] 19,419 [1] $ 16,892
Accrued investment income [1] 3,566 3,287  
Other assets [1],[2] 12,947 13,179  
Total assets 760,294 721,123  
Other Liabilities [1] 15,489 16,071  
Notes Issued by Consolidated Variable Interest Entities [1] 1,456 1,374  
Total liabilities 727,719 691,336  
Wholly-owned beneficial interests      
Variable Interest Entity [Line Items]      
Total assets 4,615 4,003  
Consolidated VIEs for Which the Company is the Investment Manager      
Variable Interest Entity [Line Items]      
Fixed maturities, available-for-sale 926 539  
Fixed maturities, trading 561 943  
Equity securities 88 106  
Commercial mortgage and other loans 755 764  
Other invested assets 6,093 4,319  
Cash and cash equivalents 263 302  
Accrued investment income 7 7  
Other assets 686 1,023  
Total assets 9,379 8,003  
Other Liabilities 175 588  
Notes Issued by Consolidated Variable Interest Entities 1,414 1,374  
Total liabilities 1,589 1,962  
Other Consolidated VIEs      
Variable Interest Entity [Line Items]      
Fixed maturities, available-for-sale 803 836  
Fixed maturities, trading 0 0  
Equity securities 0 0  
Commercial mortgage and other loans 541 0  
Other invested assets 515 485  
Cash and cash equivalents 0 0  
Accrued investment income 3 3  
Other assets 655 636  
Total assets 2,517 1,960  
Other Liabilities 0 0  
Notes Issued by Consolidated Variable Interest Entities 42 0  
Total liabilities $ 42 $ 0  
Minimum      
Variable Interest Entity [Line Items]      
VIE notes maturities 5 years    
Maximum      
Variable Interest Entity [Line Items]      
VIE notes maturities 13 years    
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 20 for additional information regarding related party transactions.
v3.24.3
Variable Interest Entities (Narrative) (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Total liabilities $ 727,719,000,000 $ 691,336,000,000
Unconsolidated VIEs    
Variable Interest Entity [Line Items]    
Total liabilities 0  
Unconsolidated VIEs | Fixed maturities, available-for-sale, Fixed maturities, trading, Equity securities and Other invested assets    
Variable Interest Entity [Line Items]    
Maximum exposure to loss on these investments 1,242,000,000 1,165,000,000
Unconsolidated VIEs | Other invested assets    
Variable Interest Entity [Line Items]    
Maximum exposure to loss on these investments $ 21,203,000,000 $ 18,796,000,000
v3.24.3
Derivative Instruments (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Credit Derivatives [Line Items]          
Total derivative assets $ 1,151   $ 1,151   $ 1,103
Total derivative liabilities 3,764   3,764   4,181
Anticipated pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to earnings     $ 291    
Maximum length of time hedged in cash flow hedge (future cash flows)     27 years    
Net investment hedges income (loss) before taxes (136) $ 25 $ (23) $ 86  
Credit Risk Derivative Liabilities, at Fair Value $ 80   $ 80   $ 64
v3.24.3
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Gross Notional $ 524,345 $ 487,415
Assets 15,913 14,261
Liabilities (26,770) (27,154)
Embedded derivative, fair value OF embedded derivative, net (12,232) (8,096)
PRISMIC Embedded Derivative, Fair Value of Embedded Derivative (578) (508)
Derivatives Designated as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 39,460 36,263
Assets 1,828 2,050
Liabilities (1,179) (1,123)
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Gross Notional 4,262 3,582
Assets 73 55
Liabilities (218) (252)
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Forwards    
Derivative [Line Items]    
Gross Notional 0 0
Assets 0 0
Liabilities 0 0
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Forwards    
Derivative [Line Items]    
Gross Notional 4,903 4,748
Assets 33 43
Liabilities (235) (195)
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 30,295 27,933
Assets 1,722 1,952
Liabilities (726) (676)
Derivatives Not Qualifying as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 484,885 451,152
Assets 14,085 12,211
Liabilities (25,591) (26,031)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Gross Notional 226,706 224,445
Assets 7,941 8,604
Liabilities (20,314) (21,599)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Forwards    
Derivative [Line Items]    
Gross Notional 4,589 3,678
Assets 56 39
Liabilities (19) (14)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards    
Derivative [Line Items]    
Gross Notional 27,231 27,686
Assets 989 965
Liabilities (941) (954)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 7,480 7,771
Assets 460 502
Liabilities (157) (164)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Futures    
Derivative [Line Items]    
Gross Notional 9,418 10,448
Assets 23 7
Liabilities (44) (26)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Options    
Derivative [Line Items]    
Gross Notional 34,198 32,718
Assets 244 292
Liabilities (1,033) (1,095)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps    
Derivative [Line Items]    
Gross Notional 3,949 3,446
Assets 80 64
Liabilities 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Futures    
Derivative [Line Items]    
Gross Notional 1,249 672
Assets 3 1
Liabilities (1) (2)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options    
Derivative [Line Items]    
Gross Notional 82,356 51,792
Assets 4,163 1,688
Liabilities (2,730) (1,662)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Total Return Swaps    
Derivative [Line Items]    
Gross Notional 11,188 9,237
Assets 124 48
Liabilities (350) (514)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Other    
Derivative [Line Items]    
Gross Notional 1,250 1,250
Assets 0 0
Liabilities 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Synthetic GICs    
Derivative [Line Items]    
Gross Notional 75,271 78,009
Assets 2 1
Liabilities $ (2) $ (1)
v3.24.3
Derivative Instruments (Hedged Item Offset By Derivatives Achieving Fair Value Hedge Accounting) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Derivative [Line Items]      
Fixed maturities, available-for-sale, at fair value [1] $ 340,730 $ 316,321  
Commercial mortgage and other loans [1] 62,573 59,305  
Policyholders’ account balances (164,088) (147,018)  
Future policy benefits (285,474) (273,281) $ (253,551)
Carrying Amount of the Hedged Assets (Liabilities)      
Derivative [Line Items]      
Fixed maturities, available-for-sale, at fair value 227 224  
Policyholders’ account balances (1,598) (810)  
Future policy benefits (2,515) (2,441)  
Cumulative Adjustment Included in Carrying Amount      
Derivative [Line Items]      
Fixed maturities, available-for-sale, at fair value 19 19  
Policyholders’ account balances 223 219  
Future policy benefits $ 189 $ 298  
[1] See Note 4 for details of balances associated with variable interest entities.
v3.24.3
Derivative Instruments (Offsetting Assets and Liabilities) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivative Assets    
Gross Amounts of Recognized Financial Instruments $ 15,789 $ 14,169
Gross Amounts Offset in the Statements of Financial Position (14,762) (13,158)
Net Amounts Presented in the Statements of Financial Position 1,027 1,011
Financial Instruments/Collateral (243) (240)
Net Amount 784 771
Securities purchased under agreements to resell    
Gross Amounts of Recognized Financial Instruments 617 388
Gross Amounts Offset in the Statements of Financial Position 0 0
Net Amounts Presented in the Statements of Financial Position 617 388
Financial Instruments/Collateral (342) (363)
Net Amount 275 25
Total assets    
Gross Amounts of Recognized Financial Instruments 16,406 14,557
Gross Amounts Offset in the Statements of Financial Position (14,762) (13,158)
Net Amounts Presented in the Statements of Financial Position 1,644 1,399
Financial Instruments/Collateral (585) (603)
Net Amount 1,059 796
Derivative Liabilities    
Gross Amounts of Recognized Financial Instruments 26,768 27,154
Gross Amounts Offset in the Statements of Financial Position (23,006) (22,973)
Net Amounts Presented in the Statements of Financial Position 3,762 4,181
Financial Instruments/Collateral (2,881) (3,775)
Net Amount 881 406
Securities sold under agreements to repurchase    
Gross Amounts of Recognized Financial Instruments 7,455 6,056
Gross Amounts Offset in the Statements of Financial Position 0 0
Net Amounts Presented in the Statements of Financial Position 7,455 6,056
Financial Instruments/Collateral (6,836) (5,811)
Net Amount 619 245
Total liabilities    
Gross Amounts of Recognized Financial Instruments 34,223 33,210
Gross Amounts Offset in the Statements of Financial Position (23,006) (22,973)
Net Amounts Presented in the Statements of Financial Position 11,217 10,237
Financial Instruments/Collateral (9,717) (9,586)
Net Amount $ 1,500 $ 651
v3.24.3
Derivative Instruments (Financial Statement Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Non-derivative Net Investment Hedges income (loss) before taxes $ (122) $ 15 $ (21) $ 60
PRISMIC Embedded Derivative, Gain (Loss) on Derivative, Net (543)   (71)  
Gain (Loss) on Investments        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (745) (1,972) (169) (2,268)
Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (775) (1,976) (213) (2,305)
Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 346 (2,000) (1,626) (3,432)
Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 346 (2,000) (1,626) (3,432)
Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 81 75 238 235
Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (232) 144 (148) 1
Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (2) 0 (3) 3
Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Credited To Policyholder Account Balances        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (3) (6) 1 (21)
Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Policyholder Benefits        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (6) 45 (31) 25
Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Change in AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (914) (7) (280) (606)
Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Fair Value Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (7) 10 (1) 10
Fair Value Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Fair Value Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 (1)
Fair Value Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Fair Value Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Fair Value Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 67 (110) (3) (126)
Fair Value Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 182 (214) 85 (129)
Fair Value Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Fair Value Hedged Item | Gain (Loss) on Investments        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 7 (9) 1 (10)
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument 0 1 0 0
Fair Value Hedged Item | Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0 0
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument 0 0 0 0
Fair Value Hedged Item | Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 3 3 9 9
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument 3 3 9 8
Fair Value Hedged Item | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0 0
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument 0 0 0 0
Fair Value Hedged Item | Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0 0
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument 0 0 0 0
Fair Value Hedged Item | Interest Credited To Policyholder Account Balances        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge (70) 104 4 105
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument (3) (6) 1 (21)
Fair Value Hedged Item | Policyholder Benefits        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge (186) 261 (109) 160
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument (6) 45 (31) 25
Fair Value Hedged Item | Change in AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0 0
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument (94) 131 (103) 36
Cash Flow Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 30 3 44 37
Cash Flow Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Cash Flow Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 78 72 229 227
Cash Flow Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (230) 144 (145) (2)
Cash Flow Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Cash Flow Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Cash Flow Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Cash Flow Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (805) (149) (175) (669)
Net Investment Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Net Investment Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Net Investment Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Net Investment Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Net Investment Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Net Investment Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Net Investment Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Net Investment Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (15) 11 (2) 27
Interest Rate | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 758 (1,918) (275) (1,693)
Interest Rate | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 700 (2,314) (712) (3,069)
Interest Rate | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Rate | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Rate | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Rate | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Rate | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Rate | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Rate | Fair Value Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (7) 10 (1) 11
Interest Rate | Fair Value Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Rate | Fair Value Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Rate | Fair Value Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Rate | Fair Value Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Rate | Fair Value Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 67 (110) (3) (126)
Interest Rate | Fair Value Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 74 (141) (8) (155)
Interest Rate | Fair Value Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Rate | Fair Value Hedged Item | Gain (Loss) on Investments        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 7 (9) 1 (10)
Interest Rate | Fair Value Hedged Item | Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0 0
Interest Rate | Fair Value Hedged Item | Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 3 3 9 9
Interest Rate | Fair Value Hedged Item | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0 0
Interest Rate | Fair Value Hedged Item | Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0 0
Interest Rate | Fair Value Hedged Item | Interest Credited To Policyholder Account Balances        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge (70) 104 4 105
Interest Rate | Fair Value Hedged Item | Policyholder Benefits        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge (79) 189 (16) 185
Interest Rate | Fair Value Hedged Item | Change in AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0 0
Interest Rate | Cash Flow Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 (14) (22)
Interest Rate | Cash Flow Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Rate | Cash Flow Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (5) (3) (12) (10)
Interest Rate | Cash Flow Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Rate | Cash Flow Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Rate | Cash Flow Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Rate | Cash Flow Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Interest Rate | Cash Flow Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 19 (40) 20 (9)
Currency | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (19) 70 (58) (440)
Currency | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 (1) (1) 4
Currency | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Fair Value Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 (1)
Currency | Fair Value Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Fair Value Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 (1)
Currency | Fair Value Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Fair Value Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Fair Value Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Fair Value Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 108 (73) 93 26
Currency | Fair Value Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Fair Value Hedged Item | Gain (Loss) on Investments        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0 0
Currency | Fair Value Hedged Item | Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0 0
Currency | Fair Value Hedged Item | Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0 0
Currency | Fair Value Hedged Item | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0 0
Currency | Fair Value Hedged Item | Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0 0
Currency | Fair Value Hedged Item | Interest Credited To Policyholder Account Balances        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0 0
Currency | Fair Value Hedged Item | Policyholder Benefits        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge (107) 72 (93) (25)
Currency | Fair Value Hedged Item | Change in AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 0 0 0 0
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Gain (Loss) on Investments        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Interest Credited To Policyholder Account Balances        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Policyholder Benefits        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (2) (2) (7) (6)
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Change in AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (94) 131 (103) 36
Currency | Cash Flow Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 8
Currency | Cash Flow Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Cash Flow Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Cash Flow Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Cash Flow Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Cash Flow Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Cash Flow Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Cash Flow Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (69) 0 (45) (40)
Currency | Net Investment Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Net Investment Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Net Investment Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Net Investment Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Net Investment Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Net Investment Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Net Investment Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency | Net Investment Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (15) 11 (2) 27
Currency/Interest Rate | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (152) 34 21 (29)
Currency/Interest Rate | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (2) 1 (2) (1)
Currency/Interest Rate | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Cash Flow Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 30 3 58 51
Currency/Interest Rate | Cash Flow Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Cash Flow Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 83 75 241 237
Currency/Interest Rate | Cash Flow Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (230) 144 (145) (2)
Currency/Interest Rate | Cash Flow Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Cash Flow Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Cash Flow Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Cash Flow Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (755) (109) (150) (620)
Currency/Interest Rate | Net Investment Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Net Investment Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Net Investment Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Net Investment Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Net Investment Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Net Investment Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Net Investment Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Currency/Interest Rate | Net Investment Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Credit Risk Contract | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 33 1 89 86
Credit Risk Contract | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Credit Risk Contract | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Credit Risk Contract | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Credit Risk Contract | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Credit Risk Contract | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Credit Risk Contract | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Credit Risk Contract | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Equity | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 641 (461) 2,681 689
Equity | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (354) 314 (914) (363)
Equity | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Equity | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Equity | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Equity | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Equity | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Equity | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Other Contract | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Other Contract | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Other Contract | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Other Contract | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Other Contract | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Other Contract | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Other Contract | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Other Contract | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Embedded Derivative Financial Instruments | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (2,036) 298 (2,671) (918)
Embedded Derivative Financial Instruments | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Embedded Derivative Financial Instruments | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Embedded Derivative Financial Instruments | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Embedded Derivative Financial Instruments | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Embedded Derivative Financial Instruments | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Embedded Derivative Financial Instruments | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Embedded Derivative Financial Instruments | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net $ 0 $ 0 $ 0 $ 0
v3.24.3
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - Cash flow hedges in AOCI
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]  
Balance, beginning $ 869
Total amount recorded in AOCI (43)
Amount reclassified from AOCI to income (132)
Balance, ending 694
Interest Rate  
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]  
Total amount recorded in AOCI (5)
Amount reclassified from AOCI to income 25
Currency  
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]  
Total amount recorded in AOCI (42)
Amount reclassified from AOCI to income (3)
Currency/Interest Rate  
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]  
Total amount recorded in AOCI 4
Amount reclassified from AOCI to income $ (154)
v3.24.3
Derivative Instruments Derivative Instruments (Credit Derivatives) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Gross Notional $ 3,949 $ 3,446
Credit Risk Derivative Liabilities, at Fair Value 80 64
Single Name    
Derivative [Line Items]    
Gross Notional 0 0
Credit Risk Derivative Liabilities, at Fair Value 0 0
Credit Default Index    
Derivative [Line Items]    
Gross Notional 3,949 3,446
Credit Risk Derivative Liabilities, at Fair Value $ 80 64
Credit Default Swaps Referencing Indices    
Derivative [Line Items]    
Credit derivatives written max length of maturities (in years) 11 years  
NAIC 1    
Derivative [Line Items]    
Gross Notional $ 0 0
Credit Risk Derivative Liabilities, at Fair Value 0 0
NAIC 1 | Single Name    
Derivative [Line Items]    
Gross Notional 0 0
Credit Risk Derivative Liabilities, at Fair Value 0 0
NAIC 1 | Credit Default Index    
Derivative [Line Items]    
Gross Notional 0 0
Credit Risk Derivative Liabilities, at Fair Value 0 0
NAIC 2    
Derivative [Line Items]    
Gross Notional 0 0
Credit Risk Derivative Liabilities, at Fair Value 0 0
NAIC 2 | Single Name    
Derivative [Line Items]    
Gross Notional 0 0
Credit Risk Derivative Liabilities, at Fair Value 0 0
NAIC 2 | Credit Default Index    
Derivative [Line Items]    
Gross Notional 0 0
Credit Risk Derivative Liabilities, at Fair Value 0 0
NAIC 3    
Derivative [Line Items]    
Gross Notional 3,365 2,723
Credit Risk Derivative Liabilities, at Fair Value 35 19
NAIC 3 | Single Name    
Derivative [Line Items]    
Gross Notional 0 0
Credit Risk Derivative Liabilities, at Fair Value 0 0
NAIC 3 | Credit Default Index    
Derivative [Line Items]    
Gross Notional 3,365 2,723
Credit Risk Derivative Liabilities, at Fair Value 35 19
NAIC 4    
Derivative [Line Items]    
Gross Notional 0 0
Credit Risk Derivative Liabilities, at Fair Value 0 0
NAIC 4 | Single Name    
Derivative [Line Items]    
Gross Notional 0 0
Credit Risk Derivative Liabilities, at Fair Value 0 0
NAIC 4 | Credit Default Index    
Derivative [Line Items]    
Gross Notional 0 0
Credit Risk Derivative Liabilities, at Fair Value 0 0
NAIC 5    
Derivative [Line Items]    
Gross Notional 0 89
Credit Risk Derivative Liabilities, at Fair Value 0 5
NAIC 5 | Single Name    
Derivative [Line Items]    
Gross Notional 0 0
Credit Risk Derivative Liabilities, at Fair Value 0 0
NAIC 5 | Credit Default Index    
Derivative [Line Items]    
Gross Notional 0 89
Credit Risk Derivative Liabilities, at Fair Value 0 5
NAIC 6    
Derivative [Line Items]    
Gross Notional 584 634
Credit Risk Derivative Liabilities, at Fair Value $ 45 $ 40
Credit Derivative, Maximum Exposure, Undiscounted Pecentage 4.00% 3.00%
NAIC 6 | Single Name    
Derivative [Line Items]    
Gross Notional $ 0 $ 0
Credit Risk Derivative Liabilities, at Fair Value 0 0
NAIC 6 | Credit Default Index    
Derivative [Line Items]    
Gross Notional 584 634
Credit Risk Derivative Liabilities, at Fair Value $ 45 $ 40
v3.24.3
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value [1] $ 340,730 $ 316,321  
Assets supporting experience-rated contractholder liabilities 3,654 3,168  
Market risk benefit assets 2,134 1,981 $ 2,200
Fixed maturities, trading, at fair value (amortized cost: 2024-$12,404; 2023-$10,624) [1] 12,065 9,790  
Equity securities [1] 6,771 8,242  
Commercial mortgage and other loans [1] 62,573 59,305  
Other invested assets [1] 25,367 22,855  
Reinsurance recoverables and deposit receivables [2] 29,633 27,311  
Other assets [1],[2] 12,947 13,179  
Separate account assets 200,550 198,888  
TOTAL ASSETS 760,294 721,123  
Market risk benefit liabilities 5,178 5,467 $ 4,660
Reinsurance and funds withheld payables [2] 17,443 15,729  
Other Liabilities [1] 15,489 16,071  
Total liabilities 727,719 691,336  
Netting (14,762) (13,158)  
Fixed Maturities, available-for-sale, Amortized Cost $ 357,428 $ 334,598  
Commercial paper      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
VIE notes maturities 43 days 49 days  
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 $ 25,648 $ 21,796  
Fixed Maturities, available-for-sale, Amortized Cost 28,379 24,874  
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 7,029 8,458  
Fixed Maturities, available-for-sale, Amortized Cost 7,216 8,650  
Foreign government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 65,460 70,190  
Assets supporting experience-rated contractholder liabilities 606 604  
Fixed Maturities, available-for-sale, Amortized Cost 70,344 71,556  
U.S. public corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 110,208 98,172  
Fixed Maturities, available-for-sale, Amortized Cost 115,390 105,593  
U.S. private corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 44,479 41,020  
Fixed Maturities, available-for-sale, Amortized Cost 45,419 42,801  
Foreign public corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 23,813 19,643  
Fixed Maturities, available-for-sale, Amortized Cost 24,278 20,473  
Foreign private corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 35,933 32,290  
Fixed Maturities, available-for-sale, Amortized Cost 37,940 35,128  
Corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets supporting experience-rated contractholder liabilities 75 79  
Asset-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 16,223 12,595  
Fixed Maturities, available-for-sale, Amortized Cost 16,062 12,514  
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 9,272 9,892  
Fixed Maturities, available-for-sale, Amortized Cost 9,616 10,571  
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 2,665 2,265  
Fixed Maturities, available-for-sale, Amortized Cost 2,784 2,438  
Equity securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value investment measured at NAV per share   239  
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 340,730 316,321  
Assets supporting experience-rated contractholder liabilities 3,654 3,168  
Market risk benefit assets 2,134 1,981  
Fixed maturities, trading, at fair value (amortized cost: 2024-$12,404; 2023-$10,624) 12,065 9,790  
Equity securities 6,771 8,003  
Commercial mortgage and other loans 1,098 519  
Other invested assets 2,077 1,949  
Short-term investments 7,438 3,900  
Cash equivalents 9,679 10,302  
Reinsurance recoverables and deposit receivables 324 149  
Other assets 0 11  
Separate account assets 174,154 171,812  
TOTAL ASSETS 560,124 527,905  
Market risk benefit liabilities 5,178 5,467  
Policyholders' account balances 11,977 7,752  
Reinsurance and funds withheld payables 577 490  
Other Liabilities 3,764 4,175  
Notes issued by consolidated VIEs 440 778  
Total liabilities 21,936 18,662  
Assets Netting (14,762) (13,158)  
Liabilities Netting (23,006) (22,973)  
Netting (8,244) (9,815)  
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 25,648 21,796  
Assets supporting experience-rated contractholder liabilities 224 206  
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 7,029 8,458  
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 65,460 70,190  
Assets supporting experience-rated contractholder liabilities 606 604  
Fair Value, Measurements, Recurring | U.S. public corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 110,208 98,172  
Fair Value, Measurements, Recurring | U.S. private corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 44,479 41,020  
Fair Value, Measurements, Recurring | Foreign public corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 23,813 19,643  
Fair Value, Measurements, Recurring | Foreign private corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 35,933 32,290  
Fair Value, Measurements, Recurring | Corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets supporting experience-rated contractholder liabilities 75 79  
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 16,223 12,595  
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 9,272 9,892  
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 2,665 2,265  
Fair Value, Measurements, Recurring | Equity securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets supporting experience-rated contractholder liabilities 2,749 2,279  
