American National (ANG-PB) 10-Q 14 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 09, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-31911
Entity Registrant Name	American National Group Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-1447959
Entity Address, Address Line One	6000 Westown Parkway
Entity Address, City or Town	West Des Moines
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50266
City Area Code	515
Local Phone Number	221-0002
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,000
Entity Central Index Key	0001039828
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A
Trading Symbol	ANGpA
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B
Trading Symbol	ANGpB
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments:
Available-for-sale fixed maturity securities, at fair value (net of allowance for credit losses of $37 and $24, respectively; amortized cost of $46,480 and $13,281, respectively)	$ 46,480	$ 12,877
Equity securities, at fair value	1,200	1,404
Real estate and real estate partnerships (net of accumulated depreciation of $255 and $320, respectively)	6,329	3,611
Investment funds	2,642	1,592
Policy loans	401	390
Short-term investments	1,945	2,397
Other invested assets	955	120
Total investments	73,718	28,243
Cash and cash equivalents	13,895	3,192
Accrued investment income	684	196
Deferred policy acquisition costs, deferred sales inducements and value of business acquired	8,355	944
Premiums due and other receivables	430	484
Ceded unearned premiums	166	45
Deferred tax asset	233	291
Reinsurance recoverables and deposit assets	15,261	427
Property and equipment (net of accumulated depreciation of $340 and $333, respectively)	189	168
Intangible assets (net of accumulated amortization of $15 and $2, respectively)	1,612	44
Goodwill	754	121
Other assets	2,055	541
Separate account assets	1,266	1,189
Total assets	118,618	35,885
Liabilities
Total future policy benefits	7,227	6,108
Policyholders’ account balances	80,489	17,177
Policy and contract claims	1,880	1,870
Market risk benefits	3,276	34
Unearned premium reserve	1,177	1,139
Other policyholder funds	343	335
Notes payable	657	174
Long term borrowings	2,476	1,493
Funds withheld for reinsurance liabilities	8,731	0
Separate account liabilities	1,266	1,189
Total liabilities	109,361	29,986
Equity
Additional paid-in capital	6,935	5,185
Accumulated other comprehensive income (loss), net of taxes	445	(109)
Retained earnings	1,005	716
Non-controlling interests	187	107
Total equity	9,257	5,899
Total liabilities and equity	118,618	35,885
Mortgage Receivable
Investments:
Financing receivables	12,042	5,658
Private Loan
Investments:
Financing receivables	1,724	194
Related Party
Liabilities
Due to related parties	0	0
Nonrelated Party
Liabilities
Other liabilities	$ 1,839	$ 467
Preferred stock, Series A; par value $1 per share; $25,000 per share liquidation preference; 20,000 shares authorized; issued and outstanding: 2024 - 16,000 shares 2023 - no shares
Liabilities
Debt Instrument, Convertible, Liquidation Preference, Per Share	$ 25,000	$ 25,000
Equity
Preferred stock	$ 389	$ 0
Preferred stock, Series B; par value $1 per share; $25,000 per share liquidation preference; 12,000 shares authorized; issued and outstanding: 2024 - 12,000 shares 2023 - no shares
Liabilities
Debt Instrument, Convertible, Liquidation Preference, Per Share	$ 25,000	$ 25,000
Equity
Preferred stock	$ 296	$ 0

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest	$ 37,000,000	$ 24,000,000
Amortized cost	46,480,000,000	13,281,000,000
Accumulated depreciation	255,000,000	320,000,000
Property and equipment accumulated depreciation	340,000,000	333,000,000
Intangible assets accumulated amortization	$ 15,000,000	$ 2,000,000
Preferred stock, shares outstanding (in shares)	12,000	0
Preferred stock, Series A; par value $1 per share; $25,000 per share liquidation preference; 20,000 shares authorized; issued and outstanding: 2024 - 16,000 shares 2023 - no shares
Preferred stock, par value (in usd per share)	$ 1	$ 1
Preferred shares authorized (in shares)	20,000	20,000
Preferred stock issued (in shares)	16,000	0
Preferred stock, shares outstanding (in shares)	16,000	0
Preferred stock, Series B; par value $1 per share; $25,000 per share liquidation preference; 12,000 shares authorized; issued and outstanding: 2024 - 12,000 shares 2023 - no shares
Preferred stock, par value (in usd per share)	$ 1	$ 1
Preferred shares authorized (in shares)	12,000	12,000
Preferred stock issued (in shares)	12,000	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net premiums	$ 1,005	$ 1,002	$ 2,149	$ 1,783
Other policy revenue	184	103	296	200
Net investment income	924	342	1,372	666
Investment related gains (losses)	2	41	(32)	(20)
Total revenues	2,115	1,488	3,785	2,629
Policyholder benefits and claims incurred	1,030	989	2,116	1,689
Interest sensitive contract benefits	390	116	545	205
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	199	132	360	263
Change in fair value of insurance-related derivatives and embedded derivatives	21	(26)	2	0
Change in fair value of market risk benefits	139	(12)	158	(7)
Operating expenses	335	148	438	303
Interest expense	43	22	65	46
Total benefits and expenses	2,157	1,369	3,684	2,499
Net income (loss) before income taxes	(42)	119	101	130
Income tax expense (benefit)	(289)	21	(260)	19
Net income	247	98	361	111
Less: Net income (loss) attributable to noncontrolling interests	3	(3)	4	2
Net income attributable to American National Group Inc.	$ 244	$ 101	$ 357	$ 109

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 247	$ 98	$ 361	$ 111
Other comprehensive income (loss), net of tax:
Change in net unrealized investment gains (losses)	387	(215)	343	125
Foreign currency translation	8	0	5	0
Change in discount rate for future policyholder benefit liability	80	62	182	(44)
Change in instrument-specific credit risk for market risk benefit	14	(7)	5	(14)
Defined benefit pension plan adjustment	14	1	19	3
Total other comprehensive income (loss)	503	(159)	554	70
Comprehensive income (loss)	750	(61)	915	181
Less: Comprehensive income (loss) attributable to noncontrolling interest	2	(3)	4	2
Comprehensive income (loss) attributable to American National Group Inc.	$ 748	$ (58)	$ 911	$ 179

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Preferred stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interest
Beginning balance at Dec. 31, 2022	$ 3,755	$ 0	$ 3,805	$ (448)	$ 324	$ 74
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	111				109	2
Other comprehensive income (loss)	70			70
Contributions from noncontrolling interests	24					24
Dividends	0
Other	0
Ending balance at Jun. 30, 2023	3,960	0	3,805	(378)	433	100
Beginning balance at Mar. 31, 2023	3,993	0	3,805	(219)	332	75
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	98				101	(3)
Other comprehensive income (loss)	(159)			(159)
Contributions from noncontrolling interests	28					28
Dividends	0
Other	0
Ending balance at Jun. 30, 2023	3,960	0	3,805	(378)	433	100
Beginning balance at Dec. 31, 2023	5,899	0	5,185	(109)	716	107
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	361				357	4
Other comprehensive income (loss)	554			554
Contributions from noncontrolling interests	76					76
Dividends	(68)				(68)
Impact of common control acquisition	2,435	685	1,750
Ending balance at Jun. 30, 2024	9,257	685	6,935	445	1,005	187
Beginning balance at Mar. 31, 2024	6,067	0	5,185	(59)	829	112
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	247				244	3
Other comprehensive income (loss)	503			504		(1)
Contributions from noncontrolling interests	73					73
Dividends	(68)				(68)
Impact of common control acquisition	2,435	685	1,750
Ending balance at Jun. 30, 2024	$ 9,257	$ 685	$ 6,935	$ 445	$ 1,005	$ 187

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net income	$ 361	$ 111
Adjustments to reconcile net income to net cash provided by operating activities:
Other policy revenue - annuity product charges	(289)	(200)
Accretion on investments	187	(45)
Amortization of DAC, DSI and VOBA asset	360	263
Deferral of policy acquisition costs	(483)	(401)
Losses (gains) on investments and derivatives and from disposition of business, net:
Unrealized losses (gains) on investments and derivatives	(250)	(136)
Realized losses (gains) on investments and derivatives	(117)	61
Investment credit losses (reversals)	10	13
Income from real estate partnerships and investment funds	(235)	(58)
Distributions from real estate partnerships and investment funds	186	35
Interest credited to policyholder account balances	637	276
Change in fair value of embedded derivatives	366	0
Depreciation and amortization	26	23
Deferred income taxes	(303)	5
Changes in operating assets and liabilities:
Insurance-related liabilities	800	750
Deposit liabilities	54	(104)
Reinsurance funds withheld	(88)	0
Reinsurance recoverables and deposit assets	255	2
Accrued investment income	(74)	46
Working capital and other	(26)	(41)
Cash flows provided by operating activities	1,377	600
Investing activities:
Acquisition of subsidiary, net of cash acquired	10,836	0
Purchase of investments:
Fixed maturity, available for sale	(4,757)	(9,093)
Equity securities	(201)	0
Mortgage loans on real estate	(477)	(308)
Private loans	(1,555)	0
Real estate	(4)	0
Real estate partnerships	(1,283)	(997)
Investment funds	(134)	0
Short-term investments	(8,558)	0
Other invested assets	(141)	(78)
Proceeds from sales and maturities of investments:
Fixed maturity, available for sale	2,413	8,386
Equity securities	28	0
Mortgage loans on real estate	693	179
Private loans	311	0
Real estate	14	0
Real estate partnerships	191	0
Investment funds	351	0
Short-term investments	9,606	0
Other invested assets	38	64
Purchases of derivatives	(155)	0
Proceeds from (payments upon) sales and maturities of derivatives	252	0
Purchase of intangibles and property and equipment	(31)	(20)
Proceeds from sales of intangibles and property and equipment	27	3
Purchase of equity accounted investments	0	(38)
Distributions from equity accounted investments	0	80
Change in collateral held for derivatives	261	88
Other, net	(49)	(27)
Cash flows used in investing activities	7,675	(1,761)
Financing activities:
Dividends paid on preferred stock	(11)	0
Proceeds from noncontrolling interest	0	30
Borrowings from external parties	1,900	0
Repayment of borrowings to external parties	(1,215)	0
Policyholders’ account deposits	4,052	2,948
Policyholders’ account withdrawals	(3,041)	(1,309)
Debt issuance costs	(4)	0
Distributions to noncontrolling interest	(32)	0
Cash flows provided by financing activities	1,651	1,669
Cash and cash equivalents
Cash and cash equivalents, beginning of year	3,192	1,389
Net change during the year	10,703	508
Cash and cash equivalents, end of period	13,895	1,897
Supplementary disclosures of cash flow information:
Cash taxes paid (net of refunds received)	(1)	(14)
Cash interest paid	62	0
Non-cash investing and financing activities:
Fixed maturity securities, available for sale received in connection with pension risk transfer transactions	462	0
Equity securities transferred as part of acquisition of a subsidiary	$ 218	$ 0

Organization and Description of

Organization and Description of the Company	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Company	1. Organization and Description of the Company American National Group Inc., together with its subsidiaries (collectively, “ANGI”, “we”, “our”, “us”, or the “Company”) is a leading insurance company that offers a broad portfolio of insurance products including individual and group life insurance, annuities, pension risk transfer (“PRT”), health insurance and property and casualty insurance. Business is conducted in 50 states, the District of Columbia and Puerto Rico. On May 2, 2024, the Company's predecessor, American Equity Investment Life Holding Company, an Iowa corporation ("AEL" or "American Equity") merged with and into Arches Merger Sub Inc. ("Merger Sub"), an indirect wholly-owned subsidiary of Brookfield Reinsurance Ltd. ("Brookfield Reinsurance"), with AEL surviving and becoming an indirect wholly-owned subsidiary of Brookfield Reinsurance (the "Merger"). In connection with the Merger, each issued and outstanding share of AEL's common stock was converted into the right to receive cash and class A limited voting shares of Brookfield Asset Management Ltd. (“BAM”). On May 7, 2024, American National Group, LLC, an indirect, wholly-owned subsidiary of Brookfield Reinsurance ("American National"), merged with and into AEL, with AEL surviving as an indirect, wholly-owned subsidiary of Brookfield Reinsurance (the "Post-Effective Merger"). Subsequently, AEL discontinued its existence as an Iowa corporation and continued its existence as a corporation incorporated in the State of Delaware (the "Reincorporation"). In connection with the Reincorporation, AEL changed its name to American National Group Inc. ANGI is an indirect, wholly-owned subsidiary of Brookfield Reinsurance. For purposes of these notes to the unaudited consolidated financial statements (“financial statements”), the “Company” refers to either ANGI or AEL, as required by the context. As a result of the Post-Effective Merger, the condensed consolidated financial statements for the periods prior to the Post-Effective Merger represent the results of American National as the accounting acquirer. For periods subsequent to the Post-Effective Merger, the condensed consolidated financial statements represent the combined results of American National and AEL.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The unaudited consolidated financial statements and notes thereto, including all prior periods presented, have been prepared under accounting principles generally accepted in the United States of America (“GAAP”). The financial statements are prepared on a going concern basis and have been presented in U.S. dollars (“USD”) rounded to the nearest million unless otherwise indicated. The financial statements should be read in conjunction with the December 31, 2023 audited consolidated financial statements of the Company and accompanying notes included in Exhibit 99.1 of the Form 8-K/A, filed with the SEC on July 23, 2024. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2024. These financial statements reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods presented in accordance with GAAP. The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Included among the material (or potentially material) reported amounts and disclosures that require use of estimates are: fair value of certain financial assets including real estate, derivatives, allowances for credit losses, deferred policy acquisition costs (“DAC”), deferred sales inducements (“DSI”), value of business acquired (“VOBA”), goodwill and other intangibles, market risk benefits, future policy benefits (“FPB”), policyholder account balances including the fair value of the embedded derivatives in fixed index annuity contracts, funds withheld liabilities, pension plans, and income taxes including the recoverability of our deferred tax assets. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts. Reclassification of Prior Year Presentation As a result of the acquisition of AEL and the increase in significance of certain accounts resulting from the consolidation of AEL, certain previously reported amounts have been reclassified to conform to the current financial statement presentation. These reclassifications had no impact on net income (loss) as reported in the statements of operations, as well as total assets, liabilities or equity in the statements of financial position. The following tables and explanatory notes present adjustments within the statement of financial position as of December 31, 2023 and statement of operating results for the three and six months ended June 30, 2023 to conform the presentation to that of ANGI’s. December 31, 2023 American National, Historical Reclassification to Conform Presentation Notes American National, Conformed (Dollars in millions) Available-for-sale fixed maturity securities, at fair value $ 13,071 $ (194) 2(b) $ 12,877 Private loans — 194 2(b) 194 Market risk benefit asset 34 (34) 2(a) — Current tax receivable 98 (98) 2(a) — Prepaid pension 248 (248) 2(a) — Intangible assets — 44 2(a) 44 Other assets 205 336 2(a) 541 Liability for retirement benefits 26 (26) 2(c) — Other liabilities 441 26 2(c) 467 $ 14,123 $ — $ 14,123 Three Months Ended June 30, 2023 American National, Historical Reclassification to Conform Presentation Notes American National, Conformed (Dollars in millions) Net investment income $ 382 $ (40) 2(f), (j) $ 342 Investment related gains (losses) — 41 2(d) 41 Net realized investment gains (losses) (28) 28 2(d) — Increase in investment credit loss (2) 2 2(d) — Net gains (losses) on equity securities 71 (71) 2(d) — Other income 13 (13) 2(j) — Policyholder benefits and claims incurred (972) (17) 2(f) (989) Interest credited to policyholders' account balances (136) 136 2(f) — Interest sensitive contract benefits — (116) 2(j) (116) Amortization of deferred policy acquisition costs, deferred sales inducements, and value of business acquired — (132) 2(g), (i) (132) Change in fair value of insurance-related derivatives and embedded derivatives — 26 2(f) 26 Change in fair value of market risk benefits (5) 17 2(j) 12 Commissions for acquiring and servicing policies (214) 214 2(h) — Other operating expenses (191) 191 2(e) — Operating expenses — (148) 2(e), (g), (h), (i) (148) Interest expense — (22) 2(e) (22) Change in deferred policy acquisition 94 (94) 2(i) — Other components of net periodic pension benefit (costs), net of tax 2 (2) 2(j) — $ (986) $ — $ (986) Six Months Ended June 30, 2023 American National, Historical Reclassification to Conform Presentation Notes American National, Conformed (Dollars in millions) Net investment income $ 723 $ (57) 2(f), (j) $ 666 Investment related gains (losses) — (20) 2(d) (20) Net realized investment gains (losses) (50) 50 2(d) — Increase in investment credit loss (13) 13 2(d) — Net gains (losses) on equity securities 43 (43) 2(d) — Other income 21 (21) 2(j) — Policyholder benefits and claims incurred (1,691) 2 2(f) (1,689) Interest credited to policyholders' account balances (276) 276 2(f) — Interest sensitive contract benefits — (205) 2(j) (205) Amortization of deferred policy acquisition costs, deferred sales inducements, and value of business acquired — (263) 2(g), (i) (263) Change in fair value of insurance-related derivatives and embedded derivatives — — 2(f) — Change in fair value of market risk benefits 8 (1) 2(j) 7 Future policy benefit remeasurement losses 1 (1) 2(j) — Commissions for acquiring and servicing policies (393) 393 2(h) — Other operating expenses (369) 369 2(e) — Operating expenses — (303) 2(e), (g), (h), (i) (303) Interest expense — (46) 2(e) (46) Change in deferred policy acquisition 142 (142) 2(i) — Other components of net periodic pension benefit (costs), net of tax 1 (1) 2(j) — $ (1,853) $ — $ (1,853) The historical financial statements of American National were prepared in accordance with U.S. GAAP. The following adjustments have been made to conform the presentation of the historical financial statements of American National to the presentation of ANGI’s financial statements: (a) “Other assets” is adjusted to include market risk benefits asset, current tax receivable, and prepaid pension. “Intangible assets” have been presented as a separate line item; (b) The balance related to “Private loans” has been presented as a separate line item; (c) “Liability for retirement benefits” is reclassified to “Other liabilities”; (d) Net realized investment gains (losses), increase in investment credit loss, and net gains (losses) on equity securities have been reclassified to “Investment related gains (losses)”; (e) Other operating expenses have been bifurcated into “Operating expenses” and “Interest expense”; (f) Mark-to-market gains on equity-indexed call options and embedded derivatives within Policyholders’ Account Balances are reclassified from “Net investment income” and “Interest credited to policyholders’ account balances”, respectively, to “Change in fair value of insurance-related derivatives and embedded derivatives”; (g) Capitalization of deferred policy acquisition costs, deferred sales inducements and value of business acquired has been reclassified to “Operating expenses”. “Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired” will only include the amortization expense; (h) “Commissions for acquiring and servicing policies” is reclassified to “Operating expenses”; (i) Capitalizations of deferred policy acquisition costs are reclassified from “Change in deferred policy acquisition costs” to “Operating expenses”. Amortization of deferred policy acquisition costs is reclassified from “Change in deferred policy acquisition costs” to “Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired”; and (j) Other reclassifications. Basis of Consolidation These financial statements include the accounts of the Company and its consolidated subsidiaries, which are legal entities where the Company has a controlling financial interest by either holding a majority voting interest or as the primary beneficiary of the variable interest entity (“VIE”). All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. For a legal entity in which the Company holds a variable interest, the Company first considers whether it meets the definition of a VIE and therefore should apply the guidance under the VIE model. An entity is a VIE if any one of the following conditions exist: (a) the total equity investment at risk is not sufficient for the legal entity to finance its activities without additional subordinated financial support; (b) the holders of the equity investment at risk as a group lack either the power to direct the most significant activities of the entity, the obligation to absorb the expected losses, or the right to receive the expected residual returns; or (c) the entity is structured with non-substantive voting rights, where the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the legal entity, their rights to receive the expected residual returns of the legal entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of the investor with disproportionately few voting rights. The Company consolidates all VIEs for which it is the primary beneficiary, which is the case when the Company has both (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Entities that are determined not to be VIEs are voting interest entities (“VOEs”), which are evaluated under the voting interest model, under which a controlling financial interest is established through a majority voting interest or through other means. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the specific facts and circumstances for each entity and requires judgment. Business combinations are accounted for using the acquisition method. The purchase consideration of a business acquisition is measured at the aggregate of the fair values at the date of exchange of assets transferred, liabilities incurred, and equity instruments issued in exchange for control of the acquiree. The acquiree’s identifiable assets, liabilities and contingent liabilities are recognized at their fair values at the acquisition date. The interest of non-controlling shareholders in the acquiree, if applicable, is initially measured at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets, liabilities and contingent liabilities recognized. To the extent the fair value of consideration paid exceeds the fair value of the net identifiable tangible and intangible assets, the excess is recorded as goodwill. Transaction costs are recorded as operating expenses on the Consolidated Statements of Operations. Available-for-sale fixed maturity securities primarily include bonds, asset backed securities and private debt securities. Available-for-sale fixed maturity securities, which may be sold prior to their contractual maturity, are classified as available-for-sale and are carried at fair value with changes in fair value recognized in other comprehensive income, except for those that are designated as hedged items in a fair value hedge, for which changes in fair value are recognized during the period of the hedge in “Investment related gains (losses)” within the Consolidated Statements of Operations. For available-for-sale fixed maturity securities in an unrealized loss position, the Company first assesses whether it intends to sell the security or will be required to sell the security before recovery of its amortized cost basis. If either of these criteria are met, the security’s amortized cost basis is written down to fair value through income in “Investment related gains (losses)” within the Consolidated Statements of Operations. Refer to Credit Loss Allowances within this note for impairment or credit loss-related considerations. Equity securities primarily include common stock, preferred stock and private equity. Equity securities are carried at fair value with changes in fair value recognized in “Investment related gains (losses)” within the Consolidated Statements of Operations, except for certain of private equity, which are carried at cost less impairment, if any, due to the lack of their readily determinable fair values. Mortgage loans and private loans are both measured at amortized cost using the effective interest rate method. The amortized cost basis includes the unamortized principal, interest, discounts or premiums and deferred expenses, net of allowances for expected credit loss. Interest income, prepayment fees, and amortization of premiums and discounts and origination fees are reported in “Net investment income” in the Consolidated Statements of Operations. However, interest ceases to accrue for loans that are impaired or in default, which is when payments are more than 90 days past due, when collection is not probable, or when a loan is in foreclosure. When a loan is placed on non-accrual status, uncollected past due accrued interest income that is considered uncollectible is charged off against net investment income. Income on impaired loans is reported on a cash basis. When collection of the impaired loan becomes probable again, it is placed back into accrual status. Cash receipts on impaired loans are recorded as a reduction of principal, interest income, expense reimbursement, or other manner in accordance with the loan agreement. In the Consolidated Statements of Operations, gains and losses from the sale of loans and changes in allowances are reported in “Investment related gains (losses)” within the Consolidated Statements of Operations. Mortgage loans and private loans are both presented net of the Company’s recorded allowance for expected credit loss, which represents the portion of amortized cost basis that the Company does not expect to collect. Refer to Credit Loss Allowances within this note. Policy loans are carried at the outstanding balance plus any accrued interest. Due to the collateralized nature of policy loans such that they cannot be separated from the policy contracts, the unpredictable timing of repayments and the fact that settlement is at outstanding value, the carrying value of policy loans approximates fair value. Real estate and real estate partnerships comprise investment real estate, as well as real estate joint ventures and other limited partnerships. Certain investment real estate, including related improvements and investment real estate held through consolidation of VIEs, are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset (typically 15 to 50 years). Rental income is recognized on a straight-line basis over the term of the respective lease in “Net investment income” within the Consolidated Statements of Operations. The Company periodically reviews its investment real estate held at depreciated cost for impairment and tests properties for recoverability whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable and the carrying value of the property exceeds its estimated fair value. Properties whose carrying values are greater than their undiscounted cash flows are written down to their estimated fair value, with the impairment loss included as an adjustment to “Investment related gains (losses)” in the Consolidated Statements of Operations. Impairment losses are based upon the estimated fair value of real estate, which is generally computed using the present value of expected future cash flows from the real estate discounted at a rate commensurate with the underlying risks as well as other appraisal methods. Real estate acquired upon foreclosure is recorded at the lower of its cost or its estimated fair value at the date of foreclosure. The Company classifies a property as held-for-sale if it commits to a plan to sell a property within one year and actively markets the property in its current condition for a price that is reasonable in comparison to its estimated fair value. Real estate held-for-sale is stated at the lower of depreciated cost or estimated fair value less expected disposition costs and is not depreciated while it is classified as held-for-sale. The Company holds certain residential investment real estate through consolidation of investment company VIEs, which are reported at fair value with the change in fair value on these investments reported in “Net investment income” within the statement of operations. Fair values of residential investment real estate are initially based on the cost to purchase the properties and subsequently determined using broker price opinions. The residential investment real estate are leased to renters through operating lease arrangements. Rental income is recognized on a straight-line basis over the term of the respective leases in “Net investment income” within the statement of operations. Real estate joint ventures and other limited partnership interests include VIEs for which the Company has significant influence over the investee’s operations without a controlling financial interest, and are accounted for using the equity method of accounting. For certain joint ventures or limited partnerships, the Company records its share of earnings using a lag methodology of one to three months when timely financial information is not available, and the contractual right does not exist to receive such financial information. Certain real estate limited partnership interests are carried at cost less impairment, if any. The Company routinely evaluates its investments in those investees for impairment. The Company considers financial and other information provided by the investee, other known information, and inherent risks in the underlying investments, as well as future capital commitments, in determining whether impairment has occurred. When an impairment is deemed to have occurred at the joint venture level, the Company recognizes its share as an adjustment to “Net investment income” to record the investment at its fair value. When an impairment results from the Company’s separate analysis, an adjustment is made through “Investment related gains (losses)” to record the investment at its fair value. Certain real estate joint ventures and other limited partnership interests are consolidated VIEs for which the underlying joint ventures are investment companies within scope of ASC Topic 946. These investments are fair valued on a recurring basis with the change in fair value reported in “Net investment income”. Fair values are calculated based on a discounted cash flow methodology. Investment funds comprise certain non-fixed income, alternative investments in the form of limited partnerships or similar legal structures for which the Company is not the primary beneficiary and therefore is not required to consolidate. The Company typically accounts for investment funds using the equity method of accounting, where the cost is recorded as an investment in the fund upon initial recognition, unless fair value option is elected. Under equity method, adjustments to the carrying amount reflect the Company’s pro rata ownership percentage of the operating results as indicated by net asset value (“NAV”) in the investment fund financial statements, which can be on a lag of up to three months when investee information is not received in a timely manner. The Company has concluded that we are the primary beneficiary for certain investments funds, which are investment company funds in scope of ASC Topic 946, and consolidate the underlying funds. Valuation methods include NAV as a practical expedient and discounted cash flow models. Income is reported on a quarter lag due to the availability of the related financial statements of the investment funds. Short-term investments include highly liquid securities and other investments with original maturities of over 90 days and less than one year at the date of acquisition. Securities included within short-term investments are stated at fair value with amortized cost used as an approximation of fair value for certain investments. Other invested assets primarily comprise derivatives instruments. Derivative instruments are carried at fair value. Derivative instruments include call options used to fund fixed indexed annuity contracts and equity-indexed universal life contracts (“insurance-related derivatives”). Derivative instruments are recorded at fair value on the acquisition date and subsequently revalued at fair value at each reporting date. Derivative instruments with positive values are recorded as derivative assets within “Other invested assets”. If a derivative is not designated for hedge accounting, changes in the fair value of derivatives are recorded in “Investment related gains (losses)” in the Consolidated Statements of Operations, except for insurance-related derivatives, whose fair value changes are recorded in “Change in fair value of insurance-related derivatives and embedded derivatives”, along with fair value changes from embedded derivatives on related fixed indexed annuity contracts. Where the Company has a master netting agreement with its counterparty that allows for the netting of the Company’s derivative asset and liability positions, the Company elects to offset such derivative assets and liabilities and present them on a net basis on the Consolidated Statements of Financial Position. Further, in some instances, the Company holds collateral to offset exposure from its counterparties relating to its derivative instruments. The Company elects to offset collateral supporting credit risk that is restricted to the Company’s use for the derivative exposure when a master netting arrangement is in place and all offsetting criteria are met. Federal Home Loan Bank stock, as well as separately managed accounts which are portfolios of individual securities, such as stocks or bonds, that are managed on behalf of the Company by an investment manager, are also included in other invested assets and are carried at cost or market value if available from the account manager. Other invested assets also include Company owned life insurance, tax credit partnerships and mineral rights less allowance for depletion, where applicable. Reinsurance recoverable and deposit assets include the reinsurance receivables from reinsurers, reinsurance recoverables from reinsurers, and deposit assets associated with reinsurance agreements. In the normal course of business, the Company is a user of reinsurance in order to limit the potential for losses arising from certain exposures. To the extent that third party reinsurers are unable to meet their obligations, the Company remains liable to its policyholders for the portion reinsured. For long term duration contracts, we assess each reinsurance agreement to determine whether the agreement transfers significant insurance risk to the reinsurer. If insurance risk is transferred, the Company utilizes the reinsurance method of accounting. If the agreement does not transfer significant insurance risk, the Company utilizes the deposit method of accounting. The reinsurance recoverable and deposit assets include deposit assets, reinsurance market risk benefits, amounts due from reinsurers for paid or unpaid claims, claims incurred but not reported (“IBNR”), policyholder account balances or policy benefits. The reinsurance recoverable is presented net of a reserve for collectability. The Company cedes disability, medical and long-term care insurance, annuity contracts including lifetime income benefit riders, as well as PRT contracts with significant insurance risk to other insurance companies through reinsurance. The Company also cedes annuity contracts without significant insurance risk to other insurance companies. For short term duration contracts, reinsurance recoverables are the estimated amount due to the Company from reinsurers related to paid and unpaid ceded claims and claim adjustment expenses (“CAE”) and are presented net of a reserve for collectability. Recoveries of gross ultimate losses under the non-catastrophe reinsurance are estimated by a review of individual large claims and the ceded portion of IBNR claims using assumed distribution of loss by percentage retained. Recoveries of gross ultimate losses under our catastrophe reinsurance are estimated by applying reinsurance treaty terms to estimates of gross ultimate losses. The most significant assumption is the average size of the individual losses for those claims that have occurred but have not yet been reported and the estimate of gross ultimate losses. The ultimate amount of the reinsurance ceded recoverable is unknown until all losses settle. Reinsurance receivables include amounts receivable from third party reinsurers. The reinsurance receivables which will be settled within a year are short-term in nature, and their fair values approximate carrying value. Reinsurance receivables include future installment payments for ceding commissions on reinsured annuity contracts. The receivable is recorded at the net present value of the installment payments. Credit Loss Allowances and Impairments Available-for-sale Fixed Maturity Securities For available-for-sale fixed maturity securities in an unrealized loss position, if the Company does not intend to sell the security or will not be required to sell the securities before recovery of its amortized cost basis, the Company evaluates whether the decline in fair value has resulted from credit loss or market factors. In making this assessment, management first calculates the extent to which fair value is less than amortized cost, consider any changes to the rating of the security by a rating agency, and any specific conditions related to the security. If this qualitative assessment indicates that a credit loss may exist, and management does not anticipate recovery of all contractual or expected cash flows, the present value of projected future cash flows expected to be collected is compared to the amortized cost basis of the security. The net present value of the expected cash flows is calculated by discounting management’s best estimate of expected cash flows at the effective interest rate implicit in the available-for-sale fixed maturity security when acquired. If the present value of expected cash flows is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded through income in “Investment related gains (losses)” limited to the amount fair value is less than amortized cost. If the fair value is less than the net present value of its expected cash flows at the impairment measurement date, a non-credit loss exists which is recorded in other comprehensive income (loss) for the difference between the fair value and the net present value of the expected cash flows. Expected Credit Losses The Company records an allowance for credit loss in earnings within “Investment related gains (losses)” in an amount that represents the portion of the amortized cost basis of mortgage and private loans that the Company does not expect to collect, resulting in the loans being presented at the net amount expected to be collected. In determining the Company’s credit loss allowances, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. The allowance is calculated quarterly for each loan type based on its unique inputs. The Company uses the discounted cash flow model to assess expected credit loss. Mortgage loans – On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality) and collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is probable) may be evaluated individually for credit loss. The valuation allowances for each of our mortgage loan portfolios are estimated by deriving probability of default and recovery rate assumptions based on the characteristics of the loans in each portfolio, historical economic data and loss information, and current and forecasted economic conditions. Key loan characteristics impacting the estimate for our commercial mortgage loan portfolio include the current state of the borrower’s credit quality, which considers factors such as loan-to-value and debt service coverage ratios, loan performance, underlying collateral type, delinquency status, time to maturity, and original credit scores. Key loan characteristics impacting the estimate for our agricultural and residential mortgage loan portfolios include the current state of the borrowers' credit quality, delinquency status, time to maturity and original credit scores. The allowance for a collateral dependent loan, which is typically a mortgage loan, is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is reasonably possible or probable. Accordingly, the change in the estimated fair value of collateral dependent loans is recorded as a change in the allowance for credit losses which is recorded on a quarterly basis as a charge or credit to earnings. The Company’s mortgage loans are primarily originated and are not purchased in the secondary market; as such, the mortgage loans would not generally be subject to purchased credit deteriorated considerations. However, for any purchased mortgage loans, the Company performs an analysis that includes both qualitative and quantitative considerations to determine whether any purchases have had more-than-insignificant credit deterioration since origination. Private loans – For private loans, credit loss allowances are estimates of expected credit losses, established for loans upon origination or purchase, considering all relevant information available, including past events, current conditions, and reasonable and supportable forecasts over the life of the loans. The estimates of expected credit losses are developed using a quantitative probability of default and loss given default methodology, in which default assumptions reflect applicable agency credit ratings or, when such external credit ratings are not available, internally developed ratings. Loans are evaluated on a pooled basis when they share similar risk characteristics; otherwise, they are evaluated individually. Reinsurance recoverables – In the event that reinsurers do not meet their obligations to the Company under the terms of the reinsurance agreements, or when events or changes in circumstances indicate that its carrying amount may not be recoverable, reinsurance recoverable balances could become uncollectible. In such instances, reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance, consistent with credit loss guidance which requires recording an allowance for credit loss. Premiums receivable – Premiums receivable are included in “Other assets” in the Consolidated Statements of Financial Position and are stated net of allowances for uncollectible premiums, including expected lifetime credit losses, both dispute and credit related. The allowance is based upon our ongoing review of amounts outstanding, historical loss data, including delinquencies and write-offs, current and forecasted economic conditions and other relevant factors. Credit risk is partially mitigated by our ability to cancel the policy if the policyholder does not pay the premium. Accrued investment income is presented separately on the Consolidated Statements of Financial Position and excluded from the carrying value of the related investments, primarily available-for-sa

Investments in Available-for-sa

Investments in Available-for-sale Fixed Maturity Securities	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments in Available-for-sale Fixed Maturity Securities	3. Investments in Available-For-Sale Fixed Maturity Securities The amortized cost and fair value of fixed maturity securities are shown below: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value (Dollars in millions) June 30, 2024 Fixed maturity, available-for-sale: U.S. treasury and government $ 85 $ — $ (2) $ — $ 83 U.S. states and political subdivisions 3,240 84 (25) — 3,299 Foreign governments 441 12 — — 453 Corporate debt securities 32,080 481 (578) (34) 31,949 Residential mortgage-backed securities 1,067 21 (8) (1) 1,079 Commercial mortgage-backed securities 2,744 39 (17) — 2,766 Collateralized debt securities 6,823 51 (21) (2) 6,851 Total investments in fixed maturity securities $ 46,480 $ 688 $ (651) $ (37) $ 46,480 December 31, 2023 Fixed maturity, available-for-sale: U.S. treasury and government $ 63 $ — $ (1) $ — $ 62 U.S. states and political subdivisions 594 1 (17) — 578 Foreign governments 9 — — — 9 Corporate debt securities 11,144 79 (420) (19) 10,784 Residential mortgage-backed securities 131 — (4) (1) 126 Commercial mortgage-backed securities — — — — — Collateralized debt securities 1,340 9 (27) (4) 1,318 Total investments in fixed maturity securities $ 13,281 $ 89 $ (469) $ (24) $ 12,877 The amortized cost and fair value of fixed maturity securities at June 30, 2024, by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. All of our mortgage and collateralized debt securities provide for periodic payments throughout their lives and are shown below as separate lines. June 30, 2024 Amortized Cost Fair Value (Dollars in millions) Due in one year or less $ 1,219 $ 1,218 Due after one year through five years 12,048 11,982 Due after five years through ten years 7,416 7,363 Due after ten years 15,163 15,221 35,846 35,784 Residential mortgage-backed securities 1,067 1,079 Commercial mortgage-backed securities 2,744 2,766 Collateralized debt securities 6,823 6,851 $ 46,480 $ 46,480 Proceeds from sales of available-for-sale fixed maturity securities, with the related gross realized gains and losses, are shown below: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Proceeds from sales and maturities of investments - Fixed maturity, available for sale $ 1,820 $ 7,157 $ 2,413 $ 8,386 Gross realized gains 2 1 4 1 Gross realized losses (21) (24) (23) (49) The Company has pledged bonds in connection with certain agreements and transactions, such as financing and reinsurance agreements. The carrying value of bonds pledged was $10.1 billion and $39 million as of June 30, 2024 and December 31, 2023, respectively. In accordance with various regulations, the Company has securities on deposit with regulating authorities with a carrying value of $80 million and $54 million as of June 30, 2024 and December 31, 2023, respectively. The gross unrealized losses and fair value of available-for-sale fixed maturity securities, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below: Less than 12 months 12 months or more Total Number of Issues Gross Unrealized Losses (1) Fair Value Number of Issues Gross Unrealized Losses (1) Fair Value Number of Issues Gross Unrealized Losses (1) Fair Value (Dollars in millions) June 30, 2024 Fixed maturity, available-for-sale: U.S. treasury and government 18 $ — $ 23 15 $ (2) $ 48 33 $ (2) $ 71 U.S. states and political subdivisions 178 (11) 283 162 (14) 305 340 (25) 588 Foreign governments 3 — 16 1 — 9 4 — 25 Corporate debt securities 992 (114) 3,772 1,027 (464) 6,450 2,019 (578) 10,222 Residential mortgage-backed securities 59 (4) 82 35 (4) 75 94 (8) 157 Commercial mortgage-backed securities 124 (17) 846 — — — 124 (17) 846 Collateralized debt securities 349 (14) 2,707 39 (7) 292 388 (21) 2,999 Total 1,723 $ (160) $ 7,729 1,279 $ (491) $ 7,179 3,002 $ (651) $ 14,908 December 31, 2023 Fixed maturity, available-for-sale: U.S. treasury and government 17 $ (1) $ 27 35 $ — $ 25 52 $ (1) $ 52 U.S. states and political subdivisions 214 (3) 219 142 (14) 285 356 (17) 504 Foreign governments — — — 2 — 9 2 — 9 Corporate debt securities 1,343 (141) 2,941 1,906 (279) 6,475 3,249 (420) 9,416 Residential mortgage-backed securities 6 (1) 39 39 (3) 64 45 (4) 103 Commercial mortgage-backed securities — — — — — — — — — Collateralized debt securities 102 (4) 258 201 (23) 782 303 (27) 1,040 Total 1,682 $ (150) $ 3,484 2,325 $ (319) $ 7,640 4,007 $ (469) $ 11,124 (1) Unrealized losses have been reduced to reflect the allowance for credit losses of $37 million and $24 million as of June 30, 2024 and December 31, 2023, respectively. The unrealized losses at June 30, 2024 are principally related to the timing of the purchases of certain securities, which carry less yield than those available at June 30, 2024. Approximately 94% and 87% of the unrealized losses on fixed maturity securities shown in the above table for June 30, 2024 and December 31, 2023, respectively, are on securities that are rated investment grade, defined as being the highest two NAIC designations. We expect to recover our amortized cost on all securities except for those securities on which we recognized an allowance for credit loss. In addition, because we did not have the intent to sell fixed maturity securities with unrealized losses and it was not more likely than not that we would be required to sell these securities prior to recovery of the amortized cost, which may be maturity, we did not write down these investments to fair value through the Consolidated Statements of Operations. Allowance for Credit Losses Several assumptions and underlying estimates are made in the evaluation of allowance for credit loss. Examples include financial condition, near term and long-term prospects of the issue or issuer, including relevant industry conditions and trends and implications of rating agency actions and offering prices. Based on this evaluation, unrealized losses on available-for-sale securities where an allowance for credit loss was not recorded were concentrated within the financials sector as of June 30, 2024 (2023 – transportation sector). The rollforward of the allowance for credit losses for available-for-sale fixed maturity securities is shown below for the three and six months ended June 30, 2024 and 2023. Three Months Ended June 30, 2024 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (24) $ (1) $ — $ (3) $ (28) Acquisition from business combination — — — — — Credit losses recognized on securities for which credit losses were not previously recorded (13) — — — (13) Reductions for securities sold during the period — — — — — Allowance on securities that had an allowance recorded in a previous period 3 — — 1 4 Balance as of June 30, 2024 $ (34) $ (1) $ — $ (2) $ (37) Three Months Ended June 30, 2023 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (12) $ — $ — $ (10) $ (22) Acquisition from business combination — — — — — Credit losses recognized on securities for which credit losses were not previously recorded (17) (1) — (1) (19) Reductions for securities sold during the period 1 — — — 1 Allowance on securities that had an allowance recorded in a previous period 6 — — 2 8 Balance as of June 30, 2023 $ (22) $ (1) $ — $ (9) $ (32) Six Months Ended June 30, 2024 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (19) $ (1) $ — $ (4) $ (24) Acquisition from business combination — — — — — Credit losses recognized on securities for which credit losses were not previously recorded (33) — — — (33) Reductions for securities sold during the period 1 — — — 1 Allowance on securities that had an allowance recorded in a previous period 17 — — 1 18 Balance as of June 30, 2024 $ (34) $ (1) $ — $ (2) $ (37) Six Months Ended June 30, 2023 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (24) $ — $ — $ (5) $ (29) Acquisition from business combination — — — — — Credit losses recognized on securities for which credit losses were not previously recorded (18) (1) — (6) (25) Reductions for securities sold during the period 2 — — — 2 Allowance on securities that had an allowance recorded in a previous period 18 — — 2 20 Balance as of June 30, 2023 $ (22) $ (1) $ — $ (9) $ (32) 4. Equity Securities The net gains (losses) on equity securities recognized in “Investment related gains (losses)” on the Consolidated Statements of Operations are shown below: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Unrealized gains (losses) on equity securities $ 33 $ 71 $ 22 $ 42 Net gains (losses) on equity securities sold 2 — 2 1 Net gains (losses) on equity securities $ 35 $ 71 $ 24 $ 43 Equity securities by market sector distribution are shown below, based on carrying value: June 30, 2024 December 31, 2023 Energy and utilities 33 % 30 % Finance 22 % 24 % Healthcare 7 % 9 % Industrials 4 % 3 % Information technology 25 % 18 % Other 9 % 16 % Total 100 % 100 %

Equity Securities

Equity Securities	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Equity Securities	3. Investments in Available-For-Sale Fixed Maturity Securities The amortized cost and fair value of fixed maturity securities are shown below: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value (Dollars in millions) June 30, 2024 Fixed maturity, available-for-sale: U.S. treasury and government $ 85 $ — $ (2) $ — $ 83 U.S. states and political subdivisions 3,240 84 (25) — 3,299 Foreign governments 441 12 — — 453 Corporate debt securities 32,080 481 (578) (34) 31,949 Residential mortgage-backed securities 1,067 21 (8) (1) 1,079 Commercial mortgage-backed securities 2,744 39 (17) — 2,766 Collateralized debt securities 6,823 51 (21) (2) 6,851 Total investments in fixed maturity securities $ 46,480 $ 688 $ (651) $ (37) $ 46,480 December 31, 2023 Fixed maturity, available-for-sale: U.S. treasury and government $ 63 $ — $ (1) $ — $ 62 U.S. states and political subdivisions 594 1 (17) — 578 Foreign governments 9 — — — 9 Corporate debt securities 11,144 79 (420) (19) 10,784 Residential mortgage-backed securities 131 — (4) (1) 126 Commercial mortgage-backed securities — — — — — Collateralized debt securities 1,340 9 (27) (4) 1,318 Total investments in fixed maturity securities $ 13,281 $ 89 $ (469) $ (24) $ 12,877 The amortized cost and fair value of fixed maturity securities at June 30, 2024, by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. All of our mortgage and collateralized debt securities provide for periodic payments throughout their lives and are shown below as separate lines. June 30, 2024 Amortized Cost Fair Value (Dollars in millions) Due in one year or less $ 1,219 $ 1,218 Due after one year through five years 12,048 11,982 Due after five years through ten years 7,416 7,363 Due after ten years 15,163 15,221 35,846 35,784 Residential mortgage-backed securities 1,067 1,079 Commercial mortgage-backed securities 2,744 2,766 Collateralized debt securities 6,823 6,851 $ 46,480 $ 46,480 Proceeds from sales of available-for-sale fixed maturity securities, with the related gross realized gains and losses, are shown below: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Proceeds from sales and maturities of investments - Fixed maturity, available for sale $ 1,820 $ 7,157 $ 2,413 $ 8,386 Gross realized gains 2 1 4 1 Gross realized losses (21) (24) (23) (49) The Company has pledged bonds in connection with certain agreements and transactions, such as financing and reinsurance agreements. The carrying value of bonds pledged was $10.1 billion and $39 million as of June 30, 2024 and December 31, 2023, respectively. In accordance with various regulations, the Company has securities on deposit with regulating authorities with a carrying value of $80 million and $54 million as of June 30, 2024 and December 31, 2023, respectively. The gross unrealized losses and fair value of available-for-sale fixed maturity securities, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below: Less than 12 months 12 months or more Total Number of Issues Gross Unrealized Losses (1) Fair Value Number of Issues Gross Unrealized Losses (1) Fair Value Number of Issues Gross Unrealized Losses (1) Fair Value (Dollars in millions) June 30, 2024 Fixed maturity, available-for-sale: U.S. treasury and government 18 $ — $ 23 15 $ (2) $ 48 33 $ (2) $ 71 U.S. states and political subdivisions 178 (11) 283 162 (14) 305 340 (25) 588 Foreign governments 3 — 16 1 — 9 4 — 25 Corporate debt securities 992 (114) 3,772 1,027 (464) 6,450 2,019 (578) 10,222 Residential mortgage-backed securities 59 (4) 82 35 (4) 75 94 (8) 157 Commercial mortgage-backed securities 124 (17) 846 — — — 124 (17) 846 Collateralized debt securities 349 (14) 2,707 39 (7) 292 388 (21) 2,999 Total 1,723 $ (160) $ 7,729 1,279 $ (491) $ 7,179 3,002 $ (651) $ 14,908 December 31, 2023 Fixed maturity, available-for-sale: U.S. treasury and government 17 $ (1) $ 27 35 $ — $ 25 52 $ (1) $ 52 U.S. states and political subdivisions 214 (3) 219 142 (14) 285 356 (17) 504 Foreign governments — — — 2 — 9 2 — 9 Corporate debt securities 1,343 (141) 2,941 1,906 (279) 6,475 3,249 (420) 9,416 Residential mortgage-backed securities 6 (1) 39 39 (3) 64 45 (4) 103 Commercial mortgage-backed securities — — — — — — — — — Collateralized debt securities 102 (4) 258 201 (23) 782 303 (27) 1,040 Total 1,682 $ (150) $ 3,484 2,325 $ (319) $ 7,640 4,007 $ (469) $ 11,124 (1) Unrealized losses have been reduced to reflect the allowance for credit losses of $37 million and $24 million as of June 30, 2024 and December 31, 2023, respectively. The unrealized losses at June 30, 2024 are principally related to the timing of the purchases of certain securities, which carry less yield than those available at June 30, 2024. Approximately 94% and 87% of the unrealized losses on fixed maturity securities shown in the above table for June 30, 2024 and December 31, 2023, respectively, are on securities that are rated investment grade, defined as being the highest two NAIC designations. We expect to recover our amortized cost on all securities except for those securities on which we recognized an allowance for credit loss. In addition, because we did not have the intent to sell fixed maturity securities with unrealized losses and it was not more likely than not that we would be required to sell these securities prior to recovery of the amortized cost, which may be maturity, we did not write down these investments to fair value through the Consolidated Statements of Operations. Allowance for Credit Losses Several assumptions and underlying estimates are made in the evaluation of allowance for credit loss. Examples include financial condition, near term and long-term prospects of the issue or issuer, including relevant industry conditions and trends and implications of rating agency actions and offering prices. Based on this evaluation, unrealized losses on available-for-sale securities where an allowance for credit loss was not recorded were concentrated within the financials sector as of June 30, 2024 (2023 – transportation sector). The rollforward of the allowance for credit losses for available-for-sale fixed maturity securities is shown below for the three and six months ended June 30, 2024 and 2023. Three Months Ended June 30, 2024 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (24) $ (1) $ — $ (3) $ (28) Acquisition from business combination — — — — — Credit losses recognized on securities for which credit losses were not previously recorded (13) — — — (13) Reductions for securities sold during the period — — — — — Allowance on securities that had an allowance recorded in a previous period 3 — — 1 4 Balance as of June 30, 2024 $ (34) $ (1) $ — $ (2) $ (37) Three Months Ended June 30, 2023 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (12) $ — $ — $ (10) $ (22) Acquisition from business combination — — — — — Credit losses recognized on securities for which credit losses were not previously recorded (17) (1) — (1) (19) Reductions for securities sold during the period 1 — — — 1 Allowance on securities that had an allowance recorded in a previous period 6 — — 2 8 Balance as of June 30, 2023 $ (22) $ (1) $ — $ (9) $ (32) Six Months Ended June 30, 2024 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (19) $ (1) $ — $ (4) $ (24) Acquisition from business combination — — — — — Credit losses recognized on securities for which credit losses were not previously recorded (33) — — — (33) Reductions for securities sold during the period 1 — — — 1 Allowance on securities that had an allowance recorded in a previous period 17 — — 1 18 Balance as of June 30, 2024 $ (34) $ (1) $ — $ (2) $ (37) Six Months Ended June 30, 2023 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (24) $ — $ — $ (5) $ (29) Acquisition from business combination — — — — — Credit losses recognized on securities for which credit losses were not previously recorded (18) (1) — (6) (25) Reductions for securities sold during the period 2 — — — 2 Allowance on securities that had an allowance recorded in a previous period 18 — — 2 20 Balance as of June 30, 2023 $ (22) $ (1) $ — $ (9) $ (32) 4. Equity Securities The net gains (losses) on equity securities recognized in “Investment related gains (losses)” on the Consolidated Statements of Operations are shown below: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Unrealized gains (losses) on equity securities $ 33 $ 71 $ 22 $ 42 Net gains (losses) on equity securities sold 2 — 2 1 Net gains (losses) on equity securities $ 35 $ 71 $ 24 $ 43 Equity securities by market sector distribution are shown below, based on carrying value: June 30, 2024 December 31, 2023 Energy and utilities 33 % 30 % Finance 22 % 24 % Healthcare 7 % 9 % Industrials 4 % 3 % Information technology 25 % 18 % Other 9 % 16 % Total 100 % 100 %

Mortgage Loans on Real Estate

Mortgage Loans on Real Estate	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Mortgage Loans on Real Estate	5. Mortgage Loans on Real Estate Our mortgage loan investments consist of the following two portfolio segments: commercial mortgage loans and residential mortgage loans. Our mortgage loan portfolios are summarized in the following table. June 30, 2024 December 31, 2023 (Dollars in millions) Commercial mortgage loans: Principal outstanding $ 9,778 $ 5,870 Deferred fees and costs, net (73) (72) Unamortized discounts and premiums, net (530) (87) Amortized cost 9,175 5,711 Allowance for credit losses (54) (53) Commercial mortgage loans, carrying value 9,121 5,658 Residential mortgage loans: Principal outstanding 3,145 57 Deferred fees and costs, net (132) (57) Unamortized discounts and premiums, net (92) — Amortized cost 2,921 — Allowance for credit losses — — Residential mortgage loans, carrying value 2,921 — Mortgage loans, carrying value $ 12,042 $ 5,658 Our commercial mortgage loan portfolio consists of loans collateralized by the related properties and diversified as to property type, location and loan size. Our lending policies establish limits on the amount that can be loaned to one borrower and other criteria to attempt to reduce the risk of default. The commercial mortgage loan portfolio is summarized by geographic region and property type as follows: June 30, 2024 December 31, 2023 Amortized Cost Percent Amortized Cost Percent (Dollars in millions) Geographic distribution Pacific $ 1,804 19.7 % $ 905 15.9 % Mountain 1,802 19.6 % 1,327 23.2 % West North Central 280 3.1 % 178 3.1 % West South Central 1,436 15.6 % 1,081 18.9 % East North Central 1,040 11.3 % 829 14.5 % East South Central 150 1.6 % 50 0.9 % Middle Atlantic 374 4.1 % 129 2.3 % South Atlantic 1,982 21.6 % 1,000 17.5 % New England 106 1.2 % 12 0.2 % Other 201 2.2 % 200 3.5 % 9,175 100.0 % 5,711 100.0 % Allowance for credit losses (54) (53) Total, net of allowance $ 9,121 $ 5,658 Property type distribution Apartment $ 2,063 22.5 % $ 1,091 19.1 % Hotel 1,210 13.2 % 966 16.9 % Industrial 1,926 21.0 % 1,052 18.4 % Office 1,222 13.3 % 999 17.5 % Parking 319 3.5 % 414 7.2 % Retail 1,479 16.1 % 781 13.7 % Storage 180 2.0 % 118 2.1 % Other 776 8.4 % 290 5.1 % 9,175 100.0 % 5,711 100.0 % Allowance for credit losses (54) (53) Total, net of allowance $ 9,121 $ 5,658 Our residential mortgage loan portfolio consists of loans with an amortized cost of $2.9 billion and $0 million as of June 30, 2024 and December 31, 2023, respectively. These loans are collateralized by the related properties and diversified as to location within the United States. Mortgage loans on real estate are generally reported at cost adjusted for amortization of premiums and accrual of discounts, computed using the interest method and net of valuation allowances. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Interest income is included in Net investment income on our Consolidated Statements of Operations. Accrued interest receivable, which was $94 million and $27 million as of June 30, 2024 and December 31, 2023, respectively, is included in Accrued investment income on our Consolidated Statements of Financial Position. Loan Valuation Allowance We establish a valuation allowance to provide for the risk of credit losses inherent in our mortgage loan portfolios. The valuation allowance is maintained at a level believed adequate by management to absorb estimated expected credit losses. The valuation allowance is based on amortized cost, which excludes accrued interest receivable. We do not measure a credit loss allowance on accrued interest receivable as we write off any uncollectible accrued interest receivable balances to net investment income in a timely manner. We charged off $1 million and $1 million of uncollectible accrued interest receivable on our mortgage loan portfolios for the three and six months periods ended June 30, 2024, respectively. We did not charge off any uncollectible accrued interest receivable on our mortgage loan portfolios for the three and six months periods ended June 30, 2023, respectively. The valuation allowances for each of our mortgage loan portfolios are estimated by deriving probability of default and recovery rate assumptions based on the characteristics of the loans in each portfolio, historical economic data and loss information, and current and forecasted economic conditions. Key loan characteristics impacting the estimate for our commercial mortgage loan portfolio include the current state of the borrower’s credit quality, which considers factors such as loan-to-value (“LTV”) and debt service coverage (“DSC”) ratios, loan performance, underlying collateral type, delinquency status, time to maturity, and original credit scores. Key loan characteristics impacting the estimate for our residential mortgage loan portfolios include the current state of the borrowers' credit quality, delinquency status, time to maturity and original credit scores. The following table represents a rollforward of the allowance for credit losses on our mortgage loan portfolios: Three Months Ended June 30, 2024 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (54) $ — $ (54) Acquisition from business combination — — — Provision — — — Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (54) $ — $ (54) Three Months Ended June 30, 2023 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (49) $ — $ (49) Acquisition from business combination — — — Provision 6 — 6 Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (43) $ — $ (43) Six Months Ended June 30, 2024 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (53) $ — $ (53) Acquisition from business combination — — — Provision (1) — (1) Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (54) $ — $ (54) Six Months Ended June 30, 2023 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (38) $ — $ (38) Acquisition from business combination — — — Provision (5) — (5) Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (43) $ — $ (43) Charge-offs include allowances that have been established on loans that were satisfied either by taking ownership of the collateral or by some other means such as discounted pay-off or loan sale. When ownership of the property is taken it is recorded at the lower of the loan's carrying value or the property's fair value (based on appraised values) less estimated costs to sell. The real estate owned is recorded as a component of Real estate investments and the loan is recorded as fully paid, with any allowance for credit loss that has been established charged off. Fair value of the real estate is determined by third party appraisal. There were 13 real estate properties totaling $68 million at June 30, 2024 and 3 real estate properties totaling $79 million at December 31, 2023, in which ownership of the property was taken to satisfy an outstanding loan at December 31, 2023. Recoveries are situations where we have received a payment from the borrower in an amount greater than the carrying value of the loan (principal outstanding less specific allowance). We closely monitor loan performance for our commercial and residential mortgage loan portfolios. Aging of financing receivables is summarized in the following table (by year of origination): Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Total As of June 30, 2024: (Dollars in millions) Commercial mortgage loans Current $ 214 $ 415 $ 2,215 $ 1,254 $ 983 $ 3,867 $ 8,948 30 - 59 days past due — — — — — 24 24 60 - 89 days past due — 2 50 — — 42 94 Non-accrual (90 days or more past due) — 3 — 1 — 105 109 Total commercial mortgage loans $ 214 $ 420 $ 2,265 $ 1,255 $ 983 $ 4,038 $ 9,175 Residential mortgage loans Current $ 64 $ 1,030 $ 1,193 $ 251 $ 127 $ 17 $ 2,682 30 - 59 days past due 3 16 41 10 5 — 75 60 - 89 days past due — 14 21 7 4 1 47 Non-accrual (90 days or more past due) — 36 50 20 9 2 117 Total residential mortgage loans $ 67 $ 1,096 $ 1,305 $ 288 $ 145 $ 20 $ 2,921 Total mortgage loans $ 281 $ 1,516 $ 3,570 $ 1,543 $ 1,128 $ 4,058 $ 12,096 Allowance for credit losses (54) Total, net of allowance $ 12,042 Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Total As of December 31, 2023: (Dollars in millions) Commercial mortgage loans Current $ 319 $ 1,486 $ 679 $ 489 $ 488 $ 2,120 $ 5,581 30 - 59 days past due — 26 — — 5 21 52 60 - 89 days past due — 50 — — — 13 63 Non-accrual (90 days or more past due) — — — — — 15 15 Total commercial mortgage loans $ 319 $ 1,562 $ 679 $ 489 $ 493 $ 2,169 $ 5,711 Residential mortgage loans Current $ — $ — $ — $ — $ — $ — $ — 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Non-accrual (90 days or more past due) — — — — — — — Total residential mortgage loans $ — $ — $ — $ — $ — $ — $ — Total mortgage loans $ 319 $ 1,562 $ 679 $ 489 $ 493 $ 2,169 $ 5,711 Allowance for credit losses (53) Total, net of allowance $ 5,658 Commercial and residential mortgage loans are considered nonperforming when they become 90 days or more past due. When loans become nonperforming, we place them on non-accrual status and discontinue recognizing interest income. If payments are received on a nonperforming loan, interest income is recognized to the extent it would have been recognized if normal principal and interest would have been received timely. If payments are received to bring a nonperforming loan back to less than 90 days past due, we will resume accruing interest income on that loan. There were 206 loans in non-accrual status at June 30, 2024 and 3 loans in non-accrual status at December 31, 2023. During the three and six months ended June 30, 2024 we recognized interest income of $1 million and $1 million on loans which were in non-accrual status at the respective period end. During the three and six months ended June 30, 2023 we recognized no interest income on loans which were in non-accrual status at the respective period end. Loan Modifications Our commercial and residential mortgage loans may be subject to loan modifications. Loan modifications may be granted to borrowers experiencing financial difficulty and could include principal forgiveness, interest rate reduction, an other-than-significant delay or a term extension. We consider the following factors in determining whether or not a borrower is experiencing financial difficulty: • borrower is in default, • borrower has declared bankruptcy, • there is growing concern about the borrower's ability to continue as a going concern, • borrower has insufficient cash flows to service debt, • borrower's inability to obtain funds from other sources, and • there is a breach of financial covenants by the borrower. A loan modification typically does not result in a change in valuation allowance as it is already incorporated into our allowance methodology. However, if we grant a borrower experiencing financial difficulty principal forgiveness, the amount of principal forgiven would be written off, which would reduce the amortized cost of the loan and result in an adjustment to the valuation allowance. There were three and seven significant mortgage loan modifications for the three and six months ended June 30, 2024, respectively, and three and five significant mortgage loan modifications for the three and six months ended June 30, 2023, respectively. 6. Private Loans The following table summarizes the credit ratings for private loans: June 30, 2024 December 31, 2023 (Dollars in millions) AAA $ — $ — AA 72 — A 926 — BBB 35 — BB and below 604 194 Unrated (1) 87 — Total $ 1,724 $ 194 (1) Due to the nature of private loans, external agency credit ratings may not be readily available. Where appropriate, the Company obtains non-published credit ratings from one or more third-party rating agencies, which are determined based on an independent evaluation of the transaction. For other loans without published or private credit ratings, the Company assigns internal risk ratings, based on our investment selection and monitoring process and policies. These internal risk ratings are categorized as “Unrated” above. Allowance for Credit Losses The rollforward of the allowance for credit losses for private loans is shown below: 2024 2023 (Dollars in millions) Balance at January 1 $ (8) $ — Acquisition from business combination — — Provision 1 — Writeoffs charged against the allowance — — Recoveries of amounts previously written off — — Balance at March 31 (7) — Acquisition from business combination — — Provision (14) — Writeoffs charged against the allowance — — Recoveries of amounts previously written off — — Balance at June 30 $ (21) $ —

Private Loans

Private Loans	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Private Loans	5. Mortgage Loans on Real Estate Our mortgage loan investments consist of the following two portfolio segments: commercial mortgage loans and residential mortgage loans. Our mortgage loan portfolios are summarized in the following table. June 30, 2024 December 31, 2023 (Dollars in millions) Commercial mortgage loans: Principal outstanding $ 9,778 $ 5,870 Deferred fees and costs, net (73) (72) Unamortized discounts and premiums, net (530) (87) Amortized cost 9,175 5,711 Allowance for credit losses (54) (53) Commercial mortgage loans, carrying value 9,121 5,658 Residential mortgage loans: Principal outstanding 3,145 57 Deferred fees and costs, net (132) (57) Unamortized discounts and premiums, net (92) — Amortized cost 2,921 — Allowance for credit losses — — Residential mortgage loans, carrying value 2,921 — Mortgage loans, carrying value $ 12,042 $ 5,658 Our commercial mortgage loan portfolio consists of loans collateralized by the related properties and diversified as to property type, location and loan size. Our lending policies establish limits on the amount that can be loaned to one borrower and other criteria to attempt to reduce the risk of default. The commercial mortgage loan portfolio is summarized by geographic region and property type as follows: June 30, 2024 December 31, 2023 Amortized Cost Percent Amortized Cost Percent (Dollars in millions) Geographic distribution Pacific $ 1,804 19.7 % $ 905 15.9 % Mountain 1,802 19.6 % 1,327 23.2 % West North Central 280 3.1 % 178 3.1 % West South Central 1,436 15.6 % 1,081 18.9 % East North Central 1,040 11.3 % 829 14.5 % East South Central 150 1.6 % 50 0.9 % Middle Atlantic 374 4.1 % 129 2.3 % South Atlantic 1,982 21.6 % 1,000 17.5 % New England 106 1.2 % 12 0.2 % Other 201 2.2 % 200 3.5 % 9,175 100.0 % 5,711 100.0 % Allowance for credit losses (54) (53) Total, net of allowance $ 9,121 $ 5,658 Property type distribution Apartment $ 2,063 22.5 % $ 1,091 19.1 % Hotel 1,210 13.2 % 966 16.9 % Industrial 1,926 21.0 % 1,052 18.4 % Office 1,222 13.3 % 999 17.5 % Parking 319 3.5 % 414 7.2 % Retail 1,479 16.1 % 781 13.7 % Storage 180 2.0 % 118 2.1 % Other 776 8.4 % 290 5.1 % 9,175 100.0 % 5,711 100.0 % Allowance for credit losses (54) (53) Total, net of allowance $ 9,121 $ 5,658 Our residential mortgage loan portfolio consists of loans with an amortized cost of $2.9 billion and $0 million as of June 30, 2024 and December 31, 2023, respectively. These loans are collateralized by the related properties and diversified as to location within the United States. Mortgage loans on real estate are generally reported at cost adjusted for amortization of premiums and accrual of discounts, computed using the interest method and net of valuation allowances. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Interest income is included in Net investment income on our Consolidated Statements of Operations. Accrued interest receivable, which was $94 million and $27 million as of June 30, 2024 and December 31, 2023, respectively, is included in Accrued investment income on our Consolidated Statements of Financial Position. Loan Valuation Allowance We establish a valuation allowance to provide for the risk of credit losses inherent in our mortgage loan portfolios. The valuation allowance is maintained at a level believed adequate by management to absorb estimated expected credit losses. The valuation allowance is based on amortized cost, which excludes accrued interest receivable. We do not measure a credit loss allowance on accrued interest receivable as we write off any uncollectible accrued interest receivable balances to net investment income in a timely manner. We charged off $1 million and $1 million of uncollectible accrued interest receivable on our mortgage loan portfolios for the three and six months periods ended June 30, 2024, respectively. We did not charge off any uncollectible accrued interest receivable on our mortgage loan portfolios for the three and six months periods ended June 30, 2023, respectively. The valuation allowances for each of our mortgage loan portfolios are estimated by deriving probability of default and recovery rate assumptions based on the characteristics of the loans in each portfolio, historical economic data and loss information, and current and forecasted economic conditions. Key loan characteristics impacting the estimate for our commercial mortgage loan portfolio include the current state of the borrower’s credit quality, which considers factors such as loan-to-value (“LTV”) and debt service coverage (“DSC”) ratios, loan performance, underlying collateral type, delinquency status, time to maturity, and original credit scores. Key loan characteristics impacting the estimate for our residential mortgage loan portfolios include the current state of the borrowers' credit quality, delinquency status, time to maturity and original credit scores. The following table represents a rollforward of the allowance for credit losses on our mortgage loan portfolios: Three Months Ended June 30, 2024 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (54) $ — $ (54) Acquisition from business combination — — — Provision — — — Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (54) $ — $ (54) Three Months Ended June 30, 2023 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (49) $ — $ (49) Acquisition from business combination — — — Provision 6 — 6 Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (43) $ — $ (43) Six Months Ended June 30, 2024 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (53) $ — $ (53) Acquisition from business combination — — — Provision (1) — (1) Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (54) $ — $ (54) Six Months Ended June 30, 2023 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (38) $ — $ (38) Acquisition from business combination — — — Provision (5) — (5) Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (43) $ — $ (43) Charge-offs include allowances that have been established on loans that were satisfied either by taking ownership of the collateral or by some other means such as discounted pay-off or loan sale. When ownership of the property is taken it is recorded at the lower of the loan's carrying value or the property's fair value (based on appraised values) less estimated costs to sell. The real estate owned is recorded as a component of Real estate investments and the loan is recorded as fully paid, with any allowance for credit loss that has been established charged off. Fair value of the real estate is determined by third party appraisal. There were 13 real estate properties totaling $68 million at June 30, 2024 and 3 real estate properties totaling $79 million at December 31, 2023, in which ownership of the property was taken to satisfy an outstanding loan at December 31, 2023. Recoveries are situations where we have received a payment from the borrower in an amount greater than the carrying value of the loan (principal outstanding less specific allowance). We closely monitor loan performance for our commercial and residential mortgage loan portfolios. Aging of financing receivables is summarized in the following table (by year of origination): Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Total As of June 30, 2024: (Dollars in millions) Commercial mortgage loans Current $ 214 $ 415 $ 2,215 $ 1,254 $ 983 $ 3,867 $ 8,948 30 - 59 days past due — — — — — 24 24 60 - 89 days past due — 2 50 — — 42 94 Non-accrual (90 days or more past due) — 3 — 1 — 105 109 Total commercial mortgage loans $ 214 $ 420 $ 2,265 $ 1,255 $ 983 $ 4,038 $ 9,175 Residential mortgage loans Current $ 64 $ 1,030 $ 1,193 $ 251 $ 127 $ 17 $ 2,682 30 - 59 days past due 3 16 41 10 5 — 75 60 - 89 days past due — 14 21 7 4 1 47 Non-accrual (90 days or more past due) — 36 50 20 9 2 117 Total residential mortgage loans $ 67 $ 1,096 $ 1,305 $ 288 $ 145 $ 20 $ 2,921 Total mortgage loans $ 281 $ 1,516 $ 3,570 $ 1,543 $ 1,128 $ 4,058 $ 12,096 Allowance for credit losses (54) Total, net of allowance $ 12,042 Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Total As of December 31, 2023: (Dollars in millions) Commercial mortgage loans Current $ 319 $ 1,486 $ 679 $ 489 $ 488 $ 2,120 $ 5,581 30 - 59 days past due — 26 — — 5 21 52 60 - 89 days past due — 50 — — — 13 63 Non-accrual (90 days or more past due) — — — — — 15 15 Total commercial mortgage loans $ 319 $ 1,562 $ 679 $ 489 $ 493 $ 2,169 $ 5,711 Residential mortgage loans Current $ — $ — $ — $ — $ — $ — $ — 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Non-accrual (90 days or more past due) — — — — — — — Total residential mortgage loans $ — $ — $ — $ — $ — $ — $ — Total mortgage loans $ 319 $ 1,562 $ 679 $ 489 $ 493 $ 2,169 $ 5,711 Allowance for credit losses (53) Total, net of allowance $ 5,658 Commercial and residential mortgage loans are considered nonperforming when they become 90 days or more past due. When loans become nonperforming, we place them on non-accrual status and discontinue recognizing interest income. If payments are received on a nonperforming loan, interest income is recognized to the extent it would have been recognized if normal principal and interest would have been received timely. If payments are received to bring a nonperforming loan back to less than 90 days past due, we will resume accruing interest income on that loan. There were 206 loans in non-accrual status at June 30, 2024 and 3 loans in non-accrual status at December 31, 2023. During the three and six months ended June 30, 2024 we recognized interest income of $1 million and $1 million on loans which were in non-accrual status at the respective period end. During the three and six months ended June 30, 2023 we recognized no interest income on loans which were in non-accrual status at the respective period end. Loan Modifications Our commercial and residential mortgage loans may be subject to loan modifications. Loan modifications may be granted to borrowers experiencing financial difficulty and could include principal forgiveness, interest rate reduction, an other-than-significant delay or a term extension. We consider the following factors in determining whether or not a borrower is experiencing financial difficulty: • borrower is in default, • borrower has declared bankruptcy, • there is growing concern about the borrower's ability to continue as a going concern, • borrower has insufficient cash flows to service debt, • borrower's inability to obtain funds from other sources, and • there is a breach of financial covenants by the borrower. A loan modification typically does not result in a change in valuation allowance as it is already incorporated into our allowance methodology. However, if we grant a borrower experiencing financial difficulty principal forgiveness, the amount of principal forgiven would be written off, which would reduce the amortized cost of the loan and result in an adjustment to the valuation allowance. There were three and seven significant mortgage loan modifications for the three and six months ended June 30, 2024, respectively, and three and five significant mortgage loan modifications for the three and six months ended June 30, 2023, respectively. 6. Private Loans The following table summarizes the credit ratings for private loans: June 30, 2024 December 31, 2023 (Dollars in millions) AAA $ — $ — AA 72 — A 926 — BBB 35 — BB and below 604 194 Unrated (1) 87 — Total $ 1,724 $ 194 (1) Due to the nature of private loans, external agency credit ratings may not be readily available. Where appropriate, the Company obtains non-published credit ratings from one or more third-party rating agencies, which are determined based on an independent evaluation of the transaction. For other loans without published or private credit ratings, the Company assigns internal risk ratings, based on our investment selection and monitoring process and policies. These internal risk ratings are categorized as “Unrated” above. Allowance for Credit Losses The rollforward of the allowance for credit losses for private loans is shown below: 2024 2023 (Dollars in millions) Balance at January 1 $ (8) $ — Acquisition from business combination — — Provision 1 — Writeoffs charged against the allowance — — Recoveries of amounts previously written off — — Balance at March 31 (7) — Acquisition from business combination — — Provision (14) — Writeoffs charged against the allowance — — Recoveries of amounts previously written off — — Balance at June 30 $ (21) $ —

Real Estate and Real Estate Par

Real Estate and Real Estate Partnerships	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Real Estate and Real Estate Partnerships	7. Real Estate and Real Estate Partnerships The carrying amounts of real estate investments are as follows: June 30, 2024 Real Estate Amount Percentage (Dollars in millions) Hotel $ 137 7 % Industrial 28 1 % Land 129 6 % Office 236 12 % Retail 230 11 % Apartments — — % Single family residential 1,279 62 % Other 11 1 % Total real estate 2,050 100 % Real estate partnerships 4,279 Total real estate and real estate partnerships $ 6,329 December 31, 2023 Real Estate Amount Percentage (Dollars in millions) Hotel $ 14 2 % Industrial 65 9 % Land 37 5 % Office 358 47 % Retail 218 29 % Apartments 60 8 % Single family residential — — % Other 3 — % Total real estate 755 100 % Real estate partnerships 2,856 Total real estate and real estate partnerships $ 3,611

Variable Interest Entities and

Variable Interest Entities and Equity Method Investments	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Variable Interest Entities and Equity Method Investments	8. Variable Interest Entities and Equity Method Investments The Company regularly invests in real estate partnerships and investment funds and frequently participates in the design with the sponsor, but in most cases, its involvement is limited to financing. Some of these investments have been determined to be variable interest entities (“VIEs”). In certain instances, in addition to an economic interest in the entity, the Company holds the power to direct the most significant activities of the entity and is deemed the primary beneficiary. The Company consolidates all VIEs in which it is the primary beneficiary. The assets of consolidated VIEs are restricted and must first be used to settle their liabilities. Creditors or beneficial interest holders of these VIEs have no recourse to the general credit of the Company, as the Company’s obligation is limited to the amount of its committed investment. The Company has not provided financial or other support to these consolidated VIEs in the form of liquidity arrangements, guarantees or other commitments to third-parties that may affect the fair value or risk of its variable interest in these VIEs as of June 30, 2024 and December 31, 2023. Consolidated Variable Interest Entities The assets and liabilities relating to the consolidated VIEs included in the financial statements are as follows: June 30, 2024 December 31, 2023 (Dollars in millions) Fixed maturity securities, available for sale $ 44 $ 63 Equity securities, at fair value 115 15 Private loans 196 188 Real estate 1,628 172 Real estate partnerships 1,055 — Investment funds 487 4 Short-term investments — 4 Other invested assets 150 — Cash and cash equivalents 132 26 Other assets 158 61 Total assets of consolidated VIEs $ 3,965 $ 533 Notes payable $ 175 $ 174 Other liabilities 94 14 Total liabilities of consolidated VIEs $ 269 $ 188 Unconsolidated Variable Interest Entities For unconsolidated VIEs, the Company is not the primary beneficiary as major decisions impacting the economic activities of the VIE require consent from one or more other partners. These unconsolidated VIEs are accounted for using the equity method of accounting or at amortized cost. In addition, certain equity securities and available-for-sale fixed maturity securities at fair value are the Company’s interests in limited partnerships that are unconsolidated VIEs. Creditors or beneficial interest holders of these VIEs have no recourse to the general credit of the Company, as the Company’s obligation is limited to the amount of its committed investment. The Company has not provided financial or other support to these unconsolidated VIEs in the form of liquidity arrangements, guarantees or other commitments to third-parties that may affect the fair value or risk of its variable interest in these VIEs as of June 30, 2024 and December 31, 2023. The carrying amount and maximum exposure to loss relating to these unconsolidated VIEs are as follows: June 30, 2024 December 31, 2023 Carrying Amount Maximum Exposure to Loss Carrying Amount Maximum Exposure to Loss (Dollars in millions) Fixed maturity securities, available for sale $ 2,100 $ 2,100 $ — $ — Mortgage loans on real estate 673 746 632 632 Real estate partnerships 889 892 301 301 Short-term investments 57 57 — — Other invested assets 157 157 — — Total $ 3,876 $ 3,952 $ 933 $ 933 Equity Method Investments The Company’s investments in investment funds, real estate partnerships, and other partnerships of which substantially all are limited liability companies (“LLCs”) or limited partnerships are accounted for using the equity method of accounting. As of June 30, 2024 and December 31, 2023, the Company’s equity accounted investments totaled $4.3 billion and $4.4 billion, respectively. As described in Note 2 - Summary of Significant Accounting Policies , the Company generally recognizes its share of earnings in its equity method investments within “Net investment income” using a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. The following aggregated summarized financial data reflects the latest available financial information and does not represent the Company’s pro rata share of the assets, liabilities or earnings of such entities. Aggregated total assets of these entities totaled $37.8 billion and $4.4 billion as of June 30, 2024 and December 31, 2023, respectively. Aggregate net income of these entities totaled $65 million and $103 million for the three and six months ended June 30, 2024 and $30 million and $66 million for the three and six months ended June 30, 2023, respectively. Aggregate net income from the underlying entities in which the Company invests primarily comprise investment income, including recurring investment income (loss) and realized and unrealized investment gains (losses), from investment funds, real estate properties and real estate funds.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	9. Derivative Instruments The Company manages risks associated with certain assets and liabilities by using derivative financial instruments. Derivative financial instruments are financial contracts whose value is derived from underlying interest rates, exchange rates or other financial instruments. The Company does not invest in derivatives for speculative purposes. Equity-indexed options are over-the-counter contractual agreements negotiated between counterparties. The Company purchases equity-indexed options as economic hedges against fluctuations in the equity markets to which equity-indexed products are exposed. Equity-indexed contracts include a fixed host universal-life insurance or annuity contract and an equity-indexed embedded derivative. The notional principal represents the amount to which a rate or price is applied to determine the cash flows to be exchanged periodically and does not represent credit exposure. Maximum credit risk is the estimated cost of replacing derivative financial instruments which have a positive value, should the counterparty default. Derivatives, except for embedded derivatives, are included in “Other invested assets”, at fair value in the Consolidated Statements of Financial Position. Embedded derivative liabilities on funds withheld and modified coinsurance (“Modco”) arrangements and embedded derivative liabilities on indexed annuity and variable annuity products are included in the Consolidated Statements of Financial Position within the “Reinsurance funds withheld” and “Policyholders’ account balances” lines respectively, at fair value. The notional and fair values of derivative instruments, presented in the Consolidated Statements of Financial Position, are shown below: Primary Location in the Consolidated June 30, 2024 December 31, 2023 Notional Carrying Value / Fair Value Notional Carrying Value / Fair Value Assets Liabilities Assets Liabilities (Dollars in millions) Derivatives Not Designated as Hedging Instruments: Equity-indexed options Equity Other invested assets, Other liabilities $ 45,871 $ 1,610 $ — $ 4,084 $ 227 $ — Embedded Derivatives: Indexed annuity and variable annuity product Interest rate Policyholders’ account balances — — 1,196 — — 873 Funds withheld and Modco arrangements Interest rate Funds withheld for reinsurance liabilities — — 79 — — — $ 45,871 $ 1,610 $ 1,275 $ 4,084 $ 227 $ 873 Derivatives Not Designated as Hedging Instruments The following represents the financial statement location and amount of gains (losses) related to the derivatives not designated as hedging instruments: Derivative Gains (Losses) Recognized in Income Three Months Ended Six Months Ended Location in the Consolidated Statements of Operations 2024 2023 2024 2023 (Dollars in millions) Equity-indexed options Change in fair value of insurance-related derivatives and embedded derivatives $ 308 $ 46 $ 365 $ 71 Embedded derivatives: Indexed annuity and variable annuity product Change in fair value of insurance-related derivatives and embedded derivatives (250) (20) (288) (71) Funds withheld and Modco arrangements Change in fair value of insurance-related derivatives and embedded derivatives (79) — (79) — $ (21) $ 26 $ (2) $ — Derivative Exposure The Company’s use of derivative instruments exposes it to credit risk in the event of non-performance by counterparties. The Company has a policy of only dealing with counterparties it believes are creditworthy and obtaining sufficient collateral where appropriate, as a means to mitigating the financial loss from defaults. The Company holds collateral in cash and notes secured by U.S. government-backed assets. The non-performance risk is the net counterparty exposure based on fair value of open contracts less fair value of collateral held. The Company maintains master netting agreements with its current active trading partners. A right of offset has been applied to collateral that supports credit risk and has been recorded in the Consolidated Statements of Financial Position as an offset to “Other invested assets” with an associated payable to “Other liabilities” for excess collateral. A right of offset has also been applied to derivative assets and liabilities with the same counterparty under the same master netting agreement, and such derivative instruments are presented on a net basis in the Consolidated Statements of Financial Position. The fair value of our call options by counterparty and each counterparty's current credit rating are as follows: June 30, 2024 December 31, 2023 Counterparty Credit Rating Credit Rating (Moody's) Fair Value Fair Value (Dollars in millions) Bank of America A+ Aa1 $ 162 $ 24 Barclays A+ A1 76 24 Canadian Imperial Bank of Commerce A+ Aa2 61 — Citibank, N.A. A+ Aa3 46 — Credit Suisse A+ Aa2 6 16 Goldman Sachs A+ A1 17 — ING A- Baa1 6 10 J.P. Morgan A+ Aa2 149 12 Mizuho A A1 393 — Morgan Stanley A+ Aa3 114 43 NATIXIS A+ A2 2 4 Royal Bank of Canada AA- A1 132 — Societe Generale A A1 82 — Truist A A3 119 59 UBS AG A+ Aa3 50 — Wells Fargo A+ Aa2 195 35 $ 1,610 $ 227 Information regarding the Company’s exposure to credit loss on the derivatives it holds, including the effect of rights of offset, is presented below: Gross Amount of Derivative Instruments (1) Gross Amount Offset in the Consolidated Statements of Financial Position Net Amount Presented in the Consolidated Statements of Financial Position Collateral (Received) Pledged in Cash (2) Collateral (Received) Pledged in Invested Assets (2) Exposure (Dollars in millions) As of June 30, 2024 Derivative assets Equity-indexed options $ 1,618 $ (8) $ 1,610 $ (1,587) $ (21) $ 2 Total derivative assets $ 1,618 $ (8) $ 1,610 $ (1,587) $ (21) $ 2 Derivative liabilities Equity-indexed options $ (8) $ 8 $ — $ — $ — $ — Total derivative liabilities $ (8) $ 8 $ — $ — $ — $ — As of December 31, 2023 Derivative assets Equity-indexed options $ 227 $ — $ 227 $ (205) $ (21) $ 1 Total derivative assets $ 227 $ — $ 227 $ (205) $ (21) $ 1 Derivative liabilities Equity-indexed options $ — $ — $ — $ — $ — $ — Total derivative liabilities $ — $ — $ — $ — $ — $ — (1) Represents derivative assets and liabilities on a gross basis, which are not offset under enforceable master netting agreements that meet all offsetting criteria. (2) Excludes a portion of collateral held in cash and invested assets that are excess collateral. As of June 30, 2024 and December 31, 2023, the Company held excess collateral of $52 million and $4 million, respectively.

Net Investment Income and Inves

Net Investment Income and Investment Related Gains (Losses)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Net Investment Income and Investment Related Gains (Losses)	10. Net Investment Income and Investment Related Gains (Losses) Net investment income is shown below: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Available-for-sale fixed maturity securities $ 433 $ 167 $ 661 $ 324 Equity securities 6 — 21 — Mortgage loans 160 73 238 142 Private loans 1 — 1 — Real estate 39 1 52 5 Real estate partnerships 6 (1) 6 15 Investment funds 133 31 168 50 Policy loans 6 — 6 — Short-term investments 45 58 77 92 Other 95 13 142 38 Total net investment income $ 924 $ 342 $ 1,372 $ 666 Net unrealized and realized investment gains (losses) are shown below: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Available-for-sale fixed maturity securities $ (33) $ (35) $ (25) $ (60) Equity securities 35 71 24 43 Mortgage loans 2 2 (6) (10) Private loans (3) — (3) — Short-term investments and other invested assets 1 3 (22) 7 Total investment related gains (losses), net $ 2 $ 41 $ (32) $ (20)

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	11. Fair Value of Financial Instruments The carrying amount and fair value of financial instruments are shown below: June 30, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in millions) Financial assets: Available-for-sale fixed maturity securities $ 46,480 $ 46,480 $ 12,877 $ 12,877 Equity securities 1,200 1,200 1,404 1,404 Mortgage loans on real estate, net of allowance 12,042 11,812 5,658 5,405 Private loans, net of allowance 1,724 1,729 194 194 Policy loans 401 401 390 390 Short-term investments 1,945 1,945 2,397 2,397 Other invested assets: Derivative assets 1,610 1,610 227 227 Collaterals received on derivatives (excluding excess collateral) (1,587) (1,587) (226) (226) Separately managed accounts 89 89 105 105 Other (1) 832 832 14 14 Cash and cash equivalents 13,895 13,895 3,192 3,192 Reinsurance recoverables and deposit assets 15,261 14,196 — — Other assets - market risk benefits 704 704 34 34 Separate account assets (2) 1,266 1,266 1,189 1,189 Total financial assets $ 95,862 $ 94,572 $ 27,455 $ 27,202 Financial liabilities: Policyholders' account balances, excluding embedded derivative $ 76,797 $ 76,797 $ 14,097 $ 14,097 Policyholders’ account balances – embedded derivative 1,196 1,196 873 873 Market risk benefits 3,276 3,276 34 34 Other liabilities: Funds withheld liabilities 79 79 — — Notes payable 657 657 174 174 Long term borrowings 2,476 2,458 1,493 1,493 Separate account liabilities (2) 1,266 1,266 1,189 1,189 Total financial liabilities $ 85,747 $ 85,729 $ 17,860 $ 17,860 (1) Balance includes $407 million and $14 million other invested assets not subject to fair value hierarchy as of June 30, 2024 and December 31, 2023, respectively. (2) Balance includes $32 million and $26 million of assets, and corresponding liabilities, that are not subject to fair value hierarchy as of June 30, 2024 and December 31, 2023, respectively. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability. A fair value hierarchy is used to determine fair value based on a hypothetical transaction as of the measurement date from the perspective of a market participant. The Company has evaluated the types of securities in its investment portfolio to determine an appropriate hierarchy level based upon trading activity and the observability of market inputs. The classification of assets or liabilities within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are defined as follows: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 - Quoted prices in markets that are not active or inputs that are observable directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities other than quoted prices in Level 1; quoted prices in markets that are not active; or other inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and third-party evaluation, as well as instruments for which the determination of fair value requires significant management judgment or estimation Valuation Techniques for Financial Instruments Recorded at Fair Value Available-for-sale Fixed Maturity Securities and Equity Options — The Company utilizes pricing services to estimate fair value measurements. The fair value for available-for-sale fixed maturity securities that are disclosed as Level 1 measurements are based on unadjusted quoted market prices for identical assets that are readily available in an active market. The estimates of fair value for most available-for-sale fixed maturity securities, including municipal bonds, provided by the pricing service are disclosed as Level 2 measurements as the estimates are based on observable market information rather than market quotes. The pricing service utilizes market quotations for available-for-sale fixed maturity securities that have quoted prices in active markets. Since available-for-sale fixed maturity securities generally do not trade on a daily basis, the pricing service prepares estimates of fair value measurements for these securities using its proprietary pricing applications, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. Additionally, an option adjusted spread model is used to develop prepayment and interest rate scenarios. The pricing service evaluates each asset class based on relevant market information, credit information, perceived market movements and sector news. The market inputs utilized in the pricing evaluation, listed in the approximate order of priority, include: benchmark yields, reported trades, pricing source quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and economic events. The extent of the use of each market input depends on asset class and the market conditions. Depending on the security, the priority of the use of inputs may change or some market inputs may not be relevant. For some securities, additional inputs may be necessary. The Company has reviewed the inputs and methodology used and the techniques applied by the pricing service to produce quotes that represent the fair value of a specific security. The review confirms that the pricing service is utilizing information from observable transactions or a technique that represents a market participant’s assumptions. The Company does not adjust quotes received from the pricing service. The pricing service utilized by The Company has indicated that they will only produce an estimate of fair value if there is objectively verifiable information available. The Company holds a small amount of private placement debt and available-for-sale fixed maturity securities that have characteristics that make them unsuitable for matrix pricing. For these securities, a quote from an independent pricing source (typically a market maker) is obtained. Due to the disclaimers on the quotes that indicate the price is indicative only, the Company includes these fair value estimates in Level 3. For securities priced using a quote from an independent pricing source, such as the equity-indexed options and certain available-for-sale fixed maturity securities, the Company uses a market-based fair value analysis to validate the reasonableness of prices received. Price variances above a certain threshold are analyzed further to determine if any pricing issue exists. This analysis is performed quarterly. Equity Securities — For publicly-traded equity securities, prices are received from a nationally recognized pricing service that are based on observable market transactions, and these securities are classified as Level 1 measurements. For certain preferred stock, current market quotes in active markets are unavailable. In these instances, an estimated fair value is received from the pricing service. The service utilizes similar methodologies to price preferred stocks as it does for available-for-sale fixed maturity securities. If applicable, these estimates would be disclosed as Level 2 measurements. The Company tests the accuracy of the information provided by reference to other services annually. For certain private equity without readily determinable fair values, fair value estimates are unavailable and are not disclosed. Short-term Investments — Short-term investments are primarily commercial paper rated A2 or P2 or better by Standard & Poor’s and Moody’s, respectively. Commercial paper is carried at amortized cost which approximates fair value. These investments are classified as Level 2 measurements. Real estate and Real Estate Partnerships — The fair values of residential real estate investments held through consolidation of investment company VIEs are initially recorded based on the cost to purchase the properties and subsequently recorded at fair value on a recurring basis and falls within Level 3 of the fair value hierarchy. The fair value of the residential real estate properties was determined using broker price opinions (BPOs). A BPO is an appraisal methodology commonly used in the industry to estimate net proceeds from the sale of a home. The significant inputs into the valuation include market comparable home sales, age and size of the home, location and property conditions. Two of our consolidated variable interest entities, which are fair valued on a recurring basis, invest in limited liability companies that invest in operating entities which hold multifamily real estate properties. The fair value of the limited liability companies was obtained from a third party and is based on the fair value of the underlying real estate held by the various operating entities. The real estate is initially calculated based on the cost to purchase the properties and subsequently calculated based on a discounted cash flow methodology. Investment Funds — We own an investment in an infrastructure limited liability company through a consolidated VIE that is measured at fair value on a recurring basis. We initially recorded the investment at the cost to purchase the investment and subsequently recorded based on a discounted cash flow methodology. We own one consolidated limited partnership fund, which is measured using NAV as a practical expedient. This investment is a closed-end fund that invests in infrastructure credit assets. Redemptions are not allowed until the funds’ termination date and liquidations begin. Cash and Cash Equivalents — Amounts reported in the Consolidated Statements of Financial Position for these instruments are reported at their historical cost which approximates fair value due to the nature of the assets assigned to this category. Other Invested Asset s – The Company holds interest in an investment company limited partnership, which invests in residual interest investments, and is a consolidated VIE. The investment was initially recorded at cost and will subsequently be recorded at fair value using discounted cash flow methodology and falls within Level 3 of the fair value hierarchy. Separate Account Assets and Liabilities — The separate account assets included on the quantitative disclosures fair value hierarchy table are comprised of short-term investments, equity securities, and available-for-sale fixed maturity. Equity securities are classified as Level 1 measurements. Short-term investments and available-for-sale fixed maturity securities are classified as Level 2 measurements. These classifications for separate account assets reflect the same fair value level methodologies as listed above as they are derived from the same vendors and follow the same process. The separate account assets also include cash and cash equivalents, investment funds, accrued investment income, and receivables for securities. These are not included in the quantitative disclosures of fair value hierarchy table. Market Risk Benefits - MRBs are valued using stochastic models that incorporate a spread reflecting our non-performance risk. The key assumptions for calculating the fair value of the MRBs are market assumptions such as equity market returns, interest rate levels, market volatility and correlations and policyholder behavior assumptions such as lapse, mortality, utilization and withdrawal patterns. Risk margins are included in the policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment. MRBs are classified as Level 3 fair value measurements as the fair value is based on unobservable inputs. The following significant unobservable inputs are used for measuring the fair value: (1) Utilization – The utilization assumption represents the percentage of policyholders who will elect to receive lifetime income benefit payments in a given year. The range and weighted average of this assumption can vary from year to year depending on the characteristics of policies in a given cohort within the rate. (2) Option budget – The option budget assumption represents the expected cost of annual call options we will purchase in the future. (3) Nonperformance risk – The nonperformance risk assumption impacts the discount rate used in the discounted future cash flow valuation and includes our own credit risk based on the current market credit spreads for debt-like instruments we have issued and are available in the market. Additionally, the nonperformance risk assumption includes the counterparty credit risk used in the fair value measurement of ceded market risk benefits which is determined using the current market credit spreads based on the counterparty credit rating. (4) Mortality rates – The mortality rate assumptions are set based on a combination of company and industry experience, adjusted for improvement factors. Mortality rates vary by age and by demographic characteristics such as gender. (5) Lapse rates – The lapse rate assumptions represent the expected rate of full surrenders which are set based on product type or feature and whether a policy is subject to surrender charges. Derivative Assets/Derivative Liabilities Equity-index options — Equity index options are valued using industry accepted valuation models and are adjusted for the nonperformance risk of each counterparty net of any collateral held. Inputs include market volatility and risk free interest rates and are used in income valuation techniques in arriving at a fair value for each option contract. The nonperformance risk for each counterparty is based upon its credit default swap rate. We have no performance obligations related to the call options purchased to fund our fixed index annuity policy liabilities. Policyholders’ Account Balances – Embedded Derivatives —The fair value of the embedded derivative component of our fixed index annuity policyholder account balance reserve is estimated at each valuation date by (i) projecting policy contract values and minimum guaranteed contract values over the expected lives of the contracts and (ii) discounting the excess of the projected contract value amounts at the applicable risk free interest rates adjusted for our nonperformance risk related to those liabilities. The following significant unobservable inputs are used for measuring the fair value: (1) Option budget (2) Lapse rates (3) Nonperformance risk The fair value of our fixed index annuities embedded derivatives is net of coinsurance ceded of $1.1 billion as of June 30, 2024. Change in fair value, net for each period in our embedded derivatives is included in Change in fair value of embedded derivatives in the Consolidated Statements of Operations. Funds Withheld Liabilities — We estimate the fair value of the embedded derivative based on the fair value of the assets supporting the funds withheld payable under modified coinsurance and funds withheld coinsurance reinsurance agreements. The fair value of the embedded derivative is classified as Level 3 based on valuation methods used for the assets held supporting the reinsurance agreements. Separately Managed Accounts — The separately managed account manager uses the mid-point of a range from a third-party to price these securities. Discounted cash flows (yield analysis) and market transactions approach are used in the valuation. They use discount rates which is considered an unobservable input. The fair value hierarchy measurements for assets and liabilities measured at fair value on a recurring basis are shown below: Assets and Liabilities Carried at Fair Value by Hierarchy Level Total Fair Value Level 1 Level 2 Level 3 (Dollars in millions) June 30, 2024 Financial assets Available-for-sale fixed maturity securities: U.S. treasury and government $ 83 $ 83 $ — $ — U.S. states and political subdivisions 3,299 — 3,047 252 Foreign governments 453 — 453 — Corporate debt securities 31,949 — 29,035 2,914 Residential mortgage-backed securities 1,079 — 1,057 22 Commercial mortgage-backed securities 2,766 — 2,743 23 Collateralized debt securities 6,851 — 3,775 3,076 Total fixed maturity, available-for-sale 46,480 83 40,110 6,287 Equity securities: Common stock 1,081 384 2 695 Preferred stock 114 23 — 91 Private equity and other 5 — — 5 Total equity securities 1,200 407 2 791 Real estate at fair value (1) 1,279 — — 1,279 Real estate partnerships at fair value (1) 39 — — 39 Investment funds (fair value option) (1)(2) 111 — — 111 Short-term investments 1,945 823 544 578 Other invested assets: Derivative assets 1,610 — 1,356 254 Collaterals received on derivatives (excluding excess collateral) (1,587) (1,587) — — Separately managed accounts 89 — — 89 Other 425 — — 425 Cash and cash equivalents 13,895 13,895 — — Other assets - market risk benefit assets 704 — — 704 Separate account assets (3) 1,234 200 1,034 — Total financial assets $ 67,424 $ 13,821 $ 43,046 $ 10,557 Financial liabilities Policyholders’ account balances – embedded derivative $ 1,196 $ — $ — $ 1,196 Market risk benefits 3,276 — — 3,276 Funds withheld liabilities - embedded derivatives 79 — — 79 Separate account liabilities (3) 1,234 200 1,034 — Total financial liabilities $ 5,785 $ 200 $ 1,034 $ 4,551 (1) Balances represent financial assets that are fair valued as a result of consolidation of investment company VIE in accordance with ASC 946. (2) Balance excludes $360 million of investments measured at estimated fair value using NAV as a practical expedient. (3) Balance includes $32 million of assets, and corresponding liabilities, that are not subject to fair value hierarchy. Assets and Liabilities Carried at Fair Value by Hierarchy Level Total Fair Value Level 1 Level 2 Level 3 (Dollars in millions) December 31, 2023 Financial assets Available-for-sale fixed maturity securities: U.S. treasury and government $ 62 $ 62 $ — $ — U.S. states and political subdivisions 578 — 578 — Foreign governments 9 — 9 — Corporate debt securities 10,784 — 8,570 2,214 Residential mortgage-backed securities 127 — 127 — Commercial mortgage-backed securities — — — — Collateralized debt securities 1,317 — 416 901 Total fixed maturity, available-for-sale 12,877 62 9,700 3,115 Equity securities: Common stock 1,307 314 — 993 Preferred stock 97 22 — 75 Private equity and other — — — — Total equity securities 1,404 336 — 1,068 Real estate at fair value — — — — Real estate partnerships at fair value — — — — Investment funds (fair value option) — — — — Short-term investments 2,397 1,100 — 1,297 Other invested assets: Derivative assets 227 — — 227 Collaterals received on derivatives (excluding excess collateral) (226) — — (226) Separately managed accounts 105 — — 105 Other — — — — Cash and cash equivalents 3,192 3,192 — — Other assets - market risk benefit assets 34 — — 34 Separate account assets (1) 1,163 406 757 — Total financial assets $ 21,173 $ 5,096 $ 10,457 $ 5,620 Financial liabilities Policyholders’ account balances – embedded derivative $ 873 $ — $ — $ 873 Market risk benefits 34 — — 34 Funds withheld liabilities - embedded derivatives — — — — Separate account liabilities (1) 1,163 406 757 — Total financial liabilities $ 2,070 $ 406 $ 757 $ 907 (1) Balance includes $26 million of assets, and corresponding liabilities, that are not subject to fair value hierarchy. Fair Value Information About Financial Instruments Not Recorded at Fair Value Information about fair value estimates for financial instruments not measured at fair value is discussed below: Mortgage Loans — The fair value of mortgage loans is estimated using discounted cash flow analyses on a loan-by-loan basis by applying a discount rate to expected cash flows from future installment and balloon payments. The discount rate takes into account general market trends and specific credit risk trends for the individual loan. Factors used to arrive at the discount rate include inputs from spreads based on U.S. Treasury notes and the loan’s credit quality, region, property-type, lien priority, payment type and current status. Private Loans — The fair value of private loans is estimated using discounted cash flow analyses on a loan-by-loan basis by applying a discount rate to expected cash flows from future installment and balloon payments. The discount rate takes into account general market trends and specific credit risk trends for the individual loan. For certain of our collateral loans, we have concluded the carrying value approximates fair value. Policy Loans — The carrying value of policy loans is the outstanding balance plus any accrued interest. Due to the collateralized nature of policy loans such that they cannot be separated from the policy contracts, the unpredictable timing of repayments and the fact that settlement is at outstanding value, as such the carrying value of policy loans approximates fair value. Long Term Borrowings — Long term borrowings are carried at outstanding principal balance. The carrying value approximates fair value because the carrying value represents the amount owing and payable to the creditor at the reporting date. Fair values for subordinated debentures are estimated using discounted cash flow calculations principally on observable inputs including our incremental borrowing rates, which reflect our credit rating, for similar types of borrowings with maturities consistent with those remaining for the debt being valued. Notes Payable — Notes payable are carried at outstanding principal balance. For a majority of the notes, the carrying value of the notes payable approximates fair value because the underlying interest rates approximate market rates at the reporting date. Other Invested Assets — FHLB common stock is carried at cost which approximates fair value. The fair value of our COLI is equal to the cash surrender value of the policies. Policyholder’s account balances & Reinsurance recoverables and deposit assets — The fair values of the policyholder account balances’ not involving significant mortality or morbidity risks, are stated at the cost we would incur to extinguish the liability (i.e., the cash surrender value) as these contracts are generally issued without an annuitization date. The deposit assets related to the ceded annuity benefit reserves have fair values determined in a similar fashion. For period-certain annuity benefit contracts, the fair value is determined by discounting the benefits at the interest rates currently in effect for newly issued immediate annuity contracts. All of the fair values presented within these categories fall within Level 3 of the fair value hierarchy as most of the inputs are unobservable market data. The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis are shown below: Carrying Amount Fair Value Fair Value Hierarchy Level Level 1 Level 2 Level 3 (Dollars in millions) June 30, 2024 Financial assets Mortgage loans on real estate, net of allowance $ 12,042 $ 11,812 $ — $ — $ 11,812 Private loans, net of allowance 1,724 1,729 — 846 883 Policy loans 401 401 — — 401 Deposit assets, included in reinsurance recoverables and deposit assets 15,261 14,196 — — 14,196 Other invested assets 407 407 — 403 4 Total financial assets $ 29,835 $ 28,545 Financial liabilities Policyholders' account balances, excluding embedded derivative $ 76,797 $ 76,797 $ — $ — $ 76,797 Long term borrowings 2,476 2,458 — — 2,458 Notes payable 657 657 — — 657 Total financial liabilities $ 79,930 $ 79,912 Carrying Amount Fair Value Fair Value Hierarchy Level Level 1 Level 2 Level 3 (Dollars in millions) December 31, 2023 Financial assets Mortgage loans on real estate, net of allowance $ 5,658 $ 5,405 $ — $ — $ 5,405 Private loans, net of allowance 194 194 — — 194 Policy loans 390 390 — — 390 Deposit assets, included in reinsurance recoverables and deposit assets — — — — — Other invested assets 14 14 — — 14 Total financial assets $ 6,256 $ 6,003 Financial liabilities Policyholders' account balances, excluding embedded derivative $ 14,097 $ 14,097 $ — $ — $ 14,097 Long term borrowings 1,493 1,493 — — 1,493 Notes payable 174 174 — — 174 Total financial liabilities $ 15,764 $ 15,764 For financial assets and financial liabilities measured at fair value on a recurring basis using Level 3 inputs during the periods, reconciliations of the beginning and ending balances are shown below: Three Months Ended June 30, 2024 Assets Liabilities Invested Assets (1) Derivative Assets PAB – Embedded Derivative Funds Withheld for Reinsurance Liabilities - Embedded Derivative (Dollars in millions) Balance, beginning of period $ 5,199 $ 257 $ 904 $ — Acquisitions from business combination 4,288 — — — Fair value changes in net income 12 24 287 79 Net change included in interest sensitive contract benefits — — — — Fair value changes in other comprehensive income 875 — — — Purchases 1,302 39 — — Sales (2,048) — — — Settlements or maturities (2) (66) (30) — Premiums less benefits — — 35 — Transfers into Level 3 112 — — — Transfers out of Level 3 (139) — — — Balance, end of period $ 9,599 $ 254 $ 1,196 $ 79 Three Months Ended June 30, 2023 Assets Liabilities Invested Assets (1) Derivative Assets PAB – Embedded Derivative Funds Withheld for Reinsurance Liabilities - Embedded Derivative (Dollars in millions) Balance, beginning of period $ 4,419 $ 167 $ 784 $ — Acquisitions from business combination — — — — Fair value changes in net income 11 47 — — Net change included in interest sensitive contract benefits — — 51 — Fair value changes in other comprehensive income (1) — — — Purchases 822 30 — — Sales (631) — — — Settlements or maturities — (29) — — Premiums less benefits — — (26) — Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Balance, end of period $ 4,620 $ 215 $ 809 $ — Six Months Ended June 30, 2024 Assets Liabilities Invested Assets (1) Derivative Assets PAB – Embedded Derivative Funds Withheld for Reinsurance Liabilities - Embedded Derivative (Dollars in millions) Balance, beginning of year $ 5,585 $ 227 $ 873 $ — Acquisitions from business combination 4,288 — — — Fair value changes in net income 12 81 287 79 Net change included in interest sensitive contract benefits — — (38) — Fair value changes in other comprehensive income 182 — — — Purchases 3,346 74 — — Sales (3,785) — — — Settlements or maturities (2) (128) (30) — Premiums less benefits — — 104 — Transfers into Level 3 112 — — — Transfers out of Level 3 (139) — — — Balance, end of period $ 9,599 $ 254 $ 1,196 $ 79 Six Months Ended June 30, 2023 Assets Liabilities Invested Assets (1) Derivative Assets PAB – Embedded Derivative Funds Withheld for Reinsurance Liabilities - Embedded Derivative (Dollars in millions) Balance, beginning of year $ 3,167 $ 121 $ 726 $ — Acquisitions from business combination — — — — Fair value changes in net income 97 72 — — Net change included in interest sensitive contract benefits — — 102 — Fair value changes in other comprehensive income (1) — — — Purchases 2,235 60 — — Sales (878) — — — Settlements or maturities — (38) — — Premiums less benefits — — (19) — Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Balance, end of period $ 4,620 $ 215 $ 809 $ — (1) Balance includes derivative collaterals and separately managed accounts. Transfers into and out of Level 3 during the three and six months ended June 30, 2024 were primarily the result of changes in observable pricing. Quantitative Information about Level 3 Fair Value Measurements The following table provides quantitative information about the significant unobservable inputs used for recurring fair value measurements categorized within Level 3, excluding investments where third party valuation inputs were not reasonably available. June 30, 2024 Assets / (Liabilities) Measured at Fair Value Valuation Techniques(s) Unobservable Input Description (Dollars in millions) Assets: Fixed maturity securities: Corporate debt securities $ 83 Discounted cash flow Liquidity premium Collateralized debt securities 1,947 Discounted cash flow Discount rate Weighted average lives Real estate at fair value 1,279 Broker price opinion Real estate partnerships at fair value 39 Discounted cash flow Residual capitalization rate Discount rate Investment funds at fair value 111 Discounted cash flow Discount rate Other invested assets - other 157 Discounted cash flow Discount rate Weighted average lives Separately managed accounts 89 Discounted cash flows (yield analysis) Discount rate CVM NCY EBITDA Market transaction December 31, 2023 Assets / (Liabilities) Measured at Fair Value Valuation Techniques(s) Unobservable Input Description (Dollars in millions) Assets: Separately managed accounts $ 105 Discounted cash flows (yield analysis) Discount rate CVM NCY EBITDA Market transaction

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Reinsurance	12. Reinsurance The Company also reinsures its business through a diversified group of reinsurers. The Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. The Company monitors trends in arbitration and any litigation outcomes with its reinsurers. Collectability of reinsurance balances is evaluated by monitoring ratings and the financial strength of its reinsurers. The effect of reinsurance on net premiums earned and claims incurred and policyholder benefits paid are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Premiums earned: Gross amounts $ 1,387 $ 1,344 $ 2,871 $ 2,411 Reinsurance ceded (382) (342) (722) (628) Net premiums earned $ 1,005 $ 1,002 $ 2,149 $ 1,783 Other policy revenue: Gross amounts $ 203 $ 103 $ 315 $ 200 Reinsurance ceded (19) — (19) — Net other policy revenue $ 184 $ 103 $ 296 $ 200 Policyholder benefits paid and claims incurred: Gross amounts $ 1,296 $ 1,171 $ 2,588 $ 2,029 Reinsurance ceded (266) (182) (472) (340) Net benefits paid and claims incurred $ 1,030 $ 989 $ 2,116 $ 1,689 Change in fair value of market risk benefits: Gross amounts $ 148 $ (24) $ 186 $ (14) Reinsurance ceded (9) 12 (28) 7 Net change in fair value of market risk benefits $ 139 $ (12) $ 158 $ (7) Interest sensitive contract benefits: Gross amounts $ 506 $ 175 $ 765 $ 365 Reinsurance ceded (116) (59) (220) (160) Net interest sensitive contract benefits $ 390 $ 116 $ 545 $ 205 Annuity The following summarizes our annuity reinsurance treaties and related recoverable (in millions): Reinsurance Recoverable Agreement Type Products Covered June 30, 2024 (Dollars in millions) Principal Reinsurers: EquiTrust Life Insurance Company $ 245 Coinsurance Certain Fixed Index and Fixed Rate Annuities Athene Life Re Ltd. 2,044 Coinsurance Funds Withheld, Modified Coinsurance Certain Fixed Annuities and Multi-Year Guaranteed Annuities North End Re (Cayman) SPC 8,075 Coinsurance Funds Withheld, Modified Coinsurance Certain Fixed Annuities AeBe ISA LTD 4,397 Coinsurance Funds Withheld, Coinsurance Certain Fixed Index and Fixed Rate Annuities $ 14,761 There were no significant changes to third party reinsurance agreements for the three and six months ended June 30, 2024. We calculate estimated losses on reinsurance recoverable balances by determining an expected loss ratio. The expected loss ratio is based on industry historical loss experience and expected recovery timing adjusted for certain current and forecasted environmental factors management believes to be relevant. Estimated losses related to our reinsurance recoverable balances was $0 million as of June 30, 2024. The company incurred risk charge fees of $3 million and $3 million during the three and six months ended June 30, 2024, in relation to reinsurance agreements. Intercompany Reinsurance Agreements The Company executes various intercompany reinsurance agreements between its subsidiaries, including off shore entities, for purposes of managing regulatory statutory capital and risk. All intercompany balances have been eliminated in the preparation of the accompanying financial statements. These intercompany transactions are executed with wholly owned reinsurance subsidiaries, AEL Re Vermont, AEL Re Vermont II, Freestone Re Ltd. (“Freestone”), and AEL Re Bermuda Ltd. The reinsurance agreements with AEL Re Vermont and AEL Re Vermont II involve reinsuring a portion of lifetime income benefit rider payments in excess of policy fund values. These entities then entered into third-party excess of loss agreements which are permitted to be an admitted asset on the statutory balance sheets. The reinsurance agreement with AEL Re Bermuda Ltd. Is a coinsurance agreement to reinsure a portion of fixed index annuities on a funds withheld basis. Property and Casualty There were no significant changes to third party reinsurance agreements for the three and six months ended June 30, 2024 and 2023.

Separate Account Assets and Lia

Separate Account Assets and Liabilities	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Separate Account Assets and Liabilities	13. Separate Account Assets and Liabilities The following table presents the change of the Company’s separate account assets and liabilities: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Balance, beginning of period $ 1,285 $ 1,098 $ 1,189 $ 1,045 Additions (deductions): Acquisition from business combination — — — — Policyholder deposits 15 18 35 39 Net investment income 1 5 10 14 Net realized capital gains on investments 16 62 112 114 Policyholder benefits and withdrawals (27) (35) (75) (59) Net transfer from (to) general account (20) 1 2 (1) Policy charges (4) (4) (7) (7) Total changes (19) 47 77 100 Balance, end of period $ 1,266 $ 1,145 $ 1,266 $ 1,145

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	14. Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired The following tables present the balances and changes in DAC, DSI and VOBA by segment: Three Months Ended June 30, 2024 Annuity Life Property and Casualty Total (Dollars in millions) DAC Balance, beginning of period $ 223 $ 249 $ 135 $ 607 Additions 191 19 85 295 Amortization (8) 3 (80) (85) Net change 183 22 5 210 Balance, end of period $ 406 $ 271 $ 140 $ 817 DSI Balance, beginning of period $ 9 $ — $ — $ 9 Additions 93 — — 93 Amortization 1 — — 1 Net change 94 — — 94 Balance, end of period $ 103 $ — $ — $ 103 VOBA Balance, beginning of period $ 38 $ 300 $ 18 $ 356 Acquisition from business combinations 7,194 — — 7,194 Additions — — — — Amortization (106) (7) (2) (115) Net change 7,088 (7) (2) 7,079 Balance, end of period $ 7,126 $ 293 $ 16 $ 7,435 Total DAC, DSI, and VOBA Asset $ 7,635 $ 564 $ 156 $ 8,355 Three Months Ended June 30, 2023 Annuity Life Property and Casualty Total (Dollars in millions) DAC Balance, beginning of period $ 64 $ 131 $ 145 $ 340 Additions 66 37 116 219 Amortization (2) (6) (105) (113) Net change 64 31 11 106 Balance, end of period $ 128 $ 162 $ 156 $ 446 DSI Balance, beginning of period $ 5 $ — $ — $ 5 Additions 1 — — 1 Amortization — — — — Net change 1 — — 1 Balance, end of period $ 6 $ — $ — $ 6 VOBA Balance, beginning of period $ 43 $ 329 $ 34 $ 406 Acquisition from business combinations — — — — Additions — — — — Amortization — (8) (11) (19) Net change — (8) (11) (19) Balance, end of period $ 43 $ 321 $ 23 $ 387 Total DAC, DSI, and VOBA Asset $ 177 $ 483 $ 179 $ 839 Six Months Ended June 30, 2024 Annuity Life Property and Casualty Total (Dollars in millions) DAC Balance, beginning of period $ 190 $ 224 $ 158 $ 572 Additions 230 57 196 483 Amortization (14) (10) (214) (238) Net change 216 47 (18) 245 Balance, end of period $ 406 $ 271 $ 140 $ 817 DSI Balance, beginning of period $ 8 $ — $ — $ 8 Additions 94 — — 94 Amortization 1 — — 1 Net change 95 — — 95 Balance, end of period $ 103 $ — $ — $ 103 VOBA Balance, beginning of period $ 39 $ 305 $ 20 $ 364 Acquisition from business combinations 7,194 — — 7,194 Additions — — — — Amortization (107) (12) (4) (123) Net change 7,087 (12) (4) 7,071 Balance, end of period $ 7,126 $ 293 $ 16 $ 7,435 Total DAC, DSI, and VOBA Asset $ 7,635 $ 564 $ 156 $ 8,355 Six Months Ended June 30, 2023 Annuity Life Property and Casualty Total (Dollars in millions) DAC Balance, beginning of period $ 43 $ 88 $ 121 $ 252 Additions 90 84 227 401 Amortization (5) (10) (192) (207) Net change 85 74 35 194 Balance, end of period $ 128 $ 162 $ 156 $ 446 DSI Balance, beginning of period $ 4 $ — $ — $ 4 Additions 2 — — 2 Amortization — — — — Net change 2 — — 2 Balance, end of period $ 6 $ — $ — $ 6 VOBA Balance, beginning of period $ 44 $ 335 $ 64 $ 443 Acquisition from business combinations — — — — Additions — — — — Amortization (1) (14) (41) (56) Net change (1) (14) (41) (56) Balance, end of period $ 43 $ 321 $ 23 $ 387 Total DAC, DSI, and VOBA Asset $ 177 $ 483 $ 179 $ 839 Value of Business Acquired As stated in Note 2 - Summary of Significant Accounting Policies , VOBA asset are included in “Deferred policy acquisition costs, deferred sales inducements and value of business acquired” in the Consolidated Statements of Financial Position. The amortization of VOBA asset is recorded in “Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired” in the Consolidated Statements of Operations. The following table provides the projected VOBA asset amortization expenses for a five-year period and thereafter: Years (Dollars in millions) 2024 $ 317 2025 612 2026 564 2027 514 2028 474 Thereafter 4,954 Total amortization expense $ 7,435

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	15. Intangible Assets The components of definite-lived and indefinite-lived intangible assets are as follows. Refer to Note 14 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired for VOBA asset, which is an actuarial intangible asset arising from a business combination. June 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in millions) Definite-lived intangible assets: Distributor relationships $ 1,485 $ (11) $ 1,474 $ 5 $ — $ 5 Trade name 58 (3) 55 10 (2) 8 Internally generated software 38 (1) 37 — — — Sublease and other — — — — — — Total definite-lived intangible assets 1,581 (15) 1,566 15 (2) 13 Indefinite-lived intangible assets: Insurance licenses 46 — 46 31 — 31 Total indefinite-lived intangible assets 46 — 46 31 — 31 Total intangible assets $ 1,627 $ (15) $ 1,612 $ 46 $ (2) $ 44 No impairment expenses of intangible assets were recognized for the three and six months ended June 30, 2024 and 2023. We estimate that our intangible assets do not have any significant residual value in determining their amortization. Amortization expenses for definite-lived intangible assets were $12 million and $13 million for the three and six months ended June 30, 2024 and $0 million and $1 million for the three and six months ended June 30, 2023, respectively. The following table outlines the estimated future amortization expense related to definite-lived intangible assets held as of June 30, 2024. Years (Dollars in millions) 2024 $ 36 2025 73 2026 73 2027 73 2028 73 Thereafter 1,238 Total amortization expense $ 1,566

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	16. Acquisitions On May 2, 2024, in conjunction with the Merger, Brookfield Reinsurance indirectly acquired all of AEL’s issued and outstanding common stock not already owned for a consideration of approximately $2.5 billion in cash and 28,803,599 shares of class A limited voting shares of BAM (“BAM Shares”). Accounting for the Merger is not finalized, and there remains some measurement uncertainty on the acquisition valuation, which is pending completion of a comprehensive evaluation of the net assets acquired within the next twelve months, including but not limited to identifiable intangible assets, deferred income tax assets, and policyholders’ account balances. The financial statements as of June 30, 2024 reflect management’s current best estimate of the purchase price allocation. Final valuation of the assets acquired and liabilities assumed and the completion of the purchase price allocation will occur by the second quarter of 2025. As a result, the excess of the purchase price over the fair value of net assets acquired, representing goodwill of $630 million as of June 30, 2024 may be adjusted in future periods. Goodwill recognized is not deductible for income tax purposes. In conjunction with the Merger and Post-Effective Merger, Brookfield Reinsurance agreed to indemnify ANGI for certain liabilities that could arise as a result of merger-related activities, including tax liabilities. Following the Merger, on May 7, 2024, American National and AEL completed the Post-Effective Merger and subsequent Reincorporation. The Post-Effective Merger has been accounted for as a common control transaction as if the parent, American National, acquired the shares of its subsidiary, AEL, similar to that of a reverse acquisition without a change in basis for the assets acquired and liabilities assumed. American National is therefore regarded as the predecessor reporting entity from an accounting perspective even though AEL is the surviving legal entity. The business operations of AEL, which are now part of ANGI, contributed revenues of $564 million and a net loss of $15 million to the Company for the period from May 2, 2024 to June 30, 2024. Had the Merger occurred on January 1, 2023, the consolidated unaudited pro forma revenue and net profit would be (i) $3.1 billion and $610 million, respectively, for the three months ended June 30, 2024; (ii) $7.0 billion and $1.8 billion, respectively, for the six months ended June 30, 2024; (iii) $2.7 billion and $401 million loss, respectively, for the three months ended June 30, 2023; and (iv) $4.5 billion and $349 million, respectively, for the six months ended June 30, 2023. The pro forma amounts have been calculated using the subsidiary’s results and adjusting them for the revised depreciation and amortization that would have been charged assuming the fair value adjustments to investments, property and equipment and intangible assets had applied from January 1, 2023, together with the consequential tax effects. The following summarizes the consideration transferred, fair value of assets acquired and liabilities assumed as of the acquisition date: (Dollars in millions) Fair value of consideration transferred: Cash $ 2,525 BAM Shares transferred by the Company 1,111 Fair value of the Company’s pre-existing interest in AEL 897 Total consideration $ 4,533 Assets acquired: Investments $ 42,960 Cash and cash equivalents 13,367 Accrued investment income 414 Value of business acquired 7,194 Reinsurance recoverables and deposit assets 14,963 Property and equipment 42 Intangible assets 1,580 Other assets 670 Total assets acquired $ 81,190 Liabilities assumed: Future policy benefits $ 310 Policyholders’ account balances 61,473 Market risk benefits 2,978 Notes payable 768 Subsidiary borrowings 84 Funds withheld for reinsurance liabilities 8,601 Other liabilities 2,360 Total liabilities assumed 76,574 Less: Fair value of AEL preferred stock 685 Less: Non-controlling interest 28 Net assets acquired 3,903 Goodwill $ 630 Acquisition-related costs of $126 million incurred were recorded as “Operating expenses” in the Consolidated Statements of Operations.

Future Policy Benefits

Future Policy Benefits	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Future Policy Benefits	17. Future Policy Benefits The reconciliation of the balances described in the table below to the “Future policy benefits” in the Consolidated Statements of Financial Position is as follows. June 30, 2024 December 31, 2023 (Dollars in millions) Future policy benefits: Annuity $ 3,385 $ 2,213 Life 1,864 1,895 Deferred profit liability: Annuity 72 64 Life 83 66 Other contracts and VOBA liability 1,823 1,870 Total future policy benefits $ 7,227 $ 6,108 Future Policy Benefits The balances and changes in the liability for future policy benefits are as follows: Six Months Ended Year Ended Annuity Life Total Annuity Life Total (Dollars in millions) Present Value of Expected Net Premiums: Balance, beginning of period $ — $ 3,145 $ 3,145 $ — $ 3,520 $ 3,520 Beginning balance at original discount rate — 3,254 3,254 — 3,826 3,826 Effect of changes in cash flow assumptions — (63) (63) — (353) (353) Effect of actual variances from expected experience 6 (34) (28) 2 (59) (57) Adjusted beginning of period balance 6 3,157 3,163 2 3,414 3,416 Acquisition from business combination — — — — — — Issuances 991 32 1,023 984 90 1,074 Interest accrual 6 62 68 8 121 129 Net premiums collected (1,004) (162) (1,166) (995) (373) (1,368) Derecognitions (lapses and withdrawals) — 1 1 1 2 3 Foreign currency translation — — — — — — Ending balance at original discount rate (1) 3,090 3,089 — 3,254 3,254 Effect of changes in discount rate assumptions — (235) (235) — (109) (109) Balance, end of period $ (1) $ 2,855 $ 2,854 $ — $ 3,145 $ 3,145 Present Value of Expected Future Policy Benefits: Balance, beginning of period $ 2,213 $ 5,040 $ 7,253 $ 1,288 $ 5,330 $ 6,618 Beginning balance at original discount rate 2,217 5,277 7,494 1,368 5,875 7,243 Effect of changes in cash flow assumptions 1 74 75 (1) (362) (363) Effect of actual variances from expected experience 6 (33) (27) (25) (59) (84) Adjusted beginning of period balance 2,224 5,318 7,542 1,342 5,454 6,796 Acquisition of business combination 311 — 311 — — — Issuances 1,003 32 1,035 988 89 1,077 Interest accrual 71 101 172 73 188 261 Benefit payments (135) (228) (363) (189) (456) (645) Derecognitions (lapses and withdrawals) 1 1 2 3 2 5 Foreign currency translation — — — — — — Ending balance at original discount rate 3,475 5,224 8,699 2,217 5,277 7,494 Effect of changes in discount rate assumptions (91) (505) (596) (4) (237) (241) Effect of foreign currency translation on the effect of changes in discount rate assumptions — — — — — — Balance, end of period $ 3,384 $ 4,719 $ 8,103 $ 2,213 $ 5,040 $ 7,253 Net liability for future policy benefits $ 3,385 $ 1,864 $ 5,249 $ 2,213 $ 1,895 $ 4,108 Less: Reinsurance recoverables (3) (46) (49) — (45) (45) Net liability for future policy benefits, after reinsurance recoverable $ 3,382 $ 1,818 $ 5,200 $ 2,213 $ 1,850 $ 4,063 Weighted-average liability duration of future policy benefits (years) 8 16 8 16 Weighted average interest accretion rate 5.09 % 4.61 % 4.94 % 4.60 % Weighted average current discount rate 5.47 % 5.58 % 4.88 % 5.03 % The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow: June 30, 2024 December 31, 2023 Undiscounted Discounted Undiscounted Discounted (Dollars in millions) Annuity Expected future benefit payments $ 5,531 $ 3,384 $ 3,466 $ 2,213 Expected future gross premiums — — — — Life Expected future benefit payments 10,375 4,719 10,353 5,040 Expected future gross premiums 14,649 8,507 7,541 4,328 Total Expected future benefit payments 15,906 8,103 13,819 7,253 Expected future gross premiums 14,649 8,507 7,541 4,328 The amount of revenue and interest recognized in the Consolidated Statements of Operations follows: Six Months Ended Year Ended Gross Premiums Interest Expense Gross Premiums Interest Expense (Dollars in millions) Annuity $ 1,555 $ 81 $ 1,027 $ 83 Life 391 72 452 95 20. Liability For Unpaid Claims and Claim Adjustment Expenses The liability for unpaid claims and claim adjustment expenses (“unpaid claims”) for property and casualty insurance is included in “Policy and contract claims” in the Consolidated S tatements of Financial Position and is the amount estimated for incurred but not reported (“IBNR”) claims and claims that have been reported but not settled (“case reserves”), as well as associated claim adjustment expenses. Information regarding the liability for unpaid claims is shown below: Three Months Ended June 30, Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Policy and contract claims, beginning $ 1,854 $ 1,825 $ 1,870 $ 1,786 Less: Unpaid claims balance, beginning – long-duration 203 250 213 231 Gross unpaid claims balance, beginning – short-duration 1,651 1,575 1,657 1,555 Less: Reinsurance recoverables, beginning 306 300 302 305 Less: Foreign currency translation and other — — — — Net unpaid claims balance, beginning – short-duration 1,345 1,275 1,355 1,250 Acquisition from business combination, net of reinsurance 1 — 1 — Add: incurred related to: Current accident year 407 442 750 816 Prior accident years (14) (11) (32) (22) Total incurred claims 393 431 718 794 Less: paid claims related to: Current accident year 201 234 309 342 Prior accident years 142 118 369 348 Total paid claims 343 352 678 690 Net unpaid claims balance, ending – short-duration 1,396 1,354 1,396 1,354 Add: Foreign currency translation and other — — — — Add: Reinsurance recoverables, ending 271 303 271 303 Gross unpaid claims balance, ending – short-duration 1,667 1,657 1,667 1,657 Add: Unpaid claims balance, ending – long duration 213 210 213 210 Policy and contract claims, ending $ 1,880 $ 1,867 $ 1,880 $ 1,867 The estimates for ultimate incurred claims attributable to insured events of prior years decreased by approximately $14 million and $32 million, respectively, for the three and six months ended June 30, 2024 and decreased $11 million and $22 million, respectively, for the three and six months ended June 30, 2023. The favorable development in 2024 was a reflection of lower-than-anticipated losses arising from commercial other, business owners, and commercial auto lines of business. The favorable development in 2023 was a reflection of lower-than-anticipated losses arising from agribusiness, business owners, commercial auto, and commercial other lines of business. For short-duration health insurance claims, the total of IBNR plus expected development on reported claims included in the liability for unpaid claims as of June 30, 2024 and December 31, 2023 were $8 million and $4 million, respectively.

Policyholders' Account Balances

Policyholders' Account Balances	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Policyholders' Account Balances	18. Policyholders' Account Balances Policyholders’ account balances relate to investment-type contracts and universal life-type policies. Investment-type contracts principally include traditional individual fixed annuities and fixed index annuities in the accumulation phase and non-variable group annuity contracts. The balances and changes in policyholders’ account balances follow. Six Months Ended Year Ended Annuity Life Annuity Life (Dollars in millions) Balance, beginning of period $ 14,694 $ 1,975 $ 12,012 $ 1,899 Issuances 4,064 36 4,382 84 Acquisition from business combination 61,296 — — — Premiums received 23 213 34 399 Policy charges (122) (187) (39) (362) Surrenders and withdrawals (3,060) (43) (2,132) (110) Interest credited 707 48 437 65 Benefit payments (152) — — — Other 3 — — — Balance, end of period $ 77,453 $ 2,042 $ 14,694 $ 1,975 Reconciling items: Supplemental contracts $ 489 $ — $ 291 $ — Variable universal life — 39 — 36 Variable deferred annuity 8 — 8 — Other 408 50 135 38 Total PAB balance, end of period $ 78,358 $ 2,131 $ 15,128 $ 2,049 Weighted-average crediting rate 2.88 % 4.78 % 3.27 % 3.34 % Net amount at risk (a) $ 12,466 $ 38,365 $ 417 $ 38,365 Cash surrender value $ 71,450 $ 1,796 $ 15,000 $ 1,796 (a) Net amount at risk is defined as the current guarantee amount in excess of the current account balance. The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums follow. June 30, 2024 Range of At Guaranteed Minimum 1 - 50 Basis Points Above 51 - 150 Basis Points Above > 150 Basis Points Above Other Total (Dollars in millions) Annuity 0% - 1% $ 4,296 $ 2,670 $ 3,931 $ 4,679 $ — $ 15,576 1% - 2% 1,446 393 1,740 1,844 — 5,423 2% - 3% 1,942 429 111 6,637 — 9,119 Greater than 3% 306 7 1 5 — 319 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — 47,016 47,016 Total $ 7,990 $ 3,499 $ 5,783 $ 13,165 $ 47,016 $ 77,453 Life 0% - 1% $ — $ — $ — $ — $ — $ — 1% - 2% 34 2 54 667 — 757 2% to 3% 421 — 222 — — 643 Greater than 3% 642 — — — — 642 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — — — Total $ 1,097 $ 2 $ 276 $ 667 $ — $ 2,042 December 31, 2023 Range of At Guaranteed Minimum 1 - 50 Basis Points Above 51 - 150 Basis Points Above > 150 Basis Points Above Other Total (Dollars in millions) Annuity 0% - 1% $ 2,485 $ 29 $ 483 $ 722 $ — $ 3,719 1% - 2% 668 430 1,943 2,137 — 5,178 2% - 3% 827 409 56 4,224 — 5,516 Greater than 3% 264 7 1 1 — 273 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — 8 8 Total $ 4,244 $ 875 $ 2,483 $ 7,084 $ 8 $ 14,694 Life 0% - 1% $ — $ — $ — $ — $ — $ — 1% - 2% 168 2 140 371 — 681 2% to 3% 415 — 219 — — 634 Greater than 3% 659 — — — — 659 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — 1 1 Total $ 1,242 $ 2 $ 359 $ 371 $ 1 $ 1,975 19. Market Risk Benefits Market Risk Benefits The balances of and changes in the net market risk benefit (MRB) assets and liabilities for the six months ended June 30, 2024 and year ended December 31, 2023 is as follows: Six Months Ended Year Ended Annuity Annuity (Dollars in millions) Balance, beginning of period $ — $ 44 Balance, beginning of period, before effect of changes in the instrument-specific credit risk 1 70 Acquisition from business combination 2,376 — Issuances 3 1 Interest accrual 21 3 Attributed fees collected 39 13 Benefits payments — — Effect of changes in interest rates 138 (117) Effect of changes in equity markets (15) 171 Effect of changes in equity index volatility (2) (46) Actual policyholder behavior different from expected behavior — (7) Effect of changes in future expected policyholder behavior (8) — Effect of changes in other future expected assumptions 27 (87) Balance, end of period, before effect of changes in the instrument-specific credit 2,580 1 Effect of changes in the ending instrument-specific credit risk (8) (1) Balance, end of period 2,572 — Less: Reinsured MRB, end of period (618) — Balance, end of period, net of reinsurance $ 1,954 $ — Net amount at risk (a) $ 12,051 $ — Weighted average attained age of contract holders (years) 71 65 (a) Net amount at risk is defined as the current guarantee amount in excess of the current account balance. The following is a reconciliation of market risk benefits by amounts in an asset position and in a liability position to “Market risk benefits” amount in the Consolidated Statements of Financial Position: June 30, 2024 Asset Liability Net Liability (Dollars in millions) Annuity $ 704 $ 3,276 $ 2,572 Total $ 704 $ 3,276 $ 2,572 December 31, 2023 Asset Liability Net Liability (Dollars in millions) Annuity $ 34 $ 34 $ — Total $ 34 $ 34 $ —

Market Risk Benefits

Market Risk Benefits	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Market Risk Benefits	18. Policyholders' Account Balances Policyholders’ account balances relate to investment-type contracts and universal life-type policies. Investment-type contracts principally include traditional individual fixed annuities and fixed index annuities in the accumulation phase and non-variable group annuity contracts. The balances and changes in policyholders’ account balances follow. Six Months Ended Year Ended Annuity Life Annuity Life (Dollars in millions) Balance, beginning of period $ 14,694 $ 1,975 $ 12,012 $ 1,899 Issuances 4,064 36 4,382 84 Acquisition from business combination 61,296 — — — Premiums received 23 213 34 399 Policy charges (122) (187) (39) (362) Surrenders and withdrawals (3,060) (43) (2,132) (110) Interest credited 707 48 437 65 Benefit payments (152) — — — Other 3 — — — Balance, end of period $ 77,453 $ 2,042 $ 14,694 $ 1,975 Reconciling items: Supplemental contracts $ 489 $ — $ 291 $ — Variable universal life — 39 — 36 Variable deferred annuity 8 — 8 — Other 408 50 135 38 Total PAB balance, end of period $ 78,358 $ 2,131 $ 15,128 $ 2,049 Weighted-average crediting rate 2.88 % 4.78 % 3.27 % 3.34 % Net amount at risk (a) $ 12,466 $ 38,365 $ 417 $ 38,365 Cash surrender value $ 71,450 $ 1,796 $ 15,000 $ 1,796 (a) Net amount at risk is defined as the current guarantee amount in excess of the current account balance. The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums follow. June 30, 2024 Range of At Guaranteed Minimum 1 - 50 Basis Points Above 51 - 150 Basis Points Above > 150 Basis Points Above Other Total (Dollars in millions) Annuity 0% - 1% $ 4,296 $ 2,670 $ 3,931 $ 4,679 $ — $ 15,576 1% - 2% 1,446 393 1,740 1,844 — 5,423 2% - 3% 1,942 429 111 6,637 — 9,119 Greater than 3% 306 7 1 5 — 319 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — 47,016 47,016 Total $ 7,990 $ 3,499 $ 5,783 $ 13,165 $ 47,016 $ 77,453 Life 0% - 1% $ — $ — $ — $ — $ — $ — 1% - 2% 34 2 54 667 — 757 2% to 3% 421 — 222 — — 643 Greater than 3% 642 — — — — 642 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — — — Total $ 1,097 $ 2 $ 276 $ 667 $ — $ 2,042 December 31, 2023 Range of At Guaranteed Minimum 1 - 50 Basis Points Above 51 - 150 Basis Points Above > 150 Basis Points Above Other Total (Dollars in millions) Annuity 0% - 1% $ 2,485 $ 29 $ 483 $ 722 $ — $ 3,719 1% - 2% 668 430 1,943 2,137 — 5,178 2% - 3% 827 409 56 4,224 — 5,516 Greater than 3% 264 7 1 1 — 273 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — 8 8 Total $ 4,244 $ 875 $ 2,483 $ 7,084 $ 8 $ 14,694 Life 0% - 1% $ — $ — $ — $ — $ — $ — 1% - 2% 168 2 140 371 — 681 2% to 3% 415 — 219 — — 634 Greater than 3% 659 — — — — 659 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — 1 1 Total $ 1,242 $ 2 $ 359 $ 371 $ 1 $ 1,975 19. Market Risk Benefits Market Risk Benefits The balances of and changes in the net market risk benefit (MRB) assets and liabilities for the six months ended June 30, 2024 and year ended December 31, 2023 is as follows: Six Months Ended Year Ended Annuity Annuity (Dollars in millions) Balance, beginning of period $ — $ 44 Balance, beginning of period, before effect of changes in the instrument-specific credit risk 1 70 Acquisition from business combination 2,376 — Issuances 3 1 Interest accrual 21 3 Attributed fees collected 39 13 Benefits payments — — Effect of changes in interest rates 138 (117) Effect of changes in equity markets (15) 171 Effect of changes in equity index volatility (2) (46) Actual policyholder behavior different from expected behavior — (7) Effect of changes in future expected policyholder behavior (8) — Effect of changes in other future expected assumptions 27 (87) Balance, end of period, before effect of changes in the instrument-specific credit 2,580 1 Effect of changes in the ending instrument-specific credit risk (8) (1) Balance, end of period 2,572 — Less: Reinsured MRB, end of period (618) — Balance, end of period, net of reinsurance $ 1,954 $ — Net amount at risk (a) $ 12,051 $ — Weighted average attained age of contract holders (years) 71 65 (a) Net amount at risk is defined as the current guarantee amount in excess of the current account balance. The following is a reconciliation of market risk benefits by amounts in an asset position and in a liability position to “Market risk benefits” amount in the Consolidated Statements of Financial Position: June 30, 2024 Asset Liability Net Liability (Dollars in millions) Annuity $ 704 $ 3,276 $ 2,572 Total $ 704 $ 3,276 $ 2,572 December 31, 2023 Asset Liability Net Liability (Dollars in millions) Annuity $ 34 $ 34 $ — Total $ 34 $ 34 $ —

Liability For Unpaid Claims And

Liability For Unpaid Claims And Claim Adjustment Expenses	6 Months Ended
	Jun. 30, 2024
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]
Liability For Unpaid Claims And Claim Adjustment Expenses	17. Future Policy Benefits The reconciliation of the balances described in the table below to the “Future policy benefits” in the Consolidated Statements of Financial Position is as follows. June 30, 2024 December 31, 2023 (Dollars in millions) Future policy benefits: Annuity $ 3,385 $ 2,213 Life 1,864 1,895 Deferred profit liability: Annuity 72 64 Life 83 66 Other contracts and VOBA liability 1,823 1,870 Total future policy benefits $ 7,227 $ 6,108 Future Policy Benefits The balances and changes in the liability for future policy benefits are as follows: Six Months Ended Year Ended Annuity Life Total Annuity Life Total (Dollars in millions) Present Value of Expected Net Premiums: Balance, beginning of period $ — $ 3,145 $ 3,145 $ — $ 3,520 $ 3,520 Beginning balance at original discount rate — 3,254 3,254 — 3,826 3,826 Effect of changes in cash flow assumptions — (63) (63) — (353) (353) Effect of actual variances from expected experience 6 (34) (28) 2 (59) (57) Adjusted beginning of period balance 6 3,157 3,163 2 3,414 3,416 Acquisition from business combination — — — — — — Issuances 991 32 1,023 984 90 1,074 Interest accrual 6 62 68 8 121 129 Net premiums collected (1,004) (162) (1,166) (995) (373) (1,368) Derecognitions (lapses and withdrawals) — 1 1 1 2 3 Foreign currency translation — — — — — — Ending balance at original discount rate (1) 3,090 3,089 — 3,254 3,254 Effect of changes in discount rate assumptions — (235) (235) — (109) (109) Balance, end of period $ (1) $ 2,855 $ 2,854 $ — $ 3,145 $ 3,145 Present Value of Expected Future Policy Benefits: Balance, beginning of period $ 2,213 $ 5,040 $ 7,253 $ 1,288 $ 5,330 $ 6,618 Beginning balance at original discount rate 2,217 5,277 7,494 1,368 5,875 7,243 Effect of changes in cash flow assumptions 1 74 75 (1) (362) (363) Effect of actual variances from expected experience 6 (33) (27) (25) (59) (84) Adjusted beginning of period balance 2,224 5,318 7,542 1,342 5,454 6,796 Acquisition of business combination 311 — 311 — — — Issuances 1,003 32 1,035 988 89 1,077 Interest accrual 71 101 172 73 188 261 Benefit payments (135) (228) (363) (189) (456) (645) Derecognitions (lapses and withdrawals) 1 1 2 3 2 5 Foreign currency translation — — — — — — Ending balance at original discount rate 3,475 5,224 8,699 2,217 5,277 7,494 Effect of changes in discount rate assumptions (91) (505) (596) (4) (237) (241) Effect of foreign currency translation on the effect of changes in discount rate assumptions — — — — — — Balance, end of period $ 3,384 $ 4,719 $ 8,103 $ 2,213 $ 5,040 $ 7,253 Net liability for future policy benefits $ 3,385 $ 1,864 $ 5,249 $ 2,213 $ 1,895 $ 4,108 Less: Reinsurance recoverables (3) (46) (49) — (45) (45) Net liability for future policy benefits, after reinsurance recoverable $ 3,382 $ 1,818 $ 5,200 $ 2,213 $ 1,850 $ 4,063 Weighted-average liability duration of future policy benefits (years) 8 16 8 16 Weighted average interest accretion rate 5.09 % 4.61 % 4.94 % 4.60 % Weighted average current discount rate 5.47 % 5.58 % 4.88 % 5.03 % The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow: June 30, 2024 December 31, 2023 Undiscounted Discounted Undiscounted Discounted (Dollars in millions) Annuity Expected future benefit payments $ 5,531 $ 3,384 $ 3,466 $ 2,213 Expected future gross premiums — — — — Life Expected future benefit payments 10,375 4,719 10,353 5,040 Expected future gross premiums 14,649 8,507 7,541 4,328 Total Expected future benefit payments 15,906 8,103 13,819 7,253 Expected future gross premiums 14,649 8,507 7,541 4,328 The amount of revenue and interest recognized in the Consolidated Statements of Operations follows: Six Months Ended Year Ended Gross Premiums Interest Expense Gross Premiums Interest Expense (Dollars in millions) Annuity $ 1,555 $ 81 $ 1,027 $ 83 Life 391 72 452 95 20. Liability For Unpaid Claims and Claim Adjustment Expenses The liability for unpaid claims and claim adjustment expenses (“unpaid claims”) for property and casualty insurance is included in “Policy and contract claims” in the Consolidated S tatements of Financial Position and is the amount estimated for incurred but not reported (“IBNR”) claims and claims that have been reported but not settled (“case reserves”), as well as associated claim adjustment expenses. Information regarding the liability for unpaid claims is shown below: Three Months Ended June 30, Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Policy and contract claims, beginning $ 1,854 $ 1,825 $ 1,870 $ 1,786 Less: Unpaid claims balance, beginning – long-duration 203 250 213 231 Gross unpaid claims balance, beginning – short-duration 1,651 1,575 1,657 1,555 Less: Reinsurance recoverables, beginning 306 300 302 305 Less: Foreign currency translation and other — — — — Net unpaid claims balance, beginning – short-duration 1,345 1,275 1,355 1,250 Acquisition from business combination, net of reinsurance 1 — 1 — Add: incurred related to: Current accident year 407 442 750 816 Prior accident years (14) (11) (32) (22) Total incurred claims 393 431 718 794 Less: paid claims related to: Current accident year 201 234 309 342 Prior accident years 142 118 369 348 Total paid claims 343 352 678 690 Net unpaid claims balance, ending – short-duration 1,396 1,354 1,396 1,354 Add: Foreign currency translation and other — — — — Add: Reinsurance recoverables, ending 271 303 271 303 Gross unpaid claims balance, ending – short-duration 1,667 1,657 1,667 1,657 Add: Unpaid claims balance, ending – long duration 213 210 213 210 Policy and contract claims, ending $ 1,880 $ 1,867 $ 1,880 $ 1,867 The estimates for ultimate incurred claims attributable to insured events of prior years decreased by approximately $14 million and $32 million, respectively, for the three and six months ended June 30, 2024 and decreased $11 million and $22 million, respectively, for the three and six months ended June 30, 2023. The favorable development in 2024 was a reflection of lower-than-anticipated losses arising from commercial other, business owners, and commercial auto lines of business. The favorable development in 2023 was a reflection of lower-than-anticipated losses arising from agribusiness, business owners, commercial auto, and commercial other lines of business. For short-duration health insurance claims, the total of IBNR plus expected development on reported claims included in the liability for unpaid claims as of June 30, 2024 and December 31, 2023 were $8 million and $4 million, respectively.

Notes Payable and Long Term Bor

Notes Payable and Long Term Borrowings	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Notes Payable and Long Term Borrowings	21. Notes Payable and Long Term Borrowings On June 16, 2017, the Company issued $500 million aggregate principal amount of senior unsecured notes due 2027 which bear interest at 5.0% per year and will mature on June 15, 2027. Contractual interest is payable semi-annually in arrears each June 15th and December 15th. On February 15, 2022, the Company entered into a five-year, $300 million unsecured delayed draw term loan credit agreement. On July 6, 2022, we borrowed $300 million under this agreement. Interest was tied to Secured Overnight Financing Rate (“SOFR”) adjusted for a credit spread. In May 2024, the Company repaid in full all indebtedness and other obligations outstanding under, and terminated, this credit agreement using proceeds of the term loan issued on May 7, 2024 that is summarized below. On May 25, 2022, the Company assumed a term loan agreement with a consortium of banks providing for five-year term loans in the aggregate principal amount of $1.5 billion maturing May 23, 2027 (the “Term Loan Agreement”). Interest is tied to SOFR and reset and paid quarterly. On June 13, 2022, the Company repaid $500 million under the Term Loan Agreement, and in May 2024 repaid the remaining $1.0 billion outstanding using proceeds of the term loan issued on May 7, 2024 that is summarized below. The Term Loan Agreement was subsequently terminated. In June 2022, the Company issued $500 million of 6.144% unsecured Senior Notes maturing June 13, 2032. Interest is payable in arrears on June 13 and December 13 of each year. Such notes were offered under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). The proceeds from the Senior Notes were used to repay a portion of the Term Loan Agreement. The outstanding note balance was reduced by $3.9 million in unamortized issuance costs as of June 30, 2024 . An interest payment of $15.4 million was made during the three and six months ended June 30, 2024 . On May 7, 2024, the Company entered into a new term loan agreement with $1.9 billion borrowed under the agreement as of June 30, 2024. The term loan will mature on May 25, 2027. Interest on the amount borrowed under the term loan is tied to SOFR plus a margin and is reset and paid quarterly. The agreements above require the Company and its subsidiaries to maintain minimum net worth covenants. As of June 30, 2024 and December 31, 2023, the Company was in compliance with its financial covenants. Our wholly-owned subsidiary trust (which is not consolidated) has issued fixed rate and floating rate trust preferred securities and has used the proceeds from these offerings to purchase subordinated debentures from us. We also issued subordinated debentures to the trust in exchange for all of the common securities of the trust. The sole assets of the trust are the subordinated debentures and any interest accrued thereon. The interest payment dates on the subordinated debentures correspond to the distribution dates on the trust preferred securities issued by the trust. The trust preferred securities mature simultaneously with the subordinated debentures. Our obligations under the subordinated debentures and related agreements provide a full and unconditional guarantee of payments due under the trust preferred securities. Following is a summary of subordinated debt obligations to the trusts at June 30, 2024 : June 30, 2024 Interest Rate Due Date (Dollars in millions) American Equity Capital Trust II $ 84 5 % June 1, 2047 The principal amount of the subordinated debentures issued by us to American Equity Capital Trust II ("Trust II") is $100 million. These debentures were assigned a fair value of $75 million at the date of issue (based upon an effective yield-to-maturity of 6.8%). The difference between the fair value at the date of issue and the principal amount is being accreted over the life of the debentures. The trust preferred securities issued by Trust II were issued to Iowa Farm Bureau Federation, which owns a majority of FBL Financial Group, Inc. ("FBL"). The consideration received by Trust II in connection with the issuance of its trust preferred securities consisted of fixed income securities of equal value which were issued by FBL. The following is the maturity by year on long term borrowings: Payments Due by Year Total Unamortized Discount and Issuance Costs Less Than 1 year 1-2 Years 2-3 Years 3-4 Years 4-5 Years More Than 5 Years (Dollars in millions) As of June 30, 2024 Long term borrowings $ 2,476 $ (24) $ — $ — $ 1,900 $ — $ — $ 600 As of December 31, 2023 Long term borrowings $ 1,493 $ (7) $ — $ — $ — $ 1,000 $ — $ 500

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	22. Income Taxes We file consolidated federal income tax returns that include all of our wholly-owned subsidiaries. Our income tax expense as presented in the consolidated financial statements is summarized as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Consolidated Statements of Operations: Current income tax $ 43 $ 8 $ 45 $ 14 Deferred income tax (332) 13 (305) 5 Total income tax expense included in Consolidated Statements of Operations (289) 21 (260) 19 Stockholders’ equity: Expense (benefit) relating to: Changes in other comprehensive income 137 (43) 147 (101) Total income tax expense included in consolidated financial statements $ (152) $ (22) $ (113) $ (82) Income tax expense in the Consolidated Statements of Operations differed from the amount computed at the applicable statutory federal income tax rates of 21% for the three and six months ended June 30, 2024 and 2023 as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Net income (loss) before income taxes $ (42) $ 119 $ 101 $ 130 Total expected income tax expense at the statutory rate $ (9) $ 25 $ 21 $ 27 Tax effect of: Impact of Bermuda corporate income tax (292) — (292) — Tax exempt net investment income — (1) (1) (2) Non-deductible compensation 16 1 17 1 Other (4) (4) (5) (7) Total income tax expense (recovery) $ (289) $ 21 $ (260) $ 19 The following table presents a reconciliation of income tax rate from statutory rate to effective rate: Three Months Ended Six Months Ended 2024 2023 2024 2023 Statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Increase (reduction) in rate resulting from: Impact of Bermuda corporate income tax 702.2 % — % (287.9) % — % Tax exempt net investment income 1.2 % (0.7) % (1.0) % (1.2) % Non-deductible compensation (39.6) % 0.5 % 16.7 % 1.0 % Other 10.4 % (3.3) % (5.4) % (6.6) % Effective income tax rate 695.2 % 17.5 % (256.6) % 14.2 % Deferred income tax assets or liabilities are established for temporary differences between the financial reporting amounts and tax bases of assets and liabilities that will result in deductible of taxable amounts, respectively, in future years. The gross movement on the deferred tax asset is as follows: June 30, 2024 December 31, 2023 (Dollars in millions) Deferred tax asset, beginning of year $ 291 $ 439 Recognized in net (income) loss 305 (56) Acquisition from business combination (212) — Recognized in equity (147) (90) Other (4) (2) Deferred tax asset, end of period $ 233 $ 291 The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at June 30, 2024 and December 31, 2023 are as follows: June 30, 2024 December 31, 2023 (Dollars in millions) Deferred income tax assets: Investments $ 1,452 $ 260 Amounts due reinsurer 1,113 — Policy benefit reserves — 138 Net operating loss carryforwards 309 31 Bermuda tax asset 377 35 Other 29 — Gross deferred tax assets before valuation allowance 3,280 464 Valuation allowance (5) (5) Gross deferred tax assets after valuation allowance 3,275 459 Deferred income tax liabilities: VOBA/Intangibles 1,810 — Deferred policy acquisition costs 89 81 Policy benefit reserves 1,086 — Pension and liability for retirement benefits 57 49 Other — 38 Gross deferred tax liabilities 3,042 168 Net deferred income tax asset $ 233 $ 291 The Company, excluding certain of its life company subsidiaries which file a separate tax return, are a party to a tax sharing agreement with a US parent entity, BAMR US Holdings, LLC. In accordance with the agreement, if the Company has taxable income, it pays its share of the consolidated federal income tax liability to its parent. However, if the Company incurs a tax loss, the tax benefit is recovered by decreasing subsequent year’s federal income tax payments to its parent. The Company evaluates its deferred tax asset based on, among other factors, historical operating results, expectation of future profitability, and the duration of the applicable statutory carryforward periods for tax attributes. Based on the evaluation of the deferred tax asset as of June 30, 2024, the Company determined that the deferred tax asset would be realized within the applicable statutory carryforward. There were no material income tax contingencies requiring recognition in our consolidated financial statements as of June 30, 2024. Our tax returns are subject to audit by various federal, state and local tax authorities. The Company's income tax returns are subject to examination by the IRS and state tax authorities, generally for three years after they are due or filed, whichever is later. At June 30, 2024 and December 31, 2023, we had federal net operating losses of $1.5 billion and $134 million, respectively. Federal net operating losses can be carried forward indefinitely. Additionally, at June 30, 2024 and December 31, 2023, we had $3 million and $3 million, respectively, of tax credit carryforwards for federal income tax purposes that can be carried forward for 10 years. On August 16, 2022, the Inflation Reduction Act (the "Act") was signed into law. The Act included several tax provisions including a corporate alternative minimum tax ("CAMT"). For the year ended December 31, 2024, the Company expects to meet the requirements under which it will be subject to the CAMT. For the six months ended June 30, 2024, current tax expense of $43 million includes a $9 million provision CAMT liability. Under the CAMT, the liability, can be credited against future ordinary income tax liabilities. As such, we recorded an offsetting deferred tax benefit. Introduction of Pillar Two The Organization for Economic Cooperation and Development (“OECD”) and its member countries with support from the G20, have proposed the enactment of a global minimum tax of 15% for Multinational Enterprise (“MNE”) groups with global annual revenue of €750 million or more (“Pillar Two”). The Company may become subject to additional income taxes as a result of these proposals, as enacted locally across jurisdictions. The Company’s wholly owned subsidiary, Freestone, is incorporated under the laws of Bermuda and is not required to pay any taxes in Bermuda based upon income or capital gains. However, in December 2023, the Government of Bermuda enacted a corporate income tax (“CIT”) regime, designed to align with the OECD’s global minimum tax rules. Effective January 1, 2025, the regime applies a 15% CIT to Bermuda businesses that are part of MNE groups with annual revenue of €750 million or more. As a result of this new regime, the Company recognized a deferred tax benefit of $35 million as of December 31, 2023. In 2024, the Government of Bermuda released further guidance on the calculation and formulation of the CIT. As a result, in 2024, we recorded deferred tax benefits of $292 million (through deferred tax expense) and $50 million (via acquisition accounting for AEL) which increased our Bermuda CIT related deferred tax asset to $377 million. We will continue to monitor developments prior to the commencement of this regime.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	23. Stockholders' Equity Prior to the Merger, the Company had one class of common stock with a par value of $1 per share, with 200,000,000 authorized shares and 79,240,903 outstanding shares (excluding 30,583,351 shares of treasury stock). As a result of and following the Merger and the Reincorporation, the Company had 10,000 shares of common stock with a par value of $0.01 per share authorized, of which all are issued and outstanding. See Note 1 - Organization and Description of the Company for additional information. On November 21, 2019 the Company issued 16,000 shares of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A ("Series A") with a $1.00 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $389 million. On June 10, 2020, the Company issued 12,000 shares of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B ("Series B") with a $1.00 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $290 million. Dividends on the Series A and Series B preferred stock are payable on a non-cumulative basis only when, as and if declared, quarterly in arrears on the first day of March, June, September and December of each year, commencing on March 1, 2020 for Series A and on December 1, 2020 for Series B. For the three months ended June 30, 2024, we paid dividends totaling $6 million for Series A preferred stock and $5 million for Series B preferred stock, respectively. The Series A and Series B preferred stock are not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income	24. Accumulated Other Comprehensive Income The componen ts of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below: Change in Net Unrealized Investment Gains (Losses) Change in Discount Rate for Future Policy Benefits Change in Instrument- Specific Credit Risk for Market Risk Benefit Defined Benefit Pension Plan Adjustment Foreign Currency Translation / Other Total (Dollars in millions) Balance as of January 1, 2024 $ (299) $ 105 $ 1 $ 85 $ (1) $ (109) Other comprehensive income (loss) before reclassifications (56) 128 (11) 5 (3) 63 Amounts reclassified to (from) AOCI — — — — — — Deferred income tax benefit (expense) 12 (26) 2 (1) — (13) Balance at March 31, 2024 (343) 207 (8) 89 (4) (59) Other comprehensive income (loss) before reclassifications 489 101 18 19 10 637 Amounts reclassified to (from) AOCI 4 — — — — 4 Deferred income tax benefit (expense) (106) (21) (4) (4) (2) