4,355

4,330

Trading securities, at fair value

^[1]

3,789

3,719

1,295

1,089

Other invested assets

^[1]

8,301

8,537

Total investments

121,798

116,441

Cash and cash equivalents

^[1]

14,957

6,964

Cash and securities segregated, at fair value

483

500

Broker-dealer related receivables

1,933

1,961

Deferred policy acquisition costs

7,361

7,170

Goodwill and other intangible assets, net

5,342

5,371

Amounts due from reinsurers (allowance for credit losses of $7 and $8)

7,501

7,899

1,749

2,003

5,543

7,376

^[1]

3,962

4,462

776

863

131,683

134,717

303,088

295,727

123,359

110,929

Future policy benefits and other policyholders’ liabilities

10,187

11,810

17,557

17,613

Broker-dealer related payables

1,454

775

Customer related payables

1,885

1,933

1,350

1,421

Notes issued by consolidated variable interest entities, at fair value using the fair value option

4,332

3,833

^[1]

2,471

2,116

^[1]

5,847

7,032

131,683

134,717

300,125

292,179

Commitments and contingent liabilities

^[1],[2]

358

125

^[3]

Preferred stock and additional paid-in capital, $1 par value and $25,000 liquidation preference

1,228

1,507

Common stock, $0.01 par value, 2,000,000,000 shares authorized; 472,699,844 and 477,801,636 shares issued, respectively; 301,768,056 and 309,900,248 shares outstanding, respectively

5

Additional paid-in capital

1,901

2,336

Treasury stock, at cost,$170,931,788 and 167,901,388 shares, respectively

(4,423)

(4,198)

9,870

10,627

(7,432)

(8,712)

1,149

1,565

1,456

1,858

Total Liabilities, Redeemable Noncontrolling Interest and Equity

2,605

3,423

$ 303,088

$ 295,727

[1]	See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.
[2]	See Note 15 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.
[3]	See Note 16 of the Notes to these Consolidated Financial Statements for details of commitments and contingent liabilities.

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Amortized cost of fixed maturities available-for-sale	$ 86,819,000,000	$ 84,717,000,000
Allowance for credit losses of fixed maturities available-for-sale	3,000,000	2,000,000
Allowance for credit losses of mortgage loans on real estate	305,000,000	278,000,000
Allowance for credit losses of amounts due from reinsurers	$ 7,000,000	$ 8,000,000
Preferred stock par value (in dollars per share)	$ 1	$ 1
Preferred stock, liquidation preference	$ 25,000	$ 25,000
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	2,000,000,000	2,000,000,000
Common stock issued (in shares)	472,699,844	477,801,636
Common stock outstanding (in shares)	301,768,056	309,900,248
Treasury stock (in shares)	170,931,788	167,901,388

Consolidated Statements of Income (Loss) - USD ($)
shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2025

Jun. 30, 2024

Jun. 30, 2025

Jun. 30, 2024

REVENUES

Policy charges and fee income

$ 626

$ 617

$ 1,262

$ 1,231

Net derivative gains (losses)

260

282

564

567

(1,374)

(208)

(575)

(1,584)

Credit and intent to sell losses on available for sale debt securities and loans

1,355

1,167

2,603

2,377

Investment gains (losses), net:

(54)

(15)

(54)

(35)

Other investment gains (losses), net

(17)

(1)

(31)

(20)

Total investment gains (losses), net

(71)

(16)

(85)

(55)

1,272

1,240

2,557

2,518

294

425

612

683

2,362

3,507

6,938

5,737

Remeasurement of liability for future policy benefits

Policyholders’ benefits

787

667

1,546

1,344

(13)

(7)

(15)

(2)

Change in market risk benefits and purchased market risk benefits

(606)

(132)

66

(1,220)

Interest credited to policyholders’ account balances

796

599

1,474

1,178

Compensation and benefits

592

577

1,193

1,197

Commissions and distribution-related payments

488

463

989

900

Interest expense

61

62

116

119

Amortization of deferred policy acquisition costs

193

169

381

341

427

428

1,377

980

Income (loss) from continuing operations, before income taxes

2,725

2,826

7,127

4,837

(363)

681

(189)

900

80

(116)

56

(140)

Less: Net income (loss) attributable to the noncontrolling interest

(283)

565

(133)

760

^[1]

66

137

153

240

(349)

428

(286)

520

Net income (loss) available to Holdings’ common shareholders, basic

18

26

32

40

(367)

402

(318)

480

Net income (loss) available to Holdings’ common shareholders, diluted

$ (367)

$ 402

$ (318)

$ 480

Net income (loss) applicable to Holdings’ common shareholders per common share:

$ (1.21)

$ 1.24

$ (1.04)

$ 1.47

Weighted average common shares outstanding (in millions):

$ (1.21)

$ 1.23

$ (1.04)

$ 1.45

303.2

324.2

305.5

327.2

SIGNIFICANT ACCOUNTING POLICIES

303.2

327.3

305.5

330.4

[1]	Includes redeemable noncontrolling interest. See Note 15 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.

Consolidated Statements of Comprehensive Income (Loss) - 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)	$ (283)	$ 565	$ (133)	$ 760
Other comprehensive income (loss) net of income taxes:
Change in unrealized gains (losses), net of reclassification adjustment	309	(409)	918	(922)
Change in market risk benefits - instrument-specific credit risk	(170)	(159)	414	(139)
Change in liability for future policy benefits - current discount rate	(29)	67	(92)	165
Change in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment	9	11	26	19
Foreign currency translation adjustment	26	9	37	(2)
Total other comprehensive income (loss), net of income taxes	145	(481)	1,303	(879)
Comprehensive income (loss)	(138)	84	1,170	(119)
Less: Comprehensive income (loss) attributable to the noncontrolling interest	76	140	176	239
Comprehensive income (loss) attributable to Holdings	$ (214)	$ (56)	$ 994	$ (358)

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Total Holdings Equity	Preferred Stock and Additional Paid-In Capital	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2023	$ 4,375	$ 2,636	$ 1,562	$ 5	$ 2,328	$ (3,712)	$ 10,250	$ (7,797)	$ 1,739
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation	70	49	0	0	32	17	0	0	21
Purchase of treasury stock	(500)	(500)	0	0	(2)	(498)	0	0	0
Reissuance of treasury stock	(17)	(17)	0	0	0	0	(17)	0	0
Retirement of common stock	0	0	0	0	0	261	(261)	0	0
Purchase of AB Holding units	(34)	0	0	0	0	0	0	0	(34)
Dividends paid to noncontrolling interest	(189)	0	0	0	0	0	0	0	(189)
Dividends on common stock	(151)	(151)	0	0	0	0	(151)	0
Dividends on preferred stock	(40)	(40)	0	0	0	0	(40)	0	0
Net income (loss)	726	520	0	0	0	0	520	0	206
Total other comprehensive income (loss), net of income taxes	(879)	(878)	0	0	0	0	0	(878)	(1)
Other	(22)	(21)	0	0	(21)	0	0	0	(1)
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2024	3,339	1,598	1,562	5	2,337	(3,932)	10,301	(8,675)	1,741
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2024	3,715	1,992	1,562	5	2,322	(3,801)	10,095	(8,191)	1,723
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation	26	14	0	0	16	(2)	0	0	12
Purchase of treasury stock	(247)	(247)	0	0		(247)	0	0	0
Reissuance of treasury stock	0	0	0	0	0	0	0	0	0
Retirement of common stock	0	0	0	0	0	118	(118)	0	0
Purchase of AB Holding units	(28)	0	0	0	0	0	0	0	(28)
Dividends paid to noncontrolling interest	(90)	0	0	0	0	0	0	0	(90)
Dividends on common stock	(78)	(78)	0	0	0	0	(78)	0	0
Dividends on preferred stock	(26)	(26)	0	0	0	0	(26)	0	0
Net income (loss)	549	428	0	0	0	0	428	0	121
Total other comprehensive income (loss), net of income taxes	(481)	(484)	0	0	0	0	0	(484)	3
Other	(1)	(1)	0	0	(1)	0	0	0	0
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2024	3,339	1,598	1,562	5	2,337	(3,932)	10,301	(8,675)	1,741
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2024	3,423	1,565	1,507	5	2,336	(4,198)	10,627	(8,712)	1,858
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation	73	62	0	0	37	25	0	0	11
Purchase of treasury stock	(497)	(497)	0	0	10	(507)	0	0	0
Reissuance of treasury stock	(19)	(19)	0	0	0	0	(19)	0	0
Retirement of common stock	0	0	0	0	0	257	(257)	0	0
Purchase of AB Holding units	(802)	(443)	0	0	(443)	0	0	0	(359)
Dividends paid to noncontrolling interest	(229)	0	0	0	0	0	0	0	(229)
Dividends on common stock	(156)	(156)	0	0	0	0	(156)	0	0
Dividends on preferred stock	(32)	(32)	0	0	0	0	(32)	0	0
Redemption of preferred stock	(279)	(279)	(279)	0	0	0	0	0	0
Net income (loss)	(134)	(286)	0	0	0	0	(286)	0	152
Total other comprehensive income (loss), net of income taxes	1,303	1,280	0	0	0	0	0	1,280	23
Other	(46)	(46)	0	0	(39)	0	(7)	0	0
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2025	2,605	1,149	1,228	5	1,901	(4,423)	9,870	(7,432)	1,456
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2025	4,205	2,401	1,507	5	2,305	(4,296)	10,447	(7,567)	1,804
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation	23	20	0	0	19	1	0	0	3
Purchase of treasury stock	(235)	(235)	0	0	15	(250)	0	0	0
Reissuance of treasury stock	(1)	(1)	0	0	0	0	(1)	0	0
Retirement of common stock	0	0	0	0	0	122	(122)	0	0
Purchase of AB Holding units	(772)	(443)	0	0	(443)	0	0	0	(329)
Dividends paid to noncontrolling interest	(99)	0	0	0	0	0	0	0	(99)
Dividends on common stock	(82)	(82)	0	0	0	0	(82)	0	0
Redemption of preferred stock	(279)	(279)	(279)	0	0	0	0	0	0
Dividends on preferred stock	(18)	(18)	0	0	0	0	(18)	0	0
Net income (loss)	(281)	(349)	0	0	0	0	(349)	0	68
Total other comprehensive income (loss), net of income taxes	145	135	0	0	0	0	0	135	10
Other	(3)	(2)	0	0	5	0	(7)	0	(1)
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2025	$ 2,605	$ 1,149	$ 1,228	$ 5	$ 1,901	$ (4,423)	$ 9,870	$ (7,432)	$ 1,456

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.27	$ 0.24	$ 0.51	$ 0.46

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net income (loss)	$ (133)	$ 760
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances	1,474	1,178
Policy charges and fee income	(1,262)	(1,231)
Net derivative (gains) losses	575	1,584
Credit and intent to sell losses on available for sale debt securities and loans	54	35
Investment (gains) losses, net	31	20
(Gains) losses on businesses held-for-sale	0	(135)
Realized and unrealized (gains) losses on trading securities	(39)	(43)
Income (Loss) due to Novation in Pre-Tax Net Income	499	0
AB Retirement plan losses	21	0
Non-cash long term incentive compensation expense	48	53
Amortization and depreciation	433	434
Remeasurement of liability for future policy benefits	(15)	(2)
Change in market risk benefits	66	(1,220)
Equity (income) loss from limited partnerships	(87)	(58)
Changes in:
Net broker-dealer and customer related receivables/payables	(26)	(168)
Reinsurance recoverable	(562)	(628)
Segregated cash and securities, net	17	276
Capitalization of deferred policy acquisition costs	(574)	(561)
Future policy benefits	201	275
Current and deferred income taxes	(129)	149
Other, net	(93)	205
Net cash provided by (used in) operating activities	499	923
Proceeds from the sale/maturity/pre-payment of:
Fixed maturities, available-for-sale	9,368	5,284
Fixed maturities, at fair value using the fair value option	299	399
Mortgage loans on real estate	664	460
Trading account securities	269	512
Short term investments	132	571
Other	283	331
Payment for the purchase/origination of:
Fixed maturities, available-for-sale	(11,576)	(10,523)
Fixed maturities, at fair value using the fair value option	(709)	(426)
Mortgage loans on real estate	(2,103)	(1,148)
Trading account securities	(395)	(1,446)
Short term investments	(99)	(384)
Other	(83)	(473)
Cash settlements related to derivative instruments, net	571	(1,438)
Investment in capitalized software, leasehold improvements and EDP equipment	(17)	(99)
Other, net	(321)	453
Net cash provided by (used in) investing activities	(3,717)	(7,927)
Policyholders’ account balances:
Deposits	14,931	9,033
Withdrawals	(4,637)	(4,719)
Transfers (to) from Separate Accounts	932	832
Payments of market risk benefits	(366)	(376)
Repayment of short-term financings	0	(254)
Change in collateralized pledged assets	17	(75)
Change in collateralized pledged liabilities	1,298	4,829
Issuance of long-term debt	495	0
Repayments of Senior Debt	0	(565)
Proceeds from collateralized loan obligations	46	0
Repayment of collateralized loan obligations	(38)	0
Proceeds from notes issued by consolidated VIEs	1,203	176
Repayment of notes issued by consolidated VIEs	(839)	0
Dividends paid on common stock	(156)	(151)
Dividends paid on preferred stock	(32)	(40)
Redemption of preferred stock	(279)	0
Purchase of AllianceBernstein Units	(758)	0
Purchase of AB Holding Units to fund long-term incentive compensation plan awards, net	(44)	(34)
Purchase of treasury shares	(497)	(500)
Purchases (redemptions) of noncontrolling interests of consolidated company-sponsored investment funds	173	291
Distribution to noncontrolling interest of consolidated subsidiaries	(229)	(189)
Change in securities lending	(33)	36
Other, net	(17)	15
Net cash provided by (used in) financing activities	11,170	8,309
Effect of exchange rate changes on cash and cash equivalents	41	(13)
Change in cash and cash equivalents	7,993	1,292
Cash and cash equivalents, beginning of period	6,964	8,239
Change in cash of businesses held-for-sale	0	153
Cash and cash equivalents, end of period	14,957	9,684
Non-cash transactions from investing and financing activities:
Right-of-use assets obtained in exchange for lease obligations	$ 24	$ 222

ORGANIZATION	6 Months Ended
ORGANIZATION	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Equitable Holdings, Inc. is the holding company for a diversified financial services organization. The Company conducts operations in six segments: Individual Retirement, Group Retirement, Asset Management, Protection Solutions, Wealth Management and Legacy. The Company’s management evaluates the performance of each of these segments independently. Effective April 1, 2024, the Company renamed its Investment Management and Research segment to Asset Management following the close of the previously announced joint venture between AllianceBernstein and Societe Generale. Following the close of the transaction, Bernstein Research Services (“BRS”) business results are no longer consolidated within the financial results for AllianceBernstein and Equitable Holdings, Inc. •The Individual Retirement segment offers a diverse suite of variable annuity products which are primarily sold to affluent and high net worth individuals saving for retirement or seeking retirement income. •The Group Retirement segment offers tax-deferred investment and retirement services or products to plans sponsored by educational entities, municipalities and not-for-profit entities, as well as small and medium-sized businesses. •The Asset Management segment provides diversified investment management and related services globally to a broad range of clients through three main client channels - Institutional, Retail and Private Wealth. The Asset Management segment reflects the business of AB Holding and ABLP and their subsidiaries (collectively, AB). •The Protection Solutions segment includes the Company’s life insurance and group employee benefits (“EB”) businesses. •The Wealth Management segment is an emerging leader in the wealth management space with a differentiated advice value proposition that offers discretionary and non-discretionary investment advisory accounts, financial planning and advice, life insurance, and annuity products. •The Legacy segment consists of our capital intensive fixed-rate GMxB business written prior to 2011. The Company reports certain activities and items that are not included in our segments in Corporate and Other. Corporate and Other includes certain of our financing and investment expenses. It also includes closed block of life insurance (the “Closed Block”), run-off variable annuity reinsurance business, run-off group pension business, run-off health business, benefit plans for our employees, certain strategic investments and certain unallocated items, including capital and related investments, interest expense and corporate expense. AB’s results of operations are reflected in the Asset Management segment. Accordingly, Corporate and Other does not include any items applicable to AB. As of June 30, 2025 and December 31, 2024, the Company’s economic interest in AB was approximately 69% and 62%, respectively. The General Partner of AB is a wholly owned subsidiary of the Company. Because the General Partner has the authority to manage and control the business of AB, AB is consolidated in the Company’s financial statements for all periods presented. The increase in economic interest was due to the purchase of AB Holding Units relating to the AB Tender Offer transaction completed on April 3, 2025. RGA Reinsurance Transaction On February 23, 2025, Equitable Financial, as well as Equitable America and Equitable Financial L&A, entered into a master transaction agreement with Reinsurance Group of America (“RGA”) pursuant to which at closing and subject to the terms and conditions set forth in such agreement, RGA would enter into reinsurance agreements, as reinsurer, with each such subsidiary, as ceding company, to effect the RGA Reinsurance Transaction. The transaction closed on July 31, 2025, see Note 21 of the Notes to these Consolidated Financial Statements. Novation Effective January 17, 2025, Equitable Financial novated certain legacy variable annuity policies sold between 2006-2008, comprised of non-New York “Accumulator” policies containing fixed rate Guaranteed Minimum Income Benefit and/or Guaranteed Minimum Death Benefit guarantees reinsured by Venerable under the combined co-insurance and modified coinsurance basis agreement executed on June 1, 2021. As a result of the novation of certain Legacy VA policies completed during the first quarter 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million. The negative net income impact is mostly driven by the reduction of the purchased market risk benefits (“MRB”) asset of $2.0 billion and the reduction of Liability for MRBs of $1.6 billion, offset by a decrease in reinsurance deposit liability of $183 million. Purchased MRB asset reduction is larger than the direct MRB liability reduction since the Venerable reinsurance assets sit in a collateralized trust and thus materially reduce the non-performance risk. Deposit account liability decreases as novation leads to faster amortization of the liability. The novation impact from the base contracts and the contracts in payout status is less material, as the increase in policyholders’ account balance of $33 million and decrease in liability for future policyholders’ benefits of $458 million are largely offset by a decrease in Amounts due from reinsurers of $432 million. AB Tender Offer On February 24, 2025, Holdings commenced a cash tender offer (the “AB Tender Offer”) to purchase up to 46 million AB Holding Units at a price of $38.50 per unit, less any applicable tax withholding, for an aggregate purchase price of $1.8 billion. On April 3, 2025, Holdings purchased 19.7 million AB Holdings Units pursuant to the AB Tender Offer for an aggregate cost of $758 million. The AB Holdings Units accepted for purchase represented approximately 17.9% of the outstanding units at the time of purchase. At June 30, 2025, Holdings owned approximately 68.6% of the economic interest in AllianceBernstein L.P., the operating partnership of AB Holding.

SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

The unaudited interim consolidated financial statements (the “consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to the Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”).

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 Annual Report on Form 10-K for the year ended December 31, 2024.

The accompanying unaudited consolidated financial statements present the consolidated results of operations, financial condition, and cash flows of the Company and its subsidiaries and those investment companies, partnerships and joint ventures in which the Company has control and a majority economic interest as well as those variable interest entities (“VIEs”) that meet the requirements for consolidation.

All significant intercompany transactions and balances have been eliminated in consolidation. The terms “second quarter 2025” and “second quarter 2024” refer to the three months ended June 30, 2025 and 2024, respectively. The terms “first six months of 2025” and “first six months of 2024” refer to the six months ended June 30, 2025 and 2024, respectively.

Future Adoption of New Accounting Pronouncements


Description	Effective Date and Method of Adoption	Effect on the Financial Statement or Other Significant Matters
ASU 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures


Description	Effective Date and Method of Adoption	Effect on the Financial Statement or Other Significant Matters
The ASU enhanced existing income tax disclosures primarily related to the rate reconciliation and income taxes paid information. With regard to the improvements to disclosures of rate reconciliation, a public business entity is required on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. Similarly, a public entity is required to provide the amount of income taxes paid (net of refunds received) disaggregated by (1) federal, state, and foreign taxes and by (2) individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures, for example, an entity is required to provide (1) pretax income (or loss) from continuing operations disaggregated between domestic and foreign, and (2) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign.	The ASU will be effective for annual periods beginning after December 15, 2024. Entities are required to apply the ASU on a prospective basis.	The adoption of ASU 2023-09 is not expected to materially impact the Company’s financial position, results of operation, or cash flows.


ASU 2024-03: Accounting Standards Update No. 2024-03-Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)
This ASU requires a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity’s expenses to help investors (a) better understand the entity’s performance, (b) better assess the entity’s prospects for future cash flows, and (c) compare an entity’s performance over time and with that of other entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the notes to the financial statements.	The ASU will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Entities are required to apply the ASU on a prospective basis.	The Company is currently assessing the impact to the financial statements of this ASU.

Accounting and Consolidation of VIEs

For all new investment products and entities developed by the Company, the Company first determines whether the entity is a VIE, which involves determining an entity’s variability and variable interests, identifying the holders of the equity investment at risk and assessing the five characteristics of a VIE. Once an entity is determined to be a VIE, the Company then determines whether it is the primary beneficiary of the VIE based on its beneficial interests. If the Company is deemed to be the primary beneficiary of the VIE, the Company consolidates the entity.

Quarterly, management of the Company reviews its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client AUM to determine the entities the Company is required to consolidate under this guidance. These entities include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts, and limited partnerships.

The analysis performed to identify variable interests held, determine whether entities are VIEs or VOEs, and evaluate whether the Company has a controlling financial interest in such entities requires the exercise of judgment and is updated on a continuous basis as circumstances change or new entities are developed. The primary beneficiary evaluation generally is performed qualitatively based on all facts and circumstances, including consideration of economic interests in the VIE held directly and indirectly through related parties and entities under common control, as well as quantitatively, as appropriate.

Consolidated VIEs

Consolidated CLOs

The Company is the investment manager of certain asset-backed investment vehicles, commonly referred to as CLOs, and certain other vehicles for which the Company earns fee income for investment management services. The Company may sell or syndicate investments through these vehicles, principally as part of the strategic investing activity as part of its investment management businesses. Additionally, the Company may invest in securities issued by these vehicles which are eliminated in consolidation of the CLOs.

As of June 30, 2025 and December 31, 2024, respectively, Equitable Financial holds $123 million and $128 million of equity interests in the CLOs. The Company consolidated the CLOs as of June 30, 2025 and December 31, 2024 as it is the primary beneficiary due to the combination of both its equity interest held by Equitable Financial and the majority ownership of AB, which functions as the CLO’s loan manager. The assets of the CLOs are legally isolated from the Company’s creditors and can only be used to settle obligations of the CLOs. The liabilities of the CLOs are non-recourse to the Company and the Company has no obligation to satisfy the liabilities of the CLOs. As of June 30, 2025, Equitable Financial holds $0 million of equity interests in a SPE established to purchase loans from the market in anticipation of a new CLO transaction. The Company consolidated the SPE as of June 30, 2025 as it is the primary beneficiary due to the combination of both its equity interest held by Equitable Financial and the majority ownership of AB, which functions as the SPE loan manager.

Resulting from this consolidation in the Company’s consolidated balance sheets are fixed maturities, at fair value using the fair value option with total assets of $2.4 billion and $2.1 billion and total liabilities of $2.5 billion and $2.1 billion at June 30, 2025 and December 31, 2024, respectively. The unpaid outstanding principal balance of the notes and short-term borrowing is $2.3 billion and $1.9 billion at June 30, 2025 and December 31, 2024.

Consolidated Limited Partnerships and LLCs

As of June 30, 2025 and December 31, 2024 the Company consolidated limited partnerships and LLCs for which it was identified as the primary beneficiary under the VIE model. Included in other invested assets, mortgage loans on real estate, other equity investments, trading securities, cash and other liabilities in the Company’s consolidated balance sheets at June 30, 2025 and December 31, 2024 are total net assets of $2.7 billion and $2.1 billion, respectively related to these VIEs.

Consolidated AB-Sponsored Investment Funds

Included in the Company’s consolidated balance sheets as of June 30, 2025 and December 31, 2024 are assets of $421 million and $85 million, liabilities of $35 million and $0 million, and redeemable noncontrolling interests of $242 million and $32 million, respectively, associated with the consolidation of AB-sponsored investment funds under the VIE model. Also included in the Company’s consolidated balance sheets as of June 30, 2025 and December 31, 2024 are assets of $64 million and $73 million, liabilities of $2 million and $1 million, and redeemable noncontrolling interests of $20 million and $17 million, respectively, from consolidation of AB-sponsored investment funds under the VOE model.

Non-Consolidated VIEs

As of June 30, 2025 and December 31, 2024 respectively, the Company held approximately $3.1 billion and $3.0 billion of investment assets in the form of equity interests issued by non-corporate legal entities determined under the guidance to be VIEs, such as limited partnerships and limited liability companies, including CLOs, hedge funds, private equity funds and real estate-related funds. The Company continues to reflect these equity interests in the consolidated balance sheets as other equity investments and applies the equity method of accounting for these positions. The net assets of these non-consolidated VIEs are approximately $377.4 billion and $350.7 billion as of June 30, 2025 and December 31, 2024 respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is the carrying value of its investment of $3.1 billion and $3.0 billion and approximately $1.1 billion and $1.2 billion of unfunded commitments as of June 30, 2025 and December 31, 2024, respectively. The Company has no further economic interest in these VIEs in the form of guarantees, derivatives, credit enhancements or similar instruments and obligations.

Non-Consolidated AB-Sponsored Investment Products

As of June 30, 2025 and December 31, 2024, the net assets of investment products sponsored by AB that are non-consolidated VIEs are approximately $46.4 billion and $46.9 billion, respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is its investment of $19 million and $17 million as of June 30, 2025 and December 31, 2024, respectively. The Company has no further commitments to or economic interest in these VIEs.

Revision of Previously Issued Financial Statements

During the period ended March 31, 2025, the Company identified an immaterial error related to the initial bookkeeping of ceded accrued fees within policyholders’ account balance ultimately impacting the initial deposit accounting of a reinsurance transaction. The impact of this error to prior periods’ financial statements was not considered to be material. To improve the consistency and comparability of the financial statements, management voluntarily revised the financial statements to include the revisions discussed herein. As a result of the determination to revise previously issued financial statements for the deposit accounting discussed above, management also has corrected other previously identified but uncorrected errors and errors recorded in incorrect periods including, a) pension liability overstatement due to a reconciling item, b) incorrect FX impacting the FABN carrying value, c) incorrect inputs ratio in our MRB modeling and incorrect inputs in the deposit accounting calculation, d) the hedging impact of Treasury Inflation-Protected Securities (TIPS) hedging income was incorrectly recorded in Accumulated other comprehensive income, e) error in the manual accrual in an input calculation in the treasury package overstating Policyholders’ account balance and Interest credited to policyholders, f) incorrect actuarial indication impacting the Liability for MRB and purchased MRB, and g) incorrect allocation of earned premiums to loss ratio impacting reserves.

See Note 20 of the Notes to these Financial Statements for details of the revision.

INVESTMENTS

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

Fixed Maturities AFS

The components of fair value and amortized cost for fixed maturities classified as AFS on the consolidated balance sheets excludes accrued interest receivable because the Company elected to present accrued interest receivable within other assets. Accrued interest receivable on AFS fixed maturities as of June 30, 2025 and December 31, 2024 was $740 million and $693 million, respectively. There was no accrued interest written off for AFS fixed maturities for the three and six months ended June 30, 2025 and 2024.

The following tables provide information relating to the Company’s fixed maturities classified as AFS:

AFS Fixed Maturities by Classification


	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
June 30, 2025
Fixed Maturities:
Corporate (1)	$	53,506	$	3	$	579	$	5,378	$	48,704
U.S. Treasury, government and agency	5,983		—		3		1,467		4,519
States and political subdivisions	467		—		2		84		385
Foreign governments	690		—		2		117		575
Residential mortgage-backed (2)	5,505		—		60		111		5,454
Asset-backed (3)	15,774		—		117		49		15,842
Commercial mortgage-backed	4,840		—		20		303		4,557
Redeemable preferred stock	54		—		4		—		58
Total at June 30, 2025	$	86,819	$	3	$	787	$	7,509	$	80,094

December 31, 2024:
Fixed Maturities:
Corporate (1)	$	55,218	$	2	$	251	$	6,116	$	49,351
U.S. Treasury, government and agency	5,801		—		—		1,513		4,288
States and political subdivisions	472		—		2		88		386
Foreign governments	689		—		1		136		554
Residential mortgage-backed (2)	4,520		—		15		152		4,383
Asset-backed (3)	13,660		—		96		57		13,699
Commercial mortgage-backed	4,301		—		5		385		3,921
Redeemable preferred stock	56		—		3		—		59
Total at December 31, 2024	$	84,717	$	2	$	373	$	8,447	$	76,641

______________

(1)Corporate fixed maturities include both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

The contractual maturities of AFS fixed maturities as of June 30, 2025 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or pre-pay obligations with or without call or pre-payment penalties.

Contractual Maturities of AFS Fixed Maturities


	Amortized Cost (Less Allowance for Credit Losses)		Fair Value
	(in millions)
June 30, 2025
Contractual maturities:
Due in one year or less	$	2,620	$	2,605
Due in years two through five	16,176		15,949
Due in years six through ten	17,589		17,200
Due after ten years	24,258		18,429
Subtotal	60,643		54,183
Residential mortgage-backed	5,505		5,454
Asset-backed	15,774		15,842
Commercial mortgage-backed	4,840		4,557
Redeemable preferred stock	54		58
Total at June 30, 2025	$	86,816	$	80,094

The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities:

Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Proceeds from sales	$	2,961	$	1,331	$	4,263	$	1,775
Gross gains on sales	$	7	$	5	$	9	$	5
Gross losses on sales	$	(30)	$	(3)	$	(33)	$	(27)

Net (increase) decrease in Allowance for Credit and Intent to Sell losses	$	(13)	$	(3)	$	(19)	$	(5)

The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts:

AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Balance, beginning of period	$	53	$	48	$	47	$	48
Previously recognized impairments on securities that matured, paid, prepaid or sold	(5)		(4)		(5)		(8)
Recognized impairments on securities impaired to fair value this period (1)	—		—		—		—
Credit losses recognized this period on securities for which credit losses were not previously recognized	12		3		17		6
Additional credit losses this period on securities previously impaired	1		3		2		4


Balance, end of period	$	61	$	50	$	61	$	50

______________

(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.

The tables below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI:

Net Unrealized Gains (Losses) on AFS Fixed Maturities


	Three Months Ended June 30, 2025
	Net Unrealized Gains (Losses) on Investments		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in millions)
Balance, beginning of period	$	(7,226)	$	66	$	279	$	(6,881)
Net investment gains (losses) arising during the period	466		—		—		466
Reclassification adjustment:
Included in net income (loss)	36		—		—		36
Excluded from net income (loss)	—		—		—		—
Other	—		—		(33)		(33)
Impact of net unrealized investment gains (losses)	—		—		(106)		(106)
Net unrealized investment gains (losses) excluding credit losses	(6,724)		66		140		(6,518)
Net unrealized investment gains (losses) with credit losses	2		—		—		2
Balance, end of period	$	(6,722)	$	66	$	140	$	(6,516)

	Three Months Ended June 30, 2024
Balance, beginning of period	$	(7,660)	$	63	$	358	$	(7,239)
Net investment gains (losses) arising during the period	(555)		—		—		(555)
Reclassification adjustment:
Included in net income (loss)	—		—		—		—
Excluded from net income (loss)	—		—		—		—
Other	—		—		(4)		(4)
Impact of net unrealized investment gains (losses)	—		4		117		121
Net unrealized investment gains (losses) excluding credit losses	(8,215)		67		471		(7,677)
Net unrealized investment gains (losses) with credit losses	1		—		—		1
Balance, end of period	$	(8,214)	$	67	$	471	$	(7,676)


	Six Months Ended June 30, 2025
	Net Unrealized Gains (Losses) on Investments		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in millions)
Balance, beginning of period	$	(8,074)	$	71	$	464	$	(7,539)
Net investment gains (losses) arising during the period	1,310		—		—		1,310
Reclassification adjustment:
Included in net income (loss)	44		—		—		44
Excluded from net income (loss)	—		—		—		—
Other	—		—		(41)		(41)
Impact of net unrealized investment gains (losses)	—		(5)		(283)		(288)
Net unrealized investment gains (losses) excluding credit losses	(6,720)		66		140		(6,514)
Net unrealized investment gains (losses) with credit losses	(2)		—		—		(2)
Balance, end of period	$	(6,722)	$	66	$	140	$	(6,516)

	Six Months Ended June 30, 2024
Balance, beginning of period	$	(6,999)	$	50	$	226	$	(6,723)


Net investment gains (losses) arising during the period	(1,238)		—		—		(1,238)
Reclassification adjustment:
Included in net income (loss)	26		—		—		26

Other	—		—		(7)		(7)
Impact of net unrealized investment gains (losses)	—		17		251		268
Net unrealized investment gains (losses) excluding credit losses	(8,211)		67		470		(7,674)
Net unrealized investment gains (losses) with credit losses	(3)		—		1		(2)
Balance, end of period	$	(8,214)	$	67	$	471	$	(7,676)

The following tables disclose the fair values and gross unrealized losses of the 3,685 issues as of June 30, 2025 and the 4,307 issues as of December 31, 2024 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:

AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded


	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
June 30, 2025
Fixed Maturities:
Corporate	$	4,283	$	61	$	27,192	$	5,299	$	31,475	$	5,360
U.S. Treasury, government and agency	67		1		4,210		1,466		4,277		1,467
States and political subdivisions	—		—		261		84		261		84
Foreign governments	19		—		459		117		478		117
Residential mortgage-backed	488		4		826		107		1,314		111
Asset-backed	1,334		9		672		40		2,006		49
Commercial mortgage-backed	286		1		2,869		302		3,155		303

Total at June 30, 2025	$	6,477	$	76	$	36,489	$	7,415	$	42,966	$	7,491

December 31, 2024:
Fixed Maturities:
Corporate	$	9,147	$	205	$	28,684	$	5,901	$	37,831	$	6,106
U.S. Treasury, government and agency	117		4		4,107		1,509		4,224		1,513
States and political subdivisions	40		—		271		88		311		88
Foreign governments	59		1		460		135		519		136
Residential mortgage-backed	1,986		26		851		126		2,837		152
Asset-backed	974		7		692		50		1,666		57
Commercial mortgage-backed	409		6		2,893		379		3,302		385

Total at December 31, 2024	$	12,732	$	249	$	37,958	$	8,188	$	50,690	$	8,437

The Company maintains a diversified portfolio of AFS securities across industries and issuers and does not have exposure to any single issuer in excess of 0.5% of total fixed maturities. The largest exposure to a single issuer held as of June 30, 2025 and December 31, 2024 was $427 million and $400 million, respectively, representing 16.4% and 11.7% of the consolidated equity of the Company.

Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the NAIC Designation (as defined below) of 3 (medium investment grade), 4 or 5 (below investment grade) or 6 (in or near default). As of June 30, 2025 and December 31, 2024, respectively, approximately $2.1 billion and $1.9 billion, or 2.4% and 2.3%, of the $86.8 billion and $84.7 billion aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had gross unrealized losses of $67 million and $64 million as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025 and December 31, 2024, respectively, the $7.4 billion and $8.2 billion of gross unrealized losses of twelve months or more were primarily concentrated in corporate securities. In accordance with the policy described in Note 2 of the Notes to these Consolidated Financial Statements, the Company concluded that an adjustment to the allowance for credit losses for these securities was not warranted at either June 30, 2025 or December 31, 2024. As of June 30, 2025 and December 31, 2024, the Company neither intended to sell the securities nor was it more likely than not required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis.

Based on the Company’s evaluation both qualitatively and quantitatively of the drivers of the decline in fair value of fixed maturity securities as of June 30, 2025, the Company determined that the unrealized loss was primarily due to increases in interest rates and credit spreads.

Securities Lending

The Company enters into securities lending agreements with an agent bank whereby blocks of securities are loaned to third parties, primarily major brokerage firms. As of June 30, 2025 and December 31, 2024, the estimated fair value of loaned securities was $983 million and $134 million. The agreements require a minimum of 102% of the fair value of the loaned securities to be held as cash or security collateral, calculated daily. We do not have the right to sell or pledge the securities posted as collateral. To further minimize the credit risks related to these programs, the financial condition of counterparties is monitored on a regular basis. As of June 30, 2025 and December 31, 2024, collateral received was in the amount of $1.0 billion and $137 million, of which $104 million and $137 million, respectively, is cash collateral. A securities lending payable for the overnight and continuous loans is included in other liabilities in the amount of cash collateral received. Securities lending transactions are used to generate income. Income and expenses associated with these transactions are reported as Net investment income and were not material for the six months ended June 30, 2025 and 2024.

Mortgage Loans on Real Estate

Accrued interest receivable on commercial, agricultural and residential mortgage loans as of June 30, 2025 and December 31, 2024 was $110 million and $96 million, respectively. There was no accrued interest written off for commercial, agricultural and residential mortgage loans for the six months ended June 30, 2025 and 2024.

There were no mortgage loans foreclosed during the six months ended June 30, 2025.

Allowance for Credit Losses on Mortgage Loans

The change in the allowance for credit losses for commercial, agricultural and residential mortgage loans were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period	$	254	$	288	$	259	$	272
Current-period provision for expected credit losses	39		9		34		25
Write-offs charged against the allowance	—		(75)		—		(75)
Recoveries of amounts previously written off	—		—		—		—
Net change in allowance	39		(66)		34		(50)
Balance, end of period	$	293	$	222	$	293	$	222

Agricultural mortgages:
Balance, beginning of period	$	13	$	6	$	15	$	6
Current-period provision for expected credit losses	—		3		(2)		3
Write-offs charged against the allowance	(8)		—		(8)		—
Recoveries of amounts previously written off	—		—		—		—
Net change in allowance	(8)		3		(10)		3
Balance, end of period	$	5	$	9	$	5	$	9

Residential mortgages:
Balance, beginning of period	$	5	$	3	$	4	$	1
Current-period provision for expected credit losses	2		—		3		2
Write-offs charged against the allowance	—		—		—		—
Recoveries of amounts previously written off	—		—		—		—
Net change in allowance	2		—		3		2
Balance, end of period	$	7	$	3	$	7	$	3

Total allowance for credit losses	$	305	$	234	$	305	$	234

The change in the allowance for credit losses is attributable to:

•increases/decreases in the loan balance due to new originations, maturing mortgages, and loan amortization; and

•changes in credit quality and economic assumptions.

Credit Quality Information

The Company’s commercial and agricultural mortgage loans segregated by risk rating exposure were as follows:

Loan to Value (“LTV”) Ratios (1) (3)


	June 30, 2025
	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
0% - 50%	$	60	$	185	$	268	$	203	$	206	$	1,736	$	—	$	—	$	2,658
50% - 70%	1,003		1,431		881		1,551		612		2,363		436		277		8,554
70% - 90%	292		73		316		764		698		1,756		122		205		4,226
90% plus	—		—		—		547		558		1,217		—		—		2,322
Total commercial	$	1,355	$	1,689	$	1,465	$	3,065	$	2,074	$	7,072	$	558	$	482	$	17,760

Agricultural:
0% - 50%	$	77	$	47	$	100	$	149	$	198	$	1,105	$	—	$	—	$	1,676
50% - 70%	56		158		52		133		128		364		—		—		891
70% - 90%	—		—		—		—		—		—		—		—		—
90% plus	—		—		—		—		—		25		—		—		25
Total agricultural	$	133	$	205	$	152	$	282	$	326	$	1,494	$	—	$	—	$	2,592


Total commercial and agricultural mortgage loans:
0% - 50%	$	137	$	232	$	368	$	352	$	404	$	2,841	$	—	$	—	$	4,334
50% - 70%	1,059		1,589		933		1,684		740		2,727		436		277		9,445
70% - 90%	292		73		316		764		698		1,756		122		205		4,226
90% plus	—		—		—		547		558		1,242		—		—		2,347
Total commercial and agricultural mortgage loans	$	1,488	$	1,894	$	1,617	$	3,347	$	2,400	$	8,566	$	558	$	482	$	20,352

Debt Service Coverage (“DSC”) Ratios (2) (3)


	June 30, 2025
	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
Greater than 2.0x	$	67	$	208	$	175	$	1,016	$	1,081	$	3,255	$	—	$	—	$	5,802
1.8x to 2.0x	60		103		58		50		208		1,090		113		184		1,866
1.5x to 1.8x	85		472		233		753		48		1,209		59		165		3,024
1.2x to 1.5x	817		716		514		664		531		743		—		95		4,080
1.0x to 1.2x	326		190		475		260		74		669		386		38		2,418
Less than 1.0x	—		—		10		322		132		106		—		—		570
Total commercial	$	1,355	$	1,689	$	1,465	$	3,065	$	2,074	$	7,072	$	558	$	482	$	17,760

Agricultural:
Greater than 2.0x	$	17	$	9	$	5	$	40	$	34	$	193	$	—	$	—	$	298
1.8x to 2.0x	17		12		17		23		53		100		—		—		222
1.5x to 1.8x	11		48		10		44		27		283		—		—		423
1.2x to 1.5x	38		46		44		88		135		505		—		—		856
1.0x to 1.2x	30		71		45		63		67		372		—		—		648
Less than 1.0x	20		19		31		24		10		41		—		—		145
Total agricultural	$	133	$	205	$	152	$	282	$	326	$	1,494	$	—	$	—	$	2,592


Total commercial and agricultural mortgage loans:
Greater than 2.0x	$	84	$	217	$	180	$	1,056	$	1,115	$	3,448	$	—	$	—	$	6,100
1.8x to 2.0x	77		115		75		73		261		1,190		113		184		2,088
1.5x to 1.8x	96		520		243		797		75		1,492		59		165		3,447
1.2x to 1.5x	855		762		558		752		666		1,248		—		95		4,936
1.0x to 1.2x	356		261		520		323		141		1,041		386		38		3,066
Less than 1.0x	20		19		41		346		142		147		—		—		715
Total commercial and agricultural mortgage loans	$	1,488	$	1,894	$	1,617	$	3,347	$	2,400	$	8,566	$	558	$	482	$	20,352

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

(3)Residential mortgage loans are excluded from the above tables.

LTV Ratios (1) (3)


	December 31, 2024
	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
0% - 50%	$	185	$	363	$	137	$	212	$	269	$	1,548	$	—	$	—	$	2,714
50% - 70%	1,501		910		1,622		628		318		2,083		441		201		7,704
70% - 90%	—		246		707		918		396		1,187		101		206		3,761
90% plus	—		—		616		322		309		1,290		—		—		2,537
Total commercial	$	1,686	$	1,519	$	3,082	$	2,080	$	1,292	$	6,108	$	542	$	407	$	16,716

Agricultural:
0% - 50%	$	49	$	98	$	160	$	202	$	269	$	882	$	—	$	—	$	1,660
50% - 70%	160		59		126		130		144		273		—		—		892
70% - 90%	—		—		—		—		—		16		—		—		16
90% plus	—		—		—		—		—		—		—		—		—
Total agricultural	$	209	$	157	$	286	$	332	$	413	$	1,171	$	—	$	—	$	2,568


Total commercial and agricultural mortgage loans:
0% - 50%	$	234	$	461	$	297	$	414	$	538	$	2,430	$	—	$	—	$	4,374
50% - 70%	1,661		969		1,748		758		462		2,356		441		201		8,596
70% - 90%	—		246		707		918		396		1,203		101		206		3,777
90% plus	—		—		616		322		309		1,290		—		—		2,537
Total commercial and agricultural mortgage loans	$	1,895	$	1,676	$	3,368	$	2,412	$	1,705	$	7,279	$	542	$	407	$	19,284

DSC Ratios (2) (3)


	December 31, 2024
	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
Greater than 2.0x	$	208	$	176	$	609	$	1,255	$	916	$	3,318	$	—	$	—	$	6,482
1.8x to 2.0x	103		75		50		149		376		607		176		182		1,718
1.5x to 1.8x	472		211		727		—		—		1,060		44		189		2,703
1.2x to 1.5x	756		566		542		433		—		661		—		—		2,958


	December 31, 2024
	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
1.0x to 1.2x	147		482		643		193		—		359		322		36		2,182
Less than 1.0x	—		9		511		50		—		103		—		—		673
Total commercial	$	1,686	$	1,519	$	3,082	$	2,080	$	1,292	$	6,108	$	542	$	407	$	16,716

Agricultural:
Greater than 2.0x	$	12	$	5	$	41	$	34	$	57	$	157	$	—	$	—	$	306
1.8x to 2.0x	11		17		24		54		28		79		—		—		213
1.5x to 1.8x	49		11		44		27		120		175		—		—		426
1.2x to 1.5x	47		46		89		138		113		422		—		—		855
1.0x to 1.2x	71		47		63		68		87		307		—		—		643
Less than 1.0x	19		31		25		11		8		31		—		—		125
Total agricultural	$	209	$	157	$	286	$	332	$	413	$	1,171	$	—	$	—	$	2,568


Total commercial and agricultural mortgage loans:
Greater than 2.0x	$	220	$	181	$	650	$	1,289	$	973	$	3,475	$	—	$	—	$	6,788
1.8x to 2.0x	114		92		74		203		404		686		176		182		1,931
1.5x to 1.8x	521		222		771		27		120		1,235		44		189		3,129
1.2x to 1.5x	803		612		631		571		113		1,083		—		—		3,813
1.0x to 1.2x	218		529		706		261		87		666		322		36		2,825
Less than 1.0x	19		40		536		61		8		134		—		—		798
Total commercial and agricultural mortgage loans	$	1,895	$	1,676	$	3,368	$	2,412	$	1,705	$	7,279	$	542	$	407	$	19,284

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

(3)Residential mortgage loans are excluded from the above tables.

The amortized cost of residential mortgage loans by credit quality indicator and origination year was as follows:


	June 30, 2025
	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
	(in millions)
Performance indicators:
Performing	$	85	$	700	$	393	$	178	$	128	$	4	$	1,488
Nonperforming	—		—		1		—		—		—		1
Total	$	85	$	700	$	394	$	178	$	128	$	4	$	1,489


	December 31, 2024
	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2019		Prior		Total
	(in millions)
Performance indicators:
Performing	$	313	$	428	$	186	$	133	$	4	$	2	$	1,066
Nonperforming	—		—		—		—		—		—		—
Total	$	313	$	428	$	186	$	133	$	4	$	2	$	1,066

Past-Due and Nonaccrual Mortgage Loan Status

The aging analysis of past-due mortgage loans were as follows:

Age Analysis of Past Due Mortgage Loans (1)


	Accruing Loans												Non-accruing Loans		Total Loans		Non-accruing Loans with No Allowance		Interest Income on Non-accruing Loans
	Past Due								Current		Total
	30-59 Days		60-89 Days		90 Days or More		Total
	(in millions)
June 30, 2025:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	17,642	$	17,642	$	118	$	17,760	$	—	$	1
Agricultural	33		9		46		88		2,477		2,565		27		2,592		25		—
Residential	—		—		5		5		1,483		1,488		1		1,489		1		—
Total	$	33	$	9	$	51	$	93	$	21,602	$	21,695	$	146	$	21,841	$	26	$	1

December 31, 2024:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	16,659	$	16,659	$	57	$	16,716	$	—	$	1
Agricultural	12		1		33		46		2,486		2,532		36		2,568		—		—
Residential	—		1		—		1		1,065		1,066		—		1,066		—		—
Total	$	12	$	2	$	33	$	47	$	20,210	$	20,257	$	93	$	20,350	$	—	$	1

______________

(1)Amounts presented at amortized cost basis.

As of June 30, 2025 and December 31, 2024, the amortized cost of problem mortgage loans that had been classified as non-accrual loans were $89 million and $36 million, respectively.

Loan Modifications

During the three and six months ended June 30, 2025, the Company granted a modification splitting a $15 million agricultural mortgage loan into three notes. The loans have an amortized cost of $9 million, which is fully attributed to the first note, and represent 0.3% of total agricultural loans.

During 2024, the Company granted a modification splitting a commercial mortgage loan into two notes. One note retaining the original loan terms and the second note with an increased interest rate to market terms and required management of excess cash. The loans have an amortized cost of $65 million and represents 0.4% of total commercial mortgage loans.

During 2023, the Company granted a modification of interest rates on four commercial mortgage loans, but not to market terms and required management of excess cash. The loans have an amortized cost of $228 million which represents 1.3% of total commercial mortgage loans. Two of the four loans also have term extensions of 17 months to 4 years.

The impact to Investment income or gains (losses) as a result of these modifications was not material to the consolidated financial statements.

The above modifications are performing in accordance with their restructured terms.

Equity Securities

The breakdown of unrealized and realized gains and (losses) on equity securities was as follows:

Unrealized and Realized Gains (Losses) from Equity Securities


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(2)	$	(6)	$	(2)	$	9
Net investment gains (losses) recognized on securities sold during the period	2		3		2		2
Unrealized and realized gains (losses) on equity securities	$	—	$	(3)	$	—	$	11

Trading Securities

As of June 30, 2025 and December 31, 2024, respectively, the fair value of the Company’s trading securities was $1.3 billion and $1.1 billion. As of June 30, 2025 and December 31, 2024, respectively, trading securities included the General Account’s investment in Separate Accounts had carrying values of $56 million and $64 million.

The breakdown of net investment income (loss) from trading securities was as follows:

Net Investment Income (Loss) from Trading Securities


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	50	$	6	$	33	$	42
Net investment gains (losses) recognized on securities sold during the period	(10)		—		6		1
Unrealized and realized gains (losses) on trading securities	40		6		39		43
Interest and dividend income from trading securities	25		21		34		32
Net investment income (loss) from trading securities	$	65	$	27	$	73	$	75

Fixed maturities, at fair value using the fair value option

The breakdown of net investment income (loss) from fixed maturities, at fair value using the fair value option were as follows:

Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	5	$	(2)	$	12	$	(5)
Net investment gains (losses) recognized on securities sold during the period	(1)		2		1		3
Unrealized and realized gains (losses) from fixed maturities	4		—		13		(2)
Interest and dividend income from fixed maturities	(4)		23		(4)		28
Net investment income (loss) from fixed maturities	$	—	$	23	$	9	$	26

Net Investment Income

The following tables provides the components of Net investment income by investment type:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Fixed maturities	$	938	$	842	$	1,874	$	1,655
Mortgage loans on real estate	256		239		516		473
Other equity investments	39		(8)		83		52
Policy loans	52		56		107		110
Trading securities	65		27		73		75
Other investment income	40		21		17		45
Fixed maturities, at fair value using the fair value option	—		23		9		26
Gross investment income (loss)	1,390		1,200		2,679		2,436
Investment expenses	(35)		(33)		(76)		(59)
Net investment income (loss)	$	1,355	$	1,167	$	2,603	$	2,377

Investment Gains (Losses), Net

Investment gains (losses), net, including changes in the valuation allowances and credit losses were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Fixed maturities	$	(11)	$	(1)	$	(19)	$	(27)
Mortgage loans on real estate	(61)		(14)		(68)		(32)

Other	1		(1)		2		4
Investment gains (losses), net	$	(71)	$	(16)	$	(85)	$	(55)

For the three and six months ended June 30, 2025 and 2024, respectively, investment results passed through to certain participating group annuity contracts as interest credited to policyholders’ account balances totaled $0 million, $1 million, $0 million and $1 million.

DERIVATIVES

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

The Company uses derivatives as part of its overall asset/liability risk management primarily to reduce exposures to equity market and interest rate risks. Derivative hedging strategies are designed to reduce these risks from an economic perspective and are all executed within the framework of a “Derivative Use Plan” approved by applicable states’ insurance law. Derivatives are generally not accounted for using hedge accounting, with the exception of TIPS and cash flow hedges, which are discussed further below. Operation of these hedging programs is based on models involving numerous estimates and assumptions, including, among others, mortality, lapse, surrender and withdrawal rates, election rates, fund performance, market volatility and interest rates. A wide range of derivative contracts are used in these hedging programs, including exchange traded equity, currency and interest rate futures contracts, total return and/or other equity swaps, interest rate swap and floor contracts, bond and bond-index total return swaps, swaptions, variance swaps and equity options, credit and foreign exchange derivatives, as well as bond and repo transactions to support the hedging. The derivative contracts are collectively managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits’ exposures attributable to movements in capital markets. In addition, as part of its hedging strategy, the Company targets an asset level for all variable annuity products at or above a CTE98 level under most economic scenarios (CTE is a statistical measure of tail risk which quantifies the total asset requirement (“TAR”) to sustain a loss if an event outside a given probability level has occurred. CTE98 denotes the financial resources a company would need to cover the average of the worst 2% of scenarios.)

Derivatives Utilized to Hedge Exposure to Variable Annuities with Guarantee Features

The Company has issued and continues to offer variable annuity products with GMxB features which are accounted for as MRBs. The risk associated with the GMDB feature is that under-performance of the financial markets could result in GMDB benefits, in the event of death, being higher than what accumulated policyholders’ account balances would support. The risk associated with the GMIB feature is that under-performance of the financial markets could result in the present value of GMIB, in the event of annuitization, being higher than what accumulated policyholders’ account balances would support, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. The risk associated with products that have a GMxB feature and are accounted for as MRBs is that under-performance of the financial markets could result in the GMxB features benefits being higher than what accumulated policyholders’ account balances would support.

For GMxB features, the Company retains certain risks including basis, credit spread, and some volatility risk and risk associated with actual experience compared to expected actuarial assumptions for mortality, lapse and surrender, withdrawal and policyholder election rates, among other things. The derivative contracts are managed to correlate with changes in the value of the GMxB features that result from financial markets movements. A portion of exposure to realized equity volatility is hedged using equity options and variance swaps and a portion of exposure to credit risk is hedged using total return swaps on fixed income indices. Additionally, the Company is party to total return swaps for which the reference U.S. Treasury securities are contemporaneously purchased from the market and sold to the swap counterparty. As these transactions result in a transfer of control of the U.S. Treasury securities to the swap counterparty, the Company derecognizes these securities with consequent gain or loss from the sale. The Company has also purchased reinsurance contracts to mitigate the risks associated with GMDB features and the impact of potential market fluctuations on future policyholder elections of GMIB features contained in certain annuity contracts issued by the Company. The reinsurance of these features is accounted for as purchased MRBs. In addition, on June 1, 2021, we ceded legacy variable annuity policies sold by Equitable Financial between 2006-2008 (the “Block”), comprised of non-New York “Accumulator” policies containing fixed rate GMIB and/or GMDB guarantees to CS Life. As this contract provides full risk transfer and thus has the same risk attributes as the underlying direct contracts, the benefits of this treaty are accounted for in the same manner as the underlying gross reserves and therefore the amounts due from reinsurers related to excess benefits are accounted for as purchased MRBs.

The Company has in place an economic hedge program using U.S. Treasury futures to partially protect the overall profitability of future variable annuity sales against declining interest rates.

Derivatives Utilized to Hedge Crediting Rate Exposure on SCS, SIO, MSO and IUL Products/Investment Options

The Company hedges crediting rates in the SCS variable annuity, SIO in the EQUI-VEST variable annuity series, MSO in the variable life insurance products and IUL insurance products. These products permit the contract owner to participate in the performance of an index, ETF or commodity price movement up to a cap for a set period of time. They also contain a protection feature, in which the Company will absorb, up to a certain percentage, the loss of value in an index, ETF or commodity price, which varies by product segment.

In order to support the returns associated with these features, the Company enters into derivative contracts whose payouts, in combination with fixed income investments, emulate those of the index, ETF or commodity price, subject to caps and buffers, thereby substantially reducing any exposure to market-related earnings volatility.

Derivatives Used to Hedge Equity Market Risks Associated with the General Account’s Seed Money Investments in Retail Mutual Funds

The Company’s General Account seed money investments in retail mutual funds expose us to market risk, including equity market risk which is partially hedged through equity-index futures contracts to minimize such risk.

Derivatives Used for General Account Investment Portfolio

The Company purchased CDS to mitigate its exposure to a reference entity through cash positions. These positions do not replicate credit spreads.

The Company purchased 30-year TIPS and other sovereign bonds, both inflation linked and non-inflation linked, as General Account investments and enters into asset or cross-currency basis swaps, to result in payment of the given bond’s coupons and principal at maturity in the bond’s specified currency to the swap counterparty in return for fixed dollar amounts. These swaps, when considered in combination with the bonds, together result in a net position that is intended to replicate a dollar-denominated fixed-coupon cash bond with a yield higher than a term-equivalent U.S. Treasury bond.

Derivatives Utilized to Hedge Exposure to Foreign Currency Denominated Cash Flows

The Company purchases private placement debt securities and issues funding agreements in the FABN program in currencies other than its functional U.S. dollar currency. The Company enters into cross currency swaps with external counterparties to hedge the exposure of the foreign currency denominated cash flows of these instruments. The foreign currency received from or paid to the cross currency swap counterparty is exchanged for fixed U.S. dollar amounts with improved net investment yields or net product costs over equivalent U.S. dollar denominated instruments issued at that time. The transactions are accounted for as cash flow hedges when they are designated in hedging relationships and qualify for hedge accounting.

These cross currency swaps are for the period the foreign currency denominated private placement debt securities and funding agreement are outstanding, with the longest cross currency swap expiring in 2033. Since these cross currency swaps are designated and qualify as cash flow hedges, the corresponding interest accruals are recognized in Net investment income and in interest credited to policyholders’ account balances.

The tables below present quantitative disclosures about the Company’s derivative instruments designated in hedging relationships and derivative instruments which have not been designated in hedging relationships, including those embedded in other contracts required to be accounted for as derivative instruments.

