PRUDENTIAL FINANCIAL INC, 10-Q filed on 7/31/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Jul. 28, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
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  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001137774  
Entity Common Stock, Shares Outstanding   352,000,000
Common Class A    
Document Information [Line Items]    
Title of 12(b) Security Common Stock, Par Value $.01  
Trading Symbol PRU  
Security Exchange Name NYSE  
5.950% Junior Subordinated Notes    
Document Information [Line Items]    
Title of 12(b) Security 5.950% Junior Subordinated Notes  
Trading Symbol PRH  
Security Exchange Name NYSE  
5.625% Junior Subordinated Notes    
Document Information [Line Items]    
Title of 12(b) Security 5.625% Junior Subordinated Notes  
Trading Symbol PRS  
Security Exchange Name NYSE  
4.125% Junior Subordinated Notes    
Document Information [Line Items]    
Title of 12(b) Security 4.125% Junior Subordinated Notes  
Trading Symbol PFH  
Security Exchange Name NYSE  
v3.25.2
Unaudited Interim Consolidated Statements of Financial Position - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2025-$224; 2024-$331) (amortized cost: 2025-$356,073; 2024-$341,004) [1] $ 328,302 $ 311,570
Fixed maturities, trading, at fair value (amortized cost: 2025-$14,696; 2024-$13,631) [1] 14,020 12,530
Assets supporting experience-rated contractholder liabilities, at fair value 4,282 3,707
Equity securities, at fair value (cost: 2025-$4,954; 2024-$7,043) [1] 7,434 9,417
Commercial mortgage and other loans (net of $554 and $574 allowance for credit losses; includes $726 and $702 of loans measured at fair value under the fair value option at June 30, 2025 and December 31, 2024, respectively) [1] 62,966 62,341
Policy loans 9,946 9,795
Other invested assets (net of $2 and $2 allowance for credit losses; includes $7,934 and $7,574 of assets measured at fair value at June 30, 2025 and December 31, 2024, respectively) [1] 27,256 26,351
Short-term investments (net of allowance for credit losses: 2025-$0; 2024-$0) 6,375 9,069
Total investments 460,581 444,780
Cash and cash equivalents [1] 16,638 18,497
Accrued investment income [1] 3,560 3,441
Deferred policy acquisition cost 21,222 20,448
Value of business acquired 450 435
Market risk benefit assets 2,188 2,331
Reinsurance recoverables and deposit receivables (net of $13 and $12 allowance for credit losses; includes $634 and $849 of embedded derivatives at fair value at June 30, 2025 and December 31, 2024, respectively) [2] 44,152 37,680
Income Tax Assets 839 866
Other assets (net of $1 and $2 allowance for credit losses; includes $0 and $0 of assets at fair value at June 30, 2025 and December 31, 2024, respectively) [1],[2] 14,561 13,737
Separate account assets 194,761 193,372
TOTAL ASSETS 758,952 735,587
LIABILITIES    
Future policy benefits 270,133 268,912
Policyholders’ account balances 180,931 166,254
Market risk benefit liabilities 4,859 4,455
Policyholders’ dividends 957 718
Securities sold under agreements to repurchase 8,205 6,796
Cash collateral for loaned securities 9,167 9,621
Reinsurance and funds withheld payables (includes $27 and $(118) of embedded derivatives at fair value at June 30, 2025 and December 31, 2024, respectively) [2] 17,126 17,084
Short-term debt 1,373 953
Long-term debt 18,651 19,187
Other liabilities (includes $15 and $14 allowance for credit losses and $6,350 and $4,751 of derivatives at fair value at June 30, 2025 and December 31, 2024, respectively) [1] 17,915 16,679
Notes issued by consolidated variable interest entities (includes $195 and $60 measured at fair value under the fair value option at June 30, 2025 and December 31, 2024, respectively) [1] 1,758 1,430
Separate account liabilities 194,761 193,372
Total liabilities 725,836 705,461
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 21)
Redeemable Noncontrolling Interest, Equity, Carrying Amount 2,213 1,939
Total mezzanine equity 2,213 1,939
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 June 30, 2025 and December 31, 2024) 6 6
Additional paid-in capital 25,927 25,901
Common Stock held in treasury, at cost (314,362,248 and 311,738,187 shares at June 30, 2025 and December 31, 2024, respectively) (24,886) (24,511)
Accumulated other comprehensive income (loss) [2] (3,921) (6,711)
Retained Earnings 33,456 33,187
Total Prudential Financial, Inc. equity 30,582 27,872
Noncontrolling interests 321 315
Total equity 30,903 28,187
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 758,952 $ 735,587
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 20 for additional information regarding related party transactions.
v3.25.2
Unaudited Interim Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fixed Maturities, AFS, allowance for credit losses $ 224 $ 331
Fixed Maturities, available-for-sale, Amortized Cost 356,073 341,004
Fixed maturities, trading, amortized cost 14,696 13,631
Equity securities, AFS, amortized cost 4,954 7,043
Commercial mortgage and other loans, allowance for credit losses 554 574
Commercial mortgage and other loans [1] 62,966 62,341
Other invested assets, allowance for credit losses [1] 27,256 26,351
Other invested assets, at fair value 7,934 7,574
Reinsurance recoverables and deposit receivables, allowance for credit losses 13 12
Reinsurance recoverable and deposit receivables, embedded derivatives at fair value 634 849
Other assets, assets at fair value 0 0
Reinsurance and funds withheld payables, embedded derivatives at fair value 27 (118)
Other Liabilities, derivatives at fair value 6,350 4,751
Notes issued by consolidated variable interest entities (includes $195 and $60 measured at fair value under the fair value option at June 30, 2025 and December 31, 2024, respectively) [1] $ 1,758 $ 1,430
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 314,362,248 311,738,187
Fair value option    
Commercial mortgage and other loans $ 726 $ 702
Other invested assets, allowance for credit losses 26 19
Notes issued by consolidated variable interest entities (includes $195 and $60 measured at fair value under the fair value option at June 30, 2025 and December 31, 2024, respectively) 195 60
Leveraged lease loans    
Other invested assets, allowance for credit losses 2 2
ASU 2016-13    
Short-term investments, allowance for credit losses 0 0
Other assets, allowance for credit losses 1 2
Other liabilities, allowance for credit losses $ 15 $ 14
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.2
Unaudited Interim Consolidated Statements of Operations - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
REVENUES        
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) [1] $ 6,982 $ 7,820 $ 13,982 $ 23,357
Policy charges and fee income 1,249 1,085 2,406 2,141
Net Investment Income 5,226 4,849 10,356 9,613
Asset management and service fees [1] 982 1,001 1,966 2,000
Other income (loss) [1] 1,412 591 1,692 1,929
Realized investment gains (losses), net (1,699) [1] (166) [1] (2,429) [2] (474) [1]
Change in value of market risk benefits, net of related hedging gains (losses) (426) (297) (777) (174)
Total revenues 13,726 14,883 27,196 38,392
BENEFITS AND EXPENSES        
Policyholders’ benefits [1] 8,181 8,864 16,321 25,458
Change in estimates of liability for future policy benefits [1] (175) (176) (225) (193)
Interest credited to policyholders’ account balances 1,138 1,102 1,963 2,385
Dividends to policyholders 259   404 466
Dividends to policyholders   176    
Amortization of deferred policy acquisition costs [1] 407 375 814 750
General and administrative expenses [1] 3,176 3,127 6,259 6,721
Total benefits and expenses 12,986 13,468 25,536 35,587
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES 740 1,415 1,660 2,805
Total income tax expense (benefit) 195 264 402 553
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES 545 1,151 1,258 2,252
Equity in earnings of joint ventures and other operating entities, net of taxes 21 20 50 70
NET INCOME (LOSS) 566 1,171 1,308 2,322
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 33 (27) 68 (14)
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. $ 533 $ 1,198 $ 1,240 $ 2,336
Basic earnings per share-Common Stock:        
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) $ 1.49 $ 3.30 $ 3.46 $ 6.43
Diluted earnings per share-Common Stock:        
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) $ 1.48 $ 3.28 $ 3.44 $ 6.40
[1] See Note 20 for additional information regarding related party transactions.
[2] See Note 20 for additional information regarding related party transactions.
v3.25.2
Unaudited Interim Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
NET INCOME (LOSS) $ 566 $ 1,171 $ 1,308 $ 2,322
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments for the period 400 (353) 786 (847)
Net unrealized investment gains (losses) (1,394) (5,343) (1,621) (10,117)
Interest rate remeasurement of future policy benefits [1] 1,947 6,138 3,983 10,351
Gain (loss) from changes in non-performance risk on market risk benefits 5 56 172 (196)
Defined benefit pension and postretirement unrecognized periodic benefit (cost) 5 12 8 25
Total 963 510 3,328 (784)
Less: Income tax expense (benefit) related to other comprehensive income (loss) 143 293 538 156
Other comprehensive income (loss), net of taxes 820 217 2,790 (940)
Comprehensive income (loss) 1,386 1,388 4,098 1,382
Less: Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 33 (27) 68 (14)
Comprehensive income (loss) attributable to Prudential Financial, Inc. $ 1,353 $ 1,415 $ 4,030 $ 1,396
[1] See Note 20 for additional information regarding related party transactions.
v3.25.2
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
Beginning Balance at Dec. 31, 2023 [1] $ 28,110 $ 6 $ 25,746 $ 32,352 $ (23,780) $ (6,504) $ 27,820 $ 290
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common Stock acquired (250)       (250)   (250)  
Distributions to noncontrolling interests (2)             (2)
Stock-based compensation programs 134   (5)   139   134  
Dividends declared on Common Stock (476)     (476)     (476)  
Comprehensive income:                
NET INCOME (LOSS)       1,138     1,138 1
Other comprehensive income (loss), net of taxes (1,157)         (1,157) (1,157) 0
Total comprehensive income (loss)       1,138   (1,157) (19) 1
Ending Balance at Mar. 31, 2024 27,498 6 25,741 33,014 (23,891) (7,661) 27,209 289
Comprehensive income:                
Net Income (Loss), excluding portion attributable to redeemable noncontrolling interest 1,139              
Comprehensive Income (Loss), Net of Tax, excluding Portion Attributable to redeemable Noncontrolling Interest (18)              
Beginning Balance at Dec. 31, 2023 [1] 28,110 6 25,746 32,352 (23,780) (6,504) 27,820 290
Comprehensive income:                
NET INCOME (LOSS) 2,322              
Other comprehensive income (loss), net of taxes (940)              
Total comprehensive income (loss) 1,382              
Ending Balance at Jun. 30, 2024 28,293 6 25,802 33,737 (24,088) (7,444) 28,013 280
Beginning Balance at Mar. 31, 2024 27,498 6 25,741 33,014 (23,891) (7,661) 27,209 289
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common Stock acquired (252)       (252)   (252)  
Contributions from noncontrolling interests 4             4
Distributions to noncontrolling interests (21)             (21)
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 8
Other comprehensive income (loss), net of taxes 217         217 217 0
Total comprehensive income (loss) 1,388     1,198   217 1,415 8
Ending Balance at Jun. 30, 2024 28,293 6 25,802 33,737 (24,088) (7,444) 28,013 280
Comprehensive income:                
Net Income (Loss), excluding portion attributable to redeemable noncontrolling interest 1,206              
Comprehensive Income (Loss), Net of Tax, excluding Portion Attributable to redeemable Noncontrolling Interest 1,423              
Beginning Balance at Dec. 31, 2024 28,187 6 25,901 33,187 (24,511) (6,711) 27,872 315
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common Stock acquired (251)       (251)   (251)  
Contributions from noncontrolling interests 4             4
Distributions to noncontrolling interests (21)             (21)
Consolidations/(deconsolidations) of noncontrolling interests 13             13
Stock-based compensation programs 71   (30)   101   71  
Dividends declared on Common Stock (486)     (486)     (486)  
Comprehensive income:                
NET INCOME (LOSS)       707     707 9
Other comprehensive income (loss), net of taxes 1,970         1,970 1,970 0
Total comprehensive income (loss)       707   1,970 2,677 9
Ending Balance at Mar. 31, 2025 30,203 6 25,871 33,408 (24,661) (4,741) 29,883 320
Comprehensive income:                
Net Income (Loss), excluding portion attributable to redeemable noncontrolling interest 716              
Comprehensive Income (Loss), Net of Tax, excluding Portion Attributable to redeemable Noncontrolling Interest 2,686              
Beginning Balance at Dec. 31, 2024 28,187 6 25,901 33,187 (24,511) (6,711) 27,872 315
Comprehensive income:                
NET INCOME (LOSS) 1,308              
Other comprehensive income (loss), net of taxes 2,790              
Total comprehensive income (loss) 4,098              
Ending Balance at Jun. 30, 2025 30,903 6 25,927 33,456 (24,886) (3,921) 30,582 321
Beginning Balance at Mar. 31, 2025 30,203 6 25,871 33,408 (24,661) (4,741) 29,883 320
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common Stock acquired (252)       (252)   (252)  
Contributions from noncontrolling interests 1             1
Distributions to noncontrolling interests (10)             (10)
Consolidations/(deconsolidations) of noncontrolling interests 21             21
Stock-based compensation programs 83   56   27   83  
Dividends declared on Common Stock (485)     (485)     (485)  
Comprehensive income:                
NET INCOME (LOSS) 566     533     533 (11)
Other comprehensive income (loss), net of taxes 820         820 820 0
Total comprehensive income (loss) 1,386     533   820 1,353 (11)
Ending Balance at Jun. 30, 2025 30,903 $ 6 $ 25,927 $ 33,456 $ (24,886) $ (3,921) $ 30,582 $ 321
Comprehensive income:                
Net Income (Loss), excluding portion attributable to redeemable noncontrolling interest 522              
Comprehensive Income (Loss), Net of Tax, excluding Portion Attributable to redeemable Noncontrolling Interest $ 1,342              
[1]
.
v3.25.2
Unaudited Interim Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
NET INCOME (LOSS) $ 1,308 $ 2,322
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Realized investment (gains) losses, net 2,429 [1] 474 [2]
Change in value of market risk benefits, net of related hedging (gains) losses 777 174
Policy charges and fee income (1,009) (1,128)
Interest credited to policyholders’ account balances 1,963 2,385
Depreciation and amortization 321 371
(Gains) losses on assets supporting experience-rated contractholder liabilities, net 38 (494)
Change in:    
Deferred Policy Acquisition Costs (657) [1] (514)
Future policy benefits and other insurance liabilities 89 3,651
Reinsurance related-balances [1] (1,253) (789) [3]
Income taxes (635) 16
Derivatives, net (1,590) 574
Other, net [1] (3,125) (1,967) [3]
Cash flows from (used in) operating activities (1,344) 5,075
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 20,299 24,901
Fixed maturities, trading 1,445 1,898
Assets supporting experience-rated contractholder liabilities 733 744
Equity securities 4,621 3,092
Commercial mortgage and other loans 3,662 2,688
Policy loans 956 1,030
Other invested assets 1,519 808
Short-term investments 13,632 15,943
Payments for the purchase/origination of:    
Fixed maturities, available-for-sale (34,918) (36,737)
Fixed maturities, trading (2,693) (3,033)
Assets supporting experience-rated contractholder liabilities (1,024) (840)
Equity securities (2,470) (1,779)
Commercial mortgage and other loans (3,809) (3,888)
Policy loans (789) (770)
Other invested assets (1,586) (1,902)
Short-term investments (10,910) (17,264)
Derivatives, net 113 (515)
Other, net (74) [1] 40
Cash flows from (used in) investing activities (11,293) (15,584)
CASH FLOWS FROM FINANCING ACTIVITIES    
Policyholders’ account deposits 19,940 17,531
Policyholders’ account withdrawals (9,446) (9,489)
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities 955 1,445
Cash dividends paid on Common Stock (972) (955)
Net change in financing arrangements (maturities 90 days or less) 156 (496)
Common Stock acquired (496) (493)
Common Stock reissued for exercise of stock options 57 93
Proceeds from the issuance of debt (maturities longer than 90 days) 910 1,158
Repayments of debt (maturities longer than 90 days) (1,194) (750)
Proceeds from notes issued by consolidated VIEs 192 182
Repayments of notes issued by consolidated VIEs 0 (1)
Other, net [1] 546 320
Cash flows from (used in) financing activities 10,648 8,545
Effect of foreign exchange rate changes on cash balances 170 (368)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS (1,819) (2,332)
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR   19,463
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD   17,131
NON-CASH TRANSACTIONS DURING THE PERIOD    
Treasury Stock shares issued for stock-based compensation programs 176 212
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION    
Cash and cash equivalents 16,638 [4] 17,111
Restricted cash and restricted cash equivalents (included in “Other assets”) 63 20
Total cash, cash equivalents, restricted cash and restricted cash equivalents 16,701 17,131
Pension Risk Transfer    
NON-CASH TRANSACTIONS DURING THE PERIOD    
Assets received, excluding cash and cash equivalents 0 5,802
Liabilities assumed 0 9,990
Net cash received 0 4,188
Somerset Re    
NON-CASH TRANSACTIONS DURING THE PERIOD    
Reinsurance recoverables under modified coinsurance, net 0 (578) [5]
Deferred reinsurance gain 0 363 [5]
Net cash received 0 69 [5]
Unwind of Deferred policy acquisition costs ceded 0 284 [5]
Prismic Re International    
CASH FLOWS FROM FINANCING ACTIVITIES    
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR 18,520  
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD 16,701  
NON-CASH TRANSACTIONS DURING THE PERIOD    
Net cash received (78) [5] 0
Net assets transferred, excluding Cash and cash equivalents 6,069 [5] 0
Deposit assets established for Policyholders’ account balances ceded (6,366) [5] 0
Unwind of Deferred policy acquisition costs ceded $ 219 [5] $ 0
[1] See Note 20 for additional information regarding related party transactions.
[2] See Note 20 for additional information regarding related party transactions.
[3] Prior period amounts have been updated to conform to current period presentation.
[4] See Note 4 for details of balances associated with variable interest entities.
[5] See Note 12 for additional information regarding the reinsurance agreements with Somerset Reinsurance Ltd. (“Somerset Re”) and Prismic Life Reinsurance International, Ltd. (“Prismic Re International”).
v3.25.2
Unaudited Interim Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Gain (loss) from changes in estimates on deferred profit liability amortization $ 97 $ (14) $ 98 $ (9)
v3.25.2
Business and Basis of Presentation
 6 Months Ended
Jun. 30, 2025
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, 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.

Effective in the first quarter of 2025, consistent with changes to the Company’s internal management structure, the Company’s International Businesses are reflected as a single operating and reportable segment, which is how the chief operating decision maker (“CODM”) now assesses its performance and allocates resources. Prior to the first quarter of 2025, International Businesses consisted of the Life Planner and Gibraltar Life and Other operating segments, each of which was a reportable segment under U.S. GAAP. The change has been applied retrospectively and did not have any impact on the Company’s Unaudited Interim Consolidated Financial Statements contained herein or to any previously issued financial statements. See Note 19 for additional information regarding the Company’s segments.

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, 2024.

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 (“MRBs”); 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 first quarter of 2025, the Company recorded out of period adjustments resulting in a net charge of $150 million to “Income (loss) from operations before income taxes and equity in earnings of joint ventures and other operating entities” for the first quarter of 2025. The adjustments included an overstatement of “Reinsurance recoverables and deposit receivables” and an understatement of “Deferred policy acquisition costs.”

The impact of these adjustments, individually and in the aggregate, was not material to any previously reported quarterly or annual financial statements and is not expected to be material to the 2025 annual financial statements.
Revision of Previously Issued Financial Statements

The Company reclassified certain amounts in prior periods to conform to the current period presentation and recorded other adjustments, including the following:

As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, during the fourth quarter of 2024, the Company identified an immaterial error in the application of adjusted operating income, which resulted in an overstatement thereof for indexed variable and fixed annuity products within the Retirement Strategies segment in the first three quarters of 2024. As a result, the Company voluntarily revised its historical adjusted operating income for the relevant periods, resulting in a decrease in pre-tax adjusted operating income of $47 million and $81 million for the three and six months ended June 30, 2024, respectively. See Note 19 for additional information regarding adjusted operating income.

As also previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the Company corrected the prior period presentation for certain noncontrolling interests, primarily related to consolidated PGIM-managed funds, that contain redemption features that are at the option of the holder and outside of the Company’s control. These noncontrolling interests were previously reported within “Noncontrolling interests” and are now correctly presented as “Mezzanine equity” and totaled $1,372 million as of March 31, 2024 and $1,267 million as of June 30, 2024 within the Unaudited Interim Consolidated Statement of Equity.
v3.25.2
Significant Accounting Policies and Pronouncements
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies and Pronouncements SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS
Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of June 30, 2025, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.
ASUs issued but not yet adopted as of June 30, 2025
Standard
Description
Effective date and method
of adoption
Effect on the financial statements or other significant matters
ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (DISE)
This ASU requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.
Effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted and applied either prospectively or retrospectively.
The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax 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, and permits early adoption.
The ASU has no impact on the Company’s Consolidated Financial Statements but will result in expanded disclosures in the Notes to the Consolidated Financial Statements.
v3.25.2
Investments
 6 Months Ended
Jun. 30, 2025
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:
 
 June 30, 2025
 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$24,626 $665 $4,921 $0 $20,370 
Obligations of U.S. states and their political subdivisions6,059 129 675 0 5,513 
Foreign government securities
68,556 1,219 11,086 0 58,689 
U.S. public corporate securities112,147 1,575 10,524 12 103,186 
U.S. private corporate securities(1)47,182 874 2,303 70 45,683 
Foreign public corporate securities24,927 373 1,303 9 23,988 
Foreign private corporate securities40,352 1,498 2,673 132 39,045 
Asset-backed securities(2)18,230 171 69 1 18,331 
Commercial mortgage-backed securities9,918 67 404 0 9,581 
Residential mortgage-backed securities(3)4,076 25 185 0 3,916 
Total fixed maturities, available-for-sale(1)
$356,073 $6,596 $34,143 $224 $328,302 
__________
(1)Excludes notes with amortized cost of $15,220 million (fair value, $15,220 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, 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$24,869 $584 $5,105 $0 $20,348 
Obligations of U.S. states and their political subdivisions6,590 132 618 0 6,104 
Foreign government securities
63,523 1,837 7,881 0 57,479 
U.S. public corporate securities108,883 1,226 11,529 72 98,508 
U.S. private corporate securities(1)45,854 918 2,926 57 43,789 
Foreign public corporate securities23,165 248 1,421 10 21,982 
Foreign private corporate securities38,652 314 4,311 192 34,463 
Asset-backed securities(2)16,979 214 59 0 17,134 
Commercial mortgage-backed securities9,791 29 547 0 9,273 
Residential mortgage-backed securities(3)2,698 15 223 0 2,490 
Total fixed maturities, available-for-sale(1)
$341,004 $5,517 $34,620 $331 $311,570 
__________
(1)Excludes notes with amortized cost of $14,748 million (fair value, $14,748 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.

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:
 
 June 30, 2025
 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$5,174 $213 $9,803 $4,708 $14,977 $4,921 
Obligations of U.S. states and their political subdivisions1,157 69 3,190 606 4,347 675 
Foreign government securities
8,501 521 22,882 10,565 31,383 11,086 
U.S. public corporate securities20,645 856 47,399 9,658 68,044 10,514 
U.S. private corporate securities4,879 99 24,281 2,204 29,160 2,303 
Foreign public corporate securities4,519 129 7,894 1,173 12,413 1,302 
Foreign private corporate securities1,368 24 17,248 2,648 18,616 2,672 
Asset-backed securities2,538 36 732 32 3,270 68 
Commercial mortgage-backed securities282 1 6,123 403 6,405 404 
Residential mortgage-backed securities201 2 1,351 183 1,552 185 
Total fixed maturities, available-for-sale$49,264 $1,950 $140,903 $32,180 $190,167 $34,130 
 December 31, 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$6,667 $334 $10,161 $4,771 $16,828 $5,105 
Obligations of U.S. states and their political subdivisions1,592 53 3,288 565 4,880 618 
Foreign government securities
8,280 349 20,780 7,532 29,060 7,881 
U.S. public corporate securities25,420 1,036 48,152 10,485 73,572 11,521 
U.S. private corporate securities7,581 183 24,846 2,743 32,427 2,926 
Foreign public corporate securities5,751 170 8,084 1,246 13,835 1,416 
Foreign private corporate securities8,702 282 18,862 4,010 27,564 4,292 
Asset-backed securities1,488 11 1,015 48 2,503 59 
Commercial mortgage-backed securities1,092 8 6,432 539 7,524 547 
Residential mortgage-backed securities361 4 1,377 219 1,738 223 
Total fixed maturities, available-for-sale$66,934 $2,430 $142,997 $32,158 $209,931 $34,588 

As of June 30, 2025 and December 31, 2024, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $33,123 million and $33,437 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 $1,007 million and $1,151 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of June 30, 2025, the $32,180 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, 2024, the $32,158 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, 2024, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at June 30, 2025. 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 June 30, 2025, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the 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: 
June 30, 2025
 Amortized CostFair Value
(in millions)
Fixed maturities, available-for-sale:
Due in one year or less$16,168 $16,105 
Due after one year through five years66,688 67,355 
Due after five years through ten years
59,892 60,018 
Due after ten years(1)181,101 152,996 
Asset-backed securities18,230 18,331 
Commercial mortgage-backed securities9,918 9,581 
Residential mortgage-backed securities4,076 3,916 
Total$356,073 $328,302 
__________
(1)Excludes notes with amortized cost of $15,220 million (fair value, $15,220 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
June 30,
Six Months Ended
June 30,
 2025202420252024
 (in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$4,191 $8,323 $9,103 $14,074 
Proceeds from maturities/prepayments5,252 6,147 11,013 11,080 
Gross investment gains from sales and maturities126 201 408 595 
Gross investment losses from sales and maturities(233)(910)(540)(1,270)
Write-downs recognized in earnings(2)(57)(4)(176)(9)
(Addition to) release of allowance for credit losses27 (22)107 (33)
__________ 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $183 million and $(253) million for the six months ended June 30, 2025 and 2024, respectively.
(2)Amounts represent write-downs on credit adverse securities and securities actively marketed for sale.
The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as of and for the periods indicated:
Three Months Ended June 30, 2025
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 $250 $1 $0 $0 $251 
Additions to allowance for credit losses not previously recorded0 0 1 0 0 0 1 
Reductions for securities sold during the period0 0 (6)0 0 0 (6)
Additions (reductions) on securities with previous allowance0 0 28 0 0 0 28 
Write-downs charged against the allowance
0 0 (50)0 0 0 (50)
Balance, end of period$0 $0 $223 $1 $0 $0 $224 

Three Months Ended June 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 $31 $139 $1 $0 $0 $171 
Additions to allowance for credit losses not previously recorded0 0 13 0 0 0 13 
Reductions for securities sold during the period0 (30)(8)0 0 0 (38)
Additions (reductions) on securities with previous allowance0 (1)24 0 0 0 23 
Balance, end of period$0 $0 $168 $1 $0 $0 $169 

Six Months Ended June 30, 2025
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 $331 $0 $0 $0 $331 
Additions to allowance for credit losses not previously recorded0 0 17 1 0 0 18 
Reductions for securities sold during the period0 0 (12)0 0 0 (12)
Additions (reductions) on securities with previous allowance0 0 31 0 0 0 31 
Write-downs charged against the allowance
0 0 (144)0 0 0 (144)
Balance, end of period$0 $0 $223 $1 $0 $0 $224 
Six Months Ended June 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 59 0 0 0 59 
Reductions for securities sold during the period0 (30)(20)0 0 0 (50)
Additions (reductions) on securities with previous allowance0 (23)24 (1)0 0 0 
Balance, end of period$0 $0 $168 $1 $0 $0 $169 


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

For the three months ended June 30, 2025, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to write-downs charged against the allowance due to settlements and security restructures within the consumer cyclical and consumer non-cyclical sectors within corporate securities, partially offset by net additions within the technology sector within corporate securities primarily due to adverse projected cash flows. For the three months ended June 30, 2024, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to a net release within foreign government securities, partially offset by net additions in the consumer cyclical and communications sectors within corporate securities due to adverse projected cash flows.

For the six months ended June 30, 2025, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to write-downs charged against the allowance due to security restructures and settlements within the communications, capital goods, and consumer non-cyclical sectors within corporate securities, partially offset by net additions within the technology sector within corporate securities primarily due to adverse projected cash flows. For the six months ended June 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 cyclical and communications sectors within corporate securities due to adverse projected cash flows, partially offset by a net release within foreign government securities.

The Company did not have any fixed maturity securities purchased with credit deterioration as of both June 30, 2025 and December 31, 2024.
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:

 June 30, 2025December 31, 2024
 Amortized
Cost or Cost		Fair
Value		Amortized
Cost or Cost		Fair
Value
 (in millions)
Fixed maturities:
Corporate securities$69 $67 $68 $67 
Foreign government securities
642 635 544 539 
Obligations of U.S. government authorities and agencies and obligations of U.S. states
239 236 207 220 
Total fixed maturities(1)950 938 819 826 
Equity securities2,162 3,344 1,763 2,881 
Total assets supporting experience-rated contractholder liabilities(2)$3,112 $4,282 $2,582 $3,707 
__________ 
(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 June 30, 2025 and December 31, 2024.
(2)As a percentage of amortized cost, 100% of the portfolio consisted of public securities as of both June 30, 2025 and December 31, 2024.

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 $253 million and $74 million during the three months ended June 30, 2025 and 2024, respectively, and $54 million and $373 million during the six months ended June 30, 2025 and 2024, 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 $229 million and $(146) million during the three months ended June 30, 2025 and 2024, respectively, and $416 million and $(327) million during the six months ended June 30, 2025 and 2024, respectively.

Equity Securities
 
The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $374 million and $212 million during the three months ended June 30, 2025 and 2024, respectively, and $145 million and $643 million during the six months ended June 30, 2025 and 2024, 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:
 
 June 30, 2025December 31, 2024
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
 (in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale$60,678 $51,434 $56,457 $51,177 
Fixed maturities, trading19 19 18 18 
Assets supporting experience-rated contractholder liabilities562 548 472 462 
Total$61,259 $52,001 $56,947 $51,657 

 June 30, 2025December 31, 2024
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
 (in millions)
Investments in Brazilian government and government agency securities:
Fixed maturities, available-for-sale$3,568 $3,125 $2,753 $2,251 
Fixed maturities, trading74 71 44 40 
Short-term investments2 2 2 2 
Cash equivalents109 109 228 228 
Total$3,753 $3,307 $3,027 $2,521 
Commercial Mortgage and Other Loans
 
The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: 

 June 30, 2025December 31, 2024
 
Amount
% of
Total
Amount
% of
Total
($ in millions)
Commercial mortgage and agricultural property loans by property type:
Office$7,065 11.3 %$7,867 12.7 %
Retail5,441 8.7 5,552 9.0 
Apartments/Multi-Family18,729 29.9 17,522 28.3 
Industrial17,293 27.5 16,900 27.3 
Hospitality1,668 2.7 1,831 3.0 
Self-Storage(1)
2,276 3.6 2,194 3.5 
Health Care Senior Living(1)
1,858 3.0 1,858 3.0 
Other(1)
565 0.9 334 0.6 
Total commercial mortgage loans54,895 87.6 54,058 87.4 
Agricultural property loans7,762 12.4 7,775 12.6 
Total commercial mortgage and agricultural property loans62,657 100.0 %61,833 100.0 %
Allowance for credit losses(508)(528)
Total net commercial mortgage and agricultural property loans62,149 61,305 
Other loans:
Uncollateralized loans368 595 
Residential property loans18 19 
Other collateralized loans477 468 
Total other loans863 1,082 
Allowance for credit losses(46)(46)
Total net other loans817 1,036 
Total net commercial mortgage and other loans(2)
$62,966 $62,341 
__________ 
(1)Prior period amounts have been updated to conform to current period presentation.
(2)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of June 30, 2025 and December 31, 2024, the net carrying value of these loans was $726 million and $702 million, respectively.

As of June 30, 2025, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (28%), Texas (6%) and Florida (5%) and included loans secured by properties in Europe (6%), Mexico (2%), Japan (1%) and Australia (1%).
The following tables set forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods indicated:

Three Months Ended June 30, 2025
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$460 $123 $0 $34 $15 $632 
Addition to (release of) allowance for expected losses(11)85 0 (2)(1)71 
Write-downs charged against the allowance
0 (150)0 0 0 (150)
Change in foreign exchange1 0 0 0 0 1 
Allowance, end of period$450 $58 $0 $32 $14 $554 

Three Months Ended June 30, 2024
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$492 $21 $0 $0 $1 $514 
Addition to (release of) allowance for expected losses0 3 0 33 17 53 
Change in foreign exchange(3)0 0 0 0 (3)
Allowance, end of period$489 $24 $0 $33 $18 $564 

Six Months Ended June 30, 2025
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$407 $121 $0 $32 $14 $574 
Addition to (release of) allowance for expected losses42 87 0 0 0 129 
Write-downs charged against the allowance
0 (150)0 0 0 (150)
Change in foreign exchange1 0 0 0 0 1 
Allowance, end of period$450 $58 $0 $32 $14 $554 

Six Months Ended June 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 losses47 8 0 33 17 105 
Change in foreign exchange(1)0 0 0 0 (1)
Allowance, end of period$489 $24 $0 $33 $18 $564 

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
For the three months ended June 30, 2025, the net decrease to the allowance for credit losses on commercial mortgage and other loans was primarily related to a write-down against a loan-specific reserve within agricultural property loans. For the three months ended June 30, 2024, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to the establishment of general reserves for both the collateralized and uncollateralized loan portfolios.

For the six months ended June 30, 2025, the net decrease to the allowance for credit losses on commercial mortgage and other loans was primarily related to a write-down against a loan-specific reserve within agricultural property loans, partially offset by an increase in loan-specific reserves within the retail sector. For the six months ended June 30, 2024, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to the establishment of general reserves for new loan pools within both the collateralized and uncollateralized loan portfolios and increases in loan-specific reserves within the office sector.
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:

June 30, 2025
Amortized Cost by Origination Year
2025
2024
202320222021PriorRevolving LoansTotal
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$1,541 $2,093 $2,093 $885 $2,215 $17,825 $65 $26,717 
60%-69.99%1,773 4,153 1,590 1,453 2,072 5,218 0 16,259 
70%-79.99%266 894 1,442 873 1,258 2,074 0 6,807 
80% or greater12 272 136 259 255 4,178 0 5,112 
Total$3,592 $7,412 $5,261 $3,470 $5,800 $29,295 $65 $54,895 
Debt Service Coverage Ratio:
Greater than 1.2x
$3,486 $6,485 $4,569 $3,182 $5,700 $26,331 $0 $49,753 
1.0 - 1.2x106 738 542 257 42 1,316 65 3,066 
Less than 1.0x0 189 150 31 58 1,648 0 2,076 
Total$3,592 $7,412 $5,261 $3,470 $5,800 $29,295 $65 $54,895 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$220 $658 $297 $901 $1,993 $2,048 $131 $6,248 
60%-69.99%21 111 360 89 10 86 0 677 
70%-79.99%60 0 0 0 6 14 0 80 
80% or greater3 0 199 413 0 101 41 757 
Total$304 $769 $856 $1,403 $2,009 $2,249 $172 $7,762 
Debt Service Coverage Ratio:
Greater than 1.2x
$304 $713 $826 $894 $1,953 $1,909 $131 $6,730 
1.0 - 1.2x0 52 25 451 42 203 41 814 
Less than 1.0x0 4 5 58 14 137 0 218 
Total$304 $769 $856 $1,403 $2,009 $2,249 $172 $7,762 
December 31, 2024
Amortized Cost by Origination Year
2024
2023
202220212020PriorRevolving LoansTotal
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$2,122 $1,492 $1,183 $2,295 $1,378 $16,652 $36 $25,158 
60%-69.99%4,726 2,287 1,013 2,192 846 5,113 0 16,177 
70%-79.99%809 1,326 953 1,327 446 2,293 0 7,154 
80% or greater48 135 482 216 281 4,407 0 5,569 
Total$7,705 $5,240 $3,631 $6,030 $2,951 $28,465 $36 $54,058 
Debt Service Coverage Ratio:
Greater than 1.2x
$6,771 $4,563 $3,283 $5,929 $2,795 $25,790 $0 $49,131 
1.0 - 1.2x745 527 313 43 102 1,279 36 3,045 
Less than 1.0x189 150 35 58 54 1,396 0 1,882 
Total$7,705 $5,240 $3,631 $6,030 $2,951 $28,465 $36 $54,058 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$657 $371 $877 $2,004 $679 $1,491 $122 $6,201 
60%-69.99%87 555 125 10 53 43 0 873 
70%-79.99%0 0 0 6 0 3 0 9 
80% or greater0 6 521 0 71 42 52 692 
Total$744 $932 $1,523 $2,020 $803 $1,579 $174 $7,775 
Debt Service Coverage Ratio:
Greater than 1.2x
$688 $864 $932 $1,967 $739 $1,384 $122 $6,696 
1.0 - 1.2x56 63 530 45 23 98 52 867 
Less than 1.0x0 5 61 8 41 97 0 212 
Total$744 $932 $1,523 $2,020 $803 $1,579 $174 $7,775 

For additional information regarding the Company’s commercial mortgage and other loans credit quality monitoring process, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
 
The Company may grant loan modifications in its commercial mortgage and other loan portfolios to borrowers experiencing financial difficulties. These loan modifications may be in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or some combination thereof. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any allowance for credit losses.

The following table sets forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties during the periods indicated:

Three Months Ended June 30,
20252024
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
($ in millions)
Commercial mortgage loans(1)
$0 $0 0.0 %$178 $0 0.3 %
Agricultural property loans$0 $0 0.0 %$0 $0 0.0 %
__________ 
(1)Prior period amounts have been updated to conform to current period presentation.
Six Months Ended June 30,
20252024
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
($ in millions)
Commercial mortgage loans(1)
$0 $0 0.0 %$337 $0 0.6 %
Agricultural property loans
$0 $0 0.0 %$0 $0 0.0 %
__________ 
(1)Prior period amounts have been updated to conform to current period presentation.

For the three and six months ended June 30, 2024, the modifications added less than one year to the weighted average life in the commercial mortgage loan portfolio.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of both June 30, 2025 and December 31, 2024.

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
 
 June 30, 2025
 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$54,680 $0 $0 $215 $215 $54,895 $251 
Agricultural property loans6,970 0 0 792 792 7,762 830 
Residential property loans18 0 0 0 0 18 0 
Other collateralized loans477 0 0 0 0 477 0 
Uncollateralized loans368 0 0 0 0 368 25 
Total$62,513 $0 $0 $1,007 $1,007 $63,520 $1,106 
__________
(1)As of June 30, 2025, 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, 2024.


 December 31, 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$53,873 $0 $3 $182 $185 $54,058 $220 
Agricultural property loans7,012 0 21 742 763 7,775 767 
Residential property loans19 0 0 0 0 19 0 
Other collateralized loans468 0 0 0 0 468 0 
Uncollateralized loans595 0 0 0 0 595 25 
Total$61,967 $0 $24 $924 $948 $62,915 $1,012 
__________
(1)As of December 31, 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, 2024.

Loans on non-accrual status recognized interest of $1 million and less than $1 million for the three months ended June 30, 2025 and 2024, respectively, and $6 million and less than $1 million for the six months ended June 30, 2025 and 2024, respectively. Loans on non-accrual status that did not have a related allowance for credit losses were $423 million and $207 million as of June 30, 2025 and December 31, 2024, respectively.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration as of both June 30, 2025 and December 31, 2024.
Other Invested Assets
 
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:

June 30, 2025December 31, 2024
 (in millions)
LPs/LLCs:
Equity method:
Private equity$11,000 $10,615 
Hedge funds3,079 3,143 
Real estate-related2,760 2,661 
Subtotal equity method16,839 16,419 
Fair value:
Private equity957 1,076 
Hedge funds2,073 2,080 
Real estate-related890 951 
Subtotal fair value3,920 4,107 
Total LPs/LLCs20,759 20,526 
Real estate held through direct ownership(1)
1,796 1,743 
Total alternative assets22,555 22,269 
Credit-like instruments(2)
1,279 933 
Derivative instruments1,780 1,597 
Other(3)
1,642 1,552 
Total other invested assets$27,256 $26,351 
_________ 
(1)As of June 30, 2025 and December 31, 2024, real estate held through direct ownership had mortgage debt of $192 million and $185 million, respectively.
(2)Includes structured debt investments in feeder funds that are consolidated, resulting in the Company reporting the consolidated feeder funds’ proportionate share of the net assets of the master fund within “Other invested assets.”
(3)Primarily includes equity investments accounted for under the measurement alternative, tax advantaged investments, 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, 2024.
Accrued Investment Income

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

 June 30, 2025December 31, 2024
 (in millions)
Fixed maturities$3,025 $2,892 
Equity securities9 8 
Commercial mortgage and other loans224 228 
Policy loans246 236 
Other invested assets11 12 
Short-term investments and cash equivalents45 65 
Total accrued investment income$3,560 $3,441 

Write-downs on accrued investment income were less than $1 million for both the three months ended June 30, 2025 and 2024, and $1 million and less than $1 million for the six months ended June 30, 2025 and 2024, respectively.

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

 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
 (in millions)
Fixed maturities, available-for-sale(1)$3,885 $3,703 $7,658 $7,295 
Fixed maturities, trading177 130 344 246 
Assets supporting experience-rated contractholder liabilities14 13 28 27 
Equity securities49 61 93 99 
Commercial mortgage and other loans691 642 1,383 1,253 
Policy loans123 119 247 241 
Other invested assets
418 246 814 567 
Short-term investments and cash equivalents230 284 497 582 
Gross investment income5,587 5,198 11,064 10,310 
Less: investment expenses
(361)(349)(708)(697)
Net investment income$5,226 $4,849 $10,356 $9,613 
__________ 
(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
June 30,		Six Months Ended
June 30,
 2025202420252024
 (in millions)
Fixed maturities(1)$(137)$(735)$(201)$(717)
Commercial mortgage and other loans(66)(44)(124)(95)
Investment real estate(1)(8)(11)(6)
LPs/LLCs6 4 5 23 
Derivatives(2)
(1,345)723 (1,794)575 
Ceded income (loss) on modified coinsurance assets(2)(3)
(156)(110)(319)(259)
Other(2)
0 4 15 5 
Realized investment gains (losses), net$(1,699)$(166)$(2,429)$(474)
__________ 
(1)Excludes fixed maturity securities classified as trading.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)Includes changes in the value of reinsurance payables and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.
Net Unrealized Gains (Losses) on Investments within AOCI

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

June 30, 2025December 31, 2024
 (in millions)
Fixed maturity securities, available-for-sale with an allowance$3 $6 
Fixed maturity securities, available-for-sale without an allowance
(27,550)(29,109)
Derivatives designated as cash flow hedges(1)
(597)1,780 
Derivatives designated as fair value hedges(1)
(168)(64)
Other investments(2)
156 106 
Net unrealized gains (losses) on investments$(28,156)$(27,281)
__________ 
(1)For additional information regarding cash flow and fair value hedges, see Note 5.
(2)Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in “Other assets.”
Repurchase Agreements and Securities Lending

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:
June 30, 2025December 31, 2024
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$7,715 $0 $0 $7,715 $6,450 $0 $0 $6,450 
U.S. public corporate securities
0 470 0 470 0 327 0 327 
Foreign public corporate securities
0 20 0 20 0 19 0 19 
Commercial mortgage-backed securities0 0 0 0 0 0 0 0 
Total securities sold under agreements to repurchase$7,715 $490 $0 $8,205 $6,450 $346 $0 $6,796 

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:

June 30, 2025December 31, 2024
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		$0 $0 $0 $1 $0 $1 
Obligations of U.S. states and their political
subdivisions		38 0 38 46 0 46 
Foreign government securities
222 0 222 122 6 128 
U.S. public corporate securities7,133 318 7,451 7,506 403 7,909 
Foreign public corporate securities1,118 65 1,183 1,181 118 1,299 
Equity securities273 0 273 238 0 238 
Total cash collateral for loaned securities(1)$8,784 $383 $9,167 $9,094 $527 $9,621 
__________ 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
v3.25.2
Variable Interest Entities
 6 Months Ended
Jun. 30, 2025
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, 2024.
 
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

June 30,
2025		December 31,
2024		June 30,
2025		December 31,
2024
 (in millions)
Fixed maturities, available-for-sale$1,623 $1,250 $757 $716 
Fixed maturities, trading161 166 0 0 
Equity securities68 80 0 0 
Commercial mortgage and other loans722 681 403 490 
Other invested assets7,234 6,379 485 500 
Cash and cash equivalents315 308 6 0 
Accrued investment income4 6 3 3 
Other assets912 644 913 613 
Total assets of consolidated VIEs$11,039 $9,514 $2,567 $2,322 
Other liabilities$332 $218 $183 $1 
Notes issued by consolidated VIEs(2)1,728 1,392 30 38 
Total liabilities of consolidated VIEs$2,060 $1,610 $213 $39 
__________
(1)Total assets of consolidated VIEs reflect $4,153 million and $3,835 million as of June 30, 2025 and December 31, 2024, 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 June 30, 2025, the maturities of these obligations were between 0 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 $1,523 million and $1,529 million as of June 30, 2025 and December 31, 2024, 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 $21,137 million and $21,847 million as of June 30, 2025 and December 31, 2024, respectively.
v3.25.2
Derivatives and Hedging
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging 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, 2024.

Primary Risks Managed by Derivatives
 
The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks 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 $1,785 million and $1,601 million as of June 30, 2025 and December 31, 2024, respectively, and total derivative liabilities of $6,350 million and $4,751 million as of June 30, 2025 and December 31, 2024, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position.
Primary Underlying Risk /Instrument TypeJune 30, 2025December 31, 2024
 Fair Value Fair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$4,567 $27 $(321)$4,260 $11 $(404)
Interest Rate Forwards10 0 0 10 0 0 
Foreign Currency
Foreign Currency Forwards5,061 28 (260)4,771 92 (197)
Currency/Interest Rate
Foreign Currency Swaps32,665 1,195 (1,677)31,301 2,652 (368)
Total Derivatives Designated as Hedge Accounting Instruments$42,303 $1,250 $(2,258)$40,342 $2,755 $(969)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$247,298 $10,150 $(23,015)$228,392 $11,272 $(24,802)
Interest Rate Futures10,422 66 (17)9,773 6 (21)
Interest Rate Options29,245 112 (1,262)34,005 430 (1,583)
Interest Rate Forwards2,813 25 (8)2,544 9 (80)
Interest Rate Total Return Swaps
844 5 (2)485 4 (2)
Foreign Currency
Foreign Currency Forwards29,103 861 (1,028)27,819 1,625 (1,181)
Currency/Interest Rate
Foreign Currency Swaps7,766 406 (223)7,525 658 (129)
Credit
Credit Default Swaps4,679 87 0 4,027 90 0 
Equity
Equity Futures1,169 4 0 2,019 6 (7)
Equity Options155,754 6,507 (5,819)104,438 4,507 (3,790)
Equity Total Return Swaps
11,773 656 (875)9,796 331 (327)
Other
Other(1)1,250 0 0 1,250 0 0 
Synthetic GICs77,495 1 (15)76,416 1 (1)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$579,611 $18,880 $(32,264)$508,489 $18,939 $(31,923)
Total Derivatives(2)(3)$621,914 $20,130 $(34,522)$548,831 $21,694 $(32,892)
__________
(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 $14,687 million (including the Prismic funds withheld related embedded derivative net liability of $45 million) and $11,783 million (including the Prismic funds withheld related embedded derivative net liability of $(91) million) as of June 30, 2025 and December 31, 2024, 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 June 30, 2025, 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.

June 30, 2025December 31, 2024
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$333 $15 $216 $11 
Policyholders’ account balances$(1,578)$284 $(1,510)$327 
Future policy benefits$(2,470)$233 $(2,280)$423 
__________
(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.
 
 June 30, 2025
 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$19,989 $(18,345)$1,644 $(594)$1,050 
Securities purchased under agreement to resell
18 0 18 (18)0 
Total Assets
$20,007 $(18,345)$1,662 $(612)$1,050 
Offsetting of Financial Liabilities:
Derivatives$34,507 $(28,172)$6,335 $(6,335)$0 
Securities sold under agreement to repurchase
8,205 0 8,205 (8,205)0 
Total Liabilities
$42,712 $(28,172)$14,540 $(14,540)$0 
 
 December 31, 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$21,574 $(20,093)$1,481 $(696)$785 
Securities purchased under agreement to resell
277 0 277 (277)0 
Total Assets
$21,851 $(20,093)$1,758 $(973)$785 
Offsetting of Financial Liabilities:
Derivatives$32,891 $(28,141)$4,750 $(4,403)$347 
Securities sold under agreement to repurchase
6,796 0 6,796 (6,796)0 
Total Liabilities
$39,687 $(28,141)$11,546 $(11,199)$347 
__________
(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, 2024.
 
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 June 30, 2025
 Realized
Investment
Gains
(Losses)
Change in Value of MRBs, 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$(3)$0 $0 $0 $0 $7 $(2)$0 
Currency0 0 0 0 0 0 109 0 
Total gains (losses) on derivatives designated as hedge instruments(3)0 0 0 0 7 107 0 
Gains (losses) on the hedged item:
Interest Rate2 0 2 0 0 5 3 0 
Currency0 0 0 0 0 0 (110)0 
Total gains (losses) on hedged item2 0 2 0 0 5 (107)0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (3)(34)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (3)(34)
Total gains (losses) on fair value hedges net of hedged item(1)0 2 0 0 12 (3)(34)
Cash flow hedges
Interest Rate0 0 (4)0 0 0 0 2 
Currency0 0 0 0 0 0 0 (116)
Currency/Interest Rate(14)0 93 (344)0 0 0 (2,142)
Total gains (losses) on cash flow hedges(14)0 89 (344)0 0 0 (2,256)
Net investment hedges
Currency0 0 0 0 0 0 0 (39)
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 (39)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(215)(271)0 0 0 0 0 0 
Currency(413)0 0 0 0 0 0 0 
Currency/Interest Rate(343)0 0 (5)0 0 0 0 
Credit52 0 0 0 0 0 0 0 
Equity2,484 (592)0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives(2)
(2,908)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(1,343)(863)0 (5)0 0 0 0 
Total$(1,358)$(863)$91 $(349)$0 $12 $(3)$(2,329)
 Six Months Ended June 30, 2025
 Realized
Investment
Gains
(Losses)
Change in Value of MRBs, 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$(6)$0 $0 $0 $0 $41 $28 $0 
Currency0 0 0 0 0 0 162 0 
Total gains (losses) on derivatives designated as hedge instruments(6)0 0 0 0 41 190 0 
Gains (losses) on the hedged item:
Interest Rate4 0 7 0 0 (43)(29)0 
Currency0 0 0 0 0 0 (162)0 
Total gains (losses) on hedged item4 0 7 0 0 (43)(191)0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (7)(103)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (7)(103)
Total gains (losses) on fair value hedges net of hedged item(2)0 7 0 0 (2)(8)(103)
Cash flow hedges
Interest Rate0 0 (7)0 0 0 0 10 
Currency0 0 0 0 0 0 0 (142)
Currency/Interest Rate8 0 189 (491)0 0 0 (2,245)
Total gains (losses) on cash flow hedges8 0 182 (491)0 0 0 (2,377)
Net investment hedges
Currency0 0 0 0 0 0 0 (55)
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 (55)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(26)(130)0 0 0 0 0 0 
Currency(587)0 0 (1)0 0 0 0 
Currency/Interest Rate(370)0 0 (5)0 0 0 0 
Credit41 0 0 0 0 0 0 0 
Equity1,015 (390)0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives(2)
(1,651)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(1,578)(520)0 (6)0 0 0 0 
Total$(1,572)$(520)$189 $(497)$0 $(2)$(8)$(2,535)
 Three Months Ended June 30, 2024
 Realized
Investment
Gains
(Losses)
Change in Value of MRBs, 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 $(19)$(23)$0 
Currency0 0 0 0 0 0 1 0 
Total gains (losses) on derivatives designated as hedge instruments1 0 0 0 0 (19)(22)0 
Gains (losses) on the hedged item:
Interest Rate(1)0 3 0 0 11 15 0 
Currency0 0 0 0 0 0 0 0 
Total gains (losses) on hedged item(1)0 3 0 0 11 15 0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (3)(19)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (3)(19)
Total gains (losses) on fair value hedges net of hedged item0 0 3 0 0 (8)(10)(19)
Cash flow hedges
Interest Rate(13)0 (4)0 0 0 0 11 
Currency0 0 0 0 0 0 0 9 
Currency/Interest Rate25 0 82 8 0 0 0 281 
Total gains (losses) on cash flow hedges12 0 78 8 0 0 0 301 
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(371)(451)0 0 0 0 0 0 
Currency(13)0 0 (3)0 0 0 0 
Currency/Interest Rate66 0 0 0 0 0 0 0 
Credit4 0 0 0 0 0 0 0 
Equity591 (67)0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives(2)
435 0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments712 (518)0 (3)0 0 0 0 
Total$724 $(518)$81 $5 $0 $(8)$(10)$284 
 Six Months Ended June 30, 2024
 Realized
Investment
Gains
(Losses)
Change in Value of MRBs, 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$6 $0 $0 $0 $0 $(69)$(82)$0 
Currency0 0 0 0 0 0 (15)0 
Total gains (losses) on derivatives designated as hedge instruments6 0 0 0 0 (69)(97)0 
Gains (losses) on the hedged item:
Interest Rate(6)0 6 0 0 74 63 0 
Currency0 0 0 0 0 0 14 0 
Total gains (losses) on hedged item(6)0 6 0 0 74 77 0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (5)(9)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (5)(9)
Total gains (losses) on fair value hedges net of hedged item0 0 6 0 0 5 (25)(9)
Cash flow hedges
Interest Rate(13)0 (7)0 0 0 0 1 
Currency0 0 0 0 0 0 0 24 
Currency/Interest Rate28 0 158 85 0 0 0 605 
Total gains (losses) on cash flow hedges15 0 151 85 0 0 0 630 
Net investment hedges
Currency0 0 0 0 0 0 0 13 
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 13 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(1,033)(1,412)0 0 0 0 0 0 
Currency(39)0 0 (1)0 0 0 0 
Currency/Interest Rate172 0 0 1 0 0 0 0 
Credit56 0 0 0 0 0 0 0 
Equity2,040 (560)0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives(2)
(636)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments560 (1,972)0 0 0 0 0 0 
Total$575 $(1,972)$157 $85 $0 $5 $(25)$634 
__________
(1)Excludes changes related to net investment hedges using non-derivative instruments of $(37) million and $(88) million for the three and six months ended June 30, 2025, respectively, and $61 million and $101 million for the three and six months ended June 30, 2024, respectively.
(2)Includes the Prismic funds withheld related embedded derivative realized gain (loss) of $11 million and $(136) million for the three and six months ended June 30, 2025, respectively, and $189 million and $472 million for the three and six months ended June 30, 2024, respectively.
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
 (in millions)
Balance, December 31, 2024$1,780 
Amount recorded in AOCI:
Interest Rate3 
Currency(146)
Currency/Interest Rate(2,538)
Total amount recorded in AOCI(2,681)
Amount reclassified from AOCI to income:
Interest Rate7 
Currency3 
Currency/Interest Rate294 
Total amount reclassified from AOCI to income304 
Balance, June 30, 2025$(597)

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 June 30, 2025 values, it is estimated that a pre-tax gain of $264 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending June 30, 2026.

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 26 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 $(76) million and $(142) million for the three and six months ended June 30, 2025, respectively, and $64 million and $113 million for the three and six months ended June 30, 2024, 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 10 years for index reference.
June 30, 2025
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 4,053 45 0 0 0 0 626 42 4,679 87 
Total$0 $0 $0 $0 $4,053 $45 $0 $0 $0 $0 $626 $42 $4,679 $87 
December 31, 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 40 0 0 0 0 662 50 4,027 90 
Total$0 $0 $0 $0 $3,365 $40 $0 $0 $0 $0 $662 $50 $4,027 $90 
_________
(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 4% of the index reference name rated as NAIC 6 as of June 30, 2025 and December 31, 2024, 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 exposure on purchased credit protection as of June 30, 2025 and December 31, 2024.
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 June 30, 2025, 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.
v3.25.2
Fair Value of Assets and Liabilities
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value Measurement—Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:
 
Level 1—Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities.

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

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

For a discussion of the Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes in our valuation techniques during the period represented by these Unaudited Interim Consolidated Financial Statements.
Assets and Liabilities by Hierarchy Level—The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.

 June 30, 2025
 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 $20,370 $0 $$20,370 
Obligations of U.S. states and their political subdivisions0 5,508 5 5,513 
Foreign government securities
0 58,684 5 58,689 
U.S. corporate public securities0 103,096 90 103,186 
U.S. corporate private securities(2)0 40,990 4,693 45,683 
Foreign corporate public securities0 23,949 39 23,988 
Foreign corporate private securities0 37,207 1,838 39,045 
Asset-backed securities(3)0 14,920 3,411 18,331 
Commercial mortgage-backed securities0 8,734 847 9,581 
Residential mortgage-backed securities0 3,846 70 3,916 
Subtotal0 317,304 10,998 328,302 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 236 0 236 
Foreign government securities
0 635 0 635 
Corporate securities0 67 0 67 
Equity securities1,813 1,531 0 3,344 
Subtotal1,813 2,469 0 4,282 
Market risk benefit assets0 0 2,188 2,188 
Fixed maturities, trading0 11,930 2,090 14,020 
Equity securities
4,966 1,867 601 7,434 
Commercial mortgage and other loans0 463 263 726 
Other invested assets(4)339 19,789 978 (18,345)2,761 
Short-term investments1,788 4,147 18 5,953 
Cash equivalents638 8,984 1 9,623 
Reinsurance recoverables and deposit receivables0 267 367 634 
Separate account assets(5)(6)10,202 157,364 252 167,818 
Total assets$19,746 $524,584 $17,756 $(18,345)$543,741 
Market risk benefit liabilities$0 $0 $4,859 $$4,859 
Policyholders’ account balances0 0 15,289 15,289 
Reinsurance and funds withheld payables0 27 0 27 
Other liabilities236 34,271 15 (28,172)6,350 
Notes issued by consolidated VIEs0 0 195 195 
Total liabilities$236 $34,298 $20,358 $(28,172)$26,720 
 December 31, 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 $20,348 $0 $$20,348 
Obligations of U.S. states and their political subdivisions0 6,098 6 6,104 
Foreign government securities
0 57,472 7 57,479 
U.S. corporate public securities0 98,442 66 98,508 
U.S. corporate private securities(2)0 39,848 3,941 43,789 
Foreign corporate public securities0 21,946 36 21,982 
Foreign corporate private securities0 32,675 1,788 34,463 
Asset-backed securities(3)0 15,654 1,480 17,134 
Commercial mortgage-backed securities0 8,420 853 9,273 
Residential mortgage-backed securities0 2,490 0 2,490 
Subtotal0 303,393 8,177 311,570 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 220 0 220 
Foreign government securities
0 539 0 539 
Corporate securities0 67 0 67 
Equity securities1,522 1,359 0 2,881 
Subtotal1,522 2,185 0 3,707 
Market risk benefit assets0 0 2,331 2,331 
Fixed maturities, trading0 10,544 1,986 12,530 
Equity securities7,154 1,745 518 9,417 
Commercial mortgage and other loans0 469 233 702 
Other invested assets(4)10 21,683 953 (20,093)2,553 
Short-term investments1,896 6,238 461 8,595 
Cash equivalents326 10,365 0 10,691 
Reinsurance recoverables and deposit receivables0 236 613 849 
Separate account assets(5)(6)8,441 157,999 232 166,672 
Total assets$19,349 $514,857 $15,504 $(20,093)$529,617 
Market risk benefit liabilities$0 $0 $4,455 $$4,455 
Policyholders’ account balances0 0 12,746 12,746 
Reinsurance and funds withheld payables0 (118)0 (118)
Other liabilities28 32,863 1 (28,141)4,751 
Notes issued by consolidated VIEs0 0 60 60 
Total liabilities$28 $32,745 $17,262 $(28,141)$21,894 
__________
(1)“Netting” amounts represent cash collateral of $(9,827) million and $(8,049) million as of June 30, 2025 and December 31, 2024, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
(2)Excludes notes with fair value of $15,220 million (carrying amount of $15,220 million) and $14,748 million (carrying amount of $14,748 million) as of June 30, 2025 and December 31, 2024, 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)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of June 30, 2025 and December 31, 2024, the fair value of such investments was $5,173 million and $5,021 million, respectively.
(5)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and other invested assets. As of June 30, 2025 and December 31, 2024, the fair value of such investments was $26,943 million and $26,700 million, respectively.
(6)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 June 30, 2025
Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$7,440 Discounted
cash flow		Discount rate0.96%21.50%10.04%Decrease
Market comparables
EBITDA multiple(4)
0.1X9.4X6.4XIncrease
LiquidationLiquidation value28.34%84.21%63.25%Increase
Asset backed securities$1,147 Discounted
cash flow
Discount rate
2.03%10.75%4.00%Decrease
Liquidity premium
1.90%1.90%1.90%Decrease
Commercial mortgage-backed securities$847 Discounted
cash flow		Liquidity premium0.90%0.90%0.90%Decrease
Market risk benefit assets(6)$2,188 Discounted
cash flow		Lapse rate(8)1%20%Increase
Spread over SOFR(9)0.40%1.82%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$195 Discounted
cash flow		Discount rate(5)0.16%40.00%Decrease
Market comparables
EBITDA multiple(4)
6.8X12.2X9.3XIncrease
Net Asset ValueShare price$3$1,809$758Increase
Commercial mortgage and other loans$263 Discounted
cash flow		Spread0.00%2.41%2.14%Decrease
Reinsurance recoverables and deposit receivables$367 Discounted cash flowLapse rate(8)1%50%Increase
Spread over SOFR(9)0.40%1.82%Increase
Option Budget(13)0%6%Decrease
Liabilities:
Market risk benefit liabilities(6)$4,859 Discounted
cash flow		Lapse rate(8)1%20%Decrease
Spread over SOFR(9)0.40%1.82%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)$15,239 Discounted
cash flow		Lapse rate(8)0%80%Decrease
Spread over SOFR(9)0.40%1.82%Decrease
Mortality rate(12)0%23%Decrease
Option Budget(13)(2)%7%Increase
 As of December 31, 2024
Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$6,763 Discounted
cash flow		Discount rate0.95%20.00%10.36%Decrease
Market comparables
EBITDA multiple(4)
3.0X8.8X7.6XIncrease
LiquidationLiquidation value75.00%75.00%75.00%Increase
Asset backed securities$529 Discounted
cash flow		Discount rate2.30%10.70%6.08%Decrease
Commercial mortgage-backed securities$853 Discounted
cash flow		Liquidity premium1.00%1.00%1.00%Decrease
Market risk benefit assets(6)$2,331 Discounted cash flowLapse rate(8)1%20%Increase
Spread over SOFR(9)0.29%1.71%Increase
Utilization rate(10)37%94%Decrease
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)0%16%Increase
Equity volatility curve16%25%Decrease
Equity securities$209 Discounted
cash flow		Discount rate(5)0.16%40.00%Decrease
Market comparables
EBITDA multiple(4)
5.5X12.2X6.0XIncrease
Net Asset ValueShare price$3$1,810$779Increase
Reinsurance recoverables and deposit receivables$613 Discounted cash flowLapse rate(8)1%50%Increase
Spread over SOFR(9)0.29%1.71%Increase
Option Budget(13)0%6%Decrease
Liabilities:
Market risk benefit liabilities(6)$4,455 Discounted
cash flow		Lapse rate(8)1%20%Decrease
Spread over SOFR(9)0.29%1.71%Decrease
Utilization rate(10)37%94%Increase
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)0%16%Decrease
 Equity volatility curve16%25%Increase
Policyholders’ account balances(7)$12,741 Discounted
cash flow		Lapse rate(8)0%80%Decrease
Spread over SOFR(9)0.29%1.73%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 multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.
(5)For these investments, a range of discount rates is typically used 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 June 30, 2025 and December 31, 2024, respectively. This spread includes an estimate of non-performance risk (“NPR”), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company (“AuguStar”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of 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 both June 30, 2025 and December 31, 2024, the minimum withdrawal rate assumption is 78% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(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 June 30, 2025(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$5 $0 $(1)$0 $0 $1 $0 $0 $0 $5 $0 
Foreign government5 0 0 0 0 0 0 0 0 5 0 
Corporate securities(3)6,279 42 839 (121)0 (408)11 18 0 6,660 38 
Structured securities(4)3,217 (9)1,502 (446)0 (168)191 199 (158)4,328 (6)
Other assets:
Fixed maturities, trading2,138 (14)289 (10)0 (86)(183)0 (44)2,090 (31)
Equity securities733 4 62 (35)0 (1)0 1 (163)601 4 
Commercial mortgage and other loans
263 0 0 0 0 0 0 0 0 263 0 
Other invested assets965 (3)44 (30)0 0 1 0 1 978 (3)
Short-term investments462 0 15 (452)0 (7)(2)1 1 18 0 
Cash equivalents1 0 1 0 0 (1)0 0 0 1 0 
Reinsurance recoverables and deposit receivables
381 5 (2)0 0 (16)(1)0 0 367 (12)
Other assets0 0 0 0 0 0 0 0 0 0 0 
Separate account assets
253 16 25 (3)0 (30)0 1 (10)252 15 
Liabilities:
Policyholders’ account balances(5)
(11,938)(2,978)0 0 (371)0 (2)0 0 (15,289)(169)
Other liabilities(13)(2)0 0 0 0 0 0 0 (15)(2)
Notes issued by consolidated VIEs(67)0 0 0 (124)0 (4)0 0 (195)0 
 
Three Months Ended June 30, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account 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$(12)$0 $0 $46 $(1)$(11)$0 $0 $43 
Other assets:
Fixed maturities, trading0 (28)0 0 14 0 (31)0 0 
Equity securities0 4 0 0 0 0 4 0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets0 (2)(1)0 0 (1)(2)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
5 0 0 0 0 (12)0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 16 0 0 0 0 15 0 
Liabilities:
Policyholders’ account balances(2,978)0 0 0 0 (169)0 0 0 
Other liabilities(2)0 0 0 0 (2)0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 0 0 0 

Six Months Ended June 30, 2025(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$6 $0 $(1)$0 $0 $0 $0 $0 $0 $5 $0 
Foreign government7 0 0 0 0 (2)0 0 0 5 0 
Corporate securities(3)5,831 (26)1,707 (471)0 (602)(30)252 (1)6,660 (32)
Structured securities(4)2,333 9 2,328 (769)0 (233)(171)1,064 (233)4,328 12 
Other assets:
Fixed maturities, trading1,986 (35)712 (271)0 (338)183 3 (150)2,090 (39)
Equity securities518 (13)216 (58)0 (1)0 120 (181)601 (19)
Commercial mortgage and other loans
233 0 0 0 30 0 0 0 0 263 0 
Other invested assets953 (4)58 (31)0 0 1 0 1 978 (3)
Short-term investments461 0 23 (455)0 (11)(2)1 1 18 0 
Cash equivalents0 0 2 0 0 (1)0 0 0 1 0 
Reinsurance recoverables and deposit receivables
613 1 21 0 0 (34)(234)0 0 367 (33)
Other assets0 0 0 0 0 0 0 0 0 0 0 
Separate account assets
232 8 85 (37)0 (31)0 5 (10)252 5 
Liabilities:
Policyholders’ account balances(5)
(12,746)(1,543)0 0 (996)0 (4)0 0 (15,289)238 
Other liabilities(1)(14)0 0 0 0 0 0 0 (15)(14)
Notes issued by consolidated VIEs(60)0 0 0 (131)0 (4)0 0 (195)0 
 
Six Months Ended June 30, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account 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$(31)$0 $0 $18 $(4)$(33)$0 $0 $13 
Other assets:
Fixed maturities, trading0 (34)0 0 (1)0 (39)0 0 
Equity securities0 (13)0 0 0 0 (19)0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets0 (3)(1)0 0 0 (3)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
1 0 0 0 0 (33)0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 8 0 0 0 0 5 0 
Liabilities:
Policyholders’ account balances(1,543)0 0 0 0 238 0 0 0 
Other liabilities(14)0 0 0 0 (14)0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 0 0 0 

 
Three Months Ended June 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$6 $0 $0 $0 $0 $0 $0 $0 $0 $6 $0 
Foreign government7 0 0 0 0 0 0 0 0 7 0 
Corporate securities(3)4,965 (43)417 (28)0 (221)(141)54 0 5,003 (51)
Structured securities(4)2,612 (10)327 (1)0 (63)(492)(1)(320)2,052 (11)
Other assets:
Fixed maturities, trading1,330 (7)330 0 0 (70)0 (2)(61)1,520 (6)
Equity securities506 12 54 (12)0 (1)(3)1 (1)556 12 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 0 0 
Other invested assets865 (39)93 0 0 0 19 0 0 938 (40)
Short-term investments32 3 2 0 0 (6)(22)0 0 9 2 
Cash equivalents0 0 4 0 0 0 0 0 0 4 0 
Reinsurance recoverables and deposit receivables303 14 59 0 0 (13)0 0 0 363 1 
Other assets
19 0 0 0 0 0 (19)0 0 0 0 
Separate account assets
338 (8)80 (61)0 (2)0 0 (5)342 (7)
Liabilities:
Policyholders’ account balances(5)
(9,864)119 0 0 (469)0 1 0 0 (10,213)965 
Other liabilities(1)0 0 0 0 0 0 0 0 (1)0 
Notes issued by consolidated VIEs(405)0 0 0 (17)0 0 0 0 (422)0 
 
Three Months Ended June 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$(30)$0 $0 $(33)$10 $(31)$0 $0 $(30)
Other assets:
Fixed maturities, trading0 (7)0 0 0 0 (6)0 0 
Equity securities0 12 0 0 0 0 12 0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets1 (40)0 0 0 0 (40)0 0 
Short-term investments3 0 0 0 0 2 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables14 0 0 0 0 1 0 0 0 
Other assets
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 (8)0 0 0 0 (7)0 
Liabilities:
Policyholders’ account balances119 0 0 0 0 965 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 

 
Six Months Ended June 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $(1)$0 $0 $0 $0 $0 $0 $0 $6 $(1)
Foreign government8 0 0 0 0 (1)0 0 0 7 0 
Corporate securities(3)4,806 (89)819 (33)0 (508)(154)162 0 5,003 (101)
Structured securities(4)1,297 (7)1,592 (1)0 (75)(493)59 (320)2,052 (11)
Other assets:
Fixed maturities, trading429 (5)894 (22)0 (116)(1)402 (61)1,520 1 
Equity securities512 (7)75 (16)0 (5)6 1 (10)556 (10)
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 0 0 
Other invested assets846 (47)122 (2)0 0 19 0 0 938 (47)
Short-term investments29 1 7 0 0 (6)(22)0 0 9 0 
Cash equivalents4 0 4 0 0 0 (4)0 0 4 0 
Reinsurance recoverables and deposit receivables224 51 114 0 0 (26)0 0 0 363 25 
Other assets
11 0 8 0 0 0 (19)0 0 0 0 
Separate account assets
1,094 (54)136 (824)0 (4)0 0 (6)342 (15)
Liabilities:
Policyholders’ account balances(5)
(7,752)(1,376)0 0 (1,087)0 2 0 0 (10,213)749 
Other liabilities(1)0 0 0 0 0 0 0 0 (1)0 
Notes issued by consolidated VIEs(778)(8)0 0 (27)0 391 0 0 (422)(8)
 
Six Months Ended June 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$(63)$0 $0 $(49)$15 $(59)$0 $0 $(54)
Other assets:
Fixed maturities, trading0 (6)0 0 1 0 1 0 0 
Equity securities0 (7)0 0 0 0 (10)0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets0 (47)0 0 0 0 (47)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 receivables51 0 0 0 0 25 0 0 0 
Other assets
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 (54)0 0 0 0 (15)0 
Liabilities:
Policyholders’ account balances(1,376)0 0 0 0 749 0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 (8)0 0 0 0 (8)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 $2,188 million and $2,233 million and MRB liabilities of $4,859 million and $4,592 million for the periods ended June 30, 2025 and 2024, respectively. See Note 11 for additional information.
(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.
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 June 30, 2025
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Derivative Assets:
Interest Rate$66 $10,319 $1 $$10,386 
Currency0 889 0 889 
Credit0 87 0 87 
Currency/Interest Rate0 1,601 0 1,601 
Equity273 6,893 1 7,167 
Netting(1)(18,345)(18,345)
Total derivative assets$339 $19,789 $2 $(18,345)$1,785 
Derivative Liabilities:
Interest Rate$17 $24,608 $15 $$24,640 
Currency0 1,288 0 1,288 
Credit0 0 0 0 
Currency/Interest Rate0 1,900 0 1,900 
Equity219 6,475 0 6,694 
Netting(1)(28,172)(28,172)
Total derivative liabilities$236 $34,271 $15 $(28,172)$6,350 

 As of December 31, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Derivative Assets:
Interest Rate$7 $11,725 $1 $$11,733 
Currency0 1,717 0 1,717 
Credit0 90 0 90 
Currency/Interest Rate0 3,310 0 3,310 
Equity3 4,841 0 4,844 
Netting(1)(20,093)(20,093)
Total derivative assets$10 $21,683 $1 $(20,093)$1,601 
Derivative Liabilities:
Interest Rate$21 $26,871 $1 $$26,893 
Currency0 1,378 0 1,378 
Credit0 0 0 0 
Currency/Interest Rate0 497 0 497 
Equity7 4,117 0 4,124 
Netting(1)(28,141)(28,141)
Total derivative liabilities$28 $32,863 $1 $(28,141)$4,751 
__________ 
(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 June 30, 2025
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$1 $0 $0 $0 $0 $0 $0 $0 $0 $1 $0 
Net Derivative - Interest Rate(13)(2)0 0 0 0 0 0 0 (15)(2)
Six Months Ended June 30, 2025
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 $1 $0 $0 $0 $0 $0 $0 $0 $1 $1 
Net Derivative - Interest Rate0 (15)0 0 0 0 0 0 0 (15)(15)

Three Months Ended June 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 1 0 0 0 0 0 0 0 1 1
Six Months Ended June 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 1 0 0 0 0 0 0 0 1 1
__________ 
(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 June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Gains (Losses):
Investment real estate$0 $(3)$(12)$(3)
Investment in JV/LP and Other
$0 $0 $0 $(7)
June 30, 2025December 31, 2024
(in millions)
Carrying value after measurement as of period end:
Investment real estate(1)
$46 $73 
Investment in JV/LP and Other(1)
$0 $128 
__________ 
(1)Reported carrying values for 2025 include values as of the measurement periods of March 31, 2025 for “Investment real estate.” Reported carrying values for 2024 include values as of the measurement periods of March 31, 2024 for “Investment in JV/LP and Other” and June 30, 2024 and September 30, 2024 for “Investment real estate.”
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 June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Liabilities:
Notes issued by consolidated VIEs:
Changes in fair value$0$0$0$8

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Commercial mortgage and other loans:
Interest income$9 $1 $17 $3 
Notes issued by consolidated VIEs:
Interest expense$2 $3 $2 $11 

June 30, 2025December 31, 2024
(in millions)
Commercial mortgage and other loans(1):
Fair value as of period end$726 $702 
Aggregate contractual principal as of period end$723 $697 
Other invested assets:
Fair value as of period end$26 $19 
Notes issued by consolidated VIEs:
Fair value as of period end$195 $60 
Aggregate contractual principal as of period end$195 $60 
__________ 
(1)As of June 30, 2025, 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.

 June 30, 2025
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in millions)
Assets:
Commercial mortgage and other loans$0 $17 $60,278 $60,295 $62,240 
Policy loans10 0 9,936 9,946 9,946 
Other invested assets0 93 0 93 93 
Short-term investments402 20 0 422 422 
Cash and cash equivalents6,544 471 0 7,015 7,015 
Accrued investment income0 3,560 0 3,560 3,560 
Reinsurance recoverables and deposit receivables
0 9 5,653 5,662 5,662 
Other assets63 3,023 2 3,088 3,088 
Total assets$7,019 $7,193 $75,869 $90,081 $92,026 
Liabilities:
Policyholders’ account balances—investment contracts$0 $33,863 $47,878 $81,741 $86,081 
Securities sold under agreements to repurchase0 8,205 0 8,205 8,205 
Cash collateral for loaned securities0 9,167 0 9,167 9,167 
Reinsurance and funds withheld payables(2)
0 10,357 (21)10,336 10,336 
Short-term debt
0 1,015 349 1,364 1,373 
Long-term debt(3)
534 16,800 536 17,870 18,651 
Notes issued by consolidated VIEs0 0 1,563 1,563 1,563 
Other liabilities0 6,866 31 6,897 6,897 
Separate account liabilities—investment contracts0 22,311 18,144 40,455 40,455 
Total liabilities$534 $108,584 $68,480 $177,598 $182,728 
 
 December 31, 2024
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in millions)
Assets:
Commercial mortgage and other loans$0 $17 $58,446 $58,463 $61,639 
Policy loans8 0 9,787 9,795 9,795 
Other invested assets0 95 0 95 95 
Short-term investments453 21 0 474 474 
Cash and cash equivalents7,352 454 0 7,806 7,806 
Accrued investment income0 3,441 0 3,441 3,441 
Reinsurance recoverables and deposit receivables
0 8 5,782 5,790 5,790 
Other assets23 3,062 1 3,086 3,086 
Total assets$7,836 $7,098 $74,016 $88,950 $92,126 
Liabilities:
Policyholders’ account balances—investment contracts$0 $31,405 $43,466 $74,871 $79,571 
Securities sold under agreements to repurchase0 6,796 0 6,796 6,796 
Cash collateral for loaned securities0 9,621 0 9,621 9,621 
Reinsurance and funds withheld payables(2)
0 10,489 (35)10,454 10,454 
Short-term debt
0 521 439 960 953 
Long-term debt(3)
524 17,185 423 18,132 19,187 
Notes issued by consolidated VIEs0 0 1,370 1,370 1,370 
Other liabilities0 6,886 32 6,918 6,918 
Separate account liabilities—investment contracts0 21,144 18,677 39,821 39,821 
Total liabilities$524 $104,047 $64,372 $168,943 $174,691 
__________ 
(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 $7,731 million (carrying amount of $7,731 million) and $7,887 million (carrying amount of $7,887 million), a portion of which relates to insurance contracts as of June 30, 2025 and December 31, 2024, respectively. See Note 12 for additional information regarding the reinsurance arrangement with Prismic Re.
(3)Excludes debt with fair value of $15,220 million (carrying amount of $15,220 million) and $14,748 million (carrying amount of $14,748 million) as of June 30, 2025 and December 31, 2024, respectively, which have been offset with the associated notes under a netting agreement.
v3.25.2
Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired
 6 Months Ended
Jun. 30, 2025
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:
Six Months Ended June 30, 2025
Retirement StrategiesIndividual LifeInternational BusinessesTotal
Individual VariableTerm LifeVariable/
Universal Life
(in millions)
Balance, BOP$3,713 $2,215 $4,878 $9,304 $20,110 
Capitalization327 95 326 603 1,351 
Amortization expense(236)(104)(117)(344)(801)
Other adjustments(1)
17 0 5 (214)(192)
Foreign currency adjustment0 0 0 330 330 
Balance, EOP$3,821 $2,206 $5,092 $9,679 20,798 
Other businesses424 
Total DAC balance$21,222 
__________
(1)Includes the impact of the reinsurance transaction with Prismic Re International in International Businesses. See Note 12 for additional information.


Six Months Ended June 30, 2024
Retirement StrategiesIndividual Life
International Businesses(1)
Total
Individual VariableTerm LifeVariable/
Universal Life
(in millions)
Balance, BOP$3,676 $2,237 $5,364 $9,351 $20,628 
Capitalization193 90 338 561 1,182 
Amortization expense(190)(104)(121)(334)(749)
Other adjustments(2)
0 (2)(280)(50)(332)
Foreign currency adjustment0 0 0 (462)(462)
Balance, EOP$3,679 $2,221 $5,301 $9,066 20,267 
Other businesses297 
Total DAC balance$20,564 
__________
(1)Prior period amounts have been updated to conform to current presentation.
(2)Includes the impact of the reinsurance transaction with Somerset Re in Individual Life (Universal Life). 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:

Six Months Ended June 30,
20252024
(in millions)
Balance, BOP
$376 $410 
Capitalization
1 1 
Amortization expense
(16)(17)
Balance, EOP
361 394 
Other businesses
28 31 
Total DSI balance
$389 $425 
Value of Business Acquired (“VOBA”)

The following table shows a rollforward of VOBA balances for the acquisition of the Star and Edison Businesses for International Businesses, along with a reconciliation to the Company’s total VOBA balance:

Six Months Ended June 30,
20252024
(in millions)
Balance, BOP
$421 $511 
Amortization expense
(20)(21)
Foreign currency adjustment
35 (59)
Balance, EOP
436 431 
Other businesses(1)
14 15 
Total VOBA balance
$450 $446 
__________
(1)Represents Aoba Life business.

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

2025 (July - December)
2026202720282029ThereafterTotal
(in millions)
Estimated future VOBA amortization$22 $40 $36 $33 $29 $290 $450 
v3.25.2
Separate Accounts
 6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
Separate Accounts SEPARATE ACCOUNTS
 
The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 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:

June 30,
2025		December 31,
2024
(in millions)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$4,500 $4,674 
Obligations of U.S. states and their political subdivisions
2,444 2,224 
Foreign government bonds
105 93 
U.S. corporate securities
11,820 11,440 
Foreign corporate securities
3,056 3,010 
Asset-backed securities
1,935 1,283 
Mortgage-backed securities
13,327 14,144 
Mutual funds:
Equity
89,861 90,180 
Fixed Income
32,399 33,828 
Other
6,198 5,439 
Equity securities
5,196 4,845 
Commercial mortgage and other loans
55 54 
Other invested assets
19,552 19,352 
Short-term investments
1,450 1,137 
Cash and cash equivalents
2,863 1,669 
Total
$194,761 $193,372 

For the periods ended June 30, 2025 and December 31, 2024, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded.
Separate Account Liabilities

The balances of and changes in separate account liabilities as of and for the periods ended are as follows:

Six Months Ended June 30, 2025
Retirement Strategies
PGIMInstitutionalIndividualGroup InsuranceIndividual LifeTotal
(in millions)
Balance, BOP$28,645 $9,308 $86,974 $25,126 $46,891 $196,944 
Deposits5,132 202 279 126 1,968 7,707 
Investment performance1,148 361 4,486 1,163 2,644 9,802 
Policy charges(33)(4)(1,007)(137)(615)(1,796)
Surrenders and withdrawals(3,499)(377)(6,885)(25)(549)(11,335)
Benefit payments(1,827)(254)(52)(145)(270)(2,548)
Net transfers (to) from general account(110)(141)(30)13 (259)(527)
Other(172)147 3 243 66 287 
Balance, EOP$29,284 $9,242 $83,768 $26,364 $49,876 $198,534 
Other businesses(1)(3,773)
Total separate account liabilities$194,761 
Cash surrender value(2)$29,284 $9,242 $82,960 $26,271 $46,195 $193,952 
__________
(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.

Six Months Ended June 30, 2024
Retirement Strategies
PGIM
Institutional
Individual
Group Insurance
Individual Life
Total
(in millions)
Balance, BOP
$32,648 $11,011 $94,130 $25,021 $39,223 $202,033 
Deposits
10,873 105 294 289 1,613 13,174 
Investment performance
(972)(94)5,249 366 4,334 8,883 
Policy charges
(57)(5)(1,123)(120)(566)(1,871)
Surrenders and withdrawals
(9,886)(878)(6,815)(339)(516)(18,434)
Benefit payments
(1,745)(270)(46)(144)(208)(2,413)
Net transfers (to) from general account
13 (45)(42)6 (251)(319)
Other
(458)84 3 (532)46 (857)
Balance, EOP
$30,416 $9,908 $91,650 $24,547 $43,675 200,196 
Other businesses(1)
(3,337)
Total separate account liabilities
$196,859 
Cash surrender value(2)
$30,416 $9,908 $90,583 $24,442 $40,129 $195,478 
__________
(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.
v3.25.2
Liability For Future Policy Benefits
 6 Months Ended
Jun. 30, 2025
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 2025, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements for Liability for Future Policy Benefits. 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 Individual Life Insurance, partially offset by unfavorable updates for morbidity in Long-Term Care (“LTC”) and mortality in Institutional Retirement Strategies. Additionally, there was a favorable impact for direct and assumed AIR, primarily due to offsetting impacts from updated policyholder behavior assumptions and mortality assumptions on universal life policies.

In 2024, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements for Liability for Future Policy Benefits. 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 LTC, 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 policies 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.

Six Months Ended June 30, 2025
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$72,526 $10,724 $45,851 $2,854 $131,955 
Effect of cumulative changes in discount rate assumptions, BOP14,545 578 2,599 132 17,854 
Balance at original discount rate, BOP87,071 11,302 48,450 2,986 149,809 
Effect of assumption update169 (241)(1,072)8 (1,136)
Effect of actual variances from expected experience and other activity(79)(100)(467)41 (605)
Adjusted balance, BOP87,161 10,961 46,911 3,035 148,068 
Issuances8,991 406 1,477 0 10,874 
Net premiums / considerations collected(3,445)(692)(3,455)(155)(7,747)
Interest accrual1,745 264 730 71 2,810 
Foreign currency adjustment8,819 0 2,193 0 11,012 
Other adjustments0 3 73 0 76 
Balance at original discount rate, EOP103,271 10,942 47,929 2,951 165,093 
Effect of cumulative changes in discount rate assumptions, EOP(15,153)(384)(2,984)(86)(18,607)
Balance, EOP$88,118 $10,558 $44,945 $2,865 $146,486 
Other businesses, EOP109 
Total balance, EOP$146,595 
Six Months Ended June 30, 2025
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$151,484 $18,996 $135,485 $11,178 $317,143 
Effect of cumulative changes in discount rate assumptions, BOP20,182 1,134 17,834 1,548 40,698 
Balance at original discount rate, BOP171,666 20,130 153,319 12,726 357,841 
Effect of assumption update322 (392)(1,013)14 (1,069)
Effect of actual variances from expected experience and other activity(120)(137)(563)18 (802)
Adjusted balance, BOP171,868 19,601 151,743 12,758 355,970 
Issuances8,991 406 1,477 0 10,874 
Interest accrual3,541 470 2,365 306 6,682 
Benefit payments(7,426)(784)(4,208)(176)(12,594)
Foreign currency adjustment8,902 0 7,245 0 16,147 
Other adjustments30 (1)171 0 200 
Balance at original discount rate, EOP185,906 19,692 158,793 12,888 377,279 
Effect of cumulative changes in discount rate assumptions, EOP(19,578)(797)(23,521)(1,572)(45,468)
Balance, EOP$166,328 $18,895 $135,272 $11,316 $331,811 
Other businesses, EOP1,704 
Total balance, EOP$333,515 

Six Months Ended June 30, 2025
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring$78,210 $8,337 $90,326 $8,450 $185,323 
Flooring impact, EOP106 0 80 0 186 
Balance, EOP, post-flooring78,316 8,337 90,406 8,450 185,509 
Less: Reinsurance recoverables
5,039 576 341 0 5,956 
Balance after reinsurance recoverables, EOP, post-flooring
$73,277 $7,761 $90,065 $8,450 $179,553 
Other businesses, EOP(1)1,538 
Total balance after reinsurance recoverables, EOP
$181,091 
Six Months Ended June 30, 2024
Present Value of Expected Net Premiums
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$71,407 $11,274 $55,431 $3,286 $141,398 
Effect of cumulative changes in discount rate assumptions, BOP11,869 228 1,218 16 13,331 
Balance at original discount rate, BOP83,276 11,502 56,649 3,302 154,729 
Effect of assumption update41 21 (863)(276)(1,077)
Effect of actual variances from expected experience and other activity429 (131)(1,347)95 (954)
Adjusted balance, BOP83,746 11,392 54,439 3,121 152,698 
Issuances11,192 418 1,788 0 13,398 
Net premiums / considerations collected(12,908)(692)(3,622)(157)(17,379)
Interest accrual1,384 264 782 76 2,506 
Foreign currency adjustment(898)0 (3,494)0 (4,392)
Other adjustments0 (3)82 0 79 
Balance at original discount rate, EOP82,516 11,379 49,975 3,040 146,910 
Effect of cumulative changes in discount rate assumptions, EOP(15,077)(590)(2,579)(128)(18,374)
Balance, EOP$67,439 $10,789 $47,396 $2,912 $128,536 
Other businesses, EOP89 
Total balance, EOP$128,625 

Six Months Ended June 30, 2024
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP $141,135 $19,852 $158,858 $12,139 $331,984 
Effect of cumulative changes in discount rate assumptions, BOP 14,751 334 7,918 603 23,606 
Balance at original discount rate, BOP 155,886 20,186 166,776 12,742 355,590 
Effect of assumption update(481)21 (513)(394)(1,367)
Effect of actual variances from expected experience and other activity483 (149)(1,362)95 (933)
Adjusted balance, BOP 155,888 20,058 164,901 12,443 353,290 
Issuances 11,192 418 1,789 0 13,399 
Interest accrual 3,003 470 2,371 303 6,147 
Benefit payments (6,317)(795)(5,069)(155)(12,336)
Foreign currency adjustment (908)0 (11,173)0 (12,081)
Other adjustments (63)(10)162 0 89 
Balance at original discount rate, EOP 162,795 20,141 152,981 12,591 348,508 
Effect of cumulative changes in discount rate assumptions, EOP (20,163)(1,108)(16,763)(1,445)(39,479)
Balance, EOP $142,632 $19,033 $136,218 $11,146 $309,029 
Other businesses, EOP 1,656 
Total balance, EOP $310,685 
Six Months Ended June 30, 2024
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $75,194 $8,243 $88,821 $8,233 $180,491 
Flooring impact, EOP 46 0 44 0 90 
Balance, EOP, post-flooring 75,240 8,243 88,865 8,233 180,581 
Less: Reinsurance recoverables
5,098 671 345 0 6,114 
Balance after reinsurance recoverables, EOP, post-flooring
$70,142 $7,572 $88,520 $8,233 $174,467 
Other businesses, EOP(1) 1,506 
Total balance after reinsurance recoverables, EOP
$175,973 
__________
(1)Reflects balance after reinsurance recoverables of $58 million and $63 million at June 30, 2025 and 2024, respectively.
(2)Prior period amounts have been updated to conform to current period presentation.

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:

Six Months Ended June 30, 2025
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$178,217 $22,958 $107,923 $6,588 
Discounted expected future gross premiums (at original discount rate) $111,292 $15,586 $84,598 $4,427 
Discounted expected future gross premiums (at current discount rate) $94,675 $15,086 $79,680 $4,308 
Undiscounted expected future benefits and expenses $302,365 $30,430 $260,920 $29,531 
Weighted-average duration of the liability in years (at original discount rate) 8101716
Weighted-average duration of the liability in years (at current discount rate) 891415
Weighted-average interest rate (at original discount rate) 4.76 %5.12 %2.99 %4.91 %
Weighted-average interest rate (at current discount rate) 5.45 %5.37 %4.05 %5.87 %

Six Months Ended June 30, 2024
Retirement StrategiesIndividual Life
International Businesses(1)
Corporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$133,585 $22,965 $110,571 $6,823 
Discounted expected future gross premiums (at original discount rate) $89,770 $15,208 $87,022 $4,521 
Discounted expected future gross premiums (at current discount rate) $71,759 $14,451 $83,062 $4,339 
Undiscounted expected future benefits and expenses $255,559 $31,103 $254,271 $29,860 
Weighted-average duration of the liability in years (at original discount rate) 9101817
Weighted-average duration of the liability in years (at current discount rate) 891616
Weighted-average interest rate (at original discount rate) 4.72 %5.15 %3.02 %4.91 %
Weighted-average interest rate (at current discount rate) 5.56 %5.53 %3.61 %5.77 %
__________
(1)Prior period amounts have been updated to conform to current period presentation.

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, 2024.
For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively.

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

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

Six Months Ended June 30, 2025
Deferred Profit Liability
Retirement StrategiesInternational Businesses
InstitutionalTotal
(in millions)
Balance, BOP, post-flooring
$5,670 $9,354 $15,024 
Less: Flooring impact, BOP
0 2 2 
Balance, BOP, pre-flooring 5,670 9,352 15,022 
Effect of assumption update(73)(58)(131)
Effect of actual variances from expected experience and other activity 30 2 32 
Adjusted balance, BOP 5,627 9,296 14,923 
Profits deferred 85 1,265 1,350 
Interest accrual 116 172 288 
Amortization (288)(1,055)(1,343)
Foreign currency adjustment 26 353 379 
Other adjustments 0 25 25 
Balance, EOP, pre-flooring 5,566 10,056 15,622 
Flooring impact, EOP 0 3 3 
Balance, EOP, post-flooring
5,566 10,059 15,625 
Less: Reinsurance recoverables
376 45 421 
Balance after reinsurance recoverables, EOP, post-flooring
$5,190 $10,014 15,204 
Other businesses
165 
Total balance after reinsurance recoverables, EOP
$15,369 

Six Months Ended June 30, 2024
Deferred Profit Liability
Retirement Strategies
International Businesses(1)
InstitutionalTotal
(in millions)
Balance, BOP, post-flooring
$5,615 $9,259 $14,874 
Less: Flooring impact, BOP
0 2 2 
Balance, BOP, pre-flooring 5,615 9,257 14,872 
Effect of assumption update370 (288)82 
Effect of actual variances from expected experience and other activity (30)(46)(76)
Adjusted balance, BOP 5,955 8,923 14,878 
Profits deferred 89 1,346 1,435 
Interest accrual 118 157 275 
Amortization (292)(1,062)(1,354)
Foreign currency adjustment (2)(492)(494)
Other adjustments 0 17 17 
Balance, EOP, pre-flooring 5,868 8,889 14,757 
Flooring impact, EOP 0 2 2 
Balance, EOP, post-flooring
5,868 8,891 14,759 
Less: Reinsurance recoverables
401 39 440 
Balance after reinsurance recoverables, EOP, post-flooring
$5,467 $8,852 14,319 
Other businesses
154 
Total balance after reinsurance recoverables, EOP
$14,473 
_________
(1)Prior period amounts have been updated to conform to current period presentation.
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:

Six Months Ended June 30,
2025
2024
(in millions)
Balance, including amounts in AOCI, BOP, post-flooring$16,376 $14,308 
Flooring impact and amounts in AOCI632 843 
Balance, excluding amounts in AOCI, BOP, pre-flooring17,008 15,151 
Effect of assumption update(39)153 
Effect of actual variances from expected experience and other activity74 150 
Adjusted balance, BOP17,043 15,454 
Assessments collected(1)517 591 
Interest accrual291 262 
Benefits paid(210)(168)
Other adjustments37 13 
Balance, excluding amounts in AOCI, EOP, pre-flooring17,678 16,152 
Flooring impact and amounts in AOCI(514)(1,659)
Balance, including amounts in AOCI, EOP, post-flooring17,164 14,493 
Less: Reinsurance recoverables
10,097 7,026 
Balance after reinsurance recoverables, including amounts in AOCI, EOP
7,067 7,467 
Other businesses118 63 
Total balance after reinsurance recoverables
$7,185 $7,530 
__________
(1)Represents the portion of gross assessments required to fund the future policy benefits.
Six Months Ended June 30,
2025
2024
Weighted-average duration of the liability in years (at original discount rate) 2122
Weighted-average interest rate (at original discount rate) 3.41 %3.40 %
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:

Six Months Ended June 30,
2025
2024
(in millions)
Benefit reserves, EOP, post-flooring$187,106 $182,150 
Deferred Profit Liability EOP, post-flooring15,790 14,913 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring17,282 14,556 
Subtotal of amounts disclosed above220,178 211,619 
Other Future Policy Benefits reserves(1)49,955 50,711 
Total Future Policy Benefits$270,133 $262,330 
__________
(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:

Six Months Ended June 30, 2025
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$3,725 $964 $0 $5,441 $276 $10,406 
Deferred profit liability132 0 0 (352)(3)(223)
Additional insurance reserves0 0 1,321 0 35 1,356 
Total$3,857 $964 $1,321 $5,089 $308 $11,539 

Six Months Ended June 30, 2024
Revenues(1)
Retirement StrategiesIndividual Life
International Businesses(2)
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$13,223 $922 $0 $5,727 $273 $20,145 
Deferred profit liability(254)0 0 (124)(7)(385)
Additional insurance reserves0 0 1,622 0 0 1,622 
Total$12,969 $922 $1,622 $5,603 $266 $21,382 

Six Months Ended June 30, 2025
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$1,796 $205 $0 $1,635 $259 $3,895 
Deferred profit liability116 0 0 172 2 290 
Additional insurance reserves0 0 291 1 0 292 
Total$1,912 $205 $291 $1,808 $261 $4,477 

Six Months Ended June 30, 2024
Interest Expense
Retirement StrategiesIndividual Life
International Businesses(2)
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$1,619 $206 $0 $1,589 $253 $3,667 
Deferred profit liability118 0 0 157 2 277 
Additional insurance reserves0 0 262 1 0 263 
Total$1,737 $206 $262 $1,747 $255 $4,207 
__________
(1)Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR.
(2)Prior period amounts have been updated to conform to current period presentation.
POLICYHOLDERS’ ACCOUNT BALANCES
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:

Six Months Ended June 30, 2025
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period
$19,088 $34,085 $12,020 $4,974 $27,596 $54,270 $152,033 
Deposits4,806 3,869 2,538 483 1,373 4,971 18,040 
Interest credited404 349 183 67 199 686 1,888 
Acquisitions and dispositions0 0 0 0 0 0 0 
Policy charges(5)(34)(24)(168)(1,024)(296)(1,551)
Surrenders and withdrawals(2,855)(556)(455)(842)(933)(672)(6,313)
Benefit payments(323)(38)(69)0 (109)(1,159)(1,698)
Net transfers (to) from separate account0 41 0 (13)307 0 335 
Change in market value and other adjustments(1)0 917 60 0 495 (10)1,462 
Foreign currency adjustment0 0 0 0 0 1,585 1,585 
Balance, end of period
$21,115 $38,633 $14,253 $4,501 $27,904 $59,375 $165,781 
Closed Block Division4,293 
Unearned revenue reserve, unearned expense credit, and additional interest reserve6,429 
Other(2)
4,428 
Total Policyholders' account balance$180,931 
Weighted-average crediting rate4.02 %1.92 %2.78 %2.81 %1.44 %2.42 %2.38 %
Net amount at risk(3)
$0 $0 $0 $74,475 $408,334 $30,967 $513,776 
Cash surrender value(4)
$21,115 $37,231 $12,529 $3,668 $24,053 $52,544 $151,140 
Six Months Ended June 30, 2024
Retirement StrategiesGroup InsuranceIndividual Life
International Businesses(5)
Total
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period
$17,738 $23,765 $7,095 $5,293 $27,439 $51,399 $132,729 
Deposits3,466 3,755 2,815 491 1,224 4,255 16,006 
Interest credited356 224 105 75 379 1,068 2,207 
Acquisitions and Dispositions
0 0 0 0 0 (336)(336)
Policy charges(6)(12)0 (164)(1,023)(305)(1,510)
Surrenders and withdrawals(2,514)(442)(338)(849)(821)(1,036)(6,000)
Benefit payments(292)(38)(37)0 (69)(1,257)(1,693)
Net transfers (to) from separate account0 49 0 (6)285 0 328 
Change in market value and other adjustments(1)1 1,171 125 0 75 (25)1,347 
Foreign currency adjustment0 0 0 0 0 (2,301)(2,301)
Balance, end of period
$18,749 $28,472 $9,765 $4,840 $27,489 $51,462 $140,777 
Closed Block Division4,424 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,622 
Other(2)
4,168 
Total Policyholders' account balance$154,991 
Weighted-average crediting rate3.90 %1.71 %2.49 %2.96 %2.76 %4.15 %3.23 %
Net amount at risk(3)
$0 $0 $0 $74,276 $389,142 $24,055 $487,473 
Cash surrender value(4)
$18,749 $26,972 $8,193 $3,794 $23,664 $45,343 $126,715 
__________
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)Includes $5,004 million and $5,268 million of Full Service account balances reinsured to Great-West as of June 30, 2025 and 2024, 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.
(5)Prior period amounts have been updated to conform to current period presentation.

“Policyholders’ account balances” for Institutional Retirement Strategies, International Businesses and Corporate and Other includes the Company’s Funding Agreement Notes Issuance Program (“FANIP”), which totaled $7,801 million and $5,436 million at June 30, 2025 and 2024, 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 zero months to ten years. Included in the amounts at June 30, 2025 and 2024 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $4,742 million and $3,474 million, respectively, and short-term note liability of $2,834 million and $1,994 million, respectively, and Retail Note liability of $257 million and $0 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 June 30, 2025 and 2024. 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:

June 30, 2025
Range of Guaranteed Minimum Crediting Rate(1)
At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in millions)
Retirement Strategies - Institutional
Less than 1.00%
$614 $0 $0 $0 $614 
1.00% - 1.99%
1,552 0 0 0 1,552 
2.00% - 2.99%
75 0 0 0 75 
3.00% - 4.00%
3,513 0 0 0 3,513 
Greater than 4.00%
4,732 0 0 0 4,732 
Total$10,486 $0 $0 $0 $10,486 
Retirement Strategies - Individual Variable
Less than 1.00%
$448 $204 $407 $0 $1,059 
1.00% - 1.99%
104 377 1 0 482 
2.00% - 2.99%
20 4 4 0 28 
3.00% - 4.00%
1,605 1 9 0 1,615 
Greater than 4.00%
77 0 0 0 77 
Total$2,254 $586 $421 $0 $3,261 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $4 $18 $1,118 $1,140 
1.00% - 1.99%
428 65 215 52 760 
2.00% - 2.99%
536 454 550 15 1,555 
3.00% - 4.00%
3,113 29 11 3 3,156 
Greater than 4.00%
78 0 0 0 78 
Total$4,155 $552 $794 $1,188 $6,689 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $712 $712 
1.00% - 1.99%
0 0 0 2 2 
2.00% - 2.99%
44 0 0 0 44 
3.00% - 4.00%
1,442 6 51 7 1,506 
Greater than 4.00%
3 0 0 0 3 
Total$1,489 $6 $51 $721 $2,267 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $354 $354 
1.00% - 1.99%
341 0 2,072 1,602 4,015 
2.00% - 2.99%
284 1,565 2,737 432 5,018 
3.00% - 4.00%
5,611 1,953 1,305 45 8,914 
Greater than 4.00%
5,302 0 0 0 5,302 
Total$11,538 $3,518 $6,114 $2,433 $23,603 
International Businesses
Less than 1.00%
$3,932 $23 $0 $0 $3,955 
1.00% - 1.99%
16,450 32 0 0 16,482 
2.00% - 2.99%
7,926 280 26 0 8,232 
3.00% - 4.00%
8,743 0 0 0 8,743 
Greater than 4.00%
16,833 0 0 0 16,833 
Total$53,884 $335 $26 $0 $54,245 
June 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%
$503 $0 $0 $0 $503 
1.00% - 1.99%
1,519 0 0 0 1,519 
2.00% - 2.99%
608 0 0 0 608 
3.00% - 4.00%
4,674 0 0 0 4,674 
Greater than 4.00%
2,118 0 0 0 2,118 
Total$9,422 $0 $0 $0 $9,422 
Retirement Strategies - Individual Variable
Less than 1.00%
$618 $651 $254 $0 $1,523 
1.00% - 1.99%
187 118 2 0 307 
2.00% - 2.99%
24 5 4 0 33 
3.00% - 4.00%
1,811 7 9 0 1,827 
Greater than 4.00%
90 0 0 0 90 
Total$2,730 $781 $269 $0 $3,780 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $4 $10 $707 $721 
1.00% - 1.99%
482 96 234 79 891 
2.00% - 2.99%
548 461 563 16 1,588 
3.00% - 4.00%
1,036 76 8 2 1,122 
Greater than 4.00%
90 0 0 0 90 
Total$2,156 $637 $815 $804 $4,412 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $921 $921 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
27 0 0 0 27 
3.00% - 4.00%
1,448 0 0 62 1,510 
Greater than 4.00%
72 0 0 0 72 
Total$1,547 $0 $0 $983 $2,530 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $324 $324 
1.00% - 1.99%
247 0 1,678 1,848 3,773 
2.00% - 2.99%
31 1,480 2,837 448 4,796 
3.00% - 4.00%
4,300 3,897 1,342 28 9,567 
Greater than 4.00%
5,433 0 0 0 5,433 
Total$10,011 $5,377 $5,857 $2,648 $23,893 
International Businesses(2)
Less than 1.00%
$15,646 $40 $83 $2,560 $18,329 
1.00% - 1.99%
10,445 82 0 0 10,527 
2.00% - 2.99%
4,755 293 32 0 5,080 
3.00% - 4.00%
5,852 0 0 0 5,852 
Greater than 4.00%
7,103 0 0 0 7,103 
Total$43,801 $415 $115 $2,560 $46,891 
__________
(1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.
(2)Prior period amounts have been updated to conform to current period presentation.
Unearned Revenue Reserve (“URR”)

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

Six Months Ended June 30, 2025
Individual LifeInternational Businesses
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period
$5,245 $505 $5,750 
Unearned revenue432 98 530 
Amortization expense(126)(14)(140)
Other adjustments0 0 0 
Foreign currency adjustment0 30 30 
Balance, end of period
$5,551 $619 6,170 
Other
64 
Total unearned revenue reserve balance
$6,234 

Six Months Ended June 30, 2024
Individual Life
International Businesses(1)
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period
$4,613 $454 $5,067 
Unearned revenue436 80 516 
Amortization expense(118)(11)(129)
Other adjustments0 (57)(57)
Foreign currency adjustment0 (34)(34)
Balance, end of period
$4,931 $432 5,363 
Other
53 
Total unearned revenue reserve balance
$5,416 
MARKET RISK BENEFITS
The following table shows a rollforward of MRB balances for 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:
 
Six Months Ended June 30, 2025
Retirement Strategies
Individual Variable
Individual Fixed
Total
(in millions)
Balance, BOP$2,740 $0 $2,740 
Effect of cumulative changes in NPR672 0 672 
Balance, BOP, before effect of changes in NPR3,412 0 3,412 
Attributed fees collected525 6 531 
Claims paid(41)0 (41)
Interest accrual94 0 94 
Actual in force different from expected40 2 42 
Effect of changes in interest rates389 (7)382 
Effect of changes in equity markets(494)(2)(496)
Effect of assumption update and other refinements
112 151 263 
Issuances35 17 52 
Other adjustments12 3 15 
Balance, EOP, before effect of changes in NPR4,084 170 4,254 
Effect of cumulative changes in NPR(838)(7)(845)
Balance, EOP3,246 163 3,409 
Less: Reinsured MRBs
777 0 777 
Balance, EOP, net of reinsurance$2,469 $163 2,632 
Other businesses39 
Total net MRB balance$2,671 
Six Months Ended June 30, 2024
Retirement Strategies
Individual Variable
Individual Fixed
Total
(in millions)
Balance, BOP$4,038 $0 $4,038 
Effect of cumulative changes in NPR1,137 0 1,137 
Balance, BOP, before effect of changes in NPR5,175 0 5,175 
Attributed fees collected569 0 569 
Claims paid(42)0 (42)
Interest accrual130 0 130 
Actual in force different from expected(6)0 (6)
Effect of changes in interest rates(909)0 (909)
Effect of changes in equity markets(1,165)0 (1,165)
Effect of assumption update and other refinements(1)
88 0 88 
Issuances29 0 29 
Other adjustments(1)
20 0 20 
Balance, EOP, before effect of changes in NPR3,889 0 3,889 
Effect of cumulative changes in NPR(942)0 (942)
Balance, EOP2,947 0 2,947 
Less: Reinsured MRBs
635 0 635 
Balance, EOP, net of reinsurance$2,312 $0 2,312 
Other businesses47 
Total net MRB balance$2,359 
_________
(1)Prior period amounts have been updated to conform to current presentation.

In both 2025 and 2024, 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.

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 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 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 tables present accompanying information to the rollforward tables above.

June 30, 2025
Retirement Strategies
Individual Variable
Individual Fixed
($ in millions)
Net amount at risk(1)$8,736 $401 
Weighted-average attained age of contractholders7267

June 30, 2024
Retirement Strategies
Individual Variable
Individual Fixed
($ in millions)
Net amount at risk(1)$9,358 N/A
Weighted-average attained age of contractholders71N/A
__________
(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:

June 30, 2025
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,291 $1 $1 $1,293 
Ceded
894 0 1 895 
Total MRB assets
$2,185 $1 $2 $2,188 
Direct and assumed
$4,537 $164 $41 $4,742 
Ceded
117 0 0 117 
Total MRB liabilities
$4,654 $164 $41 $4,859 
Net liability
$2,469 $163 $39 $2,671 
June 30, 2024
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,441 $0 $11 $1,452 
Ceded
780 0 1 781 
Total MRB assets
$2,221 $0 $12 $2,233 
Direct and assumed
$4,388 $0 $59 $4,447 
Ceded
145 0 0 145 
Total MRB liabilities
$4,533 $0 $59 $4,592 
Net liability
$2,312 $0 $47 $2,359 
v3.25.2
Policyholders' Account Balances
 6 Months Ended
Jun. 30, 2025
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 2025, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements for Liability for Future Policy Benefits. 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 Individual Life Insurance, partially offset by unfavorable updates for morbidity in Long-Term Care (“LTC”) and mortality in Institutional Retirement Strategies. Additionally, there was a favorable impact for direct and assumed AIR, primarily due to offsetting impacts from updated policyholder behavior assumptions and mortality assumptions on universal life policies.

In 2024, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements for Liability for Future Policy Benefits. 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 LTC, 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 policies 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.

Six Months Ended June 30, 2025
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$72,526 $10,724 $45,851 $2,854 $131,955 
Effect of cumulative changes in discount rate assumptions, BOP14,545 578 2,599 132 17,854 
Balance at original discount rate, BOP87,071 11,302 48,450 2,986 149,809 
Effect of assumption update169 (241)(1,072)8 (1,136)
Effect of actual variances from expected experience and other activity(79)(100)(467)41 (605)
Adjusted balance, BOP87,161 10,961 46,911 3,035 148,068 
Issuances8,991 406 1,477 0 10,874 
Net premiums / considerations collected(3,445)(692)(3,455)(155)(7,747)
Interest accrual1,745 264 730 71 2,810 
Foreign currency adjustment8,819 0 2,193 0 11,012 
Other adjustments0 3 73 0 76 
Balance at original discount rate, EOP103,271 10,942 47,929 2,951 165,093 
Effect of cumulative changes in discount rate assumptions, EOP(15,153)(384)(2,984)(86)(18,607)
Balance, EOP$88,118 $10,558 $44,945 $2,865 $146,486 
Other businesses, EOP109 
Total balance, EOP$146,595 
Six Months Ended June 30, 2025
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$151,484 $18,996 $135,485 $11,178 $317,143 
Effect of cumulative changes in discount rate assumptions, BOP20,182 1,134 17,834 1,548 40,698 
Balance at original discount rate, BOP171,666 20,130 153,319 12,726 357,841 
Effect of assumption update322 (392)(1,013)14 (1,069)
Effect of actual variances from expected experience and other activity(120)(137)(563)18 (802)
Adjusted balance, BOP171,868 19,601 151,743 12,758 355,970 
Issuances8,991 406 1,477 0 10,874 
Interest accrual3,541 470 2,365 306 6,682 
Benefit payments(7,426)(784)(4,208)(176)(12,594)
Foreign currency adjustment8,902 0 7,245 0 16,147 
Other adjustments30 (1)171 0 200 
Balance at original discount rate, EOP185,906 19,692 158,793 12,888 377,279 
Effect of cumulative changes in discount rate assumptions, EOP(19,578)(797)(23,521)(1,572)(45,468)
Balance, EOP$166,328 $18,895 $135,272 $11,316 $331,811 
Other businesses, EOP1,704 
Total balance, EOP$333,515 

Six Months Ended June 30, 2025
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring$78,210 $8,337 $90,326 $8,450 $185,323 
Flooring impact, EOP106 0 80 0 186 
Balance, EOP, post-flooring78,316 8,337 90,406 8,450 185,509 
Less: Reinsurance recoverables
5,039 576 341 0 5,956 
Balance after reinsurance recoverables, EOP, post-flooring
$73,277 $7,761 $90,065 $8,450 $179,553 
Other businesses, EOP(1)1,538 
Total balance after reinsurance recoverables, EOP
$181,091 
Six Months Ended June 30, 2024
Present Value of Expected Net Premiums
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$71,407 $11,274 $55,431 $3,286 $141,398 
Effect of cumulative changes in discount rate assumptions, BOP11,869 228 1,218 16 13,331 
Balance at original discount rate, BOP83,276 11,502 56,649 3,302 154,729 
Effect of assumption update41 21 (863)(276)(1,077)
Effect of actual variances from expected experience and other activity429 (131)(1,347)95 (954)
Adjusted balance, BOP83,746 11,392 54,439 3,121 152,698 
Issuances11,192 418 1,788 0 13,398 
Net premiums / considerations collected(12,908)(692)(3,622)(157)(17,379)
Interest accrual1,384 264 782 76 2,506 
Foreign currency adjustment(898)0 (3,494)0 (4,392)
Other adjustments0 (3)82 0 79 
Balance at original discount rate, EOP82,516 11,379 49,975 3,040 146,910 
Effect of cumulative changes in discount rate assumptions, EOP(15,077)(590)(2,579)(128)(18,374)
Balance, EOP$67,439 $10,789 $47,396 $2,912 $128,536 
Other businesses, EOP89 
Total balance, EOP$128,625 

Six Months Ended June 30, 2024
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP $141,135 $19,852 $158,858 $12,139 $331,984 
Effect of cumulative changes in discount rate assumptions, BOP 14,751 334 7,918 603 23,606 
Balance at original discount rate, BOP 155,886 20,186 166,776 12,742 355,590 
Effect of assumption update(481)21 (513)(394)(1,367)
Effect of actual variances from expected experience and other activity483 (149)(1,362)95 (933)
Adjusted balance, BOP 155,888 20,058 164,901 12,443 353,290 
Issuances 11,192 418 1,789 0 13,399 
Interest accrual 3,003 470 2,371 303 6,147 
Benefit payments (6,317)(795)(5,069)(155)(12,336)
Foreign currency adjustment (908)0 (11,173)0 (12,081)
Other adjustments (63)(10)162 0 89 
Balance at original discount rate, EOP 162,795 20,141 152,981 12,591 348,508 
Effect of cumulative changes in discount rate assumptions, EOP (20,163)(1,108)(16,763)(1,445)(39,479)
Balance, EOP $142,632 $19,033 $136,218 $11,146 $309,029 
Other businesses, EOP 1,656 
Total balance, EOP $310,685 
Six Months Ended June 30, 2024
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $75,194 $8,243 $88,821 $8,233 $180,491 
Flooring impact, EOP 46 0 44 0 90 
Balance, EOP, post-flooring 75,240 8,243 88,865 8,233 180,581 
Less: Reinsurance recoverables
5,098 671 345 0 6,114 
Balance after reinsurance recoverables, EOP, post-flooring
$70,142 $7,572 $88,520 $8,233 $174,467 
Other businesses, EOP(1) 1,506 
Total balance after reinsurance recoverables, EOP
$175,973 
__________
(1)Reflects balance after reinsurance recoverables of $58 million and $63 million at June 30, 2025 and 2024, respectively.
(2)Prior period amounts have been updated to conform to current period presentation.

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:

Six Months Ended June 30, 2025
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$178,217 $22,958 $107,923 $6,588 
Discounted expected future gross premiums (at original discount rate) $111,292 $15,586 $84,598 $4,427 
Discounted expected future gross premiums (at current discount rate) $94,675 $15,086 $79,680 $4,308 
Undiscounted expected future benefits and expenses $302,365 $30,430 $260,920 $29,531 
Weighted-average duration of the liability in years (at original discount rate) 8101716
Weighted-average duration of the liability in years (at current discount rate) 891415
Weighted-average interest rate (at original discount rate) 4.76 %5.12 %2.99 %4.91 %
Weighted-average interest rate (at current discount rate) 5.45 %5.37 %4.05 %5.87 %

Six Months Ended June 30, 2024
Retirement StrategiesIndividual Life
International Businesses(1)
Corporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$133,585 $22,965 $110,571 $6,823 
Discounted expected future gross premiums (at original discount rate) $89,770 $15,208 $87,022 $4,521 
Discounted expected future gross premiums (at current discount rate) $71,759 $14,451 $83,062 $4,339 
Undiscounted expected future benefits and expenses $255,559 $31,103 $254,271 $29,860 
Weighted-average duration of the liability in years (at original discount rate) 9101817
Weighted-average duration of the liability in years (at current discount rate) 891616
Weighted-average interest rate (at original discount rate) 4.72 %5.15 %3.02 %4.91 %
Weighted-average interest rate (at current discount rate) 5.56 %5.53 %3.61 %5.77 %
__________
(1)Prior period amounts have been updated to conform to current period presentation.

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, 2024.
For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively.

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

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

Six Months Ended June 30, 2025
Deferred Profit Liability
Retirement StrategiesInternational Businesses
InstitutionalTotal
(in millions)
Balance, BOP, post-flooring
$5,670 $9,354 $15,024 
Less: Flooring impact, BOP
0 2 2 
Balance, BOP, pre-flooring 5,670 9,352 15,022 
Effect of assumption update(73)(58)(131)
Effect of actual variances from expected experience and other activity 30 2 32 
Adjusted balance, BOP 5,627 9,296 14,923 
Profits deferred 85 1,265 1,350 
Interest accrual 116 172 288 
Amortization (288)(1,055)(1,343)
Foreign currency adjustment 26 353 379 
Other adjustments 0 25 25 
Balance, EOP, pre-flooring 5,566 10,056 15,622 
Flooring impact, EOP 0 3 3 
Balance, EOP, post-flooring
5,566 10,059 15,625 
Less: Reinsurance recoverables
376 45 421 
Balance after reinsurance recoverables, EOP, post-flooring
$5,190 $10,014 15,204 
Other businesses
165 
Total balance after reinsurance recoverables, EOP
$15,369 

Six Months Ended June 30, 2024
Deferred Profit Liability
Retirement Strategies
International Businesses(1)
InstitutionalTotal
(in millions)
Balance, BOP, post-flooring
$5,615 $9,259 $14,874 
Less: Flooring impact, BOP
0 2 2 
Balance, BOP, pre-flooring 5,615 9,257 14,872 
Effect of assumption update370 (288)82 
Effect of actual variances from expected experience and other activity (30)(46)(76)
Adjusted balance, BOP 5,955 8,923 14,878 
Profits deferred 89 1,346 1,435 
Interest accrual 118 157 275 
Amortization (292)(1,062)(1,354)
Foreign currency adjustment (2)(492)(494)
Other adjustments 0 17 17 
Balance, EOP, pre-flooring 5,868 8,889 14,757 
Flooring impact, EOP 0 2 2 
Balance, EOP, post-flooring
5,868 8,891 14,759 
Less: Reinsurance recoverables
401 39 440 
Balance after reinsurance recoverables, EOP, post-flooring
$5,467 $8,852 14,319 
Other businesses
154 
Total balance after reinsurance recoverables, EOP
$14,473 
_________
(1)Prior period amounts have been updated to conform to current period presentation.
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:

Six Months Ended June 30,
2025
2024
(in millions)
Balance, including amounts in AOCI, BOP, post-flooring$16,376 $14,308 
Flooring impact and amounts in AOCI632 843 
Balance, excluding amounts in AOCI, BOP, pre-flooring17,008 15,151 
Effect of assumption update(39)153 
Effect of actual variances from expected experience and other activity74 150 
Adjusted balance, BOP17,043 15,454 
Assessments collected(1)517 591 
Interest accrual291 262 
Benefits paid(210)(168)
Other adjustments37 13 
Balance, excluding amounts in AOCI, EOP, pre-flooring17,678 16,152 
Flooring impact and amounts in AOCI(514)(1,659)
Balance, including amounts in AOCI, EOP, post-flooring17,164 14,493 
Less: Reinsurance recoverables
10,097 7,026 
Balance after reinsurance recoverables, including amounts in AOCI, EOP
7,067 7,467 
Other businesses118 63 
Total balance after reinsurance recoverables
$7,185 $7,530 
__________
(1)Represents the portion of gross assessments required to fund the future policy benefits.
Six Months Ended June 30,
2025
2024
Weighted-average duration of the liability in years (at original discount rate) 2122
Weighted-average interest rate (at original discount rate) 3.41 %3.40 %
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:

Six Months Ended June 30,
2025
2024
(in millions)
Benefit reserves, EOP, post-flooring$187,106 $182,150 
Deferred Profit Liability EOP, post-flooring15,790 14,913 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring17,282 14,556 
Subtotal of amounts disclosed above220,178 211,619 
Other Future Policy Benefits reserves(1)49,955 50,711 
Total Future Policy Benefits$270,133 $262,330 
__________
(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:

Six Months Ended June 30, 2025
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$3,725 $964 $0 $5,441 $276 $10,406 
Deferred profit liability132 0 0 (352)(3)(223)
Additional insurance reserves0 0 1,321 0 35 1,356 
Total$3,857 $964 $1,321 $5,089 $308 $11,539 

Six Months Ended June 30, 2024
Revenues(1)
Retirement StrategiesIndividual Life
International Businesses(2)
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$13,223 $922 $0 $5,727 $273 $20,145 
Deferred profit liability(254)0 0 (124)(7)(385)
Additional insurance reserves0 0 1,622 0 0 1,622 
Total$12,969 $922 $1,622 $5,603 $266 $21,382 

Six Months Ended June 30, 2025
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$1,796 $205 $0 $1,635 $259 $3,895 
Deferred profit liability116 0 0 172 2 290 
Additional insurance reserves0 0 291 1 0 292 
Total$1,912 $205 $291 $1,808 $261 $4,477 

Six Months Ended June 30, 2024
Interest Expense
Retirement StrategiesIndividual Life
International Businesses(2)
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$1,619 $206 $0 $1,589 $253 $3,667 
Deferred profit liability118 0 0 157 2 277 
Additional insurance reserves0 0 262 1 0 263 
Total$1,737 $206 $262 $1,747 $255 $4,207 
__________
(1)Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR.
(2)Prior period amounts have been updated to conform to current period presentation.
POLICYHOLDERS’ ACCOUNT BALANCES
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:

Six Months Ended June 30, 2025
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period
$19,088 $34,085 $12,020 $4,974 $27,596 $54,270 $152,033 
Deposits4,806 3,869 2,538 483 1,373 4,971 18,040 
Interest credited404 349 183 67 199 686 1,888 
Acquisitions and dispositions0 0 0 0 0 0 0 
Policy charges(5)(34)(24)(168)(1,024)(296)(1,551)
Surrenders and withdrawals(2,855)(556)(455)(842)(933)(672)(6,313)
Benefit payments(323)(38)(69)0 (109)(1,159)(1,698)
Net transfers (to) from separate account0 41 0 (13)307 0 335 
Change in market value and other adjustments(1)0 917 60 0 495 (10)1,462 
Foreign currency adjustment0 0 0 0 0 1,585 1,585 
Balance, end of period
$21,115 $38,633 $14,253 $4,501 $27,904 $59,375 $165,781 
Closed Block Division4,293 
Unearned revenue reserve, unearned expense credit, and additional interest reserve6,429 
Other(2)
4,428 
Total Policyholders' account balance$180,931 
Weighted-average crediting rate4.02 %1.92 %2.78 %2.81 %1.44 %2.42 %2.38 %
Net amount at risk(3)
$0 $0 $0 $74,475 $408,334 $30,967 $513,776 
Cash surrender value(4)
$21,115 $37,231 $12,529 $3,668 $24,053 $52,544 $151,140 
Six Months Ended June 30, 2024
Retirement StrategiesGroup InsuranceIndividual Life
International Businesses(5)
Total
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period
$17,738 $23,765 $7,095 $5,293 $27,439 $51,399 $132,729 
Deposits3,466 3,755 2,815 491 1,224 4,255 16,006 
Interest credited356 224 105 75 379 1,068 2,207 
Acquisitions and Dispositions
0 0 0 0 0 (336)(336)
Policy charges(6)(12)0 (164)(1,023)(305)(1,510)
Surrenders and withdrawals(2,514)(442)(338)(849)(821)(1,036)(6,000)
Benefit payments(292)(38)(37)0 (69)(1,257)(1,693)
Net transfers (to) from separate account0 49 0 (6)285 0 328 
Change in market value and other adjustments(1)1 1,171 125 0 75 (25)1,347 
Foreign currency adjustment0 0 0 0 0 (2,301)(2,301)
Balance, end of period
$18,749 $28,472 $9,765 $4,840 $27,489 $51,462 $140,777 
Closed Block Division4,424 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,622 
Other(2)
4,168 
Total Policyholders' account balance$154,991 
Weighted-average crediting rate3.90 %1.71 %2.49 %2.96 %2.76 %4.15 %3.23 %
Net amount at risk(3)
$0 $0 $0 $74,276 $389,142 $24,055 $487,473 
Cash surrender value(4)
$18,749 $26,972 $8,193 $3,794 $23,664 $45,343 $126,715 
__________
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)Includes $5,004 million and $5,268 million of Full Service account balances reinsured to Great-West as of June 30, 2025 and 2024, 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.
(5)Prior period amounts have been updated to conform to current period presentation.

“Policyholders’ account balances” for Institutional Retirement Strategies, International Businesses and Corporate and Other includes the Company’s Funding Agreement Notes Issuance Program (“FANIP”), which totaled $7,801 million and $5,436 million at June 30, 2025 and 2024, 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 zero months to ten years. Included in the amounts at June 30, 2025 and 2024 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $4,742 million and $3,474 million, respectively, and short-term note liability of $2,834 million and $1,994 million, respectively, and Retail Note liability of $257 million and $0 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 June 30, 2025 and 2024. 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:

June 30, 2025
Range of Guaranteed Minimum Crediting Rate(1)
At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in millions)
Retirement Strategies - Institutional
Less than 1.00%
$614 $0 $0 $0 $614 
1.00% - 1.99%
1,552 0 0 0 1,552 
2.00% - 2.99%
75 0 0 0 75 
3.00% - 4.00%
3,513 0 0 0 3,513 
Greater than 4.00%
4,732 0 0 0 4,732 
Total$10,486 $0 $0 $0 $10,486 
Retirement Strategies - Individual Variable
Less than 1.00%
$448 $204 $407 $0 $1,059 
1.00% - 1.99%
104 377 1 0 482 
2.00% - 2.99%
20 4 4 0 28 
3.00% - 4.00%
1,605 1 9 0 1,615 
Greater than 4.00%
77 0 0 0 77 
Total$2,254 $586 $421 $0 $3,261 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $4 $18 $1,118 $1,140 
1.00% - 1.99%
428 65 215 52 760 
2.00% - 2.99%
536 454 550 15 1,555 
3.00% - 4.00%
3,113 29 11 3 3,156 
Greater than 4.00%
78 0 0 0 78 
Total$4,155 $552 $794 $1,188 $6,689 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $712 $712 
1.00% - 1.99%
0 0 0 2 2 
2.00% - 2.99%
44 0 0 0 44 
3.00% - 4.00%
1,442 6 51 7 1,506 
Greater than 4.00%
3 0 0 0 3 
Total$1,489 $6 $51 $721 $2,267 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $354 $354 
1.00% - 1.99%
341 0 2,072 1,602 4,015 
2.00% - 2.99%
284 1,565 2,737 432 5,018 
3.00% - 4.00%
5,611 1,953 1,305 45 8,914 
Greater than 4.00%
5,302 0 0 0 5,302 
Total$11,538 $3,518 $6,114 $2,433 $23,603 
International Businesses
Less than 1.00%
$3,932 $23 $0 $0 $3,955 
1.00% - 1.99%
16,450 32 0 0 16,482 
2.00% - 2.99%
7,926 280 26 0 8,232 
3.00% - 4.00%
8,743 0 0 0 8,743 
Greater than 4.00%
16,833 0 0 0 16,833 
Total$53,884 $335 $26 $0 $54,245 
June 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%
$503 $0 $0 $0 $503 
1.00% - 1.99%
1,519 0 0 0 1,519 
2.00% - 2.99%
608 0 0 0 608 
3.00% - 4.00%
4,674 0 0 0 4,674 
Greater than 4.00%
2,118 0 0 0 2,118 
Total$9,422 $0 $0 $0 $9,422 
Retirement Strategies - Individual Variable
Less than 1.00%
$618 $651 $254 $0 $1,523 
1.00% - 1.99%
187 118 2 0 307 
2.00% - 2.99%
24 5 4 0 33 
3.00% - 4.00%
1,811 7 9 0 1,827 
Greater than 4.00%
90 0 0 0 90 
Total$2,730 $781 $269 $0 $3,780 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $4 $10 $707 $721 
1.00% - 1.99%
482 96 234 79 891 
2.00% - 2.99%
548 461 563 16 1,588 
3.00% - 4.00%
1,036 76 8 2 1,122 
Greater than 4.00%
90 0 0 0 90 
Total$2,156 $637 $815 $804 $4,412 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $921 $921 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
27 0 0 0 27 
3.00% - 4.00%
1,448 0 0 62 1,510 
Greater than 4.00%
72 0 0 0 72 
Total$1,547 $0 $0 $983 $2,530 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $324 $324 
1.00% - 1.99%
247 0 1,678 1,848 3,773 
2.00% - 2.99%
31 1,480 2,837 448 4,796 
3.00% - 4.00%
4,300 3,897 1,342 28 9,567 
Greater than 4.00%
5,433 0 0 0 5,433 
Total$10,011 $5,377 $5,857 $2,648 $23,893 
International Businesses(2)
Less than 1.00%
$15,646 $40 $83 $2,560 $18,329 
1.00% - 1.99%
10,445 82 0 0 10,527 
2.00% - 2.99%
4,755 293 32 0 5,080 
3.00% - 4.00%
5,852 0 0 0 5,852 
Greater than 4.00%
7,103 0 0 0 7,103 
Total$43,801 $415 $115 $2,560 $46,891 
__________
(1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.
(2)Prior period amounts have been updated to conform to current period presentation.
Unearned Revenue Reserve (“URR”)

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

Six Months Ended June 30, 2025
Individual LifeInternational Businesses
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period
$5,245 $505 $5,750 
Unearned revenue432 98 530 
Amortization expense(126)(14)(140)
Other adjustments0 0 0 
Foreign currency adjustment0 30 30 
Balance, end of period
$5,551 $619 6,170 
Other
64 
Total unearned revenue reserve balance
$6,234 

Six Months Ended June 30, 2024
Individual Life
International Businesses(1)
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period
$4,613 $454 $5,067 
Unearned revenue436 80 516 
Amortization expense(118)(11)(129)
Other adjustments0 (57)(57)
Foreign currency adjustment0 (34)(34)
Balance, end of period
$4,931 $432 5,363 
Other
53 
Total unearned revenue reserve balance
$5,416 
MARKET RISK BENEFITS
The following table shows a rollforward of MRB balances for 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:
 
Six Months Ended June 30, 2025
Retirement Strategies
Individual Variable
Individual Fixed
Total
(in millions)
Balance, BOP$2,740 $0 $2,740 
Effect of cumulative changes in NPR672 0 672 
Balance, BOP, before effect of changes in NPR3,412 0 3,412 
Attributed fees collected525 6 531 
Claims paid(41)0 (41)
Interest accrual94 0 94 
Actual in force different from expected40 2 42 
Effect of changes in interest rates389 (7)382 
Effect of changes in equity markets(494)(2)(496)
Effect of assumption update and other refinements
112 151 263 
Issuances35 17 52 
Other adjustments12 3 15 
Balance, EOP, before effect of changes in NPR4,084 170 4,254 
Effect of cumulative changes in NPR(838)(7)(845)
Balance, EOP3,246 163 3,409 
Less: Reinsured MRBs
777 0 777 
Balance, EOP, net of reinsurance$2,469 $163 2,632 
Other businesses39 
Total net MRB balance$2,671 
Six Months Ended June 30, 2024
Retirement Strategies
Individual Variable
Individual Fixed
Total
(in millions)
Balance, BOP$4,038 $0 $4,038 
Effect of cumulative changes in NPR1,137 0 1,137 
Balance, BOP, before effect of changes in NPR5,175 0 5,175 
Attributed fees collected569 0 569 
Claims paid(42)0 (42)
Interest accrual130 0 130 
Actual in force different from expected(6)0 (6)
Effect of changes in interest rates(909)0 (909)
Effect of changes in equity markets(1,165)0 (1,165)
Effect of assumption update and other refinements(1)
88 0 88 
Issuances29 0 29 
Other adjustments(1)
20 0 20 
Balance, EOP, before effect of changes in NPR3,889 0 3,889 
Effect of cumulative changes in NPR(942)0 (942)
Balance, EOP2,947 0 2,947 
Less: Reinsured MRBs
635 0 635 
Balance, EOP, net of reinsurance$2,312 $0 2,312 
Other businesses47 
Total net MRB balance$2,359 
_________
(1)Prior period amounts have been updated to conform to current presentation.

In both 2025 and 2024, 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.

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 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 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 tables present accompanying information to the rollforward tables above.

June 30, 2025
Retirement Strategies
Individual Variable
Individual Fixed
($ in millions)
Net amount at risk(1)$8,736 $401 
Weighted-average attained age of contractholders7267

June 30, 2024
Retirement Strategies
Individual Variable
Individual Fixed
($ in millions)
Net amount at risk(1)$9,358 N/A
Weighted-average attained age of contractholders71N/A
__________
(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:

June 30, 2025
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,291 $1 $1 $1,293 
Ceded
894 0 1 895 
Total MRB assets
$2,185 $1 $2 $2,188 
Direct and assumed
$4,537 $164 $41 $4,742 
Ceded
117 0 0 117 
Total MRB liabilities
$4,654 $164 $41 $4,859 
Net liability
$2,469 $163 $39 $2,671 
June 30, 2024
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,441 $0 $11 $1,452 
Ceded
780 0 1 781 
Total MRB assets
$2,221 $0 $12 $2,233 
Direct and assumed
$4,388 $0 $59 $4,447 
Ceded
145 0 0 145 
Total MRB liabilities
$4,533 $0 $59 $4,592 
Net liability
$2,312 $0 $47 $2,359 
v3.25.2
Market Risk Benefits
 6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
Market Risk Benefits LIABILITY FOR FUTURE POLICY BENEFITS
Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below:

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

In 2025, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements for Liability for Future Policy Benefits. 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 Individual Life Insurance, partially offset by unfavorable updates for morbidity in Long-Term Care (“LTC”) and mortality in Institutional Retirement Strategies. Additionally, there was a favorable impact for direct and assumed AIR, primarily due to offsetting impacts from updated policyholder behavior assumptions and mortality assumptions on universal life policies.

In 2024, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements for Liability for Future Policy Benefits. 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 LTC, 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 policies 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.

Six Months Ended June 30, 2025
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$72,526 $10,724 $45,851 $2,854 $131,955 
Effect of cumulative changes in discount rate assumptions, BOP14,545 578 2,599 132 17,854 
Balance at original discount rate, BOP87,071 11,302 48,450 2,986 149,809 
Effect of assumption update169 (241)(1,072)8 (1,136)
Effect of actual variances from expected experience and other activity(79)(100)(467)41 (605)
Adjusted balance, BOP87,161 10,961 46,911 3,035 148,068 
Issuances8,991 406 1,477 0 10,874 
Net premiums / considerations collected(3,445)(692)(3,455)(155)(7,747)
Interest accrual1,745 264 730 71 2,810 
Foreign currency adjustment8,819 0 2,193 0 11,012 
Other adjustments0 3 73 0 76 
Balance at original discount rate, EOP103,271 10,942 47,929 2,951 165,093 
Effect of cumulative changes in discount rate assumptions, EOP(15,153)(384)(2,984)(86)(18,607)
Balance, EOP$88,118 $10,558 $44,945 $2,865 $146,486 
Other businesses, EOP109 
Total balance, EOP$146,595 
Six Months Ended June 30, 2025
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$151,484 $18,996 $135,485 $11,178 $317,143 
Effect of cumulative changes in discount rate assumptions, BOP20,182 1,134 17,834 1,548 40,698 
Balance at original discount rate, BOP171,666 20,130 153,319 12,726 357,841 
Effect of assumption update322 (392)(1,013)14 (1,069)
Effect of actual variances from expected experience and other activity(120)(137)(563)18 (802)
Adjusted balance, BOP171,868 19,601 151,743 12,758 355,970 
Issuances8,991 406 1,477 0 10,874 
Interest accrual3,541 470 2,365 306 6,682 
Benefit payments(7,426)(784)(4,208)(176)(12,594)
Foreign currency adjustment8,902 0 7,245 0 16,147 
Other adjustments30 (1)171 0 200 
Balance at original discount rate, EOP185,906 19,692 158,793 12,888 377,279 
Effect of cumulative changes in discount rate assumptions, EOP(19,578)(797)(23,521)(1,572)(45,468)
Balance, EOP$166,328 $18,895 $135,272 $11,316 $331,811 
Other businesses, EOP1,704 
Total balance, EOP$333,515 

Six Months Ended June 30, 2025
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring$78,210 $8,337 $90,326 $8,450 $185,323 
Flooring impact, EOP106 0 80 0 186 
Balance, EOP, post-flooring78,316 8,337 90,406 8,450 185,509 
Less: Reinsurance recoverables
5,039 576 341 0 5,956 
Balance after reinsurance recoverables, EOP, post-flooring
$73,277 $7,761 $90,065 $8,450 $179,553 
Other businesses, EOP(1)1,538 
Total balance after reinsurance recoverables, EOP
$181,091 
Six Months Ended June 30, 2024
Present Value of Expected Net Premiums
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$71,407 $11,274 $55,431 $3,286 $141,398 
Effect of cumulative changes in discount rate assumptions, BOP11,869 228 1,218 16 13,331 
Balance at original discount rate, BOP83,276 11,502 56,649 3,302 154,729 
Effect of assumption update41 21 (863)(276)(1,077)
Effect of actual variances from expected experience and other activity429 (131)(1,347)95 (954)
Adjusted balance, BOP83,746 11,392 54,439 3,121 152,698 
Issuances11,192 418 1,788 0 13,398 
Net premiums / considerations collected(12,908)(692)(3,622)(157)(17,379)
Interest accrual1,384 264 782 76 2,506 
Foreign currency adjustment(898)0 (3,494)0 (4,392)
Other adjustments0 (3)82 0 79 
Balance at original discount rate, EOP82,516 11,379 49,975 3,040 146,910 
Effect of cumulative changes in discount rate assumptions, EOP(15,077)(590)(2,579)(128)(18,374)
Balance, EOP$67,439 $10,789 $47,396 $2,912 $128,536 
Other businesses, EOP89 
Total balance, EOP$128,625 

Six Months Ended June 30, 2024
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP $141,135 $19,852 $158,858 $12,139 $331,984 
Effect of cumulative changes in discount rate assumptions, BOP 14,751 334 7,918 603 23,606 
Balance at original discount rate, BOP 155,886 20,186 166,776 12,742 355,590 
Effect of assumption update(481)21 (513)(394)(1,367)
Effect of actual variances from expected experience and other activity483 (149)(1,362)95 (933)
Adjusted balance, BOP 155,888 20,058 164,901 12,443 353,290 
Issuances 11,192 418 1,789 0 13,399 
Interest accrual 3,003 470 2,371 303 6,147 
Benefit payments (6,317)(795)(5,069)(155)(12,336)
Foreign currency adjustment (908)0 (11,173)0 (12,081)
Other adjustments (63)(10)162 0 89 
Balance at original discount rate, EOP 162,795 20,141 152,981 12,591 348,508 
Effect of cumulative changes in discount rate assumptions, EOP (20,163)(1,108)(16,763)(1,445)(39,479)
Balance, EOP $142,632 $19,033 $136,218 $11,146 $309,029 
Other businesses, EOP 1,656 
Total balance, EOP $310,685 
Six Months Ended June 30, 2024
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $75,194 $8,243 $88,821 $8,233 $180,491 
Flooring impact, EOP 46 0 44 0 90 
Balance, EOP, post-flooring 75,240 8,243 88,865 8,233 180,581 
Less: Reinsurance recoverables
5,098 671 345 0 6,114 
Balance after reinsurance recoverables, EOP, post-flooring
$70,142 $7,572 $88,520 $8,233 $174,467 
Other businesses, EOP(1) 1,506 
Total balance after reinsurance recoverables, EOP
$175,973 
__________
(1)Reflects balance after reinsurance recoverables of $58 million and $63 million at June 30, 2025 and 2024, respectively.
(2)Prior period amounts have been updated to conform to current period presentation.

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:

Six Months Ended June 30, 2025
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$178,217 $22,958 $107,923 $6,588 
Discounted expected future gross premiums (at original discount rate) $111,292 $15,586 $84,598 $4,427 
Discounted expected future gross premiums (at current discount rate) $94,675 $15,086 $79,680 $4,308 
Undiscounted expected future benefits and expenses $302,365 $30,430 $260,920 $29,531 
Weighted-average duration of the liability in years (at original discount rate) 8101716
Weighted-average duration of the liability in years (at current discount rate) 891415
Weighted-average interest rate (at original discount rate) 4.76 %5.12 %2.99 %4.91 %
Weighted-average interest rate (at current discount rate) 5.45 %5.37 %4.05 %5.87 %

Six Months Ended June 30, 2024
Retirement StrategiesIndividual Life
International Businesses(1)
Corporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$133,585 $22,965 $110,571 $6,823 
Discounted expected future gross premiums (at original discount rate) $89,770 $15,208 $87,022 $4,521 
Discounted expected future gross premiums (at current discount rate) $71,759 $14,451 $83,062 $4,339 
Undiscounted expected future benefits and expenses $255,559 $31,103 $254,271 $29,860 
Weighted-average duration of the liability in years (at original discount rate) 9101817
Weighted-average duration of the liability in years (at current discount rate) 891616
Weighted-average interest rate (at original discount rate) 4.72 %5.15 %3.02 %4.91 %
Weighted-average interest rate (at current discount rate) 5.56 %5.53 %3.61 %5.77 %
__________
(1)Prior period amounts have been updated to conform to current period presentation.

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, 2024.
For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively.

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

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

Six Months Ended June 30, 2025
Deferred Profit Liability
Retirement StrategiesInternational Businesses
InstitutionalTotal
(in millions)
Balance, BOP, post-flooring
$5,670 $9,354 $15,024 
Less: Flooring impact, BOP
0 2 2 
Balance, BOP, pre-flooring 5,670 9,352 15,022 
Effect of assumption update(73)(58)(131)
Effect of actual variances from expected experience and other activity 30 2 32 
Adjusted balance, BOP 5,627 9,296 14,923 
Profits deferred 85 1,265 1,350 
Interest accrual 116 172 288 
Amortization (288)(1,055)(1,343)
Foreign currency adjustment 26 353 379 
Other adjustments 0 25 25 
Balance, EOP, pre-flooring 5,566 10,056 15,622 
Flooring impact, EOP 0 3 3 
Balance, EOP, post-flooring
5,566 10,059 15,625 
Less: Reinsurance recoverables
376 45 421 
Balance after reinsurance recoverables, EOP, post-flooring
$5,190 $10,014 15,204 
Other businesses
165 
Total balance after reinsurance recoverables, EOP
$15,369 

Six Months Ended June 30, 2024
Deferred Profit Liability
Retirement Strategies
International Businesses(1)
InstitutionalTotal
(in millions)
Balance, BOP, post-flooring
$5,615 $9,259 $14,874 
Less: Flooring impact, BOP
0 2 2 
Balance, BOP, pre-flooring 5,615 9,257 14,872 
Effect of assumption update370 (288)82 
Effect of actual variances from expected experience and other activity (30)(46)(76)
Adjusted balance, BOP 5,955 8,923 14,878 
Profits deferred 89 1,346 1,435 
Interest accrual 118 157 275 
Amortization (292)(1,062)(1,354)
Foreign currency adjustment (2)(492)(494)
Other adjustments 0 17 17 
Balance, EOP, pre-flooring 5,868 8,889 14,757 
Flooring impact, EOP 0 2 2 
Balance, EOP, post-flooring
5,868 8,891 14,759 
Less: Reinsurance recoverables
401 39 440 
Balance after reinsurance recoverables, EOP, post-flooring
$5,467 $8,852 14,319 
Other businesses
154 
Total balance after reinsurance recoverables, EOP
$14,473 
_________
(1)Prior period amounts have been updated to conform to current period presentation.
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:

Six Months Ended June 30,
2025
2024
(in millions)
Balance, including amounts in AOCI, BOP, post-flooring$16,376 $14,308 
Flooring impact and amounts in AOCI632 843 
Balance, excluding amounts in AOCI, BOP, pre-flooring17,008 15,151 
Effect of assumption update(39)153 
Effect of actual variances from expected experience and other activity74 150 
Adjusted balance, BOP17,043 15,454 
Assessments collected(1)517 591 
Interest accrual291 262 
Benefits paid(210)(168)
Other adjustments37 13 
Balance, excluding amounts in AOCI, EOP, pre-flooring17,678 16,152 
Flooring impact and amounts in AOCI(514)(1,659)
Balance, including amounts in AOCI, EOP, post-flooring17,164 14,493 
Less: Reinsurance recoverables
10,097 7,026 
Balance after reinsurance recoverables, including amounts in AOCI, EOP
7,067 7,467 
Other businesses118 63 
Total balance after reinsurance recoverables
$7,185 $7,530 
__________
(1)Represents the portion of gross assessments required to fund the future policy benefits.
Six Months Ended June 30,
2025
2024
Weighted-average duration of the liability in years (at original discount rate) 2122
Weighted-average interest rate (at original discount rate) 3.41 %3.40 %
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:

Six Months Ended June 30,
2025
2024
(in millions)
Benefit reserves, EOP, post-flooring$187,106 $182,150 
Deferred Profit Liability EOP, post-flooring15,790 14,913 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring17,282 14,556 
Subtotal of amounts disclosed above220,178 211,619 
Other Future Policy Benefits reserves(1)49,955 50,711 
Total Future Policy Benefits$270,133 $262,330 
__________
(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:

Six Months Ended June 30, 2025
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$3,725 $964 $0 $5,441 $276 $10,406 
Deferred profit liability132 0 0 (352)(3)(223)
Additional insurance reserves0 0 1,321 0 35 1,356 
Total$3,857 $964 $1,321 $5,089 $308 $11,539 

Six Months Ended June 30, 2024
Revenues(1)
Retirement StrategiesIndividual Life
International Businesses(2)
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$13,223 $922 $0 $5,727 $273 $20,145 
Deferred profit liability(254)0 0 (124)(7)(385)
Additional insurance reserves0 0 1,622 0 0 1,622 
Total$12,969 $922 $1,622 $5,603 $266 $21,382 

Six Months Ended June 30, 2025
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$1,796 $205 $0 $1,635 $259 $3,895 
Deferred profit liability116 0 0 172 2 290 
Additional insurance reserves0 0 291 1 0 292 
Total$1,912 $205 $291 $1,808 $261 $4,477 

Six Months Ended June 30, 2024
Interest Expense
Retirement StrategiesIndividual Life
International Businesses(2)
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$1,619 $206 $0 $1,589 $253 $3,667 
Deferred profit liability118 0 0 157 2 277 
Additional insurance reserves0 0 262 1 0 263 
Total$1,737 $206 $262 $1,747 $255 $4,207 
__________
(1)Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR.
(2)Prior period amounts have been updated to conform to current period presentation.
POLICYHOLDERS’ ACCOUNT BALANCES
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:

Six Months Ended June 30, 2025
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period
$19,088 $34,085 $12,020 $4,974 $27,596 $54,270 $152,033 
Deposits4,806 3,869 2,538 483 1,373 4,971 18,040 
Interest credited404 349 183 67 199 686 1,888 
Acquisitions and dispositions0 0 0 0 0 0 0 
Policy charges(5)(34)(24)(168)(1,024)(296)(1,551)
Surrenders and withdrawals(2,855)(556)(455)(842)(933)(672)(6,313)
Benefit payments(323)(38)(69)0 (109)(1,159)(1,698)
Net transfers (to) from separate account0 41 0 (13)307 0 335 
Change in market value and other adjustments(1)0 917 60 0 495 (10)1,462 
Foreign currency adjustment0 0 0 0 0 1,585 1,585 
Balance, end of period
$21,115 $38,633 $14,253 $4,501 $27,904 $59,375 $165,781 
Closed Block Division4,293 
Unearned revenue reserve, unearned expense credit, and additional interest reserve6,429 
Other(2)
4,428 
Total Policyholders' account balance$180,931 
Weighted-average crediting rate4.02 %1.92 %2.78 %2.81 %1.44 %2.42 %2.38 %
Net amount at risk(3)
$0 $0 $0 $74,475 $408,334 $30,967 $513,776 
Cash surrender value(4)
$21,115 $37,231 $12,529 $3,668 $24,053 $52,544 $151,140 
Six Months Ended June 30, 2024
Retirement StrategiesGroup InsuranceIndividual Life
International Businesses(5)
Total
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period
$17,738 $23,765 $7,095 $5,293 $27,439 $51,399 $132,729 
Deposits3,466 3,755 2,815 491 1,224 4,255 16,006 
Interest credited356 224 105 75 379 1,068 2,207 
Acquisitions and Dispositions
0 0 0 0 0 (336)(336)
Policy charges(6)(12)0 (164)(1,023)(305)(1,510)
Surrenders and withdrawals(2,514)(442)(338)(849)(821)(1,036)(6,000)
Benefit payments(292)(38)(37)0 (69)(1,257)(1,693)
Net transfers (to) from separate account0 49 0 (6)285 0 328 
Change in market value and other adjustments(1)1 1,171 125 0 75 (25)1,347 
Foreign currency adjustment0 0 0 0 0 (2,301)(2,301)
Balance, end of period
$18,749 $28,472 $9,765 $4,840 $27,489 $51,462 $140,777 
Closed Block Division4,424 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,622 
Other(2)
4,168 
Total Policyholders' account balance$154,991 
Weighted-average crediting rate3.90 %1.71 %2.49 %2.96 %2.76 %4.15 %3.23 %
Net amount at risk(3)
$0 $0 $0 $74,276 $389,142 $24,055 $487,473 
Cash surrender value(4)
$18,749 $26,972 $8,193 $3,794 $23,664 $45,343 $126,715 
__________
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)Includes $5,004 million and $5,268 million of Full Service account balances reinsured to Great-West as of June 30, 2025 and 2024, 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.
(5)Prior period amounts have been updated to conform to current period presentation.

“Policyholders’ account balances” for Institutional Retirement Strategies, International Businesses and Corporate and Other includes the Company’s Funding Agreement Notes Issuance Program (“FANIP”), which totaled $7,801 million and $5,436 million at June 30, 2025 and 2024, 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 zero months to ten years. Included in the amounts at June 30, 2025 and 2024 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $4,742 million and $3,474 million, respectively, and short-term note liability of $2,834 million and $1,994 million, respectively, and Retail Note liability of $257 million and $0 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 June 30, 2025 and 2024. 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:

June 30, 2025
Range of Guaranteed Minimum Crediting Rate(1)
At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in millions)
Retirement Strategies - Institutional
Less than 1.00%
$614 $0 $0 $0 $614 
1.00% - 1.99%
1,552 0 0 0 1,552 
2.00% - 2.99%
75 0 0 0 75 
3.00% - 4.00%
3,513 0 0 0 3,513 
Greater than 4.00%
4,732 0 0 0 4,732 
Total$10,486 $0 $0 $0 $10,486 
Retirement Strategies - Individual Variable
Less than 1.00%
$448 $204 $407 $0 $1,059 
1.00% - 1.99%
104 377 1 0 482 
2.00% - 2.99%
20 4 4 0 28 
3.00% - 4.00%
1,605 1 9 0 1,615 
Greater than 4.00%
77 0 0 0 77 
Total$2,254 $586 $421 $0 $3,261 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $4 $18 $1,118 $1,140 
1.00% - 1.99%
428 65 215 52 760 
2.00% - 2.99%
536 454 550 15 1,555 
3.00% - 4.00%
3,113 29 11 3 3,156 
Greater than 4.00%
78 0 0 0 78 
Total$4,155 $552 $794 $1,188 $6,689 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $712 $712 
1.00% - 1.99%
0 0 0 2 2 
2.00% - 2.99%
44 0 0 0 44 
3.00% - 4.00%
1,442 6 51 7 1,506 
Greater than 4.00%
3 0 0 0 3 
Total$1,489 $6 $51 $721 $2,267 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $354 $354 
1.00% - 1.99%
341 0 2,072 1,602 4,015 
2.00% - 2.99%
284 1,565 2,737 432 5,018 
3.00% - 4.00%
5,611 1,953 1,305 45 8,914 
Greater than 4.00%
5,302 0 0 0 5,302 
Total$11,538 $3,518 $6,114 $2,433 $23,603 
International Businesses
Less than 1.00%
$3,932 $23 $0 $0 $3,955 
1.00% - 1.99%
16,450 32 0 0 16,482 
2.00% - 2.99%
7,926 280 26 0 8,232 
3.00% - 4.00%
8,743 0 0 0 8,743 
Greater than 4.00%
16,833 0 0 0 16,833 
Total$53,884 $335 $26 $0 $54,245 
June 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%
$503 $0 $0 $0 $503 
1.00% - 1.99%
1,519 0 0 0 1,519 
2.00% - 2.99%
608 0 0 0 608 
3.00% - 4.00%
4,674 0 0 0 4,674 
Greater than 4.00%
2,118 0 0 0 2,118 
Total$9,422 $0 $0 $0 $9,422 
Retirement Strategies - Individual Variable
Less than 1.00%
$618 $651 $254 $0 $1,523 
1.00% - 1.99%
187 118 2 0 307 
2.00% - 2.99%
24 5 4 0 33 
3.00% - 4.00%
1,811 7 9 0 1,827 
Greater than 4.00%
90 0 0 0 90 
Total$2,730 $781 $269 $0 $3,780 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $4 $10 $707 $721 
1.00% - 1.99%
482 96 234 79 891 
2.00% - 2.99%
548 461 563 16 1,588 
3.00% - 4.00%
1,036 76 8 2 1,122 
Greater than 4.00%
90 0 0 0 90 
Total$2,156 $637 $815 $804 $4,412 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $921 $921 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
27 0 0 0 27 
3.00% - 4.00%
1,448 0 0 62 1,510 
Greater than 4.00%
72 0 0 0 72 
Total$1,547 $0 $0 $983 $2,530 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $324 $324 
1.00% - 1.99%
247 0 1,678 1,848 3,773 
2.00% - 2.99%
31 1,480 2,837 448 4,796 
3.00% - 4.00%
4,300 3,897 1,342 28 9,567 
Greater than 4.00%
5,433 0 0 0 5,433 
Total$10,011 $5,377 $5,857 $2,648 $23,893 
International Businesses(2)
Less than 1.00%
$15,646 $40 $83 $2,560 $18,329 
1.00% - 1.99%
10,445 82 0 0 10,527 
2.00% - 2.99%
4,755 293 32 0 5,080 
3.00% - 4.00%
5,852 0 0 0 5,852 
Greater than 4.00%
7,103 0 0 0 7,103 
Total$43,801 $415 $115 $2,560 $46,891 
__________
(1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.
(2)Prior period amounts have been updated to conform to current period presentation.
Unearned Revenue Reserve (“URR”)

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

Six Months Ended June 30, 2025
Individual LifeInternational Businesses
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period
$5,245 $505 $5,750 
Unearned revenue432 98 530 
Amortization expense(126)(14)(140)
Other adjustments0 0 0 
Foreign currency adjustment0 30 30 
Balance, end of period
$5,551 $619 6,170 
Other
64 
Total unearned revenue reserve balance
$6,234 

Six Months Ended June 30, 2024
Individual Life
International Businesses(1)
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period
$4,613 $454 $5,067 
Unearned revenue436 80 516 
Amortization expense(118)(11)(129)
Other adjustments0 (57)(57)
Foreign currency adjustment0 (34)(34)
Balance, end of period
$4,931 $432 5,363 
Other
53 
Total unearned revenue reserve balance
$5,416 
MARKET RISK BENEFITS
The following table shows a rollforward of MRB balances for 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:
 
Six Months Ended June 30, 2025
Retirement Strategies
Individual Variable
Individual Fixed
Total
(in millions)
Balance, BOP$2,740 $0 $2,740 
Effect of cumulative changes in NPR672 0 672 
Balance, BOP, before effect of changes in NPR3,412 0 3,412 
Attributed fees collected525 6 531 
Claims paid(41)0 (41)
Interest accrual94 0 94 
Actual in force different from expected40 2 42 
Effect of changes in interest rates389 (7)382 
Effect of changes in equity markets(494)(2)(496)
Effect of assumption update and other refinements
112 151 263 
Issuances35 17 52 
Other adjustments12 3 15 
Balance, EOP, before effect of changes in NPR4,084 170 4,254 
Effect of cumulative changes in NPR(838)(7)(845)
Balance, EOP3,246 163 3,409 
Less: Reinsured MRBs
777 0 777 
Balance, EOP, net of reinsurance$2,469 $163 2,632 
Other businesses39 
Total net MRB balance$2,671 
Six Months Ended June 30, 2024
Retirement Strategies
Individual Variable
Individual Fixed
Total
(in millions)
Balance, BOP$4,038 $0 $4,038 
Effect of cumulative changes in NPR1,137 0 1,137 
Balance, BOP, before effect of changes in NPR5,175 0 5,175 
Attributed fees collected569 0 569 
Claims paid(42)0 (42)
Interest accrual130 0 130 
Actual in force different from expected(6)0 (6)
Effect of changes in interest rates(909)0 (909)
Effect of changes in equity markets(1,165)0 (1,165)
Effect of assumption update and other refinements(1)
88 0 88 
Issuances29 0 29 
Other adjustments(1)
20 0 20 
Balance, EOP, before effect of changes in NPR3,889 0 3,889 
Effect of cumulative changes in NPR(942)0 (942)
Balance, EOP2,947 0 2,947 
Less: Reinsured MRBs
635 0 635 
Balance, EOP, net of reinsurance$2,312 $0 2,312 
Other businesses47 
Total net MRB balance$2,359 
_________
(1)Prior period amounts have been updated to conform to current presentation.

In both 2025 and 2024, 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.

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 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 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 tables present accompanying information to the rollforward tables above.

June 30, 2025
Retirement Strategies
Individual Variable
Individual Fixed
($ in millions)
Net amount at risk(1)$8,736 $401 
Weighted-average attained age of contractholders7267

June 30, 2024
Retirement Strategies
Individual Variable
Individual Fixed
($ in millions)
Net amount at risk(1)$9,358 N/A
Weighted-average attained age of contractholders71N/A
__________
(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:

June 30, 2025
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,291 $1 $1 $1,293 
Ceded
894 0 1 895 
Total MRB assets
$2,185 $1 $2 $2,188 
Direct and assumed
$4,537 $164 $41 $4,742 
Ceded
117 0 0 117 
Total MRB liabilities
$4,654 $164 $41 $4,859 
Net liability
$2,469 $163 $39 $2,671 
June 30, 2024
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,441 $0 $11 $1,452 
Ceded
780 0 1 781 
Total MRB assets
$2,221 $0 $12 $2,233 
Direct and assumed
$4,388 $0 $59 $4,447 
Ceded
145 0 0 145 
Total MRB liabilities
$4,533 $0 $59 $4,592 
Net liability
$2,312 $0 $47 $2,359 
v3.25.2
Reinsurance
 6 Months Ended
Jun. 30, 2025
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 October 2024, the Company entered into an agreement with Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, “Wilton 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 represented approximately 40% of the Company’s remaining statutory reserves on its in-force guaranteed universal life block of business as of September 30, 2024, following the close of the reinsurance transaction with Somerset Reinsurance Ltd. (“Somerset Re”), as discussed below. The transaction is structured on a coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $980 million deferred reinsurance loss at inception that is amortized into income over the estimated remaining life of the reinsured policies.

Effective January 2024, the Company entered into an agreement with Somerset Re to reinsure certain guaranteed universal life policies issued by Pruco Life and PLNJ, both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented 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 at inception that is 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.

Effective September 2023, the Company entered into an agreement with Prismic Life Reinsurance, Ltd. (“Prismic Re”), a wholly-owned subsidiary of Prismic Life Holding Company LP (“Prismic”), 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. Separately, effective March 2025, the Company entered into an agreement with Prismic Life Reinsurance International, Ltd. (“Prismic Re International”), a wholly-owned subsidiary of Prismic, to reinsure
approximately $7 billion of reserves for certain USD-denominated Japanese whole life policies originated by the Company’s Japanese affiliates. The transaction is structured on a coinsurance basis and is accounted for under the deposit method of accounting as the reinsured policies do not include life contingency risk and are accounted for as investment 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.

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 (collectively, “Empower”), 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. The Company also obtains collateral from its counterparties to mitigate counterparty default risk.
 
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 June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Direct premiums$5,824 $6,851 $11,846 $21,673 
Reinsurance assumed1,757 1,545 3,351 2,996 
Reinsurance ceded(599)(576)(1,215)(1,312)
Premiums$6,982 $7,820 $13,982 $23,357 
Direct policy charges and fee income$1,146 $949 $2,329 $1,813 
Reinsurance assumed290 299 579 599 
Reinsurance ceded(187)(163)(502)(271)
Policy charges and fee income$1,249 $1,085 $2,406 $2,141 
Direct change in value of market risk benefits, net of related hedging gains (losses)$(471)$(339)$(838)$(189)
Reinsurance assumed39 8 11 79 
Reinsurance ceded6 34 50 (64)
Change in value of market risk benefits, net of related hedging gains (losses)$(426)$(297)$(777)$(174)
Direct policyholders’ benefits$7,034 $7,961 $14,294 $23,826 
Reinsurance assumed2,074 1,938 4,044 3,781 
Reinsurance ceded(927)(1,035)(2,017)(2,149)
Policyholders’ benefits$8,181 $8,864 $16,321 $25,458 
Direct change in estimates of liability for future policy benefits$(17)$(213)$(64)$(67)
Reinsurance assumed(10)63 (10)58 
Reinsurance ceded(148)(26)(151)(184)
Change in estimates of liability for future policy benefits$(175)$(176)$(225)$(193)
Reinsurance recoverables and deposit receivables are as follows:
 
June 30, 2025December 31, 2024
(in millions)
Reinsurance recoverables:
Prismic Re(1)$5,443 $5,506 
FLIAC1,429 1,442 
Other39 39 
Individual and group annuities6,911 6,987 
Wilton Re7,690 7,478 
Somerset Re(2)1,687 1,591 
Hartford Life Business(3)2,018 2,033 
Other8,271 7,996 
Life insurance19,666 19,098 
Other reinsurance415 401 
Total reinsurance recoverables
26,992 26,486 
Deposit receivables:
Prismic Re(1)3,481 3,578 
Prismic Re International
6,391 0 
Somerset Re(4)
2,556 2,795 
Empower
4,732 4,821 
Total deposit receivables
17,160 11,194 
Total reinsurance recoverables and deposit receivables(5)
$44,152 $37,680 
__________
(1)The Company has also recorded funds withheld payables related to the reinsurance agreement with Prismic Re of $7,776 million and $7,796 million as of June 30, 2025 and December 31, 2024, respectively.
(2)Represents reinsurance recoverables of $8,088 million and $7,979 million as of June 30, 2025 and December 31, 2024, respectively that are netted with reinsurance payables of $6,401 million and $6,388 million as of June 30, 2025 and December 31, 2024, respectively, related to the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business under modified coinsurance.
(3)The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,335 million and $1,387 million as of June 30, 2025 and December 31, 2024, respectively.
(4)The Company has also recorded funds withheld payables related to the reinsurance agreement with Somerset Re of $2,609 million and $2,595 million as of June 30, 2025 and December 31, 2024, respectively.
(5)Net of $13 million and $12 million of allowance for credit losses as of June 30, 2025 and December 31, 2024, respectively.

Excluding the reinsurance recoverables associated with the counterparties separately identified within the reinsurance recoverables table above, four major reinsurance companies account for approximately 60% of the Company’s remaining reinsurance recoverables as of June 30, 2025. 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, 2024 for additional details regarding CECL.
v3.25.2
Closed Block
 6 Months Ended
Jun. 30, 2025
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, 2024.
 
As of June 30, 2025 and December 31, 2024, the Company recognized a policyholder dividend obligation of $1,729 million and $2,096 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 $(1,514) million and $(2,096) million at June 30, 2025 and December 31, 2024, respectively, with a corresponding amount reported in AOCI.

As of June 30, 2025, 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:
June 30,
2025		December 31,
2024
 (in millions)
Closed Block liabilities
Future policy benefits$41,927 $42,464 
Policyholders’ dividends payable695 688 
Policyholders’ dividend obligation215 0 
Policyholders’ account balances4,293 4,359 
Other Closed Block liabilities3,292 3,346 
Total Closed Block liabilities50,422 50,857 
Closed Block assets
Fixed maturities, available-for-sale, at fair value29,154 28,570 
Fixed maturities, trading, at fair value647 647 
Equity securities, at fair value1,475 1,642 
Commercial mortgage and other loans7,628 7,652 
Policy loans3,280 3,348 
Other invested assets4,521 4,929 
Short-term investments346 520 
Total investments47,051 47,308 
Cash and cash equivalents368 400 
Accrued investment income402 403 
Other Closed Block assets299 367 
Total Closed Block assets48,120 48,478 
Excess of reported Closed Block liabilities over Closed Block assets2,302 2,379 
Portion of above representing accumulated other comprehensive income (loss):
Net unrealized investment gains (losses)(1,666)(2,299)
Allocated to policyholder dividend obligation1,514 2,096 
Future earnings to be recognized from Closed Block assets and Closed Block liabilities$2,150 $2,176 
Information regarding the policyholder dividend obligation is as follows:

Six Months Ended
June 30, 2025
 (in millions)
Balance, December 31, 2024$0 
Impact from earnings allocable to policyholder dividend obligation(367)
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation582 
Balance, June 30, 2025$215 

Closed Block revenues and benefits and expenses are as follows for the periods indicated:


Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
 (in millions)
Revenues
Premiums$444 $433 $862 $842 
Net investment income511 506 1,003 1,019 
Realized investment gains (losses), net(199)(174)(255)(299)
Other income (loss)190 43 156 207 
Total Closed Block revenues946 808 1,766 1,769 
Benefits and Expenses
Policyholders’ benefits616 604 1,217 1,188 
Interest credited to policyholders’ account balances28 29 56 59 
Dividends to policyholders249 162 377 437 
General and administrative expenses64 67 142 134 
Total Closed Block benefits and expenses957 862 1,792 1,818 
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes(11)(54)(26)(49)
Income tax expense (benefit)(31)(73)(66)(88)
Closed Block revenues, net of Closed Block benefits and expenses and income taxes$20 $19 $40 $39 
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
 
The Company uses a full-year projected effective tax rate approach to calculate year-to-date taxes. 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. 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. 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 Company’s income tax provision, on a consolidated basis, amounted to an income tax expense of $402 million, or 24.2% of income (loss) before income taxes and equity in earnings of joint ventures and other operating entities, in the first six months of 2025, compared to an income tax expense of $553 million, or 19.7%, in the first six months of 2024. 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 the Company 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. The Company continues to assume that the election does not apply in tax years post 2021.

On August 7, 2023, the IRS issued Notice 2023-55 which provides 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 creditability 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 in 2024 for taxes paid to Brazil related to the 2023 tax year and will continue to claim a U.S. foreign tax credit for taxes paid to Brazil in future tax years. This contributed to the Company’s Brazil operations not being subject to Global Intangible Low Taxed Income (GILTI) in 2024.

GILTI. 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. These limitations did not have a material impact in 2023 or 2024.

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 allow an annual election to exclude from the U.S. tax return certain 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 and Brazil, 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 2024 tax year and anticipates to make the high-tax exception election for the 2025 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 six months of 2024 and 2025, respectively.

Tax Law Change. H.R.1, also referred to as the “One Big Beautiful Bill Act” (the “Tax Act of 2025”), was enacted into law on July 4, 2025. The legislation introduces changes to the U.S. international tax regime, including a reduction in the Section 250 deduction for GILTI (now referred to as Net CFC Tested Income (“NCFCTI”)) from 50% to 40% beginning in 2026, resulting in an increase to the corporate tax rate on NCFCTI from 10.5% to 12.6%. The legislation also reduces the foreign tax credit haircut related to NCFCTI from 20% to 10% and makes changes to the related expense allocation. While the Company is currently evaluating the impact of the Tax Act of 2025 on its future consolidated financial statements and related disclosures, the Company does not anticipate that the provisions of the Tax Act of 2025 will have a material impact on its effective tax rate and deferred tax positions beginning in the third quarter of 2025.

In March 2025, Japan enacted a 4% Special Defense Corporation Tax, effective for tax years beginning on or after April 1, 2026, that raises the corporate income tax rate for the Company’s Japan insurance companies from 28.00% to 28.93%. As a result, a tax expense of approximately $36 million was reflected in the financial statements for the first quarter of 2025.

Tax Audit and Unrecognized Tax Benefits. It is possible the Company will pay the unrecognized tax benefit attributable to the Section 952 election of approximately $122 million for prior period audit cycles within the next 12 months as it pursues resolution of the 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.
v3.25.2
Short-Term and Long-Term Debt
 6 Months Ended
Jun. 30, 2025
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:
 
June 30, 2025December 31, 2024
 ($ in millions)
Commercial paper:
Prudential Financial$25 $25 
Prudential Funding, LLC500 496 
Subtotal commercial paper525 521 
Current portion of long-term debt:
Senior Notes499 0 
Surplus notes348 347 
Mortgage debt1 85 
Subtotal current portion of long-term debt848 432 
Subtotal1,373 953 
Less: assets under set-off arrangements(1)0 0 
Total short-term debt(2)
$1,373 $953 
Supplemental short-term debt information:
Portion of commercial paper borrowings due overnight$125$310
Daily average commercial paper outstanding for the quarter ended$1,551$1,823
Weighted average maturity of outstanding commercial paper, in days515
Weighted average interest rate on outstanding commercial paper4.33 %4.61 %
__________
(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 $524 million and $25 million at June 30, 2025 and December 31, 2024, respectively.

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 June 30, 2025, 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, 2024.
Long-term Debt

The table below presents the Company’s long-term debt as of the dates indicated:
 
 June 30, 2025December 31, 2024
 (in millions)
Fixed-rate obligations:
Surplus notes subject to set-off arrangements(1)(2)
$15,220 $14,748 
Senior notes10,610 10,245 
Mortgage debt(3)
125 69 
Floating-rate obligations:
Line of credit255 255 
Mortgage debt(3)
66 31 
Junior subordinated notes(4)
7,595 8,587 
Subtotal33,871 33,935 
Less: assets under set-off arrangements(1)15,220 14,748 
Total long-term debt(5)
$18,651 $19,187 
__________    
(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 $7.2 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 $158 million and $100 million of debt denominated in foreign currency at June 30, 2025 and December 31, 2024, respectively.
(4)Includes Prudential Financial debt of $7,552 million and $8,548 million at June 30, 2025, and December 31, 2024, respectively. Also includes subsidiary debt of $43 million and $39 million denominated in foreign currency at June 30, 2025, and December 31, 2024, respectively.
(5)Includes Prudential Financial debt of $18,162 million and $18,793 million at June 30, 2025 and December 31, 2024, respectively.

At June 30, 2025 and December 31, 2024, 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 notes support the Company’s Institutional Retirement Strategies business through the purchase of funding agreements on which the segment will earn investment spread. As of June 30, 2025, the outstanding balance of the InterNotes® Retail Notes was $485 million of which $253 million was utilized for Institutional Retirement Strategies, as described above.

In March 2025, the Company issued $750 million in aggregate principal amount of 5.200% medium-term notes due in March 2035.

Junior Subordinated Notes

In May 2025, the Company redeemed, in full, $1.0 billion in aggregate principal amount of 5.375% junior subordinated notes due in 2045.
v3.25.2
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2025
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 June 30,
 Pension BenefitsOther Postretirement Benefits
 2025202420252024
 (in millions)
Components of net periodic (benefit) cost:
Service cost$47 $51 $2 $2 
Interest cost141 135 14 13 
Expected return on plan assets(249)(239)(18)(19)
Amortization of prior service cost0 (1)(17)(17)
Amortization of actuarial (gain) loss, net21 23 2 2 
Settlements0 1 0 0 
Special termination benefits
0 1 0 0 
Net periodic (benefit) cost$(40)$(29)$(17)$(19)
Six Months Ended June 30,
Pension BenefitsOther Postretirement Benefits
2025202420252024
(in millions)
Components of net periodic (benefit) cost:
Service cost$94 $103 $3 $4 
Interest cost282 270 28 26 
Expected return on plan assets(498)(477)(36)(38)
Amortization of prior service cost0 (1)(34)(34)
Amortization of actuarial (gain) loss, net42 45 5 4 
Settlements(1)1 0 0 
Special termination benefits
0 1 0 0 
Net periodic (benefit) cost$(81)$(58)$(34)$(38)
v3.25.2
Equity
 6 Months Ended
Jun. 30, 2025
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, 2024666.3 311.7 354.6 
Common Stock issued0.0 0.0 0.0 
Common Stock acquired0.0 4.6 (4.6)
Stock-based compensation programs(1)0.0 (1.9)1.9 
Balance, June 30, 2025666.3 314.4 351.9 
__________ 
(1)Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs.

In December 2024, 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, 2025 through December 31, 2025. As of June 30, 2025, 4.6 million shares of the Company’s Common Stock were repurchased under this authorization at a total cost of $500 million.

The timing and amount of share repurchases are determined by management based upon market conditions and other considerations, and such repurchases may be executed in the open market, through derivative, accelerated repurchase and other negotiated transactions and through plans complying with Rule 10b5-1(c) under the Securities Exchange Act of 1934 (the “Exchange Act”), as amended. 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
June 30,		Six Months Ended
June 30,
 2025202420252024
Dividends declared per share of Common Stock$1.35 $1.30 $2.70 $2.60 
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 six months ended June 30, 2025 and 2024, 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, 2024$(3,615)$(18,687)$17,306 $532 $(2,247)$(6,711)
Change in OCI before reclassifications806 (2,132)3,983 172 (5)2,824 
Amounts reclassified from AOCI(20)511 0 0 13 504 
Income tax benefit (expense)80 604 (1,187)(36)1 (538)
Balance, June 30, 2025$(2,749)$(19,704)$20,102 $668 $(2,238)$(3,921)

 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 reclassifications(827)(10,584)10,351 (196)11 (1,245)
Amounts reclassified from AOCI(20)467 0 0 14 461 
Income tax benefit (expense)(81)2,526 (2,606)42 (37)(156)
Balance, June 30, 2024$(3,614)$(18,804)$16,292 $746 $(2,064)$(7,444)
__________
(1)Includes cash flow hedges of $(597) million and $1,780 million as of June 30, 2025 and December 31, 2024, respectively, and $1,499 million and $869 million as of June 30, 2024 and December 31, 2023, respectively, and fair value hedges of $(168) million and $(64) million as of June 30, 2025 and December 31, 2024, respectively, and $(70) million and $(60) million as of June 30, 2024 and December 31, 2023, respectively.
 
Reclassifications out of Accumulated Other Comprehensive Income (Loss)

 Three Months Ended
June 30,		Six Months Ended
June 30,		Affected line item in Unaudited Interim Consolidated Statements of Operations
 2025202420252024
 (in millions) 
Amounts reclassified from AOCI(1)(2):
Foreign currency translation adjustment:
Foreign currency translation adjustments$8 $7 $20 $20 Realized investment gains (losses), net
Net unrealized investment gains (losses):
Cash flow hedges—Interest rate(4)(17)(7)(20)(3)
Cash flow hedges—Currency(4)2 (3)4 (3)
Cash flow hedges—Currency/Interest rate(265)114 (294)271 (3)
Fair value hedges—Currency(3)(3)(7)(5)(3)
Net unrealized investment gains (losses) on available-for-sale securities(137)(735)(200)(717)Realized investment gains (losses), net
Total net unrealized investment gains (losses)(413)(639)(511)(467)(4)
Amortization of defined benefit items:
Prior service cost17 18 34 35 (5)
Actuarial gain (loss)(23)(25)(47)(49)(5)
Total amortization of defined benefit items(6)(7)(13)(14)
Total reclassifications for the period$(411)$(639)$(504)$(461)
__________
(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, 2024$6 $(27,287)$(269)$981 $2,096 $5,786 $(18,687)
Net investment gains (losses) on investments arising during the period4 (1,390)708 (678)
Reclassification adjustment for (gains) losses included in net income(7)518 (261)250 
Impact of net unrealized investment (gains) losses81 (245)(582)157 (589)
Balance, June 30, 2025$3 $(28,159)$(188)$736 $1,514 $6,390 $(19,704)
__________
(1)Includes cash flow and fair value hedges. See Note 5 for additional information
v3.25.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share 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 June 30,
 20252024
 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) $566 $1,171 
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
33 (27)
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards6 14 
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $527 353.1 $1.49 $1,184 358.8 $3.30 
Effect of dilutive securities and compensation programs
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic$6 $14 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted6 14 
Stock options0.1 0.2 
Deferred and long-term compensation programs1.7 1.5 
Diluted earnings per share
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $527 354.9 $1.48 $1,184 360.5 $3.28 
 Six Months Ended June 30,
 20252024
 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) $1,308 $2,322 
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
68 (14)
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards16 29 
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $1,224 353.7 $3.46 $2,307 358.9 $6.43 
Effect of dilutive securities and compensation programs
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic$16 $29 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted16 29 
Stock options0.1 0.3 
Deferred and long-term compensation programs1.7 1.3 
Diluted earnings per share
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $1,224 355.5 $3.44 $2,307 360.5 $6.40 
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 June 30, 2025 and 2024, as applicable, were based on 3.9 million and 4.0 million of such awards, respectively, and for the six months ended June 30, 2025 and 2024, as applicable, were based on 3.9 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 June 30,
 20252024
 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 method0.2 $108.68 0.0 N/A
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 0.0 
Antidilutive shares due to net loss available to holders of Common Stock0.0 0.0 
Total antidilutive stock options and shares0.2 0.0 
 Six Months Ended June 30,
 20252024
 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 $108.68 0.1 $110.42 
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 0.0 
Antidilutive shares due to net loss available to holders of Common Stock0.0 0.0 
Total antidilutive stock options and shares0.1 0.1 
v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
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, 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. 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. For additional information regarding these segments, 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, 2024.

Effective in the first quarter of 2025, consistent with changes to the Company’s internal management structure, the Company’s International Businesses are reflected as a single operating and reportable segment, which is consistent with how the CODM now assesses its performance and allocates resources. Prior to the first quarter of 2025, International Businesses consisted of the Life Planner and Gibraltar Life and Other operating segments, each of which was a reportable segment under U.S. GAAP. The change has been applied retrospectively and did not have any impact on the Company’s Unaudited Interim Consolidated Financial Statements contained herein or to any previously issued financial statements.

Segment Accounting Policies. The accounting policies of the segments are the same as those described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Results for each segment include earnings on attributed equity established at a level which management considers necessary to support each segment’s risks. Operating expenses specifically identifiable to a particular segment are allocated to that segment as incurred.

Following an annual review of its internal expense allocations, the Company implemented an allocation update that will impact segment results; however, there will be no impact to the Company’s consolidated results. Effective in the first quarter of 2025, operating expenses not identifiable to a specific segment that are incurred in connection with the generation of segment revenues are generally allocated using a proportional allocation measure such as headcount, segment-level support or other financial measures. Prior to the first quarter of 2025, these expenses were generally allocated based upon the segment’s historical percentage of general and administrative expenses.

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 chief executive officer, who is the Company’s CODM, and is the measure of segment performance presented below. The CODM uses adjusted operating income to (1) evaluate segment performance; (2) allocate resources and capital, predominantly during the annual budgeting and planning processes; and (3) consider variances to pre-established targets during the compensation process. 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.
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 which are important to an understanding of overall results of operations, and are described in greater detail below:
 
•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.

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, 2024.

As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, during the fourth quarter of 2024, the Company identified an immaterial error in the application of adjusted operating income, which resulted in an overstatement thereof for indexed variable and fixed annuity products within the Retirement Strategies segment in the first three quarters of 2024. As a result, the Company voluntarily revised its historical adjusted operating income for the relevant periods, resulting in a decrease in pre-tax adjusted operating income of $47 million and $81 million for the three and six months ended June 30, 2024, respectively.

Reconciliation of select financial information

The tables below present certain financial information that is regularly provided to the CODM for the Company’s segments, including revenues and significant benefits and expenses, on an adjusted operating income basis, as well as assets by segment, and the reconciliation of the segment totals to amounts reported in the Unaudited Interim Consolidated Financial Statements. Prior periods have been updated to reflect the adoption of ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.
 
Three Months Ended June 30, 2025
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(3)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $2,126 $17 $1,349 $232 $2,709 $(7)$6,426 $556 $6,982 
Policy charges and fee income
0 5 273 184 531 92 (15)1,070 179 1,249 
Net investment income
59 1,248 682 133 697 1,451 330 4,600 626 5,226 
Asset management fees, commissions and other income
984 128 349 21 33 147 (252)1,410 (1,141)269 
Total revenues
1,043 3,507 1,321 1,687 1,493 4,399 56 13,506 220 13,726 
Benefits and expenses:
Policyholders' benefits
0 2,707 127 1,230 677 2,445 (1)7,185 
Interest credited to policyholders' account balances
0 188 355 32 179 369 12 1,135 
Interest expense
24 15 12 5 254 1 215 526 
Deferral of acquisition costs0 (34)(173)(4)(220)(297)39 (689)
Amortization of DAC0 4 118 4 107 174 (15)392 
Operating expenses(4)
477 68 160 186 169 467 107 1,634 
Variable expenses(4)
313 39 395 109 267 446 (21)1,548 
Other benefits and expenses(5)
0 124 1 0 (48)33 0 110 
Total benefits and expenses
814 3,111 995 1,562 1,385 3,638 336 11,841 
Total pre-tax income
$229 $396 $326 $125 $108 $761 $(280)$1,665 $(925)$740 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
(516)
Change in value of market risk benefits, net of related hedging gains (losses)(426)
Market experience updates42 
Divested and Run-off Businesses:
Closed Block division(18)
Other Divested and Run-off Businesses12 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(18)
Other adjustments(1)
Total reconciling items
(925)
Total GAAP pre-tax income
$740 
 
Three Months Ended June 30, 2024
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)(2)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(3)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $2,758 $11 $1,272 $241 $3,002 $(7)$7,277 $543 $7,820 
Policy charges and fee income
0 8 312 165 510 80 (14)1,061 24 1,085 
Net investment income
14 1,142 496 128 762 1,390 286 4,218 631 4,849 
Asset management fees, commissions and other income
949 133 435 21 16 40 (301)1,293 (164)1,129 
Total revenues
963 4,041 1,254 1,586 1,529 4,512 (36)13,849 1,034 14,883 
Benefits and expenses:
Policyholders' benefits
0 3,718 39 1,140 787 2,446 (7)8,123 
Interest credited to policyholders' account balances
0 153 245 36 209 288 21 952 
Interest expense
26 9 19 4 250 (2)174 480 
Deferral of acquisition costs0 (15)(164)(4)(219)(268)56 (614)
Amortization of DAC0 2 98 2 110 161 (10)363 
Operating expenses(4)
445 60 142 185 118 428 133 1,511 
Variable expenses(4)
286 20 448 102 266 399 (32)1,489 
Other benefits and expenses(5)
0 (456)(12)0 95 358 0 (15)
Total benefits and expenses
757 3,491 815 1,465 1,616 3,810 335 12,289 
Total pre-tax income
$206 $550 $439 $121 $(87)$702 $(371)$1,560 $(145)$1,415 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
175 
Change in value of market risk benefits, net of related hedging gains (losses)(297)
Market experience updates47 
Divested and Run-off Businesses:
Closed Block division(60)
Other Divested and Run-off Businesses38 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(43)
Other adjustments(5)
Total reconciling items
(145)
Total GAAP pre-tax income
$1,415 
 
Six Months Ended June 30, 2025
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(3)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $3,871 $37 $2,745 $469 $5,766 $(16)$12,872 $1,110 $13,982 
Policy charges and fee income
0 12 563 381 1,072 180 (30)2,178 228 2,406 
Net investment income
79 2,491 1,311 267 1,391 2,920 660 9,119 1,237 10,356 
Asset management fees, commissions and other income
1,949 238 748 42 76 271 (575)2,749 (2,297)452 
Total revenues
2,028 6,612 2,659 3,435 3,008 9,137 39 26,918 278 27,196 
Benefits and expenses:
Policyholders' benefits
0 5,144 157 2,526 1,468 5,226 (9)14,512 
Interest credited to policyholders' account balances
0 370 680 67 361 716 24 2,218 
Interest expense
45 32 25 10 514 0 422 1,048 
Deferral of acquisition costs0 (61)(355)(4)(422)(603)72 (1,373)
Amortization of DAC0 10 227 6 217 339 (31)768 
Operating expenses(4)
981 139 304 380 289 903 262 3,258 
Variable expenses(4)
617 71 824 236 538 909 (6)3,189 
Other benefits and expenses(5)
0 99 7 0 (31)38 0 113 
Total benefits and expenses
1,643 5,804 1,869 3,221 2,934 7,528 734 23,733 
Total pre-tax income
$385 $808 $790 $214 $74 $1,609 $(695)$3,185 $(1,525)$1,660 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
(762)
Change in value of market risk benefits, net of related hedging gains (losses)(777)
Market experience updates81 
Divested and Run-off Businesses:
Closed Block division(40)
Other Divested and Run-off Businesses(39)
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(15)
Other adjustments27 
Total reconciling items
(1,525)
Total GAAP pre-tax income
$1,660 
 
Six Months Ended June 30, 2024
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)(2)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(3)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $13,055 $39 $2,570 $487 $6,141 $(9)$22,283 $1,074 $23,357 
Policy charges and fee income
0 14 618 340 1,013 160 (28)2,117 24 2,141 
Net investment income
(29)2,234 940 264 1,568 2,802 559 8,338 1,275 9,613 
Asset management fees, commissions and other income
1,982 276 878 46 41 122 (528)2,817 464 3,281 
Total revenues
1,953 15,579 2,475 3,220 3,109 9,225 (6)35,555 2,837 38,392 
Benefits and expenses:
Policyholders' benefits
0 14,576 79 2,389 1,637 5,213 (12)23,882 
Interest credited to policyholders' account balances
0 307 446 76 415 567 43 1,854 
Interest expense
50 26 33 6 550 (3)347 1,009 
Deferral of acquisition costs(1)(34)(314)(10)(414)(561)73 (1,261)
Amortization of DAC1 4 191 3 226 320 (20)725 
Operating expenses(4)
939 123 287 371 301 884 438 3,343 
Variable expenses(4)
589 45 872 219 517 820 (69)2,993 
Other benefits and expenses(5)
0 (459)2 0 85 387 0 15 
Total benefits and expenses
1,578 14,588 1,596 3,054 3,317 7,627 800 32,560 
Total pre-tax income
$375 $991 $879 $166 $(208)$1,598 $(806)$2,995 $(190)$2,805 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
112 
Change in value of market risk benefits, net of related hedging gains (losses)(174)
Market experience updates15 
Divested and Run-off Businesses:
Closed Block division(63)
Other Divested and Run-off Businesses3 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(70)
Other adjustments(13)
Total reconciling items
(190)
Total GAAP pre-tax income
$2,805 
__________
(1)The Individual 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)The amounts for the three and six months ended June 30, 2024 reflect the correction of an error related to indexed variable and fixed annuity products within the Individual Retirement Strategies segment. See “—Adjusted Operating Income” above for additional information. Prior period amounts have been updated to conform to current period presentation.
(3)Corporate and Other operations, through Prudential Advisors, generates fee revenues from the sale and distribution of certain insurance, annuity and investment products offered by Prudential and third parties.
(4)“Operating expenses” includes amounts related to salaries, employee benefits, occupancy, technology, consulting, external and contracted services, legal, corporate charges, costs for initiatives, and other miscellaneous expenses. “Variable expenses” includes commissions, certain compensation related to levels of investment performance, premium taxes and other fees related to sales of certain insurance and investment products.
(5)“Other benefits and expenses” primarily includes: (i) the change in estimates of liability for future policy benefits, which can be either positive or negative, for Retirement Strategies, Individual Life and International Businesses; (ii) dividends to policyholders for Individual Life and International Businesses, which are included in adjusted operating income; and (iii) dividends to policyholders in the Closed Block Division, which are not included in adjusted operating income.
June 30,
2025		December 31,
2024
(in millions)
Assets by segment:
PGIM$37,454 $36,044 
U.S. Businesses:
Institutional Retirement Strategies130,095 126,842 
Individual Retirement Strategies153,867 150,151 
Retirement Strategies283,962 276,993 
Group Insurance40,408 39,340 
Individual Life125,793 122,590 
Total U.S. Businesses450,163 438,923 
International Businesses
191,258 180,038 
Corporate and Other31,619 31,767 
Closed Block division48,458 48,815 
Total assets per Unaudited Interim Consolidated Financial Statements$758,952 $735,587 

Intersegment revenues

Management has determined the intersegment revenues with reference to market rates. Intersegment revenues are eliminated within 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
June 30,		Six Months Ended
June 30,
 2025202420252024
 (in millions)
PGIM segment intersegment revenues$222 $204 $446 $411 
 
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 June 30,Six Months Ended June 30,
2025202420252024
 (in millions)
Asset-based management fees$841 $853 $1,695 $1,685 
Performance-based incentive fees25 19 32 61 
Other fees116 129 239 254 
Total asset management and service fees$982 $1,001 $1,966 $2,000 
v3.25.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions 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. 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.

In March 2025, the Company entered into an agreement with Prismic Re International, a wholly-owned subsidiary of Prismic, to reinsure approximately $7 billion of reserves for certain USD-denominated Japanese whole life policies originated by the Company’s Japanese affiliates. In connection with this transaction, the Company invested an additional $103 million in Prismic to maintain its 20% equity interest in Prismic. PGIM also provides investment management services on a large portion of Prismic Re International’s assets.

As the investment in Prismic is accounted for under the equity method, Prismic, Prismic Re and Prismic Re International are considered related parties. The following tables summarize the impacts to the Company’s financial statements related to the agreements that the Company entered with Prismic, Prismic Re and Prismic Re International.

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

June 30,
2025		December 31,
2024
 (in millions)
Reinsurance recoverables and deposit receivables$15,315 $9,084 
Other assets
$163 $187 
Reinsurance and funds withheld payables (includes $45 and $(91) of embedded derivatives at fair value at June 30, 2025 and December 31, 2024, respectively)
$7,776 $7,796 
Accumulated other comprehensive income (loss)
$(172)$(139)

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 June 30, 2025 and December 31, 2024. As part of the transaction with Prismic Re International, the Company provided an $80 million, 10-year contingent debt facility, where the Company may be required to purchase subordinated debt from certain subsidiaries of Prismic in the event their capital ratio falls below a predetermined level. See Note 21 for additional information on the Company’s guarantees and commitments.
The related party activity with Prismic, Prismic Re and Prismic Re International impacted the Company’s results of operations and cash flows for the periods indicated as follows:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
 (in millions)
Premiums
$(13)$19 $(16)$15 
Asset management and service fees
15 9 28 18 
Other income (loss)
99 35 160 74 
Realized investment gains(losses), net
(33)114 (270)318 
Policyholders’ benefits
(70)(70)(141)(141)
Change in estimates of liability for future policy benefits
(14)20 (17)16 
Amortization of deferred policy acquisition costs
(3)0 (4)0 
General and administrative expenses
14 8 17 19 
Income (loss) from related parties, before income taxes
141 219 47 531 
Other comprehensive income (loss), before tax(24)(224)(33)(92)
Total comprehensive income (loss), before tax$117 $(5)$14 $439 

Six Months Ended June 30,
20252024
 (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
$270 $(318)
 Change in:
Deferred policy acquisition costs
$(4)$0 
Reinsurance related-balances
$(404)$(369)
Other, net$21 $5 
CASH FLOWS FROM INVESTING ACTIVITIES
Other, net$(64)$0 
CASH FLOWS FROM FINANCING ACTIVITIES
Other, net$167 $180 
v3.25.2
Commitments and Contingent Liabilities
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities COMMITMENTS AND CONTINGENT LIABILITIES
Commitments and Guarantees
 
Commercial Mortgage Loan Commitments

June 30,
2025		December 31,
2024
 (in millions)
Total outstanding mortgage loan commitments$3,164 $2,552 
Portion of commitment where prearrangement to sell to investor exists$779 $578 
 
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 $4 million and $2 million as of June 30, 2025 and December 31, 2024, respectively. The change in allowance was $2 million for both the three and six months ended June 30, 2025 and $0 million for both the three and six months ended June 30, 2024.

Commitments to Purchase Investments (excluding Commercial Mortgage Loans)

June 30,
2025		December 31,
2024
 (in millions)
Expected to be funded from the general account and other operations outside the separate accounts$12,033 $11,664 
Expected to be funded from separate accounts$257 $0 
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 or six months ended June 30, 2025 or 2024.

 Indemnification of Securities Lending and Securities Repurchase Transactions

June 30,
2025		December 31,
2024
 (in millions)
Indemnification provided to certain clients for securities lending and securities repurchase transactions(1)$5,054 $5,015 
Fair value of related collateral associated with above indemnifications(1)
$5,167 $5,119 
Accrued liability associated with guarantee$0 $0 
__________ 
(1)Includes $0 million and $240 million related to securities repurchase transactions as of June 30, 2025 and December 31, 2024, 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

June 30,
2025		December 31,
2024
 (in millions)
Guaranteed value of third-parties’ assets$77,495 $76,416 
Fair value of collateral supporting these assets$73,402 $71,423 
Asset (liability) associated with guarantee, carried at fair value$(16)$(1)
 
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

June 30,
2025		December 31,
2024
 (in millions)
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company$3,359 $3,272 
First-loss exposure portion of above$966 $942 
Accrued liability associated with guarantees(1)$23 $25 
__________
(1)The accrued liability associated with guarantees includes an allowance for credit losses of $11 million and $12 million as of June 30, 2025 and December 31, 2024, respectively. The change in allowance was a reduction of $0 million and $1 million for the three months ended June 30, 2025 and 2024, respectively, and a reduction of $1 million and $1 million for the six months ended June 30, 2025 and 2024, respectively.
 
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 $26,327 million and $25,763 million of mortgages subject to these loss-sharing arrangements as of June 30, 2025 and December 31, 2024, respectively, all of which are collateralized by first priority liens on the underlying multi-family residential properties. As of June 30, 2025, these mortgages had a weighted-average debt service coverage ratio of 1.99 times and a weighted-average loan-to-value ratio of 62%. As of December 31, 2024, these mortgages had a weighted-average debt service coverage ratio of 1.95 times and a weighted-average loan-to-value ratio of 62%. The Company had no losses related to indemnifications that were settled for either the six months ended June 30, 2025 or 2024.
 
Other Guarantees

June 30,
2025		December 31,
2024
 (in millions)
Other guarantees where amount can be determined$288 $289 
Accrued liability for other guarantees and indemnifications$31 $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 June 30, 2025, 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 June 30, 2025, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $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, 2024, 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 April 2025, Plaintiff filed a First Amended Complaint removing allegations related to the Unclaimed Life Insurance and Annuities Act, and the Defendant filed a demurrer seeking to dismiss the Amended Complaint.

Securities Litigation

Donel Davidson v. Charles F. Lowrey, et al.

In March 2025, plaintiffs filed a motion seeking preliminary approval of the settlement notice and preliminary approval of the proposed settlement of the derivative litigation (“the Settlement”). In April 2025, the court issued an order granting the motion for preliminary approval of the Settlement. In June 2025, 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 July 2025, the parties entered into a Stipulation of Dismissal with Prejudice. This matter is now closed.

Shareholder Demands

This matter is now closed.

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.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 533 $ 1,198 $ 1,240 $ 2,336
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Significant Accounting Policies and Pronouncements (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of 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, 2024.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates include those used in determining future policy benefits; policyholders’ account balances related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; market risk benefits (“MRBs”); the 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.
Future Adoption Of New Accounting Pronouncements
ASUs issued but not yet adopted as of June 30, 2025
Standard
Description
Effective date and method
of adoption
Effect on the financial statements or other significant matters
ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (DISE)
This ASU requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.
Effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted and applied either prospectively or retrospectively.
The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax 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, and permits early adoption.
The ASU has no impact on the Company’s Consolidated Financial Statements but will result in expanded disclosures in the Notes to the Consolidated Financial Statements.
v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
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:
 
 June 30, 2025
 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$24,626 $665 $4,921 $0 $20,370 
Obligations of U.S. states and their political subdivisions6,059 129 675 0 5,513 
Foreign government securities
68,556 1,219 11,086 0 58,689 
U.S. public corporate securities112,147 1,575 10,524 12 103,186 
U.S. private corporate securities(1)47,182 874 2,303 70 45,683 
Foreign public corporate securities24,927 373 1,303 9 23,988 
Foreign private corporate securities40,352 1,498 2,673 132 39,045 
Asset-backed securities(2)18,230 171 69 1 18,331 
Commercial mortgage-backed securities9,918 67 404 0 9,581 
Residential mortgage-backed securities(3)4,076 25 185 0 3,916 
Total fixed maturities, available-for-sale(1)
$356,073 $6,596 $34,143 $224 $328,302 
__________
(1)Excludes notes with amortized cost of $15,220 million (fair value, $15,220 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, 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$24,869 $584 $5,105 $0 $20,348 
Obligations of U.S. states and their political subdivisions6,590 132 618 0 6,104 
Foreign government securities
63,523 1,837 7,881 0 57,479 
U.S. public corporate securities108,883 1,226 11,529 72 98,508 
U.S. private corporate securities(1)45,854 918 2,926 57 43,789 
Foreign public corporate securities23,165 248 1,421 10 21,982 
Foreign private corporate securities38,652 314 4,311 192 34,463 
Asset-backed securities(2)16,979 214 59 0 17,134 
Commercial mortgage-backed securities9,791 29 547 0 9,273 
Residential mortgage-backed securities(3)2,698 15 223 0 2,490 
Total fixed maturities, available-for-sale(1)
$341,004 $5,517 $34,620 $331 $311,570 
__________
(1)Excludes notes with amortized cost of $14,748 million (fair value, $14,748 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.
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:
 
 June 30, 2025
 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$5,174 $213 $9,803 $4,708 $14,977 $4,921 
Obligations of U.S. states and their political subdivisions1,157 69 3,190 606 4,347 675 
Foreign government securities
8,501 521 22,882 10,565 31,383 11,086 
U.S. public corporate securities20,645 856 47,399 9,658 68,044 10,514 
U.S. private corporate securities4,879 99 24,281 2,204 29,160 2,303 
Foreign public corporate securities4,519 129 7,894 1,173 12,413 1,302 
Foreign private corporate securities1,368 24 17,248 2,648 18,616 2,672 
Asset-backed securities2,538 36 732 32 3,270 68 
Commercial mortgage-backed securities282 1 6,123 403 6,405 404 
Residential mortgage-backed securities201 2 1,351 183 1,552 185 
Total fixed maturities, available-for-sale$49,264 $1,950 $140,903 $32,180 $190,167 $34,130 
 December 31, 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$6,667 $334 $10,161 $4,771 $16,828 $5,105 
Obligations of U.S. states and their political subdivisions1,592 53 3,288 565 4,880 618 
Foreign government securities
8,280 349 20,780 7,532 29,060 7,881 
U.S. public corporate securities25,420 1,036 48,152 10,485 73,572 11,521 
U.S. private corporate securities7,581 183 24,846 2,743 32,427 2,926 
Foreign public corporate securities5,751 170 8,084 1,246 13,835 1,416 
Foreign private corporate securities8,702 282 18,862 4,010 27,564 4,292 
Asset-backed securities1,488 11 1,015 48 2,503 59 
Commercial mortgage-backed securities1,092 8 6,432 539 7,524 547 
Residential mortgage-backed securities361 4 1,377 219 1,738 223 
Total fixed maturities, available-for-sale$66,934 $2,430 $142,997 $32,158 $209,931 $34,588 
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: 
June 30, 2025
 Amortized CostFair Value
(in millions)
Fixed maturities, available-for-sale:
Due in one year or less$16,168 $16,105 
Due after one year through five years66,688 67,355 
Due after five years through ten years
59,892 60,018 
Due after ten years(1)181,101 152,996 
Asset-backed securities18,230 18,331 
Commercial mortgage-backed securities9,918 9,581 
Residential mortgage-backed securities4,076 3,916 
Total$356,073 $328,302 
__________
(1)Excludes notes with amortized cost of $15,220 million (fair value, $15,220 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
June 30,
Six Months Ended
June 30,
 2025202420252024
 (in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$4,191 $8,323 $9,103 $14,074 
Proceeds from maturities/prepayments5,252 6,147 11,013 11,080 
Gross investment gains from sales and maturities126 201 408 595 
Gross investment losses from sales and maturities(233)(910)(540)(1,270)
Write-downs recognized in earnings(2)(57)(4)(176)(9)
(Addition to) release of allowance for credit losses27 (22)107 (33)
__________ 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $183 million and $(253) million for the six months ended June 30, 2025 and 2024, respectively.
(2)Amounts represent write-downs on credit adverse securities and securities actively marketed for sale.
Allowance for Credit Losses for Fixed Maturity Securities
The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as of and for the periods indicated:
Three Months Ended June 30, 2025
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 $250 $1 $0 $0 $251 
Additions to allowance for credit losses not previously recorded0 0 1 0 0 0 1 
Reductions for securities sold during the period0 0 (6)0 0 0 (6)
Additions (reductions) on securities with previous allowance0 0 28 0 0 0 28 
Write-downs charged against the allowance
0 0 (50)0 0 0 (50)
Balance, end of period$0 $0 $223 $1 $0 $0 $224 

Three Months Ended June 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 $31 $139 $1 $0 $0 $171 
Additions to allowance for credit losses not previously recorded0 0 13 0 0 0 13 
Reductions for securities sold during the period0 (30)(8)0 0 0 (38)
Additions (reductions) on securities with previous allowance0 (1)24 0 0 0 23 
Balance, end of period$0 $0 $168 $1 $0 $0 $169 

Six Months Ended June 30, 2025
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 $331 $0 $0 $0 $331 
Additions to allowance for credit losses not previously recorded0 0 17 1 0 0 18 
Reductions for securities sold during the period0 0 (12)0 0 0 (12)
Additions (reductions) on securities with previous allowance0 0 31 0 0 0 31 
Write-downs charged against the allowance
0 0 (144)0 0 0 (144)
Balance, end of period$0 $0 $223 $1 $0 $0 $224 
Six Months Ended June 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 59 0 0 0 59 
Reductions for securities sold during the period0 (30)(20)0 0 0 (50)
Additions (reductions) on securities with previous allowance0 (23)24 (1)0 0 0 
Balance, end of period$0 $0 $168 $1 $0 $0 $169 
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:

 June 30, 2025December 31, 2024
 Amortized
Cost or Cost		Fair
Value		Amortized
Cost or Cost		Fair
Value
 (in millions)
Fixed maturities:
Corporate securities$69 $67 $68 $67 
Foreign government securities
642 635 544 539 
Obligations of U.S. government authorities and agencies and obligations of U.S. states
239 236 207 220 
Total fixed maturities(1)950 938 819 826 
Equity securities2,162 3,344 1,763 2,881 
Total assets supporting experience-rated contractholder liabilities(2)$3,112 $4,282 $2,582 $3,707 
__________ 
(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 June 30, 2025 and December 31, 2024.
(2)As a percentage of amortized cost, 100% of the portfolio consisted of public securities as of both June 30, 2025 and December 31, 2024.
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:
 
 June 30, 2025December 31, 2024
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
 (in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale$60,678 $51,434 $56,457 $51,177 
Fixed maturities, trading19 19 18 18 
Assets supporting experience-rated contractholder liabilities562 548 472 462 
Total$61,259 $52,001 $56,947 $51,657 

 June 30, 2025December 31, 2024
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
 (in millions)
Investments in Brazilian government and government agency securities:
Fixed maturities, available-for-sale$3,568 $3,125 $2,753 $2,251 
Fixed maturities, trading74 71 44 40 
Short-term investments2 2 2 2 
Cash equivalents109 109 228 228 
Total$3,753 $3,307 $3,027 $2,521 
Commercial Mortgage and Other Loans
The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: 

 June 30, 2025December 31, 2024
 
Amount
% of
Total
Amount
% of
Total
($ in millions)
Commercial mortgage and agricultural property loans by property type:
Office$7,065 11.3 %$7,867 12.7 %
Retail5,441 8.7 5,552 9.0 
Apartments/Multi-Family18,729 29.9 17,522 28.3 
Industrial17,293 27.5 16,900 27.3 
Hospitality1,668 2.7 1,831 3.0 
Self-Storage(1)
2,276 3.6 2,194 3.5 
Health Care Senior Living(1)
1,858 3.0 1,858 3.0 
Other(1)
565 0.9 334 0.6 
Total commercial mortgage loans54,895 87.6 54,058 87.4 
Agricultural property loans7,762 12.4 7,775 12.6 
Total commercial mortgage and agricultural property loans62,657 100.0 %61,833 100.0 %
Allowance for credit losses(508)(528)
Total net commercial mortgage and agricultural property loans62,149 61,305 
Other loans:
Uncollateralized loans368 595 
Residential property loans18 19 
Other collateralized loans477 468 
Total other loans863 1,082 
Allowance for credit losses(46)(46)
Total net other loans817 1,036 
Total net commercial mortgage and other loans(2)
$62,966 $62,341 
__________ 
(1)Prior period amounts have been updated to conform to current period presentation.
(2)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of June 30, 2025 and December 31, 2024, the net carrying value of these loans was $726 million and $702 million, respectively.
Commercial Mortgage Loan Commitments

June 30,
2025		December 31,
2024
 (in millions)
Total outstanding mortgage loan commitments$3,164 $2,552 
Portion of commitment where prearrangement to sell to investor exists$779 $578 
Indemnification of Serviced Mortgage Loans

June 30,
2025		December 31,
2024
 (in millions)
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company$3,359 $3,272 
First-loss exposure portion of above$966 $942 
Accrued liability associated with guarantees(1)$23 $25 
__________
(1)The accrued liability associated with guarantees includes an allowance for credit losses of $11 million and $12 million as of June 30, 2025 and December 31, 2024, respectively. The change in allowance was a reduction of $0 million and $1 million for the three months ended June 30, 2025 and 2024, respectively, and a reduction of $1 million and $1 million for the six months ended June 30, 2025 and 2024, respectively.
Allowance for Credit Losses
The following tables set forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods indicated:

Three Months Ended June 30, 2025
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$460 $123 $0 $34 $15 $632 
Addition to (release of) allowance for expected losses(11)85 0 (2)(1)71 
Write-downs charged against the allowance
0 (150)0 0 0 (150)
Change in foreign exchange1 0 0 0 0 1 
Allowance, end of period$450 $58 $0 $32 $14 $554 

Three Months Ended June 30, 2024
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$492 $21 $0 $0 $1 $514 
Addition to (release of) allowance for expected losses0 3 0 33 17 53 
Change in foreign exchange(3)0 0 0 0 (3)
Allowance, end of period$489 $24 $0 $33 $18 $564 

Six Months Ended June 30, 2025
 Commercial
Mortgage
Loans		Agricultural
Property
Loans		Residential
Property
Loans		Other
Collateralized
Loans		Uncollateralized
Loans		Total
(in millions)
Allowance, beginning of period$407 $121 $0 $32 $14 $574 
Addition to (release of) allowance for expected losses42 87 0 0 0 129 
Write-downs charged against the allowance
0 (150)0 0 0 (150)
Change in foreign exchange1 0 0 0 0 1 
Allowance, end of period$450 $58 $0 $32 $14 $554 

Six Months Ended June 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 losses47 8 0 33 17 105 
Change in foreign exchange(1)0 0 0 0 (1)
Allowance, end of period$489 $24 $0 $33 $18 $564 
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:

June 30, 2025
Amortized Cost by Origination Year
2025
2024
202320222021PriorRevolving LoansTotal
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$1,541 $2,093 $2,093 $885 $2,215 $17,825 $65 $26,717 
60%-69.99%1,773 4,153 1,590 1,453 2,072 5,218 0 16,259 
70%-79.99%266 894 1,442 873 1,258 2,074 0 6,807 
80% or greater12 272 136 259 255 4,178 0 5,112 
Total$3,592 $7,412 $5,261 $3,470 $5,800 $29,295 $65 $54,895 
Debt Service Coverage Ratio:
Greater than 1.2x
$3,486 $6,485 $4,569 $3,182 $5,700 $26,331 $0 $49,753 
1.0 - 1.2x106 738 542 257 42 1,316 65 3,066 
Less than 1.0x0 189 150 31 58 1,648 0 2,076 
Total$3,592 $7,412 $5,261 $3,470 $5,800 $29,295 $65 $54,895 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$220 $658 $297 $901 $1,993 $2,048 $131 $6,248 
60%-69.99%21 111 360 89 10 86 0 677 
70%-79.99%60 0 0 0 6 14 0 80 
80% or greater3 0 199 413 0 101 41 757 
Total$304 $769 $856 $1,403 $2,009 $2,249 $172 $7,762 
Debt Service Coverage Ratio:
Greater than 1.2x
$304 $713 $826 $894 $1,953 $1,909 $131 $6,730 
1.0 - 1.2x0 52 25 451 42 203 41 814 
Less than 1.0x0 4 5 58 14 137 0 218 
Total$304 $769 $856 $1,403 $2,009 $2,249 $172 $7,762 
December 31, 2024
Amortized Cost by Origination Year
2024
2023
202220212020PriorRevolving LoansTotal
(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$2,122 $1,492 $1,183 $2,295 $1,378 $16,652 $36 $25,158 
60%-69.99%4,726 2,287 1,013 2,192 846 5,113 0 16,177 
70%-79.99%809 1,326 953 1,327 446 2,293 0 7,154 
80% or greater48 135 482 216 281 4,407 0 5,569 
Total$7,705 $5,240 $3,631 $6,030 $2,951 $28,465 $36 $54,058 
Debt Service Coverage Ratio:
Greater than 1.2x
$6,771 $4,563 $3,283 $5,929 $2,795 $25,790 $0 $49,131 
1.0 - 1.2x745 527 313 43 102 1,279 36 3,045 
Less than 1.0x189 150 35 58 54 1,396 0 1,882 
Total$7,705 $5,240 $3,631 $6,030 $2,951 $28,465 $36 $54,058 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$657 $371 $877 $2,004 $679 $1,491 $122 $6,201 
60%-69.99%87 555 125 10 53 43 0 873 
70%-79.99%0 0 0 6 0 3 0 9 
80% or greater0 6 521 0 71 42 52 692 
Total$744 $932 $1,523 $2,020 $803 $1,579 $174 $7,775 
Debt Service Coverage Ratio:
Greater than 1.2x
$688 $864 $932 $1,967 $739 $1,384 $122 $6,696 
1.0 - 1.2x56 63 530 45 23 98 52 867 
Less than 1.0x0 5 61 8 41 97 0 212 
Total$744 $932 $1,523 $2,020 $803 $1,579 $174 $7,775 
Amortized Cost Basis of Loan Modifications made to Borrowers Experiencing Financial Difficulties
The following table sets forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties during the periods indicated:

Three Months Ended June 30,
20252024
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
($ in millions)
Commercial mortgage loans(1)
$0 $0 0.0 %$178 $0 0.3 %
Agricultural property loans$0 $0 0.0 %$0 $0 0.0 %
__________ 
(1)Prior period amounts have been updated to conform to current period presentation.
Six Months Ended June 30,
20252024
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
Term
Extension
Other Than Insignificant Delay in Payment
% of
Amortized Cost
($ in millions)
Commercial mortgage loans(1)
$0 $0 0.0 %$337 $0 0.6 %
Agricultural property loans
$0 $0 0.0 %$0 $0 0.0 %
__________ 
(1)Prior period amounts have been updated to conform to current period presentation.
Aging of Past Due Commercial Mortgage and Other Loans and Nonaccrual Status
The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
 
 June 30, 2025
 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$54,680 $0 $0 $215 $215 $54,895 $251 
Agricultural property loans6,970 0 0 792 792 7,762 830 
Residential property loans18 0 0 0 0 18 0 
Other collateralized loans477 0 0 0 0 477 0 
Uncollateralized loans368 0 0 0 0 368 25 
Total$62,513 $0 $0 $1,007 $1,007 $63,520 $1,106 
__________
(1)As of June 30, 2025, 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, 2024.


 December 31, 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$53,873 $0 $3 $182 $185 $54,058 $220 
Agricultural property loans7,012 0 21 742 763 7,775 767 
Residential property loans19 0 0 0 0 19 0 
Other collateralized loans468 0 0 0 0 468 0 
Uncollateralized loans595 0 0 0 0 595 25 
Total$61,967 $0 $24 $924 $948 $62,915 $1,012 
__________
(1)As of December 31, 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, 2024.
Other Invested Assets
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:

June 30, 2025December 31, 2024
 (in millions)
LPs/LLCs:
Equity method:
Private equity$11,000 $10,615 
Hedge funds3,079 3,143 
Real estate-related2,760 2,661 
Subtotal equity method16,839 16,419 
Fair value:
Private equity957 1,076 
Hedge funds2,073 2,080 
Real estate-related890 951 
Subtotal fair value3,920 4,107 
Total LPs/LLCs20,759 20,526 
Real estate held through direct ownership(1)
1,796 1,743 
Total alternative assets22,555 22,269 
Credit-like instruments(2)
1,279 933 
Derivative instruments1,780 1,597 
Other(3)
1,642 1,552 
Total other invested assets$27,256 $26,351 
_________ 
(1)As of June 30, 2025 and December 31, 2024, real estate held through direct ownership had mortgage debt of $192 million and $185 million, respectively.
(2)Includes structured debt investments in feeder funds that are consolidated, resulting in the Company reporting the consolidated feeder funds’ proportionate share of the net assets of the master fund within “Other invested assets.”
(3)Primarily includes equity investments accounted for under the measurement alternative, tax advantaged investments, 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, 2024.
Accrued Investment Income
The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

 June 30, 2025December 31, 2024
 (in millions)
Fixed maturities$3,025 $2,892 
Equity securities9 8 
Commercial mortgage and other loans224 228 
Policy loans246 236 
Other invested assets11 12 
Short-term investments and cash equivalents45 65 
Total accrued investment income$3,560 $3,441 
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated: 

 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
 (in millions)
Fixed maturities, available-for-sale(1)$3,885 $3,703 $7,658 $7,295 
Fixed maturities, trading177 130 344 246 
Assets supporting experience-rated contractholder liabilities14 13 28 27 
Equity securities49 61 93 99 
Commercial mortgage and other loans691 642 1,383 1,253 
Policy loans123 119 247 241 
Other invested assets
418 246 814 567 
Short-term investments and cash equivalents230 284 497 582 
Gross investment income5,587 5,198 11,064 10,310 
Less: investment expenses
(361)(349)(708)(697)
Net investment income$5,226 $4,849 $10,356 $9,613 
__________ 
(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
June 30,		Six Months Ended
June 30,
 2025202420252024
 (in millions)
Fixed maturities(1)$(137)$(735)$(201)$(717)
Commercial mortgage and other loans(66)(44)(124)(95)
Investment real estate(1)(8)(11)(6)
LPs/LLCs6 4 5 23 
Derivatives(2)
(1,345)723 (1,794)575 
Ceded income (loss) on modified coinsurance assets(2)(3)
(156)(110)(319)(259)
Other(2)
0 4 15 5 
Realized investment gains (losses), net$(1,699)$(166)$(2,429)$(474)
__________ 
(1)Excludes fixed maturity securities classified as trading.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)Includes changes in the value of reinsurance payables and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.
Net Unrealized Gains (Losses) on Investment
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:

June 30, 2025December 31, 2024
 (in millions)
Fixed maturity securities, available-for-sale with an allowance$3 $6 
Fixed maturity securities, available-for-sale without an allowance
(27,550)(29,109)
Derivatives designated as cash flow hedges(1)
(597)1,780 
Derivatives designated as fair value hedges(1)
(168)(64)
Other investments(2)
156 106 
Net unrealized gains (losses) on investments$(28,156)$(27,281)
__________ 
(1)For additional information regarding cash flow and fair value hedges, see Note 5.
(2)Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in “Other assets.”
Repurchase Agreements and Securities Lending The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:
June 30, 2025December 31, 2024
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$7,715 $0 $0 $7,715 $6,450 $0 $0 $6,450 
U.S. public corporate securities
0 470 0 470 0 327 0 327 
Foreign public corporate securities
0 20 0 20 0 19 0 19 
Commercial mortgage-backed securities0 0 0 0 0 0 0 0 
Total securities sold under agreements to repurchase$7,715 $490 $0 $8,205 $6,450 $346 $0 $6,796 

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:

June 30, 2025December 31, 2024
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		$0 $0 $0 $1 $0 $1 
Obligations of U.S. states and their political
subdivisions		38 0 38 46 0 46 
Foreign government securities
222 0 222 122 6 128 
U.S. public corporate securities7,133 318 7,451 7,506 403 7,909 
Foreign public corporate securities1,118 65 1,183 1,181 118 1,299 
Equity securities273 0 273 238 0 238 
Total cash collateral for loaned securities(1)$8,784 $383 $9,167 $9,094 $527 $9,621 
__________ 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
v3.25.2
Variable Interest Entities (Tables)
 6 Months Ended
Jun. 30, 2025
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

June 30,
2025		December 31,
2024		June 30,
2025		December 31,
2024
 (in millions)
Fixed maturities, available-for-sale$1,623 $1,250 $757 $716 
Fixed maturities, trading161 166 0 0 
Equity securities68 80 0 0 
Commercial mortgage and other loans722 681 403 490 
Other invested assets7,234 6,379 485 500 
Cash and cash equivalents315 308 6 0 
Accrued investment income4 6 3 3 
Other assets912 644 913 613 
Total assets of consolidated VIEs$11,039 $9,514 $2,567 $2,322 
Other liabilities$332 $218 $183 $1 
Notes issued by consolidated VIEs(2)1,728 1,392 30 38 
Total liabilities of consolidated VIEs$2,060 $1,610 $213 $39 
__________
(1)Total assets of consolidated VIEs reflect $4,153 million and $3,835 million as of June 30, 2025 and December 31, 2024, 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 June 30, 2025, the maturities of these obligations were between 0 and 13 years.
v3.25.2
Derivatives and Hedging (Tables)
 6 Months Ended
Jun. 30, 2025
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 $1,785 million and $1,601 million as of June 30, 2025 and December 31, 2024, respectively, and total derivative liabilities of $6,350 million and $4,751 million as of June 30, 2025 and December 31, 2024, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position.
Primary Underlying Risk /Instrument TypeJune 30, 2025December 31, 2024
 Fair Value Fair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$4,567 $27 $(321)$4,260 $11 $(404)
Interest Rate Forwards10 0 0 10 0 0 
Foreign Currency
Foreign Currency Forwards5,061 28 (260)4,771 92 (197)
Currency/Interest Rate
Foreign Currency Swaps32,665 1,195 (1,677)31,301 2,652 (368)
Total Derivatives Designated as Hedge Accounting Instruments$42,303 $1,250 $(2,258)$40,342 $2,755 $(969)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$247,298 $10,150 $(23,015)$228,392 $11,272 $(24,802)
Interest Rate Futures10,422 66 (17)9,773 6 (21)
Interest Rate Options29,245 112 (1,262)34,005 430 (1,583)
Interest Rate Forwards2,813 25 (8)2,544 9 (80)
Interest Rate Total Return Swaps
844 5 (2)485 4 (2)
Foreign Currency
Foreign Currency Forwards29,103 861 (1,028)27,819 1,625 (1,181)
Currency/Interest Rate
Foreign Currency Swaps7,766 406 (223)7,525 658 (129)
Credit
Credit Default Swaps4,679 87 0 4,027 90 0 
Equity
Equity Futures1,169 4 0 2,019 6 (7)
Equity Options155,754 6,507 (5,819)104,438 4,507 (3,790)
Equity Total Return Swaps
11,773 656 (875)9,796 331 (327)
Other
Other(1)1,250 0 0 1,250 0 0 
Synthetic GICs77,495 1 (15)76,416 1 (1)
Total Derivatives Not Qualifying as Hedge Accounting Instruments$579,611 $18,880 $(32,264)$508,489 $18,939 $(31,923)
Total Derivatives(2)(3)$621,914 $20,130 $(34,522)$548,831 $21,694 $(32,892)
__________
(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 $14,687 million (including the Prismic funds withheld related embedded derivative net liability of $45 million) and $11,783 million (including the Prismic funds withheld related embedded derivative net liability of $(91) million) as of June 30, 2025 and December 31, 2024, 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 June 30, 2025, 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.

June 30, 2025December 31, 2024
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$333 $15 $216 $11 
Policyholders’ account balances$(1,578)$284 $(1,510)$327 
Future policy benefits$(2,470)$233 $(2,280)$423 
__________
(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.
 
 June 30, 2025
 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$19,989 $(18,345)$1,644 $(594)$1,050 
Securities purchased under agreement to resell
18 0 18 (18)0 
Total Assets
$20,007 $(18,345)$1,662 $(612)$1,050 
Offsetting of Financial Liabilities:
Derivatives$34,507 $(28,172)$6,335 $(6,335)$0 
Securities sold under agreement to repurchase
8,205 0 8,205 (8,205)0 
Total Liabilities
$42,712 $(28,172)$14,540 $(14,540)$0 
 
 December 31, 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$21,574 $(20,093)$1,481 $(696)$785 
Securities purchased under agreement to resell
277 0 277 (277)0 
Total Assets
$21,851 $(20,093)$1,758 $(973)$785 
Offsetting of Financial Liabilities:
Derivatives$32,891 $(28,141)$4,750 $(4,403)$347 
Securities sold under agreement to repurchase
6,796 0 6,796 (6,796)0 
Total Liabilities
$39,687 $(28,141)$11,546 $(11,199)$347 
__________
(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.
 
 June 30, 2025
 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$19,989 $(18,345)$1,644 $(594)$1,050 
Securities purchased under agreement to resell
18 0 18 (18)0 
Total Assets
$20,007 $(18,345)$1,662 $(612)$1,050 
Offsetting of Financial Liabilities:
Derivatives$34,507 $(28,172)$6,335 $(6,335)$0 
Securities sold under agreement to repurchase
8,205 0 8,205 (8,205)0 
Total Liabilities
$42,712 $(28,172)$14,540 $(14,540)$0 
 
 December 31, 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$21,574 $(20,093)$1,481 $(696)$785 
Securities purchased under agreement to resell
277 0 277 (277)0 
Total Assets
$21,851 $(20,093)$1,758 $(973)$785 
Offsetting of Financial Liabilities:
Derivatives$32,891 $(28,141)$4,750 $(4,403)$347 
Securities sold under agreement to repurchase
6,796 0 6,796 (6,796)0 
Total Liabilities
$39,687 $(28,141)$11,546 $(11,199)$347 
__________
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, including the offset of the hedged item in fair value hedge relationships.
 Three Months Ended June 30, 2025
 Realized
Investment
Gains
(Losses)
Change in Value of MRBs, Net of Related Hedging Gain (Loss)
Net
Investment
Income		Other
Income (Loss)		Interest
Expense		Interest
Credited to
Policyholders’
Account
Balances		Policyholders’ BenefitsChange in AOCI(1)
 (in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate$(3)$0 $0 $0 $0 $7 $(2)$0 
Currency0 0 0 0 0 0 109 0 
Total gains (losses) on derivatives designated as hedge instruments(3)0 0 0 0 7 107 0 
Gains (losses) on the hedged item:
Interest Rate2 0 2 0 0 5 3 0 
Currency0 0 0 0 0 0 (110)0 
Total gains (losses) on hedged item2 0 2 0 0 5 (107)0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (3)(34)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (3)(34)
Total gains (losses) on fair value hedges net of hedged item(1)0 2 0 0 12 (3)(34)
Cash flow hedges
Interest Rate0 0 (4)0 0 0 0 2 
Currency0 0 0 0 0 0 0 (116)
Currency/Interest Rate(14)0 93 (344)0 0 0 (2,142)
Total gains (losses) on cash flow hedges(14)0 89 (344)0 0 0 (2,256)
Net investment hedges
Currency0 0 0 0 0 0 0 (39)
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 (39)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(215)(271)0 0 0 0 0 0 
Currency(413)0 0 0 0 0 0 0 
Currency/Interest Rate(343)0 0 (5)0 0 0 0 
Credit52 0 0 0 0 0 0 0 
Equity2,484 (592)0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives(2)
(2,908)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(1,343)(863)0 (5)0 0 0 0 
Total$(1,358)$(863)$91 $(349)$0 $12 $(3)$(2,329)
 Six Months Ended June 30, 2025
 Realized
Investment
Gains
(Losses)
Change in Value of MRBs, 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$(6)$0 $0 $0 $0 $41 $28 $0 
Currency0 0 0 0 0 0 162 0 
Total gains (losses) on derivatives designated as hedge instruments(6)0 0 0 0 41 190 0 
Gains (losses) on the hedged item:
Interest Rate4 0 7 0 0 (43)(29)0 
Currency0 0 0 0 0 0 (162)0 
Total gains (losses) on hedged item4 0 7 0 0 (43)(191)0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (7)(103)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (7)(103)
Total gains (losses) on fair value hedges net of hedged item(2)0 7 0 0 (2)(8)(103)
Cash flow hedges
Interest Rate0 0 (7)0 0 0 0 10 
Currency0 0 0 0 0 0 0 (142)
Currency/Interest Rate8 0 189 (491)0 0 0 (2,245)
Total gains (losses) on cash flow hedges8 0 182 (491)0 0 0 (2,377)
Net investment hedges
Currency0 0 0 0 0 0 0 (55)
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 (55)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(26)(130)0 0 0 0 0 0 
Currency(587)0 0 (1)0 0 0 0 
Currency/Interest Rate(370)0 0 (5)0 0 0 0 
Credit41 0 0 0 0 0 0 0 
Equity1,015 (390)0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives(2)
(1,651)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments(1,578)(520)0 (6)0 0 0 0 
Total$(1,572)$(520)$189 $(497)$0 $(2)$(8)$(2,535)
 Three Months Ended June 30, 2024
 Realized
Investment
Gains
(Losses)
Change in Value of MRBs, 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 $(19)$(23)$0 
Currency0 0 0 0 0 0 1 0 
Total gains (losses) on derivatives designated as hedge instruments1 0 0 0 0 (19)(22)0 
Gains (losses) on the hedged item:
Interest Rate(1)0 3 0 0 11 15 0 
Currency0 0 0 0 0 0 0 0 
Total gains (losses) on hedged item(1)0 3 0 0 11 15 0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (3)(19)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (3)(19)
Total gains (losses) on fair value hedges net of hedged item0 0 3 0 0 (8)(10)(19)
Cash flow hedges
Interest Rate(13)0 (4)0 0 0 0 11 
Currency0 0 0 0 0 0 0 9 
Currency/Interest Rate25 0 82 8 0 0 0 281 
Total gains (losses) on cash flow hedges12 0 78 8 0 0 0 301 
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(371)(451)0 0 0 0 0 0 
Currency(13)0 0 (3)0 0 0 0 
Currency/Interest Rate66 0 0 0 0 0 0 0 
Credit4 0 0 0 0 0 0 0 
Equity591 (67)0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives(2)
435 0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments712 (518)0 (3)0 0 0 0 
Total$724 $(518)$81 $5 $0 $(8)$(10)$284 
 Six Months Ended June 30, 2024
 Realized
Investment
Gains
(Losses)
Change in Value of MRBs, 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$6 $0 $0 $0 $0 $(69)$(82)$0 
Currency0 0 0 0 0 0 (15)0 
Total gains (losses) on derivatives designated as hedge instruments6 0 0 0 0 (69)(97)0 
Gains (losses) on the hedged item:
Interest Rate(6)0 6 0 0 74 63 0 
Currency0 0 0 0 0 0 14 0 
Total gains (losses) on hedged item(6)0 6 0 0 74 77 0 
Amortization for gains (losses) excluded from assessment of the effectiveness
Currency0 0 0 0 0 0 (5)(9)
Total amortization for gains (losses) excluded from assessment of the effectiveness
0 0 0 0 0 0 (5)(9)
Total gains (losses) on fair value hedges net of hedged item0 0 6 0 0 5 (25)(9)
Cash flow hedges
Interest Rate(13)0 (7)0 0 0 0 1 
Currency0 0 0 0 0 0 0 24 
Currency/Interest Rate28 0 158 85 0 0 0 605 
Total gains (losses) on cash flow hedges15 0 151 85 0 0 0 630 
Net investment hedges
Currency0 0 0 0 0 0 0 13 
Currency/Interest Rate0 0 0 0 0 0 0 0 
Total gains (losses) on net investment hedges0 0 0 0 0 0 0 13 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(1,033)(1,412)0 0 0 0 0 0 
Currency(39)0 0 (1)0 0 0 0 
Currency/Interest Rate172 0 0 1 0 0 0 0 
Credit56 0 0 0 0 0 0 0 
Equity2,040 (560)0 0 0 0 0 0 
Other0 0 0 0 0 0 0 0 
Embedded Derivatives(2)
(636)0 0 0 0 0 0 0 
Total gains (losses) on derivatives not qualifying as hedge accounting instruments560 (1,972)0 0 0 0 0 0 
Total$575 $(1,972)$157 $85 $0 $5 $(25)$634 
__________
(1)Excludes changes related to net investment hedges using non-derivative instruments of $(37) million and $(88) million for the three and six months ended June 30, 2025, respectively, and $61 million and $101 million for the three and six months ended June 30, 2024, respectively.
(2)Includes the Prismic funds withheld related embedded derivative realized gain (loss) of $11 million and $(136) million for the three and six months ended June 30, 2025, respectively, and $189 million and $472 million for the three and six months ended June 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, 2024$1,780 
Amount recorded in AOCI:
Interest Rate3 
Currency(146)
Currency/Interest Rate(2,538)
Total amount recorded in AOCI(2,681)
Amount reclassified from AOCI to income:
Interest Rate7 
Currency3 
Currency/Interest Rate294 
Total amount reclassified from AOCI to income304 
Balance, June 30, 2025$(597)
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 10 years for index reference.
June 30, 2025
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 4,053 45 0 0 0 0 626 42 4,679 87 
Total$0 $0 $0 $0 $4,053 $45 $0 $0 $0 $0 $626 $42 $4,679 $87 
December 31, 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 40 0 0 0 0 662 50 4,027 90 
Total$0 $0 $0 $0 $3,365 $40 $0 $0 $0 $0 $662 $50 $4,027 $90 
_________
(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 4% of the index reference name rated as NAIC 6 as of June 30, 2025 and December 31, 2024, 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.
v3.25.2
Fair Value of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.
 June 30, 2025
 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 $20,370 $0 $$20,370 
Obligations of U.S. states and their political subdivisions0 5,508 5 5,513 
Foreign government securities
0 58,684 5 58,689 
U.S. corporate public securities0 103,096 90 103,186 
U.S. corporate private securities(2)0 40,990 4,693 45,683 
Foreign corporate public securities0 23,949 39 23,988 
Foreign corporate private securities0 37,207 1,838 39,045 
Asset-backed securities(3)0 14,920 3,411 18,331 
Commercial mortgage-backed securities0 8,734 847 9,581 
Residential mortgage-backed securities0 3,846 70 3,916 
Subtotal0 317,304 10,998 328,302 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 236 0 236 
Foreign government securities
0 635 0 635 
Corporate securities0 67 0 67 
Equity securities1,813 1,531 0 3,344 
Subtotal1,813 2,469 0 4,282 
Market risk benefit assets0 0 2,188 2,188 
Fixed maturities, trading0 11,930 2,090 14,020 
Equity securities
4,966 1,867 601 7,434 
Commercial mortgage and other loans0 463 263 726 
Other invested assets(4)339 19,789 978 (18,345)2,761 
Short-term investments1,788 4,147 18 5,953 
Cash equivalents638 8,984 1 9,623 
Reinsurance recoverables and deposit receivables0 267 367 634 
Separate account assets(5)(6)10,202 157,364 252 167,818 
Total assets$19,746 $524,584 $17,756 $(18,345)$543,741 
Market risk benefit liabilities$0 $0 $4,859 $$4,859 
Policyholders’ account balances0 0 15,289 15,289 
Reinsurance and funds withheld payables0 27 0 27 
Other liabilities236 34,271 15 (28,172)6,350 
Notes issued by consolidated VIEs0 0 195 195 
Total liabilities$236 $34,298 $20,358 $(28,172)$26,720 
 December 31, 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 $20,348 $0 $$20,348 
Obligations of U.S. states and their political subdivisions0 6,098 6 6,104 
Foreign government securities
0 57,472 7 57,479 
U.S. corporate public securities0 98,442 66 98,508 
U.S. corporate private securities(2)0 39,848 3,941 43,789 
Foreign corporate public securities0 21,946 36 21,982 
Foreign corporate private securities0 32,675 1,788 34,463 
Asset-backed securities(3)0 15,654 1,480 17,134 
Commercial mortgage-backed securities0 8,420 853 9,273 
Residential mortgage-backed securities0 2,490 0 2,490 
Subtotal0 303,393 8,177 311,570 
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies0 220 0 220 
Foreign government securities
0 539 0 539 
Corporate securities0 67 0 67 
Equity securities1,522 1,359 0 2,881 
Subtotal1,522 2,185 0 3,707 
Market risk benefit assets0 0 2,331 2,331 
Fixed maturities, trading0 10,544 1,986 12,530 
Equity securities7,154 1,745 518 9,417 
Commercial mortgage and other loans0 469 233 702 
Other invested assets(4)10 21,683 953 (20,093)2,553 
Short-term investments1,896 6,238 461 8,595 
Cash equivalents326 10,365 0 10,691 
Reinsurance recoverables and deposit receivables0 236 613 849 
Separate account assets(5)(6)8,441 157,999 232 166,672 
Total assets$19,349 $514,857 $15,504 $(20,093)$529,617 
Market risk benefit liabilities$0 $0 $4,455 $$4,455 
Policyholders’ account balances0 0 12,746 12,746 
Reinsurance and funds withheld payables0 (118)0 (118)
Other liabilities28 32,863 1 (28,141)4,751 
Notes issued by consolidated VIEs0 0 60 60 
Total liabilities$28 $32,745 $17,262 $(28,141)$21,894 
__________
(1)“Netting” amounts represent cash collateral of $(9,827) million and $(8,049) million as of June 30, 2025 and December 31, 2024, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
(2)Excludes notes with fair value of $15,220 million (carrying amount of $15,220 million) and $14,748 million (carrying amount of $14,748 million) as of June 30, 2025 and December 31, 2024, 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)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of June 30, 2025 and December 31, 2024, the fair value of such investments was $5,173 million and $5,021 million, respectively.
(5)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and other invested assets. As of June 30, 2025 and December 31, 2024, the fair value of such investments was $26,943 million and $26,700 million, respectively.
(6)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
 As of June 30, 2025
Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$7,440 Discounted
cash flow		Discount rate0.96%21.50%10.04%Decrease
Market comparables
EBITDA multiple(4)
0.1X9.4X6.4XIncrease
LiquidationLiquidation value28.34%84.21%63.25%Increase
Asset backed securities$1,147 Discounted
cash flow
Discount rate
2.03%10.75%4.00%Decrease
Liquidity premium
1.90%1.90%1.90%Decrease
Commercial mortgage-backed securities$847 Discounted
cash flow		Liquidity premium0.90%0.90%0.90%Decrease
Market risk benefit assets(6)$2,188 Discounted
cash flow		Lapse rate(8)1%20%Increase
Spread over SOFR(9)0.40%1.82%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$195 Discounted
cash flow		Discount rate(5)0.16%40.00%Decrease
Market comparables
EBITDA multiple(4)
6.8X12.2X9.3XIncrease
Net Asset ValueShare price$3$1,809$758Increase
Commercial mortgage and other loans$263 Discounted
cash flow		Spread0.00%2.41%2.14%Decrease
Reinsurance recoverables and deposit receivables$367 Discounted cash flowLapse rate(8)1%50%Increase
Spread over SOFR(9)0.40%1.82%Increase
Option Budget(13)0%6%Decrease
Liabilities:
Market risk benefit liabilities(6)$4,859 Discounted
cash flow		Lapse rate(8)1%20%Decrease
Spread over SOFR(9)0.40%1.82%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)$15,239 Discounted
cash flow		Lapse rate(8)0%80%Decrease
Spread over SOFR(9)0.40%1.82%Decrease
Mortality rate(12)0%23%Decrease
Option Budget(13)(2)%7%Increase
 As of December 31, 2024
Fair ValueValuation
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of
Increase in
Input on
Fair
Value(1)
 (in millions)
Assets:
Corporate securities(2)(3)$6,763 Discounted
cash flow		Discount rate0.95%20.00%10.36%Decrease
Market comparables
EBITDA multiple(4)
3.0X8.8X7.6XIncrease
LiquidationLiquidation value75.00%75.00%75.00%Increase
Asset backed securities$529 Discounted
cash flow		Discount rate2.30%10.70%6.08%Decrease
Commercial mortgage-backed securities$853 Discounted
cash flow		Liquidity premium1.00%1.00%1.00%Decrease
Market risk benefit assets(6)$2,331 Discounted cash flowLapse rate(8)1%20%Increase
Spread over SOFR(9)0.29%1.71%Increase
Utilization rate(10)37%94%Decrease
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)0%16%Increase
Equity volatility curve16%25%Decrease
Equity securities$209 Discounted
cash flow		Discount rate(5)0.16%40.00%Decrease
Market comparables
EBITDA multiple(4)
5.5X12.2X6.0XIncrease
Net Asset ValueShare price$3$1,810$779Increase
Reinsurance recoverables and deposit receivables$613 Discounted cash flowLapse rate(8)1%50%Increase
Spread over SOFR(9)0.29%1.71%Increase
Option Budget(13)0%6%Decrease
Liabilities:
Market risk benefit liabilities(6)$4,455 Discounted
cash flow		Lapse rate(8)1%20%Decrease
Spread over SOFR(9)0.29%1.71%Decrease
Utilization rate(10)37%94%Increase
Withdrawal rateSee table footnote (11) below.
Mortality rate(12)0%16%Decrease
 Equity volatility curve16%25%Increase
Policyholders’ account balances(7)$12,741 Discounted
cash flow		Lapse rate(8)0%80%Decrease
Spread over SOFR(9)0.29%1.73%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 multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.
(5)For these investments, a range of discount rates is typically used 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 June 30, 2025 and December 31, 2024, respectively. This spread includes an estimate of non-performance risk (“NPR”), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company (“AuguStar”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of 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 both June 30, 2025 and December 31, 2024, the minimum withdrawal rate assumption is 78% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(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 June 30, 2025(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$5 $0 $(1)$0 $0 $1 $0 $0 $0 $5 $0 
Foreign government5 0 0 0 0 0 0 0 0 5 0 
Corporate securities(3)6,279 42 839 (121)0 (408)11 18 0 6,660 38 
Structured securities(4)3,217 (9)1,502 (446)0 (168)191 199 (158)4,328 (6)
Other assets:
Fixed maturities, trading2,138 (14)289 (10)0 (86)(183)0 (44)2,090 (31)
Equity securities733 4 62 (35)0 (1)0 1 (163)601 4 
Commercial mortgage and other loans
263 0 0 0 0 0 0 0 0 263 0 
Other invested assets965 (3)44 (30)0 0 1 0 1 978 (3)
Short-term investments462 0 15 (452)0 (7)(2)1 1 18 0 
Cash equivalents1 0 1 0 0 (1)0 0 0 1 0 
Reinsurance recoverables and deposit receivables
381 5 (2)0 0 (16)(1)0 0 367 (12)
Other assets0 0 0 0 0 0 0 0 0 0 0 
Separate account assets
253 16 25 (3)0 (30)0 1 (10)252 15 
Liabilities:
Policyholders’ account balances(5)
(11,938)(2,978)0 0 (371)0 (2)0 0 (15,289)(169)
Other liabilities(13)(2)0 0 0 0 0 0 0 (15)(2)
Notes issued by consolidated VIEs(67)0 0 0 (124)0 (4)0 0 (195)0 
 
Three Months Ended June 30, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account 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$(12)$0 $0 $46 $(1)$(11)$0 $0 $43 
Other assets:
Fixed maturities, trading0 (28)0 0 14 0 (31)0 0 
Equity securities0 4 0 0 0 0 4 0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets0 (2)(1)0 0 (1)(2)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
5 0 0 0 0 (12)0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 16 0 0 0 0 15 0 
Liabilities:
Policyholders’ account balances(2,978)0 0 0 0 (169)0 0 0 
Other liabilities(2)0 0 0 0 (2)0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 0 0 0 

Six Months Ended June 30, 2025(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$6 $0 $(1)$0 $0 $0 $0 $0 $0 $5 $0 
Foreign government7 0 0 0 0 (2)0 0 0 5 0 
Corporate securities(3)5,831 (26)1,707 (471)0 (602)(30)252 (1)6,660 (32)
Structured securities(4)2,333 9 2,328 (769)0 (233)(171)1,064 (233)4,328 12 
Other assets:
Fixed maturities, trading1,986 (35)712 (271)0 (338)183 3 (150)2,090 (39)
Equity securities518 (13)216 (58)0 (1)0 120 (181)601 (19)
Commercial mortgage and other loans
233 0 0 0 30 0 0 0 0 263 0 
Other invested assets953 (4)58 (31)0 0 1 0 1 978 (3)
Short-term investments461 0 23 (455)0 (11)(2)1 1 18 0 
Cash equivalents0 0 2 0 0 (1)0 0 0 1 0 
Reinsurance recoverables and deposit receivables
613 1 21 0 0 (34)(234)0 0 367 (33)
Other assets0 0 0 0 0 0 0 0 0 0 0 
Separate account assets
232 8 85 (37)0 (31)0 5 (10)252 5 
Liabilities:
Policyholders’ account balances(5)
(12,746)(1,543)0 0 (996)0 (4)0 0 (15,289)238 
Other liabilities(1)(14)0 0 0 0 0 0 0 (15)(14)
Notes issued by consolidated VIEs(60)0 0 0 (131)0 (4)0 0 (195)0 
 