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 0 0  
Assets supporting experience-rated contractholder liabilities 1,353 1,004  
Market risk benefit assets 0 0  
Fixed maturities, trading, at fair value (amortized cost: 2024-$12,404; 2023-$10,624) 0 0  
Equity securities 4,361 5,953  
Commercial mortgage and other loans 0 0  
Other invested assets 23 27  
Short-term investments 1,345 125  
Cash equivalents 992 2,240  
Reinsurance recoverables and deposit receivables 0 0  
Other assets 0 0  
Separate account assets 9,383 8,925  
TOTAL ASSETS 17,457 18,274  
Market risk benefit liabilities 0 0  
Policyholders' account balances 0 0  
Reinsurance and funds withheld payables 0 0  
Other Liabilities 45 35  
Notes issued by consolidated VIEs 0 0  
Total liabilities 45 35  
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 0 0  
Assets supporting experience-rated contractholder liabilities 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 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 0 0  
Assets supporting experience-rated contractholder liabilities 0 0  
Fair Value, Measurements, Recurring | Level 1 | U.S. public corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 0 0  
Fair Value, Measurements, Recurring | Level 1 | U.S. private corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 0 0  
Fair Value, Measurements, Recurring | Level 1 | Foreign public corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 0 0  
Fair Value, Measurements, Recurring | Level 1 | Foreign private corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 0 0  
Fair Value, Measurements, Recurring | Level 1 | Corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets supporting experience-rated contractholder liabilities 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 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 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 0 0  
Fair Value, Measurements, Recurring | Level 1 | Equity securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets supporting experience-rated contractholder liabilities 1,353 1,004  
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 332,823 310,203  
Assets supporting experience-rated contractholder liabilities 2,301 2,164  
Market risk benefit assets 0 0  
Fixed maturities, trading, at fair value (amortized cost: 2024-$12,404; 2023-$10,624) 10,451 9,361  
Equity securities 1,820 1,538  
Commercial mortgage and other loans 1,098 519  
Other invested assets 15,888 14,234  
Short-term investments 5,625 3,746  
Cash equivalents 8,686 8,058  
Reinsurance recoverables and deposit receivables (186) (75)  
Other assets 0 0  
Separate account assets 164,499 161,793  
TOTAL ASSETS 543,005 511,541  
Market risk benefit liabilities 0 0  
Policyholders' account balances 0 0  
Reinsurance and funds withheld payables 577 490  
Other Liabilities 26,723 27,112  
Notes issued by consolidated VIEs 0 0  
Total liabilities 27,300 27,602  
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 25,648 21,796  
Assets supporting experience-rated contractholder liabilities 224 206  
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 7,023 8,451  
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 65,453 70,182  
Assets supporting experience-rated contractholder liabilities 606 604  
Fair Value, Measurements, Recurring | Level 2 | U.S. public corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 110,143 98,097  
Fair Value, Measurements, Recurring | Level 2 | U.S. private corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 40,838 38,199  
Fair Value, Measurements, Recurring | Level 2 | Foreign public corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 23,734 19,576  
Fair Value, Measurements, Recurring | Level 2 | Foreign private corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 34,104 30,447  
Fair Value, Measurements, Recurring | Level 2 | Corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets supporting experience-rated contractholder liabilities 75 79  
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 14,861 12,236  
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 8,364 8,954  
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 2,655 2,265  
Fair Value, Measurements, Recurring | Level 2 | Equity securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets supporting experience-rated contractholder liabilities 1,396 1,275  
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 7,907 6,118  
Assets supporting experience-rated contractholder liabilities 0 0  
Market risk benefit assets 2,134 1,981  
Fixed maturities, trading, at fair value (amortized cost: 2024-$12,404; 2023-$10,624) 1,614 429  
Equity securities 590 512  
Commercial mortgage and other loans 0 0  
Other invested assets 928 846  
Short-term investments 468 29  
Cash equivalents 1 4  
Reinsurance recoverables and deposit receivables 510 224  
Other assets 0 11  
Separate account assets 272 1,094  
TOTAL ASSETS 14,424 11,248  
Market risk benefit liabilities 5,178 5,467  
Policyholders' account balances 11,977 7,752  
Reinsurance and funds withheld payables 0 0  
Other Liabilities 2 1  
Notes issued by consolidated VIEs 440 778  
Total liabilities 17,597 13,998  
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 0 0  
Assets supporting experience-rated contractholder liabilities 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 6 7  
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 7 8  
Assets supporting experience-rated contractholder liabilities 0 0  
Fair Value, Measurements, Recurring | Level 3 | U.S. public corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 65 75  
Fair Value, Measurements, Recurring | Level 3 | U.S. private corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 3,641 2,821  
Fair Value, Measurements, Recurring | Level 3 | Foreign public corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 79 67  
Fair Value, Measurements, Recurring | Level 3 | Foreign private corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 1,829 1,843  
Fair Value, Measurements, Recurring | Level 3 | Corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets supporting experience-rated contractholder liabilities 0 0  
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 1,362 359  
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 908 938  
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 10 0  
Fair Value, Measurements, Recurring | Level 3 | Equity securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets supporting experience-rated contractholder liabilities 0 0  
Prudential Netting Agreement | U.S. private corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 14,137 12,370  
Fixed Maturities, available-for-sale, Amortized Cost 14,126 12,370  
Other invested assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value investment measured at NAV per share 4,984 4,125  
Separate account assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value investment measured at NAV per share $ 26,396 $ 27,076  
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 20 for additional information regarding related party transactions.
v3.24.3
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefit assets $ 2,134 $ 1,981 $ 2,200
Market risk benefit liabilities 5,178 5,467 $ 4,660
Fair Value, Measurements, Recurring      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefit assets 2,134 1,981  
Market risk benefit liabilities 5,178 5,467  
Policyholders' account balances 11,977 7,752  
Level 3      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Funds held under reinsurance agreements $ 10,000    
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 $ 2,134 1,981  
Market risk benefit liabilities 5,178 5,467  
Policyholders' account balances $ 11,977 $ 7,752  
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 0.37% 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 15.00% 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 0.37% 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 0.92% 0.57%  
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 0.37% 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 15.00% 15.00%  
Level 3 | Internal | Minimum | Discounted cash flow | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 0.16% 0.16%  
Level 3 | Internal | Minimum | Market comparables | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 4.0 5.5  
Level 3 | Internal | Minimum | Market comparables | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 1.0 1.0  
Level 3 | Internal | Minimum | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 0.00% 3.55%  
Level 3 | Internal | Minimum | Net asset value | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Share price 3 3  
Level 3 | Internal | Maximum | Discounted cash flow | Market risk benefit liabilities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 20.00% 20.00%  
Spread over SOFR 1.84% 1.82%  
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 1.85% 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 | 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 1.84% 1.82%  
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 | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 40.00% 20.00%  
Level 3 | Internal | Maximum | Market comparables | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 8.8 8.8  
Level 3 | Internal | Maximum | Market comparables | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 12.2 10.0  
Level 3 | Internal | Maximum | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 0.00% 68.00%  
Level 3 | Internal | Maximum | Net asset value | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Share price 1,810 1,714  
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 11.15% 8.65%  
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% 0.70%  
Level 3 | Internal | Weighted Average | Market comparables | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 5.0 7.4  
Level 3 | Internal | Weighted Average | Market comparables | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 5.1 6.3  
Level 3 | Internal | Weighted Average | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 0.00% 57.63%  
Level 3 | Internal | Weighted Average | Net asset value | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Share price 842 733  
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 $ 5,178 $ 5,467  
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders’ account balances      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Policyholders' account balances 11,974 7,752  
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Corporate securities 4,890 1,311  
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 908 938  
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 2,134 1,981  
Level 3 | Internal | Fair Value, Measurements, Recurring | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Equity securities $ 223 $ 246  
Level 3 | Internal | Fair Value, Measurements, Recurring | Minimum | Discounted cash flow | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate, equity securities 10.00%    
Level 3 | Internal | Fair Value, Measurements, Recurring | Maximum | Discounted cash flow | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate, equity securities 20.00%    
v3.24.3
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Unrealized gains (losses) for assets/liabilities still held:          
Market risk benefit assets $ 2,134 $ 2,200 $ 2,134 $ 2,200 $ 1,981
Market risk benefit liabilities 5,178 4,660 5,178 4,660 5,467
Fair Value, Measurements, Recurring          
Unrealized gains (losses) for assets/liabilities still held:          
Market risk benefit assets 2,134   2,134   1,981
Market risk benefit liabilities 5,178   5,178   $ 5,467
Equity securities          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 556 773 512 627  
Purchases 47 19 122 28  
Sales (20) (1) (36) (68)  
Issuances 0 0 0 0  
Settlements 0 (28) (5) (34)  
Other 0 0 6 216  
Transfers into level 3 0 2 1 3  
Transfers out of Level 3 0 (35) (10) (36)  
Fair Value, end of period 590 741 590 741  
Total gains (losses) (realized/unrealized):          
Included in earnings 7 11 0 5  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 7 12 (3) (5)  
Equity securities | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 (1)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Equity securities | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 7 11 0 6  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 7 12 (3) (5)  
Equity securities | Interest credited to policyholders’ account balances          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Equity securities | Included in other comprehensive income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Equity securities | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Other invested assets          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 938 865 846 539  
Purchases 3 5 125 359  
Sales 0 (2) (2) (11)  
Issuances 0 0 0 0  
Settlements 0 0 0 0  
Other 2 0 21 0  
Transfers into level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period 928 861 928 861  
Total gains (losses) (realized/unrealized):          
Included in earnings (15) (7) (62) (26)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (14) (7) (62) (26)  
Other invested assets | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 (5) 0 (6)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 1 (5) 0 (6)  
Other invested assets | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings (15) (2) (62) (20)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (15) (2) (62) (20)  
Other invested assets | Interest credited to policyholders’ account balances          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Other invested assets | Included in other comprehensive income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Other invested assets | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Short-term investments          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 9 25 29 18  
Purchases 456 12 463 43  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements 0 (14) (6) (41)  
Other 3 0 (19) 0  
Transfers into level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period 468 24 468 24  
Total gains (losses) (realized/unrealized):          
Included in earnings 0 1 1 4  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Short-term investments | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 1 0 3  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Short-term investments | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Short-term investments | Interest credited to policyholders’ account balances          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Short-term investments | Included in other comprehensive income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Short-term investments | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 1 1  
Cash equivalents          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 4 0 4 0  
Purchases 0 0 4 0  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements 0 0 0 0  
Other (4) 0 (8) 0  
Transfers into level 3 0 0 0 0  
Transfers out of Level 3 1 0 1 0  
Fair Value, end of period 1 0 1 0  
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Cash equivalents | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Cash equivalents | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Cash equivalents | Interest credited to policyholders’ account balances          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Cash equivalents | Included in other comprehensive income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Cash equivalents | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Reinsurance recoverables and deposit receivables          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 363 217 224 141  
Purchases 63 34 177 107  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements (14) (7) (40) (12)  
Other 88 0 88 0  
Transfers into level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period 510 270 510 270  
Total gains (losses) (realized/unrealized):          
Included in earnings 10 26 61 34  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (4) 19 21 22  
Reinsurance recoverables and deposit receivables | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 10 26 61 34  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (4) 19 21 22  
Reinsurance recoverables and deposit receivables | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 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 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 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 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Reinsurance recoverables and deposit receivables | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Other assets          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 0 12 11 11  
Purchases 0 (1) 8 0  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements 0 0 0 0  
Other 0 0 (19) 0  
Transfers into level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period 0 11 0 11  
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Other assets | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Other assets | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Other assets | Interest credited to policyholders’ account balances          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Other assets | Included in other comprehensive income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Other assets | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Separate accounts assets          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 342 1,175 1,094 1,081  
Purchases 176 87 312 396  
Sales (208) (82) (1,032) (279)  
Issuances 0 0 0 0  
Settlements (3) (2) (7) (68)  
Other 0 0 0 0  
Transfers into level 3 12 42 12 45  
Transfers out of Level 3 (51) (60) (57) (103)  
Fair Value, end of period 272 1,160 272 1,160  
Total gains (losses) (realized/unrealized):          
Included in earnings 4 0 (50) 88  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 (12) (14) 75  
Separate accounts assets | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Separate accounts assets | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Separate accounts assets | Interest credited to policyholders’ account balances          
Total gains (losses) (realized/unrealized):          
Included in earnings 4 0 (50) 88  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 (12) (14) 75  
Separate accounts assets | Included in other comprehensive income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Separate accounts assets | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Policyholders’ account balances          
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period (10,213) (5,629) (7,752) (3,492)  
Purchases 0 0 0 0  
Sales 0 0 0 0  
Issuances (711) (410) (1,798) (1,249)  
Settlements 0 0 0 0  
Other 43 28 45 1  
Transfers Into Level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period (11,977) (6,108) (11,977) (6,108)  
Total gains (losses) (realized/unrealized):          
Included in earnings (1,096) (97) (2,472) (1,368)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 274 (263) 1,023 (525)  
Policyholders’ account balances | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings (1,096) (97) (2,472) (1,368)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 274 (263) 1,023 (525)  
Policyholders’ account balances | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Policyholders’ account balances | Interest credited to policyholders’ account balances          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Policyholders’ account balances | Included in other comprehensive income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Policyholders’ account balances | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Other liabilities          
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period (1) (1) (1) (1)  
Purchases 0 0 0 0  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements 0 0 0 0  
Other 0 0 0 0  
Transfers Into Level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period (2) (1) (2) (1)  
Total gains (losses) (realized/unrealized):          
Included in earnings (1) 0 (1) 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 (1) 0  
Other liabilities | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings (1) 0 (1) 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 (1) 0  
Other liabilities | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Other liabilities | Interest credited to policyholders’ account balances          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Other liabilities | Included in other comprehensive income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Other liabilities | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Notes issued by consolidated VIEs          
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period (422) 0 (778) 0  
Purchases 0 0 0 0  
Sales 0 0 0 0  
Issuances (21) 0 (48) 0  
Settlements 0 0 0 0  
Other 0 (392) 391 (392)  
Transfers Into Level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period (440) (392) (440) (392)  
Total gains (losses) (realized/unrealized):          
Included in earnings 3 0 (5) 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 3 0 (5) 0  
Notes issued by consolidated VIEs | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Notes issued by consolidated VIEs | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 3 0 (5) 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 3 0 (5) 0  
Notes issued by consolidated VIEs | Interest credited to policyholders’ account balances          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Notes issued by consolidated VIEs | Included in other comprehensive income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Notes issued by consolidated VIEs | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Fixed maturities, available-for-sale | Fixed maturities | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings (72) (4) (135) (20)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (66) (1) (124) (3)  
Fixed maturities, available-for-sale | Fixed maturities | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Fixed maturities, available-for-sale | Fixed maturities | Interest credited to policyholders’ account balances          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Fixed maturities, available-for-sale | Fixed maturities | Included in other comprehensive income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 119 (130) 70 (111)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 108 (130) 55 (125)  
Fixed maturities, available-for-sale | Fixed maturities | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 7 8 22 11  
Fixed maturities, available-for-sale | Fixed maturities | U.S. states          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 6 7 7 7  
Purchases 0 0 0 0  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements 0 0 0 0  
Other 0 0 0 0  
Transfers into level 3 0 0 0 0  
Transfers out of Level 3 (1) 0 (1) 0  
Fair Value, end of period 6 7 6 7  
Total gains (losses) (realized/unrealized):          
Included in earnings 1 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Fixed maturities, available-for-sale | Fixed maturities | Foreign government securities          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 7 8 8 8  
Purchases 0 0 0 0  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements 1 0 0 0  
Other 0 0 0 0  
Transfers into level 3 (1) 0 (1) 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period 7 8 7 8  
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Fixed maturities, available-for-sale | Fixed maturities | Corporate securities          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 5,003 4,461 4,806 3,858  
Purchases 694 393 1,513 1,657  
Sales (52) (23) (85) (198)  
Issuances 0 0 0 0  
Settlements (112) (247) (620) (747)  
Other 28 14 (126) (6)  
Transfers into level 3 81 289 243 307  
Transfers out of Level 3 (16) (149) (16) (168)  
Fair Value, end of period 5,614 4,657 5,614 4,657  
Total gains (losses) (realized/unrealized):          
Included in earnings (12) (81) (101) (46)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (20) (86) (120) (47)  
Fixed maturities, available-for-sale | Fixed maturities | Structured securities          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 2,052 1,264 1,297 1,289  
Purchases 230 166 1,822 405  
Sales (55) (1) (56) (6)  
Issuances 0 0 0 0  
Settlements (7) (5) (82) (30)  
Other 2 (1) (491) (1)  
Transfers into level 3 8 76 67 113  
Transfers out of Level 3 (15) (114) (335) (356)  
Fair Value, end of period 2,280 1,340 2,280 1,340  
Total gains (losses) (realized/unrealized):          
Included in earnings 65 (45) 58 (74)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 62 (45) 51 (81)  
Fixed maturities, trading | Fixed maturities          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 1,520 302 429 304  
Purchases 322 32 1,216 98  
Sales (1) (39) (23) (39)  
Issuances 0 0 0 0  
Settlements (15) (5) (131) (18)  
Other 1 9 0 10  
Transfers into level 3 65 0 467 0  
Transfers out of Level 3 (327) 2 (388) (57)  
Fair Value, end of period 1,614 297 1,614 297  
Total gains (losses) (realized/unrealized):          
Included in earnings 49 (4) 44 (1)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 49 (5) 49 (5)  
Fixed maturities, trading | Fixed maturities | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Fixed maturities, trading | Fixed maturities | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 49 (4) 43 (2)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 49 (5) 49 (5)  
Fixed maturities, trading | Fixed maturities | Interest credited to policyholders’ account balances          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Fixed maturities, trading | Fixed maturities | Included in other comprehensive income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Fixed maturities, trading | Fixed maturities | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings $ 0 $ 0 $ 1 $ 1  
v3.24.3
Fair Value of Assets and Liabilities (Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets $ 1,151 $ 1,103
Netting (14,762) (13,158)
Total derivative liabilities 3,764 4,181
Netting (23,006) (22,973)
Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 8,339 8,998
Total derivative liabilities 21,630 22,987
Currency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 1,022 1,008
Total derivative liabilities 1,176 1,149
Credit Risk Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 80 64
Total derivative liabilities 0 0
Currency/Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 2,182 2,454
Total derivative liabilities 883 840
Equity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 4,290 1,737
Total derivative liabilities 3,081 2,178
Other Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 23 26
Total derivative liabilities 45 36
Level 1 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 23 7
Total derivative liabilities 44 26
Level 1 | Currency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 1 | Credit Risk Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 1 | Currency/Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 1 | Equity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 19
Total derivative liabilities 1 10
Level 1 | Other Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 15,888 14,234
Total derivative liabilities 26,723 27,117
Level 2 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 8,314 8,990
Total derivative liabilities 21,584 22,960
Level 2 | Currency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 1,022 1,008
Total derivative liabilities 1,176 1,149
Level 2 | Credit Risk Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 80 64
Total derivative liabilities 0 0
Level 2 | Currency/Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 2,182 2,454
Total derivative liabilities 883 840
Level 2 | Equity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 4,290 1,718
Total derivative liabilities 3,080 2,168
Level 2 | Other Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 2 1
Total derivative liabilities 2 1
Level 3 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 2 1
Total derivative liabilities 2 1
Level 3 | Currency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 3 | Credit Risk Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 3 | Currency/Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 3 | Equity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Level 3 | Other Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities $ 0 $ 0
v3.24.3
Fair Value of Assets and Liabilities (Changes in Level 3 Derivative Assets and Liabilities) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Equity        
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Fair Value, beginning of period $ 0 $ 0 $ 0 $ 0
Total gains (losses) (realized/unrealized):        
Included in earnings 0 0 0 0
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 0 0
Other 0 0 0 0
Transfers into level 3 0 0 0 0
Transfers out of Level 3 0 0 0 0
Fair Value, end of period 0 0 0 0
Unrealized Gain (Loss) for assets still held        
Included in earnings 0 0 0 0
Interest Rate        
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Fair Value, beginning of period 1 0 0 0
Total gains (losses) (realized/unrealized):        
Included in earnings (1) 0 0 0
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements 0 0 0 0
Other 0 0 0 0
Transfers into level 3 0 0 0 0
Transfers out of Level 3 0 0 0 0
Fair Value, end of period 0 0 0 0
Unrealized Gain (Loss) for assets still held        
Included in earnings $ 0 $ 0 $ 0 $ 0
v3.24.3
Fair Value of Assets and Liabilities (Nonrecurring Fair Value Measurements) (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Commercial mortgage loans          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Realized investment gains (losses) net $ 0 $ 0 $ 0 $ 0  
Carrying value after measurement as of period end 0   0   $ 34
Investment real estate          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Realized investment gains (losses) net (9) 0 (12) (17)  
Carrying value after measurement as of period end 176   176   113
Investment in JV/LP and Other          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Realized investment gains (losses) net 0 $ (10) (7) $ (65)  
Carrying value after measurement as of period end $ 128   $ 128   $ 186
v3.24.3
Fair Value of Assets and Liabilities (Changes in Fair Values Recorded in Earnings for FVO Assets-Liabilities) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]          
Commercial mortgage and other loans [1] $ 62,573   $ 62,573   $ 59,305
Other invested assets [1] 25,367   25,367   22,855
Other assets [1],[2] 12,947   12,947   13,179
Commercial mortgage and other loans          
Fair Value, Option, Quantitative Disclosures [Line Items]          
Interest income 7 $ 2 10 $ 7  
Fair value option loans in more than 90 days past due and still accruing 0   0    
Notes issued by consolidated VIEs          
Fair Value, Option, Quantitative Disclosures [Line Items]          
Changes in fair value (3) 0 5 0  
Interest expense 4 $ 0 14 $ 0  
Fair value option          
Fair Value, Option, Quantitative Disclosures [Line Items]          
Commercial mortgage and other loans 1,098   1,098   519
Other invested assets 19   19   0
Other assets 0   0   11
Notes issued by consolidated VIEs 440   440   778
Fair value option, aggregate contractual principal          
Fair Value, Option, Quantitative Disclosures [Line Items]          
Commercial mortgage and other loans 1,089   1,089   512
Notes issued by consolidated VIEs $ 443   $ 443   $ 787
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 20 for additional information regarding related party transactions.