The following table presents the gross notional amount and fair value of the Company’s derivatives:

Derivative Instruments by Category


	June 30, 2025								December 31, 2024
			Fair Value								Fair Value
	Notional Amount		Derivative Assets		Derivative Liabilities		Net Derivatives		Notional Amount		Derivative Assets		Derivative Liabilities		Net Derivatives
	(in millions)
Derivatives: designated for hedge accounting (1)
Cash flow hedges:
Currency swaps	$	2,962	$	90	$	157	$	(67)	$	2,940	$	111	$	95	$	16
Interest swaps	952		—		335		(335)		952		—		306		(306)
Total: designated for hedge accounting	3,914		90		492		(402)		3,892		111		401		(290)
Derivatives: not designated for hedge accounting (1)
Equity contracts:
Futures	17,100		—		3		(3)		14,530		3		—		3
Swaps	16,942		59		71		(12)		16,264		65		19		46
Options	66,287		22,575		4,925		17,650		70,685		20,647		4,319		16,328
Interest rate contracts:
Futures	9,716		—		—		—		9,310		—		—		—
Swaps	610		12		5		7		672		—		41		(41)
Options	50		5		—		5		—		—		—		—
Credit contracts:
Credit default swaps	437		11		20		(9)		275		12		10		2
Currency contracts:
Currency swaps	771		—		31		(31)		828		26		—		26
Currency forwards	83		15		17		(2)		28		17		17		—
Other freestanding contracts:
Margin	—		1,173		—		1,173		—		796		—		796
Collateral	—		155		16,634		(16,479)		—		137		16,908		(16,771)
Total: not designated for hedge accounting	111,996		24,005		21,706		2,299		112,592		21,703		21,314		389

Embedded derivatives:
SCS, SIO, MSO and IUL indexed features (2)	—		—		18,311		(18,311)		—		—		17,212		(17,212)
Total embedded derivatives	—		—		18,311		(18,311)		—		—		17,212		(17,212)

Total derivative instruments	$	115,910	$	24,095	$	40,509	$	(16,414)	$	116,484	$	21,814	$	38,927	$	(17,113)

______________

(1)Reported in other invested assets in the consolidated balance sheets.

(2)Reported in policyholders’ account balances in the consolidated balance sheets.

The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss):

Derivative Instruments by Category


	Three Months Ended June 30, 2025								Six Months Ended June 30, 2025
	Net Derivative Gains (Losses) (1)		Net Investment Income		Interest Credited To Policyholders Account Balances		AOCI		Net Derivative Gains (Losses) (1)		Net Investment Income		Interest Credited To Policyholders Account Balances		AOCI
	(in millions)
Derivatives: designated for hedge accounting
Cash flow hedges:
Currency swaps	$	—	$	9	$	73	$	(151)	$	—	$	15	$	106	$	(188)
Interest swaps	—		(8)		—		13		—		(11)		—		(8)
Total: designated for hedge accounting	—		1		73		(138)		—		4		106		(196)
Derivatives: not Designated for hedge accounting
Equity contracts:
Futures	472		—		—		—		272		—		—		—
Swaps	(1,204)		—		—		—		(499)		—		—		—
Options	4,235		—		—		—		1,590		—		—		—
Interest rate contracts:
Futures	(98)		—		—		—		(121)		—		—		—
Swaps	(16)		—		—		—		(1)		—		—		—
Options	(1)		—		—		—		(2)		—		—		—
Credit contracts:
Credit default swaps	(3)		—		—		—		(3)		—		—		—
Currency contracts:
Currency swaps	(57)		—		—		—		(87)		—		—		—
Currency forwards	(6)		—		—		—		(6)		—		—		—
Other freestanding contracts:
Margin	—		—		—		—		—		—		—		—
Collateral	—		—		—		—		—		—		—		—
Total: not designated for hedge accounting	3,322		—		—		—		1,143		—		—		—

Embedded derivatives:
SCS, SIO,MSO and IUL indexed features	(4,696)		—		—		—		(1,718)		—		—		—
Total embedded derivatives	(4,696)		—		—		—		(1,718)		—		—		—

Total derivative instruments	$	(1,374)	$	1	$	73	$	(138)	$	(575)	$	4	$	106	$	(196)

______________

(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).


	Three Months Ended June 30, 2024								Six Months Ended June 30, 2024
	Net Derivatives Gains (Losses) (1)		Net Investment Income		Interest Credited To Policyholders Account Balances		AOCI		Net Derivatives Gains (Losses) (1)		Net Investment Income		Interest Credited To Policyholders Account Balances		AOCI
	(in millions)
Derivatives: designated for hedge accounting
Cash flow hedges:
Currency swaps	$	—	$	4	$	(5)	$	22	$	1	$	7	$	(23)	$	38
Interest swaps	—		(17)		—		13		—		(14)		—		6
Total: designated for hedge accounting	—		(13)		(5)		35		1		(7)		(23)		44
Derivatives: not Designated for hedge accounting
Equity contracts:
Futures	50		—		—		—		291		—		—		—
Swaps	(99)		—		—		—		(1,214)		—		—		—
Options	1,225		—		—		—		4,021		—		—		—
Interest rate contracts:
Futures	(1)		—		—		—		(11)		—		—		—
Swaps	(88)		—		—		—		(253)		—		—		—
Credit contracts:
Credit default swaps	—		—		—		—		(1)		—		—		—
Currency contracts:
Currency swaps	1		—		—		—		13		—		—		—
Currency forwards	—		—		—		—		1		—		—		—



Total: not designated for hedge accounting	1,088		—		—		—		2,847		—		—		—

Embedded derivatives:
SCS, SIO,MSO and IUL indexed features	(1,296)		—		—		—		(4,432)		—		—		—
Total embedded derivatives	(1,296)		—		—		—		(4,432)		—		—		—

Total derivative instruments (1)	$	(208)	$	(13)	$	(5)	$	35	$	(1,584)	$	(7)	$	(23)	$	44

______________

(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).

The following table presents a roll-forward of cash flow hedges recognized in AOCI:

Roll-forward of Cash flow hedges in AOCI


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Balance, beginning of period	$	22	$	(21)	$	80	$	(31)
Amount recorded in AOCI
Currency swaps	(91)		19		(81)		19
Interest swaps	—		(9)		(29)		(17)
Total amount recorded in AOCI	(91)		10		(110)		2
Amount reclassified from (to) income to AOCI
Currency swaps (1)	(60)		3		(107)		20
Interest swaps (1)	13		21		21		22
Total amount reclassified from (to) income to AOCI	(47)		24		(86)		42
Balance, end of period (2)	$	(116)	$	13	$	(116)	$	13

______________

(1) Currency swaps income is reported in Net investment income in the consolidated statements of income (loss). Interest swaps income is reported in net derivative gains (losses) in the consolidated statements of income (loss).

(2) The Company does not estimate the amount of the deferred losses in AOCI at June 30, 2025, and 2024 which will be released and reclassified into net income (loss) over the next 12 months as the amounts cannot be reasonably estimated.

Equity-Based and Treasury Futures Contracts Margin

All outstanding equity-based and treasury futures contracts as of June 30, 2025 and December 31, 2024 are exchange-traded and net settled daily in cash. As of June 30, 2025 and December 31, 2024, respectively, the Company had open exchange-traded futures positions on: (i) the S&P 500, Nasdaq, Russell 2000 and Emerging Market indices, having initial margin requirements of $1.1 billion and $704 million, (ii) the 2-year, 5-year and 10-year U.S. Treasury Notes on U.S. Treasury bonds and ultra-long bonds, having initial margin requirements of $110 million and $99 million, and (iii) the Euro Stoxx, FTSE 100, Topix, ASX 200 and EAFE indices as well as corresponding currency futures on the Euro/U.S. dollar, Pound/U.S. dollar, Australian dollar/U.S. dollar, and Yen/U.S. dollar, having initial margin requirements of $1 million and $11 million.

Collateral Arrangements

The Company generally has executed a CSA under the ISDA Master Agreement it maintains with each of its OTC derivative counterparties that requires both posting and accepting collateral either in the form of cash or high-quality securities, such as U.S. Treasury securities, U.S. government and government agency securities and investment grade corporate bonds. The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. As of June 30, 2025 and December 31, 2024, respectively, the Company held $16.6 billion and $16.9 billion in cash and securities collateral delivered by trade counterparties, representing the fair value of the related derivative agreements. The unrestricted cash collateral is reported in other invested assets. The Company posted collateral of $155 million and $137 million as of June 30, 2025 and December 31, 2024, respectively, in the normal operation of its collateral arrangements. 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 international financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and OTC parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review.

Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position. 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 and December 31, 2024, there were no net liability derivative positions with counterparties with credit risk-related contingent features whose credit rating has fallen. All derivatives have been appropriately collateralized by the Company or the counterparty in accordance with the terms of the derivative agreements.

The following tables present information about the Company’s offsetting of financial assets and liabilities and derivative instruments:

Offsetting of Financial Assets and Liabilities and Derivative Instruments

As of June 30, 2025


	Gross Amount Recognized		Gross Amount Offset in the Balance Sheets		Net Amount Presented in the Balance Sheets		Gross Amount not Offset in the Balance Sheets (3)		Net Amount
	(in millions)
Assets:
Derivative assets (1)	$	24,095	$	17,684	$	6,411	$	(4,509)	$	1,902
Secured lending	104		—		104		—		104
Other financial assets	1,786		—		1,786		—		1,786
Other invested assets	$	25,985	$	17,684	$	8,301	$	(4,509)	$	3,792

Liabilities:
Derivative liabilities (2)	$	17,689	$	17,684	$	5	$	—	$	5
Secured lending	104		—		104		—		104
Other financial liabilities	5,738		—		5,738		—		5,738
Other liabilities	$	23,531	$	17,684	$	5,847	$	—	$	5,847

______________

(1)Excludes Asset Management segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Asset Management segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments/collateral sent (held).

As of December 31, 2024


	Gross Amount Recognized		Gross Amount Offset in the Balance Sheets		Net Amount Presented in the Balance Sheets		Gross Amount not Offset in the Balance Sheets (3)		Net Amount
	(in millions)
Assets:
Derivative assets (1)	$	21,814	$	14,924	$	6,890	$	(6,080)	$	810
Secured Lending	137		—		137		—		137
Other financial assets	1,510		—		1,510		—		1,510
Other invested assets	$	23,461	$	14,924	$	8,537	$	(6,080)	$	2,457

Liabilities:
Derivative liabilities (2)	$	15,634	$	14,924	$	710	$	—	$	710
Secured Lending	137		—		137		—		137
Other financial liabilities	6,185		—		6,185		—		6,185
Other liabilities	$	21,956	$	14,924	$	7,032	$	—	$	7,032

______________

(1)Excludes Asset Management segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Asset Management segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments sent (held).

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Contract Holder Bonus Interest Credits [Abstract]

CLOSED BLOCK

6 Months Ended

Jun. 30, 2025

Closed Block Disclosure [Abstract]

CLOSED BLOCK

As a result of demutualization, the Company’s Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders.

Assets allocated to the Closed Block insure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of the Company. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of the Company’s General Account, any of its Separate Accounts or any affiliate of the Company without the approval of the New York State Department of Financial Services (the “NYDFS”). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. For more information on the Closed Block, see Note 6 to the Company's consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2024.

Summarized financial information for the Company’s Closed Block is as follows:



	June 30, 2025		December 31, 2024
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	5,100	$	5,213

Other liabilities	47		62
Total Closed Block liabilities	5,147		5,275

Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $2,674 and $2,888) (allowance for credit losses of $0 and$0)	2,591		2,746
Mortgage loans on real estate (net of allowance for credit losses of $22 and $21)	1,498		1,531
Policy loans	510		523
Cash and other invested assets	161		17
Other assets	107		130
Total assets designated to the Closed Block	4,867		4,947

Excess of Closed Block liabilities over assets designated to the Closed Block	280		328
Amounts included in AOCI:
Net unrealized investment gains (losses), net of income tax: $17 and $30	(66)		(112)
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	214	$	216

The Company’s Closed Block revenues and expenses were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Revenues:
Premiums and other income	$	24	$	26	$	51	$	55
Net investment income (loss)	48		51		99		103
Investment gains (losses), net	—		—		(1)		(1)
Total revenues	72		77		149		157

Benefits and Other Deductions:
Policyholders’ benefits and dividends	72		64		146		141
Other operating costs and expenses	1		—		1		—
Total benefits and other deductions	73		64		147		141
Net income (loss), before income taxes	(1)		13		2		16
Income tax (expense) benefit	—		(2)		(1)		(3)
Net income (loss)	$	(1)	$	11	$	1	$	13

DAC AND OTHER DEFERRED ASSETS/LIABILITIES

6 Months Ended

Jun. 30, 2025

DAC AND OTHER DEFERRED ASSETS/LIABILITIES

The following table presents a reconciliation of DAC to the consolidated balance sheets:


	June 30		December 31
	2025		2024
	(in millions)
Protection Solutions
Term	$	301	$	314
Universal Life	171		170
Variable Universal Life	1,122		1,083
Indexed Universal Life	186		186
Individual Retirement
GMxB Core	1,599		1,605
EQUI-VEST Individual	154		154
Investment Edge	250		225
SCS	2,107		1,938
Legacy Segment
GMxB Legacy	494		517
Group Retirement
EQUI-VEST Group	776		768
Momentum	80		83
Corporate and Other	103		107
Other	18		20
Total	$	7,361	$	7,170

Annually, or as circumstances warrant, the Company reviews the associated decrements assumptions (i.e., mortality and lapse) based on our multi-year average of companies experience with actuarial judgements to reflect other observable industry trends. In addition to DAC, the unearned revenue liability and sales inducement asset (“SIA”) use similar techniques and quarterly update processes for balance amortization.

Changes in the DAC asset were as follows:


	Six Months Ended June 30, 2025
	Protection Solutions								Individual Retirement								Legacy		Group Retirement				Corporate and Other		Total
	Term		UL		VUL		IUL		GMxB Core		EI		IE		SCS		GMxB Legacy		EG		Momentum		CB (1)
	(in millions)
Balance, beginning of period	$	314	$	170	$	1,083	$	186	$	1,605	$	154	$	225	$	1,938	$	517	$	768	$	83	$	107	$	7,150
Capitalization	5		7		72		6		70		5		36		326		9		31		5		—		572
Amortization (2)	(18)		(6)		(33)		(6)		(76)		(5)		(11)		(157)		(32)		(23)		(8)		(4)		(379)
Balance, end of period	$	301	$	171	$	1,122	$	186	$	1,599	$	154	$	250	$	2,107	$	494	$	776	$	80	$	103	$	7,343

______________

(1)“CB” defined as Closed Block.

(2)DAC amortization of $2 million related to Other not reflected in table above.


	Six Months Ended June 30, 2024
	Protection Solutions								Individual Retirement								Legacy		Group Retirement				Corporate and Other		Total
	Term		UL		VUL		IUL		GMxB Core		EI		IE		SCS		GMxB Legacy		EG		Momentum		CB
	(in millions)
Balance, beginning of period	$	337	$	174	$	987	$	188	$	1,602	$	155	$	172	$	1,571	$	555	$	742	$	82	$	116	$	6,681
Capitalization	8		4		77		5		74		6		29		306		14		32		5		—		560
Amortization (1)	(19)		(6)		(30)		(6)		(74)		(6)		(8)		(131)		(31)		(21)		(2)		(5)		(339)
Balance, end of period	$	326	$	172	$	1,034	$	187	$	1,602	$	155	$	193	$	1,746	$	538	$	753	$	85	$	111	$	6,902

______________

(1) DAC amortization of $2 million related to Other not reflected in table above.

Changes in the Individual Retirement sales inducement assets were as follows:


	Six Months Ended June 30,
	2025				2024
	GMxB Core		GMxB Legacy		GMxB Core		GMxB Legacy
	(in millions)
Balance, beginning of period	$	117	$	160	$	127	$	179
Capitalization	1		—		1		—
Amortization	(6)		(9)		(6)		(10)
Balance, end of period	$	112	$	151	$	122	$	169

Changes in the Protection Solutions unearned revenue liability were as follows:


	Six Months Ended June 30,
	2025						2024
	UL		VUL		IUL		UL		VUL		IUL
	(in millions)

Balance, beginning of period	$	114	$	840	$	250	$	107	$	754	$	210
Capitalization	7		74		23		8		65		28
Amortization	(4)		(27)		(8)		(4)		(24)		(7)
Balance, end of period	$	117	$	887	$	265	$	111	$	795	$	231

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS

The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheets:


	June 30, 2025		December 31, 2024
	(in millions)
Reconciliation
Term	$	1,287	$	1,285
Payout	4,936		5,050
Group Pension - Benefit Reserve & DPL	447		460
Health	1,336		1,362
UL	1,271		1,246
Subtotal	9,277		9,403
Whole Life Closed Block and Open Block products	5,083		5,204
Other (1)	915		901
Future policyholder benefits total	15,275		15,508
Other policyholder funds and dividends payable	2,282		2,105
Total	$	17,557	$	17,613

_____________

(1)Primarily consists of future policy benefits related to Protective Life and Annuity, Assumed Life and Disability, Group Life Run off, Variable Interest Sensitive Life rider and EB.

The following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts:


	Six Months Ended June 30, 2025								Six Months Ended June 30, 2024
	Protection Solutions		Individual Retirement		Corporate & Other				Protection Solutions		Individual Retirement		Corporate & Other
	Term		Payout		Group Pension		Health		Term		Payout		Group Pension		Health
	(in millions)
Present Value of Expected Net Premiums
Balance, beginning of period	$	1,932	$	—	$	—	$	(25)	$	2,133	$	—	$	—	$	(21)
Beginning balance at original discount rate	1,959		—		—		(26)		2,058		—		—		(22)
Effect of changes in cash flow assumptions	—		—		—		—		(18)		—		—		(3)
Effect of actual variances from expected experience	(54)		—		—		(2)		(51)		—		—		2
Adjusted beginning of period balance	1,905		—		—		(28)		1,989		—		—		(23)
Issuances	20		—		—		—		26		—		—		—
Interest accrual	47		—		—		(1)		49		—		—		—
Net premiums collected	(90)		—		—		3		(95)		—		—		1

Ending Balance at original discount rate	1,882		—		—		(26)		1,969		—		—		(22)
Effect of changes in discount rate assumptions	—		—		—		1		(21)		—		—		1
Balance, end of period	$	1,882	$	—	$	—	$	(25)	$	1,948	$	—	$	—	$	(21)

Present Value of Expected Future Policy Benefits
Balance, beginning of period	$	3,216	$	5,050	$	460	$	1,337	$	3,480	$	4,464	$	490	$	1,484
Beginning balance of original discount rate	3,215		5,390		514		1,555		3,330		4,680		536		1,672
Effect of changes in cash flow assumptions (1)	—		(468)		—		—		(20)		—		—		—
Effect of actual variances from expected experience	(73)		(3)		—		(7)		(66)		(2)		1		7
Adjusted beginning of period balance	3,142		4,919		514		1,548		3,244		4,678		537		1,679
Issuances	22		398		—		—		28		522		—		—
Interest accrual	79		99		9		25		82		89		9		27
Benefits payments	(120)		(251)		(31)		(75)		(116)		(228)		(31)		(79)
Ending Balance at original discount rate	3,123		5,165		492		1,498		3,238		5,061		515		1,627
Effect of changes in discount rate assumptions	45		(229)		(45)		(187)		6		(359)		(58)		(234)
Balance, end of period	$	3,168	$	4,936	$	447	$	1,311	$	3,244	$	4,702	$	457	$	1,393
Impact of flooring LFPB at zero	1		—		—		—		1		—		—		—
Net liability for future policy benefits	1,287		4,936		447		1,336		1,297		4,702		457		1,414
Less: Reinsurance recoverable	2		(1,027)		—		(1,044)		14		(1,144)		—		(1,116)
Net liability for future policy benefits, after reinsurance recoverable	$	1,289	$	3,909	$	447	$	292	$	1,311	$	3,558	$	457	$	298

Weighted-average duration of liability for future policyholder benefits (years)	6.8		7.6		6.9		8.3		6.9		7.9		7.0		8.6

______________

(1)For the first quarter 2025, this is the net income impact due to novation as described in Note 1.

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses related to nonparticipating traditional and limited payment contracts:


	June 30, 2025		December 31, 2024
	(in millions)
Term
Expected future benefit payments and expenses (undiscounted)	$	5,444	$	5,613
Expected future gross premiums (undiscounted)	6,424		6,597
Expected future benefit payments and expenses (discounted; AOCI basis)	3,168		3,216
Expected future gross premiums (discounted; AOCI basis)	3,473		3,507

Payout
Expected future benefit payments and expenses (undiscounted)	7,338		7,686
Expected future gross premiums (undiscounted)	—		—
Expected future benefit payments and expenses (discounted; AOCI basis)	4,814		4,938
Expected future gross premiums (discounted; AOCI basis)	—		—

Group Pension
Expected future benefit payments and expenses (undiscounted)	603		630
Expected future gross premiums (undiscounted)	—		—
Expected future benefit payments and expenses (discounted; AOCI basis)	425		436
Expected future gross premiums (discounted; AOCI basis)	—		—

Health
Expected future benefit payments and expenses (undiscounted)	2,053		2,139
Expected future gross premiums (undiscounted)	65		70
Expected future benefit payments and expenses (discounted; AOCI basis)	1,299		1,323
Expected future gross premiums (discounted; AOCI basis)	$	52	$	55

The table below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts:


	Six Months Ended June 30,

	2025		2024			2025		2024
	Gross Premium				Interest Accretion
	(in millions)
Revenue and Interest Accretion
Term	$	161	$	171		$	32	$	33
Payout	116		127			105		99
Group Pension	—		—			9		9
Health	5		6			26		28
Total	$	282	$	304		$	172	$	169

The following table provides the weighted average interest rates for the liability for future policy benefits:


	June 30, 2025		December 31, 2024
Weighted Average Interest Rate
Term
Interest accretion rate	5.6	%	5.6	%
Current discount rate	5.0	%	5.2	%
Payout
Interest accretion rate	4.5	%	4.4	%
Current discount rate	5.1	%	5.3	%
Group Pension
Interest accretion rate	3.4	%	3.4	%
Current discount rate	5.0	%	5.2	%
Health
Interest accretion rate	3.4	%	3.4	%
Current discount rate	5.2	%	5.4	%

The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities:


	Six Months Ended June 30,
		2025		2024
		Protection Solutions
		UL
		(in millions)
Balance, beginning of period		$	1,246	$	1,208
Beginning balance before AOCI adjustments		1,302		1,245
Effect of changes in interest rate & cash flow assumptions and model changes		—		—
Effect of actual variances from expected experience		4		(1)
Adjusted beginning of period balance		1,306		1,244
Interest accrual		29		27
Net assessments collected		34		35
Benefit payments		(45)		(35)

Ending balance before shadow reserve adjustments		1,324		1,271
Effect of reserve adjustment recorded in AOCI		(53)		(51)
Balance, end of period		$	1,271	$	1,220

Net liability for additional liability		$	1,271	$	1,220
Less: Reinsurance recoverable		—		—
Net liability for additional liability, after reinsurance recoverable		$	1,271	$	1,220

Weighted-average duration of additional liability - death benefit (years)		19.1		19.5

The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:


	Six Months Ended June 30,

	2025		2024			2025		2024
	Assessments				Interest Accretion
	(in millions)
Revenue and Interest Accretion
UL	$	316	$	338		$	29	$	27
Total	$	316	$	338		$	29	$	27


	Six Months Ended June 30,

		2025		2024

Weighted Average Interest Rate
UL		4.5	%	4.5	%
Interest accretion rate		4.5	%	4.5	%

The discount rate used for additional insurance liabilities reserve is based on the crediting rate at issue.

The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References + Details

FAIR VALUE DISCLOSURES

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE DISCLOSURES

U.S. GAAP establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value:

Level 1 Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data.

Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability.

The Company uses unadjusted quoted market prices to measure fair value for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value can neither be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument.

Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued are also considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

Fair Value Measurements as of June 30, 2025


	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Investments
Fixed maturities, AFS:
Corporate (1)	$	—	$	46,695	$	2,009	$	48,704
U.S. Treasury, government and agency	—		4,519		—		4,519
States and political subdivisions	—		385		—		385
Foreign governments	—		575		—		575
Residential mortgage-backed (2)	—		5,423		31		5,454
Asset-backed (3)	—		14,906		936		15,842
Commercial mortgage-backed	—		4,538		19		4,557
Redeemable preferred stock	—		58		—		58
Total fixed maturities, AFS	—		77,099		2,995		80,094
Fixed maturities, at fair value using the fair value option	—		2,018		410		2,428
Other equity investments (4)	307		265		12		584
Trading securities	368		800		127		1,295
Other invested assets:
Short-term investments	—		5		—		5
Assets of consolidated VIEs/VOEs	37		424		1		462
Swaps	—		(438)		—		(438)
Credit default swaps	—		(9)		—		(9)
Futures	(3)		—		—		(3)
Options	—		17,655		—		17,655
Total other invested assets	34		17,637		1		17,672
Cash equivalents	6,066		—		—		6,066
Segregated securities	—		483		—		483
Purchased market risk benefits	—		—		5,543		5,543
Assets for market risk benefits	—		—		776		776
Separate Accounts assets (5)	128,654		2,528		—		131,182
Total Assets	$	135,429	$	100,830	$	9,864	$	246,123

Liabilities:
Notes issued by consolidated VIE’s, at fair value using the fair value option (6)	$	—	$	2,294	$	158	$	2,452
SCS, SIO, MSO and IUL indexed features’ liability	—		18,311		—		18,311
Liabilities of consolidated VIEs and VOEs	1		17		—		18
Liabilities for market risk benefits	—		—		10,187		10,187
Contingent payment arrangements	—		—		8		8
Total Liabilities	$	1	$	20,622	$	10,353	$	30,976

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Includes short position equity securities of $12 million that are reported in other liabilities.

(5)Separate Accounts 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. As of June 30, 2025, the fair value of such investments was $287 million.

(6)Accrued interest payable of $19 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

Fair Value Measurements as of December 31, 2024


	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Investments
Fixed maturities, AFS:
Corporate (1)	$	—	$	46,879	$	2,472	$	49,351
U.S. Treasury, government and agency	—		4,288		—		4,288
States and political subdivisions	—		386		—		386
Foreign governments	—		554		—		554
Residential mortgage-backed (2)	—		4,383		—		4,383
Asset-backed (3)	—		13,467		232		13,699
Commercial mortgage-backed (2)	—		3,913		8		3,921
Redeemable preferred stock	—		59		—		59
Total fixed maturities, AFS	—		73,929		2,712		76,641
Fixed maturities, at fair value using the fair value option	—		1,778		275		2,053
Other equity investments (4)	319		251		53		623
Trading securities	433		576		80		1,089
Other invested assets:
Short-term investments	—		36		—		36
Assets of consolidated VIEs/VOEs	16		137		2		155
Swaps	—		(259)		—		(259)
Credit default swaps	—		2		—		2
Futures	3		—		—		3
Options	—		16,328		—		16,328
Total other invested assets	19		16,244		2		16,265
Cash equivalents	5,356		45		—		5,401
Segregated securities	2		498		—		500
Purchased market risk benefits	—		—		7,376		7,376
Assets for market risk benefits	—		—		863		863
Separate Accounts assets (5)	131,714		2,489		—		134,203
Total Assets	$	137,843	$	95,810	$	11,361	$	245,014

Liabilities:
Notes issued by consolidated VIE’s, at fair value using the fair value option (6)	$	—	$	1,933	$	172	$	2,105
SCS, SIO, MSO and IUL indexed features’ liability	—		17,212		—		17,212

Liabilities for market risk benefits	—		—		11,810		11,810
Contingent payment arrangements	—		—		9		9
Total Liabilities	$	—	$	19,145	$	11,991	$	31,136

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Includes short position equity securities of $20 million that are reported in other liabilities.

(5)Separate Accounts 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. As of December 31, 2024, the fair value of such investments was $320 million.

(6)Accrued interest payable of $11 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

Public Fixed Maturities

The fair values of the Company’s public fixed maturities, including those accounted for using the fair value option, are generally based on prices obtained from independent valuation service providers and for which the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Although each security generally is priced by multiple independent valuation service providers, the Company ultimately uses the price received from the independent valuation service provider highest in the vendor hierarchy based on the respective asset type, with limited exception. To validate reasonableness, prices also are internally reviewed by those with relevant expertise through comparison with directly observed recent market trades. Consistent with the fair value hierarchy, public fixed maturities validated in this manner generally are reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs.

Private Fixed Maturities

The fair values of the Company’s private fixed maturities, including those accounted for using the fair value option are determined from prices obtained from independent valuation service providers. Prices not obtained from an independent valuation service provider are determined by using a discounted cash flow model or a market comparable company valuation technique. In certain cases, these models use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model or a market comparable company valuation technique may also incorporate unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the fair value measurement of a security, a Level 3 classification generally is made.

Notes issued by consolidated VIE’s, at fair value using the fair value option

These notes are based on the fair values of corresponding fixed maturity collateral. The CLO liabilities are also reduced by the fair value of the beneficial interests the Company retains in the CLO and the carrying value of any beneficial interests that represent compensation for services. As the notes are valued based on the reference collateral, they are classified as Level 2 or 3.

Freestanding Derivative Positions

The net fair value of the Company’s freestanding derivative positions as disclosed in Note 4 of the Notes to these Consolidated Financial Statements are generally based on prices obtained either from independent valuation service providers or derived by applying market inputs from recognized vendors into industry standard pricing models. The majority of these derivative contracts are traded in the OTC derivative market and are classified in Level 2. The fair values of derivative assets and liabilities traded in the OTC market are determined using quantitative models that require use of the contractual terms of the derivative instruments and multiple market inputs, including interest rates, prices, and indices to generate continuous yield or pricing curves, including overnight index swap curves, and volatility factors, which then are applied to value the positions. The predominance of market inputs is actively quoted and can be validated through external sources or reliably interpolated if less observable.

Level Classifications of the Company’s Financial Instruments

Financial Instruments Classified as Level 1

Investments classified as Level 1 primarily include redeemable preferred stock, trading securities, cash equivalents and Separate Accounts assets. Fair value measurements classified as Level 1 include exchange-traded prices of fixed maturities, equity securities and derivative contracts, and NAV for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. Cash equivalents classified as Level 1 include money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less and are carried at cost as a proxy for fair value measurement due to their short-term nature.

Financial Instruments Classified as Level 2

Investments classified as Level 2 are measured at fair value on a recurring basis and primarily include U.S. government and agency securities, certain corporate debt securities and financial assets and liabilities accounted for using the fair value option, such as public and private fixed maturities. As market quotes generally are not readily available or accessible for these securities, their fair value measures are determined utilizing relevant information generated by market transactions involving comparable securities and often are based on model pricing techniques that effectively discount prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. Segregated securities classified as Level 2 are U.S. Treasury bills segregated by AB in a special reserve bank custody account for the exclusive benefit of brokerage customers, as required by Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)and for which fair values are based on quoted yields in secondary markets.

Observable inputs generally used to measure the fair value of securities classified as Level 2 include benchmark yields, reported secondary trades, issuer spreads, benchmark securities and other reference data. Additional observable inputs are used when available, and as may be appropriate, for certain security types, such as pre-payment, default, and collateral information for the purpose of measuring the fair value of mortgage- and asset-backed securities. The Company’s AAA-rated mortgage- and asset-backed securities are classified as Level 2 for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently contracted, market activity in these sectors.

Certain Company products, such as the SCS, EQUI-VEST variable annuity products, IUL and the MSO fund available in some life contracts, offer investment options which permit the contract owner to participate in the performance of an index, ETF or commodity price. These investment options, which depending on the product and on the index selected, can currently have one, three, five or six year terms, provide for participation in the performance of specified indices, ETF or commodity price movement up to a segment-specific declared maximum rate. Under certain conditions that vary by product, e.g., holding these segments for the full term, these segments also shield policyholders from some or all negative investment performance associated with these indices, ETF or commodity prices. These investment options have defined formulaic liability amounts, and the current values of the option component of these segment reserves are classified as Level 2 embedded derivatives. The fair values of these embedded derivatives are based on data obtained from independent valuation service providers.

Financial Instruments Classified as Level 3

The Company’s investments classified as Level 3 primarily include corporate debt securities and financial assets and liabilities accounted for using the fair value option, such as private fixed maturities and asset-backed securities. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. Included in the Level 3 classification are fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data.

The Company has certain variable annuity contracts with GMDB, GMIB, GIB and GWBL and other features in-force that guarantee one of the following:

•Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals);

•Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), or the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawals);

•Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages;

•Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit, which may include either a five year or an annual reset; or

•Withdrawal: the withdrawal is guaranteed up to a maximum amount per year for life.

The Company also issues certain benefits on its variable annuity products that are accounted for as MRBs carried at fair value and are also considered Level 3 for fair value leveling.

The GMIBNLG feature allows the policyholder to receive guaranteed minimum lifetime annuity payments based on predetermined annuity purchase rates applied to the contract’s benefit base if and when the contract account value is depleted and the NLG feature is activated. The optional GMIB feature allows the policyholder to receive guaranteed minimum lifetime annuity payments based on predetermined annuity purchase rates.

The GMWB feature allows the policyholder to withdraw at a minimum, over the life of the contract, an amount based on the contract’s benefit base. The GWBL feature allows the policyholder to withdraw, each year for the life of the contract, a specified annual percentage of an amount based on the contract’s benefit base. The GMAB feature increases the contract account value at the end of a specified period to a GMAB base. The GIB feature provides a lifetime annuity based on predetermined annuity purchase rates if and when the contract account value is depleted. This lifetime annuity is based on predetermined annuity purchase rates applied to a GIB base. The GMDB feature guarantees that the benefit paid upon death will not be less than a guaranteed benefit base. If the contract’s account value is less than the benefit base at the time a death claim is paid, the amount payable will be equal to the benefit base.

The MRBs fair value will be equal to the present value of benefits less the present value of ascribed fees. Considerable judgment is utilized by management in determining the assumptions used in determining present value of benefits and ascribed fees related to lapse rates, withdrawal rates, utilization rates, non-performance risk, volatility rates, annuitization rates and mortality (collectively, the significant MRB assumptions).

Purchased MRB assets, which are accounted for as MRBs carried at fair value are also considered Level 3 for fair value leveling. The purchased MRB asset fair value reflects the present value of reinsurance premiums, net of recoveries, adjusted for risk margins and nonperformance risk over a range of market consistent economic scenarios while the MRB asset and liability reflects the present value of expected future payments (benefits) less fees, adjusted for risk margins and nonperformance risk, attributable to the MRB asset and liability over a range of market-consistent economic scenarios.

The valuations of the MRBs and purchased MRB assets incorporate significant non-observable assumptions related to policyholder behavior, risk margins and projections of equity Separate Accounts funds. The credit risks of the counterparty and of the Company are considered in determining the fair values of its MRBs and purchased MRB assets after taking into account the effects of collateral arrangements. Incremental adjustment to the risk-free curve for counterparty non-performance risk is made to the fair values of the purchased MRB assets. Risk margins were applied to the non-capital markets inputs to the MRBs and purchased MRB valuations.

After giving consideration to collateral arrangements, the Company reduced the fair value of its purchased MRB asset by $69 million and $382 million as of June 30, 2025 and December 31, 2024, respectively, to recognize incremental counterparty non-performance risk.

The Company’s Level 3 liabilities include contingent payment arrangements associated with acquisitions in 2020 by AB. At each reporting date, AB estimates the fair values of the contingent consideration expected to be paid based upon revenue and discount rate projections, using unobservable market data inputs, which are included in Level 3 of the valuation hierarchy. The Company’s consolidated VIEs/VOEs hold investments that are classified as Level 3, primarily corporate bonds that are vendor priced with no ratings available, bank loans, non-agency collateralized mortgage obligations and asset-backed securities.

Transfers of Financial Instruments Between Levels 2 and 3

During the six months ended June 30, 2025, fixed maturities with fair values of $882 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, fixed maturities with fair value of $367 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 47.9% of total equity as of June 30, 2025.

During the six months ended June 30, 2024, fixed maturities with fair values of $141 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, fixed maturities with fair value of $136 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 8.3% of total equity as of June 30, 2024.

The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses). Not included below are the changes in balances related to MRBs and purchased MRBs level 3 assets and liabilities, which are included in Note 9 of the Notes to these Consolidated Financial Statements.


	Three Months Ended June 30, 2025
	Corporate		State and Political Subdivisions		Asset-backed		RMBS		CMBS
	(in millions)
Balance, beginning of period	$	1,831	$	—	$	648	$	—	$	8
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	2		—		—		—		—
Investment gains (losses), net	—		—		—		—		—
Subtotal	2		—		—		—		—
Other comprehensive income (loss)	17		—		3		1		1
Purchases	279		—		398		14		11
Sales	(292)		—		(11)				(5)
Settlements	—		—		—		(3)		—
Other	—		—		—		—		—
Activity related to consolidated VIEs/VOEs	—		—		—		—		—
Transfers into Level 3 (1)	98		—		—		19		4
Transfers out of Level 3 (1)	74		—		(102)		—		—
Balance, end of period	$	2,009	$	—	$	936	$	31	$	19
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	14	$	—	$	—	$	—	$	—

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of June 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.


	Three Months Ended June 30, 2025
	Fixed maturities, at FVO		Other Equity Investments (3)		Trading Securities, at Fair Value		Notes issued by consolidated VIE’s		Contingent Payment Arrangement
	(in millions)
Balance, beginning of period	$	263	$	18	$	109	$	(168)	$	(8)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	(1)		1		—		—		—
Investment gains (losses), net	—		—		—		—		—
Subtotal	(1)		1		—		—		—
Other comprehensive income (loss)	—		—		—		—		—
Purchases	87		11		18		—		—
Debt issuances	—		—		—		(2)		—
Sales	(27)		(16)		—		—		—
Settlements	—		—		—		12		—
Other	—		—		—		—		—
Activity related to consolidated VIEs/VOEs	—		(1)		—		—		—
Transfers into Level 3 (1)	63		—		—		—		—
Transfers out of Level 3 (1)	25		—		—		—		—
Balance, end of period	$	410	$	13	$	127	$	(158)	$	(8)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	(1)	$	1	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	—

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of June 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

(3)Other Equity Investments include other invested assets.


	Three Months Ended June 30, 2024
	Corporate		State and Political Subdivisions		Asset-backed		RMBS		CMBS
	(in millions)
Balance, beginning of period	$	2,338	$	—	$	71	$	—	$	7
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	2		—		—		—		—
Investment gains (losses), net	(1)		—		—		—		—
Subtotal	1		—		—		—		—
Other comprehensive income (loss)	1		—		—		—		—
Purchases	542		—		(2)		—		—
Sales	(365)		—		(12)		—		—
Settlements	—		—		—		—		—
Other	—		—		—		—		—
Activity related to consolidated VIEs/VOEs	—		—		—		—		—
Transfers into Level 3 (1)	—		—		—		—		—
Transfers out of Level 3 (1)	1		—		—		—		—
Balance, end of period	$	2,518	$	—	$	57	$	—	$	7
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	1	$	—	$	—	$	—	$	—

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of June 30, 2024, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.


	Three Months Ended June 30, 2024
	Fixed maturities, at FVO		Other Equity Investments (3)		Trading Securities, at Fair Value		Separate Accounts Assets		Contingent Payment Arrangement
	(in millions)
Balance, beginning of period	$	244	$	58	$	61	$	1	$	(254)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	(12)		—		—		—		—
Investment gains (losses), net	—		—		(4)		—		—
Subtotal	(12)		—		(4)		—		—
Other comprehensive income (loss)	—		—		—		—		—
Purchases	(33)		(38)		—		(1)		—
Sales	(18)		39		—		—		—
Settlements	—		—		—		—		2
Other	—		—		—		—		(3)
Activity related to consolidated VIEs/VOEs	—		—		—		—		—
Transfers into Level 3 (1)	16		—		—		—		—
Transfers out of Level 3 (1)	27		—		—		—		—
Balance, end of period	$	224	$	59	$	57	$	—	$	(255)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	(12)	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	—

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of June 30, 2024, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

(3)Other Equity Investments include other invested assets.


	Six Months Ended June 30, 2025
	Corporate		State and Political Subdivisions		Asset-backed		RMBS		CMBS
	(in millions)
Balance, beginning of period	$	2,472	$	—	$	232	$	—	$	8
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	3		—		—		—		—
Investment gains (losses), net	(3)		—		—		—		—
Subtotal	—		—		—		—		—
Other comprehensive income (loss)	28		—		6		1		1
Purchases	424		—		784		14		11
Debt issuances	—		—		—				—
Sales	(390)		—		(133)		(3)		(5)
Settlements	—		—		—		—		—
Other	—		—		—		—		—
Activity related to consolidated VIEs/VOEs	—		—		—		—		—
Transfers into Level 3 (1)	98		—		149		19		4
Transfers out of Level 3 (1)	(623)		—		(102)		—		—
Balance, end of period	$	2,009	$	—	$	936	$	31	$	19
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	22	$	—	$	3	$	1	$	—

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of June 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.


	Six Months Ended June 30, 2025
	Fixed maturities, at FVO		Other Equity Investments (1)		Trading Securities, at Fair Value		Notes issued by consolidated VIE’s		Contingent Payment Arrangement
	(in millions)
Balance, beginning of period	$	275	$	55	$	80	$	(172)	$	(9)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	1		1		—		—		—
Investment gains (losses), net	(4)		—		—		—		—
Subtotal	(3)		1		—		—		—
Other comprehensive income (loss)	—		—		—		—		—
Purchases	199		14		47		—		—
Debt issuances	—		—		—		(3)		—
Sales	(41)		(16)		—		—		—
Settlements	—		—		—		17		1
Other	—		—		—		—		—
Activity related to consolidated VIEs/VOEs	—		(1)		—		—		—
Transfers into Level 3 (2)	95		2		—		—		—
Transfers out of Level 3 (2)	(115)		(42)		—		—		—
Balance, end of period	$	410	$	13	$	127	$	(158)	$	(8)

Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3)	$	(1)	$	1	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (3)	$	—	$	—	$	—	$	—	$	—

______________

(1)Other Equity Investments include other invested assets.

(2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(3)For instruments held as of June 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.


	Six Months Ended June 30, 2024
	Corporate		State and Political Subdivisions		Asset-backed		CMBS
	(in millions)
Balance, beginning of period	$	2,158	$	27	$	47	$	7
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	4		—		—		—
Investment gains (losses), net	(2)		—		—		—
Subtotal	2		—		—		—
Other comprehensive income (loss)	11		—		—		—
Purchases	757		—		46		—
Sales	(421)		—		(22)		—
Settlements	—		—		—		—
Other	—		—		—		—
Activity related to consolidated VIEs/VOEs	—		—		—		—
Transfers into Level 3 (1)	57		—		—		—
Transfers out of Level 3 (1)	(46)		(27)		(14)		—
Balance, end of period	$	2,518	$	—	$	57	$	7
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	11	$	—	$	—	$	—

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of June 30, 2024, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.


	Six Months Ended June 30, 2024
	Fixed maturities, at FVO		Other Equity Investments (1)		Trading Securities, at Fair Value		Contingent Payment Arrangement
	(in millions)
Balance, beginning of period	$	181	$	57	$	61	$	(253)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	4		1		—		—
Investment gains (losses), net	—		—		(4)		—
Subtotal	4		1		(4)		—
Other comprehensive income (loss)	—		—		—		—
Purchases	47		4		—		—
Sales	(33)		(3)		—		—
Settlements	—		—		—		3
Other	—		—		—		(5)
Activity related to consolidated VIEs/VOEs	—		—		—		—
Transfers into Level 3 (2)	79		—		—		—


	Six Months Ended June 30, 2024
	Fixed maturities, at FVO		Other Equity Investments (1)		Trading Securities, at Fair Value		Contingent Payment Arrangement
	(in millions)
Transfers out of Level 3 (2)	(54)		—		—		—
Balance, end of period	$	224	$	59	$	57	$	(255)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3)	$	—	$	1	$	(4)	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (3)	$	31	$	—	$	—	$	—

_____________

(1)Other Equity Investments include other invested assets.

(2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(3)For instruments held as of June 30, 2024, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

Quantitative and Qualitative Information about Level 3 Fair Value Measurements

The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities:

Quantitative Information about Level 3 Fair Value Measurements as of June 30, 2025

Fair
Value

Valuation

Technique

Significant

Unobservable Input

Range

Weighted Average (2)

(Dollars in millions)

Assets:

Investments:

Fixed maturities, AFS:

Corporate

$

1,119

Market comparable
companies

EBITDA multiples

Discount rate

Cash flow multiples

Loan to value

4.6x - 36.3x

7.9% - 19.7%

2.0x - 14.5x

(0.3)% - 54.7%

13.9x

3.2%

6.0x

9.1%

Trading securities, at fair value (5)

75

Discounted cash flow

Earnings multiple

Discount factor

Discount years

8.6x

10.0%

7

23

Market comparable
companies

EBITDA Multiples

Cashflow Multiples

8.5x - 26.3x

4.3x - 14.5x

16.2x

7.9x

Purchased MRB asset (1) (2) (4)

5,543

Discounted cash flow

Lapse rates

Withdrawal rates

GMIB Utilization rates

Non-performance risk

Volatility rates - Equity

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

0.24%-13.05%

0.06%-11.65%

0.04%-66.70%

7 bps - 92 bps

13%-31%

0.01%-0.17%

0.06%-0.52%

0.32%-41.20%

2.18%

0.50%

6.71%

10 bps

23%

3.35%

(same for all ages)

Liabilities:

AB Contingent consideration payable

$

8

Discounted cash flow

Expected revenue growth rates

Discount rate

2.0% - 13.3%

1.9% - 1.9%

6.8%

1.9%

Direct MRB (1) (2) (3) (4)

9,411

Discounted cash flow

Non-performance risk

Lapse rates

Withdrawal rates

Annuitization rates

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

105 bps

0.24%-36.18%

0.00%-11.65%

0.04%-100.00%

0.01%-0.17%

0.06%-0.52%

0.32%-41.20%

105 bps

3.72%

0.57%

5.09%

2.92%

(same for all ages)

______________

(1)Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.

(2)Lapses and pro-rata withdrawal rates were developed as a function of the policy account value. Dollar for dollar withdrawal rates were developed as a function of the dollar for dollar threshold, the dollar for dollar limit. Utilization rates were developed as a function of the benefit base.

(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $10.2 billion of MRB liabilities and $776 million of MRB assets.

(4)Includes Legacy and Core products.

(5)Certain newly acquired Level 3 Trading securities are not presented as cost basis approximates fair value as of June 30, 2025.

Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2024

Fair
Value

Valuation
Technique

Significant
Unobservable Input

Range

Weighted Average (2)

(Dollars in millions)

Assets:

Investments:

Fixed maturities, AFS:

Corporate

$

402

Matrix pricing model

Spread over benchmark

70 bps - 220 bps

153 bps

981

Market comparable companies

EBITDA multiples

Discount rate

Cash flow multiples

Loan to value

4.7x - 36.5x

8.4% - 34.9%

1.8x-11.8x

0.0%-56.4%

12.2x

3.9%

4.5x

15.0%

Trading securities, at fair value (5)

75

Discounted cash flow

Earnings multiple

Discounts factor

Discount years

8.6x

10.0%

7

1

Market comparable companies

Cashflow Multiples

8.4x - 8.4x

8.4x

Purchased MRB asset (1) (2) (4)

7,376

Discounted cash flow

Lapse rates

Withdrawal rates

GMIB Utilization rates

Non-performance risk

Volatility rates - Equity

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

0.24% - 13.05%

0.06% - 11.65%

0.04% - 66.70%

33 bps - 93 bps

12% - 29%

0.01% - 0.17%

0.06% - 0.52%

0.32% - 41.20%

2.17%

0.48%

6.75%

34 bps

23%

3.36%

(same for all ages)

Liabilities:

AB Contingent consideration payable

$

9

Discounted cash flow

Expected revenue growth rates

Discount rate

2.0% - 29.3%

1.9% - 10.4%

5.5%

7.3%

Direct MRB (1) (2) (3) (4)

10,947

Discounted cash flow

Non-performance risk

Lapse rates

Withdrawal rates

Annuitization rates

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

94 bps

0.24% - 36.18%

0.00% - 11.65%

0.04% - 100.00%

0.01% - 0.17%

0.06% - 0.52%

0.32% - 41.20%

94 bps

3.57%

0.58%

5.15%

3.00%

(same for all ages)

______________

(1)Mortality rates vary by age and demographic characteristic such as gender and benefits elected with the policy. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.

(2)Lapses and pro-rata withdrawal rates were developed as a function of the policy account value. Dollar for dollar withdrawal rates were developed as a function of the dollar for dollar threshold, the dollar for dollar limit. Utilization rates were developed as a function of the benefit base.

(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $11.8 billion of MRB liabilities and $863 million of MRB assets.

(4)Includes Legacy and Core products.

(5)Certain newly acquired Level 3 Trading securities are not presented as cost basis approximates fair value as of December 31, 2024.

Level 3 Financial Instruments for which Quantitative Inputs are Not Available

Certain Privately Placed Debt Securities with Limited Trading Activity

Excluded from the tables above as of June 30, 2025 and December 31, 2024, respectively, are approximately $2.3 billion and $1.7 billion of Level 3 fair value measurements of investments for which the underlying quantitative inputs are not developed by the Company and are not readily available. These investments primarily consist of certain privately placed debt securities with limited trading activity, including residential mortgage- and asset-backed instruments, and their fair values generally reflect unadjusted prices obtained from independent valuation service providers and indicative, non-binding quotes obtained from third-party broker-dealers recognized as market participants. Significant increases or decreases in the fair value amounts received from these pricing sources may result in the Company reporting significantly higher or lower fair value measurements for these Level 3 investments.

•The fair value of private placement securities is determined by application of a matrix pricing model or a market comparable company value technique. The significant unobservable input to the matrix pricing model valuation technique is the spread over the industry-specific benchmark yield curve. Generally, an increase or decrease in spreads would lead to directionally inverse movement in the fair value measurements of these securities. The significant unobservable input to the market comparable company valuation technique is the discount rate. Generally, a significant increase (decrease) in the discount rate would result in significantly lower (higher) fair value measurements of these securities.

•Residential mortgage-backed securities classified as Level 3 primarily consist of non-agency paper with low trading activity. Included in the tables above as of June 30, 2025 and December 31, 2024, there were no Level 3 securities that were determined by application of a matrix pricing model and for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Generally, a change in spreads would lead to directionally inverse movement in the fair value measurements of these securities.

•Asset-backed securities classified as Level 3 primarily consist of non-agency mortgage loan trust certificates, including subprime and Alt-A paper, credit risk transfer securities, and equipment financings. Included in the tables above as of June 30, 2025 and December 31, 2024, there were no securities that were determined by the application of matrix-pricing for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Significant increases (decreases) in spreads would have resulted in significantly lower (higher) fair value measurements.

Other Equity Investments

Included in other equity investments classified as Level 3 are venture capital securities in the Technology, Media and Telecommunications industries. The fair value measurements of these securities include significant unobservable inputs including an enterprise value to revenue multiples and a discount rate to account for liquidity and various risk factors. Significant increases (decreases) in the enterprise value to revenue multiple inputs in isolation would have resulted in a significantly higher (lower) fair value measurement. Significant increases (decreases) in the discount rate would have resulted in a significantly lower (higher) fair value measurement.

Market Risk Benefits

Significant unobservable inputs with respect to the fair value measurement of the purchased MRB assets and MRB liabilities identified in the table above are developed using Company data. Future policyholder behavior is an unobservable market assumption and, as such, all aspects of policyholder behavior are derived based on recent historical experience. These policyholder behaviors include lapses, pro-rata withdrawals, dollar for dollar withdrawals, GMIB utilization, deferred mortality and payout phase mortality. Many of these policyholder behaviors have dynamic adjustment factors based on the relative value of the rider as compared to the account value in different economic environments. This applies to all variable annuity related products; products with GMxB riders including but not limited to GMIB, GMDB, and GWL.

Lapse rates are adjusted at the contract level based on a comparison of the value of the GMxB rider and the current policyholder account value, which include other factors such as considering surrender charges. Generally, lapse rates are assumed to be lower in periods when a surrender charge applies. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in-the-money contracts are less likely to lapse. For valuing purchased MRB assets and MRB liabilities, lapse rates vary throughout the period over which cash flows are projected.

Carrying Value of Financial Instruments Not Otherwise Disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements

The carrying values and fair values for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements were as follows:

Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed


	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(in millions)
June 30, 2025:
Mortgage loans on real estate	$	21,536	$	—	$	—	$	20,468	$	20,468
Policy loans	$	4,355	$	—	$	—	$	4,648	$	4,648
Policyholders’ liabilities: Investment contracts	$	2,698	$	—	$	—	$	2,667	$	2,667
FHLB funding agreements	$	7,083	$	—	$	7,041	$	—	$	7,041
FABN funding agreements	$	9,278	$	—	$	9,110	$	—	$	9,110
Funding agreement-backed commercial paper (FABCP)	$	1,546	$	—	$	1,581	$	—	$	1,581

Long-term debt	$	4,332	$	—	$	4,277	$	—	$	4,277
Separate Accounts liabilities	$	12,207	$	—	$	—	$	12,207	$	12,207


December 31, 2024:
Mortgage loans on real estate	$	20,072	$	—	$	—	$	18,567	$	18,567
Policy loans	$	4,330	$	—	$	—	$	4,559	$	4,559
Policyholders’ liabilities: Investment contracts	$	2,046	$	—	$	—	$	1,996	$	1,996
FHLB funding agreements	$	7,167	$	—	$	7,113	$	—	$	7,113
FABN funding agreements	$	5,725	$	—	$	5,481	$	—	$	5,481
Funding agreement-backed commercial paper (FABCP)	$	74	$	—	$	75	$	—	$	75

Long-term debt	$	3,833	$	—	$	3,722	$	—	$	3,722
Separate Accounts liabilities	$	12,055	$	—	$	—	$	12,055	$	12,055

Mortgage Loans on Real Estate

Fair values for commercial, agricultural and residential mortgage loans on real estate are measured by discounting future contractual cash flows to be received on the mortgage loan using interest rates at which loans with similar characteristics and credit quality would be made. The discount rate is derived based on the appropriate U.S. Treasury rate with a like term to the remaining term of the loan to which a spread reflective of the risk premium associated with the specific loan is added. Fair values for mortgage loans anticipated to be foreclosed and problem mortgage loans are limited to the fair value of the underlying collateral, if lower.

Policy Loans

The fair value of policy loans is calculated by discounting expected cash flows based upon the U.S. Treasury yield curve and historical loan repayment patterns.

Policyholder Liabilities - Investment Contracts and Separate Accounts Liabilities

The fair values for deferred annuities and certain annuities, which are included in policyholders’ account balances, and liabilities for investment contracts with fund investments in Separate Accounts, are estimated using projected cash flows discounted at rates reflecting current market rates. Significant unobservable inputs reflected in the cash flows include lapse rates and withdrawal rates. Incremental adjustments may be made to the fair value to reflect non-performance risk. Certain other products such as the Company’s association plans contracts, supplementary contracts not involving life contingencies, Access Accounts and Escrow Shield Plus product reserves are held at book value.

FHLB Funding Agreements

The fair values of Equitable Financial’s FHLB long term funding agreements’ fair values are determined based on indicative market rates published by the FHLB, provided to AB and modeled for each note’s FMV. FHLB short-term funding agreements’ fair values are reflective of notional/par value plus accrued interest.

FABN Funding Agreements

The fair values of Equitable Financial’s FABN funding agreements are determined by Bloomberg’s evaluated pricing service, which uses direct observations or observed comparables.

FABCP Funding Agreements

The fair value of Equitable Financial’s FABCP funding agreements are reflective of the notional/par value outstanding.

Short-term Debt

The Company’s short-term debt primarily includes long-term debt that has been reclassified to short-term due to an upcoming maturity date within one year. The fair values for the Company’s short-term debt are determined by Bloomberg’s evaluated pricing service, which uses direct observations or observed comparables.

Long-term Debt

The fair values for the Company’s long-term debt are determined by Bloomberg’s evaluated pricing service, which uses direct observations or observed comparables.

Financial Instruments Exempt from Fair Value Disclosure or Otherwise Not Required to be Disclosed

Exempt from Fair Value Disclosure Requirements

Certain financial instruments are exempt from the requirements for fair value disclosure, such as insurance liabilities other than financial guarantees and investment contracts, limited partnerships accounted for under the equity method and pension and other postretirement obligations.

Otherwise Not Required to be Included in the Table Above

The Company’s investment in COLI policies are recorded at their cash surrender value and therefore are not required to be included in the table above. See Note 2 of the Notes to these Consolidated Financial Statements for further description of the Company’s accounting policy related to its investment in COLI policies.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS

6 Months Ended

Jun. 30, 2025

Insurance [Abstract]

DAC AND OTHER DEFERRED ASSETS/LIABILITIES

The following table presents a reconciliation of DAC to the consolidated balance sheets:


	June 30		December 31
	2025		2024
	(in millions)
Protection Solutions
Term	$	301	$	314
Universal Life	171		170
Variable Universal Life	1,122		1,083
Indexed Universal Life	186		186
Individual Retirement
GMxB Core	1,599		1,605
EQUI-VEST Individual	154		154
Investment Edge	250		225
SCS	2,107		1,938
Legacy Segment
GMxB Legacy	494		517
Group Retirement
EQUI-VEST Group	776		768
Momentum	80		83
Corporate and Other	103		107
Other	18		20
Total	$	7,361	$	7,170

Annually, or as circumstances warrant, the Company reviews the associated decrements assumptions (i.e., mortality and lapse) based on our multi-year average of companies experience with actuarial judgements to reflect other observable industry trends. In addition to DAC, the unearned revenue liability and sales inducement asset (“SIA”) use similar techniques and quarterly update processes for balance amortization.

Changes in the DAC asset were as follows:


	Six Months Ended June 30, 2025
	Protection Solutions								Individual Retirement								Legacy		Group Retirement				Corporate and Other		Total
	Term		UL		VUL		IUL		GMxB Core		EI		IE		SCS		GMxB Legacy		EG		Momentum		CB (1)
	(in millions)
Balance, beginning of period	$	314	$	170	$	1,083	$	186	$	1,605	$	154	$	225	$	1,938	$	517	$	768	$	83	$	107	$	7,150
Capitalization	5		7		72		6		70		5		36		326		9		31		5		—		572
Amortization (2)	(18)		(6)		(33)		(6)		(76)		(5)		(11)		(157)		(32)		(23)		(8)		(4)		(379)
Balance, end of period	$	301	$	171	$	1,122	$	186	$	1,599	$	154	$	250	$	2,107	$	494	$	776	$	80	$	103	$	7,343

______________

(1)“CB” defined as Closed Block.