Six Months Ended June 30, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account 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$(31)$0 $0 $18 $(4)$(33)$0 $0 $13 
Other assets:
Fixed maturities, trading0 (34)0 0 (1)0 (39)0 0 
Equity securities0 (13)0 0 0 0 (19)0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets0 (3)(1)0 0 0 (3)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
1 0 0 0 0 (33)0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 8 0 0 0 0 5 0 
Liabilities:
Policyholders’ account balances(1,543)0 0 0 0 238 0 0 0 
Other liabilities(14)0 0 0 0 (14)0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 0 0 0 

 
Three Months Ended June 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$6 $0 $0 $0 $0 $0 $0 $0 $0 $6 $0 
Foreign government7 0 0 0 0 0 0 0 0 7 0 
Corporate securities(3)4,965 (43)417 (28)0 (221)(141)54 0 5,003 (51)
Structured securities(4)2,612 (10)327 (1)0 (63)(492)(1)(320)2,052 (11)
Other assets:
Fixed maturities, trading1,330 (7)330 0 0 (70)0 (2)(61)1,520 (6)
Equity securities506 12 54 (12)0 (1)(3)1 (1)556 12 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 0 0 
Other invested assets865 (39)93 0 0 0 19 0 0 938 (40)
Short-term investments32 3 2 0 0 (6)(22)0 0 9 2 
Cash equivalents0 0 4 0 0 0 0 0 0 4 0 
Reinsurance recoverables and deposit receivables303 14 59 0 0 (13)0 0 0 363 1 
Other assets
19 0 0 0 0 0 (19)0 0 0 0 
Separate account assets
338 (8)80 (61)0 (2)0 0 (5)342 (7)
Liabilities:
Policyholders’ account balances(5)
(9,864)119 0 0 (469)0 1 0 0 (10,213)965 
Other liabilities(1)0 0 0 0 0 0 0 0 (1)0 
Notes issued by consolidated VIEs(405)0 0 0 (17)0 0 0 0 (422)0 
 
Three Months Ended June 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$(30)$0 $0 $(33)$10 $(31)$0 $0 $(30)
Other assets:
Fixed maturities, trading0 (7)0 0 0 0 (6)0 0 
Equity securities0 12 0 0 0 0 12 0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets1 (40)0 0 0 0 (40)0 0 
Short-term investments3 0 0 0 0 2 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables14 0 0 0 0 1 0 0 0 
Other assets
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 (8)0 0 0 0 (7)0 
Liabilities:
Policyholders’ account balances119 0 0 0 0 965 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 

 
Six Months Ended June 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $(1)$0 $0 $0 $0 $0 $0 $0 $6 $(1)
Foreign government8 0 0 0 0 (1)0 0 0 7 0 
Corporate securities(3)4,806 (89)819 (33)0 (508)(154)162 0 5,003 (101)
Structured securities(4)1,297 (7)1,592 (1)0 (75)(493)59 (320)2,052 (11)
Other assets:
Fixed maturities, trading429 (5)894 (22)0 (116)(1)402 (61)1,520 1 
Equity securities512 (7)75 (16)0 (5)6 1 (10)556 (10)
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 0 0 
Other invested assets846 (47)122 (2)0 0 19 0 0 938 (47)
Short-term investments29 1 7 0 0 (6)(22)0 0 9 0 
Cash equivalents4 0 4 0 0 0 (4)0 0 4 0 
Reinsurance recoverables and deposit receivables224 51 114 0 0 (26)0 0 0 363 25 
Other assets
11 0 8 0 0 0 (19)0 0 0 0 
Separate account assets
1,094 (54)136 (824)0 (4)0 0 (6)342 (15)
Liabilities:
Policyholders’ account balances(5)
(7,752)(1,376)0 0 (1,087)0 2 0 0 (10,213)749 
Other liabilities(1)0 0 0 0 0 0 0 0 (1)0 
Notes issued by consolidated VIEs(778)(8)0 0 (27)0 391 0 0 (422)(8)
 
Six Months Ended June 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$(63)$0 $0 $(49)$15 $(59)$0 $0 $(54)
Other assets:
Fixed maturities, trading0 (6)0 0 1 0 1 0 0 
Equity securities0 (7)0 0 0 0 (10)0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets0 (47)0 0 0 0 (47)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 receivables51 0 0 0 0 25 0 0 0 
Other assets
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 (54)0 0 0 0 (15)0 
Liabilities:
Policyholders’ account balances(1,376)0 0 0 0 749 0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 (8)0 0 0 0 (8)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 $2,188 million and $2,233 million and MRB liabilities of $4,859 million and $4,592 million for the periods ended June 30, 2025 and 2024, respectively. See Note 11 for additional information.
(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.
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 June 30, 2025(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$5 $0 $(1)$0 $0 $1 $0 $0 $0 $5 $0 
Foreign government5 0 0 0 0 0 0 0 0 5 0 
Corporate securities(3)6,279 42 839 (121)0 (408)11 18 0 6,660 38 
Structured securities(4)3,217 (9)1,502 (446)0 (168)191 199 (158)4,328 (6)
Other assets:
Fixed maturities, trading2,138 (14)289 (10)0 (86)(183)0 (44)2,090 (31)
Equity securities733 4 62 (35)0 (1)0 1 (163)601 4 
Commercial mortgage and other loans
263 0 0 0 0 0 0 0 0 263 0 
Other invested assets965 (3)44 (30)0 0 1 0 1 978 (3)
Short-term investments462 0 15 (452)0 (7)(2)1 1 18 0 
Cash equivalents1 0 1 0 0 (1)0 0 0 1 0 
Reinsurance recoverables and deposit receivables
381 5 (2)0 0 (16)(1)0 0 367 (12)
Other assets0 0 0 0 0 0 0 0 0 0 0 
Separate account assets
253 16 25 (3)0 (30)0 1 (10)252 15 
Liabilities:
Policyholders’ account balances(5)
(11,938)(2,978)0 0 (371)0 (2)0 0 (15,289)(169)
Other liabilities(13)(2)0 0 0 0 0 0 0 (15)(2)
Notes issued by consolidated VIEs(67)0 0 0 (124)0 (4)0 0 (195)0 
 
Three Months Ended June 30, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account 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$(12)$0 $0 $46 $(1)$(11)$0 $0 $43 
Other assets:
Fixed maturities, trading0 (28)0 0 14 0 (31)0 0 
Equity securities0 4 0 0 0 0 4 0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets0 (2)(1)0 0 (1)(2)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
5 0 0 0 0 (12)0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 16 0 0 0 0 15 0 
Liabilities:
Policyholders’ account balances(2,978)0 0 0 0 (169)0 0 0 
Other liabilities(2)0 0 0 0 (2)0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 0 0 0 

Six Months Ended June 30, 2025(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$6 $0 $(1)$0 $0 $0 $0 $0 $0 $5 $0 
Foreign government7 0 0 0 0 (2)0 0 0 5 0 
Corporate securities(3)5,831 (26)1,707 (471)0 (602)(30)252 (1)6,660 (32)
Structured securities(4)2,333 9 2,328 (769)0 (233)(171)1,064 (233)4,328 12 
Other assets:
Fixed maturities, trading1,986 (35)712 (271)0 (338)183 3 (150)2,090 (39)
Equity securities518 (13)216 (58)0 (1)0 120 (181)601 (19)
Commercial mortgage and other loans
233 0 0 0 30 0 0 0 0 263 0 
Other invested assets953 (4)58 (31)0 0 1 0 1 978 (3)
Short-term investments461 0 23 (455)0 (11)(2)1 1 18 0 
Cash equivalents0 0 2 0 0 (1)0 0 0 1 0 
Reinsurance recoverables and deposit receivables
613 1 21 0 0 (34)(234)0 0 367 (33)
Other assets0 0 0 0 0 0 0 0 0 0 0 
Separate account assets
232 8 85 (37)0 (31)0 5 (10)252 5 
Liabilities:
Policyholders’ account balances(5)
(12,746)(1,543)0 0 (996)0 (4)0 0 (15,289)238 
Other liabilities(1)(14)0 0 0 0 0 0 0 (15)(14)
Notes issued by consolidated VIEs(60)0 0 0 (131)0 (4)0 0 (195)0 
 
Six Months Ended June 30, 2025
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders’ account 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$(31)$0 $0 $18 $(4)$(33)$0 $0 $13 
Other assets:
Fixed maturities, trading0 (34)0 0 (1)0 (39)0 0 
Equity securities0 (13)0 0 0 0 (19)0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets0 (3)(1)0 0 0 (3)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
1 0 0 0 0 (33)0 0 0 
Other assets0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 8 0 0 0 0 5 0 
Liabilities:
Policyholders’ account balances(1,543)0 0 0 0 238 0 0 0 
Other liabilities(14)0 0 0 0 (14)0 0 0 
Notes issued by consolidated VIEs0 0 0 0 0 0 0 0 0 

 
Three Months Ended June 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$6 $0 $0 $0 $0 $0 $0 $0 $0 $6 $0 
Foreign government7 0 0 0 0 0 0 0 0 7 0 
Corporate securities(3)4,965 (43)417 (28)0 (221)(141)54 0 5,003 (51)
Structured securities(4)2,612 (10)327 (1)0 (63)(492)(1)(320)2,052 (11)
Other assets:
Fixed maturities, trading1,330 (7)330 0 0 (70)0 (2)(61)1,520 (6)
Equity securities506 12 54 (12)0 (1)(3)1 (1)556 12 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 0 0 
Other invested assets865 (39)93 0 0 0 19 0 0 938 (40)
Short-term investments32 3 2 0 0 (6)(22)0 0 9 2 
Cash equivalents0 0 4 0 0 0 0 0 0 4 0 
Reinsurance recoverables and deposit receivables303 14 59 0 0 (13)0 0 0 363 1 
Other assets
19 0 0 0 0 0 (19)0 0 0 0 
Separate account assets
338 (8)80 (61)0 (2)0 0 (5)342 (7)
Liabilities:
Policyholders’ account balances(5)
(9,864)119 0 0 (469)0 1 0 0 (10,213)965 
Other liabilities(1)0 0 0 0 0 0 0 0 (1)0 
Notes issued by consolidated VIEs(405)0 0 0 (17)0 0 0 0 (422)0 
 
Three Months Ended June 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$(30)$0 $0 $(33)$10 $(31)$0 $0 $(30)
Other assets:
Fixed maturities, trading0 (7)0 0 0 0 (6)0 0 
Equity securities0 12 0 0 0 0 12 0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets1 (40)0 0 0 0 (40)0 0 
Short-term investments3 0 0 0 0 2 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Reinsurance recoverables and deposit receivables14 0 0 0 0 1 0 0 0 
Other assets
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 (8)0 0 0 0 (7)0 
Liabilities:
Policyholders’ account balances119 0 0 0 0 965 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 

 
Six Months Ended June 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)
Transfers into
Level 3(7)
Transfers out of Level 3(7)
Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in millions)
Fixed maturities, available-for-sale:
U.S. states$7 $(1)$0 $0 $0 $0 $0 $0 $0 $6 $(1)
Foreign government8 0 0 0 0 (1)0 0 0 7 0 
Corporate securities(3)4,806 (89)819 (33)0 (508)(154)162 0 5,003 (101)
Structured securities(4)1,297 (7)1,592 (1)0 (75)(493)59 (320)2,052 (11)
Other assets:
Fixed maturities, trading429 (5)894 (22)0 (116)(1)402 (61)1,520 1 
Equity securities512 (7)75 (16)0 (5)6 1 (10)556 (10)
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 0 0 
Other invested assets846 (47)122 (2)0 0 19 0 0 938 (47)
Short-term investments29 1 7 0 0 (6)(22)0 0 9 0 
Cash equivalents4 0 4 0 0 0 (4)0 0 4 0 
Reinsurance recoverables and deposit receivables224 51 114 0 0 (26)0 0 0 363 25 
Other assets
11 0 8 0 0 0 (19)0 0 0 0 
Separate account assets
1,094 (54)136 (824)0 (4)0 0 (6)342 (15)
Liabilities:
Policyholders’ account balances(5)
(7,752)(1,376)0 0 (1,087)0 2 0 0 (10,213)749 
Other liabilities(1)0 0 0 0 0 0 0 0 (1)0 
Notes issued by consolidated VIEs(778)(8)0 0 (27)0 391 0 0 (422)(8)
 
Six Months Ended June 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$(63)$0 $0 $(49)$15 $(59)$0 $0 $(54)
Other assets:
Fixed maturities, trading0 (6)0 0 1 0 1 0 0 
Equity securities0 (7)0 0 0 0 (10)0 0 
Commercial mortgage and other loans
0 0 0 0 0 0 0 0 0 
Other invested assets0 (47)0 0 0 0 (47)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 receivables51 0 0 0 0 25 0 0 0 
Other assets
0 0 0 0 0 0 0 0 0 
Separate account assets
0 0 (54)0 0 0 0 (15)0 
Liabilities:
Policyholders’ account balances(1,376)0 0 0 0 749 0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Notes issued by consolidated VIEs0 (8)0 0 0 0 (8)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 $2,188 million and $2,233 million and MRB liabilities of $4,859 million and $4,592 million for the periods ended June 30, 2025 and 2024, respectively. See Note 11 for additional information.
(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.
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 June 30, 2025
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Derivative Assets:
Interest Rate$66 $10,319 $1 $$10,386 
Currency0 889 0 889 
Credit0 87 0 87 
Currency/Interest Rate0 1,601 0 1,601 
Equity273 6,893 1 7,167 
Netting(1)(18,345)(18,345)
Total derivative assets$339 $19,789 $2 $(18,345)$1,785 
Derivative Liabilities:
Interest Rate$17 $24,608 $15 $$24,640 
Currency0 1,288 0 1,288 
Credit0 0 0 0 
Currency/Interest Rate0 1,900 0 1,900 
Equity219 6,475 0 6,694 
Netting(1)(28,172)(28,172)
Total derivative liabilities$236 $34,271 $15 $(28,172)$6,350 

 As of December 31, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in millions)
Derivative Assets:
Interest Rate$7 $11,725 $1 $$11,733 
Currency0 1,717 0 1,717 
Credit0 90 0 90 
Currency/Interest Rate0 3,310 0 3,310 
Equity3 4,841 0 4,844 
Netting(1)(20,093)(20,093)
Total derivative assets$10 $21,683 $1 $(20,093)$1,601 
Derivative Liabilities:
Interest Rate$21 $26,871 $1 $$26,893 
Currency0 1,378 0 1,378 
Credit0 0 0 0 
Currency/Interest Rate0 497 0 497 
Equity7 4,117 0 4,124 
Netting(1)(28,141)(28,141)
Total derivative liabilities$28 $32,863 $1 $(28,141)$4,751 
__________ 
(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 June 30, 2025
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$1 $0 $0 $0 $0 $0 $0 $0 $0 $1 $0 
Net Derivative - Interest Rate(13)(2)0 0 0 0 0 0 0 (15)(2)
Six Months Ended June 30, 2025
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 $1 $0 $0 $0 $0 $0 $0 $0 $1 $1 
Net Derivative - Interest Rate0 (15)0 0 0 0 0 0 0 (15)(15)

Three Months Ended June 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 1 0 0 0 0 0 0 0 1 1
Six Months Ended June 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 1 0 0 0 0 0 0 0 1 1
__________ 
(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 June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Gains (Losses):
Investment real estate$0 $(3)$(12)$(3)
Investment in JV/LP and Other
$0 $0 $0 $(7)
June 30, 2025December 31, 2024
(in millions)
Carrying value after measurement as of period end:
Investment real estate(1)
$46 $73 
Investment in JV/LP and Other(1)
$0 $128 
__________ 
(1)Reported carrying values for 2025 include values as of the measurement periods of March 31, 2025 for “Investment real estate.” Reported carrying values for 2024 include values as of the measurement periods of March 31, 2024 for “Investment in JV/LP and Other” and June 30, 2024 and September 30, 2024 for “Investment real estate.”
Fair Value, Option
The following tables present information regarding assets and liabilities where the fair value option has been elected.

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Liabilities:
Notes issued by consolidated VIEs:
Changes in fair value$0$0$0$8

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Commercial mortgage and other loans:
Interest income$9 $1 $17 $3 
Notes issued by consolidated VIEs:
Interest expense$2 $3 $2 $11 

June 30, 2025December 31, 2024
(in millions)
Commercial mortgage and other loans(1):
Fair value as of period end$726 $702 
Aggregate contractual principal as of period end$723 $697 
Other invested assets:
Fair value as of period end$26 $19 
Notes issued by consolidated VIEs:
Fair value as of period end$195 $60 
Aggregate contractual principal as of period end$195 $60 
__________ 
(1)As of June 30, 2025, 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.

 June 30, 2025
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in millions)
Assets:
Commercial mortgage and other loans$0 $17 $60,278 $60,295 $62,240 
Policy loans10 0 9,936 9,946 9,946 
Other invested assets0 93 0 93 93 
Short-term investments402 20 0 422 422 
Cash and cash equivalents6,544 471 0 7,015 7,015 
Accrued investment income0 3,560 0 3,560 3,560 
Reinsurance recoverables and deposit receivables
0 9 5,653 5,662 5,662 
Other assets63 3,023 2 3,088 3,088 
Total assets$7,019 $7,193 $75,869 $90,081 $92,026 
Liabilities:
Policyholders’ account balances—investment contracts$0 $33,863 $47,878 $81,741 $86,081 
Securities sold under agreements to repurchase0 8,205 0 8,205 8,205 
Cash collateral for loaned securities0 9,167 0 9,167 9,167 
Reinsurance and funds withheld payables(2)
0 10,357 (21)10,336 10,336 
Short-term debt
0 1,015 349 1,364 1,373 
Long-term debt(3)
534 16,800 536 17,870 18,651 
Notes issued by consolidated VIEs0 0 1,563 1,563 1,563 
Other liabilities0 6,866 31 6,897 6,897 
Separate account liabilities—investment contracts0 22,311 18,144 40,455 40,455 
Total liabilities$534 $108,584 $68,480 $177,598 $182,728 
 
 December 31, 2024
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in millions)
Assets:
Commercial mortgage and other loans$0 $17 $58,446 $58,463 $61,639 
Policy loans8 0 9,787 9,795 9,795 
Other invested assets0 95 0 95 95 
Short-term investments453 21 0 474 474 
Cash and cash equivalents7,352 454 0 7,806 7,806 
Accrued investment income0 3,441 0 3,441 3,441 
Reinsurance recoverables and deposit receivables
0 8 5,782 5,790 5,790 
Other assets23 3,062 1 3,086 3,086 
Total assets$7,836 $7,098 $74,016 $88,950 $92,126 
Liabilities:
Policyholders’ account balances—investment contracts$0 $31,405 $43,466 $74,871 $79,571 
Securities sold under agreements to repurchase0 6,796 0 6,796 6,796 
Cash collateral for loaned securities0 9,621 0 9,621 9,621 
Reinsurance and funds withheld payables(2)
0 10,489 (35)10,454 10,454 
Short-term debt
0 521 439 960 953 
Long-term debt(3)
524 17,185 423 18,132 19,187 
Notes issued by consolidated VIEs0 0 1,370 1,370 1,370 
Other liabilities0 6,886 32 6,918 6,918 
Separate account liabilities—investment contracts0 21,144 18,677 39,821 39,821 
Total liabilities$524 $104,047 $64,372 $168,943 $174,691 
__________ 
(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 $7,731 million (carrying amount of $7,731 million) and $7,887 million (carrying amount of $7,887 million), a portion of which relates to insurance contracts as of June 30, 2025 and December 31, 2024, respectively. See Note 12 for additional information regarding the reinsurance arrangement with Prismic Re.
(3)Excludes debt with fair value of $15,220 million (carrying amount of $15,220 million) and $14,748 million (carrying amount of $14,748 million) as of June 30, 2025 and December 31, 2024, respectively, which have been offset with the associated notes under a netting agreement.
v3.25.2
Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables)
 6 Months Ended
Jun. 30, 2025
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:
Six Months Ended June 30, 2025
Retirement StrategiesIndividual LifeInternational BusinessesTotal
Individual VariableTerm LifeVariable/
Universal Life
(in millions)
Balance, BOP$3,713 $2,215 $4,878 $9,304 $20,110 
Capitalization327 95 326 603 1,351 
Amortization expense(236)(104)(117)(344)(801)
Other adjustments(1)
17 0 5 (214)(192)
Foreign currency adjustment0 0 0 330 330 
Balance, EOP$3,821 $2,206 $5,092 $9,679 20,798 
Other businesses424 
Total DAC balance$21,222 
__________
(1)Includes the impact of the reinsurance transaction with Prismic Re International in International Businesses. See Note 12 for additional information.


Six Months Ended June 30, 2024
Retirement StrategiesIndividual Life
International Businesses(1)
Total
Individual VariableTerm LifeVariable/
Universal Life
(in millions)
Balance, BOP$3,676 $2,237 $5,364 $9,351 $20,628 
Capitalization193 90 338 561 1,182 
Amortization expense(190)(104)(121)(334)(749)
Other adjustments(2)
0 (2)(280)(50)(332)
Foreign currency adjustment0 0 0 (462)(462)
Balance, EOP$3,679 $2,221 $5,301 $9,066 20,267 
Other businesses297 
Total DAC balance$20,564 
__________
(1)Prior period amounts have been updated to conform to current presentation.
(2)Includes the impact of the reinsurance transaction with Somerset Re in Individual Life (Universal Life). 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:

Six Months Ended June 30,
20252024
(in millions)
Balance, BOP
$376 $410 
Capitalization
1 1 
Amortization expense
(16)(17)
Balance, EOP
361 394 
Other businesses
28 31 
Total DSI balance
$389 $425 
Schedule of Value of Business Acquired
The following table shows a rollforward of VOBA balances for the acquisition of the Star and Edison Businesses for International Businesses, along with a reconciliation to the Company’s total VOBA balance:

Six Months Ended June 30,
20252024
(in millions)
Balance, BOP
$421 $511 
Amortization expense
(20)(21)
Foreign currency adjustment
35 (59)
Balance, EOP
436 431 
Other businesses(1)
14 15 
Total VOBA balance
$450 $446 
__________
(1)Represents Aoba Life business.
Estimated Future VOBA Amortization, Net of Interest
The following table provides estimated future amortization for the periods indicated:

2025 (July - December)
2026202720282029ThereafterTotal
(in millions)
Estimated future VOBA amortization$22 $40 $36 $33 $29 $290 $450 
v3.25.2
Separate Accounts (Tables)
 6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
Separate Account Assets
The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

June 30,
2025		December 31,
2024
(in millions)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$4,500 $4,674 
Obligations of U.S. states and their political subdivisions
2,444 2,224 
Foreign government bonds
105 93 
U.S. corporate securities
11,820 11,440 
Foreign corporate securities
3,056 3,010 
Asset-backed securities
1,935 1,283 
Mortgage-backed securities
13,327 14,144 
Mutual funds:
Equity
89,861 90,180 
Fixed Income
32,399 33,828 
Other
6,198 5,439 
Equity securities
5,196 4,845 
Commercial mortgage and other loans
55 54 
Other invested assets
19,552 19,352 
Short-term investments
1,450 1,137 
Cash and cash equivalents
2,863 1,669 
Total
$194,761 $193,372 
Separate Account Liability
The balances of and changes in separate account liabilities as of and for the periods ended are as follows:

Six Months Ended June 30, 2025
Retirement Strategies
PGIMInstitutionalIndividualGroup InsuranceIndividual LifeTotal
(in millions)
Balance, BOP$28,645 $9,308 $86,974 $25,126 $46,891 $196,944 
Deposits5,132 202 279 126 1,968 7,707 
Investment performance1,148 361 4,486 1,163 2,644 9,802 
Policy charges(33)(4)(1,007)(137)(615)(1,796)
Surrenders and withdrawals(3,499)(377)(6,885)(25)(549)(11,335)
Benefit payments(1,827)(254)(52)(145)(270)(2,548)
Net transfers (to) from general account(110)(141)(30)13 (259)(527)
Other(172)147 3 243 66 287 
Balance, EOP$29,284 $9,242 $83,768 $26,364 $49,876 $198,534 
Other businesses(1)(3,773)
Total separate account liabilities$194,761 
Cash surrender value(2)$29,284 $9,242 $82,960 $26,271 $46,195 $193,952 
__________
(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.

Six Months Ended June 30, 2024
Retirement Strategies
PGIM
Institutional
Individual
Group Insurance
Individual Life
Total
(in millions)
Balance, BOP
$32,648 $11,011 $94,130 $25,021 $39,223 $202,033 
Deposits
10,873 105 294 289 1,613 13,174 
Investment performance
(972)(94)5,249 366 4,334 8,883 
Policy charges
(57)(5)(1,123)(120)(566)(1,871)
Surrenders and withdrawals
(9,886)(878)(6,815)(339)(516)(18,434)
Benefit payments
(1,745)(270)(46)(144)(208)(2,413)
Net transfers (to) from general account
13 (45)(42)6 (251)(319)
Other
(458)84 3 (532)46 (857)
Balance, EOP
$30,416 $9,908 $91,650 $24,547 $43,675 200,196 
Other businesses(1)
(3,337)
Total separate account liabilities
$196,859 
Cash surrender value(2)
$30,416 $9,908 $90,583 $24,442 $40,129 $195,478 
__________
(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.
v3.25.2
Liability For Future Policy Benefits (Tables)
 6 Months Ended
Jun. 30, 2025
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.

Six Months Ended June 30, 2025
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$72,526 $10,724 $45,851 $2,854 $131,955 
Effect of cumulative changes in discount rate assumptions, BOP14,545 578 2,599 132 17,854 
Balance at original discount rate, BOP87,071 11,302 48,450 2,986 149,809 
Effect of assumption update169 (241)(1,072)8 (1,136)
Effect of actual variances from expected experience and other activity(79)(100)(467)41 (605)
Adjusted balance, BOP87,161 10,961 46,911 3,035 148,068 
Issuances8,991 406 1,477 0 10,874 
Net premiums / considerations collected(3,445)(692)(3,455)(155)(7,747)
Interest accrual1,745 264 730 71 2,810 
Foreign currency adjustment8,819 0 2,193 0 11,012 
Other adjustments0 3 73 0 76 
Balance at original discount rate, EOP103,271 10,942 47,929 2,951 165,093 
Effect of cumulative changes in discount rate assumptions, EOP(15,153)(384)(2,984)(86)(18,607)
Balance, EOP$88,118 $10,558 $44,945 $2,865 $146,486 
Other businesses, EOP109 
Total balance, EOP$146,595 
Six Months Ended June 30, 2025
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$151,484 $18,996 $135,485 $11,178 $317,143 
Effect of cumulative changes in discount rate assumptions, BOP20,182 1,134 17,834 1,548 40,698 
Balance at original discount rate, BOP171,666 20,130 153,319 12,726 357,841 
Effect of assumption update322 (392)(1,013)14 (1,069)
Effect of actual variances from expected experience and other activity(120)(137)(563)18 (802)
Adjusted balance, BOP171,868 19,601 151,743 12,758 355,970 
Issuances8,991 406 1,477 0 10,874 
Interest accrual3,541 470 2,365 306 6,682 
Benefit payments(7,426)(784)(4,208)(176)(12,594)
Foreign currency adjustment8,902 0 7,245 0 16,147 
Other adjustments30 (1)171 0 200 
Balance at original discount rate, EOP185,906 19,692 158,793 12,888 377,279 
Effect of cumulative changes in discount rate assumptions, EOP(19,578)(797)(23,521)(1,572)(45,468)
Balance, EOP$166,328 $18,895 $135,272 $11,316 $331,811 
Other businesses, EOP1,704 
Total balance, EOP$333,515 

Six Months Ended June 30, 2025
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring$78,210 $8,337 $90,326 $8,450 $185,323 
Flooring impact, EOP106 0 80 0 186 
Balance, EOP, post-flooring78,316 8,337 90,406 8,450 185,509 
Less: Reinsurance recoverables
5,039 576 341 0 5,956 
Balance after reinsurance recoverables, EOP, post-flooring
$73,277 $7,761 $90,065 $8,450 $179,553 
Other businesses, EOP(1)1,538 
Total balance after reinsurance recoverables, EOP
$181,091 
Six Months Ended June 30, 2024
Present Value of Expected Net Premiums
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$71,407 $11,274 $55,431 $3,286 $141,398 
Effect of cumulative changes in discount rate assumptions, BOP11,869 228 1,218 16 13,331 
Balance at original discount rate, BOP83,276 11,502 56,649 3,302 154,729 
Effect of assumption update41 21 (863)(276)(1,077)
Effect of actual variances from expected experience and other activity429 (131)(1,347)95 (954)
Adjusted balance, BOP83,746 11,392 54,439 3,121 152,698 
Issuances11,192 418 1,788 0 13,398 
Net premiums / considerations collected(12,908)(692)(3,622)(157)(17,379)
Interest accrual1,384 264 782 76 2,506 
Foreign currency adjustment(898)0 (3,494)0 (4,392)
Other adjustments0 (3)82 0 79 
Balance at original discount rate, EOP82,516 11,379 49,975 3,040 146,910 
Effect of cumulative changes in discount rate assumptions, EOP(15,077)(590)(2,579)(128)(18,374)
Balance, EOP$67,439 $10,789 $47,396 $2,912 $128,536 
Other businesses, EOP89 
Total balance, EOP$128,625 

Six Months Ended June 30, 2024
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP $141,135 $19,852 $158,858 $12,139 $331,984 
Effect of cumulative changes in discount rate assumptions, BOP 14,751 334 7,918 603 23,606 
Balance at original discount rate, BOP 155,886 20,186 166,776 12,742 355,590 
Effect of assumption update(481)21 (513)(394)(1,367)
Effect of actual variances from expected experience and other activity483 (149)(1,362)95 (933)
Adjusted balance, BOP 155,888 20,058 164,901 12,443 353,290 
Issuances 11,192 418 1,789 0 13,399 
Interest accrual 3,003 470 2,371 303 6,147 
Benefit payments (6,317)(795)(5,069)(155)(12,336)
Foreign currency adjustment (908)0 (11,173)0 (12,081)
Other adjustments (63)(10)162 0 89 
Balance at original discount rate, EOP 162,795 20,141 152,981 12,591 348,508 
Effect of cumulative changes in discount rate assumptions, EOP (20,163)(1,108)(16,763)(1,445)(39,479)
Balance, EOP $142,632 $19,033 $136,218 $11,146 $309,029 
Other businesses, EOP 1,656 
Total balance, EOP $310,685 
Six Months Ended June 30, 2024
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $75,194 $8,243 $88,821 $8,233 $180,491 
Flooring impact, EOP 46 0 44 0 90 
Balance, EOP, post-flooring 75,240 8,243 88,865 8,233 180,581 
Less: Reinsurance recoverables
5,098 671 345 0 6,114 
Balance after reinsurance recoverables, EOP, post-flooring
$70,142 $7,572 $88,520 $8,233 $174,467 
Other businesses, EOP(1) 1,506 
Total balance after reinsurance recoverables, EOP
$175,973 
__________
(1)Reflects balance after reinsurance recoverables of $58 million and $63 million at June 30, 2025 and 2024, respectively.
(2)Prior period amounts have been updated to conform to current period presentation.

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:

Six Months Ended June 30, 2025
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$178,217 $22,958 $107,923 $6,588 
Discounted expected future gross premiums (at original discount rate) $111,292 $15,586 $84,598 $4,427 
Discounted expected future gross premiums (at current discount rate) $94,675 $15,086 $79,680 $4,308 
Undiscounted expected future benefits and expenses $302,365 $30,430 $260,920 $29,531 
Weighted-average duration of the liability in years (at original discount rate) 8101716
Weighted-average duration of the liability in years (at current discount rate) 891415
Weighted-average interest rate (at original discount rate) 4.76 %5.12 %2.99 %4.91 %
Weighted-average interest rate (at current discount rate) 5.45 %5.37 %4.05 %5.87 %

Six Months Ended June 30, 2024
Retirement StrategiesIndividual Life
International Businesses(1)
Corporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$133,585 $22,965 $110,571 $6,823 
Discounted expected future gross premiums (at original discount rate) $89,770 $15,208 $87,022 $4,521 
Discounted expected future gross premiums (at current discount rate) $71,759 $14,451 $83,062 $4,339 
Undiscounted expected future benefits and expenses $255,559 $31,103 $254,271 $29,860 
Weighted-average duration of the liability in years (at original discount rate) 9101817
Weighted-average duration of the liability in years (at current discount rate) 891616
Weighted-average interest rate (at original discount rate) 4.72 %5.15 %3.02 %4.91 %
Weighted-average interest rate (at current discount rate) 5.56 %5.53 %3.61 %5.77 %
__________
(1)Prior period amounts have been updated to conform to current period presentation.
The balances of and changes in DPL as of and for the period indicated are as follows:

Six Months Ended June 30, 2025
Deferred Profit Liability
Retirement StrategiesInternational Businesses
InstitutionalTotal
(in millions)
Balance, BOP, post-flooring
$5,670 $9,354 $15,024 
Less: Flooring impact, BOP
0 2 2 
Balance, BOP, pre-flooring 5,670 9,352 15,022 
Effect of assumption update(73)(58)(131)
Effect of actual variances from expected experience and other activity 30 2 32 
Adjusted balance, BOP 5,627 9,296 14,923 
Profits deferred 85 1,265 1,350 
Interest accrual 116 172 288 
Amortization (288)(1,055)(1,343)
Foreign currency adjustment 26 353 379 
Other adjustments 0 25 25 
Balance, EOP, pre-flooring 5,566 10,056 15,622 
Flooring impact, EOP 0 3 3 
Balance, EOP, post-flooring
5,566 10,059 15,625 
Less: Reinsurance recoverables
376 45 421 
Balance after reinsurance recoverables, EOP, post-flooring
$5,190 $10,014 15,204 
Other businesses
165 
Total balance after reinsurance recoverables, EOP
$15,369 

Six Months Ended June 30, 2024
Deferred Profit Liability
Retirement Strategies
International Businesses(1)
InstitutionalTotal
(in millions)
Balance, BOP, post-flooring
$5,615 $9,259 $14,874 
Less: Flooring impact, BOP
0 2 2 
Balance, BOP, pre-flooring 5,615 9,257 14,872 
Effect of assumption update370 (288)82 
Effect of actual variances from expected experience and other activity (30)(46)(76)
Adjusted balance, BOP 5,955 8,923 14,878 
Profits deferred 89 1,346 1,435 
Interest accrual 118 157 275 
Amortization (292)(1,062)(1,354)
Foreign currency adjustment (2)(492)(494)
Other adjustments 0 17 17 
Balance, EOP, pre-flooring 5,868 8,889 14,757 
Flooring impact, EOP 0 2 2 
Balance, EOP, post-flooring
5,868 8,891 14,759 
Less: Reinsurance recoverables
401 39 440 
Balance after reinsurance recoverables, EOP, post-flooring
$5,467 $8,852 14,319 
Other businesses
154 
Total balance after reinsurance recoverables, EOP
$14,473 
_________
(1)Prior period amounts have been updated to conform to current period presentation.
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:

Six Months Ended June 30,
2025
2024
(in millions)
Balance, including amounts in AOCI, BOP, post-flooring$16,376 $14,308 
Flooring impact and amounts in AOCI632 843 
Balance, excluding amounts in AOCI, BOP, pre-flooring17,008 15,151 
Effect of assumption update(39)153 
Effect of actual variances from expected experience and other activity74 150 
Adjusted balance, BOP17,043 15,454 
Assessments collected(1)517 591 
Interest accrual291 262 
Benefits paid(210)(168)
Other adjustments37 13 
Balance, excluding amounts in AOCI, EOP, pre-flooring17,678 16,152 
Flooring impact and amounts in AOCI(514)(1,659)
Balance, including amounts in AOCI, EOP, post-flooring17,164 14,493 
Less: Reinsurance recoverables
10,097 7,026 
Balance after reinsurance recoverables, including amounts in AOCI, EOP
7,067 7,467 
Other businesses118 63 
Total balance after reinsurance recoverables
$7,185 $7,530 
__________
(1)Represents the portion of gross assessments required to fund the future policy benefits.
Six Months Ended June 30,
2025
2024
Weighted-average duration of the liability in years (at original discount rate) 2122
Weighted-average interest rate (at original discount rate) 3.41 %3.40 %
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:

Six Months Ended June 30,
2025
2024
(in millions)
Benefit reserves, EOP, post-flooring$187,106 $182,150 
Deferred Profit Liability EOP, post-flooring15,790 14,913 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring17,282 14,556 
Subtotal of amounts disclosed above220,178 211,619 
Other Future Policy Benefits reserves(1)49,955 50,711 
Total Future Policy Benefits$270,133 $262,330 
__________
(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:

Six Months Ended June 30, 2025
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$3,725 $964 $0 $5,441 $276 $10,406 
Deferred profit liability132 0 0 (352)(3)(223)
Additional insurance reserves0 0 1,321 0 35 1,356 
Total$3,857 $964 $1,321 $5,089 $308 $11,539 

Six Months Ended June 30, 2024
Revenues(1)
Retirement StrategiesIndividual Life
International Businesses(2)
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$13,223 $922 $0 $5,727 $273 $20,145 
Deferred profit liability(254)0 0 (124)(7)(385)
Additional insurance reserves0 0 1,622 0 0 1,622 
Total$12,969 $922 $1,622 $5,603 $266 $21,382 

Six Months Ended June 30, 2025
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$1,796 $205 $0 $1,635 $259 $3,895 
Deferred profit liability116 0 0 172 2 290 
Additional insurance reserves0 0 291 1 0 292 
Total$1,912 $205 $291 $1,808 $261 $4,477 

Six Months Ended June 30, 2024
Interest Expense
Retirement StrategiesIndividual Life
International Businesses(2)
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$1,619 $206 $0 $1,589 $253 $3,667 
Deferred profit liability118 0 0 157 2 277 
Additional insurance reserves0 0 262 1 0 263 
Total$1,737 $206 $262 $1,747 $255 $4,207 
__________
(1)Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR.
(2)Prior period amounts have been updated to conform to current period presentation.
v3.25.2
Policyholders' Account Balances (Tables)
 6 Months Ended
Jun. 30, 2025
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholder Account Balance
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:

Six Months Ended June 30, 2025
Retirement StrategiesGroup InsuranceIndividual LifeInternational BusinessesTotal
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period
$19,088 $34,085 $12,020 $4,974 $27,596 $54,270 $152,033 
Deposits4,806 3,869 2,538 483 1,373 4,971 18,040 
Interest credited404 349 183 67 199 686 1,888 
Acquisitions and dispositions0 0 0 0 0 0 0 
Policy charges(5)(34)(24)(168)(1,024)(296)(1,551)
Surrenders and withdrawals(2,855)(556)(455)(842)(933)(672)(6,313)
Benefit payments(323)(38)(69)0 (109)(1,159)(1,698)
Net transfers (to) from separate account0 41 0 (13)307 0 335 
Change in market value and other adjustments(1)0 917 60 0 495 (10)1,462 
Foreign currency adjustment0 0 0 0 0 1,585 1,585 
Balance, end of period
$21,115 $38,633 $14,253 $4,501 $27,904 $59,375 $165,781 
Closed Block Division4,293 
Unearned revenue reserve, unearned expense credit, and additional interest reserve6,429 
Other(2)
4,428 
Total Policyholders' account balance$180,931 
Weighted-average crediting rate4.02 %1.92 %2.78 %2.81 %1.44 %2.42 %2.38 %
Net amount at risk(3)
$0 $0 $0 $74,475 $408,334 $30,967 $513,776 
Cash surrender value(4)
$21,115 $37,231 $12,529 $3,668 $24,053 $52,544 $151,140 
Six Months Ended June 30, 2024
Retirement StrategiesGroup InsuranceIndividual Life
International Businesses(5)
Total
InstitutionalIndividual VariableIndividual FixedLife/DisabilityVariable/Universal Life
($ in millions)
Balance, beginning of period
$17,738 $23,765 $7,095 $5,293 $27,439 $51,399 $132,729 
Deposits3,466 3,755 2,815 491 1,224 4,255 16,006 
Interest credited356 224 105 75 379 1,068 2,207 
Acquisitions and Dispositions
0 0 0 0 0 (336)(336)
Policy charges(6)(12)0 (164)(1,023)(305)(1,510)
Surrenders and withdrawals(2,514)(442)(338)(849)(821)(1,036)(6,000)
Benefit payments(292)(38)(37)0 (69)(1,257)(1,693)
Net transfers (to) from separate account0 49 0 (6)285 0 328 
Change in market value and other adjustments(1)1 1,171 125 0 75 (25)1,347 
Foreign currency adjustment0 0 0 0 0 (2,301)(2,301)
Balance, end of period
$18,749 $28,472 $9,765 $4,840 $27,489 $51,462 $140,777 
Closed Block Division4,424 
Unearned revenue reserve, unearned expense credit, and additional interest reserve5,622 
Other(2)
4,168 
Total Policyholders' account balance$154,991 
Weighted-average crediting rate3.90 %1.71 %2.49 %2.96 %2.76 %4.15 %3.23 %
Net amount at risk(3)
$0 $0 $0 $74,276 $389,142 $24,055 $487,473 
Cash surrender value(4)
$18,749 $26,972 $8,193 $3,794 $23,664 $45,343 $126,715 
__________
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)Includes $5,004 million and $5,268 million of Full Service account balances reinsured to Great-West as of June 30, 2025 and 2024, 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.
(5)Prior period amounts have been updated to conform to current period presentation.
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:

June 30, 2025
Range of Guaranteed Minimum Crediting Rate(1)
At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in millions)
Retirement Strategies - Institutional
Less than 1.00%
$614 $0 $0 $0 $614 
1.00% - 1.99%
1,552 0 0 0 1,552 
2.00% - 2.99%
75 0 0 0 75 
3.00% - 4.00%
3,513 0 0 0 3,513 
Greater than 4.00%
4,732 0 0 0 4,732 
Total$10,486 $0 $0 $0 $10,486 
Retirement Strategies - Individual Variable
Less than 1.00%
$448 $204 $407 $0 $1,059 
1.00% - 1.99%
104 377 1 0 482 
2.00% - 2.99%
20 4 4 0 28 
3.00% - 4.00%
1,605 1 9 0 1,615 
Greater than 4.00%
77 0 0 0 77 
Total$2,254 $586 $421 $0 $3,261 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $4 $18 $1,118 $1,140 
1.00% - 1.99%
428 65 215 52 760 
2.00% - 2.99%
536 454 550 15 1,555 
3.00% - 4.00%
3,113 29 11 3 3,156 
Greater than 4.00%
78 0 0 0 78 
Total$4,155 $552 $794 $1,188 $6,689 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $712 $712 
1.00% - 1.99%
0 0 0 2 2 
2.00% - 2.99%
44 0 0 0 44 
3.00% - 4.00%
1,442 6 51 7 1,506 
Greater than 4.00%
3 0 0 0 3 
Total$1,489 $6 $51 $721 $2,267 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $354 $354 
1.00% - 1.99%
341 0 2,072 1,602 4,015 
2.00% - 2.99%
284 1,565 2,737 432 5,018 
3.00% - 4.00%
5,611 1,953 1,305 45 8,914 
Greater than 4.00%
5,302 0 0 0 5,302 
Total$11,538 $3,518 $6,114 $2,433 $23,603 
International Businesses
Less than 1.00%
$3,932 $23 $0 $0 $3,955 
1.00% - 1.99%
16,450 32 0 0 16,482 
2.00% - 2.99%
7,926 280 26 0 8,232 
3.00% - 4.00%
8,743 0 0 0 8,743 
Greater than 4.00%
16,833 0 0 0 16,833 
Total$53,884 $335 $26 $0 $54,245 
June 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%
$503 $0 $0 $0 $503 
1.00% - 1.99%
1,519 0 0 0 1,519 
2.00% - 2.99%
608 0 0 0 608 
3.00% - 4.00%
4,674 0 0 0 4,674 
Greater than 4.00%
2,118 0 0 0 2,118 
Total$9,422 $0 $0 $0 $9,422 
Retirement Strategies - Individual Variable
Less than 1.00%
$618 $651 $254 $0 $1,523 
1.00% - 1.99%
187 118 2 0 307 
2.00% - 2.99%
24 5 4 0 33 
3.00% - 4.00%
1,811 7 9 0 1,827 
Greater than 4.00%
90 0 0 0 90 
Total$2,730 $781 $269 $0 $3,780 
Retirement Strategies - Individual Fixed
Less than 1.00%
$0 $4 $10 $707 $721 
1.00% - 1.99%
482 96 234 79 891 
2.00% - 2.99%
548 461 563 16 1,588 
3.00% - 4.00%
1,036 76 8 2 1,122 
Greater than 4.00%
90 0 0 0 90 
Total$2,156 $637 $815 $804 $4,412 
Group Insurance - Life / Disability
Less than 1.00%
$0 $0 $0 $921 $921 
1.00% - 1.99%
0 0 0 0 0 
2.00% - 2.99%
27 0 0 0 27 
3.00% - 4.00%
1,448 0 0 62 1,510 
Greater than 4.00%
72 0 0 0 72 
Total$1,547 $0 $0 $983 $2,530 
Individual Life - Variable / Universal Life
Less than 1.00%
$0 $0 $0 $324 $324 
1.00% - 1.99%
247 0 1,678 1,848 3,773 
2.00% - 2.99%
31 1,480 2,837 448 4,796 
3.00% - 4.00%
4,300 3,897 1,342 28 9,567 
Greater than 4.00%
5,433 0 0 0 5,433 
Total$10,011 $5,377 $5,857 $2,648 $23,893 
International Businesses(2)
Less than 1.00%
$15,646 $40 $83 $2,560 $18,329 
1.00% - 1.99%
10,445 82 0 0 10,527 
2.00% - 2.99%
4,755 293 32 0 5,080 
3.00% - 4.00%
5,852 0 0 0 5,852 
Greater than 4.00%
7,103 0 0 0 7,103 
Total$43,801 $415 $115 $2,560 $46,891 
__________
(1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.
(2)Prior period amounts have been updated to conform to current period presentation.
Additional Liability, Long-Duration Insurance
The balance of and changes in URR as of and for the periods ended are as follows:

Six Months Ended June 30, 2025
Individual LifeInternational Businesses
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period
$5,245 $505 $5,750 
Unearned revenue432 98 530 
Amortization expense(126)(14)(140)
Other adjustments0 0 0 
Foreign currency adjustment0 30 30 
Balance, end of period
$5,551 $619 6,170 
Other
64 
Total unearned revenue reserve balance
$6,234 

Six Months Ended June 30, 2024
Individual Life
International Businesses(1)
Variable/ Universal Life
Total
(in millions)
Balance, beginning of period
$4,613 $454 $5,067 
Unearned revenue436 80 516 
Amortization expense(118)(11)(129)
Other adjustments0 (57)(57)
Foreign currency adjustment0 (34)(34)
Balance, end of period
$4,931 $432 5,363 
Other
53 
Total unearned revenue reserve balance
$5,416 
__________
(1)Prior period amounts have been updated to conform to current period presentation.
v3.25.2
Market Risk Benefits (Tables)
 6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
Market Risk Benefits In Asset and Liability Positions
The following table shows a rollforward of MRB balances for 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:
 
Six Months Ended June 30, 2025
Retirement Strategies
Individual Variable
Individual Fixed
Total
(in millions)
Balance, BOP$2,740 $0 $2,740 
Effect of cumulative changes in NPR672 0 672 
Balance, BOP, before effect of changes in NPR3,412 0 3,412 
Attributed fees collected525 6 531 
Claims paid(41)0 (41)
Interest accrual94 0 94 
Actual in force different from expected40 2 42 
Effect of changes in interest rates389 (7)382 
Effect of changes in equity markets(494)(2)(496)
Effect of assumption update and other refinements
112 151 263 
Issuances35 17 52 
Other adjustments12 3 15 
Balance, EOP, before effect of changes in NPR4,084 170 4,254 
Effect of cumulative changes in NPR(838)(7)(845)
Balance, EOP3,246 163 3,409 
Less: Reinsured MRBs
777 0 777 
Balance, EOP, net of reinsurance$2,469 $163 2,632 
Other businesses39 
Total net MRB balance$2,671 
Six Months Ended June 30, 2024
Retirement Strategies
Individual Variable
Individual Fixed
Total
(in millions)
Balance, BOP$4,038 $0 $4,038 
Effect of cumulative changes in NPR1,137 0 1,137 
Balance, BOP, before effect of changes in NPR5,175 0 5,175 
Attributed fees collected569 0 569 
Claims paid(42)0 (42)
Interest accrual130 0 130 
Actual in force different from expected(6)0 (6)
Effect of changes in interest rates(909)0 (909)
Effect of changes in equity markets(1,165)0 (1,165)
Effect of assumption update and other refinements(1)
88 0 88 
Issuances29 0 29 
Other adjustments(1)
20 0 20 
Balance, EOP, before effect of changes in NPR3,889 0 3,889 
Effect of cumulative changes in NPR(942)0 (942)
Balance, EOP2,947 0 2,947 
Less: Reinsured MRBs
635 0 635 
Balance, EOP, net of reinsurance$2,312 $0 2,312 
Other businesses47 
Total net MRB balance$2,359 
_________
(1)Prior period amounts have been updated to conform to current presentation.
The following tables present accompanying information to the rollforward tables above.

June 30, 2025
Retirement Strategies
Individual Variable
Individual Fixed
($ in millions)
Net amount at risk(1)$8,736 $401 
Weighted-average attained age of contractholders7267

June 30, 2024
Retirement Strategies
Individual Variable
Individual Fixed
($ in millions)
Net amount at risk(1)$9,358 N/A
Weighted-average attained age of contractholders71N/A
__________
(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:

June 30, 2025
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,291 $1 $1 $1,293 
Ceded
894 0 1 895 
Total MRB assets
$2,185 $1 $2 $2,188 
Direct and assumed
$4,537 $164 $41 $4,742 
Ceded
117 0 0 117 
Total MRB liabilities
$4,654 $164 $41 $4,859 
Net liability
$2,469 $163 $39 $2,671 
June 30, 2024
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,441 $0 $11 $1,452 
Ceded
780 0 1 781 
Total MRB assets
$2,221 $0 $12 $2,233 
Direct and assumed
$4,388 $0 $59 $4,447 
Ceded
145 0 0 145 
Total MRB liabilities
$4,533 $0 $59 $4,592 
Net liability
$2,312 $0 $47 $2,359 
v3.25.2
Reinsurance (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Direct premiums$5,824 $6,851 $11,846 $21,673 
Reinsurance assumed1,757 1,545 3,351 2,996 
Reinsurance ceded(599)(576)(1,215)(1,312)
Premiums$6,982 $7,820 $13,982 $23,357 
Direct policy charges and fee income$1,146 $949 $2,329 $1,813 
Reinsurance assumed290 299 579 599 
Reinsurance ceded(187)(163)(502)(271)
Policy charges and fee income$1,249 $1,085 $2,406 $2,141 
Direct change in value of market risk benefits, net of related hedging gains (losses)$(471)$(339)$(838)$(189)
Reinsurance assumed39 8 11 79 
Reinsurance ceded6 34 50 (64)
Change in value of market risk benefits, net of related hedging gains (losses)$(426)$(297)$(777)$(174)
Direct policyholders’ benefits$7,034 $7,961 $14,294 $23,826 
Reinsurance assumed2,074 1,938 4,044 3,781 
Reinsurance ceded(927)(1,035)(2,017)(2,149)
Policyholders’ benefits$8,181 $8,864 $16,321 $25,458 
Direct change in estimates of liability for future policy benefits$(17)$(213)$(64)$(67)
Reinsurance assumed(10)63 (10)58 
Reinsurance ceded(148)(26)(151)(184)
Change in estimates of liability for future policy benefits$(175)$(176)$(225)$(193)
Reinsurance recoverables
Reinsurance recoverables and deposit receivables are as follows:
 
June 30, 2025December 31, 2024
(in millions)
Reinsurance recoverables:
Prismic Re(1)$5,443 $5,506 
FLIAC1,429 1,442 
Other39 39 
Individual and group annuities6,911 6,987 
Wilton Re7,690 7,478 
Somerset Re(2)1,687 1,591 
Hartford Life Business(3)2,018 2,033 
Other8,271 7,996 
Life insurance19,666 19,098 
Other reinsurance415 401 
Total reinsurance recoverables
26,992 26,486 
Deposit receivables:
Prismic Re(1)3,481 3,578 
Prismic Re International
6,391 0 
Somerset Re(4)
2,556 2,795 
Empower
4,732 4,821 
Total deposit receivables
17,160 11,194 
Total reinsurance recoverables and deposit receivables(5)
$44,152 $37,680 
__________
(1)The Company has also recorded funds withheld payables related to the reinsurance agreement with Prismic Re of $7,776 million and $7,796 million as of June 30, 2025 and December 31, 2024, respectively.
(2)Represents reinsurance recoverables of $8,088 million and $7,979 million as of June 30, 2025 and December 31, 2024, respectively that are netted with reinsurance payables of $6,401 million and $6,388 million as of June 30, 2025 and December 31, 2024, respectively, related to the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business under modified coinsurance.
(3)The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,335 million and $1,387 million as of June 30, 2025 and December 31, 2024, respectively.
(4)The Company has also recorded funds withheld payables related to the reinsurance agreement with Somerset Re of $2,609 million and $2,595 million as of June 30, 2025 and December 31, 2024, respectively.
(5)Net of $13 million and $12 million of allowance for credit losses as of June 30, 2025 and December 31, 2024, respectively.
v3.25.2
Closed Block (Tables)
 6 Months Ended
Jun. 30, 2025
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:
June 30,
2025		December 31,
2024
 (in millions)
Closed Block liabilities
Future policy benefits$41,927 $42,464 
Policyholders’ dividends payable695 688 
Policyholders’ dividend obligation215 0 
Policyholders’ account balances4,293 4,359 
Other Closed Block liabilities3,292 3,346 
Total Closed Block liabilities50,422 50,857 
Closed Block assets
Fixed maturities, available-for-sale, at fair value29,154 28,570 
Fixed maturities, trading, at fair value647 647 
Equity securities, at fair value1,475 1,642 
Commercial mortgage and other loans7,628 7,652 
Policy loans3,280 3,348 
Other invested assets4,521 4,929 
Short-term investments346 520 
Total investments47,051 47,308 
Cash and cash equivalents368 400 
Accrued investment income402 403 
Other Closed Block assets299 367 
Total Closed Block assets48,120 48,478 
Excess of reported Closed Block liabilities over Closed Block assets2,302 2,379 
Portion of above representing accumulated other comprehensive income (loss):
Net unrealized investment gains (losses)(1,666)(2,299)
Allocated to policyholder dividend obligation1,514 2,096 
Future earnings to be recognized from Closed Block assets and Closed Block liabilities$2,150 $2,176 
Schedule of Closed Block Dividend Obligation
Information regarding the policyholder dividend obligation is as follows:

Six Months Ended
June 30, 2025
 (in millions)
Balance, December 31, 2024$0 
Impact from earnings allocable to policyholder dividend obligation(367)
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation582 
Balance, June 30, 2025$215 
Schedule of Closed Block Revenues Benefits Expenses
Closed Block revenues and benefits and expenses are as follows for the periods indicated:


Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
 (in millions)
Revenues
Premiums$444 $433 $862 $842 
Net investment income511 506 1,003 1,019 
Realized investment gains (losses), net(199)(174)(255)(299)
Other income (loss)190 43 156 207 
Total Closed Block revenues946 808 1,766 1,769 
Benefits and Expenses
Policyholders’ benefits616 604 1,217 1,188 
Interest credited to policyholders’ account balances28 29 56 59 
Dividends to policyholders249 162 377 437 
General and administrative expenses64 67 142 134 
Total Closed Block benefits and expenses957 862 1,792 1,818 
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes(11)(54)(26)(49)
Income tax expense (benefit)(31)(73)(66)(88)
Closed Block revenues, net of Closed Block benefits and expenses and income taxes$20 $19 $40 $39 
v3.25.2
Short-Term and Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
The table below presents the Company’s short-term debt as of the dates indicated:
 
June 30, 2025December 31, 2024
 ($ in millions)
Commercial paper:
Prudential Financial$25 $25 
Prudential Funding, LLC500 496 
Subtotal commercial paper525 521 
Current portion of long-term debt:
Senior Notes499 0 
Surplus notes348 347 
Mortgage debt1 85 
Subtotal current portion of long-term debt848 432 
Subtotal1,373 953 
Less: assets under set-off arrangements(1)0 0 
Total short-term debt(2)
$1,373 $953 
Supplemental short-term debt information:
Portion of commercial paper borrowings due overnight$125$310
Daily average commercial paper outstanding for the quarter ended$1,551$1,823
Weighted average maturity of outstanding commercial paper, in days515
Weighted average interest rate on outstanding commercial paper4.33 %4.61 %
__________
(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 $524 million and $25 million at June 30, 2025 and December 31, 2024, respectively.
Schedule of Long-term Debt
The table below presents the Company’s long-term debt as of the dates indicated:
 
 June 30, 2025December 31, 2024
 (in millions)
Fixed-rate obligations:
Surplus notes subject to set-off arrangements(1)(2)
$15,220 $14,748 
Senior notes10,610 10,245 
Mortgage debt(3)
125 69 
Floating-rate obligations:
Line of credit255 255 
Mortgage debt(3)
66 31 
Junior subordinated notes(4)
7,595 8,587 
Subtotal33,871 33,935 
Less: assets under set-off arrangements(1)15,220 14,748 
Total long-term debt(5)
$18,651 $19,187 
__________    
(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 $7.2 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 $158 million and $100 million of debt denominated in foreign currency at June 30, 2025 and December 31, 2024, respectively.
(4)Includes Prudential Financial debt of $7,552 million and $8,548 million at June 30, 2025, and December 31, 2024, respectively. Also includes subsidiary debt of $43 million and $39 million denominated in foreign currency at June 30, 2025, and December 31, 2024, respectively.
(5)Includes Prudential Financial debt of $18,162 million and $18,793 million at June 30, 2025 and December 31, 2024, respectively.
v3.25.2
Employee Benefit Plans (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30,
 Pension BenefitsOther Postretirement Benefits
 2025202420252024
 (in millions)
Components of net periodic (benefit) cost:
Service cost$47 $51 $2 $2 
Interest cost141 135 14 13 
Expected return on plan assets(249)(239)(18)(19)
Amortization of prior service cost0 (1)(17)(17)
Amortization of actuarial (gain) loss, net21 23 2 2 
Settlements0 1 0 0 
Special termination benefits
0 1 0 0 
Net periodic (benefit) cost$(40)$(29)$(17)$(19)
Six Months Ended June 30,
Pension BenefitsOther Postretirement Benefits
2025202420252024
(in millions)
Components of net periodic (benefit) cost:
Service cost$94 $103 $3 $4 
Interest cost282 270 28 26 
Expected return on plan assets(498)(477)(36)(38)
Amortization of prior service cost0 (1)(34)(34)
Amortization of actuarial (gain) loss, net42 45 5 4 
Settlements(1)1 0 0 
Special termination benefits
0 1 0 0 
Net periodic (benefit) cost$(81)$(58)$(34)$(38)
v3.25.2
Equity (Tables)
 6 Months Ended
Jun. 30, 2025
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, 2024666.3 311.7 354.6 
Common Stock issued0.0 0.0 0.0 
Common Stock acquired0.0 4.6 (4.6)
Stock-based compensation programs(1)0.0 (1.9)1.9 
Balance, June 30, 2025666.3 314.4 351.9 
__________ 
(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
June 30,		Six Months Ended
June 30,
 2025202420252024
Dividends declared per share of Common Stock$1.35 $1.30 $2.70 $2.60 
Components of Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of AOCI as of and for the six months ended June 30, 2025 and 2024, are as follows:
 Accumulated Other Comprehensive Income (Loss) Attributable to
Prudential Financial, Inc.
 Foreign 
Currency
Translation
Adjustment		Net Unrealized
Investment 
Gains
(Losses)(1)		Interest rate remeasurement of Liability for Future Policy Benefits
Gains (Losses) from Changes in Non-performance Risk on Market Risk Benefits
Pension and
Postretirement
Unrecognized Net
Periodic Benefit
(Cost)		Total
Accumulated
Other
Comprehensive
Income (Loss)
 (in millions)
Balance, December 31, 2024$(3,615)$(18,687)$17,306 $532 $(2,247)$(6,711)
Change in OCI before reclassifications806 (2,132)3,983 172 (5)2,824 
Amounts reclassified from AOCI(20)511 0 0 13 504 
Income tax benefit (expense)80 604 (1,187)(36)1 (538)
Balance, June 30, 2025$(2,749)$(19,704)$20,102 $668 $(2,238)$(3,921)

 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 reclassifications(827)(10,584)10,351 (196)11 (1,245)
Amounts reclassified from AOCI(20)467 0 0 14 461 
Income tax benefit (expense)(81)2,526 (2,606)42 (37)(156)
Balance, June 30, 2024$(3,614)$(18,804)$16,292 $746 $(2,064)$(7,444)
__________
(1)Includes cash flow hedges of $(597) million and $1,780 million as of June 30, 2025 and December 31, 2024, respectively, and $1,499 million and $869 million as of June 30, 2024 and December 31, 2023, respectively, and fair value hedges of $(168) million and $(64) million as of June 30, 2025 and December 31, 2024, respectively, and $(70) million and $(60) million as of June 30, 2024 and December 31, 2023, respectively
Reclassification Out Of Accumulated Other Comprehensive Income (Loss)
Reclassifications out of Accumulated Other Comprehensive Income (Loss)

 Three Months Ended
June 30,		Six Months Ended
June 30,		Affected line item in Unaudited Interim Consolidated Statements of Operations
 2025202420252024
 (in millions) 
Amounts reclassified from AOCI(1)(2):
Foreign currency translation adjustment:
Foreign currency translation adjustments$8 $7 $20 $20 Realized investment gains (losses), net
Net unrealized investment gains (losses):
Cash flow hedges—Interest rate(4)(17)(7)(20)(3)
Cash flow hedges—Currency(4)2 (3)4 (3)
Cash flow hedges—Currency/Interest rate(265)114 (294)271 (3)
Fair value hedges—Currency(3)(3)(7)(5)(3)
Net unrealized investment gains (losses) on available-for-sale securities(137)(735)(200)(717)Realized investment gains (losses), net
Total net unrealized investment gains (losses)(413)(639)(511)(467)(4)
Amortization of defined benefit items:
Prior service cost17 18 34 35 (5)
Actuarial gain (loss)(23)(25)(47)(49)(5)
Total amortization of defined benefit items(6)(7)(13)(14)
Total reclassifications for the period$(411)$(639)$(504)$(461)
__________
(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, 2024$6 $(27,287)$(269)$981 $2,096 $5,786 $(18,687)
Net investment gains (losses) on investments arising during the period4 (1,390)708 (678)
Reclassification adjustment for (gains) losses included in net income(7)518 (261)250 
Impact of net unrealized investment (gains) losses81 (245)(582)157 (589)
Balance, June 30, 2025$3 $(28,159)$(188)$736 $1,514 $6,390 $(19,704)
__________
(1)Includes cash flow and fair value hedges. See Note 5 for additional information.
v3.25.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30,
 20252024
 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) $566 $1,171 
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
33 (27)
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards6 14 
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $527 353.1 $1.49 $1,184 358.8 $3.30 
Effect of dilutive securities and compensation programs
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic$6 $14 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted6 14 
Stock options0.1 0.2 
Deferred and long-term compensation programs1.7 1.5 
Diluted earnings per share
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $527 354.9 $1.48 $1,184 360.5 $3.28 
 Six Months Ended June 30,
 20252024
 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) $1,308 $2,322 
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
68 (14)
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards16 29 
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $1,224 353.7 $3.46 $2,307 358.9 $6.43 
Effect of dilutive securities and compensation programs
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic$16 $29 
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted16 29 
Stock options0.1 0.3 
Deferred and long-term compensation programs1.7 1.3 
Diluted earnings per share
Net income (loss) attributable to Prudential Financial available to holders of Common Stock $1,224 355.5 $3.44 $2,307 360.5 $6.40 
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 June 30,
 20252024
 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 method0.2 $108.68 0.0 N/A
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 0.0 
Antidilutive shares due to net loss available to holders of Common Stock0.0 0.0 
Total antidilutive stock options and shares0.2 0.0 
 Six Months Ended June 30,
 20252024
 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 $108.68 0.1 $110.42 
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 0.0 
Antidilutive shares due to net loss available to holders of Common Stock0.0 0.0 
Total antidilutive stock options and shares0.1 0.1 
v3.25.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Reconciliation of Certain Financial Information from Segments to Consolidated
June 30,
2025		December 31,
2024
(in millions)
Assets by segment:
PGIM$37,454 $36,044 
U.S. Businesses:
Institutional Retirement Strategies130,095 126,842 
Individual Retirement Strategies153,867 150,151 
Retirement Strategies283,962 276,993 
Group Insurance40,408 39,340 
Individual Life125,793 122,590 
Total U.S. Businesses450,163 438,923 
International Businesses
191,258 180,038 
Corporate and Other31,619 31,767 
Closed Block division48,458 48,815 
Total assets per Unaudited Interim Consolidated Financial Statements$758,952 $735,587 
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
June 30,		Six Months Ended
June 30,
 2025202420252024
 (in millions)
PGIM segment intersegment revenues$222 $204 $446 $411 
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 June 30,Six Months Ended June 30,
2025202420252024
 (in millions)
Asset-based management fees$841 $853 $1,695 $1,685 
Performance-based incentive fees25 19 32 61 
Other fees116 129 239 254 
Total asset management and service fees$982 $1,001 $1,966 $2,000 
Segment, Reconciliation of Other Items from Segments to Consolidated
The tables below present certain financial information that is regularly provided to the CODM for the Company’s segments, including revenues and significant benefits and expenses, on an adjusted operating income basis, as well as assets by segment, and the reconciliation of the segment totals to amounts reported in the Unaudited Interim Consolidated Financial Statements. Prior periods have been updated to reflect the adoption of ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.
 
Three Months Ended June 30, 2025
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(3)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $2,126 $17 $1,349 $232 $2,709 $(7)$6,426 $556 $6,982 
Policy charges and fee income
0 5 273 184 531 92 (15)1,070 179 1,249 
Net investment income
59 1,248 682 133 697 1,451 330 4,600 626 5,226 
Asset management fees, commissions and other income
984 128 349 21 33 147 (252)1,410 (1,141)269 
Total revenues
1,043 3,507 1,321 1,687 1,493 4,399 56 13,506 220 13,726 
Benefits and expenses:
Policyholders' benefits
0 2,707 127 1,230 677 2,445 (1)7,185 
Interest credited to policyholders' account balances
0 188 355 32 179 369 12 1,135 
Interest expense
24 15 12 5 254 1 215 526 
Deferral of acquisition costs0 (34)(173)(4)(220)(297)39 (689)
Amortization of DAC0 4 118 4 107 174 (15)392 
Operating expenses(4)
477 68 160 186 169 467 107 1,634 
Variable expenses(4)
313 39 395 109 267 446 (21)1,548 
Other benefits and expenses(5)
0 124 1 0 (48)33 0 110 
Total benefits and expenses
814 3,111 995 1,562 1,385 3,638 336 11,841 
Total pre-tax income
$229 $396 $326 $125 $108 $761 $(280)$1,665 $(925)$740 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
(516)
Change in value of market risk benefits, net of related hedging gains (losses)(426)
Market experience updates42 
Divested and Run-off Businesses:
Closed Block division(18)
Other Divested and Run-off Businesses12 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(18)
Other adjustments(1)
Total reconciling items
(925)
Total GAAP pre-tax income
$740 
 
Three Months Ended June 30, 2024
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)(2)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(3)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $2,758 $11 $1,272 $241 $3,002 $(7)$7,277 $543 $7,820 
Policy charges and fee income
0 8 312 165 510 80 (14)1,061 24 1,085 
Net investment income
14 1,142 496 128 762 1,390 286 4,218 631 4,849 
Asset management fees, commissions and other income
949 133 435 21 16 40 (301)1,293 (164)1,129 
Total revenues
963 4,041 1,254 1,586 1,529 4,512 (36)13,849 1,034 14,883 
Benefits and expenses:
Policyholders' benefits
0 3,718 39 1,140 787 2,446 (7)8,123 
Interest credited to policyholders' account balances
0 153 245 36 209 288 21 952 
Interest expense
26 9 19 4 250 (2)174 480 
Deferral of acquisition costs0 (15)(164)(4)(219)(268)56 (614)
Amortization of DAC0 2 98 2 110 161 (10)363 
Operating expenses(4)
445 60 142 185 118 428 133 1,511 
Variable expenses(4)
286 20 448 102 266 399 (32)1,489 
Other benefits and expenses(5)
0 (456)(12)0 95 358 0 (15)
Total benefits and expenses
757 3,491 815 1,465 1,616 3,810 335 12,289 
Total pre-tax income
$206 $550 $439 $121 $(87)$702 $(371)$1,560 $(145)$1,415 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
175 
Change in value of market risk benefits, net of related hedging gains (losses)(297)
Market experience updates47 
Divested and Run-off Businesses:
Closed Block division(60)
Other Divested and Run-off Businesses38 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(43)
Other adjustments(5)
Total reconciling items
(145)
Total GAAP pre-tax income
$1,415 
 
Six Months Ended June 30, 2025
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(3)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $3,871 $37 $2,745 $469 $5,766 $(16)$12,872 $1,110 $13,982 
Policy charges and fee income
0 12 563 381 1,072 180 (30)2,178 228 2,406 
Net investment income
79 2,491 1,311 267 1,391 2,920 660 9,119 1,237 10,356 
Asset management fees, commissions and other income
1,949 238 748 42 76 271 (575)2,749 (2,297)452 
Total revenues
2,028 6,612 2,659 3,435 3,008 9,137 39 26,918 278 27,196 
Benefits and expenses:
Policyholders' benefits
0 5,144 157 2,526 1,468 5,226 (9)14,512 
Interest credited to policyholders' account balances
0 370 680 67 361 716 24 2,218 
Interest expense
45 32 25 10 514 0 422 1,048 
Deferral of acquisition costs0 (61)(355)(4)(422)(603)72 (1,373)
Amortization of DAC0 10 227 6 217 339 (31)768 
Operating expenses(4)
981 139 304 380 289 903 262 3,258 
Variable expenses(4)
617 71 824 236 538 909 (6)3,189 
Other benefits and expenses(5)
0 99 7 0 (31)38 0 113 
Total benefits and expenses
1,643 5,804 1,869 3,221 2,934 7,528 734 23,733 
Total pre-tax income
$385 $808 $790 $214 $74 $1,609 $(695)$3,185 $(1,525)$1,660 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
(762)
Change in value of market risk benefits, net of related hedging gains (losses)(777)
Market experience updates81 
Divested and Run-off Businesses:
Closed Block division(40)
Other Divested and Run-off Businesses(39)
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(15)
Other adjustments27 
Total reconciling items
(1,525)
Total GAAP pre-tax income
$1,660 
 
Six Months Ended June 30, 2024
Retirement Strategies
Select revenues and significant benefits and expenses, on an adjusted operating income basis, by segment
PGIM
Institutional Retirement Strategies
Individual Retirement Strategies (1)(2)
Group Insurance
Individual Life(1)
International Businesses
Corporate and Other(3)
Total Adjusted Operating Income
Total Reconciling Items
Total GAAP Revenues and Pre-tax Income
(in millions)
Revenues:
Premiums
$0 $13,055 $39 $2,570 $487 $6,141 $(9)$22,283 $1,074 $23,357 
Policy charges and fee income
0 14 618 340 1,013 160 (28)2,117 24 2,141 
Net investment income
(29)2,234 940 264 1,568 2,802 559 8,338 1,275 9,613 
Asset management fees, commissions and other income
1,982 276 878 46 41 122 (528)2,817 464 3,281 
Total revenues
1,953 15,579 2,475 3,220 3,109 9,225 (6)35,555 2,837 38,392 
Benefits and expenses:
Policyholders' benefits
0 14,576 79 2,389 1,637 5,213 (12)23,882 
Interest credited to policyholders' account balances
0 307 446 76 415 567 43 1,854 
Interest expense
50 26 33 6 550 (3)347 1,009 
Deferral of acquisition costs(1)(34)(314)(10)(414)(561)73 (1,261)
Amortization of DAC1 4 191 3 226 320 (20)725 
Operating expenses(4)
939 123 287 371 301 884 438 3,343 
Variable expenses(4)
589 45 872 219 517 820 (69)2,993 
Other benefits and expenses(5)
0 (459)2 0 85 387 0 15 
Total benefits and expenses
1,578 14,588 1,596 3,054 3,317 7,627 800 32,560 
Total pre-tax income
$375 $991 $879 $166 $(208)$1,598 $(806)$2,995 $(190)$2,805 
Reconciling items:
Realized investment gains (losses), net, and related charges and adjustments
112 
Change in value of market risk benefits, net of related hedging gains (losses)(174)
Market experience updates15 
Divested and Run-off Businesses:
Closed Block division(63)
Other Divested and Run-off Businesses3 
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests
(70)
Other adjustments(13)
Total reconciling items
(190)
Total GAAP pre-tax income
$2,805 
__________
(1)The Individual 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)The amounts for the three and six months ended June 30, 2024 reflect the correction of an error related to indexed variable and fixed annuity products within the Individual Retirement Strategies segment. See “—Adjusted Operating Income” above for additional information. Prior period amounts have been updated to conform to current period presentation.
(3)Corporate and Other operations, through Prudential Advisors, generates fee revenues from the sale and distribution of certain insurance, annuity and investment products offered by Prudential and third parties.
(4)“Operating expenses” includes amounts related to salaries, employee benefits, occupancy, technology, consulting, external and contracted services, legal, corporate charges, costs for initiatives, and other miscellaneous expenses. “Variable expenses” includes commissions, certain compensation related to levels of investment performance, premium taxes and other fees related to sales of certain insurance and investment products.
(5)“Other benefits and expenses” primarily includes: (i) the change in estimates of liability for future policy benefits, which can be either positive or negative, for Retirement Strategies, Individual Life and International Businesses; (ii) dividends to policyholders for Individual Life and International Businesses, which are included in adjusted operating income; and (iii) dividends to policyholders in the Closed Block Division, which are not included in adjusted operating income.
v3.25.2
Related Party Transactions (Tables)
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The related party balances with Prismic, Prismic Re and Prismic Re International impacted the Company’s balance sheet as of the periods indicated as follows:

June 30,
2025		December 31,
2024
 (in millions)
Reinsurance recoverables and deposit receivables$15,315 $9,084 
Other assets
$163 $187 
Reinsurance and funds withheld payables (includes $45 and $(91) of embedded derivatives at fair value at June 30, 2025 and December 31, 2024, respectively)
$7,776 $7,796 
Accumulated other comprehensive income (loss)
$(172)$(139)
The related party activity with Prismic, Prismic Re and Prismic Re International impacted the Company’s results of operations and cash flows for the periods indicated as follows:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
 (in millions)
Premiums
$(13)$19 $(16)$15 
Asset management and service fees
15 9 28 18 
Other income (loss)
99 35 160 74 
Realized investment gains(losses), net
(33)114 (270)318 
Policyholders’ benefits
(70)(70)(141)(141)
Change in estimates of liability for future policy benefits
(14)20 (17)16 
Amortization of deferred policy acquisition costs
(3)0 (4)0 
General and administrative expenses
14 8 17 19 
Income (loss) from related parties, before income taxes
141 219 47 531 
Other comprehensive income (loss), before tax(24)(224)(33)(92)
Total comprehensive income (loss), before tax$117 $(5)$14 $439 

Six Months Ended June 30,
20252024
 (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
$270 $(318)
 Change in:
Deferred policy acquisition costs
$(4)$0 
Reinsurance related-balances
$(404)$(369)
Other, net$21 $5 
CASH FLOWS FROM INVESTING ACTIVITIES
Other, net$(64)$0 
CASH FLOWS FROM FINANCING ACTIVITIES
Other, net$167 $180 
v3.25.2
Commitments and Contingent Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
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: 

 June 30, 2025December 31, 2024
 
Amount
% of
Total
Amount
% of
Total
($ in millions)
Commercial mortgage and agricultural property loans by property type:
Office$7,065 11.3 %$7,867 12.7 %
Retail5,441 8.7 5,552 9.0 
Apartments/Multi-Family18,729 29.9 17,522 28.3 
Industrial17,293 27.5 16,900 27.3 
Hospitality1,668 2.7 1,831 3.0 
Self-Storage(1)
2,276 3.6 2,194 3.5 
Health Care Senior Living(1)
1,858 3.0 1,858 3.0 
Other(1)
565 0.9 334 0.6 
Total commercial mortgage loans54,895 87.6 54,058 87.4 
Agricultural property loans7,762 12.4 7,775 12.6 
Total commercial mortgage and agricultural property loans62,657 100.0 %61,833 100.0 %
Allowance for credit losses(508)(528)
Total net commercial mortgage and agricultural property loans62,149 61,305 
Other loans:
Uncollateralized loans368 595 
Residential property loans18 19 
Other collateralized loans477 468 
Total other loans863 1,082 
Allowance for credit losses(46)(46)
Total net other loans817 1,036 
Total net commercial mortgage and other loans(2)
$62,966 $62,341 
__________ 
(1)Prior period amounts have been updated to conform to current period presentation.
(2)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of June 30, 2025 and December 31, 2024, the net carrying value of these loans was $726 million and $702 million, respectively.
Commercial Mortgage Loan Commitments

June 30,
2025		December 31,
2024
 (in millions)
Total outstanding mortgage loan commitments$3,164 $2,552 
Portion of commitment where prearrangement to sell to investor exists$779 $578 
Indemnification of Serviced Mortgage Loans

June 30,
2025		December 31,
2024
 (in millions)
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company$3,359 $3,272 
First-loss exposure portion of above$966 $942 
Accrued liability associated with guarantees(1)$23 $25 
__________
(1)The accrued liability associated with guarantees includes an allowance for credit losses of $11 million and $12 million as of June 30, 2025 and December 31, 2024, respectively. The change in allowance was a reduction of $0 million and $1 million for the three months ended June 30, 2025 and 2024, respectively, and a reduction of $1 million and $1 million for the six months ended June 30, 2025 and 2024, respectively.
Commitments to Purchase Investments (excluding Commercial Mortgage Loans)
Commitments to Purchase Investments (excluding Commercial Mortgage Loans)

June 30,
2025		December 31,
2024
 (in millions)
Expected to be funded from the general account and other operations outside the separate accounts$12,033 $11,664 
Expected to be funded from separate accounts$257 $0 
Indemnification of Securities Lending and Securities Repurchase Transactions Indemnification of Securities Lending and Securities Repurchase Transactions
June 30,
2025		December 31,
2024
 (in millions)
Indemnification provided to certain clients for securities lending and securities repurchase transactions(1)$5,054 $5,015 
Fair value of related collateral associated with above indemnifications(1)
$5,167 $5,119 
Accrued liability associated with guarantee$0 $0 
__________ 
(1)Includes $0 million and $240 million related to securities repurchase transactions as of June 30, 2025 and December 31, 2024, respectively.
Guarantees
Guarantees of Asset Values

June 30,
2025		December 31,
2024
 (in millions)
Guaranteed value of third-parties’ assets$77,495 $76,416 
Fair value of collateral supporting these assets$73,402 $71,423 
Asset (liability) associated with guarantee, carried at fair value$(16)$(1)
Other Guarantees

June 30,
2025		December 31,
2024
 (in millions)
Other guarantees where amount can be determined$288 $289 
Accrued liability for other guarantees and indemnifications$31 $32 
v3.25.2
Business and Basic Presentation (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2024
Error Corrections and Prior Period Adjustments Restatement [Line Items]            
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest $ (740)   $ (1,415) $ (1,660) $ (2,805)  
Operating Segments            
Error Corrections and Prior Period Adjustments Restatement [Line Items]            
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (1,665)   (1,560) (3,185) (2,995)  
U.S. Businesses Division | Individual Retirement Strategies | Operating Segments | Retirement Strategies            
Error Corrections and Prior Period Adjustments Restatement [Line Items]            
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest $ (326)   (439) $ (790) (879)  
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   $ 150        
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount     (1,267)   (1,267) $ (1,372)
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount     (1,267)   (1,267) $ (1,372)
Out of period adjustments | U.S. Businesses Division | Individual Retirement Strategies | Operating Segments | Retirement Strategies            
Error Corrections and Prior Period Adjustments Restatement [Line Items]            
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest     $ 47   $ 81  
v3.25.2
Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost $ 356,073   $ 341,004      
Gross Unrealized Gains 6,596   5,517      
Gross Unrealized Losses 34,143   34,620      
Fixed Maturities, AFS, allowance for credit losses 224 $ 251 331 $ 169 $ 171 $ 160
Fixed maturities, available-for-sale, at fair value [1] 328,302   311,570      
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 24,626   24,869      
Gross Unrealized Gains 665   584      
Gross Unrealized Losses 4,921   5,105      
Fixed Maturities, AFS, allowance for credit losses 0 0 0 0 0 0
Fixed maturities, available-for-sale, at fair value 20,370   20,348      
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 6,059   6,590      
Gross Unrealized Gains 129   132      
Gross Unrealized Losses 675   618      
Fixed Maturities, AFS, allowance for credit losses 0   0      
Fixed maturities, available-for-sale, at fair value 5,513   6,104      
Foreign government securities            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 68,556   63,523      
Gross Unrealized Gains 1,219   1,837      
Gross Unrealized Losses 11,086   7,881      
Fixed Maturities, AFS, allowance for credit losses 0 0 0 0 31 53
Fixed maturities, available-for-sale, at fair value 58,689   57,479      
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 112,147   108,883      
Gross Unrealized Gains 1,575   1,226      
Gross Unrealized Losses 10,524   11,529      
Fixed Maturities, AFS, allowance for credit losses 12   72      
Fixed maturities, available-for-sale, at fair value 103,186   98,508      
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 47,182   45,854      
Gross Unrealized Gains 874   918      
Gross Unrealized Losses 2,303   2,926      
Fixed Maturities, AFS, allowance for credit losses 70   57      
Fixed maturities, available-for-sale, at fair value 45,683   43,789      
Foreign public corporate securities            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 24,927   23,165      
Gross Unrealized Gains 373   248      
Gross Unrealized Losses 1,303   1,421      
Fixed Maturities, AFS, allowance for credit losses 9   10      
Fixed maturities, available-for-sale, at fair value 23,988   21,982      
Foreign private corporate securities            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 40,352   38,652      
Gross Unrealized Gains 1,498   314      
Gross Unrealized Losses 2,673   4,311      
Fixed Maturities, AFS, allowance for credit losses 132   192      
Fixed maturities, available-for-sale, at fair value 39,045   34,463      
Asset-backed securities            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 18,230   16,979      
Gross Unrealized Gains 171   214      
Gross Unrealized Losses 69   59      
Fixed Maturities, AFS, allowance for credit losses 1 1 0 1 1 2
Fixed maturities, available-for-sale, at fair value 18,331   17,134      
Commercial mortgage-backed securities            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 9,918   9,791      
Gross Unrealized Gains 67   29      
Gross Unrealized Losses 404   547      
Fixed Maturities, AFS, allowance for credit losses 0 0 0 0 0 0
Fixed maturities, available-for-sale, at fair value 9,581   9,273      
Residential mortgage-backed securities            
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]            
Fixed Maturities, available-for-sale, Amortized Cost 4,076   2,698      
Gross Unrealized Gains 25   15      
Gross Unrealized Losses 185   223      
Fixed Maturities, AFS, allowance for credit losses 0 $ 0 0 $ 0 $ 0 $ 0
Fixed maturities, available-for-sale, at fair value 3,916   2,490      
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 15,220   14,748      
Fixed maturities, available-for-sale, at fair value $ 15,220   $ 14,748      
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.2
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value $ 49,264 $ 66,934
Less than Twelve Months, Unrealized Losses 1,950 2,430
Twelve Months or More, Fair Value 140,903 142,997
Twelve Months or More, Unrealized Losses 32,180 32,158
Fair Value 190,167 209,931
Gross Unrealized Losses 34,130 34,588
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 5,174 6,667
Less than Twelve Months, Unrealized Losses 213 334
Twelve Months or More, Fair Value 9,803 10,161
Twelve Months or More, Unrealized Losses 4,708 4,771
Fair Value 14,977 16,828
Gross Unrealized Losses 4,921 5,105
Obligations of U.S. states and their political subdivisions    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 1,157 1,592
Less than Twelve Months, Unrealized Losses 69 53
Twelve Months or More, Fair Value 3,190 3,288
Twelve Months or More, Unrealized Losses 606 565
Fair Value 4,347 4,880
Gross Unrealized Losses 675 618
Foreign government securities    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 8,501 8,280
Less than Twelve Months, Unrealized Losses 521 349
Twelve Months or More, Fair Value 22,882 20,780
Twelve Months or More, Unrealized Losses 10,565 7,532
Fair Value 31,383 29,060
Gross Unrealized Losses 11,086 7,881
U.S. public corporate securities    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 20,645 25,420
Less than Twelve Months, Unrealized Losses 856 1,036
Twelve Months or More, Fair Value 47,399 48,152
Twelve Months or More, Unrealized Losses 9,658 10,485
Fair Value 68,044 73,572
Gross Unrealized Losses 10,514 11,521
U.S. private corporate securities    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 4,879 7,581
Less than Twelve Months, Unrealized Losses 99 183
Twelve Months or More, Fair Value 24,281 24,846
Twelve Months or More, Unrealized Losses 2,204 2,743
Fair Value 29,160 32,427
Gross Unrealized Losses 2,303 2,926
Foreign public corporate securities    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 4,519 5,751
Less than Twelve Months, Unrealized Losses 129 170
Twelve Months or More, Fair Value 7,894 8,084
Twelve Months or More, Unrealized Losses 1,173 1,246
Fair Value 12,413 13,835
Gross Unrealized Losses 1,302 1,416
Foreign private corporate securities    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 1,368 8,702
Less than Twelve Months, Unrealized Losses 24 282
Twelve Months or More, Fair Value 17,248 18,862
Twelve Months or More, Unrealized Losses 2,648 4,010
Fair Value 18,616 27,564
Gross Unrealized Losses 2,672 4,292
Asset-backed securities    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 2,538 1,488
Less than Twelve Months, Unrealized Losses 36 11
Twelve Months or More, Fair Value 732 1,015
Twelve Months or More, Unrealized Losses 32 48
Fair Value 3,270 2,503
Gross Unrealized Losses 68 59
Commercial mortgage-backed securities    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 282 1,092
Less than Twelve Months, Unrealized Losses 1 8
Twelve Months or More, Fair Value 6,123 6,432
Twelve Months or More, Unrealized Losses 403 539
Fair Value 6,405 7,524
Gross Unrealized Losses 404 547
Residential mortgage-backed securities    
Debt Securities [Line Items]    
Less than Twelve Months, Fair Value 201 361
Less than Twelve Months, Unrealized Losses 2 4
Twelve Months or More, Fair Value 1,351 1,377
Twelve Months or More, Unrealized Losses 183 219
Fair Value 1,552 1,738
Gross Unrealized Losses $ 185 $ 223
v3.25.2
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Available-for-sale, Amortized Cost    
Due in one year or less $ 16,168  
Due after one year through five years 66,688  
Due after five years through ten years 59,892  
Due after ten years 181,101  
Fixed Maturities, available-for-sale, Amortized Cost 356,073 $ 341,004
Available-for-sale, Fair Value    
Due in one year or less 16,105  
Due after one year through five years 67,355  
Due after five years through ten years 60,018  
Due after ten years 152,996  
Fixed maturities, available-for-sale, at fair value [1] 328,302 311,570
U.S. private corporate securities    
Available-for-sale, Amortized Cost    
Fixed Maturities, available-for-sale, Amortized Cost 47,182 45,854
Available-for-sale, Fair Value    
Fixed maturities, available-for-sale, at fair value 45,683 43,789
Asset-backed securities    
Available-for-sale, Amortized Cost    
Debt Maturities, without single maturity date 18,230  
Fixed Maturities, available-for-sale, Amortized Cost 18,230 16,979
Available-for-sale, Fair Value    
Debt Maturities, without single maturity date 18,331  
Fixed maturities, available-for-sale, at fair value 18,331 17,134
Commercial mortgage-backed securities    
Available-for-sale, Amortized Cost    
Debt Maturities, without single maturity date 9,918  
Fixed Maturities, available-for-sale, Amortized Cost 9,918 9,791
Available-for-sale, Fair Value    
Debt Maturities, without single maturity date 9,581  
Fixed maturities, available-for-sale, at fair value 9,581 9,273
Residential mortgage-backed securities    
Available-for-sale, Amortized Cost    
Debt Maturities, without single maturity date 4,076  
Fixed Maturities, available-for-sale, Amortized Cost 4,076 2,698
Available-for-sale, Fair Value    
Debt Maturities, without single maturity date 3,916  
Fixed maturities, available-for-sale, at fair value 3,916 2,490
Prudential Netting Agreement | U.S. private corporate securities    
Available-for-sale, Amortized Cost    
Fixed Maturities, available-for-sale, Amortized Cost 15,220 14,748
Available-for-sale, Fair Value    
Fixed maturities, available-for-sale, at fair value $ 15,220 $ 14,748
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.2
Investments (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Schedule of Investments [Line Items]          
Total Unrealized Losses $ 34,130   $ 34,130   $ 34,588
Twelve Months or More, Unrealized Losses 32,180   32,180   32,158
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 423   423   207
Commercial mortgage and other loans purchased with credit deterioration     0   0
Loans on non-accrual status recognized in interest income 1 $ 1 6 $ 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  
Corporate securities          
Schedule of Investments [Line Items]          
Twelve Months or More, Unrealized Losses 32,180   32,180   32,158
Other income (loss) | Fixed maturities | Trading          
Schedule of Investments [Line Items]          
Unrealized gains (losses) on investments 229 $ (146) 416 $ (327)  
Other income (loss) | Equity securities          
Schedule of Investments [Line Items]          
Unrealized gains (losses) on investments 374 212 145 643  
Other income (loss) | Assets supporting experience-rated contractholder liabilities          
Schedule of Investments [Line Items]          
Unrealized gains (losses) on investments $ 253 $ 74 $ 54 $ 373  
California          
Schedule of Investments [Line Items]          
Commercial mortgage loan, concentration percentage 28.00%   28.00%    
Texas          
Schedule of Investments [Line Items]          
Commercial mortgage loan, concentration percentage 6.00%   6.00%    
Florida          
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 6.00%   6.00%    
Mexico          
Schedule of Investments [Line Items]          
Commercial mortgage loan, concentration percentage 2.00%   2.00%    
Japan          
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 $ 33,123   $ 33,123   33,437
NAIC Other Than High or Highest Quality Rating | Fixed maturities          
Schedule of Investments [Line Items]          
Total Unrealized Losses $ 1,007   $ 1,007   $ 1,151
v3.25.2
Investments (Fixed Maturity Proceeds) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Debt Securities [Line Items]        
Proceeds from maturities/prepayments     $ 20,299 $ 24,901
Available for sale Securities Netting        
Debt Securities [Line Items]        
Non cash Or Part Non cash Divestitures Amount Of Consideration Received     183 (253)
Fixed maturities | Available-for-sale        
Debt Securities [Line Items]        
Proceeds from sales $ 4,191 $ 8,323 9,103 14,074
Proceeds from maturities/prepayments 5,252 6,147 11,013 11,080
Gross investment gains from sales and maturities 126 201 408 595
Gross investment losses from sales and maturities (233) (910) (540) (1,270)
Write-downs recognized in earnings (57) (4) (176) (9)
(Addition to) release of allowance for credit losses $ 27 $ (22) $ 107 $ (33)
v3.25.2
Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period $ 251 $ 171 $ 331 $ 160
Additions to allowance for credit losses not previously recorded 1 13 18 59
Reductions for securities sold during the period (6) (38) (12) (50)
Additions (reductions) on securities with previous allowance 28 23 31 0
Write-downs charged against the allowance (50)   (144)  
Balance, ending of period 224 169 224 169
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
Write-downs charged against the allowance 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 31 0 53
Additions to allowance for credit losses not previously recorded 0 0 0 0
Reductions for securities sold during the period 0 (30) 0 (30)
Additions (reductions) on securities with previous allowance 0 (1) 0 (23)
Write-downs charged against the allowance 0   0  
Balance, ending of period 0 0 0 0
U.S. and Foreign Corporate Securities        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period 250 139 331 105
Additions to allowance for credit losses not previously recorded 1 13 17 59
Reductions for securities sold during the period (6) (8) (12) (20)
Additions (reductions) on securities with previous allowance 28 24 31 24
Write-downs charged against the allowance (50)   (144)  
Balance, ending of period 223 168 223 168
Asset-backed securities        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period 1 1 0 2
Additions to allowance for credit losses not previously recorded 0 0 1 0
Reductions for securities sold during the period 0 0 0 0
Additions (reductions) on securities with previous allowance 0 0 0 (1)
Write-downs charged against the allowance 0   0  
Balance, ending of period 1 1 1 1
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
Write-downs charged against the allowance 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
Write-downs charged against the allowance 0   0  
Balance, ending of period $ 0 $ 0 $ 0 $ 0
v3.25.2
Investments (Assets Supporting Experience-Rated Contractholder Liabilities) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost $ 3,112 $ 2,582
Assets supporting experience-rated contractholder liabilities, at fair value 4,282 3,707
Fixed maturities    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost 950 819
Assets supporting experience-rated contractholder liabilities, at fair value 938 826
Equity securities    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost 2,162 1,763
Assets supporting experience-rated contractholder liabilities, at fair value 3,344 2,881
Corporate securities    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost 69 68
Assets supporting experience-rated contractholder liabilities, at fair value 67 67
Foreign government securities    
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items]    
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost 642 544
Assets supporting experience-rated contractholder liabilities, at fair value 635 539
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 239 207
Assets supporting experience-rated contractholder liabilities, at fair value $ 236 $ 220
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%
v3.25.2
Investments (Concentrations of Credit Risk) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
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 $ 61,259 $ 56,947
Concentrations of credit risk at fair value 52,001 51,657
Investments in Brazilian government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 3,753 3,027
Concentrations of credit risk at fair value 3,307 2,521
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 562 472
Concentrations of credit risk at fair value 548 462
Short-term investments | Investments in Brazilian government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 2 2
Concentrations of credit risk at fair value 2 2
Cash equivalents | Investments in Brazilian government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 109 228
Concentrations of credit risk at fair value 109 228
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 60,678 56,457
Concentrations of credit risk at fair value 51,434 51,177
Fixed maturities, available-for-sale | Fixed maturities | Investments in Brazilian government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 3,568 2,753
Concentrations of credit risk at fair value 3,125 2,251
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 19 18
Concentrations of credit risk at fair value 19 18
Fixed maturities, trading | Fixed maturities | Investments in Brazilian government and government agency securities:    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Concentrations of credit risk at amortized cost 74 44
Concentrations of credit risk at fair value $ 71 $ 40
v3.25.2
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 62,657 $ 61,833        
Total net loans [1] 62,966 62,341        
Other loans 863 1,082        
Allowance for credit losses, Other loans (554) (574) $ (632) $ (564) $ (514) $ (460)
Total commercial mortgage and other loans $ 62,966 $ 62,341        
% of Total 100.00% 100.00%        
Net carrying value of commercial loans held for sale $ 726 $ 702        
Commercial Mortgage Loans            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type 54,895 54,058        
Allowance for credit losses, Other loans $ (450) $ (407) (460) (489) (492) (443)
% of Total 87.60% 87.40%        
Commercial mortgage and agricultural property loans            
Commercial Mortgage and Other Loans [Line Items]            
Allowance for credit losses $ (508) $ (528)        
Total net loans 62,149 61,305        
Uncollateralized loans            
Commercial Mortgage and Other Loans [Line Items]            
Other loans 368 595        
Allowance for credit losses, Other loans (14) (14) (15) (18) (1) (1)
Residential property loans            
Commercial Mortgage and Other Loans [Line Items]            
Other loans 18 19        
Allowance for credit losses, Other loans 0 0 0 0 0 0
Other collateralized loans            
Commercial Mortgage and Other Loans [Line Items]            
Other loans 477 468        
Allowance for credit losses, Other loans (32) (32) $ (34) $ (33) $ 0 $ 0
Other loans            
Commercial Mortgage and Other Loans [Line Items]            
Total net loans 817 1,036        
Allowance for credit losses, Other loans (46) (46)        
Office            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 7,065 $ 7,867        
% of Total 11.30% 12.70%        
Retail            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 5,441 $ 5,552        
% of Total 8.70% 9.00%        
Apartments/Multi-Family            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 18,729 $ 17,522        
% of Total 29.90% 28.30%        
Industrial            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 17,293 $ 16,900        
% of Total 27.50% 27.30%        
Hospitality            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 1,668 $ 1,831        
% of Total 2.70% 3.00%        
Self-Storage            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 2,276 $ 2,194        
% of Total 3.60% 3.50%        
Health Care Senior Living            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 1,858 $ 1,858        
% of Total 3.00% 3.00%        
Other            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 565 $ 334        
% of Total 0.90% 0.60%        
Agricultural property loans            
Commercial Mortgage and Other Loans [Line Items]            
Commercial mortgage and agricultural property loans by property type $ 7,762 $ 7,775        
% of Total 12.40% 12.60%        
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.2
Investments (Allowance for Credit Losses) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance, beginning of period $ 632 $ 514 $ 574 $ 460
Addition to (release of) allowance for expected losses 71 53 129 105
Write-downs charged against the allowance (150)   (150)  
Change in foreign exchange 1 (3) 1 (1)
Allowance, end of period 554 564 554 564
Commercial Mortgage Loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance, beginning of period 460 492 407 443
Addition to (release of) allowance for expected losses (11) 0 42 47
Write-downs charged against the allowance 0   0  
Change in foreign exchange 1 (3) 1 (1)
Allowance, end of period 450 489 450 489
Agricultural Property Loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance, beginning of period 123 21 121 16
Addition to (release of) allowance for expected losses 85 3 87 8
Write-downs charged against the allowance (150)   (150)  
Change in foreign exchange 0 0 0 0
Allowance, end of period 58 24 58 24
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-downs charged against the allowance 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 34 0 32 0
Addition to (release of) allowance for expected losses (2) 33 0 33
Write-downs charged against the allowance 0   0  
Change in foreign exchange 0 0 0 0
Allowance, end of period 32 33 32 33
Uncollateralized Loans        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance, beginning of period 15 1 14 1
Addition to (release of) allowance for expected losses (1) 17 0 17
Write-downs charged against the allowance 0   0  
Change in foreign exchange 0 0 0 0
Allowance, end of period $ 14 $ 18 $ 14 $ 18
v3.25.2
Investments (Credit Quality Indicators) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Recording investment gross of allowance for credit losses $ 63,520 $ 62,915
Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 3,592 7,705
One Years Prior 7,412 5,240
Two Years Prior 5,261 3,631
Three Years Prior 3,470 6,030
Four Years Prior 5,800 2,951
Prior 29,295 28,465
Revolving Loans 65 36
Recording investment gross of allowance for credit losses 54,895 54,058
Commercial Mortgage Loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 3,486 6,771
One Years Prior 6,485 4,563
Two Years Prior 4,569 3,283
Three Years Prior 3,182 5,929
Four Years Prior 5,700 2,795
Prior 26,331 25,790
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 49,753 49,131
Commercial Mortgage Loans | 1.0 - 1.2x    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 106 745
One Years Prior 738 527
Two Years Prior 542 313
Three Years Prior 257 43
Four Years Prior 42 102
Prior 1,316 1,279
Revolving Loans 65 36
Recording investment gross of allowance for credit losses 3,066 3,045
Commercial Mortgage Loans | Less than 1.0x    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 0 189
One Years Prior 189 150
Two Years Prior 150 35
Three Years Prior 31 58
Four Years Prior 58 54
Prior 1,648 1,396
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 2,076 1,882
Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 304 744
One Years Prior 769 932
Two Years Prior 856 1,523
Three Years Prior 1,403 2,020
Four Years Prior 2,009 803
Prior 2,249 1,579
Revolving Loans 172 174
Recording investment gross of allowance for credit losses 7,762 7,775
Agricultural property loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 304 688
One Years Prior 713 864
Two Years Prior 826 932
Three Years Prior 894 1,967
Four Years Prior 1,953 739
Prior 1,909 1,384
Revolving Loans 131 122
Recording investment gross of allowance for credit losses 6,730 6,696
Agricultural property loans | 1.0 - 1.2x    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 0 56
One Years Prior 52 63
Two Years Prior 25 530
Three Years Prior 451 45
Four Years Prior 42 23
Prior 203 98
Revolving Loans 41 52
Recording investment gross of allowance for credit losses 814 867
Agricultural property loans | Less than 1.0x    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 0 0
One Years Prior 4 5
Two Years Prior 5 61
Three Years Prior 58 8
Four Years Prior 14 41
Prior 137 97
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 218 212
0%-59.99% | Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 1,541 2,122
One Years Prior 2,093 1,492
Two Years Prior 2,093 1,183
Three Years Prior 885 2,295
Four Years Prior 2,215 1,378
Prior 17,825 16,652
Revolving Loans 65 36
Recording investment gross of allowance for credit losses 26,717 25,158
0%-59.99% | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 220 657
One Years Prior 658 371
Two Years Prior 297 877
Three Years Prior 901 2,004
Four Years Prior 1,993 679
Prior 2,048 1,491
Revolving Loans 131 122
Recording investment gross of allowance for credit losses 6,248 6,201
60%-69.99% | Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 1,773 4,726
One Years Prior 4,153 2,287
Two Years Prior 1,590 1,013
Three Years Prior 1,453 2,192
Four Years Prior 2,072 846
Prior 5,218 5,113
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 16,259 16,177
60%-69.99% | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 21 87
One Years Prior 111 555
Two Years Prior 360 125
Three Years Prior 89 10
Four Years Prior 10 53
Prior 86 43
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 677 873
70%-79.99% | Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 266 809
One Years Prior 894 1,326
Two Years Prior 1,442 953
Three Years Prior 873 1,327
Four Years Prior 1,258 446
Prior 2,074 2,293
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 6,807 7,154
70%-79.99% | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 60 0
One Years Prior 0 0
Two Years Prior 0 0
Three Years Prior 0 6
Four Years Prior 6 0
Prior 14 3
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 80 9
80% or greater | Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 12 48
One Years Prior 272 135
Two Years Prior 136 482
Three Years Prior 259 216
Four Years Prior 255 281
Prior 4,178 4,407
Revolving Loans 0 0
Recording investment gross of allowance for credit losses 5,112 5,569
80% or greater | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Fiscal Year 3 0
One Years Prior 0 6
Two Years Prior 199 521
Three Years Prior 413 0
Four Years Prior 0 71
Prior 101 42
Revolving Loans 41 52
Recording investment gross of allowance for credit losses $ 757 $ 692
v3.25.2
Investments (Amortized Cost Basis of Loan Modifications made to Borrowers Experiencing Financial Difficulties) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Term Extension | Commercial mortgage loans        
Financing Receivable, Modified, Subsequent Default [Line Items]        
Amortized cost basis $ 0 $ 178 $ 0 $ 337
Term Extension 0.00% 0.30% 0.00% 0.60%
Term Extension | Agricultural property loans        
Financing Receivable, Modified, Subsequent Default [Line Items]        
Amortized cost basis $ 0 $ 0 $ 0 $ 0
Term Extension 0.00% 0.00% 0.00% 0.00%
Other Than Insignificant Delay in Payment | Commercial mortgage loans        
Financing Receivable, Modified, Subsequent Default [Line Items]        
Amortized cost basis $ 0 $ 0 $ 0 $ 0
Other Than Insignificant Delay in Payment | Agricultural property loans        
Financing Receivable, Modified, Subsequent Default [Line Items]        
Amortized cost basis $ 0 $ 0 $ 0 $ 0
v3.25.2
Investments (Analysis of Past Due Commercial Mortgage and Other Loans) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Past Due [Line Items]    
Total $ 63,520 $ 62,915
Non-accrual status 1,106 1,012
Current    
Financing Receivable, Past Due [Line Items]    
Total 62,513 61,967
30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 24
90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Total 1,007 924
Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 1,007 948
Commercial Mortgage Loans    
Financing Receivable, Past Due [Line Items]    
Total 54,895 54,058
Non-accrual status 251 220
Commercial Mortgage Loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 54,680 53,873
Commercial Mortgage Loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Commercial Mortgage Loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 3
Commercial Mortgage Loans | 90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Total 215 182
Commercial Mortgage Loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 215 185
Agricultural property loans    
Financing Receivable, Past Due [Line Items]    
Total 7,762 7,775
Non-accrual status 830 767
Agricultural property loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 6,970 7,012
Agricultural property loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Agricultural property loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total 0 21
Agricultural property loans | 90 days or more past due    
Financing Receivable, Past Due [Line Items]    
Total 792 742
Agricultural property loans | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total 792 763
Residential property loans    
Financing Receivable, Past Due [Line Items]    
Total 18 19
Non-accrual status 0 0
Residential property loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 18 19
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 477 468
Non-accrual status 0 0
Other collateralized loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 477 468
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 368 595
Non-accrual status 25 25
Uncollateralized loans | Current    
Financing Receivable, Past Due [Line Items]    
Total 368 595
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
v3.25.2
Investments (Other Invested Assets) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Other Invested Assets [Line Items]    
Other invested assets [1] $ 27,256 $ 26,351
LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 20,759 20,526
Real estate held through direct ownership    
Other Invested Assets [Line Items]    
Other invested assets 1,796 1,743
Alternative assets    
Other Invested Assets [Line Items]    
Other invested assets 22,555 22,269
Credit-like instruments    
Other Invested Assets [Line Items]    
Other invested assets 1,279 933
Derivative instruments    
Other Invested Assets [Line Items]    
Other invested assets 1,780 1,597
Other    
Other Invested Assets [Line Items]    
Other invested assets 1,642 1,552
Mortgage Debt | Real estate-related    
Other Invested Assets [Line Items]    
Other invested assets 192 185
Equity method | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 16,839 16,419
Equity method | Private equity | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 11,000 10,615
Equity method | Hedge funds | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 3,079 3,143
Equity method | Real estate-related | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 2,760 2,661
Fair Value    
Other Invested Assets [Line Items]    
Other invested assets 93 95
Fair Value | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 3,920 4,107
Fair Value | Private equity | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 957 1,076
Fair Value | Hedge funds | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 2,073 2,080
Fair Value | Real estate-related | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets $ 890 $ 951
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.2
Investments (Accrued Investment Income) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Net Investment Income [Line Items]    
Accrued investment income [1] $ 3,560 $ 3,441
Fixed maturities    
Net Investment Income [Line Items]    
Accrued investment income 3,025 2,892
Equity securities    
Net Investment Income [Line Items]    
Accrued investment income 9 8
Commercial mortgage and other loans    
Net Investment Income [Line Items]    
Accrued investment income 224 228
Policy loans    
Net Investment Income [Line Items]    
Accrued investment income 246 236
Other invested assets    
Net Investment Income [Line Items]    
Accrued investment income 11 12
Short-term investments and cash equivalents    
Net Investment Income [Line Items]    
Accrued investment income $ 45 $ 65
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.2
Investments (Net Investment Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income $ 5,587 $ 5,198 $ 11,064 $ 10,310
Less: investment expense (361) (349) (708) (697)
Net investment income 5,226 4,849 10,356 9,613
Assets supporting experience-rated contractholder liabilities        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 14 13 28 27
Equity securities        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 49 61 93 99
Commercial mortgage and other loans        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 691 642 1,383 1,253
Policy loans        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 123 119 247 241
Other invested assets        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 418 246 814 567
Short-term investments and cash equivalents        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 230 284 497 582
Available-for-sale | Fixed maturities        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 3,885 3,703 7,658 7,295
Trading | Fixed maturities        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income $ 177 $ 130 $ 344 $ 246
v3.25.2
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Gain (Loss) on Securities [Line Items]        
Realized investment gains (losses), net $ (1,699) [1] $ (166) [1] $ (2,429) [2] $ (474) [1]
Fixed maturities        
Gain (Loss) on Securities [Line Items]        
Realized investment gains (losses), net (137) (735) (201) (717)
Commercial mortgage and other loans        
Gain (Loss) on Securities [Line Items]        
Realized investment gains (losses), net (66) (44) (124) (95)
Investment real estate        
Gain (Loss) on Securities [Line Items]        
Realized investment gains (losses), net (1) (8) (11) (6)
LPs/LLCs        
Gain (Loss) on Securities [Line Items]        
Realized investment gains (losses), net 6 4 5 23
Derivatives        
Gain (Loss) on Securities [Line Items]        
Realized investment gains (losses), net (1,345) 723 (1,794) 575
Ceded income on modified coinsurance assets        
Gain (Loss) on Securities [Line Items]        
Realized investment gains (losses), net (156) (110) (319) (259)
Other        
Gain (Loss) on Securities [Line Items]        
Realized investment gains (losses), net $ 0 $ 4 $ 15 $ 5
[1] See Note 20 for additional information regarding related party transactions.
[2] See Note 20 for additional information regarding related party transactions.
v3.25.2
Investments (Net Unrealized Gains Losses on Investments) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments $ (28,156) $ (27,281)
Fixed maturities | Available-for-sale | With an allowance    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments 3 6
Fixed maturities | Available-for-sale | Without an allowance    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments (27,550) (29,109)
Derivatives designated as cash flow hedges    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments (597) 1,780
Derivatives designated as fair value hedges    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments (168) (64)
Other investments    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments $ 156 $ 106
v3.25.2
Investments (Repurchase Agreements and Securities Lending Transactions) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase $ 8,205 $ 6,796
Total cash collateral for loaned securities 9,167 9,621
Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 7,715 6,450
Total cash collateral for loaned securities 8,784 9,094
Up to 30 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 490 346
Total cash collateral for loaned securities 383 527
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 7,715 6,450
Total cash collateral for loaned securities 0 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 7,715 6,450
Total cash collateral for loaned securities 0 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 38 46
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 38 46
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 222 128
Foreign government securities | Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 222 122
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 6
U.S. public corporate securities    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total securities sold under agreements to repurchase 470 327
Total cash collateral for loaned securities 7,451 7,909
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 7,133 7,506
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 470 327
Total cash collateral for loaned securities 318 403
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 20 19
Total cash collateral for loaned securities 1,183 1,299
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 1,118 1,181
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 20 19
Total cash collateral for loaned securities 65 118
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 0 0
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 0 0
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 273 238
Equity securities | Overnight & Continuous    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 273 238
Equity securities | Up to 30 Days    
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]    
Total cash collateral for loaned securities $ 0 $ 0
v3.25.2
Variable Interest Entities (Assets and Liabilities of Consolidated VIEs) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Variable Interest Entity [Line Items]      
Fixed maturities, available-for-sale, at fair value [1] $ 328,302 $ 311,570  
Fixed maturities, trading [1] 14,020 12,530  
Equity securities [1] 7,434 9,417  
Commercial mortgage and other loans [1] 62,966 62,341  
Other invested assets [1] 27,256 26,351  
Cash and cash equivalents 16,638 [1] 18,497 [1] $ 17,111
Accrued investment income [1] 3,560 3,441  
Other assets [1],[2] 14,561 13,737  
Total assets 758,952 735,587  
Other Liabilities [1] 17,915 16,679  
Notes Issued by Consolidated Variable Interest Entities [1] 1,758 1,430  
Total liabilities 725,836 705,461  
Wholly-owned beneficial interests      
Variable Interest Entity [Line Items]      
Total assets 4,153 3,835  
Consolidated VIEs for Which the Company is the Investment Manager      
Variable Interest Entity [Line Items]      
Fixed maturities, available-for-sale, at fair value 1,623 1,250  
Fixed maturities, trading 161 166  
Equity securities 68 80  
Commercial mortgage and other loans 722 681  
Other invested assets 7,234 6,379  
Cash and cash equivalents 315 308  
Accrued investment income 4 6  
Other assets 912 644  
Total assets 11,039 9,514  
Other Liabilities 332 218  
Notes Issued by Consolidated Variable Interest Entities 1,728 1,392  
Total liabilities 2,060 1,610  
Other Consolidated VIEs      
Variable Interest Entity [Line Items]      
Fixed maturities, available-for-sale, at fair value 757 716  
Fixed maturities, trading 0 0  
Equity securities 0 0  
Commercial mortgage and other loans 403 490  
Other invested assets 485 500  
Cash and cash equivalents 6 0  
Accrued investment income 3 3  
Other assets 913 613  
Total assets 2,567 2,322  
Other Liabilities 183 1  
Notes Issued by Consolidated Variable Interest Entities 30 38  
Total liabilities $ 213 $ 39  
Minimum      
Variable Interest Entity [Line Items]      
VIE notes maturities 0 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.
v3.25.2
Variable Interest Entities (Narrative) (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Total liabilities $ 725,836,000,000 $ 705,461,000,000
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 1,523,000,000 1,529,000,000
Unconsolidated VIEs | Other invested assets    
Variable Interest Entity [Line Items]    
Maximum exposure to loss on these investments $ 21,137,000,000 $ 21,847,000,000
v3.25.2
Derivatives and Hedging (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]          
Total derivative assets $ 1,785   $ 1,785   $ 1,601
Total derivative liabilities 6,350   6,350   $ 4,751
Anticipated pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to earnings     $ 264    
Maximum length of time hedged in cash flow hedge (future cash flows)     26 years    
Net investment hedges income (loss) before taxes $ (76) $ 64 $ (142) $ 113  
v3.25.2
Derivatives and Hedging (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Gross Notional $ 621,914 $ 548,831
Assets 20,130 21,694
Liabilities (34,522) (32,892)
Embedded derivative, fair value OF embedded derivative, net (14,687) (11,783)
PRISMIC Embedded Derivative, Fair Value of Embedded Derivative (45) 91
Derivatives Designated as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 42,303 40,342
Assets 1,250 2,755
Liabilities (2,258) (969)
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Gross Notional 4,567 4,260
Assets 27 11
Liabilities (321) (404)
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Forwards    
Derivative [Line Items]    
Gross Notional 10 10
Assets 0 0
Liabilities 0 0
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Forwards    
Derivative [Line Items]    
Gross Notional 5,061 4,771
Assets 28 92
Liabilities (260) (197)
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 32,665 31,301
Assets 1,195 2,652
Liabilities (1,677) (368)
Derivatives Not Qualifying as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 579,611 508,489
Assets 18,880 18,939
Liabilities (32,264) (31,923)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Gross Notional 247,298 228,392
Assets 10,150 11,272
Liabilities (23,015) (24,802)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Forwards    
Derivative [Line Items]    
Gross Notional 2,813 2,544
Assets 25 9
Liabilities (8) (80)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards    
Derivative [Line Items]    
Gross Notional 29,103 27,819
Assets 861 1,625
Liabilities (1,028) (1,181)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 7,766 7,525
Assets 406 658
Liabilities (223) (129)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Futures    
Derivative [Line Items]    
Gross Notional 10,422 9,773
Assets 66 6
Liabilities (17) (21)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Options    
Derivative [Line Items]    
Gross Notional 29,245 34,005
Assets 112 430
Liabilities (1,262) (1,583)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps    
Derivative [Line Items]    
Gross Notional 4,679 4,027
Assets 87 90
Liabilities 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Futures    
Derivative [Line Items]    
Gross Notional 1,169 2,019
Assets 4 6
Liabilities 0 (7)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options    
Derivative [Line Items]    
Gross Notional 155,754 104,438
Assets 6,507 4,507
Liabilities (5,819) (3,790)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Total Return Swaps    
Derivative [Line Items]    
Gross Notional 11,773 9,796
Assets 656 331
Liabilities (875) (327)
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 77,495 76,416
Assets 1 1
Liabilities (15) (1)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Total Return Swaps    
Derivative [Line Items]    
Gross Notional 844 485
Assets 5 4
Liabilities $ (2) $ (2)
v3.25.2
Derivatives and Hedging (Hedged Item Offset By Derivatives Achieving Fair Value Hedge Accounting) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Derivative [Line Items]      
Fixed maturities, available-for-sale, at fair value [1] $ 328,302 $ 311,570  
Commercial mortgage and other loans [1] 62,966 62,341  
Policyholders’ account balances (180,931) (166,254)  
Future policy benefits (270,133) (268,912) $ (262,330)
Carrying Amount of the Hedged Assets (Liabilities)      
Derivative [Line Items]      
Fixed maturities, available-for-sale, at fair value 333 216  
Policyholders’ account balances (1,578) (1,510)  
Future policy benefits (2,470) (2,280)  
Cumulative Adjustment Included in Carrying Amount      
Derivative [Line Items]      
Fixed maturities, available-for-sale, at fair value 15 11  
Policyholders’ account balances 284 327  
Future policy benefits $ 233 $ 423  
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.2
Derivatives and Hedging (Offsetting Balance Sheet) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Offsetting of Financial Assets, Derivatives    
Derivatives, Gross Amounts of Recognized Financial Instruments $ 19,989 $ 21,574
Derivatives, Gross Amounts Offset in the Consolidated Statement of Financial Position (18,345) (20,093)
Derivatives, Net Amounts Presented in the Consolidated Statements of Financial Position 1,644 1,481
Derivatives, Financial Instruments/Collateral (594) (696)
Derivatives, Net Amount 1,050 785
Offsetting of Financial Assets, Securities Purchased Under Agreements to Resell    
Securities Purchased Under Agreements to Resell, Gross Amounts of Recognized Financial Instruments 18 277
Securities Purchased Under Agreements to Resell, Gross Amounts Offset in the Consolidated Statement of Financial Position 0 0
Securities Purchased Under Agreements to Resell, Net Amounts Presented in the Consolidated Statements of Financial Position 18 277
Securities Purchased Under Agreements to Resell, Financial Instruments/Collateral (18) (277)
Security Purchased under Agreement to Resell, Net Amount 0 0
Offsetting of Financial Assets, Total Assets    
Total Assets, Gross Amounts of Recognized Financial Instruments 20,007 21,851
Total Assets, Gross Amounts Offset in the Consolidated Statement of Financial Position (18,345) (20,093)
Total Assets, Net Amounts Presented in the Consolidated Statements of Financial Position 1,662 1,758
Total Assets, Financial Instruments/Collateral (612) (973)
Total Assets, Net Amount 1,050 785
Offsetting of Financial Liabilities, Derivatives    
Derivatives, Gross Amounts of Recognized Financial Instruments 34,507 32,891
Derivatives, Gross Amounts Offset in the Consolidated Statement of Financial Position (28,172) (28,141)
Derivatives, Net Amounts Presented in the Consolidated Statements of Financial Position 6,335 4,750
Derivatives, Financial Instruments/Collateral (6,335) (4,403)
Derivatives, Net Amount 0 347
Offsetting of Financial Liabilities, Securities Sold Under Agreement to Repurchase    
Security Sold Under Agreement to Repurchase, Gross Amounts of Recognized Financial Instruments 8,205 6,796
Security Sold Under Agreement to Repurchase, Gross Amounts Offset in the Consolidated Statement of Financial Position 0 0
Security Sold Under Agreement to Repurchase, Net Amounts Presented in the Consolidated Statements of Financial Position 8,205 6,796
Security Sold Under Agreement to Repurchase, Financial Instruments/Collateral (8,205) (6,796)
Security Sold Under Agreement to Repurchase, Net Amount 0 0
Offsetting of Financial Liabilities, Total Liabilities    
Total Liabilities, Gross Amounts of Recognized Financial Instruments 42,712 39,687
Total Liabilities, Gross Amounts Offset in the Consolidated Statement of Financial Position (28,172) (28,141)
Total Liabilities, Net Amounts Presented in the Consolidated Statements of Financial Position 14,540 11,546
Total Liabilities, Financial Instruments/Collateral (14,540) (11,199)
Total Liabilities, Net Amount $ 0 $ 347
v3.25.2
Derivatives and Hedging (Financial Statement Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Non-derivative Net Investment Hedges income (loss) before taxes $ (37) $ 61 $ (88) $ 101
PRISMIC Embedded Derivative, Gain (Loss) on Derivative, Net 11 189 (136) 472
Gain (Loss) on Investments        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (1,358) 724 (1,572) 575
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 (1,343) 712 (1,578) 560
Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (863) (518) (520) (1,972)
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 (863) (518) (520) (1,972)
Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 91 81 189 157
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 (349) 5 (497) 85
Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments:        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (5) (3) (6) 0
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 12 (8) (2) 5
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 (3) (10) (8) (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 (2,329) 284 (2,535) 634
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 (3) 1 (6) 6
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 0
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 7 (19) 41 (69)
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 107 (22) 190 (97)
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 2 (1) 4 (6)
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument (1) 0 (2) 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 2 3 7 6
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument 2 3 7 6
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 5 11 (43) 74
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument 12 (8) (2) 5
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) 15 (191) 77
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument (3) (10) (8) (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 (34) (19) (103) (9)
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
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
Gain(loss)excludedfromassessmentofeffectiveness | Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Gain(loss)excludedfromassessmentofeffectiveness | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
Gain(loss)excludedfromassessmentofeffectiveness | Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0 0
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
Gain(loss)excludedfromassessmentofeffectiveness | Policyholder Benefits        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (3) (3) (7) (5)
Gain(loss)excludedfromassessmentofeffectiveness | Change in AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (34) (19) (103) (9)
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 (14) 12 8 15
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 89 78 182 151
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 (344) 8 (491) 85
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 (2,256) 301 (2,377) 630
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 (39) 2 (55) 13
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 (215) (371) (26) (1,033)
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 (271) (451) (130) (1,412)
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 (3) 1 (6) 6
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 7 (19) 41 (69)
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 (2) (23) 28 (82)
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 2 (1) 4 (6)
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 2 3 7 6
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 5 11 (43) 74
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 3 15 (29) 63
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 (13) 0 (13)
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 (4) (4) (7) (7)
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 2 11 10 1
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 (413) (13) (587) (39)
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 (3) (1) (1)
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 0
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 0
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 109 1 162 (15)
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 (110) 0 (162) 14
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 (3) (3) (7) (5)
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Change in AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative Instruments Gain (Loss) Recognized In Income Net (34) (19) (103) (9)
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 0
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 (116) 9 (142) 24
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 (39) 2 (55) 13
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 (343) 66 (370) 172
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 (5) 0 (5) 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 (14) 25 8 28
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 93 82 189 158
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 (344) 8 (491) 85
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 (2,142) 281 (2,245) 605
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 52 4 41 56
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 2,484 591 1,015 2,040
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 (592) (67) (390) (560)
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 (2,908) 435 (1,651) (636)
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
v3.25.2
Derivatives and Hedging (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance $ 30,203 $ 27,498 $ 28,187 $ 28,110 [1]
Ending Balance 30,903 $ 28,293 30,903 $ 28,293
Derivatives designated as cash flow hedges        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance     1,780  
Total amount recorded in AOCI     (2,681)  
Total amount reclassified from AOCI to income     304  
Ending Balance $ (597)   (597)  
Interest Rate | Derivatives designated as cash flow hedges        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Total amount recorded in AOCI     3  
Total amount reclassified from AOCI to income     7  
Currency | Derivatives designated as cash flow hedges        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Total amount recorded in AOCI     (146)  
Total amount reclassified from AOCI to income     3  
Currency/Interest Rate | Derivatives designated as cash flow hedges        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Total amount recorded in AOCI     (2,538)  
Total amount reclassified from AOCI to income     $ 294  
[1]
.
v3.25.2
Derivatives and Hedging (Credit Derivatives) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Gross Notional $ 4,679 $ 4,027
Credit Risk Derivative Liabilities, at Fair Value 87 90
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 4,679 4,027
Credit Risk Derivative Liabilities, at Fair Value $ 87 90
Credit Default Swaps Referencing Indices    
Derivative [Line Items]    
Credit derivatives written max length of maturities (in years) 10 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 4,053 3,365
Credit Risk Derivative Liabilities, at Fair Value 45 40
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 4,053 3,365
Credit Risk Derivative Liabilities, at Fair Value 45 40
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 0
Credit Risk Derivative Liabilities, at Fair Value 0 0
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 0
Credit Risk Derivative Liabilities, at Fair Value 0 0
NAIC 6    
Derivative [Line Items]    
Gross Notional 626 662
Credit Risk Derivative Liabilities, at Fair Value $ 42 $ 50
Credit Derivative, Maximum Exposure, Undiscounted Percentage 4.00% 4.00%
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 626 662
Credit Risk Derivative Liabilities, at Fair Value $ 42 $ 50
v3.25.2
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value [1] $ 328,302 $ 311,570  
Assets supporting experience-rated contractholder liabilities 4,282 3,707  
Market risk benefit assets 2,188 2,331 $ 2,233
Fixed maturities, trading [1] 14,020 12,530  
Equity securities [1] 7,434 9,417  
Commercial mortgage and other loans [1] 62,966 62,341  
Other invested assets [1] 27,256 26,351  
Reinsurance recoverables and deposit receivables [2] 44,152 37,680  
Separate account assets 194,761 193,372  
TOTAL ASSETS 758,952 735,587  
Market risk benefit liabilities 4,859 4,455 $ 4,592
Reinsurance and funds withheld payables [2] 17,126 17,084  
Other Liabilities [1] 17,915 16,679  
Total liabilities 725,836 705,461  
Netting (18,345) (20,093)  
Fixed Maturities, available-for-sale, Amortized Cost $ 356,073 $ 341,004  
Commercial paper      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
VIE notes maturities 5 days 15 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 $ 20,370 $ 20,348  
Fixed Maturities, available-for-sale, Amortized Cost 24,626 24,869  
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 5,513 6,104  
Fixed Maturities, available-for-sale, Amortized Cost 6,059 6,590  
Foreign government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 58,689 57,479  
Assets supporting experience-rated contractholder liabilities 635 539  
Fixed Maturities, available-for-sale, Amortized Cost 68,556 63,523  
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 103,186 98,508  
Fixed Maturities, available-for-sale, Amortized Cost 112,147 108,883  
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 45,683 43,789  
Fixed Maturities, available-for-sale, Amortized Cost 47,182 45,854  
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 23,988 21,982  
Fixed Maturities, available-for-sale, Amortized Cost 24,927 23,165  
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 39,045 34,463  
Fixed Maturities, available-for-sale, Amortized Cost 40,352 38,652  
Corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets supporting experience-rated contractholder liabilities 67 67  
Asset-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale, at fair value 18,331 17,134  
Fixed Maturities, available-for-sale, Amortized Cost 18,230 16,979  
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 9,581 9,273  
Fixed Maturities, available-for-sale, Amortized Cost 9,918 9,791  
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 3,916 2,490  
Fixed Maturities, available-for-sale, Amortized Cost 4,076 2,698  
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 328,302 311,570  
Assets supporting experience-rated contractholder liabilities 4,282 3,707  
Market risk benefit assets 2,188 2,331  
Fixed maturities, trading 14,020 12,530  
Equity securities 7,434 9,417  
Commercial mortgage and other loans 726 702  
Other invested assets 2,761 2,553  
Short-term investments 5,953 8,595  
Cash equivalents 9,623 10,691  
Reinsurance recoverables and deposit receivables 634 849  
Separate account assets 167,818 166,672  
TOTAL ASSETS 543,741 529,617  
Market risk benefit liabilities 4,859 4,455  
Policyholders' account balances 15,289 12,746  
Reinsurance and funds withheld payables 27 (118)  
Other Liabilities 6,350 4,751  
Notes issued by consolidated VIEs 195 60  
Total liabilities 26,720 21,894  
Assets Netting (18,345) (20,093)  
Liabilities Netting (28,172) (28,141)  
Netting (9,827) (8,049)  
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 20,370 20,348  
Assets supporting experience-rated contractholder liabilities 236 220  
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 5,513 6,104  
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 58,689 57,479  
Assets supporting experience-rated contractholder liabilities 635 539  
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 103,186 98,508  
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 45,683 43,789  
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 23,988 21,982  
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 39,045 34,463  
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 67 67  
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 18,331 17,134  
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 9,581 9,273  
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 3,916 2,490  
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 3,344 2,881  
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 1,813 1,522  
Market risk benefit assets 0 0  
Fixed maturities, trading 0 0  
Equity securities 4,966 7,154  
Commercial mortgage and other loans 0 0  
Other invested assets 339 10  
Short-term investments 1,788 1,896  
Cash equivalents 638 326  
Reinsurance recoverables and deposit receivables 0 0  
Separate account assets 10,202 8,441  
TOTAL ASSETS 19,746 19,349  
Market risk benefit liabilities 0 0  
Policyholders' account balances 0 0  
Reinsurance and funds withheld payables 0 0  
Other Liabilities 236 28  
Notes issued by consolidated VIEs 0 0  
Total liabilities 236 28  
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 1,813 1,522  
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 317,304 303,393  
Assets supporting experience-rated contractholder liabilities 2,469 2,185  
Market risk benefit assets 0 0  
Fixed maturities, trading 11,930 10,544  
Equity securities 1,867 1,745  
Commercial mortgage and other loans 463 469  
Other invested assets 19,789 21,683  
Short-term investments 4,147 6,238  
Cash equivalents 8,984 10,365  
Reinsurance recoverables and deposit receivables 267 236  
Separate account assets 157,364 157,999  
TOTAL ASSETS 524,584 514,857  
Market risk benefit liabilities 0 0  
Policyholders' account balances 0 0  
Reinsurance and funds withheld payables 27 (118)  
Other Liabilities 34,271 32,863  
Notes issued by consolidated VIEs 0 0  
Total liabilities 34,298 32,745  
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 20,370 20,348  
Assets supporting experience-rated contractholder liabilities 236 220  
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 5,508 6,098  
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 58,684 57,472  
Assets supporting experience-rated contractholder liabilities 635 539  
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 103,096 98,442  
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 40,990 39,848  
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 23,949 21,946  
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 37,207 32,675  
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 67 67  
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 14,920 15,654  
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 8,734 8,420  
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 3,846 2,490  
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 1,531 1,359  
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 10,998 8,177  
Assets supporting experience-rated contractholder liabilities 0 0  
Market risk benefit assets 2,188 2,331  
Fixed maturities, trading 2,090 1,986  
Equity securities 601 518  
Commercial mortgage and other loans 263 233  
Other invested assets 978 953  
Short-term investments 18 461  
Cash equivalents 1 0  
Reinsurance recoverables and deposit receivables 367 613  
Separate account assets 252 232  
TOTAL ASSETS 17,756 15,504  
Market risk benefit liabilities 4,859 4,455  
Policyholders' account balances 15,289 12,746  
Reinsurance and funds withheld payables 0 0  
Other Liabilities 15 1  
Notes issued by consolidated VIEs 195 60  
Total liabilities 20,358 17,262  
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 5 6  
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 5 7  
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 90 66  
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 4,693 3,941  
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 39 36  
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 1,838 1,788  
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 3,411 1,480  
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 847 853  
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 70 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 15,220 14,748  
Fixed Maturities, available-for-sale, Amortized Cost 15,220 14,748  
Other invested assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value investment measured at NAV per share 5,173 5,021  
Separate account assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value investment measured at NAV per share $ 26,943 $ 26,700  
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 20 for additional information regarding related party transactions.
v3.25.2
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefit assets $ 2,188 $ 2,331 $ 2,233
Commercial mortgage and other loans [1] 62,966 62,341  
Reinsurance recoverables and deposit receivables [2] 44,152 37,680  
Market risk benefit liabilities 4,859 4,455 $ 4,592
Fair Value, Measurements, Recurring      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefit assets 2,188 2,331  
Commercial mortgage and other loans 726 702  
Reinsurance recoverables and deposit receivables 634 849  
Market risk benefit liabilities 4,859 4,455  
Policyholders' account balances 15,289 12,746  
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 $ 2,188 2,331  
Commercial mortgage and other loans 263 233  
Reinsurance recoverables and deposit receivables 367 613  
Market risk benefit liabilities 4,859 4,455  
Policyholders' account balances $ 15,289 $ 12,746  
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 0.40% 0.29%  
Utilization rate 37.00% 37.00%  
Withdrawal rate (greater than maximum range) 78.00% 78.00%  
Mortality rate 0.00% 0.00%  
Equity volatility curve 15.00% 16.00%  
Level 3 | Internal | Minimum | Discounted cash flow | Policyholders’ account balances      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 0.00% 0.00%  
Spread over SOFR 0.40% 0.29%  
Mortality rate 0.00% 0.00%  
Option budget (2.00%) (1.00%)  
Level 3 | Internal | Minimum | Discounted cash flow | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 0.96% 0.95%  
Level 3 | Internal | Minimum | Discounted cash flow | Asset-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 2.03% 2.30%  
Liquidity premium 1.90%    
Level 3 | Internal | Minimum | Discounted cash flow | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidity premium 0.90% 1.00%  
Level 3 | Internal | Minimum | Discounted cash flow | Market risk benefit assets      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 1.00% 1.00%  
Spread over SOFR 0.40% 0.29%  
Utilization rate 37.00% 37.00%  
Withdrawal rate (greater than maximum range) 78.00% 78.00%  
Mortality rate 0.00% 0.00%  
Equity volatility curve 15.00% 16.00%  
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 | Discounted cash flow | Commercial mortgage and other loans      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Spread 0.00%    
Level 3 | Internal | Minimum | Discounted cash flow | Reinsurance recoverables and deposit receivables      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 1.00% 1.00%  
Spread over SOFR 0.40% 0.29%  
Option budget 0.00% 0.00%  
Level 3 | Internal | Minimum | Market comparables | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 0.1 3.0  
Level 3 | Internal | Minimum | Market comparables | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 6.8 5.5  
Level 3 | Internal | Minimum | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 28.34% 75.00%  
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 1.82% 1.71%  
Utilization rate 94.00% 94.00%  
Withdrawal rate (greater than maximum range) 100.00% 100.00%  
Mortality rate 16.00% 16.00%  
Equity volatility curve 25.00% 25.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Policyholders’ account balances      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 80.00% 80.00%  
Spread over SOFR 1.82% 1.73%  
Mortality rate 23.00% 23.00%  
Option budget 7.00% 7.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 21.50% 20.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Asset-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 10.75% 10.70%  
Liquidity premium 1.90%    
Level 3 | Internal | Maximum | Discounted cash flow | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidity premium 0.90% 1.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Market risk benefit assets      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 20.00% 20.00%  
Spread over SOFR 1.82% 1.71%  
Utilization rate 94.00% 94.00%  
Withdrawal rate (greater than maximum range) 100.00% 100.00%  
Mortality rate 16.00% 16.00%  
Equity volatility curve 25.00% 25.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 40.00% 40.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Commercial mortgage and other loans      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Spread 2.41%    
Level 3 | Internal | Maximum | Discounted cash flow | Reinsurance recoverables and deposit receivables      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 50.00% 50.00%  
Spread over SOFR 1.82% 1.71%  
Option budget 6.00% 6.00%  
Level 3 | Internal | Maximum | Market comparables | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 9.4 8.8  
Level 3 | Internal | Maximum | Market comparables | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 12.2 12.2  
Level 3 | Internal | Maximum | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 84.21% 75.00%  
Level 3 | Internal | Maximum | Net asset value | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Share price 1,809 1,810  
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 10.04% 10.36%  
Level 3 | Internal | Weighted Average | Discounted cash flow | Asset-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 4.00% 6.08%  
Liquidity premium 1.90%    
Level 3 | Internal | Weighted Average | Discounted cash flow | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidity premium 0.90% 1.00%  
Level 3 | Internal | Weighted Average | Discounted cash flow | Commercial mortgage and other loans      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Spread 2.14%    
Level 3 | Internal | Weighted Average | Market comparables | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 6.4 7.6  
Level 3 | Internal | Weighted Average | Market comparables | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 9.3 6.0  
Level 3 | Internal | Weighted Average | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 63.25% 75.00%  
Level 3 | Internal | Weighted Average | Net asset value | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Share price 758 779  
Level 3 | Internal | Fair Value, Measurements, Recurring | Market risk benefit liabilities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefit liabilities $ 4,859 $ 4,455  
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders’ account balances      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Policyholders' account balances 15,239 12,741  
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Corporate securities 7,440 6,763  
Level 3 | Internal | Fair Value, Measurements, Recurring | Asset-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Asset backed securities 1,147 529  
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 847 853  
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 2,188 2,331  
Level 3 | Internal | Fair Value, Measurements, Recurring | Equity securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Equity securities 195 209  
Level 3 | Internal | Fair Value, Measurements, Recurring | Commercial mortgage and other loans      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Commercial mortgage and other loans 263    
Level 3 | Internal | Fair Value, Measurements, Recurring | Reinsurance recoverables and deposit receivables      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Reinsurance recoverables and deposit receivables $ 367 $ 613  
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 20 for additional information regarding related party transactions.
v3.25.2
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Unrealized gains (losses) for assets/liabilities still held:          
Market risk benefit assets $ 2,188 $ 2,233 $ 2,188 $ 2,233 $ 2,331
Market risk benefit liabilities 4,859 4,592 4,859 4,592 4,455
Fair Value, Measurements, Recurring          
Unrealized gains (losses) for assets/liabilities still held:          
Market risk benefit assets 2,188   2,188   2,331
Market risk benefit liabilities 4,859   4,859   $ 4,455
Equity securities          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 733 506 518 512  
Purchases 62 54 216 75  
Sales (35) (12) (58) (16)  
Issuances 0 0 0 0  
Settlements (1) (1) (1) (5)  
Other 0 (3) 0 6  
Transfers into Level 3 1 1 120 1  
Transfers out of Level 3 (163) (1) (181) (10)  
Fair Value, end of period 601 556 601 556  
Total gains (losses) (realized/unrealized):          
Included in earnings 4 12 (13) (7)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 4 12 (19) (10)  
Equity securities | 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  
Equity securities | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 4 12 (13) (7)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 4 12 (19) (10)  
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  
Commercial mortgage and other loans          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 263 0 233 0  
Purchases 0 0 0 0  
Sales 0 0 0 0  
Issuances 0 0 30 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 263 0 263 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  
Commercial mortgage and other loans | 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  
Commercial mortgage and other loans | 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  
Commercial mortgage and other loans | 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  
Commercial mortgage and other loans | 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  
Commercial mortgage and other loans | 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 965 865 953 846  
Purchases 44 93 58 122  
Sales (30) 0 (31) (2)  
Issuances 0 0 0 0  
Settlements 0 0 0 0  
Other 1 19 1 19  
Transfers into Level 3 0 0 0 0  
Transfers out of Level 3 1 0 1 0  
Fair Value, end of period 978 938 978 938  
Total gains (losses) (realized/unrealized):          
Included in earnings (3) (39) (4) (47)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (3) (40) (3) (47)  
Other invested assets | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 1 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (1) 0 0 0  
Other invested assets | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings (2) (40) (3) (47)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (2) (40) (3) (47)  
Other invested assets | Interest credited to policyholders’ account balances          
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 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 462 32 461 29  
Purchases 15 2 23 7  
Sales (452) 0 (455) 0  
Issuances 0 0 0 0  
Settlements (7) (6) (11) (6)  
Other (2) (22) (2) (22)  
Transfers into Level 3 1 0 1 0  
Transfers out of Level 3 1 0 1 0  
Fair Value, end of period 18 9 18 9  
Total gains (losses) (realized/unrealized):          
Included in earnings 0 3 0 1  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 2 0 0  
Short-term investments | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 3 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 2 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 0 1  
Cash equivalents          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 1 0 0 4  
Purchases 1 4 2 4  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements (1) 0 (1) 0  
Other 0 0 0 (4)  
Transfers into Level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period 1 4 1 4  
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 381 303 613 224  
Purchases (2) 59 21 114  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements (16) (13) (34) (26)  
Other (1) 0 (234) 0  
Transfers into Level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period 367 363 367 363  
Total gains (losses) (realized/unrealized):          
Included in earnings 5 14 1 51  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (12) 1 (33) 25  
Reinsurance recoverables and deposit receivables | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 5 14 1 51  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (12) 1 (33) 25  
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 19 0 11  
Purchases 0 0 0 8  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements 0 0 0 0  
Other 0 (19) 0 (19)  
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  
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 253 338 232 1,094  
Purchases 25 80 85 136  
Sales (3) (61) (37) (824)  
Issuances 0 0 0 0  
Settlements (30) (2) (31) (4)  
Other 0 0 0 0  
Transfers into Level 3 1 0 5 0  
Transfers out of Level 3 (10) (5) (10) (6)  
Fair Value, end of period 252 342 252 342  
Total gains (losses) (realized/unrealized):          
Included in earnings 16 (8) 8 (54)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 15 (7) 5 (15)  
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 16 (8) 8 (54)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 15 (7) 5 (15)  
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 (11,938) (9,864) (12,746) (7,752)  
Purchases 0 0 0 0  
Sales 0 0 0 0  
Issuances (371) (469) (996) (1,087)  
Settlements 0 0 0 0  
Other (2) 1 (4) 2  
Transfers Into Level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period (15,289) (10,213) (15,289) (10,213)  
Total gains (losses) (realized/unrealized):          
Included in earnings (2,978) 119 (1,543) (1,376)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (169) 965 238 749  
Policyholders’ account balances | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings (2,978) 119 (1,543) (1,376)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (169) 965 238 749  
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 (13) (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 (15) (1) (15) (1)  
Total gains (losses) (realized/unrealized):          
Included in earnings (2) 0 (14) 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (2) 0 (14) 0  
Other liabilities | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings (2) 0 (14) 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (2) 0 (14) 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 (67) (405) (60) (778)  
Purchases 0 0 0 0  
Sales 0 0 0 0  
Issuances (124) (17) (131) (27)  
Settlements 0 0 0 0  
Other (4) 0 (4) 391  
Transfers Into Level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period (195) (422) (195) (422)  
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 (8)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 (8)  
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 0 0 0 (8)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 (8)  
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 (12) (30) (31) (63)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (11) (31) (33) (59)  
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 46 (33) 18 (49)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 43 (30) 13 (54)  
Fixed maturities, available-for-sale | Fixed maturities | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings (1) 10 (4) 15  
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 5 6 6 7  
Purchases (1) 0 (1) 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 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period 5 6 5 6  
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 (1)  
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 5 7 7 8  
Purchases 0 0 0 0  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements 0 0 (2) (1)  
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 5 7 5 7  
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 6,279 4,965 5,831 4,806  
Purchases 839 417 1,707 819  
Sales (121) (28) (471) (33)  
Issuances 0 0 0 0  
Settlements (408) (221) (602) (508)  
Other 11 (141) (30) (154)  
Transfers into Level 3 18 54 252 162  
Transfers out of Level 3 0 0 (1) 0  
Fair Value, end of period 6,660 5,003 6,660 5,003  
Total gains (losses) (realized/unrealized):          
Included in earnings 42 (43) (26) (89)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 38 (51) (32) (101)  
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 3,217 2,612 2,333 1,297  
Purchases 1,502 327 2,328 1,592  
Sales (446) (1) (769) (1)  
Issuances 0 0 0 0  
Settlements (168) (63) (233) (75)  
Other 191 (492) (171) (493)  
Transfers into Level 3 199 (1) 1,064 59  
Transfers out of Level 3 (158) (320) (233) (320)  
Fair Value, end of period 4,328 2,052 4,328 2,052  
Total gains (losses) (realized/unrealized):          
Included in earnings (9) (10) 9 (7)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (6) (11) 12 (11)  
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 2,138 1,330 1,986 429  
Purchases 289 330 712 894  
Sales (10) 0 (271) (22)  
Issuances 0 0 0 0  
Settlements (86) (70) (338) (116)  
Other (183) 0 183 (1)  
Transfers into Level 3 0 (2) 3 402  
Transfers out of Level 3 (44) (61) (150) (61)  
Fair Value, end of period 2,090 1,520 2,090 1,520  
Total gains (losses) (realized/unrealized):          
Included in earnings (14) (7) (35) (5)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (31) (6) (39) 1  
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 (28) (7) (34) (6)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (31) (6) (39) 1  
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 $ 14 $ 0 $ (1) $ 1  
v3.25.2
Fair Value of Assets and Liabilities (Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets $ 1,785 $ 1,601
Netting (18,345) (20,093)
Total derivative liabilities 6,350 4,751
Netting (28,172) (28,141)
Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 10,386 11,733
Total derivative liabilities 24,640 26,893
Currency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 889 1,717
Total derivative liabilities 1,288 1,378
Credit Risk Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 87 90
Total derivative liabilities 0 0
Currency/Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 1,601 3,310
Total derivative liabilities 1,900 497
Equity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 7,167 4,844
Total derivative liabilities 6,694 4,124
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 339 10
Total derivative liabilities 236 28
Level 1 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 66 7
Total derivative liabilities 17 21
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 273 3
Total derivative liabilities 219 7
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 19,789 21,683
Total derivative liabilities 34,271 32,863
Level 2 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 10,319 11,725
Total derivative liabilities 24,608 26,871
Level 2 | Currency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 889 1,717
Total derivative liabilities 1,288 1,378
Level 2 | Credit Risk Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 87 90
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 1,601 3,310
Total derivative liabilities 1,900 497
Level 2 | Equity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 6,893 4,841
Total derivative liabilities 6,475 4,117
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 2 1
Total derivative liabilities 15 1
Level 3 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 1 1
Total derivative liabilities 15 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 1 0
Total derivative liabilities $ 0 $ 0
v3.25.2
Fair Value of Assets and Liabilities (Changes in Level 3 Derivative Assets and Liabilities) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Equity        
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 0 0 1 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 1 0 1 0
Unrealized Gain (Loss) for assets still held        
Included in earnings 0 0 1 0
Interest Rate        
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Fair Value, beginning of period (13) 0 0 0
Total gains (losses) (realized/unrealized):        
Included in earnings (2) 1 (15) 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 (15) 1 (15) 1
Unrealized Gain (Loss) for assets still held        
Included in earnings $ (2) $ 1 $ (15) $ 1
v3.25.2
Fair Value of Assets and Liabilities (Nonrecurring Fair Value Measurements) (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Investment real estate          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Realized investment gains (losses) net $ 0 $ (3) $ (12) $ (3)  
Carrying value after measurement as of period end 46   46   $ 73
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 $ 0 0 $ (7)  
Carrying value after measurement as of period end $ 0   $ 0   $ 128
v3.25.2
Fair Value of Assets and Liabilities (Changes in Fair Values Recorded in Earnings for FVO Assets-Liabilities) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]          
Commercial mortgage and other loans [1] $ 62,966   $ 62,966   $ 62,341
Other invested assets [1] 27,256   27,256   26,351
Commercial mortgage and other loans          
Fair Value, Option, Quantitative Disclosures [Line Items]          
Interest income 9 $ 1 17 $ 3  
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 0 0 0 8  
Interest expense 2 $ 3 2 $ 11  
Fair value option          
Fair Value, Option, Quantitative Disclosures [Line Items]          
Commercial mortgage and other loans 726   726   702
Other invested assets 26   26   19
Notes issued by consolidated VIEs 195   195   60
Fair value option, aggregate contractual principal          
Fair Value, Option, Quantitative Disclosures [Line Items]          
Commercial mortgage and other loans 723   723   697
Notes issued by consolidated VIEs $ 195   $ 195   $ 60
[1] See Note 4 for details of balances associated with variable interest entities.
v3.25.2
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Assets:      
Commercial mortgage and other loans [1] $ 62,966 $ 62,341  
Policy loans 9,946 9,795  
Other invested assets [1] 27,256 26,351  
Cash and cash equivalents 16,638 [1] 18,497 [1] $ 17,111
Accrued investment income [1] 3,560 3,441  
Reinsurance recoverables and deposit receivables [2] 44,152 37,680  
Other assets, assets at fair value 0 0  
Liabilities:      
Securities sold under agreements to repurchase 8,205 6,796  
Cash collateral for loaned securities 9,167 9,621  
Reinsurance and funds withheld payables [2] 17,126 17,084  
Short-term debt 1,373 953  
Long-term debt 18,651 19,187  
Other Liabilities, derivatives at fair value 6,350 4,751  
Fair Value      
Assets:      
Commercial mortgage and other loans 60,295 58,463  
Policy loans 9,946 9,795  
Other invested assets 93 95  
Short-term investments 422 474  
Cash and cash equivalents 7,015 7,806  
Accrued investment income 3,560 3,441  
Reinsurance recoverables and deposit receivables 5,662 5,790  
Other assets, assets at fair value 3,088 3,086  
Total assets 90,081 88,950  
Liabilities:      
Policyholders’ account balances—investment contracts 81,741 74,871  
Securities sold under agreements to repurchase 8,205 6,796  
Cash collateral for loaned securities 9,167 9,621  
Reinsurance and funds withheld payables 10,336 10,454  
Short-term debt 1,364 960  
Long-term debt 17,870 18,132  
Notes issued by consolidated VIEs 1,563 1,370  
Other Liabilities, derivatives at fair value 6,897 6,918  
Separate account liabilities—investment contracts 40,455 39,821  
Total liabilities 177,598 168,943  
Carrying Amount      
Assets:      
Commercial mortgage and other loans 62,240 61,639  
Policy loans 9,946 9,795  
Other invested assets 93 95  
Short-term investments 422 474  
Cash and cash equivalents 7,015 7,806  
Accrued investment income 3,560 3,441  
Reinsurance recoverables and deposit receivables 5,662 5,790  
Other assets, assets at fair value 3,088 3,086  
Total assets 92,026 92,126  
Liabilities:      
Policyholders’ account balances—investment contracts 86,081 79,571  
Securities sold under agreements to repurchase 8,205 6,796  
Cash collateral for loaned securities 9,167 9,621  
Reinsurance and funds withheld payables 10,336 10,454  
Short-term debt 1,373 953  
Long-term debt 18,651 19,187  
Notes issued by consolidated VIEs 1,563 1,370  
Other Liabilities, derivatives at fair value 6,897 6,918  
Separate account liabilities—investment contracts 40,455 39,821  
Total liabilities 182,728 174,691  
Level 1 | Fair Value      
Assets:      
Commercial mortgage and other loans 0 0  
Policy loans 10 8  
Other invested assets 0 0  
Short-term investments 402 453  
Cash and cash equivalents 6,544 7,352  
Accrued investment income 0 0  
Reinsurance recoverables and deposit receivables 0 0  
Other assets, assets at fair value 63 23  
Total assets 7,019 7,836  
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 534 524  
Notes issued by consolidated VIEs 0 0  
Other Liabilities, derivatives at fair value 0 0  
Separate account liabilities—investment contracts 0 0  
Total liabilities 534 524  
Level 2 | Fair Value      
Assets:      
Commercial mortgage and other loans 17 17  
Policy loans 0 0  
Other invested assets 93 95  
Short-term investments 20 21  
Cash and cash equivalents 471 454  
Accrued investment income 3,560 3,441  
Reinsurance recoverables and deposit receivables 9 8  
Other assets, assets at fair value 3,023 3,062  
Total assets 7,193 7,098  
Liabilities:      
Policyholders’ account balances—investment contracts 33,863 31,405  
Securities sold under agreements to repurchase 8,205 6,796  
Cash collateral for loaned securities 9,167 9,621  
Reinsurance and funds withheld payables 10,357 10,489  
Short-term debt 1,015 521  
Long-term debt 16,800 17,185  
Notes issued by consolidated VIEs 0 0  
Other Liabilities, derivatives at fair value 6,866 6,886  
Separate account liabilities—investment contracts 22,311 21,144  
Total liabilities 108,584 104,047  
Level 3 | Fair Value      
Assets:      
Commercial mortgage and other loans 60,278 58,446  
Policy loans 9,936 9,787  
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 5,653 5,782  
Other assets, assets at fair value 2 1  
Total assets 75,869 74,016  
Liabilities:      
Policyholders’ account balances—investment contracts 47,878 43,466  
Securities sold under agreements to repurchase 0 0  
Cash collateral for loaned securities 0 0  
Reinsurance and funds withheld payables (21) (35)  
Short-term debt 349 439  
Long-term debt 536 423  
Notes issued by consolidated VIEs 1,563 1,370  
Other Liabilities, derivatives at fair value 31 32  
Separate account liabilities—investment contracts 18,144 18,677  
Total liabilities 68,480 64,372  
Prudential Netting Agreement | Fair Value      
Liabilities:      
Long-term debt 15,220 14,748  
Prudential Netting Agreement | Carrying Amount      
Liabilities:      
Long-term debt 15,220 14,748  
Prismic Life Reinsurance, Ltd | Fair Value      
Liabilities:      
Reinsurance and funds withheld payables 7,731 7,887  
Prismic Life Reinsurance, Ltd | Carrying Amount      
Liabilities:      
Reinsurance and funds withheld payables $ 7,731 $ 7,887  
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 20 for additional information regarding related party transactions.
v3.25.2
Deferred Policy Acquisition Costs (Balance of and Changes in DAC) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]        
Balance, BOP     $ 20,448  
Amortization expense [1] $ (407) $ (375) (814) $ (750)
Balance, EOP 21,222 20,564 21,222 20,564
Retirement Strategies | Individual Variable        
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]        
Balance, BOP     3,713 3,676
Capitalization     327 193
Amortization expense     (236) (190)
Other adjustments     17 0
Foreign currency adjustment     0 0
Balance, EOP 3,821 3,679 3,821 3,679
Individual Life | Term Life Insurance        
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]        
Balance, BOP     2,215 2,237
Capitalization     95 90
Amortization expense     (104) (104)
Other adjustments     0 (2)
Foreign currency adjustment     0 0
Balance, EOP 2,206 2,221 2,206 2,221
Individual Life | Variable Universal Life        
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]        
Balance, BOP     4,878 5,364
Capitalization     326 338
Amortization expense     (117) (121)
Other adjustments     5 (280)
Foreign currency adjustment     0 0
Balance, EOP 5,092 5,301 5,092 5,301
International Businesses        
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]        
Balance, BOP     9,304 9,351
Capitalization     603 561
Amortization expense     (344) (334)
Other adjustments     (214) (50)
Foreign currency adjustment     330 (462)
Balance, EOP 9,679 9,066 9,679 9,066
Total        
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]        
Balance, BOP     20,110 20,628
Capitalization     1,351 1,182
Amortization expense     (801) (749)
Other adjustments     (192) (332)
Foreign currency adjustment     330 (462)
Balance, EOP 20,798 20,267 20,798 20,267
Other businesses        
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]        
Balance, EOP $ 424 $ 297 $ 424 $ 297
[1] See Note 20 for additional information regarding related party transactions.
v3.25.2
Deferred Policy Acquisition Costs (Balance of and Changes in DSI) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Movement in Deferred Sales Inducements [Roll Forward]    
Balance, EOP $ 389 $ 425
Individual Retirement Strategies | Individual Variable    
Movement in Deferred Sales Inducements [Roll Forward]    
Balance, BOP 376 410
Capitalization 1 1
Amortization expense (16) (17)
Balance, EOP 361 394
Other businesses    
Movement in Deferred Sales Inducements [Roll Forward]    
Balance, EOP $ 28 $ 31
v3.25.2
Deferred Policy Acquisition Costs (Balance of and Changes in VOBA) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Movement in Present Value of Future Insurance Profits [Roll Forward]    
Balance, BOP $ 435  
Balance, EOP 450  
Gibraltar Life and Other    
Movement in Present Value of Future Insurance Profits [Roll Forward]    
Balance, BOP 421 $ 511
Amortization expense (20) (21)
Foreign currency adjustment 35 (59)
Balance, EOP 436 431
Other businesses    
Movement in Present Value of Future Insurance Profits [Roll Forward]    
Balance, EOP 14 15
International Businesses    
Movement in Present Value of Future Insurance Profits [Roll Forward]    
Balance, EOP $ 450 $ 446
v3.25.2
Deferred Policy Acquisition Costs (Estimated Future VOBA Amortization, Net of Interest) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Deferred Charges, Insurers [Abstract]    
Estimated future VOBA amortization - 2025 (July-December) $ 22  
Estimated future VOBA amortization - 2026 40  
Estimated future VOBA amortization - 2027 36  
Estimated future VOBA amortization - 2028 33  
Estimated future VOBA amortization - 2029 29  
Estimated future VOBA amortization - Thereafter 290  
Present Value of Future Insurance Profits, Net $ 450 $ 435
v3.25.2
Separate Accounts (Separate Account Assets) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 194,761 $ 193,372
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 4,500 4,674
Obligations of U.S. states and their political subdivisions    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2,444 2,224
Foreign government bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 105 93
U.S. corporate securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 11,820 11,440
Foreign corporate securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3,056 3,010
Asset-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,935 1,283
Mortgage-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 13,327 14,144
Equity    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 89,861 90,180
Fixed Income    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 32,399 33,828
Other    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 6,198 5,439
Equity securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 5,196 4,845
Commercial mortgage and other loans    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 55 54
Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 19,552 19,352
Short-term investments    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,450 1,137
Cash and cash equivalents    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 2,863 $ 1,669
v3.25.2
Separate Accounts (Separate Account Liabilities) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Separate Account, Liability [Roll Forward]        
Separate account liabilities $ 194,761 $ 196,859 $ 193,372  
Cash surrender value 193,952 195,478    
Total        
Separate Account, Liability [Roll Forward]        
Separate account liabilities 198,534 200,196 196,944 $ 202,033
Deposits 7,707 13,174    
Investment performance 9,802 8,883    
Policy charges (1,796) (1,871)    
Surrenders and withdrawals (11,335) (18,434)    
Benefit payments (2,548) (2,413)    
Net transfers (to) from general account (527) (319)    
Other 287 (857)    
Other businesses        
Separate Account, Liability [Roll Forward]        
Separate account liabilities (3,773) (3,337)    
PGIM        
Separate Account, Liability [Roll Forward]        
Separate account liabilities 29,284 30,416 28,645 32,648
Deposits 5,132 10,873    
Investment performance 1,148 (972)    
Policy charges (33) (57)    
Surrenders and withdrawals (3,499) (9,886)    
Benefit payments (1,827) (1,745)    
Net transfers (to) from general account (110) 13    
Other (172) (458)    
Cash surrender value 29,284 30,416    
Institutional Retirement Strategies | Retirement Strategies        
Separate Account, Liability [Roll Forward]        
Separate account liabilities 9,242 9,908 9,308 11,011
Deposits 202 105    
Investment performance 361 (94)    
Policy charges (4) (5)    
Surrenders and withdrawals (377) (878)    
Benefit payments (254) (270)    
Net transfers (to) from general account (141) (45)    
Other 147 84    
Cash surrender value 9,242 9,908    
Individual Retirement Strategies | Retirement Strategies        
Separate Account, Liability [Roll Forward]        
Separate account liabilities 83,768 91,650 86,974 94,130
Deposits 279 294    
Investment performance 4,486 5,249    
Policy charges (1,007) (1,123)    
Surrenders and withdrawals (6,885) (6,815)    
Benefit payments (52) (46)    
Net transfers (to) from general account (30) (42)    
Other 3 3    
Cash surrender value 82,960 90,583    
Group Insurance        
Separate Account, Liability [Roll Forward]        
Separate account liabilities 26,364 24,547 25,126 25,021
Deposits 126 289    
Investment performance 1,163 366    
Policy charges (137) (120)    
Surrenders and withdrawals (25) (339)    
Benefit payments (145) (144)    
Net transfers (to) from general account 13 6    
Other 243 (532)    
Cash surrender value 26,271 24,442    
Individual Life        
Separate Account, Liability [Roll Forward]        
Separate account liabilities 49,876 43,675 $ 46,891 $ 39,223
Deposits 1,968 1,613    
Investment performance 2,644 4,334    
Policy charges (615) (566)    
Surrenders and withdrawals (549) (516)    
Benefit payments (270) (208)    
Net transfers (to) from general account (259) (251)    
Other 66 46    
Cash surrender value $ 46,195 $ 40,129    
v3.25.2
Liability For Future Policy Benefits (Benefit Reserves) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Total balance, EOP $ 146,595 $ 128,625 $ 146,595 $ 128,625    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Other adjustments [1] 175 176 225 193    
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change 333,515 310,685 333,515 310,685    
Total balance after reinsurance recoverable 181,091 175,973 181,091 175,973    
International Businesses            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Balance, BOP     45,851 55,431    
Effect of cumulative changes in discount rate assumptions     2,599 1,218    
Balance at original discount rate     48,450 56,649    
Effect of assumption update         $ (1,072) $ (863)
Effect of actual variances from expected experience and other activity         (467) (1,347)
Adjusted balance, BOP     46,911 54,439    
Issuances     1,477 1,788    
Net premiums / considerations collected     (3,455) (3,622)    
Interest accrual     730 782    
Foreign currency adjustment     2,193 (3,494)    
Other adjustments     73 82    
Balance at original discount rate 47,929 49,975 47,929 49,975    
Effect of cumulative changes in discount rate assumptions (2,984) (2,579) (2,984) (2,579)    
Total balance, EOP 44,945 47,396 44,945 47,396    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP     135,485 158,858    
Effect of cumulative changes in discount rate assumptions     17,834 7,918    
Balance at original discount rate, BOP     153,319 166,776    
Effect of assumption update         (1,013) (513)
Effect of actual variances from expected experience and other activity         (563) (1,362)
Adjusted balance, BOP         151,743 164,901
Issuances     1,477 1,789    
Interest accrual     2,365 2,371    
Benefit payments     (4,208) (5,069)    
Foreign currency adjustment     7,245 (11,173)    
Other adjustments     171 162    
Balance at original discount rate, EOP 158,793 152,981 158,793 152,981    
Effect of cumulative changes in discount rate assumptions (23,521) (16,763) (23,521) (16,763)    
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change 135,272 136,218 135,272 136,218    
Balance, EOP, pre-flooring 90,326 88,821 90,326 88,821    
Flooring impact, EOP 80 44 80 44    
Balance, EOP, post-flooring 90,406 88,865 90,406 88,865    
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance 341 345 341 345    
Total balance after reinsurance recoverable 90,065 88,520 90,065 88,520    
International Businesses | Gross Basis            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Undiscounted expected future gross premiums 107,923 110,571 107,923 110,571    
Discounted expected future gross premiums (at original discount rate) 84,598 87,022 84,598 87,022    
Discounted expected future gross premiums (at current discount rate) 79,680 83,062 79,680 83,062    
Undiscounted expected future benefits and expenses $ 260,920 $ 254,271 $ 260,920 $ 254,271    
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) 14 years 16 years 14 years 16 years    
Weighted-average interest rate (at original discount rate) 2.99% 3.02% 2.99% 3.02%    
Weighted-average interest rate (at current discount rate) 4.05% 3.61% 4.05% 3.61%    
Other Segments            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Total balance, EOP $ 109 $ 89 $ 109 $ 89    
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 1,704 1,656 1,704 1,656    
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance 58 63 58 63    
Total balance after reinsurance recoverable 1,538 1,506 1,538 1,506    
Total            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Balance, BOP     131,955 141,398    
Effect of cumulative changes in discount rate assumptions     17,854 13,331    
Balance at original discount rate     149,809 154,729    
Effect of assumption update         (1,136) (1,077)
Effect of actual variances from expected experience and other activity         (605) (954)
Adjusted balance, BOP     148,068 152,698    
Issuances     10,874 13,398    
Net premiums / considerations collected     (7,747) (17,379)    
Interest accrual     2,810 2,506    
Foreign currency adjustment     11,012 (4,392)    
Other adjustments     76 79    
Balance at original discount rate 165,093 146,910 165,093 146,910    
Effect of cumulative changes in discount rate assumptions (18,607) (18,374) (18,607) (18,374)    
Total balance, EOP 146,486 128,536 146,486 128,536    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP     317,143 331,984    
Effect of cumulative changes in discount rate assumptions     40,698 23,606    
Balance at original discount rate, BOP     357,841 355,590    
Effect of assumption update         (1,069) (1,367)
Effect of actual variances from expected experience and other activity         (802) (933)
Adjusted balance, BOP         355,970 353,290
Issuances     10,874 13,399    
Interest accrual     6,682 6,147    
Benefit payments     (12,594) (12,336)    
Foreign currency adjustment     16,147 (12,081)    
Other adjustments     200 89    
Balance at original discount rate, EOP 377,279 348,508 377,279 348,508    
Effect of cumulative changes in discount rate assumptions (45,468) (39,479) (45,468) (39,479)    
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change 331,811 309,029 331,811 309,029    
Balance, EOP, pre-flooring 185,323 180,491 185,323 180,491    
Flooring impact, EOP 186 90 186 90    
Balance, EOP, post-flooring 185,509 180,581 185,509 180,581    
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance 5,956 6,114 5,956 6,114    
Total balance after reinsurance recoverable 179,553 174,467 179,553 174,467    
Institutional | Retirement Strategies            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Balance, BOP     72,526 71,407    
Effect of cumulative changes in discount rate assumptions     14,545 11,869    
Balance at original discount rate     87,071 83,276    
Effect of assumption update         169 41
Effect of actual variances from expected experience and other activity         (79) 429
Adjusted balance, BOP     87,161 83,746    
Issuances     8,991 11,192    
Net premiums / considerations collected     (3,445) (12,908)    
Interest accrual     1,745 1,384    
Foreign currency adjustment     8,819 (898)    
Other adjustments     0 0    
Balance at original discount rate 103,271 82,516 103,271 82,516    
Effect of cumulative changes in discount rate assumptions (15,153) (15,077) (15,153) (15,077)    
Total balance, EOP 88,118 67,439 88,118 67,439    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP     151,484 141,135    
Effect of cumulative changes in discount rate assumptions     20,182 14,751    
Balance at original discount rate, BOP     171,666 155,886    
Effect of assumption update         322 (481)
Effect of actual variances from expected experience and other activity         (120) 483
Adjusted balance, BOP         171,868 155,888
Issuances     8,991 11,192    
Interest accrual     3,541 3,003    
Benefit payments     (7,426) (6,317)    
Foreign currency adjustment     8,902 (908)    
Other adjustments     30 (63)    
Balance at original discount rate, EOP 185,906 162,795 185,906 162,795    
Effect of cumulative changes in discount rate assumptions (19,578) (20,163) (19,578) (20,163)    
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change 166,328 142,632 166,328 142,632    
Balance, EOP, pre-flooring 78,210 75,194 78,210 75,194    
Flooring impact, EOP 106 46 106 46    
Balance, EOP, post-flooring 78,316 75,240 78,316 75,240    
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance 5,039 5,098 5,039 5,098    
Total balance after reinsurance recoverable 73,277 70,142 73,277 70,142    
Institutional | Retirement Strategies | Gross Basis            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Undiscounted expected future gross premiums 178,217 133,585 178,217 133,585    
Discounted expected future gross premiums (at original discount rate) 111,292 89,770 111,292 89,770    
Discounted expected future gross premiums (at current discount rate) 94,675 71,759 94,675 71,759    
Undiscounted expected future benefits and expenses $ 302,365 $ 255,559 $ 302,365 $ 255,559    
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) 4.76% 4.72% 4.76% 4.72%    
Weighted-average interest rate (at current discount rate) 5.45% 5.56% 5.45% 5.56%    
Term Life | Individual Life            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Balance, BOP     $ 10,724 $ 11,274    
Effect of cumulative changes in discount rate assumptions     578 228    
Balance at original discount rate     11,302 11,502    
Effect of assumption update         (241) 21
Effect of actual variances from expected experience and other activity         (100) (131)
Adjusted balance, BOP     10,961 11,392    
Issuances     406 418    
Net premiums / considerations collected     (692) (692)    
Interest accrual     264 264    
Foreign currency adjustment     0 0    
Other adjustments     3 (3)    
Balance at original discount rate $ 10,942 $ 11,379 10,942 11,379    
Effect of cumulative changes in discount rate assumptions (384) (590) (384) (590)    
Total balance, EOP 10,558 10,789 10,558 10,789    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP     18,996 19,852    
Effect of cumulative changes in discount rate assumptions     1,134 334    
Balance at original discount rate, BOP     20,130 20,186    
Effect of assumption update         (392) 21
Effect of actual variances from expected experience and other activity         (137) (149)
Adjusted balance, BOP         19,601 20,058
Issuances     406 418    
Interest accrual     470 470    
Benefit payments     (784) (795)    
Foreign currency adjustment     0 0    
Other adjustments     (1) (10)    
Balance at original discount rate, EOP 19,692 20,141 19,692 20,141    
Effect of cumulative changes in discount rate assumptions (797) (1,108) (797) (1,108)    
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change 18,895 19,033 18,895 19,033    
Balance, EOP, pre-flooring 8,337 8,243 8,337 8,243    
Flooring impact, EOP 0 0 0 0    
Balance, EOP, post-flooring 8,337 8,243 8,337 8,243    
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance 576 671 576 671    
Total balance after reinsurance recoverable 7,761 7,572 7,761 7,572    
Term Life | Individual Life | Gross Basis            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Undiscounted expected future gross premiums 22,958 22,965 22,958 22,965    
Discounted expected future gross premiums (at original discount rate) 15,586 15,208 15,586 15,208    
Discounted expected future gross premiums (at current discount rate) 15,086 14,451 15,086 14,451    
Undiscounted expected future benefits and expenses $ 30,430 $ 31,103 $ 30,430 $ 31,103    
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) 5.12% 5.15% 5.12% 5.15%    
Weighted-average interest rate (at current discount rate) 5.37% 5.53% 5.37% 5.53%    
Long- Term Care | Corporate and Other            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Balance, BOP     $ 2,854 $ 3,286    
Effect of cumulative changes in discount rate assumptions     132 16    
Balance at original discount rate     2,986 3,302    
Effect of assumption update         8 (276)
Effect of actual variances from expected experience and other activity         41 95
Adjusted balance, BOP     3,035 3,121    
Issuances     0 0    
Net premiums / considerations collected     (155) (157)    
Interest accrual     71 76    
Foreign currency adjustment     0 0    
Other adjustments     0 0    
Balance at original discount rate $ 2,951 $ 3,040 2,951 3,040    
Effect of cumulative changes in discount rate assumptions (86) (128) (86) (128)    
Total balance, EOP 2,865 2,912 2,865 2,912    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP     11,178 12,139    
Effect of cumulative changes in discount rate assumptions     1,548 603    
Balance at original discount rate, BOP     12,726 12,742    
Effect of assumption update         14 (394)
Effect of actual variances from expected experience and other activity         18 95
Adjusted balance, BOP         $ 12,758 $ 12,443
Issuances     0 0    
Interest accrual     306 303    
Benefit payments     (176) (155)    
Foreign currency adjustment     0 0    
Other adjustments     0 0    
Balance at original discount rate, EOP 12,888 12,591 12,888 12,591    
Effect of cumulative changes in discount rate assumptions (1,572) (1,445) (1,572) (1,445)    
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change 11,316 11,146 11,316 11,146    
Balance, EOP, pre-flooring 8,450 8,233 8,450 8,233    
Flooring impact, EOP 0 0 0 0    
Balance, EOP, post-flooring 8,450 8,233 8,450 8,233    
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance 0 0 0 0    
Total balance after reinsurance recoverable 8,450 8,233 8,450 8,233    
Long- Term Care | Corporate and Other | Gross Basis            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Undiscounted expected future gross premiums 6,588 6,823 6,588 6,823    
Discounted expected future gross premiums (at original discount rate) 4,427 4,521 4,427 4,521    
Discounted expected future gross premiums (at current discount rate) 4,308 4,339 4,308 4,339    
Undiscounted expected future benefits and expenses $ 29,531 $ 29,860 $ 29,531 $ 29,860    
Weighted-average duration of the liability in years (at original discount rate) 16 years 17 years 16 years 17 years    
Weighted-average duration of the liability in years (at current discount rate) 15 years 16 years 15 years 16 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) 5.87% 5.77% 5.87% 5.77%    
[1] See Note 20 for additional information regarding related party transactions.
v3.25.2
Liability For Future Policy Benefits (Deferred Profit Liability) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Other adjustments [1] $ 175 $ 176 $ 225 $ 193    
Total balance after reinsurance recoverable 181,091 175,973 181,091 175,973    
Deferred profit liability            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Total balance after reinsurance recoverable 15,369 14,473 15,369 14,473    
International Businesses            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Effect of assumption update         $ (1,013) $ (513)
Effect of actual variances from expected experience and other activity         (563) (1,362)
Adjusted balance, BOP         151,743 164,901
Interest accrual     2,365 2,371    
Foreign currency adjustment     (7,245) 11,173    
Other adjustments     171 162    
Balance, EOP, pre-flooring 90,326 88,821 90,326 88,821    
Flooring impact, EOP 80 44 80 44    
Balance, EOP, post-flooring 90,406 88,865 90,406 88,865    
Less: Reinsurance recoverables 341 345 341 345    
Total balance after reinsurance recoverable 90,065 88,520 90,065 88,520    
International Businesses | Deferred profit liability            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP, post-flooring     9,354 9,259    
Flooring impact, BOP     2 2    
Balance, BOP, pre-flooring     9,352 9,257    
Effect of assumption update         (58) (288)
Effect of actual variances from expected experience and other activity         2 (46)
Adjusted balance, BOP         9,296 8,923
Profits deferred     1,265 1,346    
Interest accrual     172 157    
Amortization     (1,055) (1,062)    
Foreign currency adjustment     353 (492)    
Other adjustments     25 17    
Balance, EOP, pre-flooring 10,056 8,889 10,056 8,889    
Flooring impact, EOP 3 2 3 2    
Balance, EOP, post-flooring 10,059 8,891 10,059 8,891    
Less: Reinsurance recoverables 45 39 45 39    
Total balance after reinsurance recoverable 10,014 8,852 10,014 8,852    
Total            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Effect of assumption update         (1,069) (1,367)
Effect of actual variances from expected experience and other activity         (802) (933)
Adjusted balance, BOP         355,970 353,290
Interest accrual     6,682 6,147    
Foreign currency adjustment     (16,147) 12,081    
Other adjustments     200 89    
Balance, EOP, pre-flooring 185,323 180,491 185,323 180,491    
Flooring impact, EOP 186 90 186 90    
Balance, EOP, post-flooring 185,509 180,581 185,509 180,581    
Less: Reinsurance recoverables 5,956 6,114 5,956 6,114    
Total balance after reinsurance recoverable 179,553 174,467 179,553 174,467    
Total | Deferred profit liability            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP, post-flooring     15,024 14,874    
Flooring impact, BOP     2 2    
Balance, BOP, pre-flooring     15,022 14,872    
Effect of assumption update         (131) 82
Effect of actual variances from expected experience and other activity         32 (76)
Adjusted balance, BOP         14,923 14,878
Profits deferred     1,350 1,435    
Interest accrual     288 275    
Amortization     (1,343) (1,354)    
Foreign currency adjustment     379 (494)    
Other adjustments     25 17    
Balance, EOP, pre-flooring 15,622 14,757 15,622 14,757    
Flooring impact, EOP 3 2 3 2    
Balance, EOP, post-flooring 15,625 14,759 15,625 14,759    
Less: Reinsurance recoverables 421 440 421 440    
Total balance after reinsurance recoverable 15,204 14,319 15,204 14,319    
Other Segments            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Less: Reinsurance recoverables 58 63 58 63    
Total balance after reinsurance recoverable 1,538 1,506 1,538 1,506    
Other Segments | Deferred profit liability            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Total balance after reinsurance recoverable 165 154 165 154    
Institutional | Retirement Strategies            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Effect of assumption update         322 (481)
Effect of actual variances from expected experience and other activity         (120) 483
Adjusted balance, BOP         171,868 155,888
Interest accrual     3,541 3,003    
Foreign currency adjustment     (8,902) 908    
Other adjustments     30 (63)    
Balance, EOP, pre-flooring 78,210 75,194 78,210 75,194    
Flooring impact, EOP 106 46 106 46    
Balance, EOP, post-flooring 78,316 75,240 78,316 75,240    
Less: Reinsurance recoverables 5,039 5,098 5,039 5,098    
Total balance after reinsurance recoverable 73,277 70,142 73,277 70,142    
Institutional | Retirement Strategies | Deferred profit liability            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, BOP, post-flooring     5,670 5,615    
Flooring impact, BOP     0 0    
Balance, BOP, pre-flooring     5,670 5,615    
Effect of assumption update         (73) 370
Effect of actual variances from expected experience and other activity         30 (30)
Adjusted balance, BOP         $ 5,627 $ 5,955
Profits deferred     85 89    
Interest accrual     116 118    
Amortization     (288) (292)    
Foreign currency adjustment     26 2    
Other adjustments     0 0    
Balance, EOP, pre-flooring 5,566 5,868 5,566 5,868    
Flooring impact, EOP 0 0 0 0    
Balance, EOP, post-flooring 5,566 5,868 5,566 5,868    
Less: Reinsurance recoverables 376 401 376 401    
Total balance after reinsurance recoverable $ 5,190 $ 5,467 $ 5,190 $ 5,467    
[1] See Note 20 for additional information regarding related party transactions.
v3.25.2
Liability For Future Policy Benefits (Additional Insurance Reserves) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Additional Liability, Long-Duration Insurance [Line Items]        
Balance, including amounts in AOCI, EOP, post-flooring $ 17,282 $ 14,556    
Individual Life        
Additional Liability, Long-Duration Insurance [Line Items]        
Total balance after reinsurance recoverables $ 7,185 $ 7,530    
Individual Life | Gross Basis        
Additional Liability, Long-Duration Insurance [Line Items]        
Weighted-average duration of the liability in years (at original discount rate) 21 years 22 years    
Weighted-average interest rate (at original discount rate) 3.41% 3.40%    
Individual Life | Other Segments        
Additional Liability, Long-Duration Insurance [Line Items]        
Total balance after reinsurance recoverables $ 118 $ 63    
Individual Life | Total        
Additional Liability, Long-Duration Insurance [Line Items]        
Balance, including amounts in AOCI, BOP, post-flooring 16,376 14,308    
Flooring impact and amounts in AOCI 632 843    
Balance, excluding amounts in AOCI, BOP, pre-flooring 17,008 15,151    
Effect of assumption updates     $ (39) $ 153
Effect of actual variances from expected experience and other activity     74 150
Adjusted balance, BOP     $ 17,043 $ 15,454
Assessment Collected 517 591    
Interest accrual 291 262    
Benefits paid (210) (168)    
Other adjustments 37 13    
Balance, excluding amounts in AOCI, EOP, pre-flooring 17,678 16,152    
Flooring impact and amounts in AOCI (514) (1,659)    
Balance, including amounts in AOCI, EOP, post-flooring 17,164 14,493    
Less: Reinsurance recoverables 10,097 7,026    
Total balance after reinsurance recoverables $ 7,067 $ 7,467    
v3.25.2
Liability For Future Policy Benefits (Future Policy Benefits) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Insurance [Abstract]      
Benefit reserves, EOP, post-flooring $ 187,106   $ 182,150
Deferred Profit Liability EOP, post-flooring 15,790   14,913
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 17,282   14,556
Subtotal of amounts disclosed above 220,178   211,619
Other Future Policy Benefits reserves 49,955   50,711
Total Future Policy Benefits $ 270,133 $ 268,912 $ 262,330
v3.25.2
Liability For Future Policy Benefits (Revenue and Interest Expense) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Benefit reserves | International Businesses    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue $ 5,441 $ 5,727
Interest expense 1,635 1,589
Benefit reserves | Other Segments    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 276 273
Interest expense 259 253
Benefit reserves | Total    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 10,406 20,145
Interest expense 3,895 3,667
Benefit reserves | Institutional | Retirement Strategies    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 3,725 13,223
Interest expense 1,796 1,619
Benefit reserves | Term Life | Individual Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 964 922
Interest expense 205 206
Benefit reserves | Variable Universal Life | Individual Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Deferred profit liability | International Businesses    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue (352) (124)
Interest expense 172 157
Deferred profit liability | Other Segments    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue (3) (7)
Interest expense 2 2
Deferred profit liability | Total    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue (223) (385)
Interest expense 290 277
Deferred profit liability | Institutional | Retirement Strategies    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 132 (254)
Interest expense 116 118
Deferred profit liability | Term Life | Individual Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Deferred profit liability | Variable Universal Life | Individual Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Additional insurance reserves | International Businesses    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 1 1
Additional insurance reserves | Other Segments    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 35 0
Interest expense 0 0
Additional insurance reserves | Total    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 1,356 1,622
Interest expense 292 263
Additional insurance reserves | Institutional | Retirement Strategies    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Additional insurance reserves | Term Life | Individual Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Additional insurance reserves | Variable Universal Life | Individual Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 1,321 1,622
Interest expense 291 262
Revenues | International Businesses    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 5,089 5,603
Revenues | Other Segments    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 308 266
Revenues | Total    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 11,539 21,382
Revenues | Institutional | Retirement Strategies    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 3,857 12,969
Revenues | Term Life | Individual Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 964 922
Revenues | Variable Universal Life | Individual Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 1,321 1,622
Interest Expense | International Businesses    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 1,808 1,747
Interest Expense | Other Segments    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 261 255
Interest Expense | Total    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 4,477 4,207
Interest Expense | Institutional | Retirement Strategies    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 1,912 1,737
Interest Expense | Term Life | Individual Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 205 206
Interest Expense | Variable Universal Life | Individual Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense $ 291 $ 262
v3.25.2
Policyholders' Account Balances (Changes in Policyholders' Account Balances) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Additional Liability, Long-Duration Insurance [Roll Forward]          
Interest credited to policyholders’ account balances $ 1,138 $ 1,102 $ 1,963 $ 2,385  
Total Policyholders' account balance 180,931 154,991 180,931 154,991  
Closed Block Division 4,293 4,424 4,293 4,424 $ 4,359
Unearned revenue reserve, unearned expense credit, and additional interest reserve 6,429 5,622 6,429 5,622  
Other $ 4,428 $ 4,168 $ 4,428 $ 4,168  
Weighted-average crediting rate 2.38% 3.23% 2.38% 3.23%  
Net amount at risk $ 513,776 $ 487,473 $ 513,776 $ 487,473  
Cash Surrender Value 151,140 126,715 151,140 126,715  
International Businesses          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Balance, beginning of period     54,270 51,399  
Deposits     4,971 4,255  
Interest credited to policyholders’ account balances     686 1,068  
Acquisitions and Dispositions     0 (336)  
Policy charges     (296) (305)  
Surrenders and withdrawals     (672) (1,036)  
Benefit payments     (1,159) (1,257)  
Net transfers (to) from separate account     0 0  
Change in market value and other adjustments     (10) (25)  
Foreign currency adjustment     1,585 (2,301)  
Balance, end of period $ 59,375 $ 51,462 $ 59,375 $ 51,462  
Weighted-average crediting rate 2.42% 4.15% 2.42% 4.15%  
Net amount at risk $ 30,967 $ 24,055 $ 30,967 $ 24,055  
Cash Surrender Value 52,544 45,343 52,544 45,343  
Total          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Balance, beginning of period     152,033 132,729  
Deposits     18,040 16,006  
Interest credited to policyholders’ account balances     1,888 2,207  
Acquisitions and Dispositions     0 (336)  
Policy charges     (1,551) (1,510)  
Surrenders and withdrawals     (6,313) (6,000)  
Benefit payments     (1,698) (1,693)  
Net transfers (to) from separate account     335 328  
Change in market value and other adjustments     1,462 1,347  
Foreign currency adjustment     1,585 (2,301)  
Balance, end of period 165,781 140,777 165,781 140,777  
Institutional          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Total Policyholders' account balance 10,486 9,422 10,486 9,422  
Policyholder Account Balance, Surrender       0  
Institutional | Retirement Strategies          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Balance, beginning of period     19,088 17,738  
Deposits     4,806 3,466  
Interest credited to policyholders’ account balances     404 356  
Acquisitions and Dispositions     0 0  
Policy charges     (5) (6)  
Surrenders and withdrawals     (2,855) (2,514)  
Benefit payments     (323) (292)  
Net transfers (to) from separate account     0 0  
Change in market value and other adjustments     0 1  
Foreign currency adjustment     0 0  
Balance, end of period $ 21,115 $ 18,749 $ 21,115 $ 18,749  
Weighted-average crediting rate 4.02% 3.90% 4.02% 3.90%  
Net amount at risk $ 0 $ 0 $ 0 $ 0  
Cash Surrender Value 21,115 18,749 21,115 18,749  
Individual Variable          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Total Policyholders' account balance 3,261 3,780 3,261 3,780  
Individual Variable | Retirement Strategies          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Balance, beginning of period     34,085 23,765  
Deposits     3,869 3,755  
Interest credited to policyholders’ account balances     349 224  
Acquisitions and Dispositions     0 0  
Policy charges     (34) (12)  
Surrenders and withdrawals     (556) (442)  
Benefit payments     (38) (38)  
Net transfers (to) from separate account     41 49  
Change in market value and other adjustments     917 1,171  
Foreign currency adjustment     0 0  
Balance, end of period $ 38,633 $ 28,472 $ 38,633 $ 28,472  
Weighted-average crediting rate 1.92% 1.71% 1.92% 1.71%  
Net amount at risk $ 0 $ 0 $ 0 $ 0  
Cash Surrender Value 37,231 26,972 37,231 26,972  
Individual Fixed          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Total Policyholders' account balance 6,689 4,412 6,689 4,412  
Individual Fixed | Retirement Strategies          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Balance, beginning of period     12,020 7,095  
Deposits     2,538 2,815  
Interest credited to policyholders’ account balances     183 105  
Acquisitions and Dispositions     0 0  
Policy charges     (24) 0  
Surrenders and withdrawals     (455) (338)  
Benefit payments     (69) (37)  
Net transfers (to) from separate account     0 0  
Change in market value and other adjustments     60 125  
Foreign currency adjustment     0 0  
Balance, end of period $ 14,253 $ 9,765 $ 14,253 $ 9,765  
Weighted-average crediting rate 2.78% 2.49% 2.78% 2.49%  
Net amount at risk $ 0 $ 0 $ 0 $ 0  
Cash Surrender Value 12,529 8,193 12,529 8,193  
Life/Disability | Group Insurance          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Balance, beginning of period     4,974 5,293  
Deposits     483 491  
Interest credited to policyholders’ account balances     67 75  
Acquisitions and Dispositions     0 0  
Policy charges     (168) (164)  
Surrenders and withdrawals     (842) (849)  
Benefit payments     0 0  
Net transfers (to) from separate account     (13) (6)  
Change in market value and other adjustments     0 0  
Foreign currency adjustment     0 0  
Balance, end of period $ 4,501 $ 4,840 $ 4,501 $ 4,840  
Weighted-average crediting rate 2.81% 2.96% 2.81% 2.96%  
Net amount at risk $ 74,475 $ 74,276 $ 74,475 $ 74,276  
Cash Surrender Value 3,668 3,794 3,668 3,794  
Variable Universal Life          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Total Policyholders' account balance 23,603 23,893 23,603 23,893  
Variable Universal Life | Individual Life          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Balance, beginning of period     27,596 27,439  
Deposits     1,373 1,224  
Interest credited to policyholders’ account balances     199 379  
Acquisitions and Dispositions     0 0  
Policy charges     (1,024) (1,023)  
Surrenders and withdrawals     (933) (821)  
Benefit payments     (109) (69)  
Net transfers (to) from separate account     307 285  
Change in market value and other adjustments     495 75  
Foreign currency adjustment     0 0  
Balance, end of period $ 27,904 $ 27,489 $ 27,904 $ 27,489  
Weighted-average crediting rate 1.44% 2.76% 1.44% 2.76%  
Net amount at risk $ 408,334 $ 389,142 $ 408,334 $ 389,142  
Cash Surrender Value 24,053 23,664 24,053 23,664  
Full Service | Corporate and Other          
Additional Liability, Long-Duration Insurance [Roll Forward]          
Reinsurance and other recoverable $ 5,004 $ 5,268 $ 5,004 $ 5,268  
v3.25.2
Policyholders' Account Balances (Narrative) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
Policyholder Account Balance [Line Items]    
Policyholders’ account balances $ 180,931 $ 154,991
FANIP | Medium-term Notes    
Policyholder Account Balance [Line Items]    
Capacity 15,000  
Debt Instrument, Face Amount $ 4,742 3,474
FANIP | Medium-term Notes | Minimum    
Policyholder Account Balance [Line Items]    
Interest rate 0.00%  
Maturities 0 days  
FANIP | Medium-term Notes | Maximum    
Policyholder Account Balance [Line Items]    
Maturities 10 years  
FANIP | Commercial paper    
Policyholder Account Balance [Line Items]    
Capacity $ 6,000  
Debt Instrument, Face Amount $ 2,834 1,994
FANIP | Commercial paper | Minimum    
Policyholder Account Balance [Line Items]    
Interest rate 0.00%  
Maturities 0 days  
FANIP | Commercial paper | Maximum    
Policyholder Account Balance [Line Items]    
Interest rate 5.60%  
Maturities 10 years  
FANIP | Retail Note liability    
Policyholder Account Balance [Line Items]    
Debt Instrument, Face Amount $ 257 0
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, C&O And International Businesses    
Policyholder Account Balance [Line Items]    
Policyholders’ account balances $ 7,801 $ 5,436
v3.25.2
Policyholders' Account Balances (Guaranteed Minimum Crediting Rate) (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 180,931 $ 154,991
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 $ 10,486 $ 9,422
Institutional | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 10,486 9,422
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 3,261 3,780
Individual Variable | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 2,254 2,730
Individual Variable | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 586 781
Individual Variable | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 421 269
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 6,689 4,412
Individual Fixed | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 4,155 2,156
Individual Fixed | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 552 637
Individual Fixed | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 794 815
Individual Fixed | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 1,188 804
Group Insurance    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 2,267 2,530
Group Insurance | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 1,489 1,547
Group Insurance | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 6 0
Group Insurance | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 51 0
Group Insurance | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 721 983
Variable Universal Life    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 23,603 23,893
Variable Universal Life | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 11,538 10,011
Variable Universal Life | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 3,518 5,377
Variable Universal Life | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 6,114 5,857
Variable Universal Life | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 2,433 2,648
International Businesses    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 54,245 46,891
International Businesses | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 53,884 43,801
International Businesses | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 335 415
International Businesses | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 26 115
International Businesses | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 0 $ 2,560
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 $ 614 $ 503
Less than 1.00% | Institutional | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 614 503
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 $ 1,059 $ 1,523
Less than 1.00% | Individual Variable | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 448 618
Less than 1.00% | Individual Variable | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 204 651
Less than 1.00% | Individual Variable | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 407 254
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 $ 1,140 $ 721
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 4 4
Less than 1.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 18 10
Less than 1.00% | Individual Fixed | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 1,118 $ 707
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 $ 712 $ 921
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 $ 712 $ 921
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 $ 354 $ 324
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 $ 354 $ 324
Less than 1.00% | International Businesses    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%
Account Values with Crediting Rates $ 3,955 $ 18,329
Less than 1.00% | International Businesses | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 3,932 15,646
Less than 1.00% | International Businesses | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 23 40
Less than 1.00% | International Businesses | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 83
Less than 1.00% | International Businesses | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 2,560
1.00% - 1.99% | Institutional    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 1,552 $ 1,519
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 $ 1,552 $ 1,519
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 $ 482 $ 307
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 $ 104 $ 187
1.00% - 1.99% | Individual Variable | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 377 118
1.00% - 1.99% | Individual Variable | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 1 2
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 $ 760 $ 891
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 $ 428 $ 482
1.00% - 1.99% | Individual Fixed | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 65 96
1.00% - 1.99% | Individual Fixed | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 215 234
1.00% - 1.99% | Individual Fixed | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 52 79
1.00% - 1.99% | Group Insurance    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 2 $ 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 2 0
1.00% - 1.99% | Variable Universal Life    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 4,015 $ 3,773
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 $ 341 $ 247
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 2,072 1,678
1.00% - 1.99% | Variable Universal Life | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 1,602 1,848
1.00% - 1.99% | International Businesses    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 16,482 $ 10,527
1.00% - 1.99% | International Businesses | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%
1.00% - 1.99% | International Businesses | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%
1.00% - 1.99% | International Businesses | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 16,450 $ 10,445
1.00% - 1.99% | International Businesses | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 32 82
1.00% - 1.99% | International Businesses | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
1.00% - 1.99% | International Businesses | 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 $ 75 $ 608
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 $ 75 $ 608
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 $ 28 $ 33
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 $ 20 $ 24
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 4
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 $ 1,555 $ 1,588
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 $ 536 $ 548
2.00% - 2.99% | Individual Fixed | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 454 461
2.00% - 2.99% | Individual Fixed | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 550 563
2.00% - 2.99% | Individual Fixed | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 15 16
2.00% - 2.99% | Group Insurance    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 44 $ 27
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 $ 44 $ 27
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 $ 5,018 $ 4,796
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 $ 284 $ 31
2.00% - 2.99% | Variable Universal Life | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 1,565 1,480
2.00% - 2.99% | Variable Universal Life | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 2,737 2,837
2.00% - 2.99% | Variable Universal Life | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 432 448
2.00% - 2.99% | International Businesses    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 8,232 $ 5,080
2.00% - 2.99% | International Businesses | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%
2.00% - 2.99% | International Businesses | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%
2.00% - 2.99% | International Businesses | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 7,926 $ 4,755
2.00% - 2.99% | International Businesses | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 280 293
2.00% - 2.99% | International Businesses | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 26 32
2.00% - 2.99% | International Businesses | 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 $ 3,513 $ 4,674
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 $ 3,513 $ 4,674
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 $ 1,615 $ 1,827
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 $ 1,605 $ 1,811
3.00% - 4.00% | Individual Variable | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 1 7
3.00% - 4.00% | Individual Variable | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 9 9
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 $ 3,156 $ 1,122
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 $ 3,113 $ 1,036
3.00% - 4.00% | Individual Fixed | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 29 76
3.00% - 4.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 11 8
3.00% - 4.00% | Individual Fixed | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 3 2
3.00% - 4.00% | Group Insurance    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 1,506 $ 1,510
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 $ 1,442 $ 1,448
3.00% - 4.00% | Group Insurance | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 6 0
3.00% - 4.00% | Group Insurance | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 51 0
3.00% - 4.00% | Group Insurance | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 7 62
3.00% - 4.00% | Variable Universal Life    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 8,914 $ 9,567
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 $ 5,611 $ 4,300
3.00% - 4.00% | Variable Universal Life | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 1,953 3,897
3.00% - 4.00% | Variable Universal Life | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 1,305 1,342
3.00% - 4.00% | Variable Universal Life | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 45 28
3.00% - 4.00% | International Businesses    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 8,743 $ 5,852
3.00% - 4.00% | International Businesses | Minimum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%
3.00% - 4.00% | International Businesses | Maximum    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%
3.00% - 4.00% | International Businesses | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 8,743 $ 5,852
3.00% - 4.00% | International Businesses | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
3.00% - 4.00% | International Businesses | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
3.00% - 4.00% | International Businesses | 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 $ 4,732 $ 2,118
Greater than 4.00% | Institutional | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 4,732 2,118
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 $ 77 $ 90
Greater than 4.00% | Individual Variable | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 77 90
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 $ 78 $ 90
Greater than 4.00% | Individual Fixed | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 78 90
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 $ 3 $ 72
Greater than 4.00% | Group Insurance | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 3 72
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 $ 5,302 $ 5,433
Greater than 4.00% | Variable Universal Life | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 5,302 5,433
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% | International Businesses    
Policyholder Account Balance [Line Items]    
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%
Account Values with Crediting Rates $ 16,833 $ 7,103
Greater than 4.00% | International Businesses | At guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 16,833 7,103
Greater than 4.00% | International Businesses | 1 - 50 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Greater than 4.00% | International Businesses | 51 - 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates 0 0
Greater than 4.00% | International Businesses | Greater than 150 bps above guaranteed minimum    
Policyholder Account Balance [Line Items]    
Account Values with Crediting Rates $ 0 $ 0
v3.25.2
Policyholders' Account Balances (Additional Insurance Reserves) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
International Businesses    
Policyholder Account Balance [Line Items]    
Balance, beginning of period $ 505 $ 454
Unearned revenue 98 80
Amortization expense (14) (11)
Other adjustments 0 (57)
FX adjustment 30 (34)
Balance, end of period 619 432
Total    
Policyholder Account Balance [Line Items]    
Balance, beginning of period 5,750 5,067
Unearned revenue 530 516
Amortization expense (140) (129)
Other adjustments 0 (57)
FX adjustment 30 (34)
Balance, end of period 6,170 5,363
Other Businesses    
Policyholder Account Balance [Line Items]    
Balance, end of period 64 53
Total, including Other Businesses    
Policyholder Account Balance [Line Items]    
Balance, end of period 6,234 5,416
Variable Universal Life | Individual Life    
Policyholder Account Balance [Line Items]    
Balance, beginning of period 5,245 4,613
Unearned revenue 432 436
Amortization expense (126) (118)
Other adjustments 0 0
FX adjustment 0 0
Balance, end of period $ 5,551 $ 4,931
v3.25.2
Market Risk Benefits (Rollforward of Balances for Individual Retirement Products) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Market Risk Benefit [Roll Forward]    
Market risk benefit, ending balance $ 2,671 $ 2,359
Individual Retirement Strategies | Variable Annuity    
Market Risk Benefit [Roll Forward]    
Market risk benefit, beginning balance 2,740 4,038
Effect of cumulative changes in NPR 672 1,137
Balance, BOP, before effect of changes in NPR 3,412 5,175
Attributed fees collected 525 569
Claims paid (41) (42)
Interest accrual 94 130
Actual in force different from expected 40 (6)
Effect of changes in interest rates 389 (909)
Effect of changes in equity markets (494) (1,165)
Effect of assumption update and other refinements 112 88
Issuance 35 29
Other adjustments 12 20
Balance, EOP, before effect of changes in NPR 4,084 3,889
Effect of cumulative changes in NPR (838) (942)
Less: Reinsured MRBs 777 635
Balance, EOP, net of reinsurance 2,469 2,312
Market risk benefit, ending balance 3,246 2,947
Net amount at risk $ 8,736 $ 9,358
Weighted-average attained age of contractholders (in years) 72 years 71 years
Individual Retirement Strategies | Individual Fixed    
Market Risk Benefit [Roll Forward]    
Market risk benefit, beginning balance $ 0 $ 0
Effect of cumulative changes in NPR 0 0
Balance, BOP, before effect of changes in NPR 0 0
Attributed fees collected 6 0
Claims paid 0 0
Interest accrual 0 0
Actual in force different from expected 2 0
Effect of changes in interest rates (7) 0
Effect of changes in equity markets (2) 0
Effect of assumption update and other refinements 151 0
Issuance 17 0
Other adjustments 3 0
Balance, EOP, before effect of changes in NPR 170 0
Effect of cumulative changes in NPR (7) 0
Less: Reinsured MRBs 0 0
Balance, EOP, net of reinsurance 163 0
Market risk benefit, ending balance 163 0
Net amount at risk $ 401  
Weighted-average attained age of contractholders (in years) 67 years  
Total    
Market Risk Benefit [Roll Forward]    
Market risk benefit, ending balance $ 2,671 2,359
Total | Total    
Market Risk Benefit [Roll Forward]    
Market risk benefit, beginning balance 2,740 4,038
Effect of cumulative changes in NPR 672 1,137
Balance, BOP, before effect of changes in NPR 3,412 5,175
Attributed fees collected 531 569
Claims paid (41) (42)
Interest accrual 94 130
Actual in force different from expected 42 (6)
Effect of changes in interest rates 382 (909)
Effect of changes in equity markets (496) (1,165)
Effect of assumption update and other refinements 263 88
Issuance 52 29
Other adjustments 15 20
Balance, EOP, before effect of changes in NPR 4,254 3,889
Effect of cumulative changes in NPR (845) (942)
Less: Reinsured MRBs 777 635
Balance, EOP, net of reinsurance 2,632 2,312
Market risk benefit, ending balance 3,409 2,947
Other businesses    
Market Risk Benefit [Roll Forward]    
Balance, EOP, net of reinsurance 39 47
Market risk benefit, ending balance $ 39 $ 47
v3.25.2
Market Risk Benefits (Market Risk Benefits In Asset and Liability Positions) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]        
Total MRB assets $ 2,188 $ 2,331 $ 2,233  
Total MRB liabilities 4,859 4,455 4,592  
Net liability 2,671   2,359  
Individual Retirement Strategies | Individual Variable        
Liability for Future Policy Benefit, Activity [Line Items]        
Direct and assumed 1,291   1,441  
Ceded 894   780  
Total MRB assets 2,185   2,221  
Direct and assumed 4,537   4,388  
Ceded 117   145  
Total MRB liabilities 4,654   4,533  
Net liability 2,469   2,312  
Individual Retirement Strategies | Individual Fixed        
Liability for Future Policy Benefit, Activity [Line Items]        
Direct and assumed 1   0  
Ceded 0   0  
Total MRB assets 1   0  
Direct and assumed 164   0  
Ceded 0   0  
Total MRB liabilities 164   0  
Net liability 163 0 0 $ 0
Other businesses        
Liability for Future Policy Benefit, Activity [Line Items]        
Direct and assumed 1   11  
Ceded 1   1  
Total MRB assets 2   12  
Direct and assumed 41   59  
Ceded 0   0  
Total MRB liabilities 41   59  
Net liability 39   47  
Total        
Liability for Future Policy Benefit, Activity [Line Items]        
Direct and assumed 1,293   1,452  
Ceded 895   781  
Total MRB assets 2,188   2,233  
Direct and assumed 4,742   4,447  
Ceded 117   145  
Total MRB liabilities 4,859   4,592  
Net liability 2,671   2,359  
Total | Total        
Liability for Future Policy Benefit, Activity [Line Items]        
Net liability $ 3,409 $ 2,740 $ 2,947 $ 4,038
v3.25.2
Reinsurance (Narrative) (Details)
$ in Millions
 6 Months Ended 12 Months Ended 21 Months Ended
Mar. 01, 2025
USD ($)
Oct. 01, 2024
USD ($)
Jan. 01, 2024
USD ($)
Sep. 01, 2023
USD ($)
Apr. 01, 2023
USD ($)
Apr. 01, 2022
Apr. 01, 2015
Jan. 02, 2013
USD ($)
subsidiary
policy
Jun. 30, 2025
company
Dec. 31, 2020
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2000
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2021
counterparty
May 31, 2018
counterparty
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsurance retention policy, reinsured risk percentage                 60.00%            
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                   $ 10 $ 20 $ 30      
Hartford Life Business                              
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
Wilton Re                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Deferred reinsurance loss   $ (980)                          
Wilton Re | Universal life products                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsurance retention policy, reinsured risk percentage   40.00%                          
Somerset Re                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
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]                              
Reinsured amount       $ 9,000                      
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%                      
Prismic Re International                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsured amount $ 7,000                            
AuguStar                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsured amount         $ 10,000                    
AuguStar | Variable Annuities                              
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]                              
Reinsurance retention policy, reinsured risk percentage         10.00%                    
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%                    
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  
v3.25.2
Reinsurance Reinsurance (Amounts Included in Statement of Operations) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Insurance [Abstract]        
Direct premiums $ 5,824 $ 6,851 $ 11,846 $ 21,673
Reinsurance assumed 1,757 1,545 3,351 2,996
Reinsurance ceded (599) (576) (1,215) (1,312)
Premiums [1] 6,982 7,820 13,982 23,357
Direct policy charges and fee income 1,146 949 2,329 1,813
Reinsurance assumed 290 299 579 599
Reinsurance ceded (187) (163) (502) (271)
Policy charges and fee income 1,249 1,085 2,406 2,141
Direct change in value of market risk benefits, net of related hedging gains (losses) (471) (339) (838) (189)
Reinsurance assumed 39 8 11 79
Reinsurance ceded 6 34 50 (64)
Change in value of market risk benefits, net of related hedging gains (losses) (426) (297) (777) (174)
Direct policyholders’ benefits 7,034 7,961 14,294 23,826
Reinsurance assumed 2,074 1,938 4,044 3,781
Reinsurance ceded (927) (1,035) (2,017) (2,149)
Policyholders’ benefits [1] 8,181 8,864 16,321 25,458
Direct change in estimates of liability for future policy benefits (17) (213) (64) (67)
Reinsurance assumed (10) 63 (10) 58
Reinsurance ceded (148) (26) (151) (184)
Change in estimates of liability for future policy benefits [1] $ (175) $ (176) $ (225) $ (193)
[1] See Note 20 for additional information regarding related party transactions.
v3.25.2
Reinsurance (Reinsurance Recoverable) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Total reinsurance recoverables and deposit receivables [1] $ 44,152 $ 37,680
Reinsurance recoverables net of loss allowance 13 12
Reinsurance recoverables 26,992 26,486
Deposit receivables 17,160 11,194
Individual and group annuities    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 6,911 6,987
Life insurance    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 19,666 19,098
Other reinsurance    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 415 401
Prismic Re    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Deposit receivables 3,481 3,578
Prismic Re | Individual and group annuities    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 5,443 5,506
Funds withheld payables 7,776 7,796
FLIAC | Individual and group annuities    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 1,429 1,442
Other | Individual and group annuities    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 39 39
Other | Life insurance    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 8,271 7,996
Wilton Re | Life insurance    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 7,690 7,478
Somerset Re    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Deposit receivables 2,556 2,795
Funds withheld payables 2,609 2,595
Somerset Re | Life insurance    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance payables 6,401 6,388
Reinsurance recoverables 1,687 1,591
Reinsurance recoverables before reins payables 8,088 7,979
Hartford Life Business    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance payables 1,335 1,387
Hartford Life Business | Life insurance    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Reinsurance recoverables 2,018 2,033
Prismic Re International    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Deposit receivables 6,391 0
Empower    
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]    
Deposit receivables $ 4,732 $ 4,821
[1] See Note 20 for additional information regarding related party transactions.
v3.25.2
Closed Block (Narrative) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Closed Block Dividend Obligation $ 215 $ 0
Accumulated Net Unrealized Investment Loss Pre Tax    
Closed Block Dividend Obligation 1,514 2,096
Accumulated Distributions in Excess of Net Income    
Closed Block Dividend Obligation $ 1,729 $ 2,096
v3.25.2
Closed Block (Closed Block Liabilities and Assets Designated to Closed Block; Maximum Future Earnings to be Recognized) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Closed Block liabilities      
Future policy benefits $ 41,927 $ 42,464  
Policyholders’ dividends payable 695 688  
Policyholders’ dividend obligation 215 0  
Policyholders’ account balances 4,293 4,359 $ 4,424
Other Closed Block liabilities 3,292 3,346  
Total Closed Block liabilities 50,422 50,857  
Closed Block assets      
Fixed maturities, available-for-sale, at fair value 29,154 28,570  
Fixed maturities, trading, at fair value 647 647  
Equity securities, at fair value 1,475 1,642  
Commercial mortgage and other loans 7,628 7,652  
Policy loans 3,280 3,348  
Other invested assets 4,521 4,929  
Short-term investments 346 520  
Total investments 47,051 47,308  
Cash and cash equivalents 368 400  
Accrued investment income 402 403  
Other Closed Block assets 299 367  
Total Closed Block assets 48,120 48,478  
Excess of reported Closed Block liabilities over Closed Block assets 2,302 2,379  
Portion of above representing accumulated other comprehensive income (loss):      
Net unrealized investment gains (losses) (1,666) (2,299)  
Allocated to policyholder dividend obligation 1,514 2,096  
Future earnings to be recognized from Closed Block assets and Closed Block liabilities $ 2,150 $ 2,176  
v3.25.2
Closed Block (Information Regarding Policyholder Dividend Obligation) (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Movement in Closed Block Dividend Obligation [Roll Forward]  
Balance, beginning $ 0
Impact from earnings allocable to policyholder dividend obligation (367)
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation 582
Balance, ending $ 215
v3.25.2
Closed Block (Closed Block Revenues and Benefits and Expenses) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Premiums $ 444 $ 433 $ 862 $ 842
Net investment income 511 506 1,003 1,019
Realized investment gains (losses), net (199) (174) (255) (299)
Other income (loss) 190 43 156 207
Total Closed Block revenues 946 808 1,766 1,769
Benefits and Expenses        
Policyholders’ benefits 616 604 1,217 1,188
Interest credited to policyholders’ account balances 28 29 56 59
Dividends to policyholders 249 162 377 437
General and administrative expenses 64 67 142 134
Total Closed Block benefits and expenses 957 862 1,792 1,818
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes (11) (54) (26) (49)
Income tax expense (benefit) (31) (73) (66) (88)
Closed Block revenues, net of Closed Block benefits and expenses and income taxes $ 20 $ 19 $ 40 $ 39
v3.25.2
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Total income tax expense (benefit) $ 195 $ 264 $ 402 $ 553
Effective Income Tax Rate, Percent     24.20% 19.70%
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%  
Tax Adjustments, Settlements, and Unusual Provisions     $ 122  
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount $ 36      
v3.25.2
Short-Term and Long-Term Debt (Short-Term Debt) (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Short-term Debt [Line Items]    
Short-term debt $ 1,373 $ 953
Less: assets under set-off arrangements $ 15,220 $ 14,748
Weighted average interest rate on outstanding short-term debt 4.33% 4.61%
Commercial paper    
Short-term Debt [Line Items]    
Debt maturity 5 days 15 days
Short-Term Debt $ 525 $ 521
Current portion of Long-term debt    
Short-term Debt [Line Items]    
Short-Term Debt 848 432
Short-term Debt    
Short-term Debt [Line Items]    
Less: assets under set-off arrangements 0 0
Short-Term Debt 1,373 953
Borrowings due overnight | Commercial paper    
Short-term Debt [Line Items]    
Short-term debt 125 310
Daily average outstanding | Commercial paper    
Short-term Debt [Line Items]    
Short-term debt 1,551 1,823
Prudential Financial    
Short-term Debt [Line Items]    
Short-Term Debt 524 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 500 496
Mortgage debt    
Short-term Debt [Line Items]    
Short-Term Debt 1 85
Surplus notes    
Short-term Debt [Line Items]    
Short-Term Debt 348 347
Senior notes    
Short-term Debt [Line Items]    
Short-Term Debt $ 499 $ 0
v3.25.2
Short-Term and Long-Term Debt (Narrative) (Details) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term Debt $ 33,871,000,000 $ 33,935,000,000
Amounts drawn on credit facilities 0  
Long-term Debt, Excluding Current Maturities 18,651,000,000 19,187,000,000
Assets Under Set Off Arrangements 15,220,000,000 14,748,000,000
Surplus notes    
Debt Instrument [Line Items]    
Short-Term Debt 348,000,000 347,000,000
Junior Subordinated Debt    
Debt Instrument [Line Items]    
Long-term Debt 7,595,000,000 8,587,000,000
Senior notes    
Debt Instrument [Line Items]    
Short-Term Debt 499,000,000 0
Subsidiaries | Junior Subordinated Debt    
Debt Instrument [Line Items]    
Long-term Debt 43,000,000 39,000,000
Prudential Financial    
Debt Instrument [Line Items]    
Long-term Debt 18,162,000,000 18,793,000,000
Short-Term Debt 524,000,000 25,000,000
Prudential Financial | Junior Subordinated Debt    
Debt Instrument [Line Items]    
Long-term Debt 7,552,000,000 8,548,000,000
Current portion of Long-term debt    
Debt Instrument [Line Items]    
Short-Term Debt 848,000,000 432,000,000
Junior Subordinated Debt | 5.375% Junior Subordinated Notes    
Debt Instrument [Line Items]    
Debt Instrument, Face Amount $ 1,000,000,000.0  
5.375% Junior Subordinated Notes    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 5.375%  
Short-term Debt    
Debt Instrument [Line Items]    
Assets Under Set Off Arrangements $ 0 0
Short-Term Debt $ 1,373,000,000 $ 953,000,000
Commercial paper    
Debt Instrument [Line Items]    
Debt maturity 5 days 15 days
Short-Term Debt $ 525,000,000 $ 521,000,000
Commercial paper | Prudential Financial    
Debt Instrument [Line Items]    
Short-Term Debt 25,000,000 25,000,000
Medium-term Notes    
Debt Instrument [Line Items]    
Debt Instrument, Face Amount $ 750,000,000  
Debt Instrument, Interest Rate, Stated Percentage 5.20%  
Floating-rate notes | Mortgage debt    
Debt Instrument [Line Items]    
Long-term Debt $ 66,000,000 31,000,000
Floating-rate notes | Foreign public corporate securities | Mortgage debt    
Debt Instrument [Line Items]    
Long-term Debt 158,000,000 100,000,000
Fixed-rate notes | Mortgage debt    
Debt Instrument [Line Items]    
Long-term Debt 125,000,000 69,000,000
Fixed-rate notes | Senior notes    
Debt Instrument [Line Items]    
Long-term Debt 10,610,000,000 $ 10,245,000,000
Fixed-rate notes | Retail Medium Term Note | Senior notes    
Debt Instrument [Line Items]    
Long-term Debt 485,000,000  
Fixed-rate notes | Retail Medium Term Note | Senior notes | Institutional Retirement Strategies    
Debt Instrument [Line Items]    
Long-term Debt $ 253,000,000  
v3.25.2
Short-Term and Long-Term Debt (Long-Term Debt) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term Debt $ 33,871 $ 33,935
Less: assets under set-off arrangements 15,220 14,748
Long-term debt 18,651 19,187
Surplus notes subject to set-off arrangements | Fixed-rate notes    
Debt Instrument [Line Items]    
Long-term Debt 15,220 14,748
Somerset Re surplus notes subject to set off arrangements    
Debt Instrument [Line Items]    
Long-term Debt 7,200  
Senior notes | Fixed-rate notes    
Debt Instrument [Line Items]    
Long-term Debt 10,610 10,245
Mortgage debt | Fixed-rate notes    
Debt Instrument [Line Items]    
Long-term Debt 125 69
Mortgage debt | Floating-rate notes    
Debt Instrument [Line Items]    
Long-term Debt 66 31
Line of credit    
Debt Instrument [Line Items]    
Long-term Debt 255 255
Junior subordinated notes    
Debt Instrument [Line Items]    
Long-term Debt 7,595 8,587
Debt denominated in foreign currency | Mortgage debt | Floating-rate notes    
Debt Instrument [Line Items]    
Long-term Debt 158 100
Prudential Financial    
Debt Instrument [Line Items]    
Long-term Debt 18,162 18,793
Prudential Financial | Junior subordinated notes    
Debt Instrument [Line Items]    
Long-term Debt 7,552 8,548
Subsidiaries | Junior subordinated notes    
Debt Instrument [Line Items]    
Long-term Debt $ 43 $ 39
v3.25.2
Employee Benefit Plans (Narrative) (Details) - Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
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  
v3.25.2
Employee Benefit Plans (Components of Net Periodic Benefit Cost Included in General and Administrative Expenses) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pension Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 47 $ 51 $ 94 $ 103
Interest cost 141 135 282 270
Expected return on plan assets (249) (239) (498) (477)
Amortization of prior service cost 0 (1) 0 (1)
Amortization of actuarial (gain) loss, net 21 23 42 45
Settlements 0 1 (1) 1
Special termination benefits 0 1 0 1
Net periodic (benefit) cost (40) (29) (81) (58)
Other Postretirement Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 2 2 3 4
Interest cost 14 13 28 26
Expected return on plan assets (18) (19) (36) (38)
Amortization of prior service cost (17) (17) (34) (34)
Amortization of actuarial (gain) loss, net 2 2 5 4
Settlements 0 0 0 0
Special termination benefits 0 0 0 0
Net periodic (benefit) cost $ (17) $ (19) $ (34) $ (38)
v3.25.2
Equity (Common Stock Changes in Number of Shares Issued, Held in Treasury and Outstanding) (Details)
 6 Months Ended
Jun. 30, 2025
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) 311,700,000
Common Stock issued (in shares) 0.0
Common Stock acquired 4,600,000
Stock-based compensation programs (in shares) (1,900,000)
Balance, ending (in shares) 314,400,000
Outstanding  
Increase (Decrease) in Stockholders' Equity [Roll Forward]  
Balance, beginning (in shares) 354,600,000
Common Stock issued (in shares) 0.0
Common Stock acquired 4,600,000
Stock-based compensation programs (in shares) 1,900,000
Balance, ending (in shares) 351,900,000
v3.25.2
Equity (Narrative) (Details) - USD ($)
shares in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 10, 2024
Class of Stock [Line Items]      
Cost of Treasury Stock Acquired $ 496 $ 493  
Under December 2024 Board Of Directors Authorization      
Class of Stock [Line Items]      
Amount of Stock Repurchases Authorized by the Board of Directors     $ 1,000
Under December 2024 Board Of Directors Authorization | Common Stock      
Class of Stock [Line Items]      
Number of Treasury Stock Shares Acquired 4.6    
Cost of Treasury Stock Acquired $ 500    
v3.25.2
Equity (Dividends Declared) (Details) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Equity [Abstract]        
Dividends declared per share of Common Stock (in USD per share) $ 1.35 $ 1.30 $ 2.70 $ 2.60
v3.25.2
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance $ 30,203 $ 27,498 $ 28,187 $ 28,110 [1]
Income tax benefit (expense) (143) (293) (538) (156)
Ending Balance 30,903 28,293 30,903 28,293
Foreign  Currency Translation Adjustment        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance     (3,615) (2,686)
Change in OCI before reclassifications     806 (827)
Amounts reclassified from AOCI     (20) (20)
Income tax benefit (expense)     80 (81)
Ending Balance (2,749) (3,614) (2,749) (3,614)
Total net unrealized investment gains (losses)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance     (18,687) (11,213)
Change in OCI before reclassifications     (2,132) (10,584)
Amounts reclassified from AOCI     511 467
Income tax benefit (expense)     604 2,526
Ending Balance (19,704) (18,804) (19,704) (18,804)
Interest rate remeasurement of Liability for Future Policy Benefits        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance     17,306 8,547
Change in OCI before reclassifications     3,983 10,351
Amounts reclassified from AOCI     0 0
Income tax benefit (expense)     (1,187) (2,606)
Ending Balance 20,102 16,292 20,102 16,292
Gains (Losses) from Changes in Non-performance Risk on Market Risk Benefits        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance     532 900
Change in OCI before reclassifications     172 (196)
Amounts reclassified from AOCI     0 0
Income tax benefit (expense)     (36) 42
Ending Balance 668 746 668 746
Pension and Postretirement Unrecognized Net Periodic Benefit (Cost)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance     (2,247) (2,052)
Change in OCI before reclassifications     (5) 11
Amounts reclassified from AOCI     13 14
Income tax benefit (expense)     1 (37)
Ending Balance (2,238) (2,064) (2,238) (2,064)
Accumulated Other Comprehensive Income (Loss)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance (4,741) (7,661) (6,711) (6,504) [1]
Change in OCI before reclassifications     2,824 (1,245)
Amounts reclassified from AOCI     504 461
Income tax benefit (expense)     (538) (156)
Ending Balance (3,921) (7,444) (3,921) (7,444)
Cash Flow Hedging | Total net unrealized investment gains (losses)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance     1,780 869
Ending Balance (597) 1,499 (597) 1,499
Fair Value Hedging | Total net unrealized investment gains (losses)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance     (64) (60)
Ending Balance $ (168) $ (70) $ (168) $ (70)
[1]
.
v3.25.2
Equity (Reclassifications out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Realized investment gains (losses), net $ (1,699) [1] $ (166) [1] $ (2,429) [2] $ (474) [1]
Amortization of defined benefit items:        
Other Income [1] 1,412 591 1,692 1,929
Total foreign currency translation adjustment        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI     (20) (20)
Total net unrealized investment gains (losses)        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI     511 467
Total amortization of defined benefit items        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI     13 14
Accumulated Other Comprehensive Income (Loss)        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI     504 461
Amounts reclassified from AOCI        
Amortization of defined benefit items:        
Prior service cost 17 18 34 35
Actuarial gain (loss) (23) (25) (47) (49)
Amounts reclassified from AOCI | Total foreign currency translation adjustment        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Realized investment gains (losses), net 8 7 20 20
Amounts reclassified from AOCI | Total net unrealized investment gains (losses)        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI (413) (639) (511) (467)
Amounts reclassified from AOCI | Total amortization of defined benefit items        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI (6) (7) (13) (14)
Amounts reclassified from AOCI | Accumulated Other Comprehensive Income (Loss)        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI (411) (639) (504) (461)
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) (137) (735) (200) (717)
Amounts reclassified from AOCI | Interest Rate | Cash Flow Hedging        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Net unrealized investment gains (losses) (4) (17) (7) (20)
Amounts reclassified from AOCI | Currency | Cash Flow Hedging        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Net unrealized investment gains (losses) (4) 2 (3) 4
Amounts reclassified from AOCI | Currency | Fair Value Hedging        
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]        
Net unrealized investment gains (losses) (3) (3) (7) (5)
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) $ (265) $ 114 $ (294) $ 271
[1] See Note 20 for additional information regarding related party transactions.
[2] See Note 20 for additional information regarding related party transactions.
v3.25.2
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
 6 Months Ended
Jun. 30, 2025
USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Beginning Balance $ 28,187
Ending Balance 30,903
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 6
Net investment gains (losses) on investments arising during the period 4
Reclassification adjustment for (gains) losses included in net income (7)
Ending Balance 3
Net Unrealized Investment Gains (Losses) on All Other Investments  
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Beginning Balance (27,287)
Net investment gains (losses) on investments arising during the period (1,390)
Reclassification adjustment for (gains) losses included in net income 518
Ending Balance (28,159)
Reinsurance Recoverables  
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Beginning Balance (269)
Impact of net unrealized investment (gains) losses 81
Ending Balance (188)
Future Policy Benefits, Policyholders’ Account Balances and Reinsurance Payables  
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Beginning Balance 981
Impact of net unrealized investment (gains) losses (245)
Ending Balance 736
Policyholders’ Dividends  
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Beginning Balance 2,096
Impact of net unrealized investment (gains) losses (582)
Ending Balance 1,514
Income Tax Benefit (Expense)  
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Beginning Balance 5,786
Net investment gains (losses) on investments arising during the period 708
Reclassification adjustment for (gains) losses included in net income (261)
Impact of net unrealized investment (gains) losses 157
Ending Balance 6,390
Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)  
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Beginning Balance (18,687)
Net investment gains (losses) on investments arising during the period (678)
Reclassification adjustment for (gains) losses included in net income 250
Impact of net unrealized investment (gains) losses (589)
Ending Balance $ (19,704)
v3.25.2
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 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Basic earnings per share        
NET INCOME (LOSS) $ 566 $ 1,171 $ 1,308 $ 2,322
Less: Income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 33 (27) 68 (14)
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 6 14 16 29
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Income $ 527 $ 1,184 $ 1,224 $ 2,307
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Weighted Average Shares 353.1 358.8 353.7 358.9
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Per Share Amount $ 1.49 $ 3.30 $ 3.46 $ 6.43
Effect of dilutive securities and compensation programs        
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 6 $ 14 $ 16 $ 29
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted $ 6 $ 14 $ 16 $ 29
Stock options, Weighted Average Shares 0.1 0.2 0.1 0.3
Deferred and long-term compensation programs, Weighted Average Shares 1.7 1.5 1.7 1.3
Diluted earnings per share        
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Income $ 527 $ 1,184 $ 1,224 $ 2,307
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Weighted Average Shares 354.9 360.5 355.5 360.5
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Per Share Amount $ 1.48 $ 3.28 $ 3.44 $ 6.40
v3.25.2
Earnings Per Share (Narrative) (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Undistributed earnings allocated to participating unvested share-based payment awards, weighted outstanding shares 3.9 4.0 3.9 4.1
v3.25.2
Earnings Per Share (Antidilutive Securities Excluded From the Computation of Diluted Earnings Per Share) (Details) - $ / shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings, Shares 0.2 0.0 0.1 0.1
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 0.2 0.0 0.1 0.1
Antidilutive securities excluded from computation of earnings, Exercise Price Per Share $ 108.68   $ 108.68 $ 110.42
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 0.0 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 0.0
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 0.0 0.0 0.0
v3.25.2
Segment Information (Reconciliation of Adjusted Operating Income and Net Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
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 $ 740 $ 1,415 $ 1,660 $ 2,805
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) [1] 6,982 7,820 13,982 23,357
Insurance Commissions and Fees 1,249 1,085 2,406 2,141
Net Investment Income 5,226 4,849 10,356 9,613
Asset management fees, commissions and other income 269 1,129 452 3,281
Revenues 13,726 14,883 27,196 38,392
Policyholders’ benefits [1] 8,181 8,864 16,321 25,458
Interest credited to policyholders’ account balances 1,138 1,102 1,963 2,385
Amortization of deferred policy acquisition costs [1] 407 375 814 750
Total benefits and expenses 12,986 13,468 25,536 35,587
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 1,665 1,560 3,185 2,995
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) 6,426 7,277 12,872 22,283
Insurance Commissions and Fees 1,070 1,061 2,178 2,117
Net Investment Income 4,600 4,218 9,119 8,338
Asset management fees, commissions and other income 1,410 1,293 2,749 2,817
Revenues 13,506 13,849 26,918 35,555
Policyholders’ benefits 7,185 8,123 14,512 23,882
Interest credited to policyholders’ account balances 1,135 952 2,218 1,854
Interest expense 526 480 1,048 1,009
Capitalization (689) (614) (1,373) (1,261)
Amortization of deferred policy acquisition costs 392 363 768 725
Operating Expenses 1,634 1,511 3,258 3,343
Variable Expenses 1,548 1,489 3,189 2,993
Other Expenses 110 15 113 15
Total benefits and expenses 11,841 12,289 23,733 32,560
Segment Reconciling Items, Realized Investment Gains (Losses) 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 (516) 175 (762) 112
Segment Reconciling Items, Change In Value Of Market Risk Benefits, Net Of Related Hedging Gains (Losses) [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 (426) (297) (777) (174)
Segment Reconciling Items, Market Experience Updates [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 42 47 81 15
Segment Reconciling Items, 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 (18) (60) (40) (63)
Segment Reconciling Items, Other Divested And Run-Off Business        
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 12 38 (39) 3
Segment Reconciling Items, Operating Joint Ventures And 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 (18) (43) (15) (70)
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 (1) (5) 27 (13)
Total Reconciling Items        
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 (925) (145) (1,525) (190)
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) 556 543 1,110 1,074
Insurance Commissions and Fees 179 24 228 24
Net Investment Income 626 631 1,237 1,275
Asset management fees, commissions and other income (1,141) (164) (2,297) 464
Revenues 220 1,034 278 2,837
International Businesses        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Interest credited to policyholders’ account balances     686 1,068
Capitalization     (603) (561)
Amortization of deferred policy acquisition costs     344 334
Corporate and Other | 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 (280) (371) (695) (806)
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) (7) (7) (16) (9)
Insurance Commissions and Fees (15) (14) (30) (28)
Net Investment Income 330 286 660 559
Asset management fees, commissions and other income (252) (301) (575) (528)
Revenues 56 (36) 39 (6)
Policyholders’ benefits (1) (7) (9) (12)
Interest credited to policyholders’ account balances 12 21 24 43
Interest expense 215 174 422 347
Capitalization 39 56 72 73
Amortization of deferred policy acquisition costs (15) (10) (31) (20)
Operating Expenses 107 133 262 438
Variable Expenses (21) (32) (6) (69)
Other Expenses 0 0 0 0
Total benefits and expenses 336 335 734 800
PGIM Division | PGIM | 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 229 206 385 375
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) 0 0 0 0
Insurance Commissions and Fees 0 0 0 0
Net Investment Income 59 14 79 (29)
Asset management fees, commissions and other income 984 949 1,949 1,982
Revenues 1,043 963 2,028 1,953
Policyholders’ benefits 0 0 0 0
Interest credited to policyholders’ account balances 0 0 0 0
Interest expense 24 26 45 50
Capitalization 0 0 0 (1)
Amortization of deferred policy acquisition costs 0 0 0 1
Operating Expenses 477 445 981 939
Variable Expenses 313 286 617 589
Other Expenses 0 0 0 0
Total benefits and expenses 814 757 1,643 1,578
U.S. Businesses Division | Retirement Strategies | Individual Retirement Strategies | 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 326 439 790 879
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) 17 11 37 39
Insurance Commissions and Fees 273 312 563 618
Net Investment Income 682 496 1,311 940
Asset management fees, commissions and other income 349 435 748 878
Revenues 1,321 1,254 2,659 2,475
Policyholders’ benefits 127 39 157 79
Interest credited to policyholders’ account balances 355 245 680 446
Interest expense 12 19 25 33
Capitalization (173) (164) (355) (314)
Amortization of deferred policy acquisition costs 118 98 227 191
Operating Expenses 160 142 304 287
Variable Expenses 395 448 824 872
Other Expenses 1 (12) 7 2
Total benefits and expenses 995 815 1,869 1,596
U.S. Businesses Division | Retirement Strategies | Institutional Retirement Strategies | 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 396 550 808 991
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) 2,126 2,758 3,871 13,055
Insurance Commissions and Fees 5 8 12 14
Net Investment Income 1,248 1,142 2,491 2,234
Asset management fees, commissions and other income 128 133 238 276
Revenues 3,507 4,041 6,612 15,579
Policyholders’ benefits 2,707 3,718 5,144 14,576
Interest credited to policyholders’ account balances 188 153 370 307
Interest expense 15 9 32 26
Capitalization (34) (15) (61) (34)
Amortization of deferred policy acquisition costs 4 2 10 4
Operating Expenses 68 60 139 123
Variable Expenses 39 20 71 45
Other Expenses 124 (456) 99 (459)
Total benefits and expenses 3,111 3,491 5,804 14,588
U.S. Businesses Division | Group Insurance | 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 125 121 214 166
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) 1,349 1,272 2,745 2,570
Insurance Commissions and Fees 184 165 381 340
Net Investment Income 133 128 267 264
Asset management fees, commissions and other income 21 21 42 46
Revenues 1,687 1,586 3,435 3,220
Policyholders’ benefits 1,230 1,140 2,526 2,389
Interest credited to policyholders’ account balances 32 36 67 76
Interest expense 5 4 10 6
Capitalization (4) (4) (4) (10)
Amortization of deferred policy acquisition costs 4 2 6 3
Operating Expenses 186 185 380 371
Variable Expenses 109 102 236 219
Other Expenses 0 0 0 0
Total benefits and expenses 1,562 1,465 3,221 3,054
U.S. Businesses Division | Individual Life | 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 108 (87) 74 (208)
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) 232 241 469 487
Insurance Commissions and Fees 531 510 1,072 1,013
Net Investment Income 697 762 1,391 1,568
Asset management fees, commissions and other income 33 16 76 41
Revenues 1,493 1,529 3,008 3,109
Policyholders’ benefits 677 787 1,468 1,637
Interest credited to policyholders’ account balances 179 209 361 415
Interest expense 254 250 514 550
Capitalization (220) (219) (422) (414)
Amortization of deferred policy acquisition costs 107 110 217 226
Operating Expenses 169 118 289 301
Variable Expenses 267 266 538 517
Other Expenses (48) 95 (31) 85
Total benefits and expenses 1,385 1,616 2,934 3,317
International Businesses | 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 761 702 1,609 1,598
Premiums (includes $97, $(14), $98 and $(9) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2025 and 2024, respectively) 2,709 3,002 5,766 6,141
Insurance Commissions and Fees 92 80 180 160
Net Investment Income 1,451 1,390 2,920 2,802
Asset management fees, commissions and other income 147 40 271 122
Revenues 4,399 4,512 9,137 9,225
Policyholders’ benefits 2,445 2,446 5,226 5,213
Interest credited to policyholders’ account balances 369 288 716 567
Interest expense 1 (2) 0 (3)
Capitalization (297) (268) (603) (561)
Amortization of deferred policy acquisition costs 174 161 339 320
Operating Expenses 467 428 903 884
Variable Expenses 446 399 909 820
Other Expenses 33 358 38 387
Total benefits and expenses $ 3,638 $ 3,810 $ 7,528 $ 7,627
[1] See Note 20 for additional information regarding related party transactions.
v3.25.2
Segment Information (Reconciliation of Select Financial Information) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]            
Total Assets $ 758,952     $ 758,952   $ 735,587
Revenues 13,726   $ 14,883 27,196 $ 38,392  
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 740   1,415 1,660 2,805  
Out of period adjustments            
Segment Reporting Information [Line Items]            
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest   $ (150)        
Operating Segments            
Segment Reporting Information [Line Items]            
Revenues 13,506   13,849 26,918 35,555  
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 1,665   1,560 3,185 2,995  
Operating Segments | Corporate and Other            
Segment Reporting Information [Line Items]            
Revenues 56   (36) 39 (6)  
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (280)   (371) (695) (806)  
Operating Segments | PGIM Division | PGIM            
Segment Reporting Information [Line Items]            
Total Assets 37,454     37,454   36,044
Revenues 1,043   963 2,028 1,953  
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 229   206 385 375  
Operating Segments | U.S. Businesses Division | Group Insurance            
Segment Reporting Information [Line Items]            
Total Assets 40,408     40,408   39,340
Revenues 1,687   1,586 3,435 3,220  
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 125   121 214 166  
Operating Segments | U.S. Businesses Division | Individual Life            
Segment Reporting Information [Line Items]            
Total Assets 125,793     125,793   122,590
Revenues 1,493   1,529 3,008 3,109  
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 108   (87) 74 (208)  
Operating Segments | U.S. Businesses Division | Retirement Strategies            
Segment Reporting Information [Line Items]            
Total Assets 283,962     283,962   276,993
Operating Segments | U.S. Businesses Division | Retirement Strategies | Individual Retirement Strategies            
Segment Reporting Information [Line Items]            
Total Assets 153,867     153,867   150,151
Revenues 1,321   1,254 2,659 2,475  
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 326   439 790 879  
Operating Segments | U.S. Businesses Division | Retirement Strategies | Individual Retirement Strategies | Out of period adjustments            
Segment Reporting Information [Line Items]            
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest     (47)   (81)  
Operating Segments | U.S. Businesses Division | Retirement Strategies | Institutional Retirement Strategies            
Segment Reporting Information [Line Items]            
Total Assets 130,095     130,095   126,842
Revenues 3,507   4,041 6,612 15,579  
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 396   550 808 991  
Segment Reconciling Items | Total Closed Block division            
Segment Reporting Information [Line Items]            
Total Assets 48,458     48,458   48,815
Segment Reconciling Items | Corporate and Other            
Segment Reporting Information [Line Items]            
Total Assets 31,619     31,619   31,767
Intersegment Eliminations | PGIM Division | PGIM            
Segment Reporting Information [Line Items]            
Revenues 222   $ 204 446 $ 411  
Total U.S. Businesses | Operating Segments            
Segment Reporting Information [Line Items]            
Total Assets 450,163     450,163   438,923
International Businesses | Operating Segments | International Businesses            
Segment Reporting Information [Line Items]            
Total Assets $ 191,258     $ 191,258   $ 180,038
v3.25.2
Segment Information Segment Information (Asset Management and Service Fees) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Asset management and service fees [1] $ 982 $ 1,001 $ 1,966 $ 2,000
Revenues 13,726 14,883 27,196 38,392
PGIM Division | Intersegment Eliminations | PGIM        
Revenues 222 204 446 411
Asset-based management fees        
Asset management and service fees 841 853 1,695 1,685
Performance-based incentive fees        
Asset management and service fees 25 19 32 61
Other fees        
Asset management and service fees $ 116 $ 129 $ 239 $ 254
[1] See Note 20 for additional information regarding related party transactions.
v3.25.2
Related Party Transactions (Narrative) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Sep. 30, 2023
Related Party Transaction [Line Items]          
Future policy benefits $ 270,133   $ 268,912 $ 262,330  
Prismic Re          
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 Re International          
Related Party Transaction [Line Items]          
Future policy benefits   $ 7,000      
Contingent debt facility $ 80        
Contingent Debt Facility          
Related Party Transaction [Line Items]          
Related party transaction, term 10 years        
Prismic HoldCo | Related Party          
Related Party Transaction [Line Items]          
Equity method investment, ownership percentage         20.00%
Prismic HoldCo | Prismic Re          
Related Party Transaction [Line Items]          
Carrying value         $ 200
Prismic HoldCo | Prismic Re International          
Related Party Transaction [Line Items]          
Carrying value $ 103        
Prismic HoldCo | Related Party | Reinsurance Agreement          
Related Party Transaction [Line Items]          
Equity method investment, ownership percentage 20.00%        
v3.25.2
Related Party Transactions (The Company’s Related Party Balances with Prismic) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Other assets [1],[2] $ 14,561 $ 13,737
Accumulated other comprehensive income (loss) [1] (3,921) (6,711)
Reinsurance and funds withheld payables, embedded derivatives at fair value 27 (118)
Related Party    
Related Party Transaction [Line Items]    
Reinsurance recoverables and deposit receivables 15,315 9,084
Other assets 163 187
Reinsurance and funds withheld payables (includes $56 and $(91) of embedded derivatives at fair value at March 31, 2025 and December 31, 2024, respectively) 7,776 7,796
Accumulated other comprehensive income (loss) (172) (139)
Reinsurance and funds withheld payables, embedded derivatives at fair value $ 45 $ (91)
[1] See Note 20 for additional information regarding related party transactions.
[2] See Note 4 for details of balances associated with variable interest entities.
v3.25.2
Related Party Transactions (The Initial and Ongoing Reinsurance Activity with Prismic Re of Operations) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Related Party Transaction [Line Items]            
Premiums [1] $ 6,982   $ 7,820   $ 13,982 $ 23,357
Net Investment Income 5,226   4,849   10,356 9,613
Asset management and service fees [1] 982   1,001   1,966 2,000
Other income (loss) [1] 1,412   591   1,692 1,929
Realized investment gains (losses), net (1,699) [1]   (166) [1]   (2,429) [2] (474) [1]
Policyholders’ benefits [1] (8,181)   (8,864)   (16,321) (25,458)
Change in estimates of liability for future policy benefits [1] 175   176   225 193
Amortization of deferred policy acquisition costs [1] 407   375   814 750
General and administrative expenses [1] 3,176   3,127   6,259 6,721
Income (loss) from related parties, before income taxes 740   1,415   1,660 2,805
Other comprehensive income (loss), before tax 820 $ 1,970 217 $ (1,157) 2,790 (940)
Related Party            
Related Party Transaction [Line Items]            
Premiums (13)   19   (16) 15
Asset management and service fees 15   9   28 18
Other income (loss) 99   35   160 74
Realized investment gains (losses), net (33)   114   (270) 318
Policyholders’ benefits (70)   (70)   (141) (141)
Change in estimates of liability for future policy benefits (14)   20   (17) 16
Amortization of deferred policy acquisition costs (3)   0   (4) 0
General and administrative expenses 14   8   17 19
Income (loss) from related parties, before income taxes 141   219   47 531
Other comprehensive income (loss), before tax (24)   (224)   (33) (92)
Total comprehensive income (loss), before tax $ 117   $ (5)   $ 14 $ 439
[1] See Note 20 for additional information regarding related party transactions.
[2] See Note 20 for additional information regarding related party transactions.
v3.25.2
Related Party Transactions (The Initial and Ongoing Reinsurance Activity with Prismic Re of Cash Flows) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Realized investment (gains) losses, net $ 1,699 [1] $ 166 [1] $ 2,429 [2] $ 474 [1]
Deferred Policy Acquisition Costs     (657) [2] (514)
Reinsurance related-balances [2]     1,253 789 [3]
Other, net [2]     (3,125) (1,967) [3]
CASH FLOWS FROM INVESTING ACTIVITIES        
Other, net     (74) [2] 40
CASH FLOWS FROM FINANCING ACTIVITIES        
Other, net [2]     (546) (320)
Related Party        
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Realized investment (gains) losses, net $ 33 $ (114) 270 (318)
Deferred Policy Acquisition Costs     (4) 0
Reinsurance related-balances     (404) (369)
Other, net     21 5
CASH FLOWS FROM INVESTING ACTIVITIES        
Other, net     (64) 0
CASH FLOWS FROM FINANCING ACTIVITIES        
Other, net     $ 167 $ 180
[1] See Note 20 for additional information regarding related party transactions.
[2] See Note 20 for additional information regarding related party transactions.
[3] Prior period amounts have been updated to conform to current period presentation.
v3.25.2
Commitments and Contingent Liabilities (Summary of Commitments and Contingent Liabilities) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
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 3,164   3,164   $ 2,552
Portion of commitment where prearrangement to sell to investor exists 779   779   578
Allowance for credit losses 4   4   2
Change in allowance for credit losses 2 $ 0 2 $ 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) 12,033   12,033   11,664
Expected to be funded from separate accounts          
Commitments and Contingent Liabilities [Line Items]          
Commitments to purchase investment (excluding commercial mortgage loans) 257   257   0
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 5,054   5,054   5,015
Fair value of related collateral associated with above indemnifications 5,167   5,167   5,119
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 0   0   240
Fair value of related collateral associated with above indemnifications 0   0   240
Indemnification | Serviced Mortgage Loans          
Commitments and Contingent Liabilities [Line Items]          
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company 3,359   3,359   3,272
First-loss exposure portion of above 966   966   942
Accrued liability associated with guarantee 23   23   25
Allowance for credit losses 11   11   12
Change in allowance for credit losses 0 (1) (1) (1)  
Guarantees of Asset Values          
Commitments and Contingent Liabilities [Line Items]          
Guaranteed value of third-parties’ assets 77,495   77,495   76,416
Fair value of collateral supporting these assets 73,402   73,402   71,423
Asset (liability) associated with guarantee, carried at fair value (16)   (16)   (1)
Other Guarantees          
Commitments and Contingent Liabilities [Line Items]          
Other guarantees where amount can be determined 288   288   289
Accrued liability associated with guarantee 31   31   $ 32
Purchase Investments          
Commitments and Contingent Liabilities [Line Items]          
Change in allowance for credit losses $ 0 $ 0 $ 0 $ 0  
v3.25.2
Commitments and Contingent Liabilities (Narrative Excluding Litigation) (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Commitments | Commercial Mortgage Loans          
Commitments and Contingent Liabilities [Line Items]          
Allowance for credit losses $ 4   $ 4   $ 2
Change in allowance for credit losses 2 $ 0 2 $ 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 11   $ 11   12
Change in allowance for credit losses 0 $ (1) (1) (1)  
Mortgages subject to loss-sharing arrangements $ 26,327   $ 26,327   $ 25,763
Weighted-average debt service coverage ratio of mortgages subject to loss-sharing arrangements 1.99   1.99   1.95
Weighted-average loan-to-value ratio of mortgages subject to loss-sharing arrangements 62.00%   62.00%   62.00%
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%    
v3.25.2
Commitments and Contingent Liabilities (Litigation Narrative) (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Maximum  
Loss Contingencies [Line Items]  
Estimate of possible losses in excess of accruals (less than) for litigation and regulatory matters $ 250