v3.24.3
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Assets:      
Commercial mortgage and other loans [1] $ 62,573 $ 59,305  
Policy loans 9,947 10,047  
Other invested assets [1] 25,367 22,855  
Cash and cash equivalents 20,198 [1] 19,419 [1] $ 16,892
Accrued investment income [1] 3,566 3,287  
Reinsurance recoverables and deposit receivables [2] 29,633 27,311  
Other assets, assets at fair value 0 11  
Liabilities:      
Securities sold under agreements to repurchase 7,455 6,056  
Cash collateral for loaned securities 8,471 6,477  
Reinsurance and funds withheld payables [2] 17,443 15,729  
Short-term debt 950 618  
Long-term debt 19,076 18,882  
Other Liabilities, derivatives at fair value 3,764 4,175  
Fair Value      
Assets:      
Commercial mortgage and other loans 59,372 55,652  
Policy loans 9,947 10,047  
Other invested assets 95 97  
Short-term investments 572 1,105  
Cash and cash equivalents 10,519 9,117  
Accrued investment income 3,566 3,287  
Reinsurance recoverables and deposit receivables 5,664 5,176  
Other assets, assets at fair value 2,840 3,102  
Total assets 92,575 87,583  
Liabilities:      
Policyholders’ account balances—investment contracts 74,733 68,883  
Securities sold under agreements to repurchase 7,455 6,056  
Cash collateral for loaned securities 8,471 6,477  
Reinsurance and funds withheld payables 10,281 9,530  
Short-term debt 959 618  
Long-term debt 18,946 18,268  
Notes issued by consolidated VIEs 1,016 596  
Other Liabilities, derivatives at fair value 6,924 6,982  
Separate account liabilities—investment contracts 41,382 45,365  
Total liabilities 170,167 162,775  
Carrying Amount      
Assets:      
Commercial mortgage and other loans 61,475 58,786  
Policy loans 9,947 10,047  
Other invested assets 95 97  
Short-term investments 572 1,105  
Cash and cash equivalents 10,519 9,117  
Accrued investment income 3,566 3,287  
Reinsurance recoverables and deposit receivables 5,664 5,176  
Other assets, assets at fair value 2,840 3,102  
Total assets 94,678 90,717  
Liabilities:      
Policyholders’ account balances—investment contracts 79,503 72,604  
Securities sold under agreements to repurchase 7,455 6,056  
Cash collateral for loaned securities 8,471 6,477  
Reinsurance and funds withheld payables 10,281 9,530  
Short-term debt 950 618  
Long-term debt 19,076 18,882  
Notes issued by consolidated VIEs 1,016 596  
Other Liabilities, derivatives at fair value 6,924 6,982  
Separate account liabilities—investment contracts 41,382 45,365  
Total liabilities 175,058 167,110  
Level 1 | Fair Value      
Assets:      
Commercial mortgage and other loans 0 0  
Policy loans 8 8  
Other invested assets 0 0  
Short-term investments 540 1,092  
Cash and cash equivalents 9,815 8,709  
Accrued investment income 0 0  
Reinsurance recoverables and deposit receivables 0 0  
Other assets, assets at fair value 30 43  
Total assets 10,393 9,852  
Liabilities:      
Policyholders’ account balances—investment contracts 0 0  
Securities sold under agreements to repurchase 0 0  
Cash collateral for loaned securities 0 0  
Reinsurance and funds withheld payables 0 0  
Short-term debt 0 0  
Long-term debt 565 564  
Notes issued by consolidated VIEs 0 0  
Other Liabilities, derivatives at fair value 0 0  
Separate account liabilities—investment contracts 0 0  
Total liabilities 565 564  
Level 2 | Fair Value      
Assets:      
Commercial mortgage and other loans 37 41  
Policy loans 0 0  
Other invested assets 95 97  
Short-term investments 32 13  
Cash and cash equivalents 704 408  
Accrued investment income 3,566 3,287  
Reinsurance recoverables and deposit receivables 8 5  
Other assets, assets at fair value 2,809 3,059  
Total assets 7,251 6,910  
Liabilities:      
Policyholders’ account balances—investment contracts 31,100 31,089  
Securities sold under agreements to repurchase 7,455 6,056  
Cash collateral for loaned securities 8,471 6,477  
Reinsurance and funds withheld payables 10,312 9,553  
Short-term debt 519 535  
Long-term debt 17,975 16,938  
Notes issued by consolidated VIEs 0 0  
Other Liabilities, derivatives at fair value 6,892 6,950  
Separate account liabilities—investment contracts 22,672 24,050  
Total liabilities 105,396 101,648  
Level 3 | Fair Value      
Assets:      
Commercial mortgage and other loans 59,335 55,611  
Policy loans 9,939 10,039  
Other invested assets 0 0  
Short-term investments 0 0  
Cash and cash equivalents 0 0  
Accrued investment income 0 0  
Reinsurance recoverables and deposit receivables 5,656 5,171  
Other assets, assets at fair value 1 0  
Total assets 74,931 70,821  
Liabilities:      
Policyholders’ account balances—investment contracts 43,633 37,794  
Securities sold under agreements to repurchase 0 0  
Cash collateral for loaned securities 0 0  
Reinsurance and funds withheld payables (31) (23)  
Short-term debt 440 83  
Long-term debt 406 766  
Notes issued by consolidated VIEs 1,016 596  
Other Liabilities, derivatives at fair value 32 32  
Separate account liabilities—investment contracts 18,710 21,315  
Total liabilities 64,206 60,563  
Prudential Netting Agreement | Fair Value      
Liabilities:      
Short-term debt 1,750 2,000  
Long-term debt 12,387 10,370  
Prudential Netting Agreement | Carrying Amount      
Liabilities:      
Short-term debt 1,750 2,000  
Long-term debt 12,376 10,370  
Prismic Life Reinsurance, Ltd | Fair Value      
Liabilities:      
Reinsurance and funds withheld payables 7,902 8,036  
Prismic Life Reinsurance, Ltd | Carrying Amount      
Liabilities:      
Reinsurance and funds withheld payables $ 7,902 $ 8,036  
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 20 for additional information regarding related party transactions.
v3.24.3
Deferred Policy Acquisition Costs (Balance of and Changes in DAC) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]        
Balance, BOP     $ 20,856  
Amortization expense $ (367) $ (361) (1,117) $ (1,092)
Balance, EOP 21,182 20,394 21,182 20,394
Total        
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]        
Balance, BOP     20,628 20,400
Capitalization     1,826 1,633
Amortization expense     (1,128) (1,098)
Other adjustments     (325) (377)
Foreign currency adjustment     (115) (357)
Balance, EOP 20,886 20,201 20,886 20,201
Other businesses        
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]        
Balance, EOP 296 193 296 193
Individual Variable | Retirement Strategies        
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]        
Balance, BOP     3,676 4,171
Capitalization     302 195
Amortization expense     (286) (275)
Other adjustments     0 (393)
Foreign currency adjustment     0 0
Balance, EOP 3,692 3,698 3,692 3,698
Term Life Insurance | Individual Life        
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]        
Balance, BOP     2,237 2,288
Capitalization     138 115
Amortization expense     (156) (160)
Other adjustments     0 2
Foreign currency adjustment     0 0
Balance, EOP 2,219 2,245 2,219 2,245
Variable Universal Life | Individual Life        
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]        
Balance, BOP     5,364 5,000
Capitalization     517 436
Amortization expense     (184) (183)
Other adjustments     (280) 0
Foreign currency adjustment     0 0
Balance, EOP 5,417 5,253 5,417 5,253
Life Planner | International Businesses        
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]        
Balance, BOP     4,909 4,710
Capitalization     428 443
Amortization expense     (255) (244)
Other adjustments     (49) 14
Foreign currency adjustment     (93) (199)
Balance, EOP 4,940 4,724 4,940 4,724
Gibraltar Life and Other | International Businesses        
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]        
Balance, BOP     4,442 4,231
Capitalization     441 444
Amortization expense     (247) (236)
Other adjustments     4 0
Foreign currency adjustment     (22) (158)
Balance, EOP $ 4,618 $ 4,281 $ 4,618 $ 4,281
v3.24.3
Deferred Policy Acquisition Costs (Balance of and Changes in DSI) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Movement in Deferred Sales Inducements [Roll Forward]    
Balance, EOP $ 416 $ 453
Individual Retirement Strategies | Individual Variable    
Movement in Deferred Sales Inducements [Roll Forward]    
Balance, BOP 410 446
Capitalization 2 2
Amortization expense (27) (28)
Balance, EOP 385 420
Other businesses    
Movement in Deferred Sales Inducements [Roll Forward]    
Balance, EOP $ 31 $ 33
v3.24.3
Deferred Policy Acquisition Costs (Balance of and Changes in VOBA) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Movement in Present Value of Future Insurance Profits [Roll Forward]    
Balance, BOP $ 530  
Balance, EOP 488  
Gibraltar Life and Other    
Movement in Present Value of Future Insurance Profits [Roll Forward]    
Balance, BOP 511 $ 597
Amortization expense (31) (37)
Foreign currency adjustment (9) (64)
Balance, EOP 471 496
Other businesses    
Movement in Present Value of Future Insurance Profits [Roll Forward]    
Balance, EOP 17 18
Gibraltar Life and Other And Other Businesses    
Movement in Present Value of Future Insurance Profits [Roll Forward]    
Balance, EOP $ 488 $ 514
v3.24.3
Deferred Policy Acquisition Costs (Estimated Future VOBA Amortization, Net of Interest) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Deferred Charges, Insurers [Abstract]    
Estimated future VOBA amortization - 2024 (October-December) $ 12  
Estimated future VOBA amortization - 2025 43  
Estimated future VOBA amortization - 2026 39  
Estimated future VOBA amortization - 2027 36  
Estimated future VOBA amortization - 2028 32  
Estimated future VOBA amortization - Thereafter 326  
Present Value of Future Insurance Profits, Net $ 488 $ 530
v3.24.3
Separate Accounts (Separate Account Assets) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 200,550 $ 198,888
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 4,688 4,411
Obligations of U.S. states and their political subdivisions    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2,215 2,116
Foreign government bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 98 101
U.S. corporate securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 11,782 12,782
Foreign corporate securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3,173 3,288
Asset-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,258 1,211
Mortgage-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 15,017 14,253
Equity    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 94,457 88,397
Fixed Income    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 34,531 37,065
Other    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 5,576 5,587
Equity securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 5,088 5,410
Commercial mortgage and other loans    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 62 67
Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 18,788 20,739
Short-term investments    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,194 1,202
Cash and cash equivalents    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 2,623 $ 2,259
v3.24.3
Separate Accounts (Separate Account Liabilities) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Separate Account, Liability [Roll Forward]        
Separate account liabilities $ 200,550 $ 190,642 $ 198,888  
Cash surrender value 199,533 189,023    
Total        
Separate Account, Liability [Roll Forward]        
Separate account liabilities 204,109 193,575 202,033 $ 201,322
Deposits 16,614 7,069    
Investment performance 18,471 6,623    
Policy charges (2,836) (2,865)    
Surrenders and withdrawals (24,969) (12,142)    
Benefit payments (3,670) (3,557)    
Net transfers (to) from general account (617) (1,771)    
Other (917) (1,104)    
Other businesses        
Separate Account, Liability [Roll Forward]        
Separate account liabilities (3,559) (2,933)    
PGIM        
Separate Account, Liability [Roll Forward]        
Separate account liabilities 29,331 35,254 32,648 40,056
Deposits 13,071 4,301    
Investment performance (277) (965)    
Policy charges (58) (62)    
Surrenders and withdrawals (12,571) (4,064)    
Benefit payments (2,645) (2,604)    
Net transfers (to) from general account (74) (459)    
Other (763) (949)    
Cash surrender value 29,331 35,254    
Institutional Retirement Strategies | Retirement Strategies        
Separate Account, Liability [Roll Forward]        
Separate account liabilities 10,212 10,864 11,011 11,428
Deposits 128 209    
Investment performance 474 79    
Policy charges (9) (10)    
Surrenders and withdrawals (961) (338)    
Benefit payments (401) (415)    
Net transfers (to) from general account (66) (60)    
Other 36 (29)    
Cash surrender value 10,212 10,864    
Individual Retirement Strategies | Retirement Strategies        
Separate Account, Liability [Roll Forward]        
Separate account liabilities 92,611 89,036 94,130 93,395
Deposits 426 332    
Investment performance 10,170 4,278    
Policy charges (1,690) (1,755)    
Surrenders and withdrawals (10,315) (7,142)    
Benefit payments (65) (75)    
Net transfers (to) from general account (50) (6)    
Other 5 9    
Cash surrender value 91,617 87,767    
Group Insurance        
Separate Account, Liability [Roll Forward]        
Separate account liabilities 26,021 22,864 25,021 23,513
Deposits 400 44    
Investment performance 1,675 3    
Policy charges (218) (238)    
Surrenders and withdrawals (346) (29)    
Benefit payments (238) (219)    
Net transfers (to) from general account (29) (2)    
Other (244) (208)    
Cash surrender value 25,919 22,750    
Individual Life        
Separate Account, Liability [Roll Forward]        
Separate account liabilities 45,934 35,557 $ 39,223 $ 32,930
Deposits 2,589 2,183    
Investment performance 6,429 3,228    
Policy charges (861) (800)    
Surrenders and withdrawals (776) (569)    
Benefit payments (321) (244)    
Net transfers (to) from general account (398) (1,244)    
Other 49 73    
Cash surrender value $ 42,454 $ 32,388    
v3.24.3
Liability For Future Policy Benefits (Benefit Reserves) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Total balance, EOP $ 139,416 $ 118,705 $ 139,416 $ 118,705    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Other adjustments [1] (180) 49 13 (231)    
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change 342,592 292,921 342,592 292,921    
Total balance after reinsurance recoverable 196,647 168,416 196,647 168,416    
Other Segments            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Total balance, EOP 94 83 94 83    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change 1,709 1,635 1,709 1,635    
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance 62 69 62 69    
Total balance after reinsurance recoverable 1,551 1,482 1,551 1,482    
Total            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Balance, BOP     141,398 126,474    
Effect of cumulative changes in discount rate assumptions     13,331 17,704    
Balance at original discount rate     154,729 144,178    
Effect of assumption update         $ (1,077) $ (949)
Effect of actual variances from expected experience and other activity         (1,286) (960)
Adjusted balance, BOP     152,366 142,269    
Issuances     22,945 12,043    
Net premiums / considerations collected     (27,348) (15,912)    
Interest accrual     3,820 3,383    
Foreign currency adjustment     3,227 (2,241)    
Other adjustments     98 102    
Balance at original discount rate 155,108 139,644 155,108 139,644    
Effect of cumulative changes in discount rate assumptions (15,786) (21,022) (15,786) (21,022)    
Total balance, EOP 139,322 118,622 139,322 118,622    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP     331,984 306,697    
Effect of cumulative changes in discount rate assumptions     23,606 37,383    
Balance at original discount rate, BOP     355,590 344,080    
Effect of assumption update         (1,367) (744)
Effect of actual variances from expected experience and other activity         (1,185) (994)
Adjusted balance, BOP         353,038 342,342
Issuances     22,945 12,043    
Interest accrual     9,345 8,576    
Benefit payments     (18,336) (16,092)    
Foreign currency adjustment     2,113 (9,429)    
Other adjustments     214 36    
Balance at original discount rate, EOP 369,319 337,476 369,319 337,476    
Effect of cumulative changes in discount rate assumptions (28,436) (46,190) (28,436) (46,190)    
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change 340,883 291,286 340,883 291,286    
Balance, EOP, pre-flooring 201,563 172,665 201,563 172,665    
Flooring impact, EOP 121 60 121 60    
Balance, EOP, post-flooring 201,684 172,725 201,684 172,725    
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance 6,588 5,791 6,588 5,791    
Total balance after reinsurance recoverable 195,096 166,934 195,096 166,934    
Institutional | Retirement Strategies            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Balance, BOP     71,407 52,620    
Effect of cumulative changes in discount rate assumptions     11,869 14,349    
Balance at original discount rate     83,276 66,969    
Effect of assumption update         41 (1,117)
Effect of actual variances from expected experience and other activity         534 384
Adjusted balance, BOP     83,851 66,236    
Issuances     19,730 8,453    
Net premiums / considerations collected     (20,691) (8,682)    
Interest accrual     2,150 1,588    
Foreign currency adjustment     3,993 950    
Other adjustments     0 0    
Balance at original discount rate 89,033 68,545 89,033 68,545    
Effect of cumulative changes in discount rate assumptions (14,283) (16,742) (14,283) (16,742)    
Total balance, EOP 74,750 51,803 74,750 51,803    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP     141,135 117,754    
Effect of cumulative changes in discount rate assumptions     14,751 20,170    
Balance at original discount rate, BOP     155,886 137,924    
Effect of assumption update         (481) (1,289)
Effect of actual variances from expected experience and other activity         638 377
Adjusted balance, BOP         156,043 137,012
Issuances     19,730 8,453    
Interest accrual     4,633 3,720    
Benefit payments     (9,743) (8,550)    
Foreign currency adjustment     4,046 981    
Other adjustments     17 (138)    
Balance at original discount rate, EOP 174,726 141,478 174,726 141,478    
Effect of cumulative changes in discount rate assumptions (16,145) (24,887) (16,145) (24,887)    
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change 158,581 116,591 158,581 116,591    
Balance, EOP, pre-flooring 83,831 64,789 83,831 64,789    
Flooring impact, EOP 82 0 82 0    
Balance, EOP, post-flooring 83,913 64,789 83,913 64,789    
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance 5,481 4,810 5,481 4,810    
Total balance after reinsurance recoverable 78,432 59,979 78,432 59,979    
Institutional | Retirement Strategies | Gross Basis            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Undiscounted expected future gross premiums 145,066 108,863 145,066 108,863    
Discounted expected future gross premiums (at original discount rate) 96,557 75,372 96,557 75,372    