(2)DAC amortization of $2 million related to Other not reflected in table above.


	Six Months Ended June 30, 2024
	Protection Solutions								Individual Retirement								Legacy		Group Retirement				Corporate and Other		Total
	Term		UL		VUL		IUL		GMxB Core		EI		IE		SCS		GMxB Legacy		EG		Momentum		CB
	(in millions)
Balance, beginning of period	$	337	$	174	$	987	$	188	$	1,602	$	155	$	172	$	1,571	$	555	$	742	$	82	$	116	$	6,681
Capitalization	8		4		77		5		74		6		29		306		14		32		5		—		560
Amortization (1)	(19)		(6)		(30)		(6)		(74)		(6)		(8)		(131)		(31)		(21)		(2)		(5)		(339)
Balance, end of period	$	326	$	172	$	1,034	$	187	$	1,602	$	155	$	193	$	1,746	$	538	$	753	$	85	$	111	$	6,902

______________

(1) DAC amortization of $2 million related to Other not reflected in table above.

Changes in the Individual Retirement sales inducement assets were as follows:


	Six Months Ended June 30,
	2025				2024
	GMxB Core		GMxB Legacy		GMxB Core		GMxB Legacy
	(in millions)
Balance, beginning of period	$	117	$	160	$	127	$	179
Capitalization	1		—		1		—
Amortization	(6)		(9)		(6)		(10)
Balance, end of period	$	112	$	151	$	122	$	169

Changes in the Protection Solutions unearned revenue liability were as follows:


	Six Months Ended June 30,
	2025						2024
	UL		VUL		IUL		UL		VUL		IUL
	(in millions)

Balance, beginning of period	$	114	$	840	$	250	$	107	$	754	$	210
Capitalization	7		74		23		8		65		28
Amortization	(4)		(27)		(8)		(4)		(24)		(7)
Balance, end of period	$	117	$	887	$	265	$	111	$	795	$	231

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS

The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheets:


	June 30, 2025		December 31, 2024
	(in millions)
Reconciliation
Term	$	1,287	$	1,285
Payout	4,936		5,050
Group Pension - Benefit Reserve & DPL	447		460
Health	1,336		1,362
UL	1,271		1,246
Subtotal	9,277		9,403
Whole Life Closed Block and Open Block products	5,083		5,204
Other (1)	915		901
Future policyholder benefits total	15,275		15,508
Other policyholder funds and dividends payable	2,282		2,105
Total	$	17,557	$	17,613

_____________

(1)Primarily consists of future policy benefits related to Protective Life and Annuity, Assumed Life and Disability, Group Life Run off, Variable Interest Sensitive Life rider and EB.

The following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts:


	Six Months Ended June 30, 2025								Six Months Ended June 30, 2024
	Protection Solutions		Individual Retirement		Corporate & Other				Protection Solutions		Individual Retirement		Corporate & Other
	Term		Payout		Group Pension		Health		Term		Payout		Group Pension		Health
	(in millions)
Present Value of Expected Net Premiums
Balance, beginning of period	$	1,932	$	—	$	—	$	(25)	$	2,133	$	—	$	—	$	(21)
Beginning balance at original discount rate	1,959		—		—		(26)		2,058		—		—		(22)
Effect of changes in cash flow assumptions	—		—		—		—		(18)		—		—		(3)
Effect of actual variances from expected experience	(54)		—		—		(2)		(51)		—		—		2
Adjusted beginning of period balance	1,905		—		—		(28)		1,989		—		—		(23)
Issuances	20		—		—		—		26		—		—		—
Interest accrual	47		—		—		(1)		49		—		—		—
Net premiums collected	(90)		—		—		3		(95)		—		—		1

Ending Balance at original discount rate	1,882		—		—		(26)		1,969		—		—		(22)
Effect of changes in discount rate assumptions	—		—		—		1		(21)		—		—		1
Balance, end of period	$	1,882	$	—	$	—	$	(25)	$	1,948	$	—	$	—	$	(21)

Present Value of Expected Future Policy Benefits
Balance, beginning of period	$	3,216	$	5,050	$	460	$	1,337	$	3,480	$	4,464	$	490	$	1,484
Beginning balance of original discount rate	3,215		5,390		514		1,555		3,330		4,680		536		1,672
Effect of changes in cash flow assumptions (1)	—		(468)		—		—		(20)		—		—		—
Effect of actual variances from expected experience	(73)		(3)		—		(7)		(66)		(2)		1		7
Adjusted beginning of period balance	3,142		4,919		514		1,548		3,244		4,678		537		1,679
Issuances	22		398		—		—		28		522		—		—
Interest accrual	79		99		9		25		82		89		9		27
Benefits payments	(120)		(251)		(31)		(75)		(116)		(228)		(31)		(79)
Ending Balance at original discount rate	3,123		5,165		492		1,498		3,238		5,061		515		1,627
Effect of changes in discount rate assumptions	45		(229)		(45)		(187)		6		(359)		(58)		(234)
Balance, end of period	$	3,168	$	4,936	$	447	$	1,311	$	3,244	$	4,702	$	457	$	1,393
Impact of flooring LFPB at zero	1		—		—		—		1		—		—		—
Net liability for future policy benefits	1,287		4,936		447		1,336		1,297		4,702		457		1,414
Less: Reinsurance recoverable	2		(1,027)		—		(1,044)		14		(1,144)		—		(1,116)
Net liability for future policy benefits, after reinsurance recoverable	$	1,289	$	3,909	$	447	$	292	$	1,311	$	3,558	$	457	$	298

Weighted-average duration of liability for future policyholder benefits (years)	6.8		7.6		6.9		8.3		6.9		7.9		7.0		8.6

______________

(1)For the first quarter 2025, this is the net income impact due to novation as described in Note 1.

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses related to nonparticipating traditional and limited payment contracts:


	June 30, 2025		December 31, 2024
	(in millions)
Term
Expected future benefit payments and expenses (undiscounted)	$	5,444	$	5,613
Expected future gross premiums (undiscounted)	6,424		6,597
Expected future benefit payments and expenses (discounted; AOCI basis)	3,168		3,216
Expected future gross premiums (discounted; AOCI basis)	3,473		3,507

Payout
Expected future benefit payments and expenses (undiscounted)	7,338		7,686
Expected future gross premiums (undiscounted)	—		—
Expected future benefit payments and expenses (discounted; AOCI basis)	4,814		4,938
Expected future gross premiums (discounted; AOCI basis)	—		—

Group Pension
Expected future benefit payments and expenses (undiscounted)	603		630
Expected future gross premiums (undiscounted)	—		—
Expected future benefit payments and expenses (discounted; AOCI basis)	425		436
Expected future gross premiums (discounted; AOCI basis)	—		—

Health
Expected future benefit payments and expenses (undiscounted)	2,053		2,139
Expected future gross premiums (undiscounted)	65		70
Expected future benefit payments and expenses (discounted; AOCI basis)	1,299		1,323
Expected future gross premiums (discounted; AOCI basis)	$	52	$	55

The table below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts:


	Six Months Ended June 30,

	2025		2024			2025		2024
	Gross Premium				Interest Accretion
	(in millions)
Revenue and Interest Accretion
Term	$	161	$	171		$	32	$	33
Payout	116		127			105		99
Group Pension	—		—			9		9
Health	5		6			26		28
Total	$	282	$	304		$	172	$	169

The following table provides the weighted average interest rates for the liability for future policy benefits:


	June 30, 2025		December 31, 2024
Weighted Average Interest Rate
Term
Interest accretion rate	5.6	%	5.6	%
Current discount rate	5.0	%	5.2	%
Payout
Interest accretion rate	4.5	%	4.4	%
Current discount rate	5.1	%	5.3	%
Group Pension
Interest accretion rate	3.4	%	3.4	%
Current discount rate	5.0	%	5.2	%
Health
Interest accretion rate	3.4	%	3.4	%
Current discount rate	5.2	%	5.4	%

The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities:


	Six Months Ended June 30,
		2025		2024
		Protection Solutions
		UL
		(in millions)
Balance, beginning of period		$	1,246	$	1,208
Beginning balance before AOCI adjustments		1,302		1,245
Effect of changes in interest rate & cash flow assumptions and model changes		—		—
Effect of actual variances from expected experience		4		(1)
Adjusted beginning of period balance		1,306		1,244
Interest accrual		29		27
Net assessments collected		34		35
Benefit payments		(45)		(35)

Ending balance before shadow reserve adjustments		1,324		1,271
Effect of reserve adjustment recorded in AOCI		(53)		(51)
Balance, end of period		$	1,271	$	1,220

Net liability for additional liability		$	1,271	$	1,220
Less: Reinsurance recoverable		—		—
Net liability for additional liability, after reinsurance recoverable		$	1,271	$	1,220

Weighted-average duration of additional liability - death benefit (years)		19.1		19.5

The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:


	Six Months Ended June 30,

	2025		2024			2025		2024
	Assessments				Interest Accretion
	(in millions)
Revenue and Interest Accretion
UL	$	316	$	338		$	29	$	27
Total	$	316	$	338		$	29	$	27


	Six Months Ended June 30,

		2025		2024

Weighted Average Interest Rate
UL		4.5	%	4.5	%
Interest accretion rate		4.5	%	4.5	%

The discount rate used for additional insurance liabilities reserve is based on the crediting rate at issue.

Policyholder Account Balance [Abstract]

The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References + Details

MARKET RISK BENEFITS

6 Months Ended

Jun. 30, 2025

Market Risk Benefit [Abstract]

MARKET RISK BENEFITS

The following table presents the balances and changes to the balances for MRBs for the GMxB benefits on deferred variable annuities:


	Three Months Ended June 30,
	2025								2024
	Individual Retirement		Legacy						Individual Retirement		Legacy
	GMxB Core		GMxB Legacy		Purchased MRB		Net Legacy		GMxB Core		GMxB Legacy		Purchased MRB		Net Legacy
	(in millions)
Balance, beginning of period	$	717	$	9,505	$	(5,973)	$	3,532	$	323	$	11,715	$	(8,343)	$	3,372
Balance BOP before changes in the instrument specific credit risk	495		9,336		(5,957)		3,379		71		11,319		(8,312)		3,007
Model changes and effect of changes in cash flow assumptions	(7)		8		5		13		—		—		—		—
Actual market movement effect	(173)		(620)		264		(356)		(4)		45		5		50
Interest accrual	10		96		(58)		38		15		152		(111)		41
Attributed fees accrued (1)	109		161		(39)		122		111		198		(56)		142
Benefit payments	(12)		(285)		128		(157)		(12)		(310)		162		(148)
Actual policyholder behavior different from expected behavior	7		22		(14)		8		9		—		(10)		(10)
Changes in future economic assumptions	(42)		(232)		140		(92)		(72)		(518)		346		(172)
Issuances	(2)		—		—		—		—		—		—		—
Balance EOP before changes in the instrument-specific credit risk	385		8,486		(5,531)		2,955		118		10,886		(7,976)		2,910
Changes in the instrument-specific credit risk (2)	268		326		(10)		316		294		546		(22)		524
Balance, end of period	$	653	$	8,812	$	(5,541)	$	3,271	$	412	$	11,432	$	(7,998)	$	3,434

Weighted-average age of policyholders (years)	65.9		74.0		73.4		N/A		64.9		73.3		72.9		N/A
Net amount at risk	$	2,953	$	15,835	$	7,099	N/A		$	2,867	$	19,710	$	10,443	N/A

______________

(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(2)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.


	Six Months Ended June 30,
	2025								2024
	Individual Retirement		Legacy						Individual Retirement		Legacy
	GMxB Core		GMxB Legacy		Purchased MRB (3)		Net Legacy		GMxB Core		GMxB Legacy		Purchased MRB (3)		Net Legacy
	(in millions)
Balance, beginning of period	$	496	$	10,508	$	(7,372)	$	3,136	$	597	$	13,425	$	(9,448)	$	3,977
Balance BOP before changes in the instrument specific credit risk	163		9,735		(7,368)		2,367		319		13,023		(9,409)		3,614
Model changes and effect of changes in cash flow assumptions (4)	(7)		(1,336)		1,860		524		—		—		169		169
Actual market movement effect	(102)		(271)		148		(123)		(163)		(747)		397		(350)
Interest accrual	25		202		(122)		80		31		313		(224)		89
Attributed fees accrued (1)	203		326		(99)		227		206		398		(136)		262
Benefit payments	(23)		(565)		257		(308)		(22)		(632)		331		(301)
Actual policyholder behavior different from expected behavior	20		42		(14)		28		14		(23)		(1)		(24)
Changes in future economic assumptions	105		353		(193)		160		(265)		(1,446)		897		(549)
Issuances	1		—		—		—		(2)		—		—		—
Balance EOP before changes in the instrument-specific credit risk	385		8,486		(5,531)		2,955		118		10,886		(7,976)		2,910
Changes in the instrument-specific credit risk (2)	268		326		(10)		316		294		546		(22)		524
Balance, end of period	$	653	$	8,812	$	(5,541)	$	3,271	$	412	$	11,432	$	(7,998)	$	3,434

Weighted-average age of policyholders (years)	65.9		74.0		73.4		N/A		64.9		73.3		72.9		N/A
Net amount at risk	$	2,953	$	15,835	$	7,099	N/A		$	2,867	$	19,710	$	10,443	N/A

_____________

(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(2)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.

(3)Purchased MRB is the impact of non-affiliated reinsurance.

(4)Includes the net income impact of the novation, as described in Note 1, in the first quarter of 2025 and the impact primarily of a non-affiliated recapture of reinsurance completed in the first quarter of 2024.

The following table reconciles MRBs by the amounts in an asset position and amounts in a liability position to the MRB amounts in the consolidated balance sheets:


	June 30, 2025										December 31, 2024
	Direct Asset		Direct Liability		Net Direct MRB		Purchased MRB		Total		Direct Asset		Direct Liability		Net Direct MRB		Purchased MRB		Total
	(in millions)
Individual Retirement
GMxB Core	$	(449)	$	1,102	$	653	$	—	$	653	$	(514)	$	1,010	$	496	$	—	$	496
Legacy Segment
GMxB Legacy	(204)		9,016		8,812		(5,541)		3,271		(230)		10,738		10,508		(7,372)		3,136
Other (1)	(123)		69		(54)		(2)		(56)		(119)		62		(57)		(4)		(61)
Total	$	(776)	$	10,187	$	9,411	$	(5,543)	$	3,868	$	(863)	$	11,810	$	10,947	$	(7,376)	$	3,571

______________

(1)Other primarily includes SCS.

POLICYHOLDER ACCOUNT BALANCES

6 Months Ended

Jun. 30, 2025

POLICYHOLDER ACCOUNT BALANCES

The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:


	June 30, 2025		December 31, 2024
	(in millions)
Policyholders’ account balance reconciliation
Protection Solutions
Universal Life	$	4,973	$	5,065
Variable Universal Life	5,061		4,982
Legacy Segment
GMxB Legacy	253		226
Individual Retirement
GMxB Core	(27)		(4)
SCS	71,542		65,267
EQUI-VEST Individual	1,932		2,037
Group Retirement
EQUI-VEST Group	11,130		11,158
Momentum	498		527
Other (1)	10,071		8,658
Balance (exclusive of Funding Agreements)	105,433		97,916
Funding Agreements	17,926		13,013
Balance, end of period	$	123,359	$	110,929

_____________

(1)Primarily reflects products IR Payout, IR Other, Indexed Universal Life, Investment Edge, Group Pension, Closed Block and Corporate and Other.

.

The following table summarizes the balances and changes in policyholder’s account balances:


	Six Months Ended June 30, 2025
	Protection Solutions				Legacy		Individual Retirement						Group Retirement
	Universal Life		Variable Universal Life		GMxB Legacy		GMxB Core		SCS (1)		EQUI-VEST Individual		EQUI-VEST Group		Momentum
	(Dollars in millions)
Balance, beginning of period	$	5,065	$	4,982	$	226	$	(4)	$	65,267	$	2,037	$	11,158	$	527



Premiums received	300		60		5		91		5		18		293		26
Policy charges	(335)		(139)		18		4		(24)		—		(3)		—
Surrenders and withdrawals	(43)		(2)		(32)		(15)		(2,534)		(127)		(688)		(53)
Benefit payments	(122)		(70)		(8)		(1)		(179)		(33)		(32)		(1)
Net transfers from (to) separate account	—		117		5		(106)		6,760		8		237		(7)
Interest credited (2)	108		113		6		4		2,247		29		165		6
Other (4)	—		—		33		—		—		—		—		—
Balance, end of period	$	4,973	$	5,061	$	253	$	(27)	$	71,542	$	1,932	$	11,130	$	498

Weighted-average crediting rate	3.83%		3.67%		2.78%		1.97%		N/A		2.96%		2.75%		2.48%
Net amount at risk (3)	$	32,105	$	117,332	$	15,835	$	2,953	$	—	$	100	$	7	$	—
Cash surrender value	$	3,323	$	3,176	$	452	$	202	$	68,284	$	1,927	$	11,084	$	499

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.

(2)SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative.

(3)For life insurance products, the net amount at risk is death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.

(4)Includes the PAB from the policies novated to Venerable, as described in Note 1.


	Six Months Ended June 30, 2024
	Protection Solutions				Legacy		Individual Retirement						Group Retirement
	Universal Life		Variable Universal Life		GMxB Legacy		GMxB Core		SCS (1)		EQUI-VEST Individual		EQUI-VEST Group		Momentum
	(Dollars in millions)
Balance, beginning of period	$	5,202	$	4,850	$	618	$	36	$	49,002	$	2,322	$	11,563	$	608

Premiums received	327		61		36		119		9		15		305		37
Policy charges	(359)		(130)		18		—		(10)		—		(3)		—
Surrenders and withdrawals	(45)		(25)		(43)		(18)		(1,897)		(168)		(806)		(69)
Benefit payments	(106)		(56)		(49)		(1)		(149)		(26)		(35)		(1)
Net transfers from (to) separate account	—		86		3		(117)		6,325		6		170		(6)
Interest credited (2)	110		95		12		4		4,698		33		175		6
Other	—		—		—		—		—		—		—		—
Balance, end of period	$	5,129	$	4,881	$	595	$	23	$	57,978	$	2,182	$	11,369	$	575

Weighted-average crediting rate	3.80%		3.71%		2.74%		1.67%		N/A		2.98%		2.67%		2.32%
Net amount at risk (3)	$	34,364	$	116,133	$	19,710	$	2,867	$	1	$	104	$	9	$	—
Cash surrender value	$	3,393	$	3,172	$	531	$	252	$	54,146	$	2,176	$	11,313	$	576

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.

(2)SCS and EQUI-VEST includes amounts related to the change in embedded derivative.

(3)For life insurance products, the net amount at risk is the death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.

The following table presents the account values by range of guaranteed minimum crediting rates and the related range of the difference in basis points, between rates being credited policyholders and the respective guaranteed minimums:


June 30, 2025
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
( in millions)
Protection Solutions
Universal Life	0.00% - 1.50%	$	—	$	—	$	—	$	6	$	6
	1.51% - 2.50%	—		88		277		655		1,020
	Greater than 2.50%	3,262		656		—		—		3,918
	Total	$	3,262	$	744	$	277	$	661	$	4,944

Variable Universal Life	0.00% - 1.50%	$	15	$	10	$	112	$	52	$	189
	1.51% - 2.50%	38		370		232		—		640
	Greater than 2.50%	3,651		27		4		—		3,682
	Total	$	3,704	$	407	$	348	$	52	$	4,511
Legacy Segment


June 30, 2025
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
( in millions)
GMxB Legacy	0.00% - 1.50%	$	—	$	62	$	3	$	—	$	65
	1.51% - 2.50%	17		—		—		—		17
	Greater than 2.50%	371		—		—		—		371
	Total	$	388	$	62	$	3	$	—	$	453

Individual Retirement
GMxB Core	0.00% - 1.50%	$	—	$	10	$	148	$	—	$	158
	1.51% - 2.50%	11		—		—		—		11
	Greater than 2.50%	37		—		—		—		37
	Total	$	48	$	10	$	148	$	—	$	206

EQUI-VEST Individual	0.00% - 1.50%	$	—	$	30	$	159	$	—	$	189
	1.51% - 2.50%	12		67		—		—		79
	Greater than 2.50%	1,664		—		—		—		1,664
	Total	$	1,676	$	97	$	159	$	—	$	1,932

Group Retirement
EQUI-VEST Group	0.00% - 1.50%	$	1	$	945	$	2,194	$	262	$	3,402
	1.51% - 2.50%	342		—		—		—		342
	Greater than 2.50%	5,988		—		—		—		5,988
	Total	$	6,331	$	945	$	2,194	$	262	$	9,732

Momentum	0.00% - 1.50%	$	—	$	—	$	251	$	86	$	337
	1.51% - 2.50%	74		26		—		—		100
	Greater than 2.50%	55		—		5		—		60
	Total	$	129	$	26	$	256	$	86	$	497


December 31, 2024
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
( in millions)
Protection Solutions
Universal Life	0.00% - 1.50%	$	—	$	—	$	—	$	6	$	6
	1.51% - 2.50%	—		90		284		655		1,029
	Greater than 2.50%	3,402		598		—		—		4,000
	Total	$	3,402	$	688	$	284	$	661	$	5,035

Variable Universal Life	0.00% - 1.50%	$	24	$	13	$	94	$	40	$	171
	1.51% - 2.50%	37		357		223		—		617
	Greater than 2.50%	3,667		2		20		—		3,689
	Total	$	3,728	$	372	$	337	$	40	$	4,477
Legacy Segment


December 31, 2024
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
( in millions)
GMxB Legacy	0.00% - 1.50%	$	67	$	3	$	—	$	—	$	70
	1.51% - 2.50%	19		—		—		—		19
	Greater than 2.50%	401		—		—		—		401
	Total	$	487	$	3	$	—	$	—	$	490
Individual Retirement
GMxB Core	0.00% - 1.50%	$	11	$	160	$	—	$	—	$	171
	1.51% - 2.50%	12		—		—		—		12
	Greater than 2.50%	52		—		—		—		52
	Total	$	75	$	160	$	—	$	—	$	235

EQUI-VEST Individual	0.00% - 1.50%	$	42	$	198	$	—	$	—	$	240
	1.51% - 2.50%	38		—		—		—		38
	Greater than 2.50%	1,758		—		—		—		1,758
	Total	$	1,838	$	198	$	—	$	—	$	2,036




Group Retirement
EQUI-VEST Group	0.00% - 1.50%	$	720	$	2,391	$	33	$	258	$	3,402
	1.51% - 2.50%	349		—		—		—		349
	Greater than 2.50%	6,076		—		—		—		6,076
	Total	$	7,145	$	2,391	$	33	$	258	$	9,827

Momentum	0.00% - 1.50%	$	—	$	—	$	269	$	88	$	357
	1.51% - 2.50%	79		29		—		—		108
	Greater than 2.50%	56		—		5		—		61
	Total	$	135	$	29	$	274	$	88	$	526

Separate Account - Summary

The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:


	June 30, 2025		December 31, 2024
	(in millions)
Separate Account Reconciliation
Protection Solutions
Variable Universal Life	$	18,968	$	18,176
Legacy Segment
GMxB Legacy	28,275		33,199
Individual Retirement
GMxB Core	30,057		30,411
EQUI-VEST Individual	4,756		4,782
Investment Edge	5,072		4,885
Group Retirement
EQUI-VEST Group	31,714		30,546
Momentum	5,008		4,813
Other (1)	7,833		7,905
Total	$	131,683	$	134,717

______________

(1)Primarily reflects Corporate and Other products and Group Retirement products including Association and Group Retirement Other.

The following table presents the balances of and changes in Separate Account liabilities:


	Six Months Ended June 30, 2025
	Protection Solutions		Legacy		Individual Retirement						Group Retirement
	VUL		GMxB Legacy		GMxB Core		EQUI-VEST Individual		Investment Edge		EQUI-VEST Group		Momentum
	(in millions)
Balance, beginning of period	$	18,176	$	33,199	$	30,411	$	4,782	$	4,885	$	30,546	$	4,813

Premiums and deposits	664		118		934		49		901		1,252		330
Policy charges	(292)		(265)		(252)		(2)		—		(8)		(12)
Surrenders and withdrawals	(350)		(1,499)		(1,861)		(237)		(242)		(1,271)		(433)
Benefit payments	(54)		(364)		(145)		(36)		(17)		(32)		(5)
Investment performance (1)	941		907		864		208		247		1,464		308
Net transfers from (to) General Account	(117)		(5)		106		(8)		(702)		(237)		7
Other charges (2)	—		(3,816)		—		—		—		—		—
Balance, end of period	$	18,968	$	28,275	$	30,057	$	4,756	$	5,072	$	31,714	$	5,008

Cash surrender value	$	18,600	$	28,071	$	29,218	$	4,724	$	4,983	$	31,412	$	5,001

_____________

(1)Investment performance is reflected net of M&E fees.

(2)Other charges include the Separate Account value novated to Venerable, as described in Note 1.


	Six Months Ended June 30, 2024
	Protection Solutions		Legacy		Individual Retirement						Group Retirement
	VUL		GMxB Legacy		GMxB Core		EQUI-VEST Individual		Investment Edge		EQUI-VEST Group		Momentum
	(in millions)
Balance, beginning of period	$	15,821	$	33,794	$	29,829	$	4,582	$	4,275	$	26,959	$	4,421
Premiums and deposits	616		112		1,000		40		739		1,180		379
Policy charges	(287)		(324)		(249)		(1)		—		(8)		(11)
Surrenders and withdrawals	(330)		(1,629)		(1,720)		(248)		(254)		(1,113)		(476)
Benefit payments	(30)		(385)		(135)		(26)		(15)		(32)		(7)
Investment performance (1)	1,508		(3)		117		(7)		(465)		(170)		6
Net transfers from (to) General Account	(86)		2,401		1,634		445		308		2,409		390
Other charges	—		—		—		—		—		—		—
Balance, end of period	$	17,212	$	33,966	$	30,476	$	4,785	$	4,588	$	29,225	$	4,702

Cash surrender value	$	16,840	$	33,702	$	29,644	$	4,752	$	4,501	$	28,935	$	4,694

______________

(1)Investment performance is reflected net of M&E fees.

The following table presents the aggregate fair value of Separate Account assets by major asset category:


	June 30, 2025
	Protection Solutions		Individual Retirement		Group Retirement		Corp & Other		Legacy Segment		Total
	(in millions)
Asset Type
Debt securities	$	49	$	1	$	9	$	17	$	—	$	76
Common Stock	68		37		512		1,731		—		2,348
Mutual Funds	19,417		41,709		38,075		637		28,299		128,137
Bonds and Notes	101		3		1		1,017		—		1,122
Total	$	19,635	$	41,750	$	38,597	$	3,402	$	28,299	$	131,683


	December 31, 2024
	Protection Solutions		Individual Retirement		Group Retirement		Corp & Other		Legacy Segment		Total
	(in millions)
Asset Type
Debt securities	$	51	$	1	$	14	$	13	$	—	$	79
Common Stock	68		36		472		1,631		—		2,207
Mutual Funds	18,611		42,029		36,779		659		33,214		131,292
Bonds and Notes	98		4		1		1,036		—		1,139
Total	$	18,828	$	42,070	$	37,266	$	3,339	$	33,214	$	134,717

EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2025

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

Pension Plans

Holdings and Equitable Financial Retirement Plans

Holdings sponsors the MONY Life Retirement Income Security Plan for Employees, which is a frozen qualified defined benefit plan covering eligible employees and financial professionals. Equitable Financial sponsors the Equitable Retirement Plan (the “Equitable Financial QP”), which was frozen on December 31, 2013 but reopened on January 1, 2025 and is a qualified defined benefit plan covering eligible employees and financial professionals. These pension plans are non-contributory, and their benefits are generally based on a cash balance formula and/or, for certain participants, years of service and average earnings over a specified period. Holdings and Equitable Financial also sponsor certain nonqualified deferred compensation plans, including the Equitable Excess Retirement Plan, that provide retirement benefits in excess of the amount permitted under the tax law for the qualified plans. Holdings has assumed primary liability for both plans. Equitable Financial remains secondarily liable for its obligations under the Equitable Financial QP and would recognize such liability in the event Holdings does not perform.

AB Retirement Plans

AB maintained a qualified, non-contributory, defined benefit retirement plan (the “Retirement Plan”) covering current and former employees who were employed by AB in the United States prior to October 2, 2000. During 2024, the Compensation Committee of the AB Board of Directors approved the termination of the Retirement Plan, effective May 22, 2024. AB began the process of settling benefits with vested participants and all lump sum disbursements elected by plan participants were distributed in December 2024 in the amount of $35 million. The remaining Retirement Plan participants who did not elect a lump sum disbursement elected to roll over their benefit to a group annuity contract from a qualified insurance company to administer all future payments. During the six months ended June 30, 2025, AB settled all future obligations under the Retirement Plan and transferred the remaining benefit obligations to a qualified third party insurance provider under a group annuity contract. The final annuity premium transferred was $59 million. Following the settlement related to the annuity purchase, the plans funded status was in a deficit and AB funded an additional $2 million to cover all remaining obligations. As a result of the settlement, AB recognized a non-cash settlement of approximately $21 million related to Retirement Plan losses and the reclassification from accumulated other comprehensive loss to general and administrative expenses in the unaudited consolidated statements of income.

Net Periodic Pension Expense

Components of net periodic pension expense for the Company’s plans were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Service cost	$	7	$	2	$	15	$	4
Interest cost	28		31		56		59
Expected return on assets	(33)		(37)		(67)		(73)
Prior period service cost amortization	—		(1)		(1)		(1)

Net amortization	11		14		23		28
Impact of settlement	—		—		21		—
Net Periodic Pension Expense	$	13	$	9	$	47	$	17

The entire disclosure for retirement benefits.

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INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2025
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense for the three and six months ended June 30, 2025 and 2024 was computed using an estimated annual effective tax rate (“ETR”), with discrete items recognized in the period in which they occur. The estimated ETR is revised, as necessary, at the end of successive interim reporting periods. In 2022, the Company established a valuation allowance against its deferred tax asset related to unrealized capital losses in the available for sale securities portfolio. In 2023, management took actions to increase its available liquidity so that the Company has the ability and intent to hold the majority of securities in its available for sale portfolio to recovery. For liquidity and other purposes, the Company maintains a smaller pool of securities that it does not intend to hold to recovery. The Company maintains a valuation allowance against the deferred tax asset on available for sale securities that will not be held to recovery. Adjustments to the valuation allowance due to changes in the portfolio’s unrealized capital loss are recorded in OCI. Adjustments to the valuation allowance due to new facts or evidence are recorded in net income. For the three and six months ended June 30, 2025, the Company recorded increases to the valuation allowance of $33 million and $41 million, respectively, due to changes in the value of unrealized losses in the available for sale portfolio that will not be held to recovery. These adjustments were recorded in OCI. As of June 30, 2025, a valuation allowance of $258 million remains against the portion of the deferred tax asset that is still not more-likely-than-not to be realized. The Company uses the aggregate portfolio approach related to the stranded or disproportionate income tax effects in accumulated other comprehensive income related to available for sale securities. Under this approach, the disproportionate tax effect remains intact as long as the investment portfolio remains.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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EQUITY

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

EQUITY

Preferred Stock

Preferred stock authorized, issued and outstanding was as follows:


	June 30, 2025			December 31, 2024
Series	Shares Authorized	Shares Issued	Shares Outstanding	Shares Authorized	Shares Issued	Shares Outstanding
Series A	32,000	32,000	32,000	32,000	32,000	32,000
Series B	20,000	6,613	6,613	20,000	17,773	17,773
Series C	12,000	12,000	12,000	12,000	12,000	12,000
Total	64,000	50,613	50,613	64,000	61,773	61,773

On April 11, 2025, Holdings redeemed and retired $279 million of Series B Preferred Stock using proceeds from our Junior Subordinated Debt issuance.

Dividends declared per share were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Series A dividends declared	$	328	$	328	$	656	$	656
Series B dividends declared	$	619	$	619	$	619	$	619
Series C dividends declared	$	269	$	269	$	538	$	538

Common Stock

Dividends declared per share of common stock were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Dividends declared	$	0.27	$	0.24	$	0.51	$	0.46

Share Repurchase

On February 5, 2024, the Company’s Board of Directors (the “Board”) authorized a new $1.3 billion share repurchase program. On February 13, 2025, Holdings’s Board approved an additional $1.5 billion under Holdings’s share repurchase program. Under this program, the Company may, from time to time purchase shares of its common stock through various means. The Company may choose to suspend or discontinue the repurchase program at any time. The repurchase program does not obligate the Company to purchase any particular number of shares. As of June 30, 2025, Holdings had authorized capacity of approximately $1.5 billion remaining in its share repurchase program.

Holdings repurchased a total of 4.8 million and 9.8 million shares of its common stock at an average price of $51.71 and $50.79 through open market repurchases, ASRs and privately negotiated transactions for the three and six months ended June 30, 2025, respectively and repurchased a total of 6.3 million and 13.8 million shares of its common stock at an average price of $39.21 and $36.31 through open market repurchases, ASRs and privately negotiated transactions for the three and six months ended June 30, 2024, respectively.

During the three and six months ended June 30, 2025, Holdings repurchased 2.4 million and 4.7 million shares, of its common stock through open market repurchases. During the three and six months ended June 30, 2024, Holdings repurchased 3.2 million and 6.4 million shares, of its common stock through open market repurchases.

In March 2025, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $38 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a pre-payment of $38 million and received initial delivery of 567,270 of Holdings’ shares. The ASR terminated in April 2025, at which time an additional 201,068 shares of common stock were received.

In March 2025, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $102 million of Holdings’ common stock. Pursuant to the ASR, on April 2, 2025, Holdings made a pre-payment of $102 million and received initial delivery of 1.6 million of Holdings’ shares. The ASR will be terminated in April 2025, at which time 629,617 additional shares of common stock were received.

In December 2024, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $105 million of Holdings’ common stock. Pursuant to the ASR, on January 3, 2025, Holdings made a pre-payment of $105 million and received initial delivery of 1.8 million of Holdings’ shares. The ASR terminated in February 2025, at which time 274,630 additional shares of common stock were received.

In December 2024, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $32 million of Holdings’ common stock. Pursuant to the ASR, in December, Holdings made a pre-payment of $32 million and received initial delivery of 550,301 of Holdings’ shares. The ASR terminated in January 2025, at which time an additional 105,468 shares of common stock were received.

Accumulated Other Comprehensive Income (Loss)

AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances are as follows:


	June 30, 2025		December 31, 2024
	(in millions)
Unrealized gains (losses) on investments	$	(6,501)	$	(7,334)
Market risk benefits - instrument -specific credit risk component	(601)		(1,125)
Liability for future policy benefits - current discount rate component	255		372
Defined benefit pension plans	(553)		(579)
Foreign currency translation adjustments	(51)		(88)
Total accumulated other comprehensive income (loss)	(7,451)		(8,754)
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest	(19)		(42)
Accumulated other comprehensive income (loss) attributable to Holdings	$	(7,432)	$	(8,712)

The components of OCI, net of taxes for follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period	$	335	$	(443)	$	993	$	(986)
(Gains) losses reclassified into net income (loss) during the period (1)	28		—		34		21
Net unrealized gains (losses) on investments	363		(443)		1,027		(965)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other	(54)		34		(109)		43
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $124, $(102), $297 and $(235))	309		(409)		918		(922)
Change in LFPB discount rate and MRB credit risk, net of tax
Changes in instrument-specific credit risk - market risk benefits (net of deferred income tax expense (benefit) of $(45), $(42), $110 and $(37))	(170)		(159)		414		(139)
Changes in current discount rate - liability for future policy benefits (net of deferred income tax expense (benefit) of $(8), $18, $(25) and $44)	(29)		67		(92)		165
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost)	9		11		26		19
Change in defined benefit plans (net of deferred income tax expense (benefit) of $3, $7, $1 and $5)	9		11		26		19
Foreign currency translation adjustments:
Foreign currency translation gains (losses) arising during the period	26		9		37		(2)

Foreign currency translation adjustment	26		9		37		(2)
Total other comprehensive income (loss), net of income taxes	145		(481)		1,303		(879)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Less: Other comprehensive income (loss) attributable to noncontrolling interest	10		3		23		(1)
Other comprehensive income (loss) attributable to Holdings	$	135	$	(484)	$	1,280	$	(878)

______________

(1)See “reclassification adjustments” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(7) million, $0 million, $(9) million and $(6) million for the three and six months ended June 30, 2025 and 2024, respectively.

Investment gains and losses reclassified from AOCI to net income (loss) primarily consist of realized gains (losses) on sales and credit losses of AFS securities and are included in total investment gains (losses), net on the consolidated statements of income (loss). Amounts reclassified from AOCI to net income (loss) as related to defined benefit plans primarily consist of amortization of net (gains) losses and net prior service cost (credit) recognized as a component of net periodic cost and reported in compensation and benefits in the consolidated statements of income (loss). Amounts presented in the table above are net of tax.

The entire disclosure for equity.

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SHORT-TERM AND LONG-TERM DEBT

SHORT-TERM AND LONG-TERM DEBT

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Borrowings

Our financial strategy going forward will remain subject to market conditions and other factors. For example, we may from time to time enter into additional bank or other financing arrangements, including public or private debt, structured facilities and contingent capital arrangements, under which we could incur additional indebtedness.

The following table sets forth the Company’s total consolidated borrowings. Short-term and long-term debt consists of the following:


	June 30,		December 31,
	2025		2024
	(in millions)
Short-term debt:




Total short-term debt	$	—	$	—
Long-term debt:
Senior Debenture due 2028	250		250
Senior Note due 2028	1,495		1,494
Senior Note due 2029	305		303
Senior Note due 2033	497		497
Senior Note due 2048	1,290		1,289
Junior Sub Debt Securities due 2055	495		—
Total long-term debt	4,332		3,833
Total short and long-term debt	$	4,332	$	3,833

Junior Subordinated Debt Securities

On March 26, 2025, Holdings issued $500 million aggregate principal amount of 6.7% Fixed-to-Fixed Reset Rate Junior Subordinated Debt Securities due 2055 (the “Junior Subordinated Debt Securities”). These amounts were recorded net of the underwriting discount and issuance costs of $6 million. Interest will be paid (i) from, and including, March 26, 2025 to, but excluding, March 28, 2035 at the rate of 6.7% per annum and (ii) from, and including, March 28, 2035, during each interest period, at a rate per annum equal to the five-year Treasury rate as of the most recent reset interest determination date, in each case to be reset on each interest reset date, plus 2.4%, payable semi-annually in arrears on March 28 and September 28 of each year, beginning on September 28, 2025, and on the maturity date.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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REDEEMABLE NONCONTROLLING INTEREST

REDEEMABLE NONCONTROLLING INTEREST

6 Months Ended

Jun. 30, 2025

Noncontrolling Interest [Abstract]

The changes in the components of redeemable noncontrolling interests were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Balance, beginning of period	$	289	$	991	$	125	$	770
Net earnings (loss) attributable to redeemable noncontrolling interests	(2)		16		1		34

Purchase/change of redeemable noncontrolling interests	71		81		232		284
Balance, end of period	$	358	$	1,088	$	358	$	1,088

COMMITMENTS AND CONTINGENT LIABILITIES

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

Litigation and Regulatory Matters

Litigation, regulatory and other loss contingencies arise in the ordinary course of the Company’s activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters arising from the conduct of its business. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Modern pleading practice permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek, or they may be required only to state an amount sufficient to meet a court’s jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonably possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including, among other things, insurers’ sales practices, alleged agent misconduct, alleged failure to properly supervise agents, contract administration, product design, features and accompanying disclosure, COI increases, payments of death benefits and the reporting and escheatment of unclaimed property, alleged breach of fiduciary duties, alleged mismanagement of client funds and other matters.

The outcome of a litigation or regulatory matter is difficult to predict, and the amount or range of potential losses associated with these or other loss contingencies requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters, litigation and other loss contingencies. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company’s financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company’s litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company’s results of operations or cash flows in a particular quarterly or annual period.

For some matters, the Company is able to estimate a range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of June 30, 2025, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $100 million.

For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from plaintiffs and other parties, investigation of factual allegations, rulings by a court on motions or appeals, analysis by experts and the progress of settlement discussions. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation and regulatory contingencies and updates the Company’s accruals, disclosures and reasonably possible losses or ranges of loss based on such reviews.

As with other financial services companies, Equitable Financial periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters.

Obligations under Funding Agreements

Pre-Capitalized Trust Securities (“P-Caps”)

In April 2019, pursuant to separate Purchase Agreements among Holdings, Credit Suisse Securities (USA) LLC, as representative of the several initial purchasers, and the Trusts (as defined below), Pine Street Trust I, a Delaware statutory trust (the “2029 Trust”), completed the issuance and sale of 600,000 of its Pre-Capitalized Trust Securities redeemable February 15, 2029 (the “2029 P-Caps”) for an aggregate purchase price of $600 million and Pine Street Trust II, a Delaware statutory trust (the “2049 Trust” and, together with the 2029 Trust, the “Trusts”), completed the issuance and sale of 400,000 of its Pre-Capitalized Trust Securities redeemable February 15, 2049 (the “2049 P-Caps” and, together with the 2029 P-Caps, the “P-Caps”) for an aggregate purchase price of $400 million in each case to qualified institutional buyers in reliance on Rule 144A that are also “qualified purchasers” for purposes of Section 3(c)(7) of the Investment Company Act of 1940, as amended.

In June 2024, the Company exercised its issuance right under the Facility Agreement, dated April 5, 2019 (the “2029 Trust Facility Agreement”) to issue $600 million principal amount of the Company’s 4.572% Senior Notes due 2029 (the “2029 Notes”) in exchange for the portfolio of principal and interest strips of U.S. Treasury securities held by the 2029 Trust (the “2029 Trust Eligible Assets”). Following the Company’s exercise of its issuance right under the 2029 Trust Facility Agreement, the Company: (i) issued $600 million principal amount of the 2029 Notes to the 2029 Trust on June 6, 2024 in exchange for the 2029 Trust Eligible Assets; (ii) waived its right to repurchase the 2029 Notes; and (iii) directed the trustee of the 2029 Trust to dissolve the 2029 Trust in accordance with its declaration of trust and deliver the 2029 Notes to the beneficial holders of the 2029 P-Caps pro rata in respect of each 2029 P-Cap. The 2029 Trust was dissolved on June 11, 2024 and the beneficial holders of the 2029 P-Caps received the 2029 Notes through the facilities of The Depository Trust Company. See Note 14 of the Notes to these Consolidated Financial Statements for additional details on the 2029 Notes.

In addition, in June 2024, pursuant to the Purchase Agreement among Holdings, TD Securities (USA) LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as representative of the several initial purchasers, and Pine Street Trust III, a Delaware statutory trust ( “2054 Trust”), completed the issuance and sale of 600,000 of its Pre-Capitalized Trust Securities redeemable May 15, 2054 (the “2054 P-Caps”) for an aggregate purchase price of $600 million to qualified institutional buyers in reliance on Rule 144A that are also “qualified purchasers” for purposes of Section 3(c)(7) of the Investment Company Act of 1940, as amended.

The P-Caps are an off-balance sheet contingent funding arrangement that, upon Holdings’ election, gives Holdings the right over a thirty-year period to issue senior notes to the 2049 Trust and the 2054 Trusts. The Trust have invested the proceeds from the respective sales of their P-Caps in separate portfolios of principal and/or interest strips of U.S. Treasury securities. In return, Holdings will, in the case of the 2054 Trust, pay, and in the case of the 2049 Trust, continue to pay, a semi-annual facility fee to the 2049 Trust and 2054 Trust calculated at a rate of 2.715% and 1.779% per annum, respectively, which will be applied to the unexercised portion of the contingent funding arrangement and Holdings will reimburse the Trusts for certain expenses. The facility fees are recorded in other operating costs and expenses in the consolidated statements of income (loss).

FHLB

As a member of the FHLB, Equitable Financial and Equitable America have access to collateralized borrowings. They also may issue funding agreements to the FHLB. Both the collateralized borrowings and funding agreements would require Equitable Financial or Equitable America to pledge qualified mortgage-backed assets and/or government securities as collateral. Equitable Financial and Equitable America issue short-term funding agreements to the FHLB and use the funds for asset, liability, and cash management purposes. Equitable Financial and Equitable America issue long-term funding agreements to the FHLB and use the funds for spread lending purposes.

Entering into FHLB membership, borrowings and funding agreements requires the ownership of FHLB stock and the pledge of assets as collateral. Equitable Financial has purchased FHLB stock of $323 million and pledged collateral with a carrying value of $11.0 billion as of June 30, 2025. Equitable America has purchased FHLB stock of $5 million and pledged collateral with a carrying value of $245 million as of June 30, 2025.

Funding agreements are reported in policyholders’ account balances in the consolidated balance sheets. For other instruments used for asset/liability and cash management purposes, see “Offsetting of Financial Assets and Liabilities and Derivative Instruments” included in Note 4 of the Notes to these Consolidated Financial Statements. The table below summarizes the Company’s activity of funding agreements with the FHLB.

Change in FHLB Funding Agreements during the Six Months Ended June 30, 2025


	Outstanding Balance at December 31, 2024		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Outstanding Balance at June 30, 2025
	(in millions)
Short-term funding agreements:
Due in one year or less	$	5,843	$	34,894	$	(35,194)	$	409	$	—	$	5,952
Long-term funding agreements:
Due in years two through five	829		200		—		(388)		—		641
Due in more than five years	493		—		—		(21)		—		472
Total long-term funding agreements	1,322		200		—		(409)		—		1,113
Total funding agreements (1)	$	7,165	$	35,094	$	(35,194)	$	—	$	—	$	7,065

_____________

(1)The $18 million and $2 million difference between the funding agreements carrying value shown in fair value table for June 30, 2025 and December 31, 2024, respectively, reflects the remaining amortization of a hedge implemented and closed, which locked in the funding agreements borrowing rates.

FABN

Under the FABN programs, Equitable Financial and Equitable America may issue funding agreements in U.S. dollar or other foreign currencies, in each case, to a Delaware special purpose statutory trust (the “Trust”) in exchange for the proceeds from issuances of fixed and floating rate medium-term marketable notes issued by the applicable Trust from time to time (the “Trust Notes”). The funding agreements have matching interest, maturity and currency payment terms to the applicable Trust Notes. The Company hedges the foreign currency exposure of foreign currency denominated funding agreements using cross currency swaps as discussed in Note 4 of the Notes to these Consolidated Financial Statements. As of June 30, 2025, the maximum aggregate principal amount of Trust Notes permitted to be outstanding at any one time is $16.0 billion. Funding agreements issued to the applicable Trust, including any foreign currency transaction adjustments, are reported in policyholders’ account balances in the consolidated balance sheets. Foreign currency transaction adjustments to policyholder’s account balances are recognized in net income (loss) as an adjustment to interest credited to policyholders’ account balances and are offset in interest credited to policyholders’ account balances by a release of AOCI from deferred changes in fair value of designated and qualifying cross currency swap cash flow hedges. The table below summarizes activity of funding agreements under the FABN programs.

Change in FABN Funding Agreements during the Six Months Ended June 30, 2025


	Outstanding Balance at December 31, 2024		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Foreign Currency Transaction Adjustment		Outstanding Balance at June 30, 2025
	(in millions)
Short-term funding agreements:
Due in one year or less	$	1,050	$	300	$	—	$	450	$	—	$	—	$	1,800
Long-term funding agreements:
Due in years two through five	4,393		3,100		—		(450)		—		107		7,150
Due in more than five years	300		—		—		—		—		—		300
Total long-term funding agreements	4,693		3,100		—		(450)		—		107		7,450
Total funding agreements (1)	$	5,743	$	3,400	$	—	$	—	$	—	$	107	$	9,250

_____________

(1)The $28 million and $18 million difference between the funding agreements notional value shown and carrying value table as of June 30, 2025 and December 31, 2024, respectively, reflects the remaining amortization of the issuance cost of the funding agreements and the foreign currency transaction adjustment.

FABCP

In May 2023, Equitable Financial and Equitable America established a FABCP program, pursuant to which a SPLLC may issue commercial paper and deposit the proceeds with Equitable Financial or Equitable America pursuant to a funding agreement issued by Equitable Financial or Equitable America to the SPLLC. The current maximum aggregate principal amount permitted to be outstanding at any one time under the FABCP program is $3.0 billion for Equitable Financial and $1.0 billion for Equitable America. As of June 30, 2025, Equitable Financial and Equitable America had $1.6 billion and $0 million outstanding under the program, respectively.

Guarantees and Other Commitments

The Company provides certain guarantees or commitments to affiliates and others. As of June 30, 2025, these arrangements include commitments by the Company to provide equity financing of $1.1 billion to certain limited partnerships and real estate joint ventures under certain conditions as well as a guarantee of a subsidiary’s performance under a reinsurance arrangement that will no longer be in effect once certain conditions at the subsidiary are met and notice is provided. Management believes the Company will not incur material losses as a result of these commitments.

The Company had $17 million of undrawn letters of credit related to reinsurance as of June 30, 2025. The Company had $502 million of commitments under existing mortgage loan agreements as of June 30, 2025.

The Company is the obligor under certain structured settlement agreements it had entered into with unaffiliated insurance companies and beneficiaries. To satisfy its obligations under these agreements, the Company owns single premium annuities issued by previously wholly-owned life insurance subsidiaries. The Company has directed payment under these annuities to be made directly to the beneficiaries under the structured settlement agreements. A contingent liability exists with respect to these agreements should the previously wholly-owned subsidiaries be unable to meet their obligations. Management believes the need for the Company to satisfy those obligations is remote.

BUSINESS SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

We have six reportable segments: Individual Retirement, Group Retirement, Asset Management, Protection Solutions, Wealth Management and Legacy.

These segments reflect the manner by which the Company’s chief operating decision maker (“CODM”) views and manages the business. A brief description of these segments follows:

•The Individual Retirement (“IR”) segment offers a diverse suite of variable annuity products which are primarily sold to affluent and high net worth individuals saving for retirement or seeking retirement income.

•The Group Retirement (“GR”) segment offers tax-deferred investment and retirement services or products to plans sponsored by educational entities, municipalities, and not-for-profit entities, as well as small and medium-sized businesses.

•The Asset Management (“AM”) segment provides diversified investment management and related solutions globally to a broad range of clients through three main client channels - Institutional, Retail and Private Wealth.

•The Protection Solutions (“PS”) segment includes our life insurance and group EB businesses.

•The Wealth Management (“WM”) segment offers discretionary and non-discretionary investment advisory accounts, financial planning and advice, life insurance, and annuity products through Equitable Advisors.

•The Legacy (“L”) segment primarily consists of the capital intensive fixed-rate GMxB business written in the Individual Retirement market prior to 2011.

The CODM is the chief executive officer and President of Holdings. The CODM evaluates the reported measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. Significant segment expenses are part of the CODM review and are critically important to understand the level of profitability of operating segments but also the overall company performance. This assessment will inform the way the allocation of resources will be done among the different operating segments.

Measurement

Operating earnings (loss) is the financial measure which primarily focuses on the Company’s segments’ results of operations as well as the underlying profitability of the Company’s core business. By excluding items that can be distortive and unpredictable such as investment gains (losses) and investment income (loss) from derivative instruments, the Company believes operating earnings (loss) by segment enhances the understanding of the Company’s underlying drivers of profitability and trends in the Company’s segments.

Operating earnings is calculated by adjusting each segment’s net income (loss) attributable to Holdings for the following items:

•Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;

•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;

•Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;

•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business; and

•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.

The General Account investment portfolio is used to support the insurance and annuity liabilities of our Individual Retirement, Group Retirement, Protection Solutions and Legacy business segments.

During the third quarter 2024, the Company moved revenues and expenses related to payout annuitizations from the Legacy segment to the Individual Retirement segment. Now all payout annuities are reported within the Individual Retirement segment as the block is managed on an aggregate basis. Prior periods have been recast to reflect this change.

Revenues derived from any customer did not exceed 10% of revenues for the three and six months ended June 30, 2025 and 2024.

The Company accounts for inter-segment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices.

The table below presents operating earnings (loss) by segment and Corporate and Other (C&O):


	Three Months Ended June 30, 2025
	IR		GR		AM		PS		WM		L		C&O		Eliminations		Total
	(in millions)
Segment revenues	$	1,006	$	309	$	1,094	$	825	$	471	$	100	$	226	$	(230)	$	3,801

Benefits and other deductions
Policyholders’ benefits	76		—		—		603		—		—		108		—		787
Interest credited to policyholders’ account balances	408		68		—		145		—		9		175		—		805
Commissions and distribution related payments	101		44		197		41		296		29		2		(222)		488
Amortization of deferred policy acquisition costs	127		16		—		32		—		15		3		—		193
Compensation and benefits	6		9		429		27		82		5		11		—		569
Interest expense and financing fees	—		—		9		—		—		—		69		(6)		72
Significant segment expenses	718		137		635		848		378		58		368		(228)		2,914
Other segment items (1)	31		23		196		46		24		8		32		(2)		358
Income taxes	(42)		(25)		(48)		11		(18)		(6)		36		—		(92)
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		84		—		—		—		1		—		85
Operating earnings (loss)	$	215	$	124	$	131	$	(58)	$	51	$	28	$	(139)	$	—	$	352

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.


	Three Months Ended June 30, 2024
	IR		GR		AM		PS		WM		L		C&O		Eliminations		Total
	(in millions)
Segment revenues	$	888	$	283	$	1,051	$	834	$	442	$	117	$	230	$	(227)	$	3,618

Benefits and other deductions
Policyholders’ benefits	78		—		—		473		—		—		116		—		667
Interest credited to policyholders’ account balances	281		56		—		128		—		8		125		—		598
Commissions and distribution related payments	80		45		180		43		282		40		7		(214)		463
Amortization of deferred policy acquisition costs	111		8		—		32		—		15		3		—		169
Compensation and benefits	14		8		420		37		78		7		(1)		—		563
Interest expense and financing fees	—		—		12		—		—		—		58		(7)		63
Significant segment expenses	564		117		612		713		360		70		308		(221)		2,523
Other segment items (1)	38		21		201		38		21		15		47		(6)		375
Income taxes	(40)		(20)		(42)		(12)		(17)		(4)		16		—		(119)
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		95		(1)		—		—		12		—		106
Operating earnings (loss)	$	246	$	125	$	101	$	72	$	44	$	28	$	(121)	$	—	$	495

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.


	Six Months Ended June 30, 2025
	IR		GR		AM		PS		WM		L		C&O		Eliminations		Total
	(in millions)
Segment revenues	$	2,003	$	625	$	2,182	$	1,651	$	934	$	220	$	430	$	(460)	$	7,585

Benefits and other deductions
Policyholders’ benefits	168		—		—		1,159		—		—		219		—		1,546
Interest credited to policyholders’ account balances	773		131		—		266		—		16		282		—		1,468
Commissions and distribution related payments	199		87		398		83		589		65		8		(440)		989
Amortization of deferred policy acquisition costs	251		31		—		64		—		30		5		—		381
Compensation and benefits	24		21		851		65		164		12		24		—		1,161
Interest expense and financing fees	—		—		16		2		—		—		122		(10)		130
Significant segment expenses	1,415		270		1,265		1,639		753		123		660		(450)		5,675
Other segment items (1)	76		53		381		100		51		35		63		(10)		749
Income taxes	(81)		(48)		(89)		14		(33)		(10)		53		—		(194)
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		190		1		—		—		3		—		194
Operating earnings (loss)	$	431	$	254	$	257	$	(75)	$	97	$	52	$	(243)	$	—	$	773

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.


	Six Months Ended June 30, 2024
	IR		GR		AM		PS		WM		L		C&O		Eliminations		Total
	(in millions)
Segment revenues	$	1,728	$	574	$	2,144	$	1,658	$	865	$	246	$	485	$	(443)	$	7,257

Benefits and other deductions
Policyholders’ benefits	155		—		—		960		—		—		229		—		1,344
Interest credited to policyholders’ account balances	529		108		—		256		—		17		267		—		1,177
Commissions and distribution related payments	157		89		353		83		542		80		10		(414)		900
Amortization of deferred policy acquisition costs	220		23		—		62		—		31		5		—		341
Compensation and benefits	31		18		867		73		156		16		1		—		1,162
Interest expense and financing fees	—		—		29		—		—		—		114		(17)		126
Significant segment expenses	1,092		238		1,249		1,434		698		144		626		(431)		5,050
Other segment items (1)	72		46		409		90		48		31		108		(12)		792
Income taxes	(80)		(41)		(86)		(19)		(32)		(10)		39		—		(229)
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		193		(1)		—		—		22		—		214
Operating earnings (loss)	$	484	$	249	$	207	$	116	$	87	$	61	$	(232)	$	—	$	972

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.

The table below presents a reconciliation to net income (loss) attributable to Holdings:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Net income (loss) attributable to Holdings	$	(349)	$	428	$	(286)	$	520
Adjustments related to:
Variable annuity product (1)	934		81		1,145		411
Investment (gains) losses	71		16		85		55
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	11		14		22		31
Other adjustments (2)	(137)		(33)		68		58
Income tax expense (benefit) related to above adjustments	(185)		(16)		(277)		(116)
Non-recurring tax items	7		5		16		13
Operating earnings (loss)	$	352	$	495	$	773	$	972

_____________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the six months ended June 30, 2025.

(2)Includes a gain of $198 million and $33 million on Non-VA derivatives for the three and six months ended June 30, 2025, respectively. Also includes $14 million of expense related to a disputed billing practice of an AB third-party service provider for the

three and six months ended June 30, 2025, respectively, and certain gross legal expenses related to the COI litigation of $106 million for the six months ended June 30, 2024.

Segment revenues is a measure of the Company’s revenue by segment as adjusted to exclude certain items. The following table reconciles segment revenues to total revenues by excluding the following items:

•Items related to variable annuity product features, which include certain changes in the fair value of the derivatives and other securities we use to hedge these features and changes in the fair value of the embedded derivatives reflected within the net derivative results of variable annuity product features;

•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;

•Other adjustments, which primarily includes net derivative gains (losses) on certain Non-GMxB derivatives and Net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments and unrealized gain/losses associated with equity securities.

The table below presents revenues by segment and C&O:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Segment revenues:
Individual Retirement (1)	$	1,006	$	888	$	2,003	$	1,728
Group Retirement (1)	309		283		625		574
Asset Management (2)	1,094		1,051		2,182		2,144
Protection Solutions (1)	825		834		1,651		1,658
Wealth Management (3)	471		442		934		865
Legacy (1)	100		117		220		246
Corporate and Other (1)	226		230		430		485
Eliminations	(230)		(227)		(460)		(443)

Adjustments related to:
Variable annuity product features, excluding change in MRBs (4)	(1,549)		(210)		(574)		(1,629)
Investment gains (losses), net	(71)		(16)		(85)		(55)
Other adjustments to segment revenues (4)	181		115		12		164
Total revenues	$	2,362	$	3,507	$	6,938	$	5,737

______________

(1)Includes investment expenses charged by AB of $42 million and $76 million for the three and six months ended June 30, 2025, respectively, and $37 million and $73 million for the three and six months ended June 30, 2024, respectively, for services provided to the Company.

(2)Inter-segment investment management and other fees of $44 million and $86 million for the three and six months ended June 30, 2025, respectively, and $42 million and $84 million for the three and six months ended June 30, 2024, respectively, are included in segment revenues of the Asset Management segment.

(3)Inter-segment distribution fees of $222 million and $440 million for the three and six months ended June 30, 2025, respectively, and $214 million and $414 million for the three and six months ended June 30, 2024, respectively, are included in segment revenues of the Wealth Management segment.

(4)Prior periods were revised to conform with current presentation.

Total assets by segment were as follows:


	June 30, 2025		December 31, 2024
	(in millions)
Total assets by segment:
Individual Retirement	$	118,774	$	110,358
Group Retirement	53,804		51,269
Asset Management	10,705		10,514
Protection Solutions	43,693		41,583
Wealth Management	222		168
Legacy	36,368		42,373
Corporate and Other	39,522		39,462
Total assets	$	303,088	$	295,727

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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EARNINGS PER COMMON SHARE

INSURANCE STATUTORY FINANCIAL INFORMATION	6 Months Ended
INSURANCE STATUTORY FINANCIAL INFORMATION	Jun. 30, 2025
Insurance [Abstract]
INSURANCE STATUTORY FINANCIAL INFORMATION	INSURANCE STATUTORY FINANCIAL INFORMATION Prescribed and Permitted Accounting Practices As of June 30, 2025, the following five prescribed and permitted practices resulted in net income (loss) and capital and surplus that is different from the statutory surplus that would have been reported had NAIC statutory accounting practices been applied. Equitable Financial was granted a permitted practice by the NYDFS to apply SSAP 108, Derivatives Hedging Variable Annuity Guarantees on a retroactive basis from January 1, 2021 through June 30, 2021, after reflecting the impacts of our reinsurance transaction with Venerable. The permitted practice was amended to also permit Equitable Financial to adopt SSAP 108 prospectively as of July 1, 2021 and to consider the impact of both the interest rate derivatives and the General Account assets used to fully hedge the interest rate risk inherent in its variable annuity guarantees when determining the amount of the deferred asset or liability under SSAP 108. Application of the permitted practice partially mitigates the New York Insurance Regulation 213 (“Reg 213”) impact of the Venerable transaction on Equitable Financial’s statutory capital and surplus and enables Equitable Financial to more effectively neutralize the impact of interest rates on its statutory surplus and to better align with our economic hedging program. The impact of applying this permitted practice relative to SSAP 108 as written was a decrease of approximately $155 million in statutory special surplus funds as of June 30, 2025. The Reinsurance Treaty reduced the amount of interest rate hedging needed at Equitable Financial going forward, affecting future deferrals, but leaves our historical SSAP 108 deferred amounts unchanged. The permitted practice also reset Equitable Financial’s unassigned surplus to zero as of June 30, 2021 to reflect the transformative nature of the Venerable transaction. The Manual has been adopted as a component of prescribed or permitted practices by the State of New York. However, Reg 213 adopted in May of 2019 and as amended in February 2020 and March 2021, differs from the NAIC variable annuity reserve and capital framework. Reg 213 requires Equitable Financial to carry statutory basis reserves for its variable annuity contract obligations equal to the greater of those required under (i) the NAIC standard or (ii) a revised version of the NYDFS requirement in effect prior to the adoption of the first amendment for contracts issued prior to January 1, 2020, and for policies issued after that date a new standard that in current market conditions imposes more conservative reserving requirements for variable annuity contracts than the NAIC standard. The impact of the application of Reg 213 was a decrease of approximately $123 million in statutory surplus as of June 30, 2025 compared to statutory surplus under the NAIC variable annuity framework. Our hedging program is designed to hedge the economics of our insurance liabilities and largely offsets Reg 213 and NAIC framework reserve movements due to interest rates and equities. The NYDFS allows domestic insurance companies a five year phase-in provision for Reg 213 reserves. As of September 30, 2022, Equitable Financial’s Reg 213 reserves were 100% phased-in. As of June 30, 2025, given the prevailing market conditions and business mix, there are $111 million Reg 213 redundant reserves over the US RBC CTE 98 TAR. During the fourth quarter 2020, Equitable Financial received approval from NYDFS for its proposed amended Plan of Operation for Separate Account No. 68 (“SA 68”) for our SCS product and Separate Account No. 69 (“SA 69”) for our EQUI-VEST product Structured Investment Option, to change the accounting basis of these two non-insulated Separate Accounts from fair value to book value in accordance with Section 1414 of the Insurance Law to align with how we manage and measure our overall General Account asset portfolio. In order to facilitate this change and comply with Section 4240(a)(10), the Company also sought approval to amend the Plans to remove the requirement to comply with Section 4240(a)(5)(iii) and substitute it with a commitment to comply with Section 4240(a)(5)(i). Similarly, the Company updated the reserves section of each Plan to reflect the fact that Regulation 128 would no longer be applicable upon the change in accounting basis. We applied this change effective January 1, 2021. The impact of the application is an increase of approximately $770 million in statutory surplus as of June 30, 2025. During 2022, Equitable America received approval from the Arizona Department of Insurance and Financial Institutions pursuant to A.R.S. 20-515 for Separate Account No. 68A (“SA 68A”) for our SCS product, Separate Account No. 69A (“SA 69A”) for our EQUI-VEST product Structured Investment Option and Separate Account No. 71A (“SA 71A”) for our Investment Edge Structured Investment Option, to permit us to use book value as the accounting basis of these three non-insulated Separate Accounts instead of fair value in accordance with the Manual to align with how we manage and measure our overall General Account asset portfolio. The impact of the application is a decrease of approximately $920 million in statutory surplus as of June 30, 2025. The Arizona Department of Insurance and Financial Institutions granted to Equitable America a permitted practice to deviate from SSAP No. 108 by applying special accounting treatment for specific derivatives hedging variable annuity benefits subject to fluctuations as a result of interest rate sensitivities. The permitted practice expands on SSAP No. 108 hedge accounting to include equity risks for the full scope of Variable Annuity (VA) contracts (i.e., not just the rider guarantees but for the VA total contract). The permitted practice allows Equitable America to adopt SSAP 108 retroactively from October 1, 2023 and applies to both directly held VA hedges as well as VA hedges in the Equitable America funds withheld asset that resulted from the Reinsurance Treaty. In the calculation of the amount of excess VA equity and interest rate derivative hedging gains/losses to defer (including Net investment income on our Equity Total Return Swaps), the permitted practice allows us to compare our total equity and interest derivatives gains and losses to 100% of our target liability change. Any hedge gain or loss deferrals will follow SSAP No. 108 amortization rules (i.e. 10-year straight line). The impact of applying this revised permitted practice relative to SSAP 108 was an increase of approximately $1.4 billion in statutory special surplus funds as of June 30, 2025.

EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

The following table presents a reconciliation of net income (loss) and weighted-average common shares used in calculating basic and diluted earnings per common share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions, except per share data)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding — basic	303.2		324.2		305.5		327.2
Effect of dilutive potential common shares:
Employee share awards (1)	—		3.1		—		3.2
Weighted-average common shares outstanding — diluted	303.2		327.3		305.5		330.4

Net income (loss):
Net income (loss)	$	(283)	$	565	$	(133)	$	760
Less: Net income (loss) attributable to the noncontrolling interest	66		137		153		240
Net income (loss) attributable to Holdings	(349)		428		(286)		520
Less: Preferred stock dividends	18		26		32		40
Net income (loss) available to Holdings’ common shareholders	$	(367)	$	402	$	(318)	$	480

Earnings per common share:
Basic	$	(1.21)	$	1.24	$	(1.04)	$	1.47
Diluted	$	(1.21)	$	1.23	$	(1.04)	$	1.45

______________

(1)Calculated using the treasury stock method.

For the three and six months ended June 30, 2025 and 2024, 5.0 million, 5.5 million, 3.0 million and 3.1 million, respectively, of outstanding stock awards, were not included in the computation of diluted EPS because their effect was anti-dilutive.

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

6 Months Ended

Jun. 30, 2025

Accounting Changes and Error Corrections [Abstract]

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

During the period ended March 31, 2025, the Company identified an immaterial error related to the initial bookkeeping of ceded accrued fees within policyholders’ account balance ultimately impacting the initial deposit accounting of a reinsurance transaction. The impact of this error to prior periods’ financial statements was not considered to be material. To improve the consistency and comparability of the financial statements, management voluntarily revised the financial statements to include the revisions discussed herein. As a result of the determination to revise previously issued financial statements for the deposit accounting discussed above, management also has corrected other previously identified but uncorrected errors and errors recorded in incorrect periods including, a) pension liability overstatement due to a reconciling item, b) incorrect FX impacting the FABN carrying value, c) incorrect inputs ratio in our MRB modeling and incorrect inputs in the deposit accounting calculation, d) the hedging impact of Treasury Inflation-Protected Securities (TIPS) hedging income was incorrectly recorded in Accumulated other comprehensive income, e) error in the manual accrual in an input calculation in the treasury package overstating Policyholders’ account balance and Interest credited to policyholders, f) incorrect actuarial indication impacting the Liability for MRB and purchased MRB, and g) incorrect allocation of earned premiums to loss ratio impacting reserves.

Management assessed the materiality of this change within prior period financial statements based upon SEC Staff Accounting Bulletin Number 99, Materiality, which is since codified in ASC 250, Accounting Changes and Error Corrections. The prior period comparative financial statements that are presented herein have been revised.

The following tables present line items for prior period financial statements that have been affected by the revision. For these line items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements.


	June 30, 2024
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Balance Sheets:
ASSETS
















Amounts due from reinsurers	$	8,237	$	(150)	$	8,087


Current and deferred income taxes	2,117		12		2,129
Purchased market risk benefits	7,993		9		8,002
Other assets	3,825		3		3,828
Assets for market risk benefits	803		(4)		799


Total Assets	$	287,769	$	(130)	$	287,639
LIABILITIES
Policyholders’ account balances	$	104,072	$	(23)	$	104,049
Liability for market risk benefits	12,593		19		12,612
Future policy benefits and other policyholders’ liabilities	17,417		16		17,433



Amounts due to reinsurers	1,363		10		1,373





Other liabilities	6,718		(106)		6,612


Total Liabilities	283,296		(84)		283,212


EQUITY




Retained earnings	10,317		(16)		10,301
Accumulated other comprehensive income (loss)	(8,645)		(30)		(8,675)
Total equity attributable to Holdings	1,644		(46)		1,598
Noncontrolling interest	1,741		—		1,741
Total Equity	3,385		(46)		3,339
Total Equity and Redeemable NCI	4,473		(46)		4,427
Total Liabilities, Redeemable Noncontrolling Interest and Equity	$	287,769	$	(130)	$	287,639


	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions, except per share data)
Consolidated Statements of Income (Loss)
REVENUES

Premiums	$	282	$	—	$	282	$	557	$	10	$	567

Net investment income (loss)	1,166		1		1,167		2,385		(8)		2,377




Investment management and service fees	1,240		—		1,240		2,518		—		2,518
Other income	429		(4)		425		688		(5)		683
Total revenues	3,510		(3)		3,507		5,740		(3)		5,737

BENEFITS AND OTHER DEDUCTIONS

Remeasurement of liability for future policy benefits	(8)		1		(7)		(7)		5		(2)
Change in market risk benefits and purchased market risk benefits	(133)		1		(132)		(1,233)		13		(1,220)
Interest credited to policyholders’ account balances	605		(6)		599		1,171		7		1,178




Other operating costs and expenses	427		1		428		980		—		980
Total benefits and other deductions	2,829		(3)		2,826		4,812		25		4,837
Income (loss) from continuing operations, before income taxes	681		—		681		928		(28)		900
Income tax (expense) benefit	(116)		—		(116)		(146)		6		(140)
Net income (loss)	565		—		565		782		(22)		760
Less: Net (income) loss attributable to the noncontrolling interest	137		—		137		240		—		240
Net income (loss) attributable to Holdings	428		—		428		542		(22)		520
Less: Preferred stock dividends	26		—		26		40		—		40
Net income (loss) available to Holdings’ common shareholders	$	402	$	—	$	402	$	502	$	(22)	$	480

EARNINGS PER COMMON SHARE
Basic	$	1.24	$	—	$	1.24	$	1.53	$	(0.06)	$	1.47
Diluted	$	1.23	$	—	$	1.23	$	1.52	$	(0.07)	$	1.45
Shares Outstanding:
Basic	324.2		—		324.2		327.2		—		327.2
Diluted	327.3		—		327.3		330.4		—		330.4


	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$	565	$	—	$	565	$	782	$	(22)	$	760
Other comprehensive income (loss) net of income taxes:
Change in unrealized gains (losses), net of reclassification adjustment	(408)		(1)		(409)		(921)		(1)		(922)
Change in market risk benefits - instrument-specific credit risk	(153)		(6)		(159)		(128)		(11)		(139)

Change in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment	10		1		11		18		1		19
Foreign currency translation adjustment	8		1		9		(3)		1		(2)
Total other comprehensive income (loss), net of income taxes	(476)		(5)		(481)		(869)		(10)		(879)
Comprehensive income (loss)	89		(5)		84		(87)		(32)		(119)
Less: Comprehensive income (loss) attributable to the noncontrolling interest	140		—		140		239		—		239
Comprehensive income (loss) attributable to Holdings	$	(51)	$	(5)	$	(56)	$	(326)	$	(32)	$	(358)


	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Equity:
Equity, beginning of period	$	3,755	$	(40)	$	3,715	$	4,388	$	(13)	$	4,375
Total Holdings’ equity, beginning of period	2,032		(40)		1,992		2,649		(13)		2,636



















Retained earnings, beginning of year	10,110		(15)		10,095		10,243		7		10,250








Net income (loss) attributable to Holdings	428		—		428		542		(22)		520


Other	1		(1)		—		1		(1)		—
Retained earnings, end of period	10,317		(16)		10,301		10,317		(16)		10,301
Accumulated other comprehensive income (loss), beginning of year	(8,166)		(25)		(8,191)		(7,777)		(20)		(7,797)




Other comprehensive income (loss)	(479)		(5)		(484)		(868)		(10)		(878)
Accumulated other comprehensive income (loss), end of period	(8,645)		(30)		(8,675)		(8,645)		(30)		(8,675)
Total Holdings’ equity, end of period	1,644		(46)		1,598		1,644		(46)		1,598











Total equity, end of period	$	3,385	$	(46)	$	3,339	$	3,385	$	(46)	$	3,339


	Six Months Ended June 30, 2024
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Cash Flows:
Cash flows from operating activities:
Net income (loss)	$	782	$	(22)	$	760
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances	1,171		7		1,178








Amortization and depreciation	429		5		434
Remeasurement of liability for future policy benefits	(7)		5		(2)
Change in market risk benefits	(1,233)		13		(1,220)




Reinsurance recoverable	(626)		(2)		(628)



Current and deferred income taxes	155		(6)		149

Net cash provided by (used in) operating activities	$	923	$	—	$	923

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS ASR In June 2025, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $96 million of Holdings’ common stock. Pursuant to the ASR, on July 2, 2025, Holdings made a pre-payment of $96 million and received initial delivery of 1.4 million shares. The ASR terminated in July 2025, at which time an additional 441,333 shares of common stock were received. AB Unit Exchange On July 10, 2025, AB and Holdings entered into an Amended and Restated Master Exchange Agreement to increase the AB Units that remain available for exchange from 4.8 million AB Units to 19.7 million AB Units, and Holdings exchanged 19.7 million AB Holding Units for an equal number of limited partnership interests in ABLP. After giving effect to the exchange Holdings continues to own approximately 68.6% of the economic interest in AB. RGA Reinsurance Agreement On July 31, 2025, Equitable Financial, as well as Equitable America and Equitable Financial L&A, completed the master transaction agreement with RGA entered into on February 23, 2025 pursuant to which and subject to the terms and conditions set forth in such agreement, RGA entered into reinsurance agreements, as reinsurer, with each such subsidiary, as ceding company, to effect the RGA Reinsurance Transaction. At the closing of the transaction, (i) each of Equitable Financial and Equitable America entered into a separate coinsurance and modified coinsurance agreement with RGA and (ii) Equitable Financial L&A entered into a coinsurance agreement with RGA, each with an effective date of April 1, 2025, pursuant to which each ceding company ceded to RGA a 75% quota share of such ceding company’s in-force individual life insurance block. At the closing of the transaction, assets supporting the general account liabilities relating to the reinsured contracts were deposited into a trust account for the benefit of Equitable Financial and a trust account for the benefit of Equitable America and Equitable Financial L&A, which assets will secure RGA’s obligations to each ceding company under the applicable reinsurance agreement. Equitable Financial and Equitable America reinsured the applicable separate accounts relating to the applicable reinsured contracts on a modified coinsurance basis. In addition, the investment of assets in each trust account will be subject to investment guidelines and certain capital adequacy related triggers will require enhanced funding. The reinsurance agreements also contain additional counterparty risk management and mitigation provisions. Each ceding company will continue to administer the applicable reinsured contracts. As part of the transaction, on June 16, 2025, ABLP entered into an investment advisory agreement with RGA, pursuant to which AB will manage certain assets to be specified representing approximately 70% of assets supporting the reserves associated with the ceded policies under the reinsurance agreements. Credit Facility Revolver On July 29, 2025, the Company terminated the Amended and Restated Revolving Credit Agreement entered into by the Company on June 24, 2021, as amended and restated from time to time, which provided for a $1.5 billion senior unsecured revolving credit facility, and entered into a new Revolving Credit Agreement which provides for a $1.0 billion five-year senior unsecured revolving credit facility (the “Credit Facility”) with a syndicate of banks.

Insider Trading Arrangements

3 Months Ended

6 Months Ended

Jun. 30, 2025

shares

Jun. 30, 2025

shares

Material Terms of Trading Arrangement

The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted by our executive officers during the three months ended June 30, 2025, which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans. The plans listed below are only executed when the stock price reaches a required minimum. In addition, the executives identified in the table below are required to maintain an ownership of Holdings’ common stock with a value equal to at least a multiple of his annual base salary (6 times for Mr. Pearson, 3 times for Mr. Hurd).

Name and Title

Date of Adoption of Rule 10b5-1 Trading Plan

Scheduled Start Date of Rule 10b5-1 Trading Plan

Scheduled Expiration Date of Rule 10b5-1 Trading Plan(1)

Aggregate Number of Securities to be Purchased or Sold

Mark Pearson

President and Chief Executive Officer

6/15/2025

8/15/2025

8/18/2026

Sale of up to 476,400 shares(2) of common stock in several transactions through the scheduled expiration date in 2025.

Jeffrey Hurd

Chief Operating Officer

5/1/2025

8/15/2025

1/30/2026

Sale of up to 40,740 shares(3) of common stock in several transactions through the scheduled expiration date in 2026.

(1)In each case, a Rule 10b5-1 trading plan may also expire on such earlier date as all transactions under the Rule 10b5-1 trading plan are completed.

(2)326,400 of Mr. Pearson’s shares consist of stock options and 150,000 of Mr. Pearson’s shares consist of common stock already owned.

(3)40,740 of Mr. Hurd’s shares consist of common stock already owned.

Other than as set forth in the table above, during the three months ended June 30, 2025, none of the Company’s directors or executive officers adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Mark Pearson [Member]

Rule 10b5-1 Arrangement Adopted

Name

Mark Pearson

Title

President and Chief Executive Officer

true

6/15/2025

8/18/2026

368 days

476,400

Jeffrey Hurd [Member]

Rule 10b5-1 Arrangement Adopted

Name

Jeffrey Hurd

Title

Chief Operating Officer

true

5/1/2025

1/30/2026

168 days

40,740

Mark Pearson Trading Arrangement, Stock Options [Member] | Mark Pearson [Member]

Mark Pearson Trading Arrangement, Common Stock [Member] | Mark Pearson [Member]

Aggregate Available

326,400

Jeffrey Hurd Trading Arrangement, Common Stock [Member] | Mark Pearson [Member]

Aggregate Available

150,000

Basis of Presentation and Principles of Consolidation

Aggregate Available

40,740

SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

The unaudited interim consolidated financial statements (the “consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to the Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”).

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 Annual Report on Form 10-K for the year ended December 31, 2024.

The accompanying unaudited consolidated financial statements present the consolidated results of operations, financial condition, and cash flows of the Company and its subsidiaries and those investment companies, partnerships and joint ventures in which the Company has control and a majority economic interest as well as those variable interest entities (“VIEs”) that meet the requirements for consolidation.

All significant intercompany transactions and balances have been eliminated in consolidation. The terms “second quarter 2025” and “second quarter 2024” refer to the three months ended June 30, 2025 and 2024, respectively. The terms “first six months of 2025” and “first six months of 2024” refer to the six months ended June 30, 2025 and 2024, respectively.

Future Adoption of New Accounting Pronouncements


Description	Effective Date and Method of Adoption	Effect on the Financial Statement or Other Significant Matters
ASU 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures


Description	Effective Date and Method of Adoption	Effect on the Financial Statement or Other Significant Matters
The ASU enhanced existing income tax disclosures primarily related to the rate reconciliation and income taxes paid information. With regard to the improvements to disclosures of rate reconciliation, a public business entity is required on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. Similarly, a public entity is required to provide the amount of income taxes paid (net of refunds received) disaggregated by (1) federal, state, and foreign taxes and by (2) individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures, for example, an entity is required to provide (1) pretax income (or loss) from continuing operations disaggregated between domestic and foreign, and (2) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign.	The ASU will be effective for annual periods beginning after December 15, 2024. Entities are required to apply the ASU on a prospective basis.	The adoption of ASU 2023-09 is not expected to materially impact the Company’s financial position, results of operation, or cash flows.


ASU 2024-03: Accounting Standards Update No. 2024-03-Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)
This ASU requires a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity’s expenses to help investors (a) better understand the entity’s performance, (b) better assess the entity’s prospects for future cash flows, and (c) compare an entity’s performance over time and with that of other entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the notes to the financial statements.	The ASU will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Entities are required to apply the ASU on a prospective basis.	The Company is currently assessing the impact to the financial statements of this ASU.

Accounting and Consolidation of VIEs

For all new investment products and entities developed by the Company, the Company first determines whether the entity is a VIE, which involves determining an entity’s variability and variable interests, identifying the holders of the equity investment at risk and assessing the five characteristics of a VIE. Once an entity is determined to be a VIE, the Company then determines whether it is the primary beneficiary of the VIE based on its beneficial interests. If the Company is deemed to be the primary beneficiary of the VIE, the Company consolidates the entity.

Quarterly, management of the Company reviews its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client AUM to determine the entities the Company is required to consolidate under this guidance. These entities include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts, and limited partnerships.

The analysis performed to identify variable interests held, determine whether entities are VIEs or VOEs, and evaluate whether the Company has a controlling financial interest in such entities requires the exercise of judgment and is updated on a continuous basis as circumstances change or new entities are developed. The primary beneficiary evaluation generally is performed qualitatively based on all facts and circumstances, including consideration of economic interests in the VIE held directly and indirectly through related parties and entities under common control, as well as quantitatively, as appropriate.

Consolidated VIEs

Consolidated CLOs

The Company is the investment manager of certain asset-backed investment vehicles, commonly referred to as CLOs, and certain other vehicles for which the Company earns fee income for investment management services. The Company may sell or syndicate investments through these vehicles, principally as part of the strategic investing activity as part of its investment management businesses. Additionally, the Company may invest in securities issued by these vehicles which are eliminated in consolidation of the CLOs.

As of June 30, 2025 and December 31, 2024, respectively, Equitable Financial holds $123 million and $128 million of equity interests in the CLOs. The Company consolidated the CLOs as of June 30, 2025 and December 31, 2024 as it is the primary beneficiary due to the combination of both its equity interest held by Equitable Financial and the majority ownership of AB, which functions as the CLO’s loan manager. The assets of the CLOs are legally isolated from the Company’s creditors and can only be used to settle obligations of the CLOs. The liabilities of the CLOs are non-recourse to the Company and the Company has no obligation to satisfy the liabilities of the CLOs. As of June 30, 2025, Equitable Financial holds $0 million of equity interests in a SPE established to purchase loans from the market in anticipation of a new CLO transaction. The Company consolidated the SPE as of June 30, 2025 as it is the primary beneficiary due to the combination of both its equity interest held by Equitable Financial and the majority ownership of AB, which functions as the SPE loan manager.

Resulting from this consolidation in the Company’s consolidated balance sheets are fixed maturities, at fair value using the fair value option with total assets of $2.4 billion and $2.1 billion and total liabilities of $2.5 billion and $2.1 billion at June 30, 2025 and December 31, 2024, respectively. The unpaid outstanding principal balance of the notes and short-term borrowing is $2.3 billion and $1.9 billion at June 30, 2025 and December 31, 2024.

Consolidated Limited Partnerships and LLCs

As of June 30, 2025 and December 31, 2024 the Company consolidated limited partnerships and LLCs for which it was identified as the primary beneficiary under the VIE model. Included in other invested assets, mortgage loans on real estate, other equity investments, trading securities, cash and other liabilities in the Company’s consolidated balance sheets at June 30, 2025 and December 31, 2024 are total net assets of $2.7 billion and $2.1 billion, respectively related to these VIEs.

Consolidated AB-Sponsored Investment Funds

Included in the Company’s consolidated balance sheets as of June 30, 2025 and December 31, 2024 are assets of $421 million and $85 million, liabilities of $35 million and $0 million, and redeemable noncontrolling interests of $242 million and $32 million, respectively, associated with the consolidation of AB-sponsored investment funds under the VIE model. Also included in the Company’s consolidated balance sheets as of June 30, 2025 and December 31, 2024 are assets of $64 million and $73 million, liabilities of $2 million and $1 million, and redeemable noncontrolling interests of $20 million and $17 million, respectively, from consolidation of AB-sponsored investment funds under the VOE model.

Non-Consolidated VIEs

As of June 30, 2025 and December 31, 2024 respectively, the Company held approximately $3.1 billion and $3.0 billion of investment assets in the form of equity interests issued by non-corporate legal entities determined under the guidance to be VIEs, such as limited partnerships and limited liability companies, including CLOs, hedge funds, private equity funds and real estate-related funds. The Company continues to reflect these equity interests in the consolidated balance sheets as other equity investments and applies the equity method of accounting for these positions. The net assets of these non-consolidated VIEs are approximately $377.4 billion and $350.7 billion as of June 30, 2025 and December 31, 2024 respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is the carrying value of its investment of $3.1 billion and $3.0 billion and approximately $1.1 billion and $1.2 billion of unfunded commitments as of June 30, 2025 and December 31, 2024, respectively. The Company has no further economic interest in these VIEs in the form of guarantees, derivatives, credit enhancements or similar instruments and obligations.

Non-Consolidated AB-Sponsored Investment Products

As of June 30, 2025 and December 31, 2024, the net assets of investment products sponsored by AB that are non-consolidated VIEs are approximately $46.4 billion and $46.9 billion, respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is its investment of $19 million and $17 million as of June 30, 2025 and December 31, 2024, respectively. The Company has no further commitments to or economic interest in these VIEs.

Revision of Previously Issued Financial Statements

During the period ended March 31, 2025, the Company identified an immaterial error related to the initial bookkeeping of ceded accrued fees within policyholders’ account balance ultimately impacting the initial deposit accounting of a reinsurance transaction. The impact of this error to prior periods’ financial statements was not considered to be material. To improve the consistency and comparability of the financial statements, management voluntarily revised the financial statements to include the revisions discussed herein. As a result of the determination to revise previously issued financial statements for the deposit accounting discussed above, management also has corrected other previously identified but uncorrected errors and errors recorded in incorrect periods including, a) pension liability overstatement due to a reconciling item, b) incorrect FX impacting the FABN carrying value, c) incorrect inputs ratio in our MRB modeling and incorrect inputs in the deposit accounting calculation, d) the hedging impact of Treasury Inflation-Protected Securities (TIPS) hedging income was incorrectly recorded in Accumulated other comprehensive income, e) error in the manual accrual in an input calculation in the treasury package overstating Policyholders’ account balance and Interest credited to policyholders, f) incorrect actuarial indication impacting the Liability for MRB and purchased MRB, and g) incorrect allocation of earned premiums to loss ratio impacting reserves.

See Note 20 of the Notes to these Financial Statements for details of the revision.

Fair Value Disclosures

U.S. GAAP establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value:

Level 1 Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data.

Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability.

The Company uses unadjusted quoted market prices to measure fair value for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value can neither be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument.

Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued are also considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness.

INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Fixed Maturities by Classification

The following tables provide information relating to the Company’s fixed maturities classified as AFS:

AFS Fixed Maturities by Classification


	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
June 30, 2025
Fixed Maturities:
Corporate (1)	$	53,506	$	3	$	579	$	5,378	$	48,704
U.S. Treasury, government and agency	5,983		—		3		1,467		4,519
States and political subdivisions	467		—		2		84		385
Foreign governments	690		—		2		117		575
Residential mortgage-backed (2)	5,505		—		60		111		5,454
Asset-backed (3)	15,774		—		117		49		15,842
Commercial mortgage-backed	4,840		—		20		303		4,557
Redeemable preferred stock	54		—		4		—		58
Total at June 30, 2025	$	86,819	$	3	$	787	$	7,509	$	80,094

December 31, 2024:
Fixed Maturities:
Corporate (1)	$	55,218	$	2	$	251	$	6,116	$	49,351
U.S. Treasury, government and agency	5,801		—		—		1,513		4,288
States and political subdivisions	472		—		2		88		386
Foreign governments	689		—		1		136		554
Residential mortgage-backed (2)	4,520		—		15		152		4,383
Asset-backed (3)	13,660		—		96		57		13,699
Commercial mortgage-backed	4,301		—		5		385		3,921
Redeemable preferred stock	56		—		3		—		59
Total at December 31, 2024	$	84,717	$	2	$	373	$	8,447	$	76,641

______________

(1)Corporate fixed maturities include both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

Schedule of Contractual Maturities of Available-for-Sale Fixed Maturities

The contractual maturities of AFS fixed maturities as of June 30, 2025 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or pre-pay obligations with or without call or pre-payment penalties.

Contractual Maturities of AFS Fixed Maturities


	Amortized Cost (Less Allowance for Credit Losses)		Fair Value
	(in millions)
June 30, 2025
Contractual maturities:
Due in one year or less	$	2,620	$	2,605
Due in years two through five	16,176		15,949
Due in years six through ten	17,589		17,200
Due after ten years	24,258		18,429
Subtotal	60,643		54,183
Residential mortgage-backed	5,505		5,454
Asset-backed	15,774		15,842
Commercial mortgage-backed	4,840		4,557
Redeemable preferred stock	54		58
Total at June 30, 2025	$	86,816	$	80,094

Schedule of Proceeds and Gains (Losses) on Sales for Available-for-Sale Fixed Maturities

The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities:

Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Proceeds from sales	$	2,961	$	1,331	$	4,263	$	1,775
Gross gains on sales	$	7	$	5	$	9	$	5
Gross losses on sales	$	(30)	$	(3)	$	(33)	$	(27)

Net (increase) decrease in Allowance for Credit and Intent to Sell losses	$	(13)	$	(3)	$	(19)	$	(5)

Schedule of Debt Securities, Available-for-Sale, Allowance for Credit Loss

The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts:

AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Balance, beginning of period	$	53	$	48	$	47	$	48
Previously recognized impairments on securities that matured, paid, prepaid or sold	(5)		(4)		(5)		(8)
Recognized impairments on securities impaired to fair value this period (1)	—		—		—		—
Credit losses recognized this period on securities for which credit losses were not previously recognized	12		3		17		6
Additional credit losses this period on securities previously impaired	1		3		2		4


Balance, end of period	$	61	$	50	$	61	$	50

______________

(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.

Schedule of Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturities

The tables below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI:

Net Unrealized Gains (Losses) on AFS Fixed Maturities


	Three Months Ended June 30, 2025
	Net Unrealized Gains (Losses) on Investments		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in millions)
Balance, beginning of period	$	(7,226)	$	66	$	279	$	(6,881)
Net investment gains (losses) arising during the period	466		—		—		466
Reclassification adjustment:
Included in net income (loss)	36		—		—		36
Excluded from net income (loss)	—		—		—		—
Other	—		—		(33)		(33)
Impact of net unrealized investment gains (losses)	—		—		(106)		(106)
Net unrealized investment gains (losses) excluding credit losses	(6,724)		66		140		(6,518)
Net unrealized investment gains (losses) with credit losses	2		—		—		2
Balance, end of period	$	(6,722)	$	66	$	140	$	(6,516)

	Three Months Ended June 30, 2024
Balance, beginning of period	$	(7,660)	$	63	$	358	$	(7,239)
Net investment gains (losses) arising during the period	(555)		—		—		(555)
Reclassification adjustment:
Included in net income (loss)	—		—		—		—
Excluded from net income (loss)	—		—		—		—
Other	—		—		(4)		(4)
Impact of net unrealized investment gains (losses)	—		4		117		121
Net unrealized investment gains (losses) excluding credit losses	(8,215)		67		471		(7,677)
Net unrealized investment gains (losses) with credit losses	1		—		—		1
Balance, end of period	$	(8,214)	$	67	$	471	$	(7,676)


	Six Months Ended June 30, 2025
	Net Unrealized Gains (Losses) on Investments		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in millions)
Balance, beginning of period	$	(8,074)	$	71	$	464	$	(7,539)
Net investment gains (losses) arising during the period	1,310		—		—		1,310
Reclassification adjustment:
Included in net income (loss)	44		—		—		44
Excluded from net income (loss)	—		—		—		—
Other	—		—		(41)		(41)
Impact of net unrealized investment gains (losses)	—		(5)		(283)		(288)
Net unrealized investment gains (losses) excluding credit losses	(6,720)		66		140		(6,514)
Net unrealized investment gains (losses) with credit losses	(2)		—		—		(2)
Balance, end of period	$	(6,722)	$	66	$	140	$	(6,516)

	Six Months Ended June 30, 2024
Balance, beginning of period	$	(6,999)	$	50	$	226	$	(6,723)


Net investment gains (losses) arising during the period	(1,238)		—		—		(1,238)
Reclassification adjustment:
Included in net income (loss)	26		—		—		26

Other	—		—		(7)		(7)
Impact of net unrealized investment gains (losses)	—		17		251		268
Net unrealized investment gains (losses) excluding credit losses	(8,211)		67		470		(7,674)
Net unrealized investment gains (losses) with credit losses	(3)		—		1		(2)
Balance, end of period	$	(8,214)	$	67	$	471	$	(7,676)

Schedule of Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities

The following tables disclose the fair values and gross unrealized losses of the 3,685 issues as of June 30, 2025 and the 4,307 issues as of December 31, 2024 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:

AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded


	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
June 30, 2025
Fixed Maturities:
Corporate	$	4,283	$	61	$	27,192	$	5,299	$	31,475	$	5,360
U.S. Treasury, government and agency	67		1		4,210		1,466		4,277		1,467
States and political subdivisions	—		—		261		84		261		84
Foreign governments	19		—		459		117		478		117
Residential mortgage-backed	488		4		826		107		1,314		111
Asset-backed	1,334		9		672		40		2,006		49
Commercial mortgage-backed	286		1		2,869		302		3,155		303

Total at June 30, 2025	$	6,477	$	76	$	36,489	$	7,415	$	42,966	$	7,491

December 31, 2024:
Fixed Maturities:
Corporate	$	9,147	$	205	$	28,684	$	5,901	$	37,831	$	6,106
U.S. Treasury, government and agency	117		4		4,107		1,509		4,224		1,513
States and political subdivisions	40		—		271		88		311		88
Foreign governments	59		1		460		135		519		136
Residential mortgage-backed	1,986		26		851		126		2,837		152
Asset-backed	974		7		692		50		1,666		57
Commercial mortgage-backed	409		6		2,893		379		3,302		385

Total at December 31, 2024	$	12,732	$	249	$	37,958	$	8,188	$	50,690	$	8,437

Schedule of Financing Receivable, Allowance for Credit Loss

The change in the allowance for credit losses for commercial, agricultural and residential mortgage loans were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period	$	254	$	288	$	259	$	272
Current-period provision for expected credit losses	39		9		34		25
Write-offs charged against the allowance	—		(75)		—		(75)
Recoveries of amounts previously written off	—		—		—		—
Net change in allowance	39		(66)		34		(50)
Balance, end of period	$	293	$	222	$	293	$	222

Agricultural mortgages:
Balance, beginning of period	$	13	$	6	$	15	$	6
Current-period provision for expected credit losses	—		3		(2)		3
Write-offs charged against the allowance	(8)		—		(8)		—
Recoveries of amounts previously written off	—		—		—		—
Net change in allowance	(8)		3		(10)		3
Balance, end of period	$	5	$	9	$	5	$	9

Residential mortgages:
Balance, beginning of period	$	5	$	3	$	4	$	1
Current-period provision for expected credit losses	2		—		3		2
Write-offs charged against the allowance	—		—		—		—
Recoveries of amounts previously written off	—		—		—		—
Net change in allowance	2		—		3		2
Balance, end of period	$	7	$	3	$	7	$	3

Total allowance for credit losses	$	305	$	234	$	305	$	234

Schedule of Financing Receivable Credit Quality Indicators

The Company’s commercial and agricultural mortgage loans segregated by risk rating exposure were as follows:

Loan to Value (“LTV”) Ratios (1) (3)


	June 30, 2025
	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
0% - 50%	$	60	$	185	$	268	$	203	$	206	$	1,736	$	—	$	—	$	2,658
50% - 70%	1,003		1,431		881		1,551		612		2,363		436		277		8,554
70% - 90%	292		73		316		764		698		1,756		122		205		4,226
90% plus	—		—		—		547		558		1,217		—		—		2,322
Total commercial	$	1,355	$	1,689	$	1,465	$	3,065	$	2,074	$	7,072	$	558	$	482	$	17,760

Agricultural:
0% - 50%	$	77	$	47	$	100	$	149	$	198	$	1,105	$	—	$	—	$	1,676
50% - 70%	56		158		52		133		128		364		—		—		891
70% - 90%	—		—		—		—		—		—		—		—		—
90% plus	—		—		—		—		—		25		—		—		25
Total agricultural	$	133	$	205	$	152	$	282	$	326	$	1,494	$	—	$	—	$	2,592


Total commercial and agricultural mortgage loans:
0% - 50%	$	137	$	232	$	368	$	352	$	404	$	2,841	$	—	$	—	$	4,334
50% - 70%	1,059		1,589		933		1,684		740		2,727		436		277		9,445
70% - 90%	292		73		316		764		698		1,756		122		205		4,226
90% plus	—		—		—		547		558		1,242		—		—		2,347
Total commercial and agricultural mortgage loans	$	1,488	$	1,894	$	1,617	$	3,347	$	2,400	$	8,566	$	558	$	482	$	20,352

Debt Service Coverage (“DSC”) Ratios (2) (3)


	June 30, 2025
	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
Greater than 2.0x	$	67	$	208	$	175	$	1,016	$	1,081	$	3,255	$	—	$	—	$	5,802
1.8x to 2.0x	60		103		58		50		208		1,090		113		184		1,866
1.5x to 1.8x	85		472		233		753		48		1,209		59		165		3,024
1.2x to 1.5x	817		716		514		664		531		743		—		95		4,080
1.0x to 1.2x	326		190		475		260		74		669		386		38		2,418
Less than 1.0x	—		—		10		322		132		106		—		—		570
Total commercial	$	1,355	$	1,689	$	1,465	$	3,065	$	2,074	$	7,072	$	558	$	482	$	17,760

Agricultural:
Greater than 2.0x	$	17	$	9	$	5	$	40	$	34	$	193	$	—	$	—	$	298
1.8x to 2.0x	17		12		17		23		53		100		—		—		222
1.5x to 1.8x	11		48		10		44		27		283		—		—		423
1.2x to 1.5x	38		46		44		88		135		505		—		—		856
1.0x to 1.2x	30		71		45		63		67		372		—		—		648
Less than 1.0x	20		19		31		24		10		41		—		—		145
Total agricultural	$	133	$	205	$	152	$	282	$	326	$	1,494	$	—	$	—	$	2,592


Total commercial and agricultural mortgage loans:
Greater than 2.0x	$	84	$	217	$	180	$	1,056	$	1,115	$	3,448	$	—	$	—	$	6,100
1.8x to 2.0x	77		115		75		73		261		1,190		113		184		2,088
1.5x to 1.8x	96		520		243		797		75		1,492		59		165		3,447
1.2x to 1.5x	855		762		558		752		666		1,248		—		95		4,936
1.0x to 1.2x	356		261		520		323		141		1,041		386		38		3,066
Less than 1.0x	20		19		41		346		142		147		—		—		715
Total commercial and agricultural mortgage loans	$	1,488	$	1,894	$	1,617	$	3,347	$	2,400	$	8,566	$	558	$	482	$	20,352

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

(3)Residential mortgage loans are excluded from the above tables.

LTV Ratios (1) (3)


	December 31, 2024
	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
0% - 50%	$	185	$	363	$	137	$	212	$	269	$	1,548	$	—	$	—	$	2,714
50% - 70%	1,501		910		1,622		628		318		2,083		441		201		7,704
70% - 90%	—		246		707		918		396		1,187		101		206		3,761
90% plus	—		—		616		322		309		1,290		—		—		2,537
Total commercial	$	1,686	$	1,519	$	3,082	$	2,080	$	1,292	$	6,108	$	542	$	407	$	16,716

Agricultural:
0% - 50%	$	49	$	98	$	160	$	202	$	269	$	882	$	—	$	—	$	1,660
50% - 70%	160		59		126		130		144		273		—		—		892
70% - 90%	—		—		—		—		—		16		—		—		16
90% plus	—		—		—		—		—		—		—		—		—
Total agricultural	$	209	$	157	$	286	$	332	$	413	$	1,171	$	—	$	—	$	2,568


Total commercial and agricultural mortgage loans:
0% - 50%	$	234	$	461	$	297	$	414	$	538	$	2,430	$	—	$	—	$	4,374
50% - 70%	1,661		969		1,748		758		462		2,356		441		201		8,596
70% - 90%	—		246		707		918		396		1,203		101		206		3,777
90% plus	—		—		616		322		309		1,290		—		—		2,537
Total commercial and agricultural mortgage loans	$	1,895	$	1,676	$	3,368	$	2,412	$	1,705	$	7,279	$	542	$	407	$	19,284

DSC Ratios (2) (3)


	December 31, 2024
	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
Commercial and agricultural mortgage loans:
Commercial:
Greater than 2.0x	$	208	$	176	$	609	$	1,255	$	916	$	3,318	$	—	$	—	$	6,482
1.8x to 2.0x	103		75		50		149		376		607		176		182		1,718
1.5x to 1.8x	472		211		727		—		—		1,060		44		189		2,703
1.2x to 1.5x	756		566		542		433		—		661		—		—		2,958


	December 31, 2024
	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term Loans Amortized Cost Basis		Total
	(in millions)
1.0x to 1.2x	147		482		643		193		—		359		322		36		2,182
Less than 1.0x	—		9		511		50		—		103		—		—		673
Total commercial	$	1,686	$	1,519	$	3,082	$	2,080	$	1,292	$	6,108	$	542	$	407	$	16,716

Agricultural:
Greater than 2.0x	$	12	$	5	$	41	$	34	$	57	$	157	$	—	$	—	$	306
1.8x to 2.0x	11		17		24		54		28		79		—		—		213
1.5x to 1.8x	49		11		44		27		120		175		—		—		426
1.2x to 1.5x	47		46		89		138		113		422		—		—		855
1.0x to 1.2x	71		47		63		68		87		307		—		—		643
Less than 1.0x	19		31		25		11		8		31		—		—		125
Total agricultural	$	209	$	157	$	286	$	332	$	413	$	1,171	$	—	$	—	$	2,568


Total commercial and agricultural mortgage loans:
Greater than 2.0x	$	220	$	181	$	650	$	1,289	$	973	$	3,475	$	—	$	—	$	6,788
1.8x to 2.0x	114		92		74		203		404		686		176		182		1,931
1.5x to 1.8x	521		222		771		27		120		1,235		44		189		3,129
1.2x to 1.5x	803		612		631		571		113		1,083		—		—		3,813
1.0x to 1.2x	218		529		706		261		87		666		322		36		2,825
Less than 1.0x	19		40		536		61		8		134		—		—		798
Total commercial and agricultural mortgage loans	$	1,895	$	1,676	$	3,368	$	2,412	$	1,705	$	7,279	$	542	$	407	$	19,284

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

(3)Residential mortgage loans are excluded from the above tables.

The amortized cost of residential mortgage loans by credit quality indicator and origination year was as follows:


	June 30, 2025
	Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
	(in millions)
Performance indicators:
Performing	$	85	$	700	$	393	$	178	$	128	$	4	$	1,488
Nonperforming	—		—		1		—		—		—		1
Total	$	85	$	700	$	394	$	178	$	128	$	4	$	1,489


	December 31, 2024
	Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2019		Prior		Total
	(in millions)
Performance indicators:
Performing	$	313	$	428	$	186	$	133	$	4	$	2	$	1,066
Nonperforming	—		—		—		—		—		—		—
Total	$	313	$	428	$	186	$	133	$	4	$	2	$	1,066

Schedule of Age Analysis of Past Due Mortgage Loans

The aging analysis of past-due mortgage loans were as follows:

Age Analysis of Past Due Mortgage Loans (1)


	Accruing Loans												Non-accruing Loans		Total Loans		Non-accruing Loans with No Allowance		Interest Income on Non-accruing Loans
	Past Due								Current		Total
	30-59 Days		60-89 Days		90 Days or More		Total
	(in millions)
June 30, 2025:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	17,642	$	17,642	$	118	$	17,760	$	—	$	1
Agricultural	33		9		46		88		2,477		2,565		27		2,592		25		—
Residential	—		—		5		5		1,483		1,488		1		1,489		1		—
Total	$	33	$	9	$	51	$	93	$	21,602	$	21,695	$	146	$	21,841	$	26	$	1

December 31, 2024:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	16,659	$	16,659	$	57	$	16,716	$	—	$	1
Agricultural	12		1		33		46		2,486		2,532		36		2,568		—		—
Residential	—		1		—		1		1,065		1,066		—		1,066		—		—
Total	$	12	$	2	$	33	$	47	$	20,210	$	20,257	$	93	$	20,350	$	—	$	1

______________

(1)Amounts presented at amortized cost basis.

Schedule of Unrealized and Realized Gains (Losses) from Equity Securities and Net Investment Income (Loss) from Trading Securities and Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option

The breakdown of unrealized and realized gains and (losses) on equity securities was as follows:

Unrealized and Realized Gains (Losses) from Equity Securities


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(2)	$	(6)	$	(2)	$	9
Net investment gains (losses) recognized on securities sold during the period	2		3		2		2
Unrealized and realized gains (losses) on equity securities	$	—	$	(3)	$	—	$	11

The breakdown of net investment income (loss) from trading securities was as follows:

Net Investment Income (Loss) from Trading Securities


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	50	$	6	$	33	$	42
Net investment gains (losses) recognized on securities sold during the period	(10)		—		6		1
Unrealized and realized gains (losses) on trading securities	40		6		39		43
Interest and dividend income from trading securities	25		21		34		32
Net investment income (loss) from trading securities	$	65	$	27	$	73	$	75

The breakdown of net investment income (loss) from fixed maturities, at fair value using the fair value option were as follows:

Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	5	$	(2)	$	12	$	(5)
Net investment gains (losses) recognized on securities sold during the period	(1)		2		1		3
Unrealized and realized gains (losses) from fixed maturities	4		—		13		(2)
Interest and dividend income from fixed maturities	(4)		23		(4)		28
Net investment income (loss) from fixed maturities	$	—	$	23	$	9	$	26

Schedule of Net Investment Income

The following tables provides the components of Net investment income by investment type:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Fixed maturities	$	938	$	842	$	1,874	$	1,655
Mortgage loans on real estate	256		239		516		473
Other equity investments	39		(8)		83		52
Policy loans	52		56		107		110
Trading securities	65		27		73		75
Other investment income	40		21		17		45
Fixed maturities, at fair value using the fair value option	—		23		9		26
Gross investment income (loss)	1,390		1,200		2,679		2,436
Investment expenses	(35)		(33)		(76)		(59)
Net investment income (loss)	$	1,355	$	1,167	$	2,603	$	2,377

Schedule of Investment Gains (Losses), Net

Investment gains (losses), net, including changes in the valuation allowances and credit losses were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Fixed maturities	$	(11)	$	(1)	$	(19)	$	(27)
Mortgage loans on real estate	(61)		(14)		(68)		(32)

Other	1		(1)		2		4
Investment gains (losses), net	$	(71)	$	(16)	$	(85)	$	(55)

DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments by Category

The following table presents the gross notional amount and fair value of the Company’s derivatives:

Derivative Instruments by Category


	June 30, 2025								December 31, 2024
			Fair Value								Fair Value
	Notional Amount		Derivative Assets		Derivative Liabilities		Net Derivatives		Notional Amount		Derivative Assets		Derivative Liabilities		Net Derivatives
	(in millions)
Derivatives: designated for hedge accounting (1)
Cash flow hedges:
Currency swaps	$	2,962	$	90	$	157	$	(67)	$	2,940	$	111	$	95	$	16
Interest swaps	952		—		335		(335)		952		—		306		(306)
Total: designated for hedge accounting	3,914		90		492		(402)		3,892		111		401		(290)
Derivatives: not designated for hedge accounting (1)
Equity contracts:
Futures	17,100		—		3		(3)		14,530		3		—		3
Swaps	16,942		59		71		(12)		16,264		65		19		46
Options	66,287		22,575		4,925		17,650		70,685		20,647		4,319		16,328
Interest rate contracts:
Futures	9,716		—		—		—		9,310		—		—		—
Swaps	610		12		5		7		672		—		41		(41)
Options	50		5		—		5		—		—		—		—
Credit contracts:
Credit default swaps	437		11		20		(9)		275		12		10		2
Currency contracts:
Currency swaps	771		—		31		(31)		828		26		—		26
Currency forwards	83		15		17		(2)		28		17		17		—
Other freestanding contracts:
Margin	—		1,173		—		1,173		—		796		—		796
Collateral	—		155		16,634		(16,479)		—		137		16,908		(16,771)
Total: not designated for hedge accounting	111,996		24,005		21,706		2,299		112,592		21,703		21,314		389

Embedded derivatives:
SCS, SIO, MSO and IUL indexed features (2)	—		—		18,311		(18,311)		—		—		17,212		(17,212)
Total embedded derivatives	—		—		18,311		(18,311)		—		—		17,212		(17,212)

Total derivative instruments	$	115,910	$	24,095	$	40,509	$	(16,414)	$	116,484	$	21,814	$	38,927	$	(17,113)

______________

(1)Reported in other invested assets in the consolidated balance sheets.

(2)Reported in policyholders’ account balances in the consolidated balance sheets.

The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss):

Derivative Instruments by Category


	Three Months Ended June 30, 2025								Six Months Ended June 30, 2025
	Net Derivative Gains (Losses) (1)		Net Investment Income		Interest Credited To Policyholders Account Balances		AOCI		Net Derivative Gains (Losses) (1)		Net Investment Income		Interest Credited To Policyholders Account Balances		AOCI
	(in millions)
Derivatives: designated for hedge accounting
Cash flow hedges:
Currency swaps	$	—	$	9	$	73	$	(151)	$	—	$	15	$	106	$	(188)
Interest swaps	—		(8)		—		13		—		(11)		—		(8)
Total: designated for hedge accounting	—		1		73		(138)		—		4		106		(196)
Derivatives: not Designated for hedge accounting
Equity contracts:
Futures	472		—		—		—		272		—		—		—
Swaps	(1,204)		—		—		—		(499)		—		—		—
Options	4,235		—		—		—		1,590		—		—		—
Interest rate contracts:
Futures	(98)		—		—		—		(121)		—		—		—
Swaps	(16)		—		—		—		(1)		—		—		—
Options	(1)		—		—		—		(2)		—		—		—
Credit contracts:
Credit default swaps	(3)		—		—		—		(3)		—		—		—
Currency contracts:
Currency swaps	(57)		—		—		—		(87)		—		—		—
Currency forwards	(6)		—		—		—		(6)		—		—		—
Other freestanding contracts:
Margin	—		—		—		—		—		—		—		—
Collateral	—		—		—		—		—		—		—		—
Total: not designated for hedge accounting	3,322		—		—		—		1,143		—		—		—

Embedded derivatives:
SCS, SIO,MSO and IUL indexed features	(4,696)		—		—		—		(1,718)		—		—		—
Total embedded derivatives	(4,696)		—		—		—		(1,718)		—		—		—

Total derivative instruments	$	(1,374)	$	1	$	73	$	(138)	$	(575)	$	4	$	106	$	(196)

______________

(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).


	Three Months Ended June 30, 2024								Six Months Ended June 30, 2024
	Net Derivatives Gains (Losses) (1)		Net Investment Income		Interest Credited To Policyholders Account Balances		AOCI		Net Derivatives Gains (Losses) (1)		Net Investment Income		Interest Credited To Policyholders Account Balances		AOCI
	(in millions)
Derivatives: designated for hedge accounting
Cash flow hedges:
Currency swaps	$	—	$	4	$	(5)	$	22	$	1	$	7	$	(23)	$	38
Interest swaps	—		(17)		—		13		—		(14)		—		6
Total: designated for hedge accounting	—		(13)		(5)		35		1		(7)		(23)		44
Derivatives: not Designated for hedge accounting
Equity contracts:
Futures	50		—		—		—		291		—		—		—
Swaps	(99)		—		—		—		(1,214)		—		—		—
Options	1,225		—		—		—		4,021		—		—		—
Interest rate contracts:
Futures	(1)		—		—		—		(11)		—		—		—
Swaps	(88)		—		—		—		(253)		—		—		—
Credit contracts:
Credit default swaps	—		—		—		—		(1)		—		—		—
Currency contracts:
Currency swaps	1		—		—		—		13		—		—		—
Currency forwards	—		—		—		—		1		—		—		—



Total: not designated for hedge accounting	1,088		—		—		—		2,847		—		—		—

Embedded derivatives:
SCS, SIO,MSO and IUL indexed features	(1,296)		—		—		—		(4,432)		—		—		—
Total embedded derivatives	(1,296)		—		—		—		(4,432)		—		—		—

Total derivative instruments (1)	$	(208)	$	(13)	$	(5)	$	35	$	(1,584)	$	(7)	$	(23)	$	44

______________

(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents a roll-forward of cash flow hedges recognized in AOCI:

Roll-forward of Cash flow hedges in AOCI


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Balance, beginning of period	$	22	$	(21)	$	80	$	(31)
Amount recorded in AOCI
Currency swaps	(91)		19		(81)		19
Interest swaps	—		(9)		(29)		(17)
Total amount recorded in AOCI	(91)		10		(110)		2
Amount reclassified from (to) income to AOCI
Currency swaps (1)	(60)		3		(107)		20
Interest swaps (1)	13		21		21		22
Total amount reclassified from (to) income to AOCI	(47)		24		(86)		42
Balance, end of period (2)	$	(116)	$	13	$	(116)	$	13

______________

(1) Currency swaps income is reported in Net investment income in the consolidated statements of income (loss). Interest swaps income is reported in net derivative gains (losses) in the consolidated statements of income (loss).

(2) The Company does not estimate the amount of the deferred losses in AOCI at June 30, 2025, and 2024 which will be released and reclassified into net income (loss) over the next 12 months as the amounts cannot be reasonably estimated.

Schedule of Offsetting Financial Assets and Liabilities and Derivative Instruments

The following tables present information about the Company’s offsetting of financial assets and liabilities and derivative instruments:

Offsetting of Financial Assets and Liabilities and Derivative Instruments

As of June 30, 2025


	Gross Amount Recognized		Gross Amount Offset in the Balance Sheets		Net Amount Presented in the Balance Sheets		Gross Amount not Offset in the Balance Sheets (3)		Net Amount
	(in millions)
Assets:
Derivative assets (1)	$	24,095	$	17,684	$	6,411	$	(4,509)	$	1,902
Secured lending	104		—		104		—		104
Other financial assets	1,786		—		1,786		—		1,786
Other invested assets	$	25,985	$	17,684	$	8,301	$	(4,509)	$	3,792

Liabilities:
Derivative liabilities (2)	$	17,689	$	17,684	$	5	$	—	$	5
Secured lending	104		—		104		—		104
Other financial liabilities	5,738		—		5,738		—		5,738
Other liabilities	$	23,531	$	17,684	$	5,847	$	—	$	5,847

______________

(1)Excludes Asset Management segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Asset Management segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments/collateral sent (held).