Discounted expected future gross premiums (at current discount rate) 80,840 56,962 80,840 56,962    
Undiscounted expected future benefits and expenses $ 274,739 $ 217,931 $ 274,739 $ 217,931    
Weighted-average duration of the liability in years (at original discount rate) 8 years 9 years 8 years 9 years    
Weighted-average duration of the liability in years (at current discount rate) 8 years 8 years 8 years 8 years    
Weighted-average interest rate (at original discount rate) 4.74% 4.57% 4.74% 4.57%    
Weighted-average interest rate (at current discount rate) 4.96% 6.02% 4.96% 6.02%    
Term Life | Individual Life            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Balance, BOP     $ 11,274 $ 11,282    
Effect of cumulative changes in discount rate assumptions     228 572    
Balance at original discount rate     11,502 11,854    
Effect of assumption update         21 (1)
Effect of actual variances from expected experience and other activity         (205) (159)
Adjusted balance, BOP     11,318 11,694    
Issuances     631 539    
Net premiums / considerations collected     (1,039) (1,060)    
Interest accrual     397 404    
Foreign currency adjustment     0 0    
Other adjustments     3 (2)    
Balance at original discount rate $ 11,310 $ 11,575 11,310 11,575    
Effect of cumulative changes in discount rate assumptions (109) (965) (109) (965)    
Total balance, EOP 11,201 10,610 11,201 10,610    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP     19,852 19,288    
Effect of cumulative changes in discount rate assumptions     334 1,012    
Balance at original discount rate, BOP     20,186 20,300    
Effect of assumption update         21 (1)
Effect of actual variances from expected experience and other activity         (240) (194)
Adjusted balance, BOP         19,967 20,105
Issuances     631 539    
Interest accrual     707 707    
Benefit payments     (1,173) (1,121)    
Foreign currency adjustment     0 0    
Other adjustments     (7) (14)    
Balance at original discount rate, EOP 20,125 20,216 20,125 20,216    
Effect of cumulative changes in discount rate assumptions (152) (1,856) (152) (1,856)    
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change 19,973 18,360 19,973 18,360    
Balance, EOP, pre-flooring 8,773 7,750 8,773 7,750    
Flooring impact, EOP 0 2 0 2    
Balance, EOP, post-flooring 8,773 7,752 8,773 7,752    
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance 719 696 719 696    
Total balance after reinsurance recoverable 8,054 7,056 8,054 7,056    
Term Life | Individual Life | Gross Basis            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Undiscounted expected future gross premiums 22,937 23,147 22,937 23,147    
Discounted expected future gross premiums (at original discount rate) 15,183 15,381 15,183 15,381    
Discounted expected future gross premiums (at current discount rate) 15,067 14,120 15,067 14,120    
Undiscounted expected future benefits and expenses $ 31,059 $ 31,164 $ 31,059 $ 31,164    
Weighted-average duration of the liability in years (at original discount rate) 10 years 10 years 10 years 10 years    
Weighted-average duration of the liability in years (at current discount rate) 9 years 9 years 9 years 9 years    
Weighted-average interest rate (at original discount rate) 5.14% 5.17% 5.14% 5.17%    
Weighted-average interest rate (at current discount rate) 4.91% 6.01% 4.91% 6.01%    
Life Planner | International Businesses            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Balance, BOP     $ 29,064 $ 30,689    
Effect of cumulative changes in discount rate assumptions     596 1,354    
Balance at original discount rate     29,660 32,043    
Effect of assumption update         (328) 78
Effect of actual variances from expected experience and other activity         (1,030) (814)
Adjusted balance, BOP     28,302 31,307    
Issuances     1,732 1,793    
Net premiums / considerations collected     (2,849) (3,055)    
Interest accrual     634 680    
Foreign currency adjustment     (521) (1,583)    
Other adjustments     95 104    
Balance at original discount rate $ 27,393 $ 29,246 27,393 29,246    
Effect of cumulative changes in discount rate assumptions (749) (1,571) (749) (1,571)    
Total balance, EOP 26,644 27,675 26,644 27,675    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP     79,822 78,639    
Effect of cumulative changes in discount rate assumptions     563 3,719    
Balance at original discount rate, BOP     80,385 82,358    
Effect of assumption update         (106) 145
Effect of actual variances from expected experience and other activity         (1,023) (845)
Adjusted balance, BOP         79,256 81,658
Issuances     1,732 1,793    
Interest accrual     1,921 1,977    
Benefit payments     (3,450) (2,729)    
Foreign currency adjustment     (1,190) (4,630)    
Other adjustments     208 206    
Balance at original discount rate, EOP 78,477 78,275 78,477 78,275    
Effect of cumulative changes in discount rate assumptions (2,888) (5,296) (2,888) (5,296)    
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change 75,589 72,979 75,589 72,979    
Balance, EOP, pre-flooring 48,945 45,304 48,945 45,304    
Flooring impact, EOP 26 27 26 27    
Balance, EOP, post-flooring 48,971 45,331 48,971 45,331    
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance 98 96 98 96    
Total balance after reinsurance recoverable 48,873 45,235 48,873 45,235    
Life Planner | International Businesses | Gross Basis            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Undiscounted expected future gross premiums 63,514 68,665 63,514 68,665    
Discounted expected future gross premiums (at original discount rate) 49,274 53,078 49,274 53,078    
Discounted expected future gross premiums (at current discount rate) 48,327 50,753 48,327 50,753    
Undiscounted expected future benefits and expenses $ 132,310 $ 137,378 $ 132,310 $ 137,378    
Weighted-average duration of the liability in years (at original discount rate) 18 years 20 years 18 years 20 years    
Weighted-average duration of the liability in years (at current discount rate) 17 years 19 years 17 years 19 years    
Weighted-average interest rate (at original discount rate) 3.43% 3.46% 3.43% 3.46%    
Weighted-average interest rate (at current discount rate) 3.36% 3.37% 3.36% 3.37%    
Gibraltar Life and Other | International Businesses            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Balance, BOP     $ 26,367 $ 28,951    
Effect of cumulative changes in discount rate assumptions     622 1,326    
Balance at original discount rate     26,989 30,277    
Effect of assumption update         (535) (175)
Effect of actual variances from expected experience and other activity         (732) (516)
Adjusted balance, BOP     25,722 29,586    
Issuances     852 1,258    
Net premiums / considerations collected     (2,528) (2,873)    
Interest accrual     526 594    
Foreign currency adjustment     (245) (1,608)    
Other adjustments     0 0    
Balance at original discount rate $ 24,327 $ 26,957 24,327 26,957    
Effect of cumulative changes in discount rate assumptions (651) (1,495) (651) (1,495)    
Total balance, EOP 23,676 25,462 23,676 25,462    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP     79,036 80,331    
Effect of cumulative changes in discount rate assumptions     7,355 11,266    
Balance at original discount rate, BOP     86,391 91,597    
Effect of assumption update         (407) 44
Effect of actual variances from expected experience and other activity         (715) (503)
Adjusted balance, BOP         85,269 91,138
Issuances     852 1,258    
Interest accrual     1,630 1,729    
Benefit payments     (3,730) (3,496)    
Foreign currency adjustment     (743) (5,780)    
Other adjustments     (4) (18)    
Balance at original discount rate, EOP 83,274 84,831 83,274 84,831    
Effect of cumulative changes in discount rate assumptions (8,684) (11,846) (8,684) (11,846)    
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change 74,590 72,985 74,590 72,985    
Balance, EOP, pre-flooring 50,915 47,523 50,915 47,523    
Flooring impact, EOP 13 31 13 31    
Balance, EOP, post-flooring 50,928 47,554 50,928 47,554    
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance 290 189 290 189    
Total balance after reinsurance recoverable 50,638 47,365 50,638 47,365    
Gibraltar Life and Other | International Businesses | Gross Basis            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Undiscounted expected future gross premiums 51,059 56,169 51,059 56,169    
Discounted expected future gross premiums (at original discount rate) 41,069 45,102 41,069 45,102    
Discounted expected future gross premiums (at current discount rate) 40,061 42,804 40,061 42,804    
Undiscounted expected future benefits and expenses $ 133,511 $ 139,536 $ 133,511 $ 139,536    
Weighted-average duration of the liability in years (at original discount rate) 18 years 19 years 18 years 19 years    
Weighted-average duration of the liability in years (at current discount rate) 16 years 17 years 16 years 17 years    
Weighted-average interest rate (at original discount rate) 2.59% 2.59% 2.59% 2.59%    
Weighted-average interest rate (at current discount rate) 3.25% 3.26% 3.25% 3.26%    
Long- Term Care | Corporate and Other            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Balance, BOP     $ 3,286 $ 2,932    
Effect of cumulative changes in discount rate assumptions     16 103    
Balance at original discount rate     3,302 3,035    
Effect of assumption update         (276) 266
Effect of actual variances from expected experience and other activity         147 145
Adjusted balance, BOP     3,173 3,446    
Issuances     0 0    
Net premiums / considerations collected     (241) (242)    
Interest accrual     113 117    
Foreign currency adjustment     0 0    
Other adjustments     0 0    
Balance at original discount rate $ 3,045 $ 3,321 3,045 3,321    
Effect of cumulative changes in discount rate assumptions 6 (249) 6 (249)    
Total balance, EOP 3,051 3,072 3,051 3,072    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP     12,139 10,685    
Effect of cumulative changes in discount rate assumptions     603 1,216    
Balance at original discount rate, BOP     12,742 11,901    
Effect of assumption update         (394) 357
Effect of actual variances from expected experience and other activity         155 171
Adjusted balance, BOP         $ 12,503 $ 12,429
Issuances     0 0    
Interest accrual     454 443    
Benefit payments     (240) (196)    
Foreign currency adjustment     0 0    
Other adjustments     0 0    
Balance at original discount rate, EOP 12,717 12,676 12,717 12,676    
Effect of cumulative changes in discount rate assumptions (567) (2,305) (567) (2,305)    
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change 12,150 10,371 12,150 10,371    
Balance, EOP, pre-flooring 9,099 7,299 9,099 7,299    
Flooring impact, EOP 0 0 0 0    
Balance, EOP, post-flooring 9,099 7,299 9,099 7,299    
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance 0 0 0 0    
Total balance after reinsurance recoverable 9,099 7,299 9,099 7,299    
Long- Term Care | Corporate and Other | Gross Basis            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Undiscounted expected future gross premiums 6,758 6,854 6,758 6,854    
Discounted expected future gross premiums (at original discount rate) 4,488 4,496 4,488 4,496    
Discounted expected future gross premiums (at current discount rate) 4,502 4,167 4,502 4,167    
Undiscounted expected future benefits and expenses $ 29,908 $ 30,897 $ 29,908 $ 30,897    
Weighted-average duration of the liability in years (at original discount rate) 17 years 18 years 17 years 18 years    
Weighted-average duration of the liability in years (at current discount rate) 16 years 17 years 16 years 17 years    
Weighted-average interest rate (at original discount rate) 4.91% 4.91% 4.91% 4.91%    
Weighted-average interest rate (at current discount rate) 5.24% 6.30% 5.24% 6.30%    
[1] See Note 20 for additional information regarding related party transactions.
v3.24.3
Liability For Future Policy Benefits (Deferred Profit Liability) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Other adjustments [1] $ (180) $ 49 $ 13 $ (231)    
Total balance after reinsurance recoverable 196,647 168,416 196,647 168,416    
Deferred profit liability            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Total balance after reinsurance recoverable 15,018 14,188 15,018 14,188    
Retirement Strategies | Institutional            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Effect of assumption update         $ (481) $ (1,289)
Effect of actual variances from expected experience and other activity         638 377
Adjusted balance, BOP         156,043 137,012
Interest accrual     4,633 3,720    
Foreign currency adjustment     (4,046) (981)    
Other adjustments     17 (138)    
Balance, EOP, pre-flooring 83,831 64,789 83,831 64,789    
Flooring impact, EOP 82 0 82 0    
Balance, EOP, post-flooring 83,913 64,789 83,913 64,789    
Less: Reinsurance recoverables 5,481 4,810 5,481 4,810    
Total balance after reinsurance recoverable 78,432 59,979 78,432 59,979    
Retirement Strategies | Institutional | Deferred profit liability            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP, post-flooring     5,615 5,532    
Flooring impact, BOP     0 0    
Balance, BOP, pre-flooring     5,615 5,532    
Effect of assumption update         370 35
Effect of actual variances from expected experience and other activity         (69) 4
Adjusted balance, BOP         5,916 5,571
Profits deferred     112 294    
Interest accrual     177 170    
Amortization     (441) (424)    
Foreign currency adjustment     14 (2)    
Other adjustments     0 0    
Balance, EOP, pre-flooring 5,778 5,613 5,778 5,613    
Flooring impact, EOP 0 0 0 0    
Balance, EOP, post-flooring 5,778 5,613 5,778 5,613    
Less: Reinsurance recoverables 396 383 396 383    
Total balance after reinsurance recoverable 5,382 5,230 5,382 5,230    
International Businesses | Life Planner            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Effect of assumption update         (106) 145
Effect of actual variances from expected experience and other activity         (1,023) (845)
Adjusted balance, BOP         79,256 81,658
Interest accrual     1,921 1,977    
Foreign currency adjustment     1,190 4,630    
Other adjustments     208 206    
Balance, EOP, pre-flooring 48,945 45,304 48,945 45,304    
Flooring impact, EOP 26 27 26 27    
Balance, EOP, post-flooring 48,971 45,331 48,971 45,331    
Less: Reinsurance recoverables 98 96 98 96    
Total balance after reinsurance recoverable 48,873 45,235 48,873 45,235    
International Businesses | Life Planner | Deferred profit liability            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP, post-flooring     3,956 3,379    
Flooring impact, BOP     1 0    
Balance, BOP, pre-flooring     3,955 3,379    
Effect of assumption update         (150) (67)
Effect of actual variances from expected experience and other activity         (20) (4)
Adjusted balance, BOP         3,785 3,308
Profits deferred     1,164 1,271    
Interest accrual     122 109    
Amortization     (851) (869)    
Foreign currency adjustment     (76) (128)    
Other adjustments     22 24    
Balance, EOP, pre-flooring 4,166 3,715 4,166 3,715    
Flooring impact, EOP 1 0 1 0    
Balance, EOP, post-flooring 4,167 3,715 4,167 3,715    
Less: Reinsurance recoverables 10 8 10 8    
Total balance after reinsurance recoverable 4,157 3,707 4,157 3,707    
International Businesses | Gibraltar Life and Other            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Effect of assumption update         (407) 44
Effect of actual variances from expected experience and other activity         (715) (503)
Adjusted balance, BOP         85,269 91,138
Interest accrual     1,630 1,729    
Foreign currency adjustment     743 5,780    
Other adjustments     (4) (18)    
Balance, EOP, pre-flooring 50,915 47,523 50,915 47,523    
Flooring impact, EOP 13 31 13 31    
Balance, EOP, post-flooring 50,928 47,554 50,928 47,554    
Less: Reinsurance recoverables 290 189 290 189    
Total balance after reinsurance recoverable 50,638 47,365 50,638 47,365    
International Businesses | Gibraltar Life and Other | Deferred profit liability            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP, post-flooring     5,303 5,261    
Flooring impact, BOP     1 1    
Balance, BOP, pre-flooring     5,302 5,260    
Effect of assumption update         (138) (228)
Effect of actual variances from expected experience and other activity         (33) (32)
Adjusted balance, BOP         5,131 5,000
Profits deferred     874 1,017    
Interest accrual     116 114    
Amortization     (737) (765)    
Foreign currency adjustment     (32) (251)    
Other adjustments     0 0    
Balance, EOP, pre-flooring 5,352 5,115 5,352 5,115    
Flooring impact, EOP 2 1 2 1    
Balance, EOP, post-flooring 5,354 5,116 5,354 5,116    
Less: Reinsurance recoverables 31 10 31 10    
Total balance after reinsurance recoverable 5,323 5,106 5,323 5,106    
Total            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Effect of assumption update         (1,367) (744)
Effect of actual variances from expected experience and other activity         (1,185) (994)
Adjusted balance, BOP         353,038 342,342
Interest accrual     9,345 8,576    
Foreign currency adjustment     (2,113) 9,429    
Other adjustments     214 36    
Balance, EOP, pre-flooring 201,563 172,665 201,563 172,665    
Flooring impact, EOP 121 60 121 60    
Balance, EOP, post-flooring 201,684 172,725 201,684 172,725    
Less: Reinsurance recoverables 6,588 5,791 6,588 5,791    
Total balance after reinsurance recoverable 195,096 166,934 195,096 166,934    
Total | Deferred profit liability            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP, post-flooring     14,874 14,172    
Flooring impact, BOP     2 1    
Balance, BOP, pre-flooring     14,872 14,171    
Effect of assumption update         82 (260)
Effect of actual variances from expected experience and other activity         (122) (32)
Adjusted balance, BOP         $ 14,832 $ 13,879
Profits deferred     2,150 2,582    
Interest accrual     415 393    
Amortization     (2,029) (2,058)    
Foreign currency adjustment     (94) (377)    
Other adjustments     22 24    
Balance, EOP, pre-flooring 15,296 14,443 15,296 14,443    
Flooring impact, EOP 3 1 3 1    
Balance, EOP, post-flooring 15,299 14,444 15,299 14,444    
Less: Reinsurance recoverables 437 401 437 401    
Total balance after reinsurance recoverable 14,862 14,043 14,862 14,043    
Other Segments            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Less: Reinsurance recoverables 62 69 62 69    
Total balance after reinsurance recoverable 1,551 1,482 1,551 1,482    
Other Segments | Deferred profit liability            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Total balance after reinsurance recoverable $ 156 $ 145 $ 156 $ 145    
[1] See Note 20 for additional information regarding related party transactions.
v3.24.3
Liability For Future Policy Benefits (Additional Insurance Reserves) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Additional Liability, Long-Duration Insurance [Line Items]        
Balance, including amounts in AOCI, EOP, post-flooring $ 16,338 $ 13,340    
Weighted-average duration of the liability in years (at original discount rate) 22 years 22 years    
Weighted-average interest rate (at original discount rate) 3.40% 3.36%    
Individual Life        
Additional Liability, Long-Duration Insurance [Line Items]        
Total balance after reinsurance recoverables $ 8,051 $ 8,054    
Other Segments | Individual Life        
Additional Liability, Long-Duration Insurance [Line Items]        
Total balance after reinsurance recoverables 75 123    
Total | Individual Life        
Additional Liability, Long-Duration Insurance [Line Items]        
Balance, including amounts in AOCI, BOP, post-flooring 14,308 12,684    
Flooring impact and amounts in AOCI 843 1,285    
Balance, excluding amounts in AOCI, BOP, pre-flooring 15,151 13,969    
Effect of assumption updates     $ 153 $ 23
Effect of actual variances from expected experience and other activity     315 (13)
Adjusted balance, BOP     $ 15,619 $ 13,979
Assessment Collected 852 836    
Interest accrual 399 362    
Benefits paid (268) (223)    
Other adjustments 13 0    
Balance, excluding amounts in AOCI, EOP, pre-flooring 16,615 14,954    
Flooring impact and amounts in AOCI (352) (1,737)    
Balance, including amounts in AOCI, EOP, post-flooring 16,263 13,217    
Less: Reinsurance recoverables 8,287 5,286    
Total balance after reinsurance recoverables $ 7,976 $ 7,931    
v3.24.3
Liability For Future Policy Benefits (Future Policy Benefits) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Insurance [Abstract]      
Benefit reserves, EOP, post-flooring $ 203,297   $ 174,276
Deferred Profit Liability EOP, post-flooring 15,455   14,589
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 16,338   13,340
Subtotal of amounts disclosed above 235,090   202,205
Other Future Policy Benefits reserves 50,384   51,346
Total Future Policy Benefits $ 285,474 $ 273,281 $ 253,551
v3.24.3
Liability For Future Policy Benefits (Revenue and Interest Expense) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Benefit reserves | Retirement Strategies | Institutional    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue $ 21,128 $ 9,310
Interest expense 2,483 2,132
Benefit reserves | Individual Life | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 1,384 1,384
Interest expense 310 303
Benefit reserves | Individual Life | Variable Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Benefit reserves | International Businesses | Life Planner    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 4,359 4,849
Interest expense 1,287 1,297
Benefit reserves | International Businesses | Gibraltar Life and Other    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 4,163 4,741
Interest expense 1,105 1,135
Benefit reserves | Other Segments    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 419 415
Interest expense 379 366
Benefit reserves | Total    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 31,453 20,699
Interest expense 5,564 5,233
Deferred profit liability | Retirement Strategies | Institutional    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue (149) (79)
Interest expense 177 170
Deferred profit liability | Individual Life | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Deferred profit liability | Individual Life | Variable Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Deferred profit liability | International Businesses | Life Planner    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue (287) (464)
Interest expense 122 109
Deferred profit liability | International Businesses | Gibraltar Life and Other    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue (82) (105)
Interest expense 116 114
Deferred profit liability | Other Segments    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue (7) 37
Interest expense 3 3
Deferred profit liability | Total    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue (525) (611)
Interest expense 418 396
Additional insurance reserves | Retirement Strategies | Institutional    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Additional insurance reserves | Individual Life | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Additional insurance reserves | Individual Life | Variable Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 2,455 2,357
Interest expense 399 362
Additional insurance reserves | International Businesses | Life Planner    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 1 1
Additional insurance reserves | International Businesses | Gibraltar Life and Other    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Additional insurance reserves | Other Segments    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Additional insurance reserves | Total    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 2,455 2,357
Interest expense 400 363
Revenues | Retirement Strategies | Institutional    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 20,979 9,231
Revenues | Individual Life | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 1,384 1,384
Revenues | Individual Life | Variable Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 2,455 2,357
Revenues | International Businesses | Life Planner    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 4,072 4,385
Revenues | International Businesses | Gibraltar Life and Other    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 4,081 4,636
Revenues | Other Segments    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 412 452
Revenues | Total    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 33,383 22,445
Interest Expense | Retirement Strategies | Institutional    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 2,660 2,302
Interest Expense | Individual Life | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 310 303
Interest Expense | Individual Life | Variable Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 399 362
Interest Expense | International Businesses | Life Planner    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 1,410 1,407
Interest Expense | International Businesses | Gibraltar Life and Other    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 1,221 1,249
Interest Expense | Other Segments    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 382 369
Interest Expense | Total    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense $ 6,382 $ 5,992
v3.24.3
Policyholders' Account Balances (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Additional Liability, Long-Duration Insurance [Roll Forward]          
Interest credited to policyholders’ account balances $ 863,000,000 $ 872,000,000 $ 3,248,000,000 $ 3,002,000,000  
Total Policyholders' account balance 164,088,000,000 140,788,000,000 164,088,000,000 140,788,000,000  
Closed Block Division 4,391,000,000 4,528,000,000 4,391,000,000 4,528,000,000 $ 4,500,000,000
Unearned revenue reserve, unearned expense credit, and additional interest reserve 5,849,000,000 5,109,000,000 5,849,000,000 5,109,000,000  
Other $ 4,117,000,000 $ 4,504,000,000 $ 4,117,000,000 $ 4,504,000,000  
Weighted-average crediting rate 2.82% 2.87% 2.82% 2.87%  
Net amount at risk $ 494,322,000,000 $ 475,125,000,000 $ 494,322,000,000 $ 475,125,000,000  
Cash Surrender Value 137,049,000,000 110,440,000,000 137,049,000,000 110,440,000,000  
Institutional Retirement Strategies          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Policyholder Account Balance, Surrender       0  
Total          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Balance, BOP     132,729,000,000 118,377,000,000  
Deposits     25,555,000,000 18,188,000,000  
Interest credited to policyholders’ account balances     2,987,000,000 2,639,000,000  
Acquisitions and Dispositions     0 0  
Policy charges     (2,256,000,000) (2,190,000,000)  
Surrenders and withdrawals     (9,181,000,000) (8,774,000,000)  
Benefit payments     (2,498,000,000) (1,900,000,000)  
Net transfers (to) from separate account     533,000,000 1,306,000,000  
Change in market value and other adjustments     2,066,000,000 1,363,000,000  
Foreign currency adjustment     (204,000,000) (2,362,000,000)  
Balance, EOP 149,731,000,000 126,647,000,000 149,731,000,000 126,647,000,000  
Institutional          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Total Policyholders' account balance 9,950,000,000 9,964,000,000 9,950,000,000 9,964,000,000  
Institutional | Retirement Strategies          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Balance, BOP     17,738,000,000 17,376,000,000  
Deposits     5,824,000,000 4,407,000,000  
Interest credited to policyholders’ account balances     555,000,000 509,000,000  
Acquisitions and Dispositions     0 0  
Policy charges     (9,000,000) (16,000,000)  
Surrenders and withdrawals     (4,123,000,000) (4,332,000,000)  
Benefit payments     (461,000,000) 0  
Net transfers (to) from separate account     0 0  
Change in market value and other adjustments     7,000,000 0  
Foreign currency adjustment     0 0  
Balance, EOP $ 19,531,000,000 $ 17,944,000,000 $ 19,531,000,000 $ 17,944,000,000  
Weighted-average crediting rate 3.97% 3.85% 3.97% 3.85%  
Net amount at risk $ 0 $ 0 $ 0 $ 0  
Cash Surrender Value 19,531,000,000 17,944,000,000 19,531,000,000 17,944,000,000  
Individual Variable          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Total Policyholders' account balance 3,655,000,000 4,211,000,000 3,655,000,000 4,211,000,000  
Individual Variable | Retirement Strategies          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Balance, BOP     23,765,000,000 17,524,000,000  
Deposits     5,902,000,000 3,444,000,000  
Interest credited to policyholders’ account balances     359,000,000 219,000,000  
Acquisitions and Dispositions     0 0  
Policy charges     (22,000,000) (17,000,000)  
Surrenders and withdrawals     (663,000,000) (492,000,000)  
Benefit payments     (60,000,000) (58,000,000)  
Net transfers (to) from separate account     61,000,000 22,000,000  
Change in market value and other adjustments     2,040,000,000 1,192,000,000  
Foreign currency adjustment     0 0  
Balance, EOP $ 31,382,000,000 $ 21,834,000,000 $ 31,382,000,000 $ 21,834,000,000  
Weighted-average crediting rate 1.73% 1.48% 1.73% 1.48%  
Net amount at risk $ 0 $ 0 $ 0 $ 0  
Cash Surrender Value 30,049,000,000 19,184,000,000 30,049,000,000 19,184,000,000  
Individual Fixed          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Total Policyholders' account balance 5,168,000,000 2,806,000,000 5,168,000,000 2,806,000,000  
Individual Fixed | Retirement Strategies          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Balance, BOP     7,095,000,000 4,643,000,000  
Deposits     4,188,000,000 1,839,000,000  
Interest credited to policyholders’ account balances     174,000,000 96,000,000  
Acquisitions and Dispositions     0 0  
Policy charges     (4,000,000) (6,000,000)  
Surrenders and withdrawals     (537,000,000) (298,000,000)  
Benefit payments     (62,000,000) (58,000,000)  
Net transfers (to) from separate account     0 0  
Change in market value and other adjustments     218,000,000 82,000,000  
Foreign currency adjustment     0 0  
Balance, EOP $ 11,072,000,000 $ 6,298,000,000 $ 11,072,000,000 $ 6,298,000,000  
Weighted-average crediting rate 2.57% 2.33% 2.57% 2.33%  
Net amount at risk $ 0 $ 0 $ 0 $ 0  
Cash Surrender Value 9,528,000,000 5,038,000,000 9,528,000,000 5,038,000,000  
Life/Disability | Group Insurance          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Balance, BOP     5,293,000,000 5,839,000,000  
Deposits     871,000,000 811,000,000  
Interest credited to policyholders’ account balances     110,000,000 124,000,000  
Acquisitions and Dispositions     0 0  
Policy charges     (248,000,000) (247,000,000)  
Surrenders and withdrawals     (1,123,000,000) (1,217,000,000)  
Benefit payments     0 0  
Net transfers (to) from separate account     29,000,000 2,000,000  
Change in market value and other adjustments     0 0  
Foreign currency adjustment     0 0  
Balance, EOP $ 4,932,000,000 $ 5,312,000,000 $ 4,932,000,000 $ 5,312,000,000  
Weighted-average crediting rate 2.86% 2.97% 2.86% 2.97%  
Net amount at risk $ 73,883,000,000 $ 73,260,000,000 $ 73,883,000,000 $ 73,260,000,000  
Cash Surrender Value 3,842,000,000 3,966,000,000 3,842,000,000 3,966,000,000  
Variable Universal Life          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Total Policyholders' account balance 23,799,000,000 24,270,000,000 23,799,000,000 24,270,000,000  
Variable Universal Life | Individual Life          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Balance, BOP     27,439,000,000 26,502,000,000  
Deposits     1,837,000,000 1,773,000,000  
Interest credited to policyholders’ account balances     577,000,000 583,000,000  
Acquisitions and Dispositions     0 0  
Policy charges     (1,537,000,000) (1,536,000,000)  
Surrenders and withdrawals     (1,264,000,000) (1,267,000,000)  
Benefit payments     (98,000,000) (119,000,000)  
Net transfers (to) from separate account     443,000,000 1,282,000,000  
Change in market value and other adjustments     159,000,000 75,000,000  
Foreign currency adjustment     0 0  
Balance, EOP $ 27,556,000,000 $ 27,293,000,000 $ 27,556,000,000 $ 27,293,000,000  
Weighted-average crediting rate 2.80% 2.89% 2.80% 2.89%  
Net amount at risk $ 392,501,000,000 $ 378,191,000,000 $ 392,501,000,000 $ 378,191,000,000  
Cash Surrender Value 23,692,000,000 23,101,000,000 23,692,000,000 23,101,000,000  
Life Planner          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Total Policyholders' account balance 9,057,000,000 7,460,000,000 9,057,000,000 7,460,000,000  
Life Planner | International Businesses          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Balance, BOP     12,949,000,000 11,168,000,000  
Deposits     1,540,000,000 1,640,000,000  
Interest credited to policyholders’ account balances     528,000,000 577,000,000  
Acquisitions and Dispositions     0 0  
Policy charges     (246,000,000) (222,000,000)  
Surrenders and withdrawals     (241,000,000) (153,000,000)  
Benefit payments     (199,000,000) (203,000,000)  
Net transfers (to) from separate account     0 0  
Change in market value and other adjustments     (347,000,000) 21,000,000  
Foreign currency adjustment     (103,000,000) (1,071,000,000)  
Balance, EOP $ 13,881,000,000 $ 11,757,000,000 $ 13,881,000,000 $ 11,757,000,000  
Weighted-average crediting rate 5.25% 6.72% 5.25% 6.72%  
Net amount at risk $ 21,532,000,000 $ 17,400,000,000 $ 21,532,000,000 $ 17,400,000,000  
Cash Surrender Value 12,638,000,000 10,063,000,000 12,638,000,000 10,063,000,000  
Gibraltar Life and Other          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Total Policyholders' account balance 41,246,000,000 36,054,000,000 41,246,000,000 36,054,000,000  
Gibraltar Life and Other | International Businesses          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Balance, BOP     38,450,000,000 35,325,000,000  
Deposits     5,393,000,000 4,274,000,000  
Interest credited to policyholders’ account balances     684,000,000 531,000,000  
Acquisitions and Dispositions     0 0  
Policy charges     (190,000,000) (146,000,000)  
Surrenders and withdrawals     (1,230,000,000) (1,015,000,000)  
Benefit payments     (1,618,000,000) (1,462,000,000)  
Net transfers (to) from separate account     0 0  
Change in market value and other adjustments     (11,000,000) (7,000,000)  
Foreign currency adjustment     (101,000,000) (1,291,000,000)  
Balance, EOP $ 41,377,000,000 $ 36,209,000,000 $ 41,377,000,000 $ 36,209,000,000  
Weighted-average crediting rate 2.29% 1.98% 2.29% 1.98%  
Net amount at risk $ 6,406,000,000 $ 6,274,000,000 $ 6,406,000,000 $ 6,274,000,000  
Cash Surrender Value 37,769,000,000 31,144,000,000 37,769,000,000 31,144,000,000  
Full Service | Corporate and Other          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Reinsurance and other recoverable $ 5,207,000,000 $ 5,621,000,000 $ 5,207,000,000 $ 5,621,000,000  
v3.24.3
Policyholders' Account Balances - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Sep. 30, 2023
Policyholder Account Balance [Line Items]    
Policyholders’ account balances $ 164,088 $ 140,788
FANIP | Medium-term Notes    
Policyholder Account Balance [Line Items]    
Capacity 15,000  
Debt Instrument, Face Amount $ 3,969 3,465
FANIP | Medium-term Notes | Minimum    
Policyholder Account Balance [Line Items]    
Interest rate 0.00%  
Maturities 2 months  
FANIP | Medium-term Notes | Maximum    
Policyholder Account Balance [Line Items]    
Maturities 7 years  
FANIP | Commercial paper    
Policyholder Account Balance [Line Items]    
Capacity $ 6,000  
Debt Instrument, Face Amount $ 2,127 2,389
FANIP | Commercial paper | Minimum    
Policyholder Account Balance [Line Items]    
Interest rate 0.00%  
Maturities 2 months  
FANIP | Commercial paper | Maximum    
Policyholder Account Balance [Line Items]    
Interest rate 5.60%  
Maturities 7 years  
FHLBNY | Secured Debt    
Policyholder Account Balance [Line Items]    
Maturities 7 years  
Debt Instrument, Face Amount $ 2,628 2,628
FHLBNY | Secured Debt | Minimum    
Policyholder Account Balance [Line Items]    
Interest rate 1.925%  
FHLBNY | Secured Debt | Maximum    
Policyholder Account Balance [Line Items]    
Interest rate 4.51%  
Institutional Retirement Strategies And Life Planner    
Policyholder Account Balance [Line Items]    
Policyholders’ account balances $ 6,061 $ 5,811
v3.24.3
Policyholders' Account Balances (Guaranteed Minimum Crediting Rate) (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 164,088 $ 140,788
1 - 50 bps above guaranteed minimum | Minimum    
Policyholder Account Balance [Line Items]    
Policyholder account balance above guaranteed minimum crediting rate 1 1
1 - 50 bps above guaranteed minimum | Maximum    
Policyholder Account Balance [Line Items]    
Policyholder account balance above guaranteed minimum crediting rate 50 50
51 - 150 bps above guaranteed minimum | Minimum    
Policyholder Account Balance [Line Items]    
Policyholder account balance above guaranteed minimum crediting rate 51 51
51 - 150 bps above guaranteed minimum | Maximum    
Policyholder Account Balance [Line Items]    
Policyholder account balance above guaranteed minimum crediting rate 150 150
Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Policyholder account balance above guaranteed minimum crediting rate 150 150
Institutional    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 9,950 $ 9,964
Institutional | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 9,950 9,964
Institutional | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Institutional | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Institutional | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Individual Variable    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 3,655 4,211
Individual Variable | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 2,351 3,343
Individual Variable | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 842 836
Individual Variable | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 462 32
Individual Variable | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Individual Fixed    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 5,168 2,806
Individual Fixed | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 2,669 1,519
Individual Fixed | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 631 607
Individual Fixed | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 806 566
Individual Fixed | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 1,062 114
Group Insurance    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 2,570 2,888
Group Insurance | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 1,541 1,667
Group Insurance | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Group Insurance | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Group Insurance | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 1,029 1,221
Variable Universal Life    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 23,799 24,270
Variable Universal Life | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 9,943 10,225
Variable Universal Life | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 5,316 5,607
Variable Universal Life | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 5,870 6,783
Variable Universal Life | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 2,670 1,655
Life Planner    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 9,057 7,460
Life Planner | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 6,094 5,863
Life Planner | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 72 67
Life Planner | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 82 90
Life Planner | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 2,809 1,440
Gibraltar Life and Other    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 41,246 36,054
Gibraltar Life and Other | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 40,861 35,706
Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 354 310
Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 31 38
Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 0 $ 0
Less than 1.00% | Institutional    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%
Account Values with Crediting Rates $ 400 $ 400
Less than 1.00% | Institutional | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 400 400
Less than 1.00% | Institutional | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Less than 1.00% | Institutional | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Less than 1.00% | Institutional | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 0 $ 0
Less than 1.00% | Individual Variable    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%
Account Values with Crediting Rates $ 1,393 $ 1,783
Less than 1.00% | Individual Variable | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 324 944
Less than 1.00% | Individual Variable | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 622 821
Less than 1.00% | Individual Variable | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 447 18
Less than 1.00% | Individual Variable | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 0 $ 0
Less than 1.00% | Individual Fixed    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%
Account Values with Crediting Rates $ 980 $ 20
Less than 1.00% | Individual Fixed | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Less than 1.00% | Individual Fixed | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 3 0
Less than 1.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 10 0
Less than 1.00% | Individual Fixed | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 967 $ 20
Less than 1.00% | Group Insurance    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%
Account Values with Crediting Rates $ 966 $ 1,221
Less than 1.00% | Group Insurance | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Less than 1.00% | Group Insurance | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Less than 1.00% | Group Insurance | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Less than 1.00% | Group Insurance | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 966 $ 1,221
Less than 1.00% | Variable Universal Life    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%
Account Values with Crediting Rates $ 309 $ 408
Less than 1.00% | Variable Universal Life | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Less than 1.00% | Variable Universal Life | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Less than 1.00% | Variable Universal Life | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Less than 1.00% | Variable Universal Life | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 309 $ 408
Less than 1.00% | Life Planner    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%
Account Values with Crediting Rates $ 3,249 $ 1,892
Less than 1.00% | Life Planner | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 315 320
Less than 1.00% | Life Planner | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 43 42
Less than 1.00% | Life Planner | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 82 90
Less than 1.00% | Life Planner | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 2,809 $ 1,440
Less than 1.00% | Gibraltar Life and Other    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%
Account Values with Crediting Rates $ 15,688 $ 15,671
Less than 1.00% | Gibraltar Life and Other | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 15,688 15,671
Less than 1.00% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Less than 1.00% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Less than 1.00% | Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
1.00% - 1.99% | Institutional    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 1,551 $ 1,551
1.00% - 1.99% | Institutional | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%
1.00% - 1.99% | Institutional | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%
1.00% - 1.99% | Institutional | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 1,551 $ 1,551
1.00% - 1.99% | Institutional | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
1.00% - 1.99% | Institutional | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
1.00% - 1.99% | Institutional | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
1.00% - 1.99% | Individual Variable    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 370 $ 227
1.00% - 1.99% | Individual Variable | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%
1.00% - 1.99% | Individual Variable | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%
1.00% - 1.99% | Individual Variable | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 156 $ 224
1.00% - 1.99% | Individual Variable | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 211 2
1.00% - 1.99% | Individual Variable | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 3 1
1.00% - 1.99% | Individual Variable | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
1.00% - 1.99% | Individual Fixed    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 857 $ 1,001
1.00% - 1.99% | Individual Fixed | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%
1.00% - 1.99% | Individual Fixed | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%
1.00% - 1.99% | Individual Fixed | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 474 $ 544
1.00% - 1.99% | Individual Fixed | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 82 129
1.00% - 1.99% | Individual Fixed | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 226 246
1.00% - 1.99% | Individual Fixed | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 75 82
1.00% - 1.99% | Group Insurance    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 0 $ 0
1.00% - 1.99% | Group Insurance | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%
1.00% - 1.99% | Group Insurance | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%
1.00% - 1.99% | Group Insurance | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 0 $ 0
1.00% - 1.99% | Group Insurance | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
1.00% - 1.99% | Group Insurance | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
1.00% - 1.99% | Group Insurance | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
1.00% - 1.99% | Variable Universal Life    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 3,829 $ 3,597
1.00% - 1.99% | Variable Universal Life | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%
1.00% - 1.99% | Variable Universal Life | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%
1.00% - 1.99% | Variable Universal Life | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 262 $ 185
1.00% - 1.99% | Variable Universal Life | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
1.00% - 1.99% | Variable Universal Life | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 1,692 2,528
1.00% - 1.99% | Variable Universal Life | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 1,875 884
1.00% - 1.99% | Life Planner    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 2,933 $ 2,840
1.00% - 1.99% | Life Planner | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%
1.00% - 1.99% | Life Planner | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%
1.00% - 1.99% | Life Planner | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 2,904 $ 2,815
1.00% - 1.99% | Life Planner | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 29 25
1.00% - 1.99% | Life Planner | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
1.00% - 1.99% | Life Planner | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
1.00% - 1.99% | Gibraltar Life and Other    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 8,479 $ 8,864
1.00% - 1.99% | Gibraltar Life and Other | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%
1.00% - 1.99% | Gibraltar Life and Other | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%
1.00% - 1.99% | Gibraltar Life and Other | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 8,425 $ 8,864
1.00% - 1.99% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 54 0
1.00% - 1.99% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
1.00% - 1.99% | Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
2.00% - 2.99% | Institutional    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 83 $ 551
2.00% - 2.99% | Institutional | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%
2.00% - 2.99% | Institutional | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%
2.00% - 2.99% | Institutional | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 83 $ 551
2.00% - 2.99% | Institutional | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
2.00% - 2.99% | Institutional | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
2.00% - 2.99% | Institutional | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
2.00% - 2.99% | Individual Variable    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 31 $ 40
2.00% - 2.99% | Individual Variable | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%
2.00% - 2.99% | Individual Variable | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%
2.00% - 2.99% | Individual Variable | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 23 $ 32
2.00% - 2.99% | Individual Variable | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 4 5
2.00% - 2.99% | Individual Variable | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 4 3
2.00% - 2.99% | Individual Variable | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
2.00% - 2.99% | Individual Fixed    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 1,585 $ 1,336
2.00% - 2.99% | Individual Fixed | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%
2.00% - 2.99% | Individual Fixed | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%
2.00% - 2.99% | Individual Fixed | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 545 $ 535
2.00% - 2.99% | Individual Fixed | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 463 469
2.00% - 2.99% | Individual Fixed | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 560 320
2.00% - 2.99% | Individual Fixed | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 17 12
2.00% - 2.99% | Group Insurance    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 41 $ 29
2.00% - 2.99% | Group Insurance | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%
2.00% - 2.99% | Group Insurance | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%
2.00% - 2.99% | Group Insurance | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 41 $ 29
2.00% - 2.99% | Group Insurance | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
2.00% - 2.99% | Group Insurance | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
2.00% - 2.99% | Group Insurance | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
2.00% - 2.99% | Variable Universal Life    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 4,823 $ 4,736
2.00% - 2.99% | Variable Universal Life | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%
2.00% - 2.99% | Variable Universal Life | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%
2.00% - 2.99% | Variable Universal Life | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 31 $ 29
2.00% - 2.99% | Variable Universal Life | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 1,505 1,418
2.00% - 2.99% | Variable Universal Life | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 2,834 2,940
2.00% - 2.99% | Variable Universal Life | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 453 349
2.00% - 2.99% | Life Planner    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 2,085 $ 2,013
2.00% - 2.99% | Life Planner | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%
2.00% - 2.99% | Life Planner | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%
2.00% - 2.99% | Life Planner | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 2,085 $ 2,013
2.00% - 2.99% | Life Planner | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
2.00% - 2.99% | Life Planner | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
2.00% - 2.99% | Life Planner | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
2.00% - 2.99% | Gibraltar Life and Other    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 3,116 $ 3,501
2.00% - 2.99% | Gibraltar Life and Other | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%
2.00% - 2.99% | Gibraltar Life and Other | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%
2.00% - 2.99% | Gibraltar Life and Other | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 2,785 $ 3,153
2.00% - 2.99% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 300 310
2.00% - 2.99% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 31 38
2.00% - 2.99% | Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
3.00% - 4.00% | Institutional    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 4,715 $ 5,312
3.00% - 4.00% | Institutional | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%
3.00% - 4.00% | Institutional | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%
3.00% - 4.00% | Institutional | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 4,715 $ 5,312
3.00% - 4.00% | Institutional | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
3.00% - 4.00% | Institutional | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
3.00% - 4.00% | Institutional | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
3.00% - 4.00% | Individual Variable    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 1,776 $ 2,064
3.00% - 4.00% | Individual Variable | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%
3.00% - 4.00% | Individual Variable | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%
3.00% - 4.00% | Individual Variable | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 1,763 $ 2,046
3.00% - 4.00% | Individual Variable | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 5 8
3.00% - 4.00% | Individual Variable | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 8 10
3.00% - 4.00% | Individual Variable | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
3.00% - 4.00% | Individual Fixed    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 1,661 $ 352
3.00% - 4.00% | Individual Fixed | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%
3.00% - 4.00% | Individual Fixed | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%
3.00% - 4.00% | Individual Fixed | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 1,565 $ 343
3.00% - 4.00% | Individual Fixed | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 83 9
3.00% - 4.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 10 0
3.00% - 4.00% | Individual Fixed | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 3 0
3.00% - 4.00% | Group Insurance    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 1,495 $ 1,565
3.00% - 4.00% | Group Insurance | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%
3.00% - 4.00% | Group Insurance | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%
3.00% - 4.00% | Group Insurance | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 1,432 $ 1,565
3.00% - 4.00% | Group Insurance | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
3.00% - 4.00% | Group Insurance | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
3.00% - 4.00% | Group Insurance | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 63 0
3.00% - 4.00% | Variable Universal Life    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 9,432 $ 9,996
3.00% - 4.00% | Variable Universal Life | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%
3.00% - 4.00% | Variable Universal Life | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%
3.00% - 4.00% | Variable Universal Life | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 4,244 $ 4,478
3.00% - 4.00% | Variable Universal Life | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 3,811 4,189
3.00% - 4.00% | Variable Universal Life | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 1,344 1,315
3.00% - 4.00% | Variable Universal Life | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 33 14
3.00% - 4.00% | Life Planner    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 380 $ 335
3.00% - 4.00% | Life Planner | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%
3.00% - 4.00% | Life Planner | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%
3.00% - 4.00% | Life Planner | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 380 $ 335
3.00% - 4.00% | Life Planner | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
3.00% - 4.00% | Life Planner | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
3.00% - 4.00% | Life Planner | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
3.00% - 4.00% | Gibraltar Life and Other    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 5,962 $ 4,145
3.00% - 4.00% | Gibraltar Life and Other | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%
3.00% - 4.00% | Gibraltar Life and Other | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%
3.00% - 4.00% | Gibraltar Life and Other | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 5,962 $ 4,145
3.00% - 4.00% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
3.00% - 4.00% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
3.00% - 4.00% | Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 0 $ 0
Greater than 4.00% | Institutional    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%
Account Values with Crediting Rates $ 3,201 $ 2,150
Greater than 4.00% | Institutional | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 3,201 2,150
Greater than 4.00% | Institutional | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Greater than 4.00% | Institutional | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Greater than 4.00% | Institutional | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 0 $ 0
Greater than 4.00% | Individual Variable    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%
Account Values with Crediting Rates $ 85 $ 97
Greater than 4.00% | Individual Variable | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 85 97
Greater than 4.00% | Individual Variable | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Greater than 4.00% | Individual Variable | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Greater than 4.00% | Individual Variable | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 0 $ 0
Greater than 4.00% | Individual Fixed    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%
Account Values with Crediting Rates $ 85 $ 97
Greater than 4.00% | Individual Fixed | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 85 97
Greater than 4.00% | Individual Fixed | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Greater than 4.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Greater than 4.00% | Individual Fixed | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 0 $ 0
Greater than 4.00% | Group Insurance    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%
Account Values with Crediting Rates $ 68 $ 73
Greater than 4.00% | Group Insurance | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 68 73
Greater than 4.00% | Group Insurance | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Greater than 4.00% | Group Insurance | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Greater than 4.00% | Group Insurance | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 0 $ 0
Greater than 4.00% | Variable Universal Life    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%
Account Values with Crediting Rates $ 5,406 $ 5,533
Greater than 4.00% | Variable Universal Life | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 5,406 5,533
Greater than 4.00% | Variable Universal Life | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Greater than 4.00% | Variable Universal Life | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Greater than 4.00% | Variable Universal Life | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 0 $ 0
Greater than 4.00% | Life Planner    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%
Account Values with Crediting Rates $ 410 $ 380
Greater than 4.00% | Life Planner | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 410 380
Greater than 4.00% | Life Planner | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Greater than 4.00% | Life Planner | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Greater than 4.00% | Life Planner | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 0 $ 0
Greater than 4.00% | Gibraltar Life and Other    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%
Account Values with Crediting Rates $ 8,001 $ 3,873
Greater than 4.00% | Gibraltar Life and Other | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 8,001 3,873
Greater than 4.00% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Greater than 4.00% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Greater than 4.00% | Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 0 $ 0
v3.24.3
Policyholders' Liabilities (Additional Insurance Reserves) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Total    
Policyholder Account Balance [Line Items]    
Balance, beginning of period $ 5,067 $ 4,295
Unearned revenue 775 738
Amortization expense (195) (165)
Other adjustments (57) 2
FX adjustment 1 (27)
Balance, end of period 5,591 4,843
Less: Reinsurance recoverables 409 0
Unearned revenue reserve net of reinsurance recoverables 5,182 4,843
Other Businesses    
Policyholder Account Balance [Line Items]    
Unearned revenue reserve net of reinsurance recoverables 56 50
Total, including Other Businesses    
Policyholder Account Balance [Line Items]    
Unearned revenue reserve net of reinsurance recoverables 5,238 4,893
Variable Universal Life | Individual Life    
Policyholder Account Balance [Line Items]    
Balance, beginning of period 4,613 3,983
Unearned revenue 653 622
Amortization expense (179) (154)
Other adjustments 0 0
FX adjustment 0 0
Balance, end of period 5,087 4,451
Less: Reinsurance recoverables 409 0
Unearned revenue reserve net of reinsurance recoverables 4,678 4,451
Life Planner | International Businesses    
Policyholder Account Balance [Line Items]    
Balance, beginning of period 359 231
Unearned revenue 107 100
Amortization expense (12) (7)
Other adjustments (56) 2
FX adjustment 1 (22)
Balance, end of period 399 304
Less: Reinsurance recoverables 0 0
Unearned revenue reserve net of reinsurance recoverables 399 304
Gibraltar Life and Other | International Businesses    
Policyholder Account Balance [Line Items]    
Balance, beginning of period 95 81
Unearned revenue 15 16
Amortization expense (4) (4)
Other adjustments (1) 0
FX adjustment 0 (5)
Balance, end of period 105 88
Less: Reinsurance recoverables 0 0
Unearned revenue reserve net of reinsurance recoverables $ 105 $ 88
v3.24.3
Market Risk Benefits - Rollforward of Balances for Variable Annuity Products (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Market Risk Benefit [Roll Forward]    
Market risk benefit, ending balance $ 3,044 $ 2,460
Net amount at risk $ 7,878 $ 13,417
Weighted-average attained age of contractholders (in years) 71 years 70 years
Individual Retirement Strategies    
Market Risk Benefit [Roll Forward]    
Market risk benefit, beginning balance $ 4,038 $ 4,987
Effect of cumulative changes in NPR 1,137 1,828
Balance, BOP, before effect of changes in NPR 5,175 6,815
Attributed fees collected 850 899
Claims paid (61) (83)
Interest accrual 187 255
Actual in force different from expected 16 54
Effect of changes in interest rates 54 (2,986)
Effect of changes in equity markets (1,712) (995)
Effect of assumption update 93 342
Issuance 52 15
Other adjustments 14 (24)
Balance, EOP, before effect of changes in NPR 4,668 4,292
Effect of cumulative changes in NPR (996) (1,301)
Less: Reinsured MRBs 681 610
Balance, EOP, net of reinsurance 2,991 2,381
Market risk benefit, ending balance 3,672 2,991
Other Segments    
Market Risk Benefit [Roll Forward]    
Balance, EOP, net of reinsurance $ 53 $ 79
v3.24.3
Market Risk Benefits - Market Risk Benefits In Asset and Liability Positions (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Liability for Future Policy Benefit, Activity [Line Items]      
Direct and assumed $ 1,318   $ 1,440
Ceded 816   760
Total MRB assets 2,134 $ 1,981 2,200
Direct and assumed 5,045   4,513
Ceded 133   147
Total MRB liabilities 5,178 $ 5,467 4,660
Net Liability 3,044   2,460
Individual Variable | Retirement Strategies      
Liability for Future Policy Benefit, Activity [Line Items]      
Direct and assumed 1,308   1,430
Ceded 814   757
Total MRB assets 2,122   2,187
Direct and assumed 4,980   4,421
Ceded 133   147
Total MRB liabilities 5,113   4,568
Net Liability 2,991   2,381
Other Businesses      
Liability for Future Policy Benefit, Activity [Line Items]      
Direct and assumed 10   10
Ceded 2   3
Total MRB assets 12   13
Direct and assumed 65   92
Ceded 0   0
Total MRB liabilities 65   92
Net Liability $ 53   $ 79
v3.24.3
Reinsurance Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended 21 Months Ended
Jan. 01, 2024
USD ($)
Sep. 01, 2023
USD ($)
Apr. 01, 2023
USD ($)
Apr. 01, 2022
Apr. 01, 2015
Jan. 02, 2013
USD ($)
subsidiary
policy
Mar. 31, 2014
USD ($)
Mar. 31, 2013
USD ($)
Sep. 30, 2024
USD ($)
company
Dec. 31, 2020
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2021
counterparty
May 31, 2018
counterparty
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Reinsurance retention policy, reinsured risk percentage                 63.00%          
Deposit assets                 $ 11,042     $ 10,574    
Number of Reinsurance Companies | company                 4          
Geographic Distribution, Domestic                            
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Reinsurance, retention policy, amount retained per life             $ 20 $ 30   $ 10        
Hartford                            
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Reinsurance retention policy, amount retained per event           $ 141,000                
Business acquisition through reinsurance transactions, number of subsidiaries of acquiree | subsidiary           3                
Business acquisition number of life insurance policies acquired reinsurance | policy           700,000                
Number of counterparties | counterparty                           2
Somerset Re                            
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Deposit assets                 $ 2,523     1,619    
Reinsurance payable                 2,425     1,518    
Deferred reinsurance gain $ 363                          
Somerset Re | Universal life products                            
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Reinsurance retention policy, reinsured risk percentage 30.00%                          
Prismic Re                            
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Deposit assets                 $ 3,593     $ 3,771    
Reinsured amount   $ 9,000                        
Deferred reinsurance loss   $ (240)                        
Prismic Re | Structured Settlement Annuity                            
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Reinsurance retention policy, reinsured risk percentage   70.00%                        
Prismic Re | Coinsurance with funds witheld                            
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Reinsurance retention policy, reinsured risk percentage   90.00%                        
Prismic Re | Coinsurance                            
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Reinsurance retention policy, reinsured risk percentage   10.00%                        
AuguStar                            
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Reinsured amount     $ 10,000                      
Deferred reinsurance gain     $ 309                      
AuguStar | Separate account liabilities under MODCO                            
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Reinsurance retention policy, reinsured risk percentage     100.00%                      
AuguStar | General account liabilities under MODCO                            
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Reinsurance retention policy, reinsured risk percentage     100.00%                      
AuguStar | Variable Annuities                            
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Reinsurance retention policy, reinsured risk percentage     10.00%                      
Empower | Separate account liabilities under MODCO                            
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Reinsurance retention policy, reinsured risk percentage       100.00%                    
Empower | General account liabilities under MODCO                            
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Reinsurance retention policy, reinsured risk percentage       100.00%                    
Union Hamilton | Quote Share Reinsurance for HDI v.3.0 VA Business                            
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Reinsurance retention policy, reinsured risk percentage         50.00%                  
Reinsurance retention policy, amount retained per event                     $ 2,900      
Allstate                            
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                            
Number of counterparties | counterparty                         2  
v3.24.3
Reinsurance Reinsurance Amounts Included in Statement of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Insurance [Abstract]        
Direct premiums $ 11,983 $ 8,435 $ 33,656 $ 23,424
Reinsurance assumed 1,656 1,145 4,652 3,567
Reinsurance ceded (594) (5,407) (1,906) (6,546)
Premiums [1] 13,045 4,173 36,402 20,445
Direct policy charges and fee income 1,663 969 3,476 2,862
Reinsurance assumed 295 308 894 923
Reinsurance ceded (847) (165) (1,118) (466)
Policy charges and fee income 1,111 1,112 3,252 3,319
Direct change in value of market risk benefits, net of related hedging gains (losses) (130) (245) (319) (157)
Reinsurance assumed (21) 65 58 148
Reinsurance ceded 5 (71) (59) (151)
Change in value of market risk benefits, net of related hedging gains (losses) (146) (251) (320) (160)
Direct policyholders’ benefits 13,023 9,303 36,849 25,161
Reinsurance assumed 2,007 1,596 5,788 5,383
Reinsurance ceded (1,003) (5,736) (3,152) (7,416)
Policyholders’ benefits [1] 14,027 5,163 39,485 23,128
Direct change in estimates of liability for future policy benefits 251 (103) 184 326
Reinsurance assumed 19 (1) 77 (147)
Reinsurance ceded (90) 55 (274) 52
Change in estimates of liability for future policy benefits [1] $ 180 $ (49) $ (13) $ 231
[1] See Note 20 for additional information regarding related party transactions.
v3.24.3
Reinsurance Reinsurance Recoverable (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Total reinsurance recoverables $ 18,591 $ 16,737
Reinsurance recoverables net of loss allowance 11 12
Deposit assets 11,042 10,574
Somerset Re    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance payable 2,425 1,518
Deposit assets 2,523 1,619
Prismic Re    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Deposit assets 3,593 3,771
Individual and group annuities    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Total reinsurance recoverables 7,415 7,516
Life insurance    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Total reinsurance recoverables 10,763 8,806
Life insurance | Somerset Re    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Total reinsurance recoverables 818  
Other reinsurance    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Total reinsurance recoverables 413 415
Hartford Life Business    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance payable 1,397 1,396
Hartford Life Business | Life insurance    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Total reinsurance recoverables 2,085 2,090
Prismic Re    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance payable 8,480 8,543
Prismic Re | Individual and group annuities    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Total reinsurance recoverables 5,930 5,981
FLIAC | Individual and group annuities    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Total reinsurance recoverables $ 1,441 $ 1,485
v3.24.3
Closed Block (Narrative) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Closed Block Dividend Obligation $ 1,403 $ 792
Accumulated Net Unrealized Investment Loss Pre Tax    
Closed Block Dividend Obligation 1,067 2,081
Accumulated Distributions in Excess of Net Income    
Closed Block Dividend Obligation $ 2,470 $ 2,873
v3.24.3
Closed Block (Closed Block Liabilities and Assets Designated to Closed Block; Maximum Future Earnings to be Recognized) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Closed Block liabilities      
Future policy benefits $ 42,683 $ 43,587  
Policyholders’ dividends payable 661 648  
Policyholders’ dividend obligation 1,403 792  
Policyholders’ account balances 4,391 4,500 $ 4,528
Other Closed Block liabilities 3,790 3,605  
Total Closed Block liabilities 52,928 53,132  
Closed Block assets      
Fixed maturities, available-for-sale, at fair value 30,322 30,314  
Fixed maturities, trading, at fair value 726 887  
Equity securities, at fair value 1,824 1,970  
Commercial mortgage and other loans 7,819 7,769  
Policy loans 3,388 3,479  
Other invested assets 4,710 4,513  
Short-term investments 558 232  
Total investments 49,347 49,164  
Cash and cash equivalents 450 993  
Accrued investment income 434 421  
Other Closed Block assets 340 138  
Total Closed Block assets 50,571 50,716  
Excess of reported Closed Block liabilities over Closed Block assets 2,357 2,416  
Portion of above representing accumulated other comprehensive income (loss):      
Net unrealized investment gains (losses) (1,229) (2,241)  
Allocated to policyholder dividend obligation 1,067 2,081  
Future earnings to be recognized from Closed Block assets and Closed Block liabilities $ 2,195 $ 2,256  
v3.24.3
Closed Block (Information Regarding Policyholder Dividend Obligation) (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Movement in Closed Block Dividend Obligation [Roll Forward]  
Balance, beginning $ 792
Impact from earnings allocable to policyholder dividend obligation (403)
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation 1,014
Balance, ending $ 1,403
v3.24.3
Closed Block (Closed Block Revenues and Benefits and Expenses) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Premiums $ 392 $ 392 $ 1,234 $ 1,228
Net investment income 502 508 1,521 1,485
Realized investment gains (losses), net (232) (231) (531) (361)
Other income (loss) 153 (58) 360 182
Total Closed Block revenues 815 611 2,584 2,534
Benefits and Expenses        
Policyholders’ benefits 535 534 1,723 1,716
Interest credited to policyholders’ account balances 29 30 88 89
Dividends to policyholders 177   614 574
Dividends to policyholders   (20)    
General and administrative expenses 67 68 201 212
Total Closed Block benefits and expenses 808 612 2,626 2,591
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes 7 (1) (42) (57)
Income tax expense (benefit) (13) (23) (100) (109)
Closed Block revenues, net of Closed Block benefits and expenses and income taxes $ 20 $ 22 $ 58 $ 52
v3.24.3
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Total income tax expense (benefit) $ 140 $ (251) $ 693 $ 254
Effective Income Tax Rate, Percent     20.60% 18.00%
Federal Statutory Income Tax Rate, Percent     21.00%  
High Tax Exception Percentage     18.90%  
Percentage of the Effective Income Tax Rate Rec at Federal Statutory Income     90.00%  
Book-income Alternative Minimum Tax Rate     15.00%  
Tax Adjustments, Settlements, and Unusual Provisions     $ 86  
v3.24.3
Short-Term and Long-Term Debt (Short-Term Debt) (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Short-term Debt [Line Items]    
Short-term debt $ 950 $ 618
Less: assets under set-off arrangements $ 12,376 $ 10,370
Weighted average interest rate on outstanding short-term debt 4.96% 5.50%
Commercial paper    
Short-term Debt [Line Items]    
Debt maturity 43 days 49 days
Short-Term Debt $ 519 $ 535
Current portion of Long-term debt    
Short-term Debt [Line Items]    
Short-Term Debt 2,181 2,083
Short-term Debt    
Short-term Debt [Line Items]    
Less: assets under set-off arrangements 1,750 2,000
Short-Term Debt 2,700 2,618
Borrowings due overnight | Commercial paper    
Short-term Debt [Line Items]    
Short-term debt 95 110
Daily average outstanding | Commercial paper    
Short-term Debt [Line Items]    
Short-term debt 1,671 1,334
Prudential Financial    
Short-term Debt [Line Items]    
Short-Term Debt 25 25
Prudential Financial | Commercial paper    
Short-term Debt [Line Items]    
Short-Term Debt 25 25
Prudential Funding, LLC | Commercial paper    
Short-term Debt [Line Items]    
Short-Term Debt 494 510
Mortgage debt    
Short-term Debt [Line Items]    
Short-Term Debt 84 83
Surplus notes    
Short-term Debt [Line Items]    
Short-Term Debt 347 0
Surplus notes subject to set-off arrangements    
Short-term Debt [Line Items]    
Short-Term Debt $ 1,750 $ 2,000
v3.24.3
Short-Term and Long-Term Debt (Narrative) (Details)
¥ in Billions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
Rate
Dec. 31, 2023
USD ($)
Sep. 30, 2024
JPY (¥)
Rate
Debt Instrument [Line Items]      
Long-term Debt $ 31,452,000,000 $ 29,252,000,000  
Amounts drawn on credit facilities 0    
Long-term Debt, Excluding Current Maturities 19,076,000,000 18,882,000,000  
Assets Under Set Off Arrangements 12,376,000,000 10,370,000,000  
Surplus notes      
Debt Instrument [Line Items]      
Short-Term Debt 347,000,000 0  
Parent Company Prudential Funding Combined      
Debt Instrument [Line Items]      
Capacity $ 4,000,000,000    
Line of Credit Facility, Expiration Period 5 years    
Prudential Holdings of Japan      
Debt Instrument [Line Items]      
Capacity | ¥     ¥ 100
Line of Credit Facility, Expiration Period 5 years    
Junior Subordinated Debt      
Debt Instrument [Line Items]      
Long-term Debt $ 8,589,000,000 8,094,000,000  
Subsidiaries | Junior Subordinated Debt      
Debt Instrument [Line Items]      
Long-term Debt 43,000,000 44,000,000  
Prudential Financial      
Debt Instrument [Line Items]      
Long-term Debt 18,711,000,000 18,162,000,000  
Short-Term Debt 25,000,000 25,000,000  
Minimum statutory consolidated net worth 22,100,000,000    
Prudential Financial | Junior Subordinated Debt      
Debt Instrument [Line Items]      
Long-term Debt 8,546,000,000 8,050,000,000  
Current portion of Long-term debt      
Debt Instrument [Line Items]      
Short-Term Debt 2,181,000,000 2,083,000,000  
Junior Subordinated Debt      
Debt Instrument [Line Items]      
Debt Instrument, Face Amount $ 1,000,000,000    
Debt Instrument, Interest Rate, Stated Percentage | Rate 6.50%   6.50%
Junior Subordinated Debt | 5.20% Junior Subordinated Notes      
Debt Instrument [Line Items]      
Debt Instrument, Face Amount $ 500,000,000    
5.20% Junior Subordinated Notes      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage | Rate 5.20%   5.20%
Short-term Debt      
Debt Instrument [Line Items]      
Assets Under Set Off Arrangements $ 1,750,000,000 2,000,000,000  
Short-Term Debt $ 2,700,000,000 $ 2,618,000,000  
Commercial paper      
Debt Instrument [Line Items]      
Debt maturity 43 days 49 days  
Short-Term Debt $ 519,000,000 $ 535,000,000  
Commercial paper | Prudential Financial      
Debt Instrument [Line Items]      
Short-Term Debt 25,000,000 25,000,000  
Floating-rate notes | Mortgage debt      
Debt Instrument [Line Items]      
Long-term Debt 33,000,000 75,000,000  
Floating-rate notes | Foreign public corporate securities | Mortgage debt      
Debt Instrument [Line Items]      
Long-term Debt 67,000,000 27,000,000  
Fixed-rate notes | Mortgage debt      
Debt Instrument [Line Items]      
Long-term Debt 34,000,000 0  
Fixed-rate notes | Senior notes      
Debt Instrument [Line Items]      
Long-term Debt 10,165,000,000 $ 10,112,000,000  
Fixed-rate notes | Retail Medium Term Note | Senior notes      
Debt Instrument [Line Items]      
Long-term Debt 294,000,000    
Fixed-rate notes | Retail Medium Term Note | Senior notes | Institutional Retirement Strategies      
Debt Instrument [Line Items]      
Long-term Debt $ 55,000,000    
v3.24.3
Short-Term and Long-Term Debt (Long-Term Debt) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term Debt $ 31,452 $ 29,252
Less: assets under set-off arrangements 12,376 10,370
Long-term debt 19,076 18,882
Surplus notes | Fixed-rate notes    
Debt Instrument [Line Items]    
Long-term Debt 0 346
Surplus notes subject to set-off arrangements | Fixed-rate notes    
Debt Instrument [Line Items]    
Long-term Debt 11,796 9,790
Surplus notes subject to set-off arrangements | Floating-rate notes    
Debt Instrument [Line Items]    
Long-term Debt 580 580
Somerset Re surplus notes subject to set off arrangements    
Debt Instrument [Line Items]    
Long-term Debt 6,800  
Senior notes | Fixed-rate notes    
Debt Instrument [Line Items]    
Long-term Debt 10,165 10,112
Mortgage debt | Fixed-rate notes    
Debt Instrument [Line Items]    
Long-term Debt 34 0
Mortgage debt | Floating-rate notes    
Debt Instrument [Line Items]    
Long-term Debt 33 75
Line of credit    
Debt Instrument [Line Items]    
Long-term Debt 255 255
Junior subordinated notes    
Debt Instrument [Line Items]    
Long-term Debt 8,589 8,094
Debt denominated in foreign currency | Mortgage debt | Floating-rate notes    
Debt Instrument [Line Items]    
Long-term Debt 67 27
Prudential Financial    
Debt Instrument [Line Items]    
Long-term Debt 18,711 18,162
Prudential Financial | Junior subordinated notes    
Debt Instrument [Line Items]    
Long-term Debt 8,546 8,050
Subsidiaries | Junior subordinated notes    
Debt Instrument [Line Items]    
Long-term Debt $ 43 $ 44
v3.24.3
Employee Benefit Plans (Narrative) (Details) - Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Deferred Compensation Arrangement with Individual, Requisite Age   50 years
Deferred Compensation Arrangement with Individual, Requisite Service Period 10 years  
Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Deferred Compensation Arrangement with Individual, Requisite Age   55 years
Deferred Compensation Arrangement with Individual, Requisite Service Period 20 years  
v3.24.3
Employee Benefit Plans (Components of Net Periodic Benefit Cost Included in General and Administrative Expenses) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pension Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 52 $ 51 $ 155 $ 154
Interest cost 135 138 405 414
Expected return on plan assets (238) (231) (715) (694)
Amortization of prior service cost 0 (1) (1) (1)
Amortization of actuarial (gain) loss, net 22 17 67 51
Settlements 1 1 2 2
Special termination benefits 0 0 1 0
Net periodic (benefit) cost (28) (25) (86) (74)
Other Postretirement Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 1 2 5 7
Interest cost 12 17 38 53
Expected return on plan assets (19) (21) (57) (64)
Amortization of prior service cost (16) (2) (50) (6)
Amortization of actuarial (gain) loss, net 2 3 6 8
Settlements 0 0 0 0
Special termination benefits 0 0 0 0
Net periodic (benefit) cost $ (20) $ (1) $ (58) $ (2)
v3.24.3
Equity (Common Stock Changes in Number of Shares Issued, Held in Treasury and Outstanding) (Details)
 9 Months Ended
Sep. 30, 2024
shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Balance, beginning (in shares) 666,305,189
Balance, ending (in shares) 666,305,189
Issued  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Balance, beginning (in shares) 666,300,000
Common Stock issued (in shares) 0.0
Common Stock acquired 0.0
Stock-based compensation programs (in shares) 0.0
Balance, ending (in shares) 666,300,000
Common Stock Held in Treasury  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Balance, beginning (in shares) 307,100,000
Common Stock issued (in shares) 0.0
Common Stock acquired 6,600,000
Stock-based compensation programs (in shares) (3,300,000)
Balance, ending (in shares) 310,400,000
Outstanding  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Balance, beginning (in shares) 359,200,000
Common Stock issued (in shares) 0.0
Common Stock acquired 6,600,000
Stock-based compensation programs (in shares) 3,300,000
Balance, ending (in shares) 355,900,000
v3.24.3
Equity (Narrative) (Details) - USD ($)
shares in Millions, $ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Class of Stock [Line Items]      
Cost of Treasury Stock Acquired $ 746 $ 754  
Under November 2021 Board Of Directors Authorization      
Class of Stock [Line Items]      
Amount of Stock Repurchases Authorized by the Board of Directors     $ 1,000
Under November 2021 Board Of Directors Authorization | Common Stock      
Class of Stock [Line Items]      
Number of Treasury Stock Shares Acquired 6.6    
Cost of Treasury Stock Acquired $ 750    
v3.24.3
Equity (Dividends Declared) (Details) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Equity [Abstract]        
Dividends declared per share of Common Stock (in USD per share) $ 1.30 $ 1.25 $ 3.90 $ 3.75
v3.24.3
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance [1]     $ (6,504)  
Income tax benefit (expense) $ (276) $ 152 (432) $ 1,035
Ending balance [1] (4,844)   (4,844)  
Foreign  Currency Translation Adjustment        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance     (2,686) (2,274)
Change in OCI before reclassifications     31 (650)
Amounts reclassified from AOCI     (34) 1
Income tax benefit (expense)     25 (93)
Ending balance (2,664) (3,016) (2,664) (3,016)
Total net unrealized investment gains (losses)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance     (11,213) (16,194)
Change in OCI before reclassifications     (1,440) (10,094)
Amounts reclassified from AOCI     1,428 615
Income tax benefit (expense)     328 2,213
Ending balance (10,897) (23,460) (10,897) (23,460)
Interest rate remeasurement of Liability for Future Policy Benefits        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance     8,547 15,242
Change in OCI before reclassifications     2,224 5,529
Amounts reclassified from AOCI     0 0
Income tax benefit (expense)     (780) (1,177)
Ending balance 9,991 19,594 9,991 19,594
Gains (Losses) from Changes in Non-performance Risk on Market Risk Benefits        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance     900 1,448
Change in OCI before reclassifications     (142) (528)
Amounts reclassified from AOCI     0 0
Income tax benefit (expense)     30 111
Ending balance 788 1,031 788 1,031
Pension and Postretirement Unrecognized Net Periodic Benefit (Cost)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance     (2,052) (2,028)
Change in OCI before reclassifications     3 15
Amounts reclassified from AOCI     22 52
Income tax benefit (expense)     (35) (19)
Ending balance (2,062) (1,980) (2,062) (1,980)
Accumulated Other Comprehensive Income (Loss)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance     (6,504) (3,806)
Change in OCI before reclassifications     676 (5,728)
Amounts reclassified from AOCI     1,416 668
Income tax benefit (expense)     (432) 1,035
Ending balance (4,844) (7,831) (4,844) (7,831)
Cash Flow Hedging | Total net unrealized investment gains (losses)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance     869 2,616
Ending balance 694 1,947 694 1,947
Fair Value Hedging | Total net unrealized investment gains (losses)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning balance     (60) (54)
Ending balance $ (164) $ (18) $ (164) $ (18)
[1] See Note 20 for additional information regarding related party transactions.
v3.24.3
Equity (Reclassifications out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Realized investment gains (losses), net [1] $ (1,844) $ (2,402) $ (2,318) [2] $ (3,123)
Amortization of defined benefit items:        
Other Income [1] 1,285 197 3,214 2,260
Total foreign currency translation adjustment        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI     (34) 1
Total net unrealized investment gains (losses)        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI     1,428 615
Total amortization of defined benefit items        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI     22 52
Accumulated Other Comprehensive Income (Loss)        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI     1,416 668
Amounts reclassified from AOCI        
Amortization of defined benefit items:        
Prior service cost 16 3 51 7
Actuarial gain (loss) (24) (20) (73) (59)
Amounts reclassified from AOCI | Total foreign currency translation adjustment        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Realized investment gains (losses), net 14 0 34 (1)
Amounts reclassified from AOCI | Total net unrealized investment gains (losses)        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI (961) (234) (1,428) (615)
Amounts reclassified from AOCI | Total amortization of defined benefit items        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI (8) (17) (22) (52)
Amounts reclassified from AOCI | Accumulated Other Comprehensive Income (Loss)        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI (955) (251) (1,416) (668)
Amounts reclassified from AOCI | Net unrealized investment gains (losses) on available-for-sale securities        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Net unrealized investment gains (losses) (836) (453) (1,553) (874)
Amounts reclassified from AOCI | Interest Rate | Cash Flow Hedging        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Net unrealized investment gains (losses) (5) (3) (25) (32)
Amounts reclassified from AOCI | Currency | Cash Flow Hedging        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Net unrealized investment gains (losses) (1) 3 3 11
Amounts reclassified from AOCI | Currency | Fair Value Hedging        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Net unrealized investment gains (losses) (2) (2) (7) (6)
Amounts reclassified from AOCI | Currency/Interest rate | Cash Flow Hedging        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Net unrealized investment gains (losses) $ (117) $ 221 $ 154 $ 286
[1] See Note 20 for additional information regarding related party transactions.
[2] See Note 20 for additional information regarding related party transactions.
v3.24.3
Equity (Net Unrealized Investment Gains (Losses) in AOCI on AFS Fixed Maturity Securities with Allowance for Credit Losses and All Other Investments) (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Beginning balance $ (6,504) [1]
Ending balance (4,844) [1]
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recorded  
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Beginning balance (72)
Net investment gains (losses) on investments arising during the period (61)
Reclassification adjustment for (gains) losses included in net income 11
Reclassification due to allowance for credit losses recorded during the period 1
Ending balance (121)
Net Unrealized Investment Gains (Losses) on All Other Investments  
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Beginning balance (17,179)
Net investment gains (losses) on investments arising during the period 36
Reclassification adjustment for (gains) losses included in net income 1,417
Reclassification due to allowance for credit losses recorded during the period (1)
Ending balance (15,727)
Reinsurance Recoverables  
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Beginning balance (484)
Impact of net unrealized investment (gains) losses 326
Ending balance (158)
Future Policy Benefits, Policyholders’ Account Balances and Reinsurance Payables  
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Beginning balance 1,306
Impact of net unrealized investment (gains) losses (727)
Ending balance 579
Policyholders’ Dividends  
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Beginning balance 2,081
Impact of net unrealized investment (gains) losses (1,014)
Ending balance 1,067
Income Tax Benefit (Expense)  
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Beginning balance 3,135
Net investment gains (losses) on investments arising during the period (1)
Reclassification adjustment for (gains) losses included in net income 31
Reclassification due to allowance for credit losses recorded during the period 0
Impact of net unrealized investment (gains) losses 298
Ending balance 3,463
Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)  
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Beginning balance (11,213)
Net investment gains (losses) on investments arising during the period (26)
Reclassification adjustment for (gains) losses included in net income 1,459
Reclassification due to allowance for credit losses recorded during the period 0
Impact of net unrealized investment (gains) losses (1,117)
Ending balance $ (10,897)
[1] See Note 20 for additional information regarding related party transactions.
v3.24.3
Earnings Per Share (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Basic earnings per share                
Net income (loss) $ 451 $ 1,171 $ 1,151 $ (791) $ 496 $ 1,477 $ 2,773 $ 1,182
Less: Income (loss) attributable to noncontrolling interests 3     11     (11) 11
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 5     5     33 17
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Income $ 443     $ (807)     $ 2,751 $ 1,154
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Weighted Average Shares 356.9     362.6     358.3 364.6
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Per Share Amount $ 1.24     $ (2.23)     $ 7.68 $ 3.17
Effect of dilutive securities and compensation programs                
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 5     $ 5     $ 33 $ 17
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted $ 5     $ 5     $ 33 $ 17
Stock options, Weighted Average Shares 0.2     0.0     0.2 0.2
Deferred and long-term compensation programs, Weighted Average Shares 1.6     0.0     1.4 1.0
Diluted earnings per share                
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Income $ 443     $ (807)     $ 2,751 $ 1,154
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Weighted Average Shares 358.7     362.6     359.9 365.8
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Per Share Amount $ 1.24     $ (2.23)     $ 7.64 $ 3.15
v3.24.3
Earnings Per Share (Narrative) (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]        
Undistributed earnings allocated to participating unvested share-based payment awards, weighted outstanding shares 3,900 4,100 4,000 4,100
v3.24.3
Earnings Per Share (Antidilutive Securities Excluded From the Computation of Diluted Earnings Per Share) (Details) - $ / shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings, Shares 0.0 2.3 0.1 1.4
Antidilutive stock options based on application of the treasury stock method        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings, Shares 0.0 1.1 0.1 1.3
Antidilutive securities excluded from computation of earnings, Exercise Price Per Share $ 0.00 $ 103.19 $ 110.42 $ 101.72
Antidilutive stock options due to net loss available to holders of Common Stock        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings, Shares 0.0 0.1 0.0 0.0
Antidilutive shares based on application of the treasury stock method        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings, Shares 0.0 0.0 0.0 0.1
Antidilutive shares due to net loss available to holders of Common Stock        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings, Shares 0.0 1.1 0.0 0.0
v3.24.3
Segment Information (Reconciliation of Adjusted Operating Income and Net Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest $ 553 $ (1,058) $ 3,358 $ 1,410
Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 1,628 1,672 4,704 4,399
Operating Segments | PGIM Division [Member] | PGIM        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 241 211 616 541
Operating Segments | Total Corporate and Other [Member] | Corporate and Other        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (487) (438) (1,293) (1,381)
Operating Segments | U.S. Businesses Division | Retirement Strategies        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 966 941 2,917 2,654
Operating Segments | U.S. Businesses Division | Retirement Strategies | Institutional Retirement Strategies        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 438 439 1,429 1,263
Operating Segments | U.S. Businesses Division | Retirement Strategies | Individual Retirement Strategies        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 528 502 1,488 1,391
Operating Segments | U.S. Businesses Division | Group Insurance        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 82 89 248 253
Operating Segments | U.S. Businesses Division | Individual Life        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 60 58 (148) (103)
Segment Reconciling Items | Change in value of market risk benefits, net of related hedging gains (losses)        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (146) (251) (320) (160)
Segment Reconciling Items | Market experience updates        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (127) 143 (112) 188
Segment Reconciling Items | Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (43) (11) (113) (42)
Segment Reconciling Items | Other adjustments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (3) (9) (16) (24)
Segment Reconciling Items | Realized investment gains (losses), net, and related charges and adjustments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (805) (2,491) (774) (2,879)
Segment Reconciling Items | Other Divested Businesses [Member]        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 47 (113) 50 (22)
Segment Reconciling Items | Total Closed Block division        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 2 2 (61) (50)
Total U.S. Businesses | Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 1,108 1,088 3,017 2,804
International Businesses | Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 766 811 2,364 2,435
International Businesses | Operating Segments | Total International Businesses | Life Planner        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 464 527 1,409 1,536
International Businesses | Operating Segments | Total International Businesses | Gibraltar Life and Other        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest $ 302 $ 284 $ 955 $ 899
v3.24.3
Segment Information (Reconciliation of Select Financial Information) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]          
Revenues $ 19,490 $ 8,352 $ 57,882 $ 38,895  
Net Investment Income [1] 5,055 4,571 14,668 13,367  
Total benefits and expenses 18,937 9,410 54,524 37,485  
Policyholders’ benefits [1] 14,027 5,163 39,485 23,128  
Interest credited to policyholders’ account balances 863 872 3,248 3,002  
Dividends to policyholders 189   655 619  
Amortization of deferred policy acquisition costs 367 361 1,117 1,092  
Total Assets 760,294   760,294   $ 721,123
Operating Segments          
Segment Reporting Information [Line Items]          
Revenues 19,481 10,044 55,021 37,609  
Operating Segments | PGIM Division [Member] | PGIM          
Segment Reporting Information [Line Items]          
Revenues 1,021 976 2,974 2,723  
Total Assets 37,878   37,878   42,064
Operating Segments | Total Corporate and Other [Member] | Corporate and Other          
Segment Reporting Information [Line Items]          
Revenues 71 (37) 65 (50)  
Operating Segments | U.S. Businesses Division | Group Insurance          
Segment Reporting Information [Line Items]          
Revenues 1,643 1,576 4,863 4,738  
Total Assets 40,201   40,201   39,214
Operating Segments | U.S. Businesses Division | Individual Life          
Segment Reporting Information [Line Items]          
Revenues 1,546 1,589 4,655 4,680  
Total Assets 122,526   122,526   116,449
Operating Segments | U.S. Businesses Division | Retirement Strategies          
Segment Reporting Information [Line Items]          
Revenues 10,783 1,374 28,822 11,214  
Total Assets 283,757   283,757   251,242
Operating Segments | U.S. Businesses Division | Retirement Strategies | Institutional Retirement Strategies          
Segment Reporting Information [Line Items]          
Revenues 9,473 221 25,052 7,847  
Total Assets 131,755   131,755   111,308
Operating Segments | U.S. Businesses Division | Retirement Strategies | Individual Retirement Strategies          
Segment Reporting Information [Line Items]          
Revenues 1,310 1,153 3,770 3,367  
Total Assets 152,002   152,002   139,934
Segment Reconciling Items | Realized investment gains (losses), net, and related charges and adjustments          
Segment Reporting Information [Line Items]          
Revenues (967) (2,396) (425) (2,379)  
Segment Reconciling Items | Market experience updates          
Segment Reporting Information [Line Items]          
Revenues (34) 39 (92) 58  
Segment Reconciling Items | Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests          
Segment Reporting Information [Line Items]          
Revenues (45) (22) (101) (51)  
Segment Reconciling Items | Change in value of market risk benefits, net of related hedging gains (losses)          
Segment Reporting Information [Line Items]          
Revenues (146) (251) (320) (160)  
Segment Reconciling Items | Other Divested Businesses [Member]          
Segment Reporting Information [Line Items]          
Revenues 384 323 1,209 1,277  
Segment Reconciling Items | Total Closed Block division          
Segment Reporting Information [Line Items]          
Revenues 817 615 2,590 2,541  
Total Assets 50,924   50,924   51,088
Segment Reconciling Items | Total Corporate and Other [Member]          
Segment Reporting Information [Line Items]          
Total Assets 31,712   31,712   29,842
Intersegment Eliminations | PGIM Division [Member] | PGIM          
Segment Reporting Information [Line Items]          
Revenues 206 201 617 604  
Total U.S. Businesses | Operating Segments          
Segment Reporting Information [Line Items]          
Revenues 13,972 4,539 38,340 20,632  
Total Assets 446,484   446,484   406,905
International Businesses | Operating Segments          
Segment Reporting Information [Line Items]          
Revenues 4,417 4,566 13,642 14,304  
International Businesses | Operating Segments | Total International Businesses          
Segment Reporting Information [Line Items]          
Total Assets 193,296   193,296   191,224
International Businesses | Operating Segments | Total International Businesses | Life Planner          
Segment Reporting Information [Line Items]          
Revenues 2,247 2,359 7,164 7,364  
Total Assets 82,645   82,645   81,164
International Businesses | Operating Segments | Total International Businesses | Gibraltar Life and Other          
Segment Reporting Information [Line Items]          
Revenues 2,170 $ 2,207 6,478 $ 6,940  
Total Assets $ 110,651   $ 110,651   $ 110,060
[1] See Note 20 for additional information regarding related party transactions.
v3.24.3
Segment Information Segment Information (Asset Management and Service Fees) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Asset management and service fees [1] $ 984 $ 952 $ 2,984 $ 2,787
Asset-based management fees        
Asset management and service fees 841 799 2,526 2,377
Performance-based incentive fees        
Asset management and service fees 17 26 78 33
Other fees        
Asset management and service fees $ 126 $ 127 $ 380 $ 377
[1] See Note 20 for additional information regarding related party transactions.
v3.24.3
Related Party Disclosures Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Related Party Transaction [Line Items]      
Future policy benefits $ 285,474 $ 273,281 $ 253,551
Related Party      
Related Party Transaction [Line Items]      
Future policy benefits     $ 9,000
Portion of in-force structured settlement annuities business     70.00%
Guarantee on letters of credit $ 2,000 $ 2,000  
Prismic HoldCo | Related Party      
Related Party Transaction [Line Items]      
Carrying value     $ 200
Equity Method Investment, Ownership Percentage     20.00%
Prismic HoldCo | Related Party      
Related Party Transaction [Line Items]      
Carrying value     $ 200
Equity Method Investment, Ownership Percentage     20.00%
v3.24.3
Related Party Transactions - The Company’s Related Party Balances with Prismic (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Other assets [1],[2] $ 12,947 $ 13,179
Accumulated other comprehensive income (loss) [1] (4,844) (6,504)
Reinsurance and funds withheld payables, embedded derivatives at fair value 577 490
Related Party    
Related Party Transaction [Line Items]    
Reinsurance recoverables and deposit receivables 9,523 9,752
Other assets 130 132
Reinsurance and funds withheld payables (includes $578 and $508 of embedded derivatives at fair value at September 30, 2024 and December 31, 2023, respectively) 8,480 8,544
Accumulated other comprehensive income (loss) 291 335
Reinsurance and funds withheld payables, embedded derivatives at fair value $ 578 $ 508
[1] See Note 20 for additional information regarding related party transactions.
[2] See Note 4 for details of balances associated with variable interest entities.
v3.24.3
Related Party Transactions - The Initial and Ongoing Reinsurance Activity with Prismic Re of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Related Party Transaction [Line Items]                
Premiums [1] $ 13,045     $ 4,173     $ 36,402 $ 20,445
Net Investment Income [1] 5,055     4,571     14,668 13,367
Asset management and service fees [1] 984     952     2,984 2,787
Other income (loss) [1] 1,285     197     3,214 2,260
Realized investment gains (losses), net [1] (1,844)     (2,402)     (2,318) [2] (3,123)
Policyholders’ benefits [1] (14,027)     (5,163)     (39,485) (23,128)
Change in estimates of liability for future policy benefits [1] (180)     49     13 (231)
General and administrative expenses [1] 3,311     3,066     10,032 9,413
Income (loss) from related parties, before income taxes 553     (1,058)     3,358 1,410
Other comprehensive income (loss), before tax 2,600 $ 217 $ (1,157) (1,182) $ (2,825) $ (18) 1,660 (4,025)
Related Party                
Related Party Transaction [Line Items]                
Premiums (4)     (4,814)     11 (4,814)
Net Investment Income 0     13     0 13
Asset management and service fees 9     3     27 3
Other income (loss) 40     0     114 0
Realized investment gains (losses), net (710)     435     (392) 435
Policyholders’ benefits (70)     (4,839)     (211) (4,839)
Change in estimates of liability for future policy benefits (4)     2     12 2
General and administrative expenses 9     7     28 7
Income (loss) from related parties, before income taxes (600)     467     (69) 467
Other comprehensive income (loss), before tax 383     (394)     291 (394)
Total comprehensive income (loss), before tax $ (217)     $ 73     $ 222 $ 73
[1] See Note 20 for additional information regarding related party transactions.
[2] See Note 20 for additional information regarding related party transactions.
v3.24.3
Related Party Transactions - The Initial and Ongoing Reinsurance Activity with Prismic Re of Cash Flows (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Realized investment (gains) losses, net [1] $ 1,844 $ 2,402 $ 2,318 [2] $ 3,123
Other, net     (4,971) [2] (3,119)
CASH FLOWS FROM FINANCING ACTIVITIES        
Other, net     (737) [2] (470)
Related Party        
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Realized investment (gains) losses, net $ 710 $ (435) 392 (435)
Other, net     (554) (25)
CASH FLOWS FROM FINANCING ACTIVITIES        
Other, net     $ 285 $ 1
[1] See Note 20 for additional information regarding related party transactions.
[2] See Note 20 for additional information regarding related party transactions.
v3.24.3
Commitments and Contingent Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Commitments and Contingent Liabilities [Line Items]          
Fair value of collateral supporting these assets $ 243   $ 243   $ 240
Standby Letters of Credit          
Commitments and Contingent Liabilities [Line Items]          
Guarantee on letters of credit 1,500   1,500    
Standby Uncommitted Letters Of Credit          
Commitments and Contingent Liabilities [Line Items]          
Guarantee on letters of credit 500   500    
Commitments | Commercial Mortgage Loans          
Commitments and Contingent Liabilities [Line Items]          
Total outstanding mortgage loan commitments 2,294   2,294   1,798
Portion of commitment where prearrangement to sell to investor exists 514   514   366
Allowance for credit losses 2   2   1
Change in allowance for credit losses 1 $ 0 1 $ 0  
Expected to be funded from the GA and other operations outside the SA          
Commitments and Contingent Liabilities [Line Items]          
Commitments to purchase investment (excluding commercial mortgage loans) 10,816   10,816   10,675
Expected to be funded from separate accounts          
Commitments and Contingent Liabilities [Line Items]          
Commitments to purchase investment (excluding commercial mortgage loans) 66   66   39
Indemnification | Securities Lending and Securities Repurchase Transactions          
Commitments and Contingent Liabilities [Line Items]          
Indemnification provided to certain clients for securities lending and securities repurchase transactions 6,263   6,263   5,409
Fair value of related collateral associated with above indemnifications 6,398   6,398   5,528
Accrued liability associated with guarantee 0   0   0
Indemnification | Securities Repurchase Transactions          
Commitments and Contingent Liabilities [Line Items]          
Indemnification provided to certain clients for securities lending and securities repurchase transactions 265   265   0
Fair value of related collateral associated with above indemnifications 265   265   0
Indemnification | Serviced Mortgage Loans          
Commitments and Contingent Liabilities [Line Items]          
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company 3,189   3,189   3,102
First-loss exposure portion of above 922   922   898
Accrued liability associated with guarantee 26   26   28
Allowance for credit losses 12   12   14
Change in allowance for credit losses (1) (1) (2) (2)  
Guarantees of Asset Values          
Commitments and Contingent Liabilities [Line Items]          
Guaranteed value of third-parties’ assets 75,271   75,271   78,009
Fair value of collateral supporting these assets 71,533   71,533   73,186
Asset (liability) associated with guarantee, carried at fair value (1)   (1)   (2)
Other Guarantees          
Commitments and Contingent Liabilities [Line Items]          
Other guarantees where amount can be determined 292   292   36
Accrued liability associated with guarantee 32   32   $ 32
Purchase Investments          
Commitments and Contingent Liabilities [Line Items]          
Change in allowance for credit losses $ 0 $ 0 $ 0 $ 0  
v3.24.3
Commitments and Contingent Liabilities (Narrative Excluding Litigation) (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Commitments | Commercial Mortgage Loans          
Commitments and Contingent Liabilities [Line Items]          
Allowance for credit losses $ 2   $ 2   $ 1
Change in allowance for credit losses 1 $ 0 1 $ 0  
Purchase Investments          
Commitments and Contingent Liabilities [Line Items]          
Change in allowance for credit losses 0 0 $ 0 0  
Indemnification | Securities Lending and Securities Repurchase Transactions          
Commitments and Contingent Liabilities [Line Items]          
Guarantor obligations, liquidation proceeds, percentage     102.00%    
Indemnification | Securities Repurchase Transactions          
Commitments and Contingent Liabilities [Line Items]          
Guarantor obligations, liquidation proceeds, percentage     95.00%    
Indemnification | Serviced Mortgage Loans          
Commitments and Contingent Liabilities [Line Items]          
Allowance for credit losses 12   $ 12   14
Change in allowance for credit losses (1) $ (1) (2) (2)  
Mortgages subject to loss-sharing arrangements $ 25,299   $ 25,299   $ 24,875
Weighted-average debt service coverage ratio of mortgages subject to loss-sharing arrangements 1.97   1.97   1.97
Weighted-average loan-to-value ratio of mortgages subject to loss-sharing arrangements 62.00%   62.00%   60.00%
Losses related to indemnifications that were settled     $ 0 $ 0  
Indemnification | Minimum | Serviced Mortgage Loans          
Commitments and Contingent Liabilities [Line Items]          
Percentage share of losses incurred on certain loans serviced     4.00%    
Indemnification | Maximum | Serviced Mortgage Loans          
Commitments and Contingent Liabilities [Line Items]          
Percentage share of losses incurred on certain loans serviced     20.00%    
v3.24.3
Commitments and Contingent Liabilities (Litigation Narrative) (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Maximum  
Loss Contingencies [Line Items]  
Estimate of possible losses in excess of accruals (less than) for litigation and regulatory matters $ 250