As of December 31, 2024


	Gross Amount Recognized		Gross Amount Offset in the Balance Sheets		Net Amount Presented in the Balance Sheets		Gross Amount not Offset in the Balance Sheets (3)		Net Amount
	(in millions)
Assets:
Derivative assets (1)	$	21,814	$	14,924	$	6,890	$	(6,080)	$	810
Secured Lending	137		—		137		—		137
Other financial assets	1,510		—		1,510		—		1,510
Other invested assets	$	23,461	$	14,924	$	8,537	$	(6,080)	$	2,457

Liabilities:
Derivative liabilities (2)	$	15,634	$	14,924	$	710	$	—	$	710
Secured Lending	137		—		137		—		137
Other financial liabilities	6,185		—		6,185		—		6,185
Other liabilities	$	21,956	$	14,924	$	7,032	$	—	$	7,032

______________

(1)Excludes Asset Management segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Asset Management segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments sent (held).

CLOSED BLOCK (Tables)

6 Months Ended

Jun. 30, 2025

Closed Block Disclosure [Abstract]

Schedule of Closed Block Assets and Liabilities

Summarized financial information for the Company’s Closed Block is as follows:



	June 30, 2025		December 31, 2024
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	5,100	$	5,213

Other liabilities	47		62
Total Closed Block liabilities	5,147		5,275

Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $2,674 and $2,888) (allowance for credit losses of $0 and$0)	2,591		2,746
Mortgage loans on real estate (net of allowance for credit losses of $22 and $21)	1,498		1,531
Policy loans	510		523
Cash and other invested assets	161		17
Other assets	107		130
Total assets designated to the Closed Block	4,867		4,947

Excess of Closed Block liabilities over assets designated to the Closed Block	280		328
Amounts included in AOCI:
Net unrealized investment gains (losses), net of income tax: $17 and $30	(66)		(112)
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	214	$	216

Schedule of Closed Block Operations, Net Results

The Company’s Closed Block revenues and expenses were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Revenues:
Premiums and other income	$	24	$	26	$	51	$	55
Net investment income (loss)	48		51		99		103
Investment gains (losses), net	—		—		(1)		(1)
Total revenues	72		77		149		157

Benefits and Other Deductions:
Policyholders’ benefits and dividends	72		64		146		141
Other operating costs and expenses	1		—		1		—
Total benefits and other deductions	73		64		147		141
Net income (loss), before income taxes	(1)		13		2		16
Income tax (expense) benefit	—		(2)		(1)		(3)
Net income (loss)	$	(1)	$	11	$	1	$	13

DAC AND OTHER DEFERRED ASSETS/LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2025

Contract Holder Bonus Interest Credits [Abstract]

Schedule of Reconciliation of Deferred Acquisition Cost

The following table presents a reconciliation of DAC to the consolidated balance sheets:


	June 30		December 31
	2025		2024
	(in millions)
Protection Solutions
Term	$	301	$	314
Universal Life	171		170
Variable Universal Life	1,122		1,083
Indexed Universal Life	186		186
Individual Retirement
GMxB Core	1,599		1,605
EQUI-VEST Individual	154		154
Investment Edge	250		225
SCS	2,107		1,938
Legacy Segment
GMxB Legacy	494		517
Group Retirement
EQUI-VEST Group	776		768
Momentum	80		83
Corporate and Other	103		107
Other	18		20
Total	$	7,361	$	7,170

Schedule of Deferred Policy Acquisition Costs

Changes in the DAC asset were as follows:


	Six Months Ended June 30, 2025
	Protection Solutions								Individual Retirement								Legacy		Group Retirement				Corporate and Other		Total
	Term		UL		VUL		IUL		GMxB Core		EI		IE		SCS		GMxB Legacy		EG		Momentum		CB (1)
	(in millions)
Balance, beginning of period	$	314	$	170	$	1,083	$	186	$	1,605	$	154	$	225	$	1,938	$	517	$	768	$	83	$	107	$	7,150
Capitalization	5		7		72		6		70		5		36		326		9		31		5		—		572
Amortization (2)	(18)		(6)		(33)		(6)		(76)		(5)		(11)		(157)		(32)		(23)		(8)		(4)		(379)
Balance, end of period	$	301	$	171	$	1,122	$	186	$	1,599	$	154	$	250	$	2,107	$	494	$	776	$	80	$	103	$	7,343

______________

(1)“CB” defined as Closed Block.

(2)DAC amortization of $2 million related to Other not reflected in table above.


	Six Months Ended June 30, 2024
	Protection Solutions								Individual Retirement								Legacy		Group Retirement				Corporate and Other		Total
	Term		UL		VUL		IUL		GMxB Core		EI		IE		SCS		GMxB Legacy		EG		Momentum		CB
	(in millions)
Balance, beginning of period	$	337	$	174	$	987	$	188	$	1,602	$	155	$	172	$	1,571	$	555	$	742	$	82	$	116	$	6,681
Capitalization	8		4		77		5		74		6		29		306		14		32		5		—		560
Amortization (1)	(19)		(6)		(30)		(6)		(74)		(6)		(8)		(131)		(31)		(21)		(2)		(5)		(339)
Balance, end of period	$	326	$	172	$	1,034	$	187	$	1,602	$	155	$	193	$	1,746	$	538	$	753	$	85	$	111	$	6,902

______________

(1) DAC amortization of $2 million related to Other not reflected in table above.

Changes in the Individual Retirement sales inducement assets were as follows:


	Six Months Ended June 30,
	2025				2024
	GMxB Core		GMxB Legacy		GMxB Core		GMxB Legacy
	(in millions)
Balance, beginning of period	$	117	$	160	$	127	$	179
Capitalization	1		—		1		—
Amortization	(6)		(9)		(6)		(10)
Balance, end of period	$	112	$	151	$	122	$	169

Changes in the Protection Solutions unearned revenue liability were as follows:


	Six Months Ended June 30,
	2025						2024
	UL		VUL		IUL		UL		VUL		IUL
	(in millions)

Balance, beginning of period	$	114	$	840	$	250	$	107	$	754	$	210
Capitalization	7		74		23		8		65		28
Amortization	(4)		(27)		(8)		(4)		(24)		(7)
Balance, end of period	$	117	$	887	$	265	$	111	$	795	$	231

FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

Fair Value Measurements as of June 30, 2025


	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Investments
Fixed maturities, AFS:
Corporate (1)	$	—	$	46,695	$	2,009	$	48,704
U.S. Treasury, government and agency	—		4,519		—		4,519
States and political subdivisions	—		385		—		385
Foreign governments	—		575		—		575
Residential mortgage-backed (2)	—		5,423		31		5,454
Asset-backed (3)	—		14,906		936		15,842
Commercial mortgage-backed	—		4,538		19		4,557
Redeemable preferred stock	—		58		—		58
Total fixed maturities, AFS	—		77,099		2,995		80,094
Fixed maturities, at fair value using the fair value option	—		2,018		410		2,428
Other equity investments (4)	307		265		12		584
Trading securities	368		800		127		1,295
Other invested assets:
Short-term investments	—		5		—		5
Assets of consolidated VIEs/VOEs	37		424		1		462
Swaps	—		(438)		—		(438)
Credit default swaps	—		(9)		—		(9)
Futures	(3)		—		—		(3)
Options	—		17,655		—		17,655
Total other invested assets	34		17,637		1		17,672
Cash equivalents	6,066		—		—		6,066
Segregated securities	—		483		—		483
Purchased market risk benefits	—		—		5,543		5,543
Assets for market risk benefits	—		—		776		776
Separate Accounts assets (5)	128,654		2,528		—		131,182
Total Assets	$	135,429	$	100,830	$	9,864	$	246,123

Liabilities:
Notes issued by consolidated VIE’s, at fair value using the fair value option (6)	$	—	$	2,294	$	158	$	2,452
SCS, SIO, MSO and IUL indexed features’ liability	—		18,311		—		18,311
Liabilities of consolidated VIEs and VOEs	1		17		—		18
Liabilities for market risk benefits	—		—		10,187		10,187
Contingent payment arrangements	—		—		8		8
Total Liabilities	$	1	$	20,622	$	10,353	$	30,976

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Includes short position equity securities of $12 million that are reported in other liabilities.

(5)Separate Accounts 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. As of June 30, 2025, the fair value of such investments was $287 million.

(6)Accrued interest payable of $19 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

Fair Value Measurements as of December 31, 2024


	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Investments
Fixed maturities, AFS:
Corporate (1)	$	—	$	46,879	$	2,472	$	49,351
U.S. Treasury, government and agency	—		4,288		—		4,288
States and political subdivisions	—		386		—		386
Foreign governments	—		554		—		554
Residential mortgage-backed (2)	—		4,383		—		4,383
Asset-backed (3)	—		13,467		232		13,699
Commercial mortgage-backed (2)	—		3,913		8		3,921
Redeemable preferred stock	—		59		—		59
Total fixed maturities, AFS	—		73,929		2,712		76,641
Fixed maturities, at fair value using the fair value option	—		1,778		275		2,053
Other equity investments (4)	319		251		53		623
Trading securities	433		576		80		1,089
Other invested assets:
Short-term investments	—		36		—		36
Assets of consolidated VIEs/VOEs	16		137		2		155
Swaps	—		(259)		—		(259)
Credit default swaps	—		2		—		2
Futures	3		—		—		3
Options	—		16,328		—		16,328
Total other invested assets	19		16,244		2		16,265
Cash equivalents	5,356		45		—		5,401
Segregated securities	2		498		—		500
Purchased market risk benefits	—		—		7,376		7,376
Assets for market risk benefits	—		—		863		863
Separate Accounts assets (5)	131,714		2,489		—		134,203
Total Assets	$	137,843	$	95,810	$	11,361	$	245,014

Liabilities:
Notes issued by consolidated VIE’s, at fair value using the fair value option (6)	$	—	$	1,933	$	172	$	2,105
SCS, SIO, MSO and IUL indexed features’ liability	—		17,212		—		17,212

Liabilities for market risk benefits	—		—		11,810		11,810
Contingent payment arrangements	—		—		9		9
Total Liabilities	$	—	$	19,145	$	11,991	$	31,136

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Includes short position equity securities of $20 million that are reported in other liabilities.

(5)Separate Accounts 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. As of December 31, 2024, the fair value of such investments was $320 million.

(6)Accrued interest payable of $11 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

Schedule of Reconciliation of Assets and Liabilities at Level 3

The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses). Not included below are the changes in balances related to MRBs and purchased MRBs level 3 assets and liabilities, which are included in Note 9 of the Notes to these Consolidated Financial Statements.


	Three Months Ended June 30, 2025
	Corporate		State and Political Subdivisions		Asset-backed		RMBS		CMBS
	(in millions)
Balance, beginning of period	$	1,831	$	—	$	648	$	—	$	8
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	2		—		—		—		—
Investment gains (losses), net	—		—		—		—		—
Subtotal	2		—		—		—		—
Other comprehensive income (loss)	17		—		3		1		1
Purchases	279		—		398		14		11
Sales	(292)		—		(11)				(5)
Settlements	—		—		—		(3)		—
Other	—		—		—		—		—
Activity related to consolidated VIEs/VOEs	—		—		—		—		—
Transfers into Level 3 (1)	98		—		—		19		4
Transfers out of Level 3 (1)	74		—		(102)		—		—
Balance, end of period	$	2,009	$	—	$	936	$	31	$	19
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	14	$	—	$	—	$	—	$	—

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of June 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.


	Three Months Ended June 30, 2025
	Fixed maturities, at FVO		Other Equity Investments (3)		Trading Securities, at Fair Value		Notes issued by consolidated VIE’s		Contingent Payment Arrangement
	(in millions)
Balance, beginning of period	$	263	$	18	$	109	$	(168)	$	(8)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	(1)		1		—		—		—
Investment gains (losses), net	—		—		—		—		—
Subtotal	(1)		1		—		—		—
Other comprehensive income (loss)	—		—		—		—		—
Purchases	87		11		18		—		—
Debt issuances	—		—		—		(2)		—
Sales	(27)		(16)		—		—		—
Settlements	—		—		—		12		—
Other	—		—		—		—		—
Activity related to consolidated VIEs/VOEs	—		(1)		—		—		—
Transfers into Level 3 (1)	63		—		—		—		—
Transfers out of Level 3 (1)	25		—		—		—		—
Balance, end of period	$	410	$	13	$	127	$	(158)	$	(8)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	(1)	$	1	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	—

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of June 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

(3)Other Equity Investments include other invested assets.


	Three Months Ended June 30, 2024
	Corporate		State and Political Subdivisions		Asset-backed		RMBS		CMBS
	(in millions)
Balance, beginning of period	$	2,338	$	—	$	71	$	—	$	7
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	2		—		—		—		—
Investment gains (losses), net	(1)		—		—		—		—
Subtotal	1		—		—		—		—
Other comprehensive income (loss)	1		—		—		—		—
Purchases	542		—		(2)		—		—
Sales	(365)		—		(12)		—		—
Settlements	—		—		—		—		—
Other	—		—		—		—		—
Activity related to consolidated VIEs/VOEs	—		—		—		—		—
Transfers into Level 3 (1)	—		—		—		—		—
Transfers out of Level 3 (1)	1		—		—		—		—
Balance, end of period	$	2,518	$	—	$	57	$	—	$	7
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	1	$	—	$	—	$	—	$	—

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of June 30, 2024, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.


	Three Months Ended June 30, 2024
	Fixed maturities, at FVO		Other Equity Investments (3)		Trading Securities, at Fair Value		Separate Accounts Assets		Contingent Payment Arrangement
	(in millions)
Balance, beginning of period	$	244	$	58	$	61	$	1	$	(254)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	(12)		—		—		—		—
Investment gains (losses), net	—		—		(4)		—		—
Subtotal	(12)		—		(4)		—		—
Other comprehensive income (loss)	—		—		—		—		—
Purchases	(33)		(38)		—		(1)		—
Sales	(18)		39		—		—		—
Settlements	—		—		—		—		2
Other	—		—		—		—		(3)
Activity related to consolidated VIEs/VOEs	—		—		—		—		—
Transfers into Level 3 (1)	16		—		—		—		—
Transfers out of Level 3 (1)	27		—		—		—		—
Balance, end of period	$	224	$	59	$	57	$	—	$	(255)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	(12)	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	—

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of June 30, 2024, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

(3)Other Equity Investments include other invested assets.


	Six Months Ended June 30, 2025
	Corporate		State and Political Subdivisions		Asset-backed		RMBS		CMBS
	(in millions)
Balance, beginning of period	$	2,472	$	—	$	232	$	—	$	8
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	3		—		—		—		—
Investment gains (losses), net	(3)		—		—		—		—
Subtotal	—		—		—		—		—
Other comprehensive income (loss)	28		—		6		1		1
Purchases	424		—		784		14		11
Debt issuances	—		—		—				—
Sales	(390)		—		(133)		(3)		(5)
Settlements	—		—		—		—		—
Other	—		—		—		—		—
Activity related to consolidated VIEs/VOEs	—		—		—		—		—
Transfers into Level 3 (1)	98		—		149		19		4
Transfers out of Level 3 (1)	(623)		—		(102)		—		—
Balance, end of period	$	2,009	$	—	$	936	$	31	$	19
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	22	$	—	$	3	$	1	$	—

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of June 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.


	Six Months Ended June 30, 2025
	Fixed maturities, at FVO		Other Equity Investments (1)		Trading Securities, at Fair Value		Notes issued by consolidated VIE’s		Contingent Payment Arrangement
	(in millions)
Balance, beginning of period	$	275	$	55	$	80	$	(172)	$	(9)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	1		1		—		—		—
Investment gains (losses), net	(4)		—		—		—		—
Subtotal	(3)		1		—		—		—
Other comprehensive income (loss)	—		—		—		—		—
Purchases	199		14		47		—		—
Debt issuances	—		—		—		(3)		—
Sales	(41)		(16)		—		—		—
Settlements	—		—		—		17		1
Other	—		—		—		—		—
Activity related to consolidated VIEs/VOEs	—		(1)		—		—		—
Transfers into Level 3 (2)	95		2		—		—		—
Transfers out of Level 3 (2)	(115)		(42)		—		—		—
Balance, end of period	$	410	$	13	$	127	$	(158)	$	(8)

Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3)	$	(1)	$	1	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (3)	$	—	$	—	$	—	$	—	$	—

______________

(1)Other Equity Investments include other invested assets.

(2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(3)For instruments held as of June 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.


	Six Months Ended June 30, 2024
	Corporate		State and Political Subdivisions		Asset-backed		CMBS
	(in millions)
Balance, beginning of period	$	2,158	$	27	$	47	$	7
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	4		—		—		—
Investment gains (losses), net	(2)		—		—		—
Subtotal	2		—		—		—
Other comprehensive income (loss)	11		—		—		—
Purchases	757		—		46		—
Sales	(421)		—		(22)		—
Settlements	—		—		—		—
Other	—		—		—		—
Activity related to consolidated VIEs/VOEs	—		—		—		—
Transfers into Level 3 (1)	57		—		—		—
Transfers out of Level 3 (1)	(46)		(27)		(14)		—
Balance, end of period	$	2,518	$	—	$	57	$	7
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	11	$	—	$	—	$	—

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of June 30, 2024, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.


	Six Months Ended June 30, 2024
	Fixed maturities, at FVO		Other Equity Investments (1)		Trading Securities, at Fair Value		Contingent Payment Arrangement
	(in millions)
Balance, beginning of period	$	181	$	57	$	61	$	(253)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	4		1		—		—
Investment gains (losses), net	—		—		(4)		—
Subtotal	4		1		(4)		—
Other comprehensive income (loss)	—		—		—		—
Purchases	47		4		—		—
Sales	(33)		(3)		—		—
Settlements	—		—		—		3
Other	—		—		—		(5)
Activity related to consolidated VIEs/VOEs	—		—		—		—
Transfers into Level 3 (2)	79		—		—		—


	Six Months Ended June 30, 2024
	Fixed maturities, at FVO		Other Equity Investments (1)		Trading Securities, at Fair Value		Contingent Payment Arrangement
	(in millions)
Transfers out of Level 3 (2)	(54)		—		—		—
Balance, end of period	$	224	$	59	$	57	$	(255)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3)	$	—	$	1	$	(4)	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (3)	$	31	$	—	$	—	$	—

_____________

(1)Other Equity Investments include other invested assets.

(2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(3)For instruments held as of June 30, 2024, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

Schedule of Quantitative Information About Level 3 Fair Value Measurement

The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities:

Quantitative Information about Level 3 Fair Value Measurements as of June 30, 2025

Fair
Value

Valuation

Technique

Significant

Unobservable Input

Range

Weighted Average (2)

(Dollars in millions)

Assets:

Investments:

Fixed maturities, AFS:

Corporate

$

1,119

Market comparable
companies

EBITDA multiples

Discount rate

Cash flow multiples

Loan to value

4.6x - 36.3x

7.9% - 19.7%

2.0x - 14.5x

(0.3)% - 54.7%

13.9x

3.2%

6.0x

9.1%

Trading securities, at fair value (5)

75

Discounted cash flow

Earnings multiple

Discount factor

Discount years

8.6x

10.0%

7

23

Market comparable
companies

EBITDA Multiples

Cashflow Multiples

8.5x - 26.3x

4.3x - 14.5x

16.2x

7.9x

Purchased MRB asset (1) (2) (4)

5,543

Discounted cash flow

Lapse rates

Withdrawal rates

GMIB Utilization rates

Non-performance risk

Volatility rates - Equity

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

0.24%-13.05%

0.06%-11.65%

0.04%-66.70%

7 bps - 92 bps

13%-31%

0.01%-0.17%

0.06%-0.52%

0.32%-41.20%

2.18%

0.50%

6.71%

10 bps

23%

3.35%

(same for all ages)

Liabilities:

AB Contingent consideration payable

$

8

Discounted cash flow

Expected revenue growth rates

Discount rate

2.0% - 13.3%

1.9% - 1.9%

6.8%

1.9%

Direct MRB (1) (2) (3) (4)

9,411

Discounted cash flow

Non-performance risk

Lapse rates

Withdrawal rates

Annuitization rates

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

105 bps

0.24%-36.18%

0.00%-11.65%

0.04%-100.00%

0.01%-0.17%

0.06%-0.52%

0.32%-41.20%

105 bps

3.72%

0.57%

5.09%

2.92%

(same for all ages)

______________

(1)Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.

(2)Lapses and pro-rata withdrawal rates were developed as a function of the policy account value. Dollar for dollar withdrawal rates were developed as a function of the dollar for dollar threshold, the dollar for dollar limit. Utilization rates were developed as a function of the benefit base.

(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $10.2 billion of MRB liabilities and $776 million of MRB assets.

(4)Includes Legacy and Core products.

(5)Certain newly acquired Level 3 Trading securities are not presented as cost basis approximates fair value as of June 30, 2025.

Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2024

Fair
Value

Valuation
Technique

Significant
Unobservable Input

Range

Weighted Average (2)

(Dollars in millions)

Assets:

Investments:

Fixed maturities, AFS:

Corporate

$

402

Matrix pricing model

Spread over benchmark

70 bps - 220 bps

153 bps

981

Market comparable companies

EBITDA multiples

Discount rate

Cash flow multiples

Loan to value

4.7x - 36.5x

8.4% - 34.9%

1.8x-11.8x

0.0%-56.4%

12.2x

3.9%

4.5x

15.0%

Trading securities, at fair value (5)

75

Discounted cash flow

Earnings multiple

Discounts factor

Discount years

8.6x

10.0%

7

1

Market comparable companies

Cashflow Multiples

8.4x - 8.4x

8.4x

Purchased MRB asset (1) (2) (4)

7,376

Discounted cash flow

Lapse rates

Withdrawal rates

GMIB Utilization rates

Non-performance risk

Volatility rates - Equity

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

0.24% - 13.05%

0.06% - 11.65%

0.04% - 66.70%

33 bps - 93 bps

12% - 29%

0.01% - 0.17%

0.06% - 0.52%

0.32% - 41.20%

2.17%

0.48%

6.75%

34 bps

23%

3.36%

(same for all ages)

Liabilities:

AB Contingent consideration payable

$

9

Discounted cash flow

Expected revenue growth rates

Discount rate

2.0% - 29.3%

1.9% - 10.4%

5.5%

7.3%

Direct MRB (1) (2) (3) (4)

10,947

Discounted cash flow

Non-performance risk

Lapse rates

Withdrawal rates

Annuitization rates

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

94 bps

0.24% - 36.18%

0.00% - 11.65%

0.04% - 100.00%

0.01% - 0.17%

0.06% - 0.52%

0.32% - 41.20%

94 bps

3.57%

0.58%

5.15%

3.00%

(same for all ages)

______________

(1)Mortality rates vary by age and demographic characteristic such as gender and benefits elected with the policy. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.

(2)Lapses and pro-rata withdrawal rates were developed as a function of the policy account value. Dollar for dollar withdrawal rates were developed as a function of the dollar for dollar threshold, the dollar for dollar limit. Utilization rates were developed as a function of the benefit base.

(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $11.8 billion of MRB liabilities and $863 million of MRB assets.

(4)Includes Legacy and Core products.

(5)Certain newly acquired Level 3 Trading securities are not presented as cost basis approximates fair value as of December 31, 2024.

Schedule of Fair Value Disclosure Financial Instruments Not Carried At Fair Value

The carrying values and fair values for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements were as follows:

Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed


	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(in millions)
June 30, 2025:
Mortgage loans on real estate	$	21,536	$	—	$	—	$	20,468	$	20,468
Policy loans	$	4,355	$	—	$	—	$	4,648	$	4,648
Policyholders’ liabilities: Investment contracts	$	2,698	$	—	$	—	$	2,667	$	2,667
FHLB funding agreements	$	7,083	$	—	$	7,041	$	—	$	7,041
FABN funding agreements	$	9,278	$	—	$	9,110	$	—	$	9,110
Funding agreement-backed commercial paper (FABCP)	$	1,546	$	—	$	1,581	$	—	$	1,581

Long-term debt	$	4,332	$	—	$	4,277	$	—	$	4,277
Separate Accounts liabilities	$	12,207	$	—	$	—	$	12,207	$	12,207


December 31, 2024:
Mortgage loans on real estate	$	20,072	$	—	$	—	$	18,567	$	18,567
Policy loans	$	4,330	$	—	$	—	$	4,559	$	4,559
Policyholders’ liabilities: Investment contracts	$	2,046	$	—	$	—	$	1,996	$	1,996
FHLB funding agreements	$	7,167	$	—	$	7,113	$	—	$	7,113
FABN funding agreements	$	5,725	$	—	$	5,481	$	—	$	5,481
Funding agreement-backed commercial paper (FABCP)	$	74	$	—	$	75	$	—	$	75

Long-term debt	$	3,833	$	—	$	3,722	$	—	$	3,722
Separate Accounts liabilities	$	12,055	$	—	$	—	$	12,055	$	12,055

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)

6 Months Ended

Jun. 30, 2025

Insurance [Abstract]

Schedule of Policyholder Account Balance and Liability for Unpaid Claims and Claims Adjustment Expense

The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheets:


	June 30, 2025		December 31, 2024
	(in millions)
Reconciliation
Term	$	1,287	$	1,285
Payout	4,936		5,050
Group Pension - Benefit Reserve & DPL	447		460
Health	1,336		1,362
UL	1,271		1,246
Subtotal	9,277		9,403
Whole Life Closed Block and Open Block products	5,083		5,204
Other (1)	915		901
Future policyholder benefits total	15,275		15,508
Other policyholder funds and dividends payable	2,282		2,105
Total	$	17,557	$	17,613

_____________

(1)Primarily consists of future policy benefits related to Protective Life and Annuity, Assumed Life and Disability, Group Life Run off, Variable Interest Sensitive Life rider and EB.

Schedule of Policyholder Account Balance

The following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts:


	Six Months Ended June 30, 2025								Six Months Ended June 30, 2024
	Protection Solutions		Individual Retirement		Corporate & Other				Protection Solutions		Individual Retirement		Corporate & Other
	Term		Payout		Group Pension		Health		Term		Payout		Group Pension		Health
	(in millions)
Present Value of Expected Net Premiums
Balance, beginning of period	$	1,932	$	—	$	—	$	(25)	$	2,133	$	—	$	—	$	(21)
Beginning balance at original discount rate	1,959		—		—		(26)		2,058		—		—		(22)
Effect of changes in cash flow assumptions	—		—		—		—		(18)		—		—		(3)
Effect of actual variances from expected experience	(54)		—		—		(2)		(51)		—		—		2
Adjusted beginning of period balance	1,905		—		—		(28)		1,989		—		—		(23)
Issuances	20		—		—		—		26		—		—		—
Interest accrual	47		—		—		(1)		49		—		—		—
Net premiums collected	(90)		—		—		3		(95)		—		—		1

Ending Balance at original discount rate	1,882		—		—		(26)		1,969		—		—		(22)
Effect of changes in discount rate assumptions	—		—		—		1		(21)		—		—		1
Balance, end of period	$	1,882	$	—	$	—	$	(25)	$	1,948	$	—	$	—	$	(21)

Present Value of Expected Future Policy Benefits
Balance, beginning of period	$	3,216	$	5,050	$	460	$	1,337	$	3,480	$	4,464	$	490	$	1,484
Beginning balance of original discount rate	3,215		5,390		514		1,555		3,330		4,680		536		1,672
Effect of changes in cash flow assumptions (1)	—		(468)		—		—		(20)		—		—		—
Effect of actual variances from expected experience	(73)		(3)		—		(7)		(66)		(2)		1		7
Adjusted beginning of period balance	3,142		4,919		514		1,548		3,244		4,678		537		1,679
Issuances	22		398		—		—		28		522		—		—
Interest accrual	79		99		9		25		82		89		9		27
Benefits payments	(120)		(251)		(31)		(75)		(116)		(228)		(31)		(79)
Ending Balance at original discount rate	3,123		5,165		492		1,498		3,238		5,061		515		1,627
Effect of changes in discount rate assumptions	45		(229)		(45)		(187)		6		(359)		(58)		(234)
Balance, end of period	$	3,168	$	4,936	$	447	$	1,311	$	3,244	$	4,702	$	457	$	1,393
Impact of flooring LFPB at zero	1		—		—		—		1		—		—		—
Net liability for future policy benefits	1,287		4,936		447		1,336		1,297		4,702		457		1,414
Less: Reinsurance recoverable	2		(1,027)		—		(1,044)		14		(1,144)		—		(1,116)
Net liability for future policy benefits, after reinsurance recoverable	$	1,289	$	3,909	$	447	$	292	$	1,311	$	3,558	$	457	$	298

Weighted-average duration of liability for future policyholder benefits (years)	6.8		7.6		6.9		8.3		6.9		7.9		7.0		8.6

______________

(1)For the first quarter 2025, this is the net income impact due to novation as described in Note 1.

The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:


	June 30, 2025		December 31, 2024
	(in millions)
Policyholders’ account balance reconciliation
Protection Solutions
Universal Life	$	4,973	$	5,065
Variable Universal Life	5,061		4,982
Legacy Segment
GMxB Legacy	253		226
Individual Retirement
GMxB Core	(27)		(4)
SCS	71,542		65,267
EQUI-VEST Individual	1,932		2,037
Group Retirement
EQUI-VEST Group	11,130		11,158
Momentum	498		527
Other (1)	10,071		8,658
Balance (exclusive of Funding Agreements)	105,433		97,916
Funding Agreements	17,926		13,013
Balance, end of period	$	123,359	$	110,929

_____________

(1)Primarily reflects products IR Payout, IR Other, Indexed Universal Life, Investment Edge, Group Pension, Closed Block and Corporate and Other.

.

The following table summarizes the balances and changes in policyholder’s account balances:


	Six Months Ended June 30, 2025
	Protection Solutions				Legacy		Individual Retirement						Group Retirement
	Universal Life		Variable Universal Life		GMxB Legacy		GMxB Core		SCS (1)		EQUI-VEST Individual		EQUI-VEST Group		Momentum
	(Dollars in millions)
Balance, beginning of period	$	5,065	$	4,982	$	226	$	(4)	$	65,267	$	2,037	$	11,158	$	527



Premiums received	300		60		5		91		5		18		293		26
Policy charges	(335)		(139)		18		4		(24)		—		(3)		—
Surrenders and withdrawals	(43)		(2)		(32)		(15)		(2,534)		(127)		(688)		(53)
Benefit payments	(122)		(70)		(8)		(1)		(179)		(33)		(32)		(1)
Net transfers from (to) separate account	—		117		5		(106)		6,760		8		237		(7)
Interest credited (2)	108		113		6		4		2,247		29		165		6
Other (4)	—		—		33		—		—		—		—		—
Balance, end of period	$	4,973	$	5,061	$	253	$	(27)	$	71,542	$	1,932	$	11,130	$	498

Weighted-average crediting rate	3.83%		3.67%		2.78%		1.97%		N/A		2.96%		2.75%		2.48%
Net amount at risk (3)	$	32,105	$	117,332	$	15,835	$	2,953	$	—	$	100	$	7	$	—
Cash surrender value	$	3,323	$	3,176	$	452	$	202	$	68,284	$	1,927	$	11,084	$	499

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.

(2)SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative.

(3)For life insurance products, the net amount at risk is death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.

(4)Includes the PAB from the policies novated to Venerable, as described in Note 1.


	Six Months Ended June 30, 2024
	Protection Solutions				Legacy		Individual Retirement						Group Retirement
	Universal Life		Variable Universal Life		GMxB Legacy		GMxB Core		SCS (1)		EQUI-VEST Individual		EQUI-VEST Group		Momentum
	(Dollars in millions)
Balance, beginning of period	$	5,202	$	4,850	$	618	$	36	$	49,002	$	2,322	$	11,563	$	608

Premiums received	327		61		36		119		9		15		305		37
Policy charges	(359)		(130)		18		—		(10)		—		(3)		—
Surrenders and withdrawals	(45)		(25)		(43)		(18)		(1,897)		(168)		(806)		(69)
Benefit payments	(106)		(56)		(49)		(1)		(149)		(26)		(35)		(1)
Net transfers from (to) separate account	—		86		3		(117)		6,325		6		170		(6)
Interest credited (2)	110		95		12		4		4,698		33		175		6
Other	—		—		—		—		—		—		—		—
Balance, end of period	$	5,129	$	4,881	$	595	$	23	$	57,978	$	2,182	$	11,369	$	575

Weighted-average crediting rate	3.80%		3.71%		2.74%		1.67%		N/A		2.98%		2.67%		2.32%
Net amount at risk (3)	$	34,364	$	116,133	$	19,710	$	2,867	$	1	$	104	$	9	$	—
Cash surrender value	$	3,393	$	3,172	$	531	$	252	$	54,146	$	2,176	$	11,313	$	576

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.

(2)SCS and EQUI-VEST includes amounts related to the change in embedded derivative.

(3)For life insurance products, the net amount at risk is the death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.

The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:


	June 30, 2025		December 31, 2024
	(in millions)
Separate Account Reconciliation
Protection Solutions
Variable Universal Life	$	18,968	$	18,176
Legacy Segment
GMxB Legacy	28,275		33,199
Individual Retirement
GMxB Core	30,057		30,411
EQUI-VEST Individual	4,756		4,782
Investment Edge	5,072		4,885
Group Retirement
EQUI-VEST Group	31,714		30,546
Momentum	5,008		4,813
Other (1)	7,833		7,905
Total	$	131,683	$	134,717

______________

(1)Primarily reflects Corporate and Other products and Group Retirement products including Association and Group Retirement Other.

The following table presents the balances of and changes in Separate Account liabilities:


	Six Months Ended June 30, 2025
	Protection Solutions		Legacy		Individual Retirement						Group Retirement
	VUL		GMxB Legacy		GMxB Core		EQUI-VEST Individual		Investment Edge		EQUI-VEST Group		Momentum
	(in millions)
Balance, beginning of period	$	18,176	$	33,199	$	30,411	$	4,782	$	4,885	$	30,546	$	4,813

Premiums and deposits	664		118		934		49		901		1,252		330
Policy charges	(292)		(265)		(252)		(2)		—		(8)		(12)
Surrenders and withdrawals	(350)		(1,499)		(1,861)		(237)		(242)		(1,271)		(433)
Benefit payments	(54)		(364)		(145)		(36)		(17)		(32)		(5)
Investment performance (1)	941		907		864		208		247		1,464		308
Net transfers from (to) General Account	(117)		(5)		106		(8)		(702)		(237)		7
Other charges (2)	—		(3,816)		—		—		—		—		—
Balance, end of period	$	18,968	$	28,275	$	30,057	$	4,756	$	5,072	$	31,714	$	5,008

Cash surrender value	$	18,600	$	28,071	$	29,218	$	4,724	$	4,983	$	31,412	$	5,001

_____________

(1)Investment performance is reflected net of M&E fees.

(2)Other charges include the Separate Account value novated to Venerable, as described in Note 1.


	Six Months Ended June 30, 2024
	Protection Solutions		Legacy		Individual Retirement						Group Retirement
	VUL		GMxB Legacy		GMxB Core		EQUI-VEST Individual		Investment Edge		EQUI-VEST Group		Momentum
	(in millions)
Balance, beginning of period	$	15,821	$	33,794	$	29,829	$	4,582	$	4,275	$	26,959	$	4,421
Premiums and deposits	616		112		1,000		40		739		1,180		379
Policy charges	(287)		(324)		(249)		(1)		—		(8)		(11)
Surrenders and withdrawals	(330)		(1,629)		(1,720)		(248)		(254)		(1,113)		(476)
Benefit payments	(30)		(385)		(135)		(26)		(15)		(32)		(7)
Investment performance (1)	1,508		(3)		117		(7)		(465)		(170)		6
Net transfers from (to) General Account	(86)		2,401		1,634		445		308		2,409		390
Other charges	—		—		—		—		—		—		—
Balance, end of period	$	17,212	$	33,966	$	30,476	$	4,785	$	4,588	$	29,225	$	4,702

Cash surrender value	$	16,840	$	33,702	$	29,644	$	4,752	$	4,501	$	28,935	$	4,694

______________

(1)Investment performance is reflected net of M&E fees.

Schedule of Liability for Future Policy Benefits, Undiscounted and Discounted Expected Gross Premiums and Expected Future Benefits and Expenses

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses related to nonparticipating traditional and limited payment contracts:


	June 30, 2025		December 31, 2024
	(in millions)
Term
Expected future benefit payments and expenses (undiscounted)	$	5,444	$	5,613
Expected future gross premiums (undiscounted)	6,424		6,597
Expected future benefit payments and expenses (discounted; AOCI basis)	3,168		3,216
Expected future gross premiums (discounted; AOCI basis)	3,473		3,507

Payout
Expected future benefit payments and expenses (undiscounted)	7,338		7,686
Expected future gross premiums (undiscounted)	—		—
Expected future benefit payments and expenses (discounted; AOCI basis)	4,814		4,938
Expected future gross premiums (discounted; AOCI basis)	—		—

Group Pension
Expected future benefit payments and expenses (undiscounted)	603		630
Expected future gross premiums (undiscounted)	—		—
Expected future benefit payments and expenses (discounted; AOCI basis)	425		436
Expected future gross premiums (discounted; AOCI basis)	—		—

Health
Expected future benefit payments and expenses (undiscounted)	2,053		2,139
Expected future gross premiums (undiscounted)	65		70
Expected future benefit payments and expenses (discounted; AOCI basis)	1,299		1,323
Expected future gross premiums (discounted; AOCI basis)	$	52	$	55

Schedule of Liability for Future Policy Benefits, Revenue and Interest Accretion

The table below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts:


	Six Months Ended June 30,

	2025		2024			2025		2024
	Gross Premium				Interest Accretion
	(in millions)
Revenue and Interest Accretion
Term	$	161	$	171		$	32	$	33
Payout	116		127			105		99
Group Pension	—		—			9		9
Health	5		6			26		28
Total	$	282	$	304		$	172	$	169

Schedule of Liability for Future Policy Benefits, Weighted Average Interest Rates

The following table provides the weighted average interest rates for the liability for future policy benefits:


	June 30, 2025		December 31, 2024
Weighted Average Interest Rate
Term
Interest accretion rate	5.6	%	5.6	%
Current discount rate	5.0	%	5.2	%
Payout
Interest accretion rate	4.5	%	4.4	%
Current discount rate	5.1	%	5.3	%
Group Pension
Interest accretion rate	3.4	%	3.4	%
Current discount rate	5.0	%	5.2	%
Health
Interest accretion rate	3.4	%	3.4	%
Current discount rate	5.2	%	5.4	%

Schedule of Balances of and Changes in Additional Liabilities Related to Insurance Guarantees

The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities:


	Six Months Ended June 30,
		2025		2024
		Protection Solutions
		UL
		(in millions)
Balance, beginning of period		$	1,246	$	1,208
Beginning balance before AOCI adjustments		1,302		1,245
Effect of changes in interest rate & cash flow assumptions and model changes		—		—
Effect of actual variances from expected experience		4		(1)
Adjusted beginning of period balance		1,306		1,244
Interest accrual		29		27
Net assessments collected		34		35
Benefit payments		(45)		(35)

Ending balance before shadow reserve adjustments		1,324		1,271
Effect of reserve adjustment recorded in AOCI		(53)		(51)
Balance, end of period		$	1,271	$	1,220

Net liability for additional liability		$	1,271	$	1,220
Less: Reinsurance recoverable		—		—
Net liability for additional liability, after reinsurance recoverable		$	1,271	$	1,220

Weighted-average duration of additional liability - death benefit (years)		19.1		19.5

The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:


	Six Months Ended June 30,

	2025		2024			2025		2024
	Assessments				Interest Accretion
	(in millions)
Revenue and Interest Accretion
UL	$	316	$	338		$	29	$	27
Total	$	316	$	338		$	29	$	27


	Six Months Ended June 30,

		2025		2024

Weighted Average Interest Rate
UL		4.5	%	4.5	%
Interest accretion rate		4.5	%	4.5	%

MARKET RISK BENEFITS (Tables)

6 Months Ended

Jun. 30, 2025

Market Risk Benefit [Abstract]

Schedule of Market Risk Benefit, Activity

The following table presents the balances and changes to the balances for MRBs for the GMxB benefits on deferred variable annuities:


	Three Months Ended June 30,
	2025								2024
	Individual Retirement		Legacy						Individual Retirement		Legacy
	GMxB Core		GMxB Legacy		Purchased MRB		Net Legacy		GMxB Core		GMxB Legacy		Purchased MRB		Net Legacy
	(in millions)
Balance, beginning of period	$	717	$	9,505	$	(5,973)	$	3,532	$	323	$	11,715	$	(8,343)	$	3,372
Balance BOP before changes in the instrument specific credit risk	495		9,336		(5,957)		3,379		71		11,319		(8,312)		3,007
Model changes and effect of changes in cash flow assumptions	(7)		8		5		13		—		—		—		—
Actual market movement effect	(173)		(620)		264		(356)		(4)		45		5		50
Interest accrual	10		96		(58)		38		15		152		(111)		41
Attributed fees accrued (1)	109		161		(39)		122		111		198		(56)		142
Benefit payments	(12)		(285)		128		(157)		(12)		(310)		162		(148)
Actual policyholder behavior different from expected behavior	7		22		(14)		8		9		—		(10)		(10)
Changes in future economic assumptions	(42)		(232)		140		(92)		(72)		(518)		346		(172)
Issuances	(2)		—		—		—		—		—		—		—
Balance EOP before changes in the instrument-specific credit risk	385		8,486		(5,531)		2,955		118		10,886		(7,976)		2,910
Changes in the instrument-specific credit risk (2)	268		326		(10)		316		294		546		(22)		524
Balance, end of period	$	653	$	8,812	$	(5,541)	$	3,271	$	412	$	11,432	$	(7,998)	$	3,434

Weighted-average age of policyholders (years)	65.9		74.0		73.4		N/A		64.9		73.3		72.9		N/A
Net amount at risk	$	2,953	$	15,835	$	7,099	N/A		$	2,867	$	19,710	$	10,443	N/A

______________

(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(2)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.


	Six Months Ended June 30,
	2025								2024
	Individual Retirement		Legacy						Individual Retirement		Legacy
	GMxB Core		GMxB Legacy		Purchased MRB (3)		Net Legacy		GMxB Core		GMxB Legacy		Purchased MRB (3)		Net Legacy
	(in millions)
Balance, beginning of period	$	496	$	10,508	$	(7,372)	$	3,136	$	597	$	13,425	$	(9,448)	$	3,977
Balance BOP before changes in the instrument specific credit risk	163		9,735		(7,368)		2,367		319		13,023		(9,409)		3,614
Model changes and effect of changes in cash flow assumptions (4)	(7)		(1,336)		1,860		524		—		—		169		169
Actual market movement effect	(102)		(271)		148		(123)		(163)		(747)		397		(350)
Interest accrual	25		202		(122)		80		31		313		(224)		89
Attributed fees accrued (1)	203		326		(99)		227		206		398		(136)		262
Benefit payments	(23)		(565)		257		(308)		(22)		(632)		331		(301)
Actual policyholder behavior different from expected behavior	20		42		(14)		28		14		(23)		(1)		(24)
Changes in future economic assumptions	105		353		(193)		160		(265)		(1,446)		897		(549)
Issuances	1		—		—		—		(2)		—		—		—
Balance EOP before changes in the instrument-specific credit risk	385		8,486		(5,531)		2,955		118		10,886		(7,976)		2,910
Changes in the instrument-specific credit risk (2)	268		326		(10)		316		294		546		(22)		524
Balance, end of period	$	653	$	8,812	$	(5,541)	$	3,271	$	412	$	11,432	$	(7,998)	$	3,434

Weighted-average age of policyholders (years)	65.9		74.0		73.4		N/A		64.9		73.3		72.9		N/A
Net amount at risk	$	2,953	$	15,835	$	7,099	N/A		$	2,867	$	19,710	$	10,443	N/A

_____________

(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(2)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.

(3)Purchased MRB is the impact of non-affiliated reinsurance.

(4)Includes the net income impact of the novation, as described in Note 1, in the first quarter of 2025 and the impact primarily of a non-affiliated recapture of reinsurance completed in the first quarter of 2024.

The following table reconciles MRBs by the amounts in an asset position and amounts in a liability position to the MRB amounts in the consolidated balance sheets:


	June 30, 2025										December 31, 2024
	Direct Asset		Direct Liability		Net Direct MRB		Purchased MRB		Total		Direct Asset		Direct Liability		Net Direct MRB		Purchased MRB		Total
	(in millions)
Individual Retirement
GMxB Core	$	(449)	$	1,102	$	653	$	—	$	653	$	(514)	$	1,010	$	496	$	—	$	496
Legacy Segment
GMxB Legacy	(204)		9,016		8,812		(5,541)		3,271		(230)		10,738		10,508		(7,372)		3,136
Other (1)	(123)		69		(54)		(2)		(56)		(119)		62		(57)		(4)		(61)
Total	$	(776)	$	10,187	$	9,411	$	(5,543)	$	3,868	$	(863)	$	11,810	$	10,947	$	(7,376)	$	3,571

______________

(1)Other primarily includes SCS.

POLICYHOLDER ACCOUNT BALANCES (Tables)

6 Months Ended

Jun. 30, 2025

Policyholder Account Balance [Abstract]

Schedule of Policyholder Account Balance

The following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts:


	Six Months Ended June 30, 2025								Six Months Ended June 30, 2024
	Protection Solutions		Individual Retirement		Corporate & Other				Protection Solutions		Individual Retirement		Corporate & Other
	Term		Payout		Group Pension		Health		Term		Payout		Group Pension		Health
	(in millions)
Present Value of Expected Net Premiums
Balance, beginning of period	$	1,932	$	—	$	—	$	(25)	$	2,133	$	—	$	—	$	(21)
Beginning balance at original discount rate	1,959		—		—		(26)		2,058		—		—		(22)
Effect of changes in cash flow assumptions	—		—		—		—		(18)		—		—		(3)
Effect of actual variances from expected experience	(54)		—		—		(2)		(51)		—		—		2
Adjusted beginning of period balance	1,905		—		—		(28)		1,989		—		—		(23)
Issuances	20		—		—		—		26		—		—		—
Interest accrual	47		—		—		(1)		49		—		—		—
Net premiums collected	(90)		—		—		3		(95)		—		—		1

Ending Balance at original discount rate	1,882		—		—		(26)		1,969		—		—		(22)
Effect of changes in discount rate assumptions	—		—		—		1		(21)		—		—		1
Balance, end of period	$	1,882	$	—	$	—	$	(25)	$	1,948	$	—	$	—	$	(21)

Present Value of Expected Future Policy Benefits
Balance, beginning of period	$	3,216	$	5,050	$	460	$	1,337	$	3,480	$	4,464	$	490	$	1,484
Beginning balance of original discount rate	3,215		5,390		514		1,555		3,330		4,680		536		1,672
Effect of changes in cash flow assumptions (1)	—		(468)		—		—		(20)		—		—		—
Effect of actual variances from expected experience	(73)		(3)		—		(7)		(66)		(2)		1		7
Adjusted beginning of period balance	3,142		4,919		514		1,548		3,244		4,678		537		1,679
Issuances	22		398		—		—		28		522		—		—
Interest accrual	79		99		9		25		82		89		9		27
Benefits payments	(120)		(251)		(31)		(75)		(116)		(228)		(31)		(79)
Ending Balance at original discount rate	3,123		5,165		492		1,498		3,238		5,061		515		1,627
Effect of changes in discount rate assumptions	45		(229)		(45)		(187)		6		(359)		(58)		(234)
Balance, end of period	$	3,168	$	4,936	$	447	$	1,311	$	3,244	$	4,702	$	457	$	1,393
Impact of flooring LFPB at zero	1		—		—		—		1		—		—		—
Net liability for future policy benefits	1,287		4,936		447		1,336		1,297		4,702		457		1,414
Less: Reinsurance recoverable	2		(1,027)		—		(1,044)		14		(1,144)		—		(1,116)
Net liability for future policy benefits, after reinsurance recoverable	$	1,289	$	3,909	$	447	$	292	$	1,311	$	3,558	$	457	$	298

Weighted-average duration of liability for future policyholder benefits (years)	6.8		7.6		6.9		8.3		6.9		7.9		7.0		8.6

______________

(1)For the first quarter 2025, this is the net income impact due to novation as described in Note 1.

The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:


	June 30, 2025		December 31, 2024
	(in millions)
Policyholders’ account balance reconciliation
Protection Solutions
Universal Life	$	4,973	$	5,065
Variable Universal Life	5,061		4,982
Legacy Segment
GMxB Legacy	253		226
Individual Retirement
GMxB Core	(27)		(4)
SCS	71,542		65,267
EQUI-VEST Individual	1,932		2,037
Group Retirement
EQUI-VEST Group	11,130		11,158
Momentum	498		527
Other (1)	10,071		8,658
Balance (exclusive of Funding Agreements)	105,433		97,916
Funding Agreements	17,926		13,013
Balance, end of period	$	123,359	$	110,929

_____________

(1)Primarily reflects products IR Payout, IR Other, Indexed Universal Life, Investment Edge, Group Pension, Closed Block and Corporate and Other.

.

The following table summarizes the balances and changes in policyholder’s account balances:


	Six Months Ended June 30, 2025
	Protection Solutions				Legacy		Individual Retirement						Group Retirement
	Universal Life		Variable Universal Life		GMxB Legacy		GMxB Core		SCS (1)		EQUI-VEST Individual		EQUI-VEST Group		Momentum
	(Dollars in millions)
Balance, beginning of period	$	5,065	$	4,982	$	226	$	(4)	$	65,267	$	2,037	$	11,158	$	527



Premiums received	300		60		5		91		5		18		293		26
Policy charges	(335)		(139)		18		4		(24)		—		(3)		—
Surrenders and withdrawals	(43)		(2)		(32)		(15)		(2,534)		(127)		(688)		(53)
Benefit payments	(122)		(70)		(8)		(1)		(179)		(33)		(32)		(1)
Net transfers from (to) separate account	—		117		5		(106)		6,760		8		237		(7)
Interest credited (2)	108		113		6		4		2,247		29		165		6
Other (4)	—		—		33		—		—		—		—		—
Balance, end of period	$	4,973	$	5,061	$	253	$	(27)	$	71,542	$	1,932	$	11,130	$	498

Weighted-average crediting rate	3.83%		3.67%		2.78%		1.97%		N/A		2.96%		2.75%		2.48%
Net amount at risk (3)	$	32,105	$	117,332	$	15,835	$	2,953	$	—	$	100	$	7	$	—
Cash surrender value	$	3,323	$	3,176	$	452	$	202	$	68,284	$	1,927	$	11,084	$	499

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.

(2)SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative.

(3)For life insurance products, the net amount at risk is death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.

(4)Includes the PAB from the policies novated to Venerable, as described in Note 1.


	Six Months Ended June 30, 2024
	Protection Solutions				Legacy		Individual Retirement						Group Retirement
	Universal Life		Variable Universal Life		GMxB Legacy		GMxB Core		SCS (1)		EQUI-VEST Individual		EQUI-VEST Group		Momentum
	(Dollars in millions)
Balance, beginning of period	$	5,202	$	4,850	$	618	$	36	$	49,002	$	2,322	$	11,563	$	608

Premiums received	327		61		36		119		9		15		305		37
Policy charges	(359)		(130)		18		—		(10)		—		(3)		—
Surrenders and withdrawals	(45)		(25)		(43)		(18)		(1,897)		(168)		(806)		(69)
Benefit payments	(106)		(56)		(49)		(1)		(149)		(26)		(35)		(1)
Net transfers from (to) separate account	—		86		3		(117)		6,325		6		170		(6)
Interest credited (2)	110		95		12		4		4,698		33		175		6
Other	—		—		—		—		—		—		—		—
Balance, end of period	$	5,129	$	4,881	$	595	$	23	$	57,978	$	2,182	$	11,369	$	575

Weighted-average crediting rate	3.80%		3.71%		2.74%		1.67%		N/A		2.98%		2.67%		2.32%
Net amount at risk (3)	$	34,364	$	116,133	$	19,710	$	2,867	$	1	$	104	$	9	$	—
Cash surrender value	$	3,393	$	3,172	$	531	$	252	$	54,146	$	2,176	$	11,313	$	576

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.

(2)SCS and EQUI-VEST includes amounts related to the change in embedded derivative.

(3)For life insurance products, the net amount at risk is the death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.

The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:


	June 30, 2025		December 31, 2024
	(in millions)
Separate Account Reconciliation
Protection Solutions
Variable Universal Life	$	18,968	$	18,176
Legacy Segment
GMxB Legacy	28,275		33,199
Individual Retirement
GMxB Core	30,057		30,411
EQUI-VEST Individual	4,756		4,782
Investment Edge	5,072		4,885
Group Retirement
EQUI-VEST Group	31,714		30,546
Momentum	5,008		4,813
Other (1)	7,833		7,905
Total	$	131,683	$	134,717

______________

(1)Primarily reflects Corporate and Other products and Group Retirement products including Association and Group Retirement Other.

The following table presents the balances of and changes in Separate Account liabilities:


	Six Months Ended June 30, 2025
	Protection Solutions		Legacy		Individual Retirement						Group Retirement
	VUL		GMxB Legacy		GMxB Core		EQUI-VEST Individual		Investment Edge		EQUI-VEST Group		Momentum
	(in millions)
Balance, beginning of period	$	18,176	$	33,199	$	30,411	$	4,782	$	4,885	$	30,546	$	4,813

Premiums and deposits	664		118		934		49		901		1,252		330
Policy charges	(292)		(265)		(252)		(2)		—		(8)		(12)
Surrenders and withdrawals	(350)		(1,499)		(1,861)		(237)		(242)		(1,271)		(433)
Benefit payments	(54)		(364)		(145)		(36)		(17)		(32)		(5)
Investment performance (1)	941		907		864		208		247		1,464		308
Net transfers from (to) General Account	(117)		(5)		106		(8)		(702)		(237)		7
Other charges (2)	—		(3,816)		—		—		—		—		—
Balance, end of period	$	18,968	$	28,275	$	30,057	$	4,756	$	5,072	$	31,714	$	5,008

Cash surrender value	$	18,600	$	28,071	$	29,218	$	4,724	$	4,983	$	31,412	$	5,001

_____________

(1)Investment performance is reflected net of M&E fees.

(2)Other charges include the Separate Account value novated to Venerable, as described in Note 1.


	Six Months Ended June 30, 2024
	Protection Solutions		Legacy		Individual Retirement						Group Retirement
	VUL		GMxB Legacy		GMxB Core		EQUI-VEST Individual		Investment Edge		EQUI-VEST Group		Momentum
	(in millions)
Balance, beginning of period	$	15,821	$	33,794	$	29,829	$	4,582	$	4,275	$	26,959	$	4,421
Premiums and deposits	616		112		1,000		40		739		1,180		379
Policy charges	(287)		(324)		(249)		(1)		—		(8)		(11)
Surrenders and withdrawals	(330)		(1,629)		(1,720)		(248)		(254)		(1,113)		(476)
Benefit payments	(30)		(385)		(135)		(26)		(15)		(32)		(7)
Investment performance (1)	1,508		(3)		117		(7)		(465)		(170)		6
Net transfers from (to) General Account	(86)		2,401		1,634		445		308		2,409		390
Other charges	—		—		—		—		—		—		—
Balance, end of period	$	17,212	$	33,966	$	30,476	$	4,785	$	4,588	$	29,225	$	4,702

Cash surrender value	$	16,840	$	33,702	$	29,644	$	4,752	$	4,501	$	28,935	$	4,694

______________

(1)Investment performance is reflected net of M&E fees.

Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The following table presents the account values by range of guaranteed minimum crediting rates and the related range of the difference in basis points, between rates being credited policyholders and the respective guaranteed minimums:


June 30, 2025
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
( in millions)
Protection Solutions
Universal Life	0.00% - 1.50%	$	—	$	—	$	—	$	6	$	6
	1.51% - 2.50%	—		88		277		655		1,020
	Greater than 2.50%	3,262		656		—		—		3,918
	Total	$	3,262	$	744	$	277	$	661	$	4,944

Variable Universal Life	0.00% - 1.50%	$	15	$	10	$	112	$	52	$	189
	1.51% - 2.50%	38		370		232		—		640
	Greater than 2.50%	3,651		27		4		—		3,682
	Total	$	3,704	$	407	$	348	$	52	$	4,511
Legacy Segment


June 30, 2025
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
( in millions)
GMxB Legacy	0.00% - 1.50%	$	—	$	62	$	3	$	—	$	65
	1.51% - 2.50%	17		—		—		—		17
	Greater than 2.50%	371		—		—		—		371
	Total	$	388	$	62	$	3	$	—	$	453

Individual Retirement
GMxB Core	0.00% - 1.50%	$	—	$	10	$	148	$	—	$	158
	1.51% - 2.50%	11		—		—		—		11
	Greater than 2.50%	37		—		—		—		37
	Total	$	48	$	10	$	148	$	—	$	206

EQUI-VEST Individual	0.00% - 1.50%	$	—	$	30	$	159	$	—	$	189
	1.51% - 2.50%	12		67		—		—		79
	Greater than 2.50%	1,664		—		—		—		1,664
	Total	$	1,676	$	97	$	159	$	—	$	1,932

Group Retirement
EQUI-VEST Group	0.00% - 1.50%	$	1	$	945	$	2,194	$	262	$	3,402
	1.51% - 2.50%	342		—		—		—		342
	Greater than 2.50%	5,988		—		—		—		5,988
	Total	$	6,331	$	945	$	2,194	$	262	$	9,732

Momentum	0.00% - 1.50%	$	—	$	—	$	251	$	86	$	337
	1.51% - 2.50%	74		26		—		—		100
	Greater than 2.50%	55		—		5		—		60
	Total	$	129	$	26	$	256	$	86	$	497


December 31, 2024
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
( in millions)
Protection Solutions
Universal Life	0.00% - 1.50%	$	—	$	—	$	—	$	6	$	6
	1.51% - 2.50%	—		90		284		655		1,029
	Greater than 2.50%	3,402		598		—		—		4,000
	Total	$	3,402	$	688	$	284	$	661	$	5,035

Variable Universal Life	0.00% - 1.50%	$	24	$	13	$	94	$	40	$	171
	1.51% - 2.50%	37		357		223		—		617
	Greater than 2.50%	3,667		2		20		—		3,689
	Total	$	3,728	$	372	$	337	$	40	$	4,477
Legacy Segment


December 31, 2024
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
( in millions)
GMxB Legacy	0.00% - 1.50%	$	67	$	3	$	—	$	—	$	70
	1.51% - 2.50%	19		—		—		—		19
	Greater than 2.50%	401		—		—		—		401
	Total	$	487	$	3	$	—	$	—	$	490
Individual Retirement
GMxB Core	0.00% - 1.50%	$	11	$	160	$	—	$	—	$	171
	1.51% - 2.50%	12		—		—		—		12
	Greater than 2.50%	52		—		—		—		52
	Total	$	75	$	160	$	—	$	—	$	235

EQUI-VEST Individual	0.00% - 1.50%	$	42	$	198	$	—	$	—	$	240
	1.51% - 2.50%	38		—		—		—		38
	Greater than 2.50%	1,758		—		—		—		1,758
	Total	$	1,838	$	198	$	—	$	—	$	2,036




Group Retirement
EQUI-VEST Group	0.00% - 1.50%	$	720	$	2,391	$	33	$	258	$	3,402
	1.51% - 2.50%	349		—		—		—		349
	Greater than 2.50%	6,076		—		—		—		6,076
	Total	$	7,145	$	2,391	$	33	$	258	$	9,827

Momentum	0.00% - 1.50%	$	—	$	—	$	269	$	88	$	357
	1.51% - 2.50%	79		29		—		—		108
	Greater than 2.50%	56		—		5		—		61
	Total	$	135	$	29	$	274	$	88	$	526

Schedule of Aggregate Fair Value of Separate Account Assets

The following table presents the aggregate fair value of Separate Account assets by major asset category:


	June 30, 2025
	Protection Solutions		Individual Retirement		Group Retirement		Corp & Other		Legacy Segment		Total
	(in millions)
Asset Type
Debt securities	$	49	$	1	$	9	$	17	$	—	$	76
Common Stock	68		37		512		1,731		—		2,348
Mutual Funds	19,417		41,709		38,075		637		28,299		128,137
Bonds and Notes	101		3		1		1,017		—		1,122
Total	$	19,635	$	41,750	$	38,597	$	3,402	$	28,299	$	131,683


	December 31, 2024
	Protection Solutions		Individual Retirement		Group Retirement		Corp & Other		Legacy Segment		Total
	(in millions)
Asset Type
Debt securities	$	51	$	1	$	14	$	13	$	—	$	79
Common Stock	68		36		472		1,631		—		2,207
Mutual Funds	18,611		42,029		36,779		659		33,214		131,292
Bonds and Notes	98		4		1		1,036		—		1,139
Total	$	18,828	$	42,070	$	37,266	$	3,339	$	33,214	$	134,717

EMPLOYEE BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2025

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

Components of net periodic pension expense for the Company’s plans were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Service cost	$	7	$	2	$	15	$	4
Interest cost	28		31		56		59
Expected return on assets	(33)		(37)		(67)		(73)
Prior period service cost amortization	—		(1)		(1)		(1)

Net amortization	11		14		23		28
Impact of settlement	—		—		21		—
Net Periodic Pension Expense	$	13	$	9	$	47	$	17

EQUITY (Tables)

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Schedule of Stock by Class

Preferred stock authorized, issued and outstanding was as follows:


	June 30, 2025			December 31, 2024
Series	Shares Authorized	Shares Issued	Shares Outstanding	Shares Authorized	Shares Issued	Shares Outstanding
Series A	32,000	32,000	32,000	32,000	32,000	32,000
Series B	20,000	6,613	6,613	20,000	17,773	17,773
Series C	12,000	12,000	12,000	12,000	12,000	12,000
Total	64,000	50,613	50,613	64,000	61,773	61,773

Schedule of Dividends Declared

Dividends declared per share were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Series A dividends declared	$	328	$	328	$	656	$	656
Series B dividends declared	$	619	$	619	$	619	$	619
Series C dividends declared	$	269	$	269	$	538	$	538

Common Stock

Dividends declared per share of common stock were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Dividends declared	$	0.27	$	0.24	$	0.51	$	0.46

Schedule of Accumulated Other Comprehensive Income (Loss)

AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances are as follows:


	June 30, 2025		December 31, 2024
	(in millions)
Unrealized gains (losses) on investments	$	(6,501)	$	(7,334)
Market risk benefits - instrument -specific credit risk component	(601)		(1,125)
Liability for future policy benefits - current discount rate component	255		372
Defined benefit pension plans	(553)		(579)
Foreign currency translation adjustments	(51)		(88)
Total accumulated other comprehensive income (loss)	(7,451)		(8,754)
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest	(19)		(42)
Accumulated other comprehensive income (loss) attributable to Holdings	$	(7,432)	$	(8,712)

Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes

The components of OCI, net of taxes for follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period	$	335	$	(443)	$	993	$	(986)
(Gains) losses reclassified into net income (loss) during the period (1)	28		—		34		21
Net unrealized gains (losses) on investments	363		(443)		1,027		(965)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other	(54)		34		(109)		43
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $124, $(102), $297 and $(235))	309		(409)		918		(922)
Change in LFPB discount rate and MRB credit risk, net of tax
Changes in instrument-specific credit risk - market risk benefits (net of deferred income tax expense (benefit) of $(45), $(42), $110 and $(37))	(170)		(159)		414		(139)
Changes in current discount rate - liability for future policy benefits (net of deferred income tax expense (benefit) of $(8), $18, $(25) and $44)	(29)		67		(92)		165
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost)	9		11		26		19
Change in defined benefit plans (net of deferred income tax expense (benefit) of $3, $7, $1 and $5)	9		11		26		19
Foreign currency translation adjustments:
Foreign currency translation gains (losses) arising during the period	26		9		37		(2)

Foreign currency translation adjustment	26		9		37		(2)
Total other comprehensive income (loss), net of income taxes	145		(481)		1,303		(879)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Less: Other comprehensive income (loss) attributable to noncontrolling interest	10		3		23		(1)
Other comprehensive income (loss) attributable to Holdings	$	135	$	(484)	$	1,280	$	(878)

______________

(1)See “reclassification adjustments” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(7) million, $0 million, $(9) million and $(6) million for the three and six months ended June 30, 2025 and 2024, respectively.

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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Schedule of Short-term and Long-term Debt

SHORT-TERM AND LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

The following table sets forth the Company’s total consolidated borrowings. Short-term and long-term debt consists of the following:


	June 30,		December 31,
	2025		2024
	(in millions)
Short-term debt:




Total short-term debt	$	—	$	—
Long-term debt:
Senior Debenture due 2028	250		250
Senior Note due 2028	1,495		1,494
Senior Note due 2029	305		303
Senior Note due 2033	497		497
Senior Note due 2048	1,290		1,289
Junior Sub Debt Securities due 2055	495		—
Total long-term debt	4,332		3,833
Total short and long-term debt	$	4,332	$	3,833

REDEEMABLE NONCONTROLLING INTEREST (Tables)

6 Months Ended

Jun. 30, 2025

Noncontrolling Interest [Abstract]

Schedule of Redeemable Noncontrolling Interest

The changes in the components of redeemable noncontrolling interests were as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Balance, beginning of period	$	289	$	991	$	125	$	770
Net earnings (loss) attributable to redeemable noncontrolling interests	(2)		16		1		34

Purchase/change of redeemable noncontrolling interests	71		81		232		284
Balance, end of period	$	358	$	1,088	$	358	$	1,088

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Activity of Funding Agreements

The table below summarizes the Company’s activity of funding agreements with the FHLB.

Change in FHLB Funding Agreements during the Six Months Ended June 30, 2025


	Outstanding Balance at December 31, 2024		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Outstanding Balance at June 30, 2025
	(in millions)
Short-term funding agreements:
Due in one year or less	$	5,843	$	34,894	$	(35,194)	$	409	$	—	$	5,952
Long-term funding agreements:
Due in years two through five	829		200		—		(388)		—		641
Due in more than five years	493		—		—		(21)		—		472
Total long-term funding agreements	1,322		200		—		(409)		—		1,113
Total funding agreements (1)	$	7,165	$	35,094	$	(35,194)	$	—	$	—	$	7,065

_____________

(1)The $18 million and $2 million difference between the funding agreements carrying value shown in fair value table for June 30, 2025 and December 31, 2024, respectively, reflects the remaining amortization of a hedge implemented and closed, which locked in the funding agreements borrowing rates.

The table below summarizes activity of funding agreements under the FABN programs.

Change in FABN Funding Agreements during the Six Months Ended June 30, 2025


	Outstanding Balance at December 31, 2024		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Foreign Currency Transaction Adjustment		Outstanding Balance at June 30, 2025
	(in millions)
Short-term funding agreements:
Due in one year or less	$	1,050	$	300	$	—	$	450	$	—	$	—	$	1,800
Long-term funding agreements:
Due in years two through five	4,393		3,100		—		(450)		—		107		7,150
Due in more than five years	300		—		—		—		—		—		300
Total long-term funding agreements	4,693		3,100		—		(450)		—		107		7,450
Total funding agreements (1)	$	5,743	$	3,400	$	—	$	—	$	—	$	107	$	9,250

_____________

(1)The $28 million and $18 million difference between the funding agreements notional value shown and carrying value table as of June 30, 2025 and December 31, 2024, respectively, reflects the remaining amortization of the issuance cost of the funding agreements and the foreign currency transaction adjustment.

BUSINESS SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The table below presents operating earnings (loss) by segment and Corporate and Other (C&O):


	Three Months Ended June 30, 2025
	IR		GR		AM		PS		WM		L		C&O		Eliminations		Total
	(in millions)
Segment revenues	$	1,006	$	309	$	1,094	$	825	$	471	$	100	$	226	$	(230)	$	3,801

Benefits and other deductions
Policyholders’ benefits	76		—		—		603		—		—		108		—		787
Interest credited to policyholders’ account balances	408		68		—		145		—		9		175		—		805
Commissions and distribution related payments	101		44		197		41		296		29		2		(222)		488
Amortization of deferred policy acquisition costs	127		16		—		32		—		15		3		—		193
Compensation and benefits	6		9		429		27		82		5		11		—		569
Interest expense and financing fees	—		—		9		—		—		—		69		(6)		72
Significant segment expenses	718		137		635		848		378		58		368		(228)		2,914
Other segment items (1)	31		23		196		46		24		8		32		(2)		358
Income taxes	(42)		(25)		(48)		11		(18)		(6)		36		—		(92)
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		84		—		—		—		1		—		85
Operating earnings (loss)	$	215	$	124	$	131	$	(58)	$	51	$	28	$	(139)	$	—	$	352

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.


	Three Months Ended June 30, 2024
	IR		GR		AM		PS		WM		L		C&O		Eliminations		Total
	(in millions)
Segment revenues	$	888	$	283	$	1,051	$	834	$	442	$	117	$	230	$	(227)	$	3,618

Benefits and other deductions
Policyholders’ benefits	78		—		—		473		—		—		116		—		667
Interest credited to policyholders’ account balances	281		56		—		128		—		8		125		—		598
Commissions and distribution related payments	80		45		180		43		282		40		7		(214)		463
Amortization of deferred policy acquisition costs	111		8		—		32		—		15		3		—		169
Compensation and benefits	14		8		420		37		78		7		(1)		—		563
Interest expense and financing fees	—		—		12		—		—		—		58		(7)		63
Significant segment expenses	564		117		612		713		360		70		308		(221)		2,523
Other segment items (1)	38		21		201		38		21		15		47		(6)		375
Income taxes	(40)		(20)		(42)		(12)		(17)		(4)		16		—		(119)
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		95		(1)		—		—		12		—		106
Operating earnings (loss)	$	246	$	125	$	101	$	72	$	44	$	28	$	(121)	$	—	$	495

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.


	Six Months Ended June 30, 2025
	IR		GR		AM		PS		WM		L		C&O		Eliminations		Total
	(in millions)
Segment revenues	$	2,003	$	625	$	2,182	$	1,651	$	934	$	220	$	430	$	(460)	$	7,585

Benefits and other deductions
Policyholders’ benefits	168		—		—		1,159		—		—		219		—		1,546
Interest credited to policyholders’ account balances	773		131		—		266		—		16		282		—		1,468
Commissions and distribution related payments	199		87		398		83		589		65		8		(440)		989
Amortization of deferred policy acquisition costs	251		31		—		64		—		30		5		—		381
Compensation and benefits	24		21		851		65		164		12		24		—		1,161
Interest expense and financing fees	—		—		16		2		—		—		122		(10)		130
Significant segment expenses	1,415		270		1,265		1,639		753		123		660		(450)		5,675
Other segment items (1)	76		53		381		100		51		35		63		(10)		749
Income taxes	(81)		(48)		(89)		14		(33)		(10)		53		—		(194)
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		190		1		—		—		3		—		194
Operating earnings (loss)	$	431	$	254	$	257	$	(75)	$	97	$	52	$	(243)	$	—	$	773

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.


	Six Months Ended June 30, 2024
	IR		GR		AM		PS		WM		L		C&O		Eliminations		Total
	(in millions)
Segment revenues	$	1,728	$	574	$	2,144	$	1,658	$	865	$	246	$	485	$	(443)	$	7,257

Benefits and other deductions
Policyholders’ benefits	155		—		—		960		—		—		229		—		1,344
Interest credited to policyholders’ account balances	529		108		—		256		—		17		267		—		1,177
Commissions and distribution related payments	157		89		353		83		542		80		10		(414)		900
Amortization of deferred policy acquisition costs	220		23		—		62		—		31		5		—		341
Compensation and benefits	31		18		867		73		156		16		1		—		1,162
Interest expense and financing fees	—		—		29		—		—		—		114		(17)		126
Significant segment expenses	1,092		238		1,249		1,434		698		144		626		(431)		5,050
Other segment items (1)	72		46		409		90		48		31		108		(12)		792
Income taxes	(80)		(41)		(86)		(19)		(32)		(10)		39		—		(229)
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		193		(1)		—		—		22		—		214
Operating earnings (loss)	$	484	$	249	$	207	$	116	$	87	$	61	$	(232)	$	—	$	972

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.

The table below presents a reconciliation to net income (loss) attributable to Holdings:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Net income (loss) attributable to Holdings	$	(349)	$	428	$	(286)	$	520
Adjustments related to:
Variable annuity product (1)	934		81		1,145		411
Investment (gains) losses	71		16		85		55
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	11		14		22		31
Other adjustments (2)	(137)		(33)		68		58
Income tax expense (benefit) related to above adjustments	(185)		(16)		(277)		(116)
Non-recurring tax items	7		5		16		13
Operating earnings (loss)	$	352	$	495	$	773	$	972

_____________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the six months ended June 30, 2025.

(2)Includes a gain of $198 million and $33 million on Non-VA derivatives for the three and six months ended June 30, 2025, respectively. Also includes $14 million of expense related to a disputed billing practice of an AB third-party service provider for the

three and six months ended June 30, 2025, respectively, and certain gross legal expenses related to the COI litigation of $106 million for the six months ended June 30, 2024.

The table below presents revenues by segment and C&O:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Segment revenues:
Individual Retirement (1)	$	1,006	$	888	$	2,003	$	1,728
Group Retirement (1)	309		283		625		574
Asset Management (2)	1,094		1,051		2,182		2,144
Protection Solutions (1)	825		834		1,651		1,658
Wealth Management (3)	471		442		934		865
Legacy (1)	100		117		220		246
Corporate and Other (1)	226		230		430		485
Eliminations	(230)		(227)		(460)		(443)

Adjustments related to:
Variable annuity product features, excluding change in MRBs (4)	(1,549)		(210)		(574)		(1,629)
Investment gains (losses), net	(71)		(16)		(85)		(55)
Other adjustments to segment revenues (4)	181		115		12		164
Total revenues	$	2,362	$	3,507	$	6,938	$	5,737

______________

(1)Includes investment expenses charged by AB of $42 million and $76 million for the three and six months ended June 30, 2025, respectively, and $37 million and $73 million for the three and six months ended June 30, 2024, respectively, for services provided to the Company.

(2)Inter-segment investment management and other fees of $44 million and $86 million for the three and six months ended June 30, 2025, respectively, and $42 million and $84 million for the three and six months ended June 30, 2024, respectively, are included in segment revenues of the Asset Management segment.

(3)Inter-segment distribution fees of $222 million and $440 million for the three and six months ended June 30, 2025, respectively, and $214 million and $414 million for the three and six months ended June 30, 2024, respectively, are included in segment revenues of the Wealth Management segment.

(4)Prior periods were revised to conform with current presentation.

Total assets by segment were as follows:


	June 30, 2025		December 31, 2024
	(in millions)
Total assets by segment:
Individual Retirement	$	118,774	$	110,358
Group Retirement	53,804		51,269
Asset Management	10,705		10,514
Protection Solutions	43,693		41,583
Wealth Management	222		168
Legacy	36,368		42,373
Corporate and Other	39,522		39,462
Total assets	$	303,088	$	295,727

EARNINGS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents a reconciliation of net income (loss) and weighted-average common shares used in calculating basic and diluted earnings per common share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions, except per share data)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding — basic	303.2		324.2		305.5		327.2
Effect of dilutive potential common shares:
Employee share awards (1)	—		3.1		—		3.2
Weighted-average common shares outstanding — diluted	303.2		327.3		305.5		330.4

Net income (loss):
Net income (loss)	$	(283)	$	565	$	(133)	$	760
Less: Net income (loss) attributable to the noncontrolling interest	66		137		153		240
Net income (loss) attributable to Holdings	(349)		428		(286)		520
Less: Preferred stock dividends	18		26		32		40
Net income (loss) available to Holdings’ common shareholders	$	(367)	$	402	$	(318)	$	480

Earnings per common share:
Basic	$	(1.21)	$	1.24	$	(1.04)	$	1.47
Diluted	$	(1.21)	$	1.23	$	(1.04)	$	1.45

______________

(1)Calculated using the treasury stock method.

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The following tables present line items for prior period financial statements that have been affected by the revision. For these line items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements.


	June 30, 2024
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Balance Sheets:
ASSETS
















Amounts due from reinsurers	$	8,237	$	(150)	$	8,087


Current and deferred income taxes	2,117		12		2,129
Purchased market risk benefits	7,993		9		8,002
Other assets	3,825		3		3,828
Assets for market risk benefits	803		(4)		799


Total Assets	$	287,769	$	(130)	$	287,639
LIABILITIES
Policyholders’ account balances	$	104,072	$	(23)	$	104,049
Liability for market risk benefits	12,593		19		12,612
Future policy benefits and other policyholders’ liabilities	17,417		16		17,433



Amounts due to reinsurers	1,363		10		1,373





Other liabilities	6,718		(106)		6,612


Total Liabilities	283,296		(84)		283,212


EQUITY




Retained earnings	10,317		(16)		10,301
Accumulated other comprehensive income (loss)	(8,645)		(30)		(8,675)
Total equity attributable to Holdings	1,644		(46)		1,598
Noncontrolling interest	1,741		—		1,741
Total Equity	3,385		(46)		3,339
Total Equity and Redeemable NCI	4,473		(46)		4,427
Total Liabilities, Redeemable Noncontrolling Interest and Equity	$	287,769	$	(130)	$	287,639


	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions, except per share data)
Consolidated Statements of Income (Loss)
REVENUES

Premiums	$	282	$	—	$	282	$	557	$	10	$	567

Net investment income (loss)	1,166		1		1,167		2,385		(8)		2,377




Investment management and service fees	1,240		—		1,240		2,518		—		2,518
Other income	429		(4)		425		688		(5)		683
Total revenues	3,510		(3)		3,507		5,740		(3)		5,737

BENEFITS AND OTHER DEDUCTIONS

Remeasurement of liability for future policy benefits	(8)		1		(7)		(7)		5		(2)
Change in market risk benefits and purchased market risk benefits	(133)		1		(132)		(1,233)		13		(1,220)
Interest credited to policyholders’ account balances	605		(6)		599		1,171		7		1,178




Other operating costs and expenses	427		1		428		980		—		980
Total benefits and other deductions	2,829		(3)		2,826		4,812		25		4,837
Income (loss) from continuing operations, before income taxes	681		—		681		928		(28)		900
Income tax (expense) benefit	(116)		—		(116)		(146)		6		(140)
Net income (loss)	565		—		565		782		(22)		760
Less: Net (income) loss attributable to the noncontrolling interest	137		—		137		240		—		240
Net income (loss) attributable to Holdings	428		—		428		542		(22)		520
Less: Preferred stock dividends	26		—		26		40		—		40
Net income (loss) available to Holdings’ common shareholders	$	402	$	—	$	402	$	502	$	(22)	$	480

EARNINGS PER COMMON SHARE
Basic	$	1.24	$	—	$	1.24	$	1.53	$	(0.06)	$	1.47
Diluted	$	1.23	$	—	$	1.23	$	1.52	$	(0.07)	$	1.45
Shares Outstanding:
Basic	324.2		—		324.2		327.2		—		327.2
Diluted	327.3		—		327.3		330.4		—		330.4


	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$	565	$	—	$	565	$	782	$	(22)	$	760
Other comprehensive income (loss) net of income taxes:
Change in unrealized gains (losses), net of reclassification adjustment	(408)		(1)		(409)		(921)		(1)		(922)
Change in market risk benefits - instrument-specific credit risk	(153)		(6)		(159)		(128)		(11)		(139)

Change in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment	10		1		11		18		1		19
Foreign currency translation adjustment	8		1		9		(3)		1		(2)
Total other comprehensive income (loss), net of income taxes	(476)		(5)		(481)		(869)		(10)		(879)
Comprehensive income (loss)	89		(5)		84		(87)		(32)		(119)
Less: Comprehensive income (loss) attributable to the noncontrolling interest	140		—		140		239		—		239
Comprehensive income (loss) attributable to Holdings	$	(51)	$	(5)	$	(56)	$	(326)	$	(32)	$	(358)


	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Equity:
Equity, beginning of period	$	3,755	$	(40)	$	3,715	$	4,388	$	(13)	$	4,375
Total Holdings’ equity, beginning of period	2,032		(40)		1,992		2,649		(13)		2,636



















Retained earnings, beginning of year	10,110		(15)		10,095		10,243		7		10,250








Net income (loss) attributable to Holdings	428		—		428		542		(22)		520


Other	1		(1)		—		1		(1)		—
Retained earnings, end of period	10,317		(16)		10,301		10,317		(16)		10,301
Accumulated other comprehensive income (loss), beginning of year	(8,166)		(25)		(8,191)		(7,777)		(20)		(7,797)




Other comprehensive income (loss)	(479)		(5)		(484)		(868)		(10)		(878)
Accumulated other comprehensive income (loss), end of period	(8,645)		(30)		(8,675)		(8,645)		(30)		(8,675)
Total Holdings’ equity, end of period	1,644		(46)		1,598		1,644		(46)		1,598











Total equity, end of period	$	3,385	$	(46)	$	3,339	$	3,385	$	(46)	$	3,339


	Six Months Ended June 30, 2024
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Cash Flows:
Cash flows from operating activities:
Net income (loss)	$	782	$	(22)	$	760
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances	1,171		7		1,178








Amortization and depreciation	429		5		434
Remeasurement of liability for future policy benefits	(7)		5		(2)
Change in market risk benefits	(1,233)		13		(1,220)




Reinsurance recoverable	(626)		(2)		(628)



Current and deferred income taxes	155		(6)		149

Net cash provided by (used in) operating activities	$	923	$	—	$	923

ORGANIZATION (Details) $ / shares in Units, shares in Millions, $ in Millions			3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 03, 2025 USD ($) shares	Feb. 24, 2025 USD ($) $ / shares shares	Jun. 30, 2025 USD ($) segment	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2024
Organization Basis Of Presentation [Line Items]
Number of operating segments \| segment			6
Loss on novation					$ 499	$ 0
Increase (decrease) in remeasurement of liability for future policy benefits			$ 13	$ 7	15	2
Decrease in amounts due from reinsurers					$ 562	$ 628
AB Holding
Organization Basis Of Presentation [Line Items]
Maximum units available to purchase (in shares) \| shares	19.7	46.0
Price per unit (in dollars per share) \| $ / shares		$ 38.50
Aggregate purchase price	$ 758	$ 1,800
Percentage of issued and outstanding units			17.90%		17.90%
Economic interest percentage			68.60%		68.60%
Novation
Organization Basis Of Presentation [Line Items]
Loss on novation					$ 499
Increase in Pre tax AOCI					263
Total Impact loss					236
Reduction of purchase MRB asset					2,000
Reduction of liabilities for MRBs					1,600
Decrease in reinsurance deposit liability					183
Increase in policyholders’ account balance					33
Increase (decrease) in remeasurement of liability for future policy benefits					458
Decrease in amounts due from reinsurers					$ 432
Alliance Bernstein
Organization Basis Of Presentation [Line Items]
Economic interest in Subsidiary					69.00%		62.00%

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ in Millions

Jun. 30, 2025

Mar. 31, 2025

Dec. 31, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Fixed maturities, at fair value using the fair value option

$ 121,798

$ 116,441

^[1]

2,428

2,053

Notes issued by consolidated variable interest entities, at fair value using the fair value option

^[1]

2,471

2,116

Unpaid outstanding balance and short-term borrowing

2,300

1,900

303,088

295,727

$ 287,639

Liabilities

300,125

292,179

283,212

Variable Interest Entity, Primary Beneficiary | CLO Warehouse Debt

358

^[1],[2]

$ 289

125

^[1],[2]

$ 1,088

$ 991

$ 770

Investment assets, special purpose entity

123

128

0

Consolidated Limited Partnerships

Consolidated Entity | AB-Sponsored Investment Funds

2,700

2,100

421

85

Liabilities

35

0

Consolidated Entity, Excluding VIE | AB-Sponsored Investment Funds

242

32

64

73

Liabilities

2

1

Non-consolidated Vairable Interest Entities

20

17

3,100

3,000

Variable interest entity, maximum loss exposure

377,400

350,700

3,100

3,000

Unfunded commitments

1,100

1,200

Non-consolidated Vairable Interest Entities | AB-Sponsored Investment Funds

Variable interest entity, maximum loss exposure

19

17

Non-consolidated Vairable Interest Entities | AB-Sponsored Investment Funds

$ 46,400

$ 46,900

[1]	See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.
[2]	See Note 15 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.

INVESTMENTS - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
INVESTMENTS - Narrative (Details)	Jun. 30, 2025 USD ($) note issue Loan	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($) issue note Loan	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) issue note	Dec. 31, 2023 USD ($) loan extension
Net Investment Income [Line Items]
Number of positions in unrealized loss position \| issue	3,685		3,685		4,307
Debt securities exposure in single issuer greater than stated percentage of total investments	0.50%		0.50%
Amortized cost of fixed maturities available-for-sale	$ 86,819,000,000		$ 86,819,000,000		$ 84,717,000,000
12 months or longer, gross unrealized losses	7,415,000,000		7,415,000,000		8,188,000,000
Loaned securities	983,000,000		$ 983,000,000		134,000,000
Minimum requirement percentage of the fair value of the loaned securities to be held as cash collateral			102.00%
Cash collateral	1,000,000,000.0		$ 1,000,000,000.0		137,000,000
Allowance for credit losses	305,000,000	$ 234,000,000	305,000,000	$ 234,000,000	278,000,000
Non-accruing Loans	$ 146,000,000		$ 146,000,000		$ 93,000,000
Number of loans \| loan						4
Number of loans split into notes \| note	3		3		2
Number of notes with original loan terms \| note					1
Amortized cost					$ 65,000,000	$ 228,000,000
Percentage of total commercial mortgage loans representing amortized cost					0.40%	1.30%
Number of troubled debt restructuring extensions \| extension						2
Separate account equity investment carrying value	$ 56,000,000		$ 56,000,000		$ 64,000,000
Interest credited to policyholders account balances participating group annuity contracts	0	$ 0	1,000,000	1,000,000
Financing Receivable, Modifications Contracts Modified During Period, Principal Balance	$ 15,000,000		$ 15,000,000
Agricultural Sector
Net Investment Income [Line Items]
Percentage of total commercial mortgage loans representing amortized cost	0.30%		0.30%
Cash
Net Investment Income [Line Items]
Cash collateral	$ 104,000,000		$ 104,000,000		137,000,000
Recurring
Net Investment Income [Line Items]
Trading securities, at fair value	1,295,000,000		1,295,000,000		1,089,000,000
Minimum
Net Investment Income [Line Items]
Debt instrument, term						17 months
Maximum
Net Investment Income [Line Items]
Debt instrument, term						4 years
Commercial, Agricultural And Residential Mortgage Loan
Net Investment Income [Line Items]
Accrued investment income receivable	$ 110,000,000		110,000,000		96,000,000
Accrued interest written off			$ 0	0
Individually Assessed Mortgage Loans
Net Investment Income [Line Items]
Number of mortgage loans, foreclosure probable \| Loan	0		0
Mortgage Loans
Net Investment Income [Line Items]
Non-accruing Loans	$ 89,000,000		$ 89,000,000		36,000,000
Note 1 \| Agricultural Sector
Net Investment Income [Line Items]
Amortized cost	9,000,000		9,000,000
Fixed maturities
Net Investment Income [Line Items]
Accrued investment income receivable	740,000,000		740,000,000		693,000,000
Accrued interest written off			0	$ 0
Amortized cost of fixed maturities available-for-sale	86,800,000,000		86,800,000,000		84,700,000,000
Fixed maturities \| Non-Investment Grade
Net Investment Income [Line Items]
Available-for-sale securities, amortized cost basis other than investment grade	$ 2,100,000,000		$ 2,100,000,000		$ 1,900,000,000
Percentage of available for sale securities	2.40%		2.40%		2.30%
Unrealized loss on available for sale securities	$ 67,000,000		$ 67,000,000		$ 64,000,000
Public Corporate
Net Investment Income [Line Items]
Exposure in single issuer of total investments	$ 427,000,000		$ 427,000,000		$ 400,000,000
Debt securities exposure in single issuer of total investments, percentage	16.40%		16.40%		11.70%
Amortized cost of fixed maturities available-for-sale	$ 53,506,000,000		$ 53,506,000,000		$ 55,218,000,000
12 months or longer, gross unrealized losses	$ 5,299,000,000		$ 5,299,000,000		$ 5,901,000,000

INVESTMENTS - Available-for-sale Securities (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
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 86,819		$ 86,819		$ 84,717
Allowance for Credit Losses	3		3		2
Gross Unrealized Gains	787		787		373
Gross Unrealized Losses	7,509		7,509		8,447
Fair Value	80,094		80,094		76,641
Amortized Cost (Less Allowance for Credit Losses)
Due in one year or less	2,620		2,620
Due in years two through five	16,176		16,176
Due in years six through ten	17,589		17,589
Due after ten years	24,258		24,258
Subtotal	60,643		60,643
Amortized Cost (Less Allowance for Credit Losses)	86,816		86,816
Fair Value
Due in one year or less	2,605		2,605
Due in years two through five	15,949		15,949
Due in years six through ten	17,200		17,200
Due after ten years	18,429		18,429
Subtotal	54,183		54,183
Fair Value	80,094		80,094		76,641
Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments
Proceeds from sales	2,961	$ 1,331	4,263	$ 1,775
Gross gains on sales	7	5	9	5
Gross losses on sales	(30)	(3)	(33)	(27)
Net (increase) decrease in Allowance for Credit and Intent to Sell losses	(13)	(3)	(19)	(5)
Fixed Maturities - Credit Loss Impairments
Balance, beginning of period	53	48	47	48
Previously recognized impairments on securities that matured, paid, prepaid or sold	(5)	(4)	(5)	(8)
Recognized impairments on securities impaired to fair value this period	0	0	0	0
Credit losses recognized this period on securities for which credit losses were not previously recognized	12	3	17	6
Additional credit losses this period on securities previously impaired	1	3	2	4
Balance, end of period	61	$ 50	61	$ 50
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	53,506		53,506		55,218
Allowance for Credit Losses	3		3		2
Gross Unrealized Gains	579		579		251
Gross Unrealized Losses	5,378		5,378		6,116
Fair Value	48,704		48,704		49,351
Fair Value
Fair Value	48,704		48,704		49,351
U.S. government, agencies and authorities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,983		5,983		5,801
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	3		3		0
Gross Unrealized Losses	1,467		1,467		1,513
Fair Value	4,519		4,519		4,288
Fair Value
Fair Value	4,519		4,519		4,288
States and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	467		467		472
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	2		2		2
Gross Unrealized Losses	84		84		88
Fair Value	385		385		386
Fair Value
Fair Value	385		385		386
Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	690		690		689
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	2		2		1
Gross Unrealized Losses	117		117		136
Fair Value	575		575		554
Fair Value
Fair Value	575		575		554
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,505		5,505		4,520
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	60		60		15
Gross Unrealized Losses	111		111		152
Fair Value	5,454		5,454		4,383
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	5,505		5,505
Fair Value
Without single maturity date	5,454		5,454
Fair Value	5,454		5,454		4,383
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,774		15,774		13,660
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	117		117		96
Gross Unrealized Losses	49		49		57
Fair Value	15,842		15,842		13,699
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	15,774		15,774
Fair Value
Without single maturity date	15,842		15,842
Fair Value	15,842		15,842		13,699
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,840		4,840		4,301
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	20		20		5
Gross Unrealized Losses	303		303		385
Fair Value	4,557		4,557		3,921
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	4,840		4,840
Fair Value
Without single maturity date	4,557		4,557
Fair Value	4,557		4,557		3,921
Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	54		54		56
Allowance for Credit Losses	0		0		0
Gross Unrealized Gains	4		4		3
Gross Unrealized Losses	0		0		0
Fair Value	58		58		59
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	54		54
Fair Value
Without single maturity date	58		58
Fair Value	$ 58		$ 58		$ 59

INVESTMENTS - Net Unrealized Gain (Losses) (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, Net Unrealized Investments [Roll Forward]
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	$ 4,205	$ 3,715	$ 3,423	$ 4,375
Net unrealized investment gains (losses)	363	(443)	1,027	(965)
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	2,605	3,339	2,605	3,339
Valuation allowance	258		258
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Unrealized Investment Gains (Losses), All Other \| Net Unrealized Gains (Losses) on Investments
Debt Securities, Available-For-Sale, Net Unrealized Investments [Roll Forward]
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	(7,226)	(7,660)	(8,074)	(6,999)
Net investment gains (losses) arising during the period	466	(555)	1,310	(1,238)
Included in net income (loss)	36	0	44	26
Excluded from net income (loss)	0	0	0
Other	0	0	0	0
Impact of net unrealized investment gains (losses)	0	0	0	0
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	(6,722)	(8,214)	(6,722)	(8,214)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Unrealized Investment Gains (Losses), All Other \| Policyholders’ Liabilities
Debt Securities, Available-For-Sale, Net Unrealized Investments [Roll Forward]
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	66	63	71	50
Net investment gains (losses) arising during the period	0	0	0	0
Included in net income (loss)	0	0	0	0
Excluded from net income (loss)	0	0	0
Other	0	0	0	0
Impact of net unrealized investment gains (losses)	0	4	(5)	17
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	66	67	66	67
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Unrealized Investment Gains (Losses), All Other \| Deferred Income Tax Asset (Liability)
Debt Securities, Available-For-Sale, Net Unrealized Investments [Roll Forward]
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	279	358	464	226
Net investment gains (losses) arising during the period	0	0	0	0
Included in net income (loss)	0	0	0	0
Excluded from net income (loss)	0	0	0
Other	(33)	(4)	(41)	(7)
Impact of net unrealized investment gains (losses)	(106)	117	(283)	251
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	140	471	140	471
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Unrealized Investment Gains (Losses), All Other \| AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
Debt Securities, Available-For-Sale, Net Unrealized Investments [Roll Forward]
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance	(6,881)	(7,239)	(7,539)	(6,723)
Net investment gains (losses) arising during the period	466	(555)	1,310	(1,238)
Included in net income (loss)	36	0	44	26
Excluded from net income (loss)	0	0	0
Other	(33)	(4)	(41)	(7)
Impact of net unrealized investment gains (losses)	(106)	121	(288)	268
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance	(6,516)	(7,676)	(6,516)	(7,676)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Net unrealized investment gains (losses) excluding credit losses \| Net Unrealized Gains (Losses) on Investments
Debt Securities, Available-For-Sale, Net Unrealized Investments [Roll Forward]
Net unrealized investment gains (losses)	(6,724)	(8,215)	(6,720)	(8,211)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Net unrealized investment gains (losses) excluding credit losses \| Policyholders’ Liabilities
Debt Securities, Available-For-Sale, Net Unrealized Investments [Roll Forward]
Net unrealized investment gains (losses)	66	67	66	67
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Net unrealized investment gains (losses) excluding credit losses \| Deferred Income Tax Asset (Liability)
Debt Securities, Available-For-Sale, Net Unrealized Investments [Roll Forward]
Net unrealized investment gains (losses)	140	471	140	470
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Net unrealized investment gains (losses) excluding credit losses \| AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
Debt Securities, Available-For-Sale, Net Unrealized Investments [Roll Forward]
Net unrealized investment gains (losses)	(6,518)	(7,677)	(6,514)	(7,674)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Net unrealized investment gains (losses) with credit losses \| Net Unrealized Gains (Losses) on Investments
Debt Securities, Available-For-Sale, Net Unrealized Investments [Roll Forward]
Net unrealized investment gains (losses)	2	1	(2)	(3)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Net unrealized investment gains (losses) with credit losses \| Policyholders’ Liabilities
Debt Securities, Available-For-Sale, Net Unrealized Investments [Roll Forward]
Net unrealized investment gains (losses)	0	0	0	0
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Net unrealized investment gains (losses) with credit losses \| Deferred Income Tax Asset (Liability)
Debt Securities, Available-For-Sale, Net Unrealized Investments [Roll Forward]
Net unrealized investment gains (losses)	0	0	0	1
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent \| Net unrealized investment gains (losses) with credit losses \| AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
Debt Securities, Available-For-Sale, Net Unrealized Investments [Roll Forward]
Net unrealized investment gains (losses)	$ 2	$ 1	$ (2)	$ (2)

INVESTMENTS - Fixed Maturities Available-for-sale (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Available-For-Sale Securities, Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	$ 6,477	$ 12,732
Less than 12 months, gross unrealized losses	76	249
12 months or longer, fair value	36,489	37,958
12 months or longer, gross unrealized losses	7,415	8,188
Total fair value	42,966	50,690
Total gross unrealized losses	7,491	8,437
Corporate
Available-For-Sale Securities, Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	4,283	9,147
Less than 12 months, gross unrealized losses	61	205
12 months or longer, fair value	27,192	28,684
12 months or longer, gross unrealized losses	5,299	5,901
Total fair value	31,475	37,831
Total gross unrealized losses	5,360	6,106
U.S. Treasury, government and agency
Available-For-Sale Securities, Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	67	117
Less than 12 months, gross unrealized losses	1	4
12 months or longer, fair value	4,210	4,107
12 months or longer, gross unrealized losses	1,466	1,509
Total fair value	4,277	4,224
Total gross unrealized losses	1,467	1,513
States and political subdivisions
Available-For-Sale Securities, Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	0	40
Less than 12 months, gross unrealized losses	0	0
12 months or longer, fair value	261	271
12 months or longer, gross unrealized losses	84	88
Total fair value	261	311
Total gross unrealized losses	84	88
Foreign governments
Available-For-Sale Securities, Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	19	59
Less than 12 months, gross unrealized losses	0	1
12 months or longer, fair value	459	460
12 months or longer, gross unrealized losses	117	135
Total fair value	478	519
Total gross unrealized losses	117	136
Residential mortgage-backed
Available-For-Sale Securities, Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	488	1,986
Less than 12 months, gross unrealized losses	4	26
12 months or longer, fair value	826	851
12 months or longer, gross unrealized losses	107	126
Total fair value	1,314	2,837
Total gross unrealized losses	111	152
Asset-backed
Available-For-Sale Securities, Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	1,334	974
Less than 12 months, gross unrealized losses	9	7
12 months or longer, fair value	672	692
12 months or longer, gross unrealized losses	40	50
Total fair value	2,006	1,666
Total gross unrealized losses	49	57
Commercial mortgage-backed
Available-For-Sale Securities, Continuous Unrealized Loss Position [Line Items]
Less than 12 months, fair value	286	409
Less than 12 months, gross unrealized losses	1	6
12 months or longer, fair value	2,869	2,893
12 months or longer, gross unrealized losses	302	379
Total fair value	3,155	3,302
Total gross unrealized losses	$ 303	$ 385

INVESTMENTS - Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Allowance for credit losses on mortgage loans:
Balance, beginning of period			$ 278
Balance, end of period	$ 305	$ 234	305	$ 234
Commercial mortgages:
Allowance for credit losses on mortgage loans:
Balance, beginning of period	254	288	259	272
Current-period provision for expected credit losses	39	9	34	25
Write-offs charged against the allowance	0	(75)	0	(75)
Recoveries of amounts previously written off	0	0	0	0
Net change in allowance	39	(66)	34	(50)
Balance, end of period	293	222	293	222
Agricultural mortgages:
Allowance for credit losses on mortgage loans:
Balance, beginning of period	13	6	15	6
Current-period provision for expected credit losses	0	3	(2)	3
Write-offs charged against the allowance	(8)	0	(8)	0
Recoveries of amounts previously written off	0	0	0	0
Net change in allowance	(8)	3	(10)	3
Balance, end of period	5	9	5	9
Residential mortgages:
Allowance for credit losses on mortgage loans:
Balance, beginning of period	5	3	4	1
Current-period provision for expected credit losses	2	0	3	2
Write-offs charged against the allowance	0	0	0	0
Recoveries of amounts previously written off	0	0	0	0
Net change in allowance	2	0	3	2
Balance, end of period	$ 7	$ 3	$ 7	$ 3

INVESTMENTS - Credit Quality (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	$ 21,841		$ 20,350
Total	21,695		20,257
Non-accruing Loans	146		93
Non-accruing Loans with No Allowance	26		0
Interest Income on Non-accruing Loans	1	$ 1
Past Due
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	93		47
30-59 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	33		12
60-89 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	9		2
90 Days or More
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	51		33
Current
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	21,602		20,210
Commercial
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	1,355		1,686
Fiscal year before current fiscal year	1,689		1,519
Two years before current fiscal year	1,465		3,082
Three years before current fiscal year	3,065		2,080
Four years before current fiscal year	2,074		1,292
Prior	7,072		6,108
Revolving Loans Amortized Cost Basis	558		542
Revolving Loans Converted to Term Loans Amortized Cost Basis	482		407
Total	17,760		16,716
Total	17,642		16,659
Non-accruing Loans	118		57
Non-accruing Loans with No Allowance	0		0
Interest Income on Non-accruing Loans	1	1
Commercial \| Past Due
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	0		0
Commercial \| 30-59 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	0		0
Commercial \| 60-89 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	0		0
Commercial \| 90 Days or More
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	0		0
Commercial \| Current
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	17,642		16,659
Commercial \| Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	67		208
Fiscal year before current fiscal year	208		176
Two years before current fiscal year	175		609
Three years before current fiscal year	1,016		1,255
Four years before current fiscal year	1,081		916
Prior	3,255		3,318
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	5,802		6,482
Commercial \| 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	60		103
Fiscal year before current fiscal year	103		75
Two years before current fiscal year	58		50
Three years before current fiscal year	50		149
Four years before current fiscal year	208		376
Prior	1,090		607
Revolving Loans Amortized Cost Basis	113		176
Revolving Loans Converted to Term Loans Amortized Cost Basis	184		182
Total	1,866		1,718
Commercial \| 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	85		472
Fiscal year before current fiscal year	472		211
Two years before current fiscal year	233		727
Three years before current fiscal year	753		0
Four years before current fiscal year	48		0
Prior	1,209		1,060
Revolving Loans Amortized Cost Basis	59		44
Revolving Loans Converted to Term Loans Amortized Cost Basis	165		189
Total	3,024		2,703
Commercial \| 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	817		756
Fiscal year before current fiscal year	716		566
Two years before current fiscal year	514		542
Three years before current fiscal year	664		433
Four years before current fiscal year	531		0
Prior	743		661
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	95		0
Total	4,080		2,958
Commercial \| 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	326		147
Fiscal year before current fiscal year	190		482
Two years before current fiscal year	475		643
Three years before current fiscal year	260		193
Four years before current fiscal year	74		0
Prior	669		359
Revolving Loans Amortized Cost Basis	386		322
Revolving Loans Converted to Term Loans Amortized Cost Basis	38		36
Total	2,418		2,182
Commercial \| Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0		0
Fiscal year before current fiscal year	0		9
Two years before current fiscal year	10		511
Three years before current fiscal year	322		50
Four years before current fiscal year	132		0
Prior	106		103
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	570		673
Commercial \| 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	60		185
Fiscal year before current fiscal year	185		363
Two years before current fiscal year	268		137
Three years before current fiscal year	203		212
Four years before current fiscal year	206		269
Prior	1,736		1,548
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	2,658		2,714
Commercial \| 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	1,003		1,501
Fiscal year before current fiscal year	1,431		910
Two years before current fiscal year	881		1,622
Three years before current fiscal year	1,551		628
Four years before current fiscal year	612		318
Prior	2,363		2,083
Revolving Loans Amortized Cost Basis	436		441
Revolving Loans Converted to Term Loans Amortized Cost Basis	277		201
Total	8,554		7,704
Commercial \| 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	292		0
Fiscal year before current fiscal year	73		246
Two years before current fiscal year	316		707
Three years before current fiscal year	764		918
Four years before current fiscal year	698		396
Prior	1,756		1,187
Revolving Loans Amortized Cost Basis	122		101
Revolving Loans Converted to Term Loans Amortized Cost Basis	205		206
Total	4,226		3,761
Commercial \| 90% plus
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0		0
Fiscal year before current fiscal year	0		0
Two years before current fiscal year	0		616
Three years before current fiscal year	547		322
Four years before current fiscal year	558		309
Prior	1,217		1,290
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	2,322		2,537
Agricultural
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	133		209
Fiscal year before current fiscal year	205		157
Two years before current fiscal year	152		286
Three years before current fiscal year	282		332
Four years before current fiscal year	326		413
Prior	1,494		1,171
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	2,592		2,568
Total	2,565		2,532
Non-accruing Loans	27		36
Non-accruing Loans with No Allowance	25		0
Interest Income on Non-accruing Loans	0	0
Agricultural \| Past Due
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	88		46
Agricultural \| 30-59 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	33		12
Agricultural \| 60-89 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	9		1
Agricultural \| 90 Days or More
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	46		33
Agricultural \| Current
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	2,477		2,486
Agricultural \| Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	17		12
Fiscal year before current fiscal year	9		5
Two years before current fiscal year	5		41
Three years before current fiscal year	40		34
Four years before current fiscal year	34		57
Prior	193		157
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	298		306
Agricultural \| 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	17		11
Fiscal year before current fiscal year	12		17
Two years before current fiscal year	17		24
Three years before current fiscal year	23		54
Four years before current fiscal year	53		28
Prior	100		79
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	222		213
Agricultural \| 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	11		49
Fiscal year before current fiscal year	48		11
Two years before current fiscal year	10		44
Three years before current fiscal year	44		27
Four years before current fiscal year	27		120
Prior	283		175
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	423		426
Agricultural \| 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	38		47
Fiscal year before current fiscal year	46		46
Two years before current fiscal year	44		89
Three years before current fiscal year	88		138
Four years before current fiscal year	135		113
Prior	505		422
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	856		855
Agricultural \| 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	30		71
Fiscal year before current fiscal year	71		47
Two years before current fiscal year	45		63
Three years before current fiscal year	63		68
Four years before current fiscal year	67		87
Prior	372		307
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	648		643
Agricultural \| Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	20		19
Fiscal year before current fiscal year	19		31
Two years before current fiscal year	31		25
Three years before current fiscal year	24		11
Four years before current fiscal year	10		8
Prior	41		31
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	145		125
Agricultural \| 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	77		49
Fiscal year before current fiscal year	47		98
Two years before current fiscal year	100		160
Three years before current fiscal year	149		202
Four years before current fiscal year	198		269
Prior	1,105		882
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	1,676		1,660
Agricultural \| 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	56		160
Fiscal year before current fiscal year	158		59
Two years before current fiscal year	52		126
Three years before current fiscal year	133		130
Four years before current fiscal year	128		144
Prior	364		273
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	891		892
Agricultural \| 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0		0
Fiscal year before current fiscal year	0		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	0		16
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	0		16
Agricultural \| 90% plus
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0		0
Fiscal year before current fiscal year	0		0
Two years before current fiscal year	0		0
Three years before current fiscal year	0		0
Four years before current fiscal year	0		0
Prior	25		0
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	25		0
Residential mortgages:
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	85		313
Fiscal year before current fiscal year	700		428
Two years before current fiscal year	394		186
Three years before current fiscal year	178		133
Four years before current fiscal year	128		4
Prior	4		2
Total	1,489		1,066
Total	1,488		1,066
Non-accruing Loans	1		0
Non-accruing Loans with No Allowance	1		0
Interest Income on Non-accruing Loans	0	$ 0
Residential mortgages: \| Past Due
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	5		1
Residential mortgages: \| 30-59 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	0		0
Residential mortgages: \| 60-89 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	0		1
Residential mortgages: \| 90 Days or More
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	5		0
Residential mortgages: \| Current
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	1,483		1,065
Total commercial and agricultural mortgage loans:
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	1,488		1,895
Fiscal year before current fiscal year	1,894		1,676
Two years before current fiscal year	1,617		3,368
Three years before current fiscal year	3,347		2,412
Four years before current fiscal year	2,400		1,705
Prior	8,566		7,279
Revolving Loans Amortized Cost Basis	558		542
Revolving Loans Converted to Term Loans Amortized Cost Basis	482		407
Total	20,352		19,284
Total commercial and agricultural mortgage loans: \| Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	84		220
Fiscal year before current fiscal year	217		181
Two years before current fiscal year	180		650
Three years before current fiscal year	1,056		1,289
Four years before current fiscal year	1,115		973
Prior	3,448		3,475
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	6,100		6,788
Total commercial and agricultural mortgage loans: \| 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	77		114
Fiscal year before current fiscal year	115		92
Two years before current fiscal year	75		74
Three years before current fiscal year	73		203
Four years before current fiscal year	261		404
Prior	1,190		686
Revolving Loans Amortized Cost Basis	113		176
Revolving Loans Converted to Term Loans Amortized Cost Basis	184		182
Total	2,088		1,931
Total commercial and agricultural mortgage loans: \| 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	96		521
Fiscal year before current fiscal year	520		222
Two years before current fiscal year	243		771
Three years before current fiscal year	797		27
Four years before current fiscal year	75		120
Prior	1,492		1,235
Revolving Loans Amortized Cost Basis	59		44
Revolving Loans Converted to Term Loans Amortized Cost Basis	165		189
Total	3,447		3,129
Total commercial and agricultural mortgage loans: \| 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	855		803
Fiscal year before current fiscal year	762		612
Two years before current fiscal year	558		631
Three years before current fiscal year	752		571
Four years before current fiscal year	666		113
Prior	1,248		1,083
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	95		0
Total	4,936		3,813
Total commercial and agricultural mortgage loans: \| 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	356		218
Fiscal year before current fiscal year	261		529
Two years before current fiscal year	520		706
Three years before current fiscal year	323		261
Four years before current fiscal year	141		87
Prior	1,041		666
Revolving Loans Amortized Cost Basis	386		322
Revolving Loans Converted to Term Loans Amortized Cost Basis	38		36
Total	3,066		2,825
Total commercial and agricultural mortgage loans: \| Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	20		19
Fiscal year before current fiscal year	19		40
Two years before current fiscal year	41		536
Three years before current fiscal year	346		61
Four years before current fiscal year	142		8
Prior	147		134
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	715		798
Total commercial and agricultural mortgage loans: \| 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	137		234
Fiscal year before current fiscal year	232		461
Two years before current fiscal year	368		297
Three years before current fiscal year	352		414
Four years before current fiscal year	404		538
Prior	2,841		2,430
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	4,334		4,374
Total commercial and agricultural mortgage loans: \| 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	1,059		1,661
Fiscal year before current fiscal year	1,589		969
Two years before current fiscal year	933		1,748
Three years before current fiscal year	1,684		758
Four years before current fiscal year	740		462
Prior	2,727		2,356
Revolving Loans Amortized Cost Basis	436		441
Revolving Loans Converted to Term Loans Amortized Cost Basis	277		201
Total	9,445		8,596
Total commercial and agricultural mortgage loans: \| 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	292		0
Fiscal year before current fiscal year	73		246
Two years before current fiscal year	316		707
Three years before current fiscal year	764		918
Four years before current fiscal year	698		396
Prior	1,756		1,203
Revolving Loans Amortized Cost Basis	122		101
Revolving Loans Converted to Term Loans Amortized Cost Basis	205		206
Total	4,226		3,777
Total commercial and agricultural mortgage loans: \| 90% plus
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0		0
Fiscal year before current fiscal year	0		0
Two years before current fiscal year	0		616
Three years before current fiscal year	547		322
Four years before current fiscal year	558		309
Prior	1,242		1,290
Revolving Loans Amortized Cost Basis	0		0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0		0
Total	$ 2,347		$ 2,537

INVESTMENTS - Amortized Cost of Loans by Credit Quality Indicator and Origination Year (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Amortized Cost Basis by Origination Year
Total	$ 21,841	$ 20,350
Residential mortgages:
Amortized Cost Basis by Origination Year
Current fiscal year	85	313
Fiscal year before current fiscal year	700	428
Two years before current fiscal year	394	186
Three years before current fiscal year	178	133
Four years before current fiscal year	128	4
Prior	4	2
Total	1,489	1,066
Residential mortgages: \| Performing
Amortized Cost Basis by Origination Year
Current fiscal year	85	313
Fiscal year before current fiscal year	700	428
Two years before current fiscal year	393	186
Three years before current fiscal year	178	133
Four years before current fiscal year	128	4
Prior	4	2
Total	1,488	1,066
Residential mortgages: \| Nonperforming
Amortized Cost Basis by Origination Year
Current fiscal year	0	0
Fiscal year before current fiscal year	0	0
Two years before current fiscal year	1	0
Three years before current fiscal year	0	0
Four years before current fiscal year	0	0
Prior	0	0
Total	$ 1	$ 0

INVESTMENTS - Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized during the period on securities held at the end of the period	$ (2)	$ (6)	$ (2)	$ 9
Net investment gains (losses) recognized on securities sold during the period	2	3	2	2
Unrealized and realized gains (losses) on equity securities	$ 0	$ (3)	$ 0	$ 11

INVESTMENTS - Trading Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized during the period on securities held at the end of the period	$ 50	$ 6	$ 33	$ 42
Net investment gains (losses) recognized on securities sold during the period	(10)	0	6	1
Unrealized and realized gains (losses) on trading securities	40	6	39	43
Interest and dividend income from trading securities	25	21	34	32
Net investment income (loss) from trading securities	$ 65	$ 27	$ 73	$ 75

INVESTMENTS - Fixed Maturities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized during the period on securities held at the end of the period	$ 5	$ (2)	$ 12	$ (5)
Net investment gains (losses) recognized on securities sold during the period	(1)	2	1	3
Unrealized and realized gains (losses) from fixed maturities	4	0	13	(2)
Interest and dividend income from fixed maturities	(4)	23	(4)	28
Net investment income (loss) from fixed maturities	$ 0	$ 23	$ 9	$ 26

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
Net Investment Income [Line Items]
Gross investment income (loss)	$ 1,390	$ 1,200	$ 2,679	$ 2,436
Investment expenses	(35)	(33)	(76)	(59)
Net investment income (loss)	1,355	1,167	2,603	2,377
Fixed maturities
Net Investment Income [Line Items]
Gross investment income (loss)	938	842	1,874	1,655
Mortgage loans on real estate
Net Investment Income [Line Items]
Gross investment income (loss)	256	239	516	473
Other equity investments
Net Investment Income [Line Items]
Gross investment income (loss)	39	(8)	83	52
Policy loans
Net Investment Income [Line Items]
Gross investment income (loss)	52	56	107	110
Trading securities
Net Investment Income [Line Items]
Gross investment income (loss)	65	27	73	75
Other investment income
Net Investment Income [Line Items]
Gross investment income (loss)	40	21	17	45
Fixed maturities, at fair value using the fair value option
Net Investment Income [Line Items]
Gross investment income (loss)	$ 0	$ 23	$ 9	$ 26

INVESTMENTS - 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
Net Investment Income [Line Items]
Investment gains (losses), net	$ (71)	$ (16)	$ (85)	$ (55)
Fixed maturities
Net Investment Income [Line Items]
Investment gains (losses), net	(11)	(1)	(19)	(27)
Mortgage loans on real estate
Net Investment Income [Line Items]
Investment gains (losses), net	(61)	(14)	(68)	(32)
Other
Net Investment Income [Line Items]
Investment gains (losses), net	$ 1	$ (1)	$ 2	$ 4

DERIVATIVES - Derivatives by Category (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Total derivative instruments
Derivatives, Fair Value [Line Items]
Notional Amount	$ 115,910	$ 116,484
Derivative Assets	24,095	21,814
Derivative Liabilities	40,509	38,927
Net Derivatives	(16,414)	(17,113)
Designated for Hedge Accounting \| Cash Flow Hedge
Derivatives, Fair Value [Line Items]
Notional Amount	3,914	3,892
Derivative Assets	90	111
Derivative Liabilities	492	401
Net Derivatives	(402)	(290)
Designated for Hedge Accounting \| Cash Flow Hedge \| Currency swaps
Derivatives, Fair Value [Line Items]
Notional Amount	2,962	2,940
Derivative Assets	90	111
Derivative Liabilities	157	95
Net Derivatives	(67)	16
Designated for Hedge Accounting \| Cash Flow Hedge \| Interest swaps
Derivatives, Fair Value [Line Items]
Notional Amount	952	952
Derivative Assets	0	0
Derivative Liabilities	335	306
Net Derivatives	(335)	(306)
Not Designated for Hedge Accounting
Derivatives, Fair Value [Line Items]
Notional Amount	111,996	112,592
Derivative Assets	24,005	21,703
Derivative Liabilities	21,706	21,314
Net Derivatives	2,299	389
Not Designated for Hedge Accounting \| Currency swaps
Derivatives, Fair Value [Line Items]
Notional Amount	771	828
Derivative Assets	0	26
Derivative Liabilities	31	0
Net Derivatives	(31)	26
Not Designated for Hedge Accounting \| Interest swaps
Derivatives, Fair Value [Line Items]
Notional Amount	610	672
Derivative Assets	12	0
Derivative Liabilities	5	41
Net Derivatives	7	(41)
Not Designated for Hedge Accounting \| Futures
Derivatives, Fair Value [Line Items]
Notional Amount	17,100	14,530
Derivative Assets	0	3
Derivative Liabilities	3	0
Net Derivatives	(3)	3
Not Designated for Hedge Accounting \| Swaps
Derivatives, Fair Value [Line Items]
Notional Amount	16,942	16,264
Derivative Assets	59	65
Derivative Liabilities	71	19
Net Derivatives	(12)	46
Not Designated for Hedge Accounting \| Options
Derivatives, Fair Value [Line Items]
Notional Amount	66,287	70,685
Derivative Assets	22,575	20,647
Derivative Liabilities	4,925	4,319
Net Derivatives	17,650	16,328
Not Designated for Hedge Accounting \| Futures
Derivatives, Fair Value [Line Items]
Notional Amount	9,716	9,310
Derivative Assets	0	0
Derivative Liabilities	0	0
Net Derivatives	0	0
Not Designated for Hedge Accounting \| Option
Derivatives, Fair Value [Line Items]
Notional Amount	50	0
Derivative Assets	5	0
Derivative Liabilities	0	0
Net Derivatives	5	0
Not Designated for Hedge Accounting \| Credit default swaps
Derivatives, Fair Value [Line Items]
Notional Amount	437	275
Derivative Assets	11	12
Derivative Liabilities	20	10
Net Derivatives	(9)	2
Not Designated for Hedge Accounting \| Currency forwards
Derivatives, Fair Value [Line Items]
Notional Amount	83	28
Derivative Assets	15	17
Derivative Liabilities	17	17
Net Derivatives	(2)	0
Not Designated for Hedge Accounting \| Margin
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	1,173	796
Derivative Liabilities	0	0
Net Derivatives	1,173	796
Not Designated for Hedge Accounting \| Collateral
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	155	137
Derivative Liabilities	16,634	16,908
Net Derivatives	(16,479)	(16,771)
Not Designated for Hedge Accounting \| Total embedded derivatives
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	18,311	17,212
Net Derivatives	(18,311)	(17,212)
Not Designated for Hedge Accounting \| SCS, SIO, MSO and IUL Indexed Features
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	18,311	17,212
Net Derivatives	$ (18,311)	$ (17,212)

DERIVATIVES - Financial Statement Impact of Derivatives By Category (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	$ (1,374)	$ (208)	$ (575)	$ (1,584)
Net Investment Income	1,355	1,167	2,603	2,377
Total derivative instruments
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	(1,374)	(208)	(575)	(1,584)
Net Investment Income	1	(13)	4	(7)
Interest Credited To Policyholders Account Balances	73	(5)	106	(23)
AOCI	(138)	35	(196)	44
Not Designated for Hedge Accounting
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	3,322	1,088	1,143	2,847
Net Investment Income	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Not Designated for Hedge Accounting \| Currency swaps
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	(57)	1	(87)	13
Net Investment Income	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Not Designated for Hedge Accounting \| Interest swaps
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	(16)	(88)	(1)	(253)
Net Investment Income	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Not Designated for Hedge Accounting \| Futures
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	472	50	272	291
Net Investment Income	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Not Designated for Hedge Accounting \| Swaps
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	(1,204)	(99)	(499)	(1,214)
Net Investment Income	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Not Designated for Hedge Accounting \| Options
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	4,235	1,225	1,590	4,021
Net Investment Income	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Not Designated for Hedge Accounting \| Futures
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	(98)	(1)	(121)	(11)
Net Investment Income	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Not Designated for Hedge Accounting \| Option
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	(1)		(2)
Net Investment Income	0		0
Interest Credited To Policyholders Account Balances	0		0
AOCI	0		0
Not Designated for Hedge Accounting \| Credit default swaps
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	(3)	0	(3)	(1)
Net Investment Income	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Not Designated for Hedge Accounting \| Currency forwards
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	(6)	0	(6)	1
Net Investment Income	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Not Designated for Hedge Accounting \| Margin
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	0		0
Net Investment Income	0		0
Interest Credited To Policyholders Account Balances	0		0
AOCI	0		0
Not Designated for Hedge Accounting \| Collateral
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	0		0
Net Investment Income	0		0
Interest Credited To Policyholders Account Balances	0		0
AOCI	0		0
Not Designated for Hedge Accounting \| Total embedded derivatives
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	(4,696)	(1,296)	(1,718)	(4,432)
Net Investment Income	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Not Designated for Hedge Accounting \| SCS, SIO, MSO and IUL Indexed Features
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	(4,696)	(1,296)	(1,718)	(4,432)
Net Investment Income	0	0	0	0
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	0	0	0	0
Cash Flow Hedge \| Designated for Hedge Accounting
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	0	0	0	1
Net Investment Income	1	(13)	4	(7)
Interest Credited To Policyholders Account Balances	73	(5)	106	(23)
AOCI	(138)	35	(196)	44
Cash Flow Hedge \| Designated for Hedge Accounting \| Currency swaps
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	0	0	0	1
Net Investment Income	9	4	15	7
Interest Credited To Policyholders Account Balances	73	(5)	106	(23)
AOCI	(151)	22	(188)	38
Cash Flow Hedge \| Designated for Hedge Accounting \| Interest swaps
Derivatives, Fair Value [Line Items]
Net Derivatives Gain (Losses)	0	0	0	0
Net Investment Income	(8)	(17)	(11)	(14)
Interest Credited To Policyholders Account Balances	0	0	0	0
AOCI	$ 13	$ 13	$ (8)	$ 6

DERIVATIVES - Rollforward for Cash Flows Hedges in AOCI (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]
Balance, beginning of period			$ 1,565
Balance, ending of the period	$ 1,149	$ 1,598	1,149	$ 1,598
Cash Flow Hedges Recognized in AOCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	22	(21)	80	(31)
Amount recorded in AOCI	(91)	10	(110)	2
Amount reclassified from (to) income to AOCI	(47)	24	(86)	42
Balance, ending of the period	(116)	13	(116)	13
Cash Flow Hedges Recognized in AOCI \| Currency swaps
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amount recorded in AOCI	(91)	19	(81)	19
Amount reclassified from (to) income to AOCI	(60)	3	(107)	20
Cash Flow Hedges Recognized in AOCI \| Interest swaps
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amount recorded in AOCI	0	(9)	(29)	(17)
Amount reclassified from (to) income to AOCI	$ 13	$ 21	$ 21	$ 22

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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Amount after tax of reclassification adjustments of other comprehensive income (loss).

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Derivative [Line Items]
Cash and securities collateral for derivative contract	$ 16,600	$ 16,900
Cash and securities collateral	155	137
S&P 500, Nasdaq, Russell 2000 And Emerging Market Indices
Derivative [Line Items]
Initial margin requirement	1,100	704
U.S. Treasury Notes, U.S. Treasury Bonds And Ultra-Long Bonds
Derivative [Line Items]
Initial margin requirement	110	99
Euro Stoxx, FTSE100, Topix, ASX200 and EAFE Indices
Derivative [Line Items]
Initial margin requirement	$ 1	$ 11

DERIVATIVES - Offsetting of Financial Assets and Liabilities and Derivative Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Derivatives
Assets:
Gross Amount Recognized	$ 24,095	$ 21,814
Gross Amount Offset in the Balance Sheets	17,684	14,924
Net Amount Presented in the Balance Sheets	6,411	6,890
Gross Amount not Offset in the Balance Sheets	(4,509)	(6,080)
Net Amount	1,902	810
Liabilities:
Gross Amount Recognized	17,689	15,634
Gross Amount Offset in the Balance Sheets	17,684	14,924
Net Amount Presented in the Balance Sheets	5	710
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	5	710
Secured lending
Assets:
Gross Amount Recognized	104	137
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	104	137
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	104	137
Liabilities:
Gross Amount Recognized	104	137
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	104	137
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	104	137
Other financial assets
Assets:
Gross Amount Recognized	1,786	1,510
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	1,786	1,510
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	1,786	1,510
Other invested assets
Assets:
Gross Amount Recognized	25,985	23,461
Gross Amount Offset in the Balance Sheets	17,684	14,924
Net Amount Presented in the Balance Sheets	8,301	8,537
Gross Amount not Offset in the Balance Sheets	(4,509)	(6,080)
Net Amount	3,792	2,457
Other financial liabilities
Liabilities:
Gross Amount Recognized	5,738	6,185
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	5,738	6,185
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	5,738	6,185
Other liabilities
Liabilities:
Gross Amount Recognized	23,531	21,956
Gross Amount Offset in the Balance Sheets	17,684	14,924
Net Amount Presented in the Balance Sheets	5,847	7,032
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	$ 5,847	$ 7,032

CLOSED BLOCK - Closed Block Summarized Financial Information (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$ 5,100	$ 5,213
Other liabilities	47	62
Total Closed Block liabilities	5,147	5,275
Allowance for credit losses of fixed maturities AFS	0	0
Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $2,674 and $2,888) (allowance for credit losses of $0 and$0)	2,591	2,746
Mortgage loans on real estate (net of allowance for credit losses of $22 and $21)	1,498	1,531
Policy loans	510	523
Cash and other invested assets	161	17
Other assets	107	130
Total assets designated to the Closed Block	4,867	4,947
Excess of Closed Block liabilities over assets designated to the Closed Block	280	328
Amounts included in AOCI:
Net unrealized investment gains (losses), net of income tax: $17 and $30	(66)	(112)
Maximum future earnings to be recognized from Closed Block assets and liabilities	214	216
Amortized cost of fixed maturity AFS	2,674	2,888
Allowance for credit losses of mortgage loans on real estates	22	21
Income tax on net unrealized investment gains (losses)	$ 17	$ 30

CLOSED BLOCK - Closed Block Revenues 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 and other income	$ 24	$ 26	$ 51	$ 55
Net investment income (loss)	48	51	99	103
Investment gains (losses), net	0	0	(1)	(1)
Total revenues	72	77	149	157
Benefits and Other Deductions:
Policyholders’ benefits and dividends	72	64	146	141
Other operating costs and expenses	1	0	1	0
Total benefits and other deductions	73	64	147	141
Net income (loss), before income taxes	(1)	13	2	16
Income tax (expense) benefit	0	(2)	(1)	(3)
Net income (loss)	$ (1)	$ 11	$ 1	$ 13

DAC AND OTHER DEFERRED ASSETS/LIABILITIES - Reconciliation of DAC (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	$ 7,361	$ 7,170
Protection Solutions \| Term
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	301	314	$ 326	$ 337
Protection Solutions \| Universal Life
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	171	170	172	174
Protection Solutions \| Variable Universal Life
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	1,122	1,083	1,034	987
Protection Solutions \| Indexed Universal Life
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	186	186	187	188
Individual Retirement \| GMxB Core
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	1,599	1,605	1,602	1,602
Individual Retirement \| EQUI-VEST Individual
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	154	154	155	155
Individual Retirement \| Investment Edge
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	250	225	193	172
Individual Retirement \| SCS
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	2,107	1,938	1,746	1,571
Legacy Segment \| GMxB Legacy
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	494	517	538	555
Group Retirement \| EQUI-VEST Group
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	776	768	753	742
Group Retirement \| Momentum
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	80	83	85	82
Corporate & Other \| Corporate and Other
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	103	107	$ 111	$ 116
Corporate & Other \| Other
Deferred Policy Acquisition Cost [Line Items]
Deferred policy acquisition costs	$ 18	$ 20

DAC AND OTHER DEFERRED ASSETS/LIABILITIES - DAC Costs (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	$ 7,170
Balance, end of year	7,361
Other
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Amortization	(2)	$ (2)
Corporate Segment
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	7,150	6,681
Capitalization	572	560
Amortization	(379)	(339)
Balance, end of year	7,343	6,902
Protection Solutions \| Term
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	314	337
Capitalization	5	8
Amortization	(18)	(19)
Balance, end of year	301	326
Protection Solutions \| UL
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	170	174
Capitalization	7	4
Amortization	(6)	(6)
Balance, end of year	171	172
Protection Solutions \| VUL
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	1,083	987
Capitalization	72	77
Amortization	(33)	(30)
Balance, end of year	1,122	1,034
Protection Solutions \| IUL
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	186	188
Capitalization	6	5
Amortization	(6)	(6)
Balance, end of year	186	187
Individual Retirement \| GMxB Core
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	1,605	1,602
Capitalization	70	74
Amortization	(76)	(74)
Balance, end of year	1,599	1,602
Individual Retirement \| EI
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	154	155
Capitalization	5	6
Amortization	(5)	(6)
Balance, end of year	154	155
Individual Retirement \| IE
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	225	172
Capitalization	36	29
Amortization	(11)	(8)
Balance, end of year	250	193
Individual Retirement \| SCS
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	1,938	1,571
Capitalization	326	306
Amortization	(157)	(131)
Balance, end of year	2,107	1,746
Legacy Segment \| GMxB Legacy
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	517	555
Capitalization	9	14
Amortization	(32)	(31)
Balance, end of year	494	538
Group Retirement \| EG
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	768	742
Capitalization	31	32
Amortization	(23)	(21)
Balance, end of year	776	753
Group Retirement \| Momentum
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	83	82
Capitalization	5	5
Amortization	(8)	(2)
Balance, end of year	80	85
Corporate & Other \| CB
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	107	116
Capitalization	0	0
Amortization	(4)	(5)
Balance, end of year	$ 103	$ 111

DAC AND OTHER DEFERRED ASSETS/LIABILITIES - DAC Credits (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
GMxB Core
Movement in Deferred Sales Inducements [Roll Forward]
Balance, beginning of year	$ 117	$ 127
Capitalization	1	1
Amortization	(6)	(6)
Balance, end of year	112	122
GMxB Legacy
Movement in Deferred Sales Inducements [Roll Forward]
Balance, beginning of year	160	179
Capitalization	0	0
Amortization	(9)	(10)
Balance, end of year	151	169
UL
Movement in Deferred Revenue [Roll Forward]
Balance, beginning of period	114	107
Capitalization	7	8
Amortization	(4)	(4)
Balance, end of period	117	111
VUL
Movement in Deferred Revenue [Roll Forward]
Balance, beginning of period	840	754
Capitalization	74	65
Amortization	(27)	(24)
Balance, end of period	887	795
IUL
Movement in Deferred Revenue [Roll Forward]
Balance, beginning of period	250	210
Capitalization	23	28
Amortization	(8)	(7)
Balance, end of period	$ 265	$ 231

FAIR VALUE DISCLOSURES - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Millions

Jun. 30, 2025

Dec. 31, 2024

Jun. 30, 2024

Fixed maturities, at fair value using the fair value option

$ 80,094

$ 76,641

^[1]

2,428

2,053

Notes issued by consolidated VIE's, at fair value using the fair value option

^[1]

2,471

2,116

Accrued interest payable for notes issued by consolidated variable interest entity

10,187

11,810

$ 12,612

19

11

Carrying Value | Other liabilities

U.S. Treasury, government and agency

12

20

States and political subdivisions

4,519

4,288

385

386

Foreign governments

Residential mortgage-backed

575

554

5,454

4,383

Asset-backed

Commercial mortgage-backed

15,842

13,699

Redeemable preferred stock

4,557

3,921

58

59

Recurring

Fixed maturities, at fair value using the fair value option

80,094

76,641

2,428

2,053

584

623

1,295

1,089

17,672

16,265

6,066

5,401

483

500

5,543

7,376

776

863

131,182

134,203

246,123

245,014

Notes issued by consolidated VIE's, at fair value using the fair value option

2,452

2,105

10,187

11,810

8

9

Recurring | Liabilities of consolidated VIEs and VOEs

30,976

31,136

18

Recurring | Corporate

Recurring | U.S. Treasury, government and agency

48,704

49,351

Recurring | States and political subdivisions

4,519

4,288

Recurring | Foreign governments

385

386

Recurring | Residential mortgage-backed

575

554

5,454

4,383

Recurring | Asset-backed

Recurring | Commercial mortgage-backed

15,842

13,699

Recurring | Redeemable preferred stock

4,557

3,921

Recurring | Short-term investments

58

59

Recurring | Assets of consolidated VIEs/VOEs

5

36

462

155

Recurring | Swaps

Recurring | Credit default swaps

(438)

(259)

(9)

2

Recurring | Futures

(3)

3

Recurring | Options

Recurring | SCS, SIO, MSO and IUL indexed features’ liability

17,655

16,328

18,311

17,212

Recurring | Level 1

Fixed maturities, at fair value using the fair value option

0

0

307

319

368

433

34

19

6,066

5,356

0

2

0

0

128,654

131,714

135,429

137,843

Notes issued by consolidated VIE's, at fair value using the fair value option

0

0

0

Recurring | Level 1 | Liabilities of consolidated VIEs and VOEs

1

0

Recurring | Level 1 | Corporate

1

Recurring | Level 1 | U.S. Treasury, government and agency

0

Recurring | Level 1 | States and political subdivisions

0

Recurring | Level 1 | Foreign governments

0

Recurring | Level 1 | Residential mortgage-backed

0

Recurring | Level 1 | Asset-backed

0

Recurring | Level 1 | Commercial mortgage-backed

0

Recurring | Level 1 | Redeemable preferred stock

0

Recurring | Level 1 | Short-term investments

0

Recurring | Level 1 | Assets of consolidated VIEs/VOEs

0

Recurring | Level 1 | Swaps

37

16

Recurring | Level 1 | Credit default swaps

0

Recurring | Level 1 | Futures

0

Recurring | Level 1 | Options

(3)

3

Recurring | Level 1 | SCS, SIO, MSO and IUL indexed features’ liability

0

0

Recurring | Level 2

Fixed maturities, at fair value using the fair value option

77,099

73,929

2,018

1,778

265

251

800

576

17,637

16,244

0

45

483

498

0

0

2,528

2,489

100,830

95,810

Notes issued by consolidated VIE's, at fair value using the fair value option

2,294

1,933

0

0

Recurring | Level 2 | Liabilities of consolidated VIEs and VOEs

20,622

19,145

Recurring | Level 2 | Corporate

17

Recurring | Level 2 | U.S. Treasury, government and agency

46,695

46,879

Recurring | Level 2 | States and political subdivisions

4,519

4,288

Recurring | Level 2 | Foreign governments

385

386

Recurring | Level 2 | Residential mortgage-backed

575

554

Recurring | Level 2 | Asset-backed

5,423

4,383

Recurring | Level 2 | Commercial mortgage-backed

14,906

13,467

Recurring | Level 2 | Redeemable preferred stock

4,538

3,913

Recurring | Level 2 | Short-term investments

58

59

Recurring | Level 2 | Assets of consolidated VIEs/VOEs

5

36

Recurring | Level 2 | Swaps

424

137

Recurring | Level 2 | Credit default swaps

(438)

(259)

Recurring | Level 2 | Futures

(9)

2

Recurring | Level 2 | Options

0

Recurring | Level 2 | SCS, SIO, MSO and IUL indexed features’ liability

17,655

16,328

18,311

17,212

Recurring | Level 3

Fixed maturities, at fair value using the fair value option

2,995

2,712

410

275

12

53

127

80

1

2

0

0

5,543

7,376

776

863

0

9,864

11,361

Notes issued by consolidated VIE's, at fair value using the fair value option

158

172

10,187

11,810

8

9

Recurring | Level 3 | Liabilities of consolidated VIEs and VOEs

10,353

11,991

Recurring | Level 3 | Corporate

0

Recurring | Level 3 | U.S. Treasury, government and agency

2,009

2,472

Recurring | Level 3 | States and political subdivisions

0

Recurring | Level 3 | Foreign governments

0

Recurring | Level 3 | Residential mortgage-backed

0

Recurring | Level 3 | Asset-backed

31

0

Recurring | Level 3 | Commercial mortgage-backed

936

232

Recurring | Level 3 | Redeemable preferred stock

19

8

Recurring | Level 3 | Short-term investments

0

Recurring | Level 3 | Assets of consolidated VIEs/VOEs

0

Recurring | Level 3 | Swaps

1

2

Recurring | Level 3 | Credit default swaps

0

Recurring | Level 3 | Futures

0

Recurring | Level 3 | Options

0

Recurring | Level 3 | SCS, SIO, MSO and IUL indexed features’ liability

0

0

Recurring | NAV

$ 287

$ 320

[1]	See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.

FAIR VALUE DISCLOSURES - Narrative (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Fair Value Inputs Assets Quantitative Information [Line Items]
Change in purchased market risk benefit asset fair value	$ 69		$ 382
AFS fixed maturities transferred from Level 3 to Level 2	882	$ 141
AFS fixed maturities transferred from Level 2 to Level 3	$ 367	$ 136
Percentage of total equity representing AFS fixed maturities transferred	47.90%	8.30%
Nonrecurring \| Level 3
Fair Value Inputs Assets Quantitative Information [Line Items]
Investments, fair value	$ 2,300		$ 1,700

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

FAIR VALUE DISCLOSURES - Fair Value Measurement Reconciliation for All Levels (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Total gains and (losses), realized and unrealized, included in:
Other	$ 0	$ 0
Transfers into level 3			$ 367	$ 136
Transfers out of level 3			(882)	(141)
Level 3 \| Corporate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	1,831	2,338	2,472	2,158
Total gains and (losses), realized and unrealized, included in:
Net investment income (loss)	2	2	3	4
Investment gains (losses), net	0	(1)	(3)	(2)
Subtotal	2	1	0	2
Other comprehensive income (loss)	17	1	28	11
Purchases	279	542	424	757
Debt issuances			0
Sales	(292)	(365)	(390)	(421)
Settlements	0	0	0	0
Other			0	0
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into level 3	98	0	98	57
Transfers out of level 3	74	1	(623)	(46)
Balance, end of period	2,009	2,518	2,009	2,518
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	14	1	22	11
Level 3 \| States and political subdivisions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	0	0	27
Total gains and (losses), realized and unrealized, included in:
Net investment income (loss)	0	0	0	0
Investment gains (losses), net	0	0	0	0
Subtotal	0	0	0	0
Other comprehensive income (loss)	0	0	0	0
Purchases	0	0	0	0
Debt issuances			0
Sales	0	0	0	0
Settlements	0	0	0	0
Other			0	0
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into level 3	0	0	0	0
Transfers out of level 3	0	0	0	(27)
Balance, end of period	0	0	0	0
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	0	0
Level 3 \| Asset-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	648	71	232	47
Total gains and (losses), realized and unrealized, included in:
Net investment income (loss)	0	0	0	0
Investment gains (losses), net	0	0	0	0
Subtotal	0	0	0	0
Other comprehensive income (loss)	3	0	6	0
Purchases	398	(2)	784	46
Debt issuances			0
Sales	(11)	(12)	(133)	(22)
Settlements	0	0	0	0
Other			0	0
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into level 3	0	0	149	0
Transfers out of level 3	(102)	0	(102)	(14)
Balance, end of period	936	57	936	57
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	3	0
Level 3 \| RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0	0	0
Total gains and (losses), realized and unrealized, included in:
Net investment income (loss)	0	0	0
Investment gains (losses), net	0	0	0
Subtotal	0	0	0
Other comprehensive income (loss)	1	0	1
Purchases	14	0	14
Debt issuances
Sales		0	(3)
Settlements	(3)	0	0
Other			0
Activity related to consolidated VIEs/VOEs	0	0	0
Transfers into level 3	19	0	19
Transfers out of level 3	0	0	0
Balance, end of period	31	0	31	0
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	1
Level 3 \| CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	8	7	8	7
Total gains and (losses), realized and unrealized, included in:
Net investment income (loss)	0	0	0	0
Investment gains (losses), net	0	0	0	0
Subtotal	0	0	0	0
Other comprehensive income (loss)	1	0	1	0
Purchases	11	0	11	0
Debt issuances			0
Sales	(5)	0	(5)	0
Settlements	0	0	0	0
Other			0	0
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into level 3	4	0	4	0
Transfers out of level 3	0	0	0	0
Balance, end of period	19	7	19	7
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	0	0
Level 3 \| Fixed maturities, at FVO
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	263	244	275	181
Total gains and (losses), realized and unrealized, included in:
Net investment income (loss)	(1)	(12)	1	4
Investment gains (losses), net	0	0	(4)	0
Subtotal	(1)	(12)	(3)	4
Other comprehensive income (loss)	0	0	0	0
Purchases	87	(33)	199	47
Debt issuances	0		0
Sales	(27)	(18)	(41)	(33)
Settlements	0	0	0	0
Other	0	0	0	0
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into level 3	63	16	95	79
Transfers out of level 3	25	27	(115)	(54)
Balance, end of period	410	224	410	224
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	(1)	(12)	(1)	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	0	31
Level 3 \| Other equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	18	58	55	57
Total gains and (losses), realized and unrealized, included in:
Net investment income (loss)	1	0	1	1
Investment gains (losses), net	0	0	0	0
Subtotal	1	0	1	1
Other comprehensive income (loss)	0	0	0	0
Purchases	11	(38)	14	4
Debt issuances	0		0
Sales	(16)	39	(16)	(3)
Settlements	0	0	0	0
Other	0	0	0	0
Activity related to consolidated VIEs/VOEs	(1)	0	(1)	0
Transfers into level 3	0	0	2	0
Transfers out of level 3	0	0	(42)	0
Balance, end of period	13	59	13	59
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	1	0	1	1
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	0	0
Level 3 \| Trading Securities, at Fair Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	109	61	80	61
Total gains and (losses), realized and unrealized, included in:
Net investment income (loss)	0	0	0	0
Investment gains (losses), net	0	(4)	0	(4)
Subtotal	0	(4)	0	(4)
Other comprehensive income (loss)	0	0	0	0
Purchases	18	0	47	0
Debt issuances	0		0
Sales	0	0	0	0
Settlements	0	0	0	0
Other	0	0	0	0
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into level 3	0	0	0	0
Transfers out of level 3	0	0	0	0
Balance, end of period	127	57	127	57
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	(4)
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0	0	0
Level 3 \| Notes issued by consolidated VIE’s
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	(168)		(172)
Total gains and (losses), realized and unrealized, included in:
Net investment income (loss)	0		0
Investment gains (losses), net	0		0
Subtotal	0		0
Other comprehensive income (loss)	0		0
Purchases	0		0
Debt issuances	(2)		(3)
Sales	0		0
Settlements	12		(17)
Other	0		0
Activity related to consolidated VIEs/VOEs	0		0
Transfers into level 3	0		0
Transfers out of level 3	0		0
Balance, end of period	(158)		(158)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0		0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0		0
Level 3 \| Notes issued by consolidated VIE’s
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period		1
Total gains and (losses), realized and unrealized, included in:
Net investment income (loss)		0
Investment gains (losses), net		0
Subtotal		0
Other comprehensive income (loss)		0
Purchases		(1)
Sales		0
Settlements		0
Other		0
Activity related to consolidated VIEs/VOEs		0
Transfers into level 3		0
Transfers out of level 3		0
Balance, end of period		0		0
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period		0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period		0
Level 3 \| Contingent Payment Arrangement
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	(8)	(254)	(9)	(253)
Total gains and (losses), realized and unrealized, included in:
Net investment income (loss)	0	0	0	0
Investment gains (losses), net	0	0	0	0
Subtotal	0	0	0	0
Other comprehensive income (loss)	0	0	0	0
Purchases	0	0	0	0
Debt issuances	0		0
Sales	0	0	0	0
Settlements	0	2	(1)	(3)
Other	0	(3)	0	(5)
Activity related to consolidated VIEs/VOEs	0	0	0	0
Transfers into level 3	0	0	0	0
Transfers out of level 3	0	0	0	0
Balance, end of period	(8)	(255)	(8)	(255)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	$ 0	$ 0	$ 0	$ 0

FAIR VALUE DISCLOSURES - Quantitative Information about Level 3 (Details) $ in Millions	6 Months Ended
	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liability for market risk benefits	$ 10,187	$ 11,810	$ 12,612
Assets for market risk benefits	776	863	$ 799
Level 3 \| Discounted cash flow \| Alliance Bernstein
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
AB Contingent consideration payable	$ 8	$ 9
Level 3 \| Discounted cash flow \| Discount Rate \| Minimum \| Alliance Bernstein
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Expected revenue growth and discount rate	0.019	0.019
Level 3 \| Discounted cash flow \| Discount Rate \| Maximum \| Alliance Bernstein
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Expected revenue growth and discount rate	0.019	0.104
Level 3 \| Discounted cash flow \| Discount Rate \| Weighted Average \| Alliance Bernstein
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Expected revenue growth and discount rate	0.019	0.073
Level 3 \| Discounted cash flow \| Expected Revenue Growth Rate \| Minimum \| Alliance Bernstein
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Expected revenue growth and discount rate	0.020	0.020
Level 3 \| Discounted cash flow \| Expected Revenue Growth Rate \| Maximum \| Alliance Bernstein
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Expected revenue growth and discount rate	0.133	0.293
Level 3 \| Discounted cash flow \| Expected Revenue Growth Rate \| Weighted Average \| Alliance Bernstein
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Expected revenue growth and discount rate	0.068	0.055
Level 3 \| Corporate \| Matrix pricing model
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of fixed maturities AFS		$ 402
Level 3 \| Corporate \| Matrix pricing model \| Spread over Benchmark \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities		0.0070
Level 3 \| Corporate \| Matrix pricing model \| Spread over Benchmark \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities		0.0220
Level 3 \| Corporate \| Matrix pricing model \| Spread over Benchmark \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities		0.0153
Level 3 \| Corporate \| Market comparable companies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of fixed maturities AFS	$ 1,119	$ 981
Level 3 \| Corporate \| Market comparable companies \| EBITDA Multiples \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	4.6	4.7
Level 3 \| Corporate \| Market comparable companies \| EBITDA Multiples \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	36.3	36.5
Level 3 \| Corporate \| Market comparable companies \| EBITDA Multiples \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	13.9	12.2
Level 3 \| Corporate \| Market comparable companies \| Discount Rate \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.079	0.084
Level 3 \| Corporate \| Market comparable companies \| Discount Rate \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.197	0.349
Level 3 \| Corporate \| Market comparable companies \| Discount Rate \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.032	0.039
Level 3 \| Corporate \| Market comparable companies \| Cash Flow Multiples \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	2.0	1.8
Level 3 \| Corporate \| Market comparable companies \| Cash Flow Multiples \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	14.5	11.8
Level 3 \| Corporate \| Market comparable companies \| Cash Flow Multiples \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	6.0	4.5
Level 3 \| Corporate \| Market comparable companies \| Loan to Value \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	(0.003)	0.000
Level 3 \| Corporate \| Market comparable companies \| Loan to Value \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.547	0.564
Level 3 \| Corporate \| Market comparable companies \| Loan to Value \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.091	0.150
Level 3 \| Trading Securities, at Fair Value \| Market comparable companies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of fixed maturities AFS	$ 23	$ 1
Level 3 \| Trading Securities, at Fair Value \| Market comparable companies \| Cash Flow Multiples \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	8.5	8.4
Level 3 \| Trading Securities, at Fair Value \| Market comparable companies \| Cash Flow Multiples \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	26.3	8.4
Level 3 \| Trading Securities, at Fair Value \| Market comparable companies \| Cash Flow Multiples \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	16.2	8.4
Level 3 \| Trading Securities, at Fair Value \| Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of fixed maturities AFS	$ 75	$ 75
Discount years	7 years
Level 3 \| Trading Securities, at Fair Value \| Discounted cash flow \| Earnings/Revenue Multiple
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	8.6	8.6
Level 3 \| Trading Securities, at Fair Value \| Discounted cash flow \| Discount Factor
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.100	0.100
Level 3 \| Other equity investments \| Discounted cash flow \| Earnings/Revenue Multiple \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	4.3
Level 3 \| Other equity investments \| Discounted cash flow \| Earnings/Revenue Multiple \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	14.5
Level 3 \| Other equity investments \| Discounted cash flow \| Earnings/Revenue Multiple \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	7.9
Level 3 \| Purchased MRB asset \| Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of fixed maturities AFS	$ 5,543	$ 7,376
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Lapse Rate \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0024	0.0024
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Lapse Rate \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.1305	0.1305
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Lapse Rate \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0218	0.0217
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Withdrawal Rate \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0006	0.0006
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Withdrawal Rate \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.1165	0.1165
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Withdrawal Rate \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0050	0.0048
Level 3 \| Purchased MRB asset \| Discounted cash flow \| GMIB Utilization Rate \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0004	0.0004
Level 3 \| Purchased MRB asset \| Discounted cash flow \| GMIB Utilization Rate \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.6670	0.6670
Level 3 \| Purchased MRB asset \| Discounted cash flow \| GMIB Utilization Rate \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0671	0.0675
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Non-Performance Risk \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0007	0.0033
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Non-Performance Risk \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0092	0.0093
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Non-Performance Risk \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0010	0.0034
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Volatility Rate - Equity \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.13	0.12
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Volatility Rate - Equity \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.31	0.29
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Volatility Rate - Equity \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.23	0.23
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Mortality \| Ages 0 - 40 \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0001	0.0001
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Mortality \| Ages 0 - 40 \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0017	0.0017
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Mortality \| Ages 0 - 40 \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0335	0.0336
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Mortality \| Ages 41 - 60 \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0006	0.0006
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Mortality \| Ages 41 - 60 \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0052	0.0052
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Mortality \| Ages 61 - 115 \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.0032	0.0032
Level 3 \| Purchased MRB asset \| Discounted cash flow \| Mortality \| Ages 61 - 115 \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage measurement input of equity securities	0.4120	0.4120
Level 3 \| Direct MRB \| Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Direct MRB	$ 9,411	$ 10,947
Level 3 \| Direct MRB \| Discounted cash flow \| Lapse Rate \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0024	0.0024
Level 3 \| Direct MRB \| Discounted cash flow \| Lapse Rate \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.3618	0.3618
Level 3 \| Direct MRB \| Discounted cash flow \| Lapse Rate \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0372	0.0357
Level 3 \| Direct MRB \| Discounted cash flow \| Withdrawal Rate \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0000	0.0000
Level 3 \| Direct MRB \| Discounted cash flow \| Withdrawal Rate \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.1165	0.1165
Level 3 \| Direct MRB \| Discounted cash flow \| Withdrawal Rate \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0057	0.0058
Level 3 \| Direct MRB \| Discounted cash flow \| Non-Performance Risk
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0105	0.0094
Level 3 \| Direct MRB \| Discounted cash flow \| Non-Performance Risk \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0105	0.0094
Level 3 \| Direct MRB \| Discounted cash flow \| Mortality \| Ages 0 - 40 \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0001	0.0001
Level 3 \| Direct MRB \| Discounted cash flow \| Mortality \| Ages 0 - 40 \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0017	0.0017
Level 3 \| Direct MRB \| Discounted cash flow \| Mortality \| Ages 0 - 40 \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0292	0.0300
Level 3 \| Direct MRB \| Discounted cash flow \| Mortality \| Ages 41 - 60 \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0006	0.0006
Level 3 \| Direct MRB \| Discounted cash flow \| Mortality \| Ages 41 - 60 \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0052	0.0052
Level 3 \| Direct MRB \| Discounted cash flow \| Mortality \| Ages 61 - 115 \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0032	0.0032
Level 3 \| Direct MRB \| Discounted cash flow \| Mortality \| Ages 61 - 115 \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.4120	0.4120
Level 3 \| Direct MRB \| Discounted cash flow \| Annuitization Rate \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0004	0.0004
Level 3 \| Direct MRB \| Discounted cash flow \| Annuitization Rate \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	1.0000	1.0000
Level 3 \| Direct MRB \| Discounted cash flow \| Annuitization Rate \| Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input of servicing liability	0.0509	0.0515

FAIR VALUE DISCLOSURES - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($)
$ in Millions

Jun. 30, 2025

Dec. 31, 2024

Jun. 30, 2024

^[1]

$ 21,536

$ 20,072

4,355

4,330

123,359

110,929

$ 104,049

131,683

134,717

Carrying Value

21,536

20,072

4,355

4,330

2,698

2,046

7,083

7,167

9,278

5,725

1,546

74

4,332

3,833

12,207

12,055

Fair Value

20,468

18,567

4,648

4,559

2,667

1,996

7,041

7,113

9,110

5,481

1,581

75

4,277

3,722

12,207

12,055

Fair Value | Level 1

0

0

0

0

0

0

0

0

Fair Value | Level 2

0

0

0

7,041

7,113

9,110

5,481

1,581

75

4,277

3,722

0

Fair Value | Level 3

20,468

18,567

4,648

4,559

2,667

1,996

0

0

0

0

$ 12,207

$ 12,055

[1]	See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS - Policyholder Account Balance And Liability For Unpaid Claims And Claims Adjustment Expense (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders’ liabilities	$ 17,557	$ 17,613	$ 17,433
Future policyholder benefits total
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders’ liabilities	15,275	15,508
Subtotal
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders’ liabilities	9,277	9,403
Term
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders’ liabilities	1,287	1,285
Payout
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders’ liabilities	4,936	5,050
Group Pension - Benefit Reserve & DPL
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders’ liabilities	447	460
Health
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders’ liabilities	1,336	1,362
UL
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders’ liabilities	1,271	1,246
Whole Life Closed Block and Open Block products
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders’ liabilities	5,083	5,204
Other
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders’ liabilities	915	901
Other policyholder funds and dividends payable
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits and other policyholders’ liabilities	$ 2,282	$ 2,105

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS - Policyholder Account Balance (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Present Value of Expected Future Policy Benefits
Liability for future policy benefits	$ 17,557	$ 17,433	$ 17,613
Term
Present Value of Expected Future Policy Benefits
Liability for future policy benefits	1,287		1,285
Payout
Present Value of Expected Future Policy Benefits
Liability for future policy benefits	4,936		5,050
Group Pension
Present Value of Expected Future Policy Benefits
Liability for future policy benefits	447		460
Health
Present Value of Expected Future Policy Benefits
Liability for future policy benefits	1,336		1,362
Operating Segments \| Protection Solutions \| Term
Present Value of Expected Net Premiums
Balance, beginning of period	1,932	2,133
Beginning balance at original discount rate	1,959	2,058
Effect of changes in cash flow assumptions	0	(18)
Effect of actual variances from expected experience	(54)	(51)
Adjusted beginning of period balance	1,905	1,989
Issuances	20	26
Interest accrual	47	49
Net premiums collected	(90)	(95)
Ending Balance at original discount rate	1,882	1,969
Effect of changes in discount rate assumptions	0		(21)
Balance, end of period	1,882	1,948
Present Value of Expected Future Policy Benefits
Balance, beginning of period	3,216	3,480
Beginning balance of original discount rate	3,215	3,330
Effect of changes in cash flow assumptions			0	$ (20)
Effect of actual variances from expected experience			(73)	(66)
Adjusted beginning of period balance			3,142	3,244
Issuances	22	28
Interest accrual	79	82
Benefits payments	(120)	(116)
Ending Balance at original discount rate	3,123	3,238
Effect of changes in discount rate assumptions	45		6
Balance, end of period	3,168	3,244
Impact of flooring LFPB at zero	1	1
Liability for future policy benefits	1,287	1,297
Less: Reinsurance recoverable	2	14
Net liability for future policy benefits, after reinsurance recoverable	$ 1,289	$ 1,311
Weighted-average duration of liability for future policyholder benefits (years)	6 years 9 months 18 days	6 years 10 months 24 days
Operating Segments \| Individual Retirement \| Payout
Present Value of Expected Net Premiums
Balance, beginning of period	$ 0	$ 0
Beginning balance at original discount rate	0	0
Effect of changes in cash flow assumptions	0	0
Effect of actual variances from expected experience	0	0
Adjusted beginning of period balance	0	0
Issuances	0	0
Interest accrual	0	0
Net premiums collected	0	0
Ending Balance at original discount rate	0	0
Effect of changes in discount rate assumptions	0		0
Balance, end of period	0	0
Present Value of Expected Future Policy Benefits
Balance, beginning of period	5,050	4,464
Beginning balance of original discount rate	5,390	4,680
Effect of changes in cash flow assumptions			(468)	0
Effect of actual variances from expected experience			(3)	(2)
Adjusted beginning of period balance			4,919	4,678
Issuances	398	522
Interest accrual	99	89
Benefits payments	(251)	(228)
Ending Balance at original discount rate	5,165	5,061
Effect of changes in discount rate assumptions	(229)		(359)
Balance, end of period	4,936	4,702
Impact of flooring LFPB at zero	0	0
Liability for future policy benefits	4,936	4,702
Less: Reinsurance recoverable	(1,027)	(1,144)
Net liability for future policy benefits, after reinsurance recoverable	$ 3,909	$ 3,558
Weighted-average duration of liability for future policyholder benefits (years)	7 years 7 months 6 days	7 years 10 months 24 days
Corporate and Other \| Group Pension
Present Value of Expected Net Premiums
Balance, beginning of period	$ 0	$ 0
Beginning balance at original discount rate	0	0
Effect of changes in cash flow assumptions	0	0
Effect of actual variances from expected experience	0	0
Adjusted beginning of period balance	0	0
Issuances	0	0
Interest accrual	0	0
Net premiums collected	0	0
Ending Balance at original discount rate	0	0
Effect of changes in discount rate assumptions	0		0
Balance, end of period	0	0
Present Value of Expected Future Policy Benefits
Balance, beginning of period	460	490
Beginning balance of original discount rate	514	536
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected experience			0	1
Adjusted beginning of period balance			514	537
Issuances	0	0
Interest accrual	9	9
Benefits payments	(31)	(31)
Ending Balance at original discount rate	492	515
Effect of changes in discount rate assumptions	(45)		(58)
Balance, end of period	447	457
Impact of flooring LFPB at zero	0	0
Liability for future policy benefits	447	457
Less: Reinsurance recoverable	0	0
Net liability for future policy benefits, after reinsurance recoverable	$ 447	$ 457
Weighted-average duration of liability for future policyholder benefits (years)	6 years 10 months 24 days	7 years
Corporate and Other \| Health
Present Value of Expected Net Premiums
Balance, beginning of period	$ (25)	$ (21)
Beginning balance at original discount rate	(26)	(22)
Effect of changes in cash flow assumptions	0	(3)
Effect of actual variances from expected experience	(2)	2
Adjusted beginning of period balance	(28)	(23)
Issuances	0	0
Interest accrual	(1)	0
Net premiums collected	3	1
Ending Balance at original discount rate	(26)	(22)
Effect of changes in discount rate assumptions	1		1
Balance, end of period	(25)	(21)
Present Value of Expected Future Policy Benefits
Balance, beginning of period	1,337	1,484
Beginning balance of original discount rate	1,555	1,672
Effect of changes in cash flow assumptions			0	0
Effect of actual variances from expected experience			(7)	7
Adjusted beginning of period balance			1,548	$ 1,679
Issuances	0	0
Interest accrual	25	27
Benefits payments	(75)	(79)
Ending Balance at original discount rate	1,498	1,627
Effect of changes in discount rate assumptions	(187)		$ (234)
Balance, end of period	1,311	1,393
Impact of flooring LFPB at zero	0	0
Liability for future policy benefits	1,336	1,414
Less: Reinsurance recoverable	(1,044)	(1,116)
Net liability for future policy benefits, after reinsurance recoverable	$ 292	$ 298
Weighted-average duration of liability for future policyholder benefits (years)	8 years 3 months 18 days	8 years 7 months 6 days

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS - Schedule of Liability for Future Policy Benefits, Undiscounted and Discounted Expected Gross Premiums and Expected Future Benefits and Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Term
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments and expenses (undiscounted)	$ 5,444	$ 5,613
Expected future gross premiums (undiscounted)	6,424	6,597
Expected future benefit payments and expenses (discounted; AOCI basis)	3,168	3,216
Expected future gross premiums (discounted; AOCI basis)	3,473	3,507
Payout
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments and expenses (undiscounted)	7,338	7,686
Expected future gross premiums (undiscounted)	0	0
Expected future benefit payments and expenses (discounted; AOCI basis)	4,814	4,938
Expected future gross premiums (discounted; AOCI basis)	0	0
Group Pension
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments and expenses (undiscounted)	603	630
Expected future gross premiums (undiscounted)	0	0
Expected future benefit payments and expenses (discounted; AOCI basis)	425	436
Expected future gross premiums (discounted; AOCI basis)	0	0
Health
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments and expenses (undiscounted)	2,053	2,139
Expected future gross premiums (undiscounted)	65	70
Expected future benefit payments and expenses (discounted; AOCI basis)	1,299	1,323
Expected future gross premiums (discounted; AOCI basis)	$ 52	$ 55

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
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LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS - Schedule of Liability for Future Policy Benefits, Revenue and Interest Accretion (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premium	$ 282	$ 304
Interest Accretion	172	169
Term
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premium	161	171
Interest Accretion	32	33
Payout
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premium	116	127
Interest Accretion	105	99
Group Pension
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premium	0	0
Interest Accretion	9	9
Health
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premium	5	6
Interest Accretion	$ 26	$ 28

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS - Schedule of Liability for Future Policy Benefits, Weighted Average Interest Rates (Details)	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	4.50%		4.50%
Term
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.60%	5.60%
Current discount rate	5.00%	5.20%
Payout
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	4.50%	4.40%
Current discount rate	5.10%	5.30%
Group Pension
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	3.40%	3.40%
Current discount rate	5.00%	5.20%
Health
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	3.40%	3.40%
Current discount rate	5.20%	5.40%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS - Balances of and Changes in Additional Liabilities Related to Insurance Guarantees (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Present Value of Expected Future Policy Benefits
Net liability for additional liability	$ 17,557	$ 17,433	$ 17,613
Weighted Average Interest Rate	4.50%	4.50%
Assessments
Present Value of Expected Future Policy Benefits
Revenue and Interest Accretion	$ 316	$ 338
Interest Accretion
Present Value of Expected Future Policy Benefits
Revenue and Interest Accretion	29	$ 27
UL
Present Value of Expected Future Policy Benefits
Net liability for additional liability	$ 1,271		1,246
Weighted Average Interest Rate	4.50%	4.50%
UL \| Assessments
Present Value of Expected Future Policy Benefits
Revenue and Interest Accretion	$ 316	$ 338
UL \| Interest Accretion
Present Value of Expected Future Policy Benefits
Revenue and Interest Accretion	29	27
Protection Solutions \| UL
Present Value of Expected Future Policy Benefits
Balance, beginning of period	1,246	1,208
Beginning balance before AOCI adjustments	1,302	1,245
Effect of changes in interest rate & cash flow assumptions and model changes			0	$ 0
Effect of actual variances from expected experience			4	(1)
Adjusted beginning of period balance			$ 1,306	$ 1,244
Interest accrual	29	27
Net assessments collected	34	35
Benefits payments	(45)	(35)
Ending balance before shadow reserve adjustments	1,324	1,271
Effect of reserve adjustment recorded in AOCI	(53)	(51)
Balance, end of period	1,271	1,220
Net liability for additional liability	1,271	1,220
Less: Reinsurance recoverable	0	0
Net liability for future policy benefits, after reinsurance recoverable	$ 1,271	$ 1,220
Weighted-average duration of additional liability - death benefit (years)	19 years 1 month 6 days	19 years 6 months

MARKET RISK BENEFITS - Changes in the Market Risk Benefits for Deferred Variable Annuities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Individual Retirement \| GMxB Core
Market Risk Benefit [Roll Forward]
Balance, beginning of period	$ 717	$ 323	$ 496	$ 597
Balance BOP before changes in the instrument specific credit risk	495	71	163	319
Model changes and effect of changes in cash flow assumptions	(7)	0	(7)	0
Actual market movement effect	(173)	(4)	(102)	(163)
Interest accrual	10	15	25	31
Attributed fees accrued	109	111	203	206
Benefit payments	(12)	(12)	(23)	(22)
Actual policyholder behavior different from expected behavior	7	9	20	14
Changes in future economic assumptions	(42)	(72)	105	(265)
Issuances	(2)	0	1	(2)
Balance EOP before changes in the instrument-specific credit risk	385	118	385	118
Changes in the instrument-specific credit risk	268	294	268	294
Balance, end of period	$ 653	$ 412	$ 653	$ 412
Weighted-average age of policyholders (years)	65 years 10 months 24 days	64 years 10 months 24 days	65 years 10 months 24 days	64 years 10 months 24 days
Net amount at risk	$ 2,953	$ 2,867	$ 2,953	$ 2,867
Legacy \| GMxB Legacy
Market Risk Benefit [Roll Forward]
Balance, beginning of period	9,505	11,715	10,508	13,425
Balance BOP before changes in the instrument specific credit risk	9,336	11,319	9,735	13,023
Model changes and effect of changes in cash flow assumptions	8	0	(1,336)	0
Actual market movement effect	(620)	45	(271)	(747)
Interest accrual	96	152	202	313
Attributed fees accrued	161	198	326	398
Benefit payments	(285)	(310)	(565)	(632)
Actual policyholder behavior different from expected behavior	22	0	42	(23)
Changes in future economic assumptions	(232)	(518)	353	(1,446)
Issuances	0	0	0	0
Balance EOP before changes in the instrument-specific credit risk	8,486	10,886	8,486	10,886
Changes in the instrument-specific credit risk	326	546	326	546
Balance, end of period	$ 8,812	$ 11,432	$ 8,812	$ 11,432
Weighted-average age of policyholders (years)	74 years	73 years 3 months 18 days	74 years	73 years 3 months 18 days
Net amount at risk	$ 15,835	$ 19,710	$ 15,835	$ 19,710
Legacy \| Purchased MRB
Market Risk Benefit [Roll Forward]
Balance, beginning of period	(5,973)	(8,343)	(7,372)	(9,448)
Balance BOP before changes in the instrument specific credit risk	(5,957)	(8,312)	(7,368)	(9,409)
Model changes and effect of changes in cash flow assumptions	5	0	1,860	169
Actual market movement effect	264	5	148	397
Interest accrual	(58)	(111)	(122)	(224)
Attributed fees accrued	(39)	(56)	(99)	(136)
Benefit payments	128	162	257	331
Actual policyholder behavior different from expected behavior	(14)	(10)	(14)	(1)
Changes in future economic assumptions	140	346	(193)	897
Issuances	0	0	0	0
Balance EOP before changes in the instrument-specific credit risk	(5,531)	(7,976)	(5,531)	(7,976)
Changes in the instrument-specific credit risk	(10)	(22)	(10)	(22)
Balance, end of period	$ (5,541)	$ (7,998)	$ (5,541)	$ (7,998)
Weighted-average age of policyholders (years)	73 years 4 months 24 days	72 years 10 months 24 days	73 years 4 months 24 days	72 years 10 months 24 days
Net amount at risk	$ 7,099	$ 10,443	$ 7,099	$ 10,443
Legacy \| Net Legacy
Market Risk Benefit [Roll Forward]
Balance, beginning of period	3,532	3,372	3,136	3,977
Balance BOP before changes in the instrument specific credit risk	3,379	3,007	2,367	3,614
Model changes and effect of changes in cash flow assumptions	13	0	524	169
Actual market movement effect	(356)	50	(123)	(350)
Interest accrual	38	41	80	89
Attributed fees accrued	122	142	227	262
Benefit payments	(157)	(148)	(308)	(301)
Actual policyholder behavior different from expected behavior	8	(10)	28	(24)
Changes in future economic assumptions	(92)	(172)	160	(549)
Issuances	0	0	0	0
Balance EOP before changes in the instrument-specific credit risk	2,955	2,910	2,955	2,910
Changes in the instrument-specific credit risk	316	524	316	524
Balance, end of period	$ 3,271	$ 3,434	$ 3,271	$ 3,434

MARKET RISK BENEFITS - Reconciles Market Risk Benefits (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024
Market Risk Benefit [Line Items]
Direct Asset	$ (776)	$ (863)	$ (799)
Direct Liability	10,187	11,810	$ 12,612
Net Direct MRB	9,411	10,947
Purchased MRB	(5,543)	(7,376)
Total	3,868	3,571
Individual Retirement \| GMxB Core
Market Risk Benefit [Line Items]
Direct Asset	(449)	(514)
Direct Liability	1,102	1,010
Net Direct MRB	653	496
Purchased MRB	0	0
Total	653	496
Legacy \| GMxB Legacy
Market Risk Benefit [Line Items]
Direct Asset	(204)	(230)
Direct Liability	9,016	10,738
Net Direct MRB	8,812	10,508
Purchased MRB	(5,541)	(7,372)
Total	3,271	3,136
Other
Market Risk Benefit [Line Items]
Direct Asset	(123)	(119)
Direct Liability	69	62
Net Direct MRB	(54)	(57)
Purchased MRB	(2)	(4)
Total	$ (56)	$ (61)

POLICYHOLDER ACCOUNT BALANCES - Reconciliation of Policyholders Account Balances to Policyholders' Account Balance 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, Activity [Line Items]
Balance (exclusive of Funding Agreements)	$ 105,433		$ 105,433		$ 97,916
Funding Agreements	17,926		17,926		13,013
Balance, end of period	123,359		123,359		110,929
Interest credited to policyholders’ account balances	796	$ 599	1,474	$ 1,178
Protection Solutions \| Universal Life
Liability for Future Policy Benefit, Activity [Line Items]
Policyholders’ account balance reconciliation	$ 4,973	$ 5,129	4,973	5,129	5,065	$ 5,202
Premiums received			300	327
Policy charges			(335)	(359)
Surrenders and withdrawals			(43)	(45)
Benefit payments			(122)	(106)
Net transfers from (to) General Account			0	0
Interest credited to policyholders’ account balances			108	110
Other (4)			$ 0	$ 0
Weighted-average crediting rate	3.83%	3.80%	3.83%	3.80%
Net amount at risk	$ 32,105	$ 34,364	$ 32,105	$ 34,364
Cash surrender value	3,323	3,393	3,323	3,393
Protection Solutions \| Variable Universal Life
Liability for Future Policy Benefit, Activity [Line Items]
Policyholders’ account balance reconciliation	$ 5,061	$ 4,881	5,061	4,881	4,982	4,850
Premiums received			60	61
Policy charges			(139)	(130)
Surrenders and withdrawals			(2)	(25)
Benefit payments			(70)	(56)
Net transfers from (to) General Account			117	86
Interest credited to policyholders’ account balances			113	95
Other (4)			$ 0	$ 0
Weighted-average crediting rate	3.67%	3.71%	3.67%	3.71%
Net amount at risk	$ 117,332	$ 116,133	$ 117,332	$ 116,133
Cash surrender value	3,176	3,172	3,176	3,172
Legacy Segment \| GMxB Legacy
Liability for Future Policy Benefit, Activity [Line Items]
Policyholders’ account balance reconciliation	$ 253	$ 595	253	595	226	618
Premiums received			5	36
Policy charges			18	18
Surrenders and withdrawals			(32)	(43)
Benefit payments			(8)	(49)
Net transfers from (to) General Account			5	3
Interest credited to policyholders’ account balances			6	12
Other (4)			$ 33	$ 0
Weighted-average crediting rate	2.78%	2.74%	2.78%	2.74%
Net amount at risk	$ 15,835	$ 19,710	$ 15,835	$ 19,710
Cash surrender value	452	531	452	531
Individual Retirement \| GMxB Core
Liability for Future Policy Benefit, Activity [Line Items]
Policyholders’ account balance reconciliation	$ (27)	$ 23	(27)	23	(4)	36
Premiums received			91	119
Policy charges			4	0
Surrenders and withdrawals			(15)	(18)
Benefit payments			(1)	(1)
Net transfers from (to) General Account			(106)	(117)
Interest credited to policyholders’ account balances			4	4
Other (4)			$ 0	$ 0
Weighted-average crediting rate	1.97%	1.67%	1.97%	1.67%
Net amount at risk	$ 2,953	$ 2,867	$ 2,953	$ 2,867
Cash surrender value	202	252	202	252
Individual Retirement \| SCS
Liability for Future Policy Benefit, Activity [Line Items]
Policyholders’ account balance reconciliation	71,542	57,978	71,542	57,978	65,267	49,002
Premiums received			5	9
Policy charges			(24)	(10)
Surrenders and withdrawals			(2,534)	(1,897)
Benefit payments			(179)	(149)
Net transfers from (to) General Account			6,760	6,325
Interest credited to policyholders’ account balances			2,247	4,698
Other (4)			0	0
Net amount at risk	0	1	0	1
Cash surrender value	68,284	54,146	68,284	54,146
Individual Retirement \| EQUI-VEST Individual
Liability for Future Policy Benefit, Activity [Line Items]
Policyholders’ account balance reconciliation	$ 1,932	$ 2,182	1,932	2,182	2,037	2,322
Premiums received			18	15
Policy charges			0	0
Surrenders and withdrawals			(127)	(168)
Benefit payments			(33)	(26)
Net transfers from (to) General Account			8	6
Interest credited to policyholders’ account balances			29	33
Other (4)			$ 0	$ 0
Weighted-average crediting rate	2.96%	2.98%	2.96%	2.98%
Net amount at risk	$ 100	$ 104	$ 100	$ 104
Cash surrender value	1,927	2,176	1,927	2,176
Group Retirement \| EQUI-VEST Group
Liability for Future Policy Benefit, Activity [Line Items]
Policyholders’ account balance reconciliation	$ 11,130	$ 11,369	11,130	11,369	11,158	11,563
Premiums received			293	305
Policy charges			(3)	(3)
Surrenders and withdrawals			(688)	(806)
Benefit payments			(32)	(35)
Net transfers from (to) General Account			237	170
Interest credited to policyholders’ account balances			165	175
Other (4)			$ 0	$ 0
Weighted-average crediting rate	2.75%	2.67%	2.75%	2.67%
Net amount at risk	$ 7	$ 9	$ 7	$ 9
Cash surrender value	11,084	11,313	11,084	11,313
Group Retirement \| Momentum
Liability for Future Policy Benefit, Activity [Line Items]
Policyholders’ account balance reconciliation	$ 498	$ 575	498	575	527	$ 608
Premiums received			26	37
Policy charges			0	0
Surrenders and withdrawals			(53)	(69)
Benefit payments			(1)	(1)
Net transfers from (to) General Account			(7)	(6)
Interest credited to policyholders’ account balances			6	6
Other (4)			$ 0	$ 0
Weighted-average crediting rate	2.48%	2.32%	2.48%	2.32%
Net amount at risk	$ 0	$ 0	$ 0	$ 0
Cash surrender value	499	$ 576	499	$ 576
Other
Liability for Future Policy Benefit, Activity [Line Items]
Policyholders’ account balance reconciliation	$ 10,071		$ 10,071		$ 8,658

POLICYHOLDER ACCOUNT BALANCES - Balances and 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
Policyholder Account Balance [Roll Forward]
Interest credited	$ 796	$ 599	$ 1,474	$ 1,178
Protection Solutions \| Universal Life
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			5,065	5,202
Premiums received			300	327
Policy charges			(335)	(359)
Surrenders and withdrawals			(43)	(45)
Benefit payments			(122)	(106)
Net transfers from (to) separate account			0	0
Interest credited			108	110
Other (4)			0	0
Balance, end of period	$ 4,973	$ 5,129	$ 4,973	$ 5,129
Weighted-average crediting rate	3.83%	3.80%	3.83%	3.80%
Net amount at risk	$ 32,105	$ 34,364	$ 32,105	$ 34,364
Cash surrender value	3,323	3,393	3,323	3,393
Protection Solutions \| Variable Universal Life
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			4,982	4,850
Premiums received			60	61
Policy charges			(139)	(130)
Surrenders and withdrawals			(2)	(25)
Benefit payments			(70)	(56)
Net transfers from (to) separate account			117	86
Interest credited			113	95
Other (4)			0	0
Balance, end of period	$ 5,061	$ 4,881	$ 5,061	$ 4,881
Weighted-average crediting rate	3.67%	3.71%	3.67%	3.71%
Net amount at risk	$ 117,332	$ 116,133	$ 117,332	$ 116,133
Cash surrender value	3,176	3,172	3,176	3,172
Legacy Segment \| GMxB Legacy
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			226	618
Premiums received			5	36
Policy charges			18	18
Surrenders and withdrawals			(32)	(43)
Benefit payments			(8)	(49)
Net transfers from (to) separate account			5	3
Interest credited			6	12
Other (4)			33	0
Balance, end of period	$ 253	$ 595	$ 253	$ 595
Weighted-average crediting rate	2.78%	2.74%	2.78%	2.74%
Net amount at risk	$ 15,835	$ 19,710	$ 15,835	$ 19,710
Cash surrender value	452	531	452	531
Individual Retirement \| GMxB Core
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			(4)	36
Premiums received			91	119
Policy charges			4	0
Surrenders and withdrawals			(15)	(18)
Benefit payments			(1)	(1)
Net transfers from (to) separate account			(106)	(117)
Interest credited			4	4
Other (4)			0	0
Balance, end of period	$ (27)	$ 23	$ (27)	$ 23
Weighted-average crediting rate	1.97%	1.67%	1.97%	1.67%
Net amount at risk	$ 2,953	$ 2,867	$ 2,953	$ 2,867
Cash surrender value	202	252	202	252
Individual Retirement \| SCS
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			65,267	49,002
Premiums received			5	9
Policy charges			(24)	(10)
Surrenders and withdrawals			(2,534)	(1,897)
Benefit payments			(179)	(149)
Net transfers from (to) separate account			6,760	6,325
Interest credited			2,247	4,698
Other (4)			0	0
Balance, end of period	71,542	57,978	71,542	57,978
Net amount at risk	0	1	0	1
Cash surrender value	68,284	54,146	68,284	54,146
Individual Retirement \| EQUI-VEST Individual
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			2,037	2,322
Premiums received			18	15
Policy charges			0	0
Surrenders and withdrawals			(127)	(168)
Benefit payments			(33)	(26)
Net transfers from (to) separate account			8	6
Interest credited			29	33
Other (4)			0	0
Balance, end of period	$ 1,932	$ 2,182	$ 1,932	$ 2,182
Weighted-average crediting rate	2.96%	2.98%	2.96%	2.98%
Net amount at risk	$ 100	$ 104	$ 100	$ 104
Cash surrender value	1,927	2,176	1,927	2,176
Group Retirement \| EQUI-VEST Group
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			11,158	11,563
Premiums received			293	305
Policy charges			(3)	(3)
Surrenders and withdrawals			(688)	(806)
Benefit payments			(32)	(35)
Net transfers from (to) separate account			237	170
Interest credited			165	175
Other (4)			0	0
Balance, end of period	$ 11,130	$ 11,369	$ 11,130	$ 11,369
Weighted-average crediting rate	2.75%	2.67%	2.75%	2.67%
Net amount at risk	$ 7	$ 9	$ 7	$ 9
Cash surrender value	11,084	11,313	11,084	11,313
Group Retirement \| Momentum
Policyholder Account Balance [Roll Forward]
Balance, beginning of period			527	608
Premiums received			26	37
Policy charges			0	0
Surrenders and withdrawals			(53)	(69)
Benefit payments			(1)	(1)
Net transfers from (to) separate account			(7)	(6)
Interest credited			6	6
Other (4)			0	0
Balance, end of period	$ 498	$ 575	$ 498	$ 575
Weighted-average crediting rate	2.48%	2.32%	2.48%	2.32%
Net amount at risk	$ 0	$ 0	$ 0	$ 0
Cash surrender value	$ 499	$ 576	$ 499	$ 576

POLICYHOLDER ACCOUNT BALANCES - Guaranteed Minimum Interest Rates (Details) $ in Millions	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
1 Basis Point - 50 Basis Points Above \| Minimum
Policyholder Account Balance [Line Items]
Basis points above guaranteed minimum crediting rate	0.0001	0.0001
1 Basis Point - 50 Basis Points Above \| Maximum
Policyholder Account Balance [Line Items]
Basis points above guaranteed minimum crediting rate	0.0050	0.0050
51 Basis Points - 150 Basis Points Above \| Minimum
Policyholder Account Balance [Line Items]
Basis points above guaranteed minimum crediting rate	0.0051	0.0051
51 Basis Points - 150 Basis Points Above \| Maximum
Policyholder Account Balance [Line Items]
Basis points above guaranteed minimum crediting rate	0.0150	0.0150
Greater Than 150 Basis Points Above \| Minimum
Policyholder Account Balance [Line Items]
Basis points above guaranteed minimum crediting rate	0.0150	0.0150
Protection Solutions \| Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	$ 4,944	$ 5,035
Protection Solutions \| Universal Life \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 6	$ 6
Protection Solutions \| Universal Life \| 0.00% - 1.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0.00%	0.00%
Protection Solutions \| Universal Life \| 0.00% - 1.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Protection Solutions \| Universal Life \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 1,020	$ 1,029
Protection Solutions \| Universal Life \| 1.51% - 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Protection Solutions \| Universal Life \| 1.51% - 2.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Protection Solutions \| Universal Life \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 3,918	$ 4,000
Protection Solutions \| Universal Life \| Greater than 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Protection Solutions \| Universal Life \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 3,262	$ 3,402
Protection Solutions \| Universal Life \| At Guaranteed Minimum \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Protection Solutions \| Universal Life \| At Guaranteed Minimum \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Protection Solutions \| Universal Life \| At Guaranteed Minimum \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	3,262	3,402
Protection Solutions \| Universal Life \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	744	688
Protection Solutions \| Universal Life \| 1 Basis Point - 50 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Protection Solutions \| Universal Life \| 1 Basis Point - 50 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	88	90
Protection Solutions \| Universal Life \| 1 Basis Point - 50 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	656	598
Protection Solutions \| Universal Life \| 51 Basis Points - 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	277	284
Protection Solutions \| Universal Life \| 51 Basis Points - 150 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Protection Solutions \| Universal Life \| 51 Basis Points - 150 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	277	284
Protection Solutions \| Universal Life \| 51 Basis Points - 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Protection Solutions \| Universal Life \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	661	661
Protection Solutions \| Universal Life \| Greater Than 150 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	6	6
Protection Solutions \| Universal Life \| Greater Than 150 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	655	655
Protection Solutions \| Universal Life \| Greater Than 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Protection Solutions \| Variable Universal Life
Policyholder Account Balance [Line Items]
Policyholder account value	4,511	4,477
Protection Solutions \| Variable Universal Life \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 189	$ 171
Protection Solutions \| Variable Universal Life \| 0.00% - 1.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0.00%	0.00%
Protection Solutions \| Variable Universal Life \| 0.00% - 1.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Protection Solutions \| Variable Universal Life \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 640	$ 617
Protection Solutions \| Variable Universal Life \| 1.51% - 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Protection Solutions \| Variable Universal Life \| 1.51% - 2.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Protection Solutions \| Variable Universal Life \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 3,682	$ 3,689
Protection Solutions \| Variable Universal Life \| Greater than 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Protection Solutions \| Variable Universal Life \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 3,704	$ 3,728
Protection Solutions \| Variable Universal Life \| At Guaranteed Minimum \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	15	24
Protection Solutions \| Variable Universal Life \| At Guaranteed Minimum \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	38	37
Protection Solutions \| Variable Universal Life \| At Guaranteed Minimum \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	3,651	3,667
Protection Solutions \| Variable Universal Life \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	407	372
Protection Solutions \| Variable Universal Life \| 1 Basis Point - 50 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	10	13
Protection Solutions \| Variable Universal Life \| 1 Basis Point - 50 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	370	357
Protection Solutions \| Variable Universal Life \| 1 Basis Point - 50 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	27	2
Protection Solutions \| Variable Universal Life \| 51 Basis Points - 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	348	337
Protection Solutions \| Variable Universal Life \| 51 Basis Points - 150 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	112	94
Protection Solutions \| Variable Universal Life \| 51 Basis Points - 150 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	232	223
Protection Solutions \| Variable Universal Life \| 51 Basis Points - 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	4	20
Protection Solutions \| Variable Universal Life \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	52	40
Protection Solutions \| Variable Universal Life \| Greater Than 150 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	52	40
Protection Solutions \| Variable Universal Life \| Greater Than 150 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Protection Solutions \| Variable Universal Life \| Greater Than 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Legacy Segment \| GMxB Legacy
Policyholder Account Balance [Line Items]
Policyholder account value	453	490
Legacy Segment \| GMxB Legacy \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 65	$ 70
Legacy Segment \| GMxB Legacy \| 0.00% - 1.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0.00%	0.00%
Legacy Segment \| GMxB Legacy \| 0.00% - 1.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Legacy Segment \| GMxB Legacy \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 17	$ 19
Legacy Segment \| GMxB Legacy \| 1.51% - 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Legacy Segment \| GMxB Legacy \| 1.51% - 2.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Legacy Segment \| GMxB Legacy \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 371	$ 401
Legacy Segment \| GMxB Legacy \| Greater than 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Legacy Segment \| GMxB Legacy \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 388	$ 487
Legacy Segment \| GMxB Legacy \| At Guaranteed Minimum \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	67
Legacy Segment \| GMxB Legacy \| At Guaranteed Minimum \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	17	19
Legacy Segment \| GMxB Legacy \| At Guaranteed Minimum \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	371	401
Legacy Segment \| GMxB Legacy \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	62	3
Legacy Segment \| GMxB Legacy \| 1 Basis Point - 50 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	62	3
Legacy Segment \| GMxB Legacy \| 1 Basis Point - 50 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Legacy Segment \| GMxB Legacy \| 1 Basis Point - 50 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Legacy Segment \| GMxB Legacy \| 51 Basis Points - 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	3	0
Legacy Segment \| GMxB Legacy \| 51 Basis Points - 150 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	3	0
Legacy Segment \| GMxB Legacy \| 51 Basis Points - 150 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Legacy Segment \| GMxB Legacy \| 51 Basis Points - 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Legacy Segment \| GMxB Legacy \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Legacy Segment \| GMxB Legacy \| Greater Than 150 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Legacy Segment \| GMxB Legacy \| Greater Than 150 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Legacy Segment \| GMxB Legacy \| Greater Than 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Individual Retirement \| GMxB Core
Policyholder Account Balance [Line Items]
Policyholder account value	206	235
Individual Retirement \| GMxB Core \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 158	$ 171
Individual Retirement \| GMxB Core \| 0.00% - 1.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0.00%	0.00%
Individual Retirement \| GMxB Core \| 0.00% - 1.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Individual Retirement \| GMxB Core \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 11	$ 12
Individual Retirement \| GMxB Core \| 1.51% - 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Individual Retirement \| GMxB Core \| 1.51% - 2.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Individual Retirement \| GMxB Core \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 37	$ 52
Individual Retirement \| GMxB Core \| Greater than 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Individual Retirement \| GMxB Core \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 48	$ 75
Individual Retirement \| GMxB Core \| At Guaranteed Minimum \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	11
Individual Retirement \| GMxB Core \| At Guaranteed Minimum \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	11	12
Individual Retirement \| GMxB Core \| At Guaranteed Minimum \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	37	52
Individual Retirement \| GMxB Core \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	10	160
Individual Retirement \| GMxB Core \| 1 Basis Point - 50 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	10	160
Individual Retirement \| GMxB Core \| 1 Basis Point - 50 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Individual Retirement \| GMxB Core \| 1 Basis Point - 50 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Individual Retirement \| GMxB Core \| 51 Basis Points - 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	148	0
Individual Retirement \| GMxB Core \| 51 Basis Points - 150 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	148	0
Individual Retirement \| GMxB Core \| 51 Basis Points - 150 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Individual Retirement \| GMxB Core \| 51 Basis Points - 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Individual Retirement \| GMxB Core \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Individual Retirement \| GMxB Core \| Greater Than 150 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Individual Retirement \| GMxB Core \| Greater Than 150 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Individual Retirement \| GMxB Core \| Greater Than 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Individual Retirement \| EQUI-VEST Individual
Policyholder Account Balance [Line Items]
Policyholder account value	1,932	2,036
Individual Retirement \| EQUI-VEST Individual \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 189	$ 240
Individual Retirement \| EQUI-VEST Individual \| 0.00% - 1.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0.00%	0.00%
Individual Retirement \| EQUI-VEST Individual \| 0.00% - 1.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Individual Retirement \| EQUI-VEST Individual \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 79	$ 38
Individual Retirement \| EQUI-VEST Individual \| 1.51% - 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Individual Retirement \| EQUI-VEST Individual \| 1.51% - 2.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Individual Retirement \| EQUI-VEST Individual \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 1,664	$ 1,758
Individual Retirement \| EQUI-VEST Individual \| Greater than 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Individual Retirement \| EQUI-VEST Individual \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 1,676	$ 1,838
Individual Retirement \| EQUI-VEST Individual \| At Guaranteed Minimum \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	42
Individual Retirement \| EQUI-VEST Individual \| At Guaranteed Minimum \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	12	38
Individual Retirement \| EQUI-VEST Individual \| At Guaranteed Minimum \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	1,664	1,758
Individual Retirement \| EQUI-VEST Individual \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	97	198
Individual Retirement \| EQUI-VEST Individual \| 1 Basis Point - 50 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	30	198
Individual Retirement \| EQUI-VEST Individual \| 1 Basis Point - 50 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	67	0
Individual Retirement \| EQUI-VEST Individual \| 1 Basis Point - 50 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Individual Retirement \| EQUI-VEST Individual \| 51 Basis Points - 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	159	0
Individual Retirement \| EQUI-VEST Individual \| 51 Basis Points - 150 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	159	0
Individual Retirement \| EQUI-VEST Individual \| 51 Basis Points - 150 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Individual Retirement \| EQUI-VEST Individual \| 51 Basis Points - 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Individual Retirement \| EQUI-VEST Individual \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Individual Retirement \| EQUI-VEST Individual \| Greater Than 150 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Individual Retirement \| EQUI-VEST Individual \| Greater Than 150 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Individual Retirement \| EQUI-VEST Individual \| Greater Than 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Group Retirement \| EQUI-VEST Group
Policyholder Account Balance [Line Items]
Policyholder account value	9,732	9,827
Group Retirement \| EQUI-VEST Group \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 3,402	$ 3,402
Group Retirement \| EQUI-VEST Group \| 0.00% - 1.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0.00%	0.00%
Group Retirement \| EQUI-VEST Group \| 0.00% - 1.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Group Retirement \| EQUI-VEST Group \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 342	$ 349
Group Retirement \| EQUI-VEST Group \| 1.51% - 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Group Retirement \| EQUI-VEST Group \| 1.51% - 2.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Group Retirement \| EQUI-VEST Group \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 5,988	$ 6,076
Group Retirement \| EQUI-VEST Group \| Greater than 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Group Retirement \| EQUI-VEST Group \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 6,331	$ 7,145
Group Retirement \| EQUI-VEST Group \| At Guaranteed Minimum \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	1	720
Group Retirement \| EQUI-VEST Group \| At Guaranteed Minimum \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	342	349
Group Retirement \| EQUI-VEST Group \| At Guaranteed Minimum \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	5,988	6,076
Group Retirement \| EQUI-VEST Group \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	945	2,391
Group Retirement \| EQUI-VEST Group \| 1 Basis Point - 50 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	945	2,391
Group Retirement \| EQUI-VEST Group \| 1 Basis Point - 50 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Group Retirement \| EQUI-VEST Group \| 1 Basis Point - 50 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Group Retirement \| EQUI-VEST Group \| 51 Basis Points - 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	2,194	33
Group Retirement \| EQUI-VEST Group \| 51 Basis Points - 150 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	2,194	33
Group Retirement \| EQUI-VEST Group \| 51 Basis Points - 150 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Group Retirement \| EQUI-VEST Group \| 51 Basis Points - 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Group Retirement \| EQUI-VEST Group \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	262	258
Group Retirement \| EQUI-VEST Group \| Greater Than 150 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	262	258
Group Retirement \| EQUI-VEST Group \| Greater Than 150 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Group Retirement \| EQUI-VEST Group \| Greater Than 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Group Retirement \| Momentum
Policyholder Account Balance [Line Items]
Policyholder account value	497	526
Group Retirement \| Momentum \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 337	$ 357
Group Retirement \| Momentum \| 0.00% - 1.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0.00%	0.00%
Group Retirement \| Momentum \| 0.00% - 1.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Group Retirement \| Momentum \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 100	$ 108
Group Retirement \| Momentum \| 1.51% - 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Group Retirement \| Momentum \| 1.51% - 2.50% \| Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Group Retirement \| Momentum \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 60	$ 61
Group Retirement \| Momentum \| Greater than 2.50% \| Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Group Retirement \| Momentum \| At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account value	$ 129	$ 135
Group Retirement \| Momentum \| At Guaranteed Minimum \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Group Retirement \| Momentum \| At Guaranteed Minimum \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	74	79
Group Retirement \| Momentum \| At Guaranteed Minimum \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	55	56
Group Retirement \| Momentum \| 1 Basis Point - 50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	26	29
Group Retirement \| Momentum \| 1 Basis Point - 50 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Group Retirement \| Momentum \| 1 Basis Point - 50 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	26	29
Group Retirement \| Momentum \| 1 Basis Point - 50 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Group Retirement \| Momentum \| 51 Basis Points - 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	256	274
Group Retirement \| Momentum \| 51 Basis Points - 150 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	251	269
Group Retirement \| Momentum \| 51 Basis Points - 150 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Group Retirement \| Momentum \| 51 Basis Points - 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	5	5
Group Retirement \| Momentum \| Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account value	86	88
Group Retirement \| Momentum \| Greater Than 150 Basis Points Above \| 0.00% - 1.50%
Policyholder Account Balance [Line Items]
Policyholder account value	86	88
Group Retirement \| Momentum \| Greater Than 150 Basis Points Above \| 1.51% - 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	0	0
Group Retirement \| Momentum \| Greater Than 150 Basis Points Above \| Greater than 2.50%
Policyholder Account Balance [Line Items]
Policyholder account value	$ 0	$ 0

POLICYHOLDER ACCOUNT BALANCES - Reconciliation of Separate Account Liabilities to Separate Account Liability balance (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]
Separate Accounts liabilities	$ 131,683	$ 134,717
Protection Solutions \| Variable Universal Life
Liability for Future Policy Benefit, Activity [Line Items]
Separate Accounts liabilities	18,968	18,176	$ 17,212	$ 15,821
Legacy Segment \| GMxB Legacy
Liability for Future Policy Benefit, Activity [Line Items]
Separate Accounts liabilities	28,275	33,199	33,966	33,794
Individual Retirement \| GMxB Core
Liability for Future Policy Benefit, Activity [Line Items]
Separate Accounts liabilities	30,057	30,411	30,476	29,829
Individual Retirement \| EQUI-VEST Individual
Liability for Future Policy Benefit, Activity [Line Items]
Separate Accounts liabilities	4,756	4,782	4,785	4,582
Individual Retirement \| Investment Edge
Liability for Future Policy Benefit, Activity [Line Items]
Separate Accounts liabilities	5,072	4,885	4,588	4,275
Group Retirement \| EQUI-VEST Group
Liability for Future Policy Benefit, Activity [Line Items]
Separate Accounts liabilities	31,714	30,546	29,225	26,959
Group Retirement \| Momentum
Liability for Future Policy Benefit, Activity [Line Items]
Separate Accounts liabilities	5,008	4,813	$ 4,702	$ 4,421
Other
Liability for Future Policy Benefit, Activity [Line Items]
Separate Accounts liabilities	$ 7,833	$ 7,905

POLICYHOLDER ACCOUNT BALANCES - Balances and Changes in Separate Accounts Liability (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Separate Account, Liability [Roll Forward]
Balance, beginning of period	$ 134,717
Balance, end of period	131,683
Protection Solutions \| VUL
Separate Account, Liability [Roll Forward]
Balance, beginning of period	18,176	$ 15,821
Premiums and deposits	664	616
Policy charges	(292)	(287)
Surrenders and withdrawals	(350)	(330)
Benefit payments	(54)	(30)
Investment performance	941	1,508
Net transfers from (to) General Account	(117)	(86)
Other charges (2)	0	0
Balance, end of period	18,968	17,212
Cash surrender value	18,600	16,840
Legacy Segment \| GMxB Legacy
Separate Account, Liability [Roll Forward]
Balance, beginning of period	33,199	33,794
Premiums and deposits	118	112
Policy charges	(265)	(324)
Surrenders and withdrawals	(1,499)	(1,629)
Benefit payments	(364)	(385)
Investment performance	907	(3)
Net transfers from (to) General Account	(5)	2,401
Other charges (2)	(3,816)	0
Balance, end of period	28,275	33,966
Cash surrender value	28,071	33,702
Individual Retirement \| GMxB Core
Separate Account, Liability [Roll Forward]
Balance, beginning of period	30,411	29,829
Premiums and deposits	934	1,000
Policy charges	(252)	(249)
Surrenders and withdrawals	(1,861)	(1,720)
Benefit payments	(145)	(135)
Investment performance	864	117
Net transfers from (to) General Account	106	1,634
Other charges (2)	0	0
Balance, end of period	30,057	30,476
Cash surrender value	29,218	29,644
Individual Retirement \| EQUI-VEST Individual
Separate Account, Liability [Roll Forward]
Balance, beginning of period	4,782	4,582
Premiums and deposits	49	40
Policy charges	(2)	(1)
Surrenders and withdrawals	(237)	(248)
Benefit payments	(36)	(26)
Investment performance	208	(7)
Net transfers from (to) General Account	(8)	445
Other charges (2)	0	0
Balance, end of period	4,756	4,785
Cash surrender value	4,724	4,752
Individual Retirement \| Investment Edge
Separate Account, Liability [Roll Forward]
Balance, beginning of period	4,885	4,275
Premiums and deposits	901	739
Policy charges	0	0
Surrenders and withdrawals	(242)	(254)
Benefit payments	(17)	(15)
Investment performance	247	(465)
Net transfers from (to) General Account	(702)	308
Other charges (2)	0	0
Balance, end of period	5,072	4,588
Cash surrender value	4,983	4,501
Group Retirement \| EQUI-VEST Group
Separate Account, Liability [Roll Forward]
Balance, beginning of period	30,546	26,959
Premiums and deposits	1,252	1,180
Policy charges	(8)	(8)
Surrenders and withdrawals	(1,271)	(1,113)
Benefit payments	(32)	(32)
Investment performance	1,464	(170)
Net transfers from (to) General Account	(237)	2,409
Other charges (2)	0	0
Balance, end of period	31,714	29,225
Cash surrender value	31,412	28,935
Group Retirement \| Momentum
Separate Account, Liability [Roll Forward]
Balance, beginning of period	4,813	4,421
Premiums and deposits	330	379
Policy charges	(12)	(11)
Surrenders and withdrawals	(433)	(476)
Benefit payments	(5)	(7)
Investment performance	308	6
Net transfers from (to) General Account	7	390
Other charges (2)	0	0
Balance, end of period	5,008	4,702
Cash surrender value	$ 5,001	$ 4,694

POLICYHOLDER ACCOUNT BALANCES - Aggregate Fair Value of Separate Account Assets (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Policyholder Account Balance [Line Items]
Separate Accounts assets	$ 131,683	$ 134,717
Debt securities
Policyholder Account Balance [Line Items]
Separate Accounts assets	76	79
Common Stock
Policyholder Account Balance [Line Items]
Separate Accounts assets	2,348	2,207
Mutual Funds
Policyholder Account Balance [Line Items]
Separate Accounts assets	128,137	131,292
Bonds and Notes
Policyholder Account Balance [Line Items]
Separate Accounts assets	1,122	1,139
Protection Solutions
Policyholder Account Balance [Line Items]
Separate Accounts assets	19,635	18,828
Protection Solutions \| Debt securities
Policyholder Account Balance [Line Items]
Separate Accounts assets	49	51
Protection Solutions \| Common Stock
Policyholder Account Balance [Line Items]
Separate Accounts assets	68	68
Protection Solutions \| Mutual Funds
Policyholder Account Balance [Line Items]
Separate Accounts assets	19,417	18,611
Protection Solutions \| Bonds and Notes
Policyholder Account Balance [Line Items]
Separate Accounts assets	101	98
Individual Retirement
Policyholder Account Balance [Line Items]
Separate Accounts assets	41,750	42,070
Individual Retirement \| Debt securities
Policyholder Account Balance [Line Items]
Separate Accounts assets	1	1
Individual Retirement \| Common Stock
Policyholder Account Balance [Line Items]
Separate Accounts assets	37	36
Individual Retirement \| Mutual Funds
Policyholder Account Balance [Line Items]
Separate Accounts assets	41,709	42,029
Individual Retirement \| Bonds and Notes
Policyholder Account Balance [Line Items]
Separate Accounts assets	3	4
Group Retirement
Policyholder Account Balance [Line Items]
Separate Accounts assets	38,597	37,266
Group Retirement \| Debt securities
Policyholder Account Balance [Line Items]
Separate Accounts assets	9	14
Group Retirement \| Common Stock
Policyholder Account Balance [Line Items]
Separate Accounts assets	512	472
Group Retirement \| Mutual Funds
Policyholder Account Balance [Line Items]
Separate Accounts assets	38,075	36,779
Group Retirement \| Bonds and Notes
Policyholder Account Balance [Line Items]
Separate Accounts assets	1	1
Corp & Other
Policyholder Account Balance [Line Items]
Separate Accounts assets	3,402	3,339
Corp & Other \| Debt securities
Policyholder Account Balance [Line Items]
Separate Accounts assets	17	13
Corp & Other \| Common Stock
Policyholder Account Balance [Line Items]
Separate Accounts assets	1,731	1,631
Corp & Other \| Mutual Funds
Policyholder Account Balance [Line Items]
Separate Accounts assets	637	659
Corp & Other \| Bonds and Notes
Policyholder Account Balance [Line Items]
Separate Accounts assets	1,017	1,036
Legacy Segment
Policyholder Account Balance [Line Items]
Separate Accounts assets	28,299	33,214
Legacy Segment \| Debt securities
Policyholder Account Balance [Line Items]
Separate Accounts assets	0	0
Legacy Segment \| Common Stock
Policyholder Account Balance [Line Items]
Separate Accounts assets	0	0
Legacy Segment \| Mutual Funds
Policyholder Account Balance [Line Items]
Separate Accounts assets	28,299	33,214
Legacy Segment \| Bonds and Notes
Policyholder Account Balance [Line Items]
Separate Accounts assets	$ 0	$ 0

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
AB Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Settlements	$ 35			$ 59
Additional fund to cover obligations		$ 2		2
General and administration expense				21
Net Periodic Pension Expense
Defined Benefit Plan Disclosure [Line Items]
Service cost		7	$ 2	15	$ 4
Interest cost		28	31	56	59
Expected return on assets		(33)	(37)	(67)	(73)
Prior period service cost amortization		0	(1)	(1)	(1)
Net amortization		11	14	23	28
Impact of settlement		0	0	21	0
Net Periodic Pension Expense		$ 13	$ 9	$ 47	$ 17

INCOME TAXES (Details) $ in Millions	3 Months Ended	6 Months Ended
INCOME TAXES (Details) $ in Millions	Jun. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)
Income Tax Disclosure [Abstract]
Increase (decrease) in valuation allowance	$ (33)	$ (41)
Valuation allowance	$ 258	$ 258

EQUITY - Preferred Stock Activity (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Apr. 11, 2025	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		64,000		64,000		64,000
Preferred stock, shares issued (in shares)		50,613		50,613		61,773
Preferred stock, shares outstanding (in shares)		50,613		50,613		61,773
Redeemed and retired stock		$ 0	$ 0	$ 0	$ 0
Series A
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		32,000		32,000		32,000
Preferred stock, shares issued (in shares)		32,000		32,000		32,000
Preferred stock, shares outstanding (in shares)		32,000		32,000		32,000
Series B
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		20,000		20,000		20,000
Preferred stock, shares issued (in shares)		6,613		6,613		17,773
Preferred stock, shares outstanding (in shares)		6,613		6,613		17,773
Redeemed and retired stock	$ 279
Series C
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		12,000		12,000		12,000
Preferred stock, shares issued (in shares)		12,000		12,000		12,000
Preferred stock, shares outstanding (in shares)		12,000		12,000		12,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
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EQUITY - Dividends Declared (Details) - $ / shares	3 Months Ended		6 Months Ended
EQUITY - Dividends Declared (Details) - $ / shares	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Class of Stock [Line Items]
Dividends declared per share of common stock (in dollars per share)	$ 0.27	$ 0.24	$ 0.51	$ 0.46
Series A
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	328	328	656	656
Series B
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	619	619	619	619
Series C
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)	$ 269	$ 269	$ 538	$ 538

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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EQUITY - Share Repurchase - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Apr. 30, 2025	Feb. 28, 2025	Feb. 13, 2025	Jan. 31, 2025	Feb. 05, 2024
Class of Stock [Line Items]
Aggregate amount of share repurchases authorized									$ 1,500		$ 1,300
Share repurchase program, remaining authorized repurchase amount			$ 1,500		$ 1,500
Shares repurchased (in shares)			2,400,000	3,200,000	4,700,000	6,400,000
Accelerated Share Repurchase Agreement
Class of Stock [Line Items]
Shares repurchased (in shares)			4,800,000	6,300,000	9,800,000	13,800,000
Share repurchases, average purchase price (in dollars per share)			$ 51.71	$ 39.21	$ 50.79	$ 36.31
March 2025 and Terminated April 2025
Class of Stock [Line Items]
Aggregate amount of share repurchases authorized	$ 38
Shares repurchased (in shares)	567,270
Pre-payment of share repurchases	$ 38
Additional shares received (in shares)							201,068
March 2025 And Terminated April 2025 Second
Class of Stock [Line Items]
Aggregate amount of share repurchases authorized	$ 102
Shares repurchased (in shares)	1,600,000
Pre-payment of share repurchases	$ 102
Additional shares received (in shares)							629,617
December 2024 and Terminated January 2025
Class of Stock [Line Items]
Aggregate amount of share repurchases authorized		$ 32
Shares repurchased (in shares)		550,301
Pre-payment of share repurchases		$ 32
Additional shares received (in shares)										105,468
December 2024 And Terminated February 2025
Class of Stock [Line Items]
Aggregate amount of share repurchases authorized		$ 105
Shares repurchased (in shares)		1,800,000
Pre-payment of share repurchases		$ 105
Additional shares received (in shares)								274,630

EQUITY - Cumulative Gains (Losses) (Details) - USD ($) $ in Millions	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) attributable to Holdings	$ 2,605	$ 4,205	$ 3,423	$ 3,339	$ 3,715	$ 4,375
Total accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) attributable to Holdings	(7,451)		(8,754)
Unrealized gains (losses) on investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) attributable to Holdings	(6,501)		(7,334)
Market risk benefits - instrument-specific credit risk component
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) attributable to Holdings	(601)		(1,125)
Liability for future policy benefits - current discount rate component
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) attributable to Holdings	255		372
Defined benefit pension plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) attributable to Holdings	(553)		(579)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) attributable to Holdings	(51)		(88)
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) attributable to Holdings	(19)		(42)
Accumulated other comprehensive income (loss) attributable to Holdings
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss) attributable to Holdings	$ (7,432)	$ (7,567)	$ (8,712)	$ (8,675)	$ (8,191)	$ (7,797)

EQUITY - Components of OCI, Net of Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period	$ 335	$ (443)	$ 993	$ (986)
(Gains) losses reclassified into net income (loss) during the period	28	0	34	21
Net unrealized gains (losses) on investments	363	(443)	1,027	(965)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other	(54)	34	(109)	43
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $297, $(235) and $(1,364))	309	(409)	918	(922)
Change in LFPB discount rate and MRB credit risk, net of tax
Changes in market risk benefits - instrument-specific credit risk (net of deferred income tax expense (benefit) of $110, $(37)and $332)	(170)	(159)	414	(139)
Changes in liability for future policy benefits - current discount rate (net of deferred income tax expense (benefit) of $(25), $44 and $285)	(29)	67	(92)	165
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost	9	11	26	19
Change in defined benefit plans (net of deferred income tax expense (benefit) of $3, $7, $1, and $5)	9	11	26	19
Foreign currency translation adjustments:
Foreign currency translation gains (losses) arising during the period	26	9	37	(2)
Foreign currency translation adjustment	26	9	37	(2)
Other comprehensive income (loss)	145	(481)	1,303	(879)
Less: Other comprehensive income (loss) attributable to noncontrolling interest	10	3	23	(1)
Other comprehensive income (loss) attributable to Holdings	135	(484)	1,280	(878)
Deferred income tax expense (benefit) for change in unrealized gains (losses)	124	(102)	297	(235)
Deferred income tax expense (benefit) for market risk benefits - change in instrument-specific credit risk	(45)	(42)	110	(37)
Deferred income tax expense (benefit) for liability for future policy benefits - change in current discount rate	(8)	18	(25)	44
Deferred income tax expense (benefit) for change in defined benefit plans	3	7	1	5
Increase (decrease) in valuation allowance	(33)		(41)
Valuation allowance	258		258
Reclassification adjustment	$ (7)	$ 0	$ (9)	$ (6)

SHORT-TERM AND LONG-TERM DEBT - Summary of Short and Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total short-term debt	$ 0	$ 0
Total long-term debt	4,332	3,833
Total short and long-term debt	4,332	3,833
Senior Notes \| Senior Debenture due 2028
Debt Instrument [Line Items]
Total long-term debt	250	250
Senior Notes \| Senior Note due 2028
Debt Instrument [Line Items]
Total long-term debt	1,495	1,494
Senior Notes \| Senior Note due 2029
Debt Instrument [Line Items]
Total long-term debt	305	303
Senior Notes \| Senior Note due 2033
Debt Instrument [Line Items]
Total long-term debt	497	497
Senior Notes \| Senior Note due 2048
Debt Instrument [Line Items]
Total long-term debt	1,290	1,289
Junior Subordinated Debt \| Junior Subordinated Debt Due 2055
Debt Instrument [Line Items]
Total long-term debt	$ 495	$ 0

SHORT-TERM AND LONG-TERM DEBT - Narrative (Details) - Junior Subordinated Debt - Junior Subordinated Debt Due 2055 $ in Millions	Mar. 26, 2025 USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 500
Interest rate	6.70%
Debt instrument, face amount	$ 6
Debt instrument, stated percentage	6.70%
Effective Interest Rate	2.40%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]

REDEEMABLE NONCONTROLLING INTEREST (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2025

Jun. 30, 2024

Jun. 30, 2025

Jun. 30, 2024

Balance, beginning of period

$ 289

$ 991

$ 125

^[1],[2]

$ 770

Purchase/change of redeemable noncontrolling interests

(2)

16

1

34

71

81

232

284

Balance, end of period

$ 358

^[1],[2]

$ 1,088

$ 358

^[1],[2]

$ 1,088

[1]	See Note 15 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.
[2]	See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.

COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) - USD ($)	1 Months Ended
	Jun. 30, 2024	Apr. 30, 2019	Jun. 30, 2025	Jun. 06, 2024	May 31, 2023
Loss Contingencies [Line Items]
Unaccrued amounts of reasonably possible range of losses			$ 100,000,000
Commitments by the company to provide equity financing			1,100,000,000
Commitments under existing mortgage loan agreements			502,000,000
Letter of Credit
Loss Contingencies [Line Items]
Undrawn balance			17,000,000
Equitable America
Loss Contingencies [Line Items]
Federal home loan bank stock			5,000,000
Carrying value of collateral pledged for federal home loan bank			245,000,000
Equitable Financial
Loss Contingencies [Line Items]
Federal home loan bank stock			323,000,000
Carrying value of collateral pledged for federal home loan bank			11,000,000,000.0
Senior Note due 2029 \| Senior Notes
Loss Contingencies [Line Items]
Debt instrument, face amount	$ 600,000,000			$ 600,000,000
Interest rate on debt instrument	4.572%
Trust Notes
Loss Contingencies [Line Items]
Line of credit facility, maximum borrowing capacity			16,000,000,000.0
Funding Agreement-Backed Commercial Paper Program \| Equitable America
Loss Contingencies [Line Items]
Long-term line of credit outstanding			0		$ 1,000,000,000
Funding Agreement-Backed Commercial Paper Program \| Equitable Financial
Loss Contingencies [Line Items]
Long-term line of credit outstanding			$ 1,600,000,000		$ 3,000,000,000
Pre-Capitalized Trust Securities
Loss Contingencies [Line Items]
Period to issue senior notes to Trusts	30 years
2029 Trust
Loss Contingencies [Line Items]
Shares issued (in shares)		600,000
Proceeds from offering		$ 600,000,000
2049 Trust
Loss Contingencies [Line Items]
Shares issued (in shares)		400,000
Proceeds from offering		$ 400,000,000
Semi-annual facility fee rate	2.715%
2054 Trust
Loss Contingencies [Line Items]
Shares issued (in shares)	600,000
Proceeds from offering	$ 600,000,000
Semi-annual facility fee rate	1.779%

COMMITMENTS AND CONTINGENT LIABILITIES - Funding Agreements (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	$ 7,165
Issued During the Period	35,094
Repaid During the Period	(35,194)
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	7,065
Difference related to remaining amortization	18	$ 2
Federal Home Loan Bank (FHLB) \| Due in one year or less
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	5,843
Issued During the Period	34,894
Repaid During the Period	(35,194)
Long-term Agreements Maturing Within One Year	409
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	5,952
Federal Home Loan Bank (FHLB) \| Total long-term funding agreements
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	1,322
Issued During the Period	200
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(409)
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	1,113
Federal Home Loan Bank (FHLB) \| Due in years two through five
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	829
Issued During the Period	200
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(388)
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	641
Federal Home Loan Bank (FHLB) \| Due in more than five years
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	493
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(21)
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	472
Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	5,743
Issued During the Period	3,400
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	107
Outstanding Balance, period end	9,250
Difference related to remaining amortization	28	$ 18
Funding Agreement-Backed Notes Program (FABN) \| Due in one year or less
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	1,050
Issued During the Period	300
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	450
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	0
Outstanding Balance, period end	1,800
Funding Agreement-Backed Notes Program (FABN) \| Total long-term funding agreements
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	4,693
Issued During the Period	3,100
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(450)
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	107
Outstanding Balance, period end	7,450
Funding Agreement-Backed Notes Program (FABN) \| Due in years two through five
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	4,393
Issued During the Period	3,100
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	(450)
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	107
Outstanding Balance, period end	7,150
Funding Agreement-Backed Notes Program (FABN) \| Due in more than five years
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	300
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	0
Outstanding Balance, period end	$ 300

BUSINESS SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
BUSINESS SEGMENT INFORMATION - Narrative (Details)	Jun. 30, 2025 segment clientChannel
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	6
Asset Management
Segment Reporting Information [Line Items]
Number of main client channels \| clientChannel	3

BUSINESS SEGMENT INFORMATION - Operating Earning (Loss) By Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting Information [Line Items]
Segment revenues	$ 3,801	$ 3,618	$ 7,585	$ 7,257
Benefits and other deductions
Policyholders’ benefits	787	667	1,546	1,344
Interest credited to policyholders’ account balances	805	598	1,468	1,177
Commissions and distribution-related payments	488	463	989	900
Amortization of deferred policy acquisition costs	193	169	381	341
Compensation and benefits	569	563	1,161	1,162
Interest expense and financing fees	72	63	130	126
Total benefits and other deductions	2,914	2,523	5,675	5,050
Other segment items	358	375	749	792
Income taxes	(92)	(119)	(194)	(229)
Less: Operating (earnings) loss attributable to the noncontrolling interest	85	106	194	214
Operating earnings (loss)	352	495	773	972
Operating Segments \| Individual Retirement
Segment Reporting Information [Line Items]
Segment revenues	1,006	888	2,003	1,728
Benefits and other deductions
Policyholders’ benefits	76	78	168	155
Interest credited to policyholders’ account balances	408	281	773	529
Commissions and distribution-related payments	101	80	199	157
Amortization of deferred policy acquisition costs	127	111	251	220
Compensation and benefits	6	14	24	31
Interest expense and financing fees	0	0	0	0
Total benefits and other deductions	718	564	1,415	1,092
Other segment items	31	38	76	72
Income taxes	(42)	(40)	(81)	(80)
Less: Operating (earnings) loss attributable to the noncontrolling interest	0	0	0	0
Operating earnings (loss)	215	246	431	484
Operating Segments \| Group Retirement
Segment Reporting Information [Line Items]
Segment revenues	309	283	625	574
Benefits and other deductions
Policyholders’ benefits	0	0	0	0
Interest credited to policyholders’ account balances	68	56	131	108
Commissions and distribution-related payments	44	45	87	89
Amortization of deferred policy acquisition costs	16	8	31	23
Compensation and benefits	9	8	21	18
Interest expense and financing fees	0	0	0	0
Total benefits and other deductions	137	117	270	238
Other segment items	23	21	53	46
Income taxes	(25)	(20)	(48)	(41)
Less: Operating (earnings) loss attributable to the noncontrolling interest	0	0	0	0
Operating earnings (loss)	124	125	254	249
Operating Segments \| Asset Management
Segment Reporting Information [Line Items]
Segment revenues	1,094	1,051	2,182	2,144
Benefits and other deductions
Policyholders’ benefits	0	0	0	0
Interest credited to policyholders’ account balances	0	0	0	0
Commissions and distribution-related payments	197	180	398	353
Amortization of deferred policy acquisition costs	0	0	0	0
Compensation and benefits	429	420	851	867
Interest expense and financing fees	9	12	16	29
Total benefits and other deductions	635	612	1,265	1,249
Other segment items	196	201	381	409
Income taxes	(48)	(42)	(89)	(86)
Less: Operating (earnings) loss attributable to the noncontrolling interest	84	95	190	193
Operating earnings (loss)	131	101	257	207
Operating Segments \| Protection Solutions
Segment Reporting Information [Line Items]
Segment revenues	825	834	1,651	1,658
Benefits and other deductions
Policyholders’ benefits	603	473	1,159	960
Interest credited to policyholders’ account balances	145	128	266	256
Commissions and distribution-related payments	41	43	83	83
Amortization of deferred policy acquisition costs	32	32	64	62
Compensation and benefits	27	37	65	73
Interest expense and financing fees	0	0	2	0
Total benefits and other deductions	848	713	1,639	1,434
Other segment items	46	38	100	90
Income taxes	11	(12)	14	(19)
Less: Operating (earnings) loss attributable to the noncontrolling interest	0	(1)	1	(1)
Operating earnings (loss)	(58)	72	(75)	116
Operating Segments \| Wealth Management
Segment Reporting Information [Line Items]
Segment revenues	471	442	934	865
Benefits and other deductions
Policyholders’ benefits	0	0	0	0
Interest credited to policyholders’ account balances	0	0	0	0
Commissions and distribution-related payments	296	282	589	542
Amortization of deferred policy acquisition costs	0	0	0	0
Compensation and benefits	82	78	164	156
Interest expense and financing fees	0	0	0	0
Total benefits and other deductions	378	360	753	698
Other segment items	24	21	51	48
Income taxes	(18)	(17)	(33)	(32)
Less: Operating (earnings) loss attributable to the noncontrolling interest	0	0	0	0
Operating earnings (loss)	51	44	97	87
Operating Segments \| Legacy
Segment Reporting Information [Line Items]
Segment revenues	100	117	220	246
Benefits and other deductions
Policyholders’ benefits	0	0	0	0
Interest credited to policyholders’ account balances	9	8	16	17
Commissions and distribution-related payments	29	40	65	80
Amortization of deferred policy acquisition costs	15	15	30	31
Compensation and benefits	5	7	12	16
Interest expense and financing fees	0	0	0	0
Total benefits and other deductions	58	70	123	144
Other segment items	8	15	35	31
Income taxes	(6)	(4)	(10)	(10)
Less: Operating (earnings) loss attributable to the noncontrolling interest	0	0	0	0
Operating earnings (loss)	28	28	52	61
Corporate and Other
Segment Reporting Information [Line Items]
Segment revenues	226	230	430	485
Benefits and other deductions
Policyholders’ benefits	108	116	219	229
Interest credited to policyholders’ account balances	175	125	282	267
Commissions and distribution-related payments	2	7	8	10
Amortization of deferred policy acquisition costs	3	3	5	5
Compensation and benefits	11	(1)	24	1
Interest expense and financing fees	69	58	122	114
Total benefits and other deductions	368	308	660	626
Other segment items	32	47	63	108
Income taxes	36	16	53	39
Less: Operating (earnings) loss attributable to the noncontrolling interest	1	12	3	22
Operating earnings (loss)	(139)	(121)	(243)	(232)
Eliminations
Segment Reporting Information [Line Items]
Segment revenues	(230)	(227)	(460)	(443)
Benefits and other deductions
Policyholders’ benefits	0	0	0	0
Interest credited to policyholders’ account balances	0	0	0	0
Commissions and distribution-related payments	(222)	(214)	(440)	(414)
Amortization of deferred policy acquisition costs	0	0	0	0
Compensation and benefits	0	0	0	0
Interest expense and financing fees	(6)	(7)	(10)	(17)
Total benefits and other deductions	(228)	(221)	(450)	(431)
Other segment items	(2)	(6)	(10)	(12)
Income taxes	0	0	0	0
Less: Operating (earnings) loss attributable to the noncontrolling interest	0	0	0	0
Operating earnings (loss)	$ 0	$ 0	$ 0	$ 0

BUSINESS SEGMENT INFORMATION - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting Information [Line Items]
Net income (loss) attributable to Holdings	$ (349)	$ 428	$ (286)	$ 520
Adjustments related to:
Operating earnings (loss)	352	495	773	972
Income (Loss) due to Novation in Pre-Tax Net Income			499	0
Other operating costs and expenses	427	428	1,377	980
Novation
Adjustments related to:
Income (Loss) due to Novation in Pre-Tax Net Income			499
Increase in Pre tax AOCI			263
Total Impact loss			236
Adjustments
Segment Reporting Information [Line Items]
Net income (loss) attributable to Holdings	(349)	428	(286)	520
Adjustments related to:
Variable annuity product	934	81	1,145	411
Investment (gains) losses	71	16	85	55
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	11	14	22	31
Other adjustments	(137)	(33)	68	58
Income tax expense (benefit) related to above adjustments	(185)	(16)	(277)	(116)
Non-recurring tax items	7	$ 5	16	13
Gross legal expenses related to cost of insurance litigation	(198)		(33)	$ 106
Other operating costs and expenses	$ 14		$ 14

BUSINESS SEGMENT INFORMATION - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting Information [Line Items]
Segment revenues	$ 3,801	$ 3,618	$ 7,585	$ 7,257
Adjustments related to:
Total revenues	2,362	3,507	6,938	5,737
Investment expenses	35	33	76	59
Revenues, Adjusted	3,801	3,618	7,585	7,257
Operating Segments \| Individual Retirement
Segment Reporting Information [Line Items]
Segment revenues	1,006	888	2,003	1,728
Adjustments related to:
Revenues, Adjusted	1,006	888	2,003	1,728
Operating Segments \| Group Retirement
Segment Reporting Information [Line Items]
Segment revenues	309	283	625	574
Adjustments related to:
Revenues, Adjusted	309	283	625	574
Operating Segments \| Asset Management
Segment Reporting Information [Line Items]
Segment revenues	1,094	1,051	2,182	2,144
Adjustments related to:
Revenues, Adjusted	1,094	1,051	2,182	2,144
Operating Segments \| Protection Solutions
Segment Reporting Information [Line Items]
Segment revenues	825	834	1,651	1,658
Adjustments related to:
Revenues, Adjusted	825	834	1,651	1,658
Operating Segments \| Wealth Management
Segment Reporting Information [Line Items]
Segment revenues	471	442	934	865
Adjustments related to:
Revenues, Adjusted	471	442	934	865
Operating Segments \| Legacy
Segment Reporting Information [Line Items]
Segment revenues	100	117	220	246
Adjustments related to:
Revenues, Adjusted	100	117	220	246
Corporate and Other
Segment Reporting Information [Line Items]
Segment revenues	226	230	430	485
Adjustments related to:
Revenues, Adjusted	226	230	430	485
Eliminations
Segment Reporting Information [Line Items]
Segment revenues	(230)	(227)	(460)	(443)
Adjustments related to:
Revenues, Adjusted	(230)	(227)	(460)	(443)
Eliminations \| Investment Management and Other Fees
Segment Reporting Information [Line Items]
Segment revenues	44	42	86	84
Adjustments related to:
Revenues, Adjusted	44	42	86	84
Eliminations \| AB Holding
Adjustments related to:
Investment expenses	42	37	76	73
Eliminations \| Wealth Management
Adjustments related to:
Expense related to distribution fees	222	214	440	414
Adjustments
Adjustments related to:
Variable annuity product features, excluding change in MRBs	(1,549)	(210)	(574)	(1,629)
Investment gains (losses), net	(71)	(16)	(85)	(55)
Other adjustments to segment revenues	$ 181	$ 115	$ 12	$ 164

BUSINESS SEGMENT INFORMATION - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 303,088	$ 295,727	$ 287,639
Operating Segments \| Individual Retirement
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	118,774	110,358
Operating Segments \| Group Retirement
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	53,804	51,269
Operating Segments \| Asset Management
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	10,705	10,514
Operating Segments \| Protection Solutions
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	43,693	41,583
Operating Segments \| Wealth Management
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	222	168
Operating Segments \| Legacy
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	36,368	42,373
Corporate and Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 39,522	$ 39,462

INSURANCE STATUTORY FINANCIAL INFORMATION (Details)	6 Months Ended
INSURANCE STATUTORY FINANCIAL INFORMATION (Details)	Jun. 30, 2025 USD ($) prescribed_and_permitted_practice	Dec. 31, 2022	Jun. 30, 2021 USD ($)
Related Party Transaction [Line Items]
Number of prescribed and permitted practices \| prescribed_and_permitted_practice	5
Impact of change in statutory surplus funds	$ 920,000,000
Statement of Statutory Accounting Principles 108
Related Party Transaction [Line Items]
Change in statutory special surplus funds	155,000,000
Unassigned surplus balance			$ 0
Impact of change in statutory surplus funds	$ 1,400,000,000
Target liability change percentage	100.00%
Regulation Number 213
Related Party Transaction [Line Items]
Impact of change in statutory surplus funds	$ (123,000,000)
Percentage of reserves phased-in		100.00%
Redundant reserve balance over TAR	111,000,000
Regulation Number 213 with Seperate Accounts
Related Party Transaction [Line Items]
Impact of change in statutory surplus funds	$ 770,000,000

EARNINGS PER COMMON SHARE - Basic and Diluted Earnings 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

Weighted-average common shares outstanding:

Weighted-average common shares outstanding — basic (in shares)

303.2

324.2

305.5

327.2

Effect of dilutive potential common shares, employee share awards (in shares)

0.0

3.1

0.0

3.2

Weighted average common shares outstanding - diluted (in shares)

303.2

327.3

305.5

330.4

Net income (loss):

Less: Net income (loss) attributable to the noncontrolling interest

$ (283)

$ 565

$ (133)

$ 760

^[1]

66

137

153

240

(349)

428

(286)

520

Net income (loss) available to Holdings’ common shareholders, basic

18

26

32

40

(367)

402

(318)

480

Net income (loss) available to Holdings’ common shareholders, diluted

$ (367)

$ 402

$ (318)

$ 480

Earnings per common share:

$ (1.21)

$ 1.24

$ (1.04)

$ 1.47

Trading securities, at fair value

$ (1.21)

$ 1.23

$ (1.04)

$ 1.45

[1]	Includes redeemable noncontrolling interest. See Note 15 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.

EARNINGS PER COMMON 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]
Antidilutive securities (in shares)	5.0	3.0	5.5	3.1

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($)
$ in Millions

Jun. 30, 2025

Mar. 31, 2025

Dec. 31, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

ASSETS

$ 1,295

$ 1,089

Amounts due from reinsurers

121,798

116,441

7,501

7,899

$ 8,087

Purchased Market Risk Benefits

1,749

2,003

2,129

5,543

7,376

8,002

^[1]

3,962

4,462

3,828

776

863

799

131,683

134,717

303,088

295,727

287,639

Future policy benefits and other policyholders’ liabilities

123,359

110,929

104,049

Market risk benefits

10,187

11,810

12,612

17,557

17,613

17,433

1,350

1,421

1,373

5,847

^[1]

7,032

^[1]

6,612

131,683

134,717

300,125

292,179

283,212

9,870

10,627

10,301

(7,432)

(8,712)

(8,675)

1,149

1,565

1,598

1,456

1,858

1,741

Total Equity and Redeemable NCI

2,605

$ 4,205

3,423

3,339

$ 3,715

$ 4,375

4,427

Total Liabilities, Redeemable Noncontrolling Interest and Equity

$ 303,088

$ 295,727

287,639

As Previously  Reported

ASSETS

Amounts due from reinsurers

8,237

Purchased Market Risk Benefits

2,117

7,993

^[1]

3,825

803

287,769

Future policy benefits and other policyholders’ liabilities

104,072

Market risk benefits

12,593

17,417

1,363

6,718

283,296

10,317

(8,645)

1,644

1,741

Total Equity and Redeemable NCI

3,385

3,755

4,388

4,473

Total Liabilities, Redeemable Noncontrolling Interest and Equity

287,769

Impact of Revisions

ASSETS

Amounts due from reinsurers

(150)

Purchased Market Risk Benefits

12

9

^[1]

3

(4)

(130)

Future policy benefits and other policyholders’ liabilities

(23)

Market risk benefits

19

16

10

(106)

(84)

(16)

(30)

(46)

0

Total Equity and Redeemable NCI

(46)

$ (40)

$ (13)

(46)

Total Liabilities, Redeemable Noncontrolling Interest and Equity

$ (130)

[1]	See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS - Income Statement (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

REVENUES

$ 260

$ 282

$ 564

$ 567

1,355

1,167

2,603

2,377

1,272

1,240

2,557

2,518

294

425

612

683

2,362

3,507

6,938

5,737

Remeasurement of liability for future policy benefits

Policyholders’ benefits

787

667

1,546

1,344

(13)

(7)

(15)

(2)

Change in market risk benefits and purchased market risk benefits

(606)

(132)

66

(1,220)

Interest credited to policyholders’ account balances

796

599

1,474

1,178

Compensation and benefits

592

577

1,193

1,197

Amortization of deferred policy acquisition costs

193

169

381

341

427

428

1,377

980

Income (loss) from continuing operations, before income taxes

2,725

2,826

7,127

4,837

(363)

681

(189)

900

80

(116)

56

(140)

Less: Net income (loss) attributable to the noncontrolling interest

(283)

565

(133)

760

^[1]

66

137

153

240

(349)

428

(286)

520

Net income (loss) available to Holdings’ common shareholders, basic

18

26

32

40

(367)

402

(318)

480

Net income (loss) available to Holdings’ common shareholders, diluted

$ (367)

$ 402

$ (318)

$ 480

EARNINGS PER COMMON SHARE

$ (1.21)

$ 1.24

$ (1.04)

$ 1.47

$ (1.21)

$ 1.23

$ (1.04)

$ 1.45

303.2

324.2

305.5

327.2

303.2

327.3

305.5

330.4

As Previously  Reported

REVENUES

$ 282

$ 557

1,166

2,385

1,240

2,518

429

688

3,510

5,740

Remeasurement of liability for future policy benefits

(8)

(7)

Change in market risk benefits and purchased market risk benefits

(133)

(1,233)

Interest credited to policyholders’ account balances

605

1,171

427

980

Income (loss) from continuing operations, before income taxes

2,829

4,812

681

928

(116)

(146)

Less: Net income (loss) attributable to the noncontrolling interest

565

782

137

240

428

542

Net income (loss) available to Holdings’ common shareholders, basic

26

40

402

502

Net income (loss) available to Holdings’ common shareholders, diluted

$ 402

$ 502

EARNINGS PER COMMON SHARE

$ 1.24

$ 1.53

$ 1.23

$ 1.52

324.2

327.2

327.3

330.4

Impact of Revisions

REVENUES

$ 0

$ 10

1

(8)

0

(4)

(5)

(3)

Remeasurement of liability for future policy benefits

1

5

Change in market risk benefits and purchased market risk benefits

1

13

Interest credited to policyholders’ account balances

(6)

7

1

0

Income (loss) from continuing operations, before income taxes

(3)

25

0

(28)

0

6

Less: Net income (loss) attributable to the noncontrolling interest

0

(22)

0

0

(22)

Net income (loss) available to Holdings’ common shareholders, basic

0

0

(22)

Net income (loss) available to Holdings’ common shareholders, diluted

$ 0

$ (22)

EARNINGS PER COMMON SHARE

$ 0

$ (0.06)

$ 0

$ (0.07)

0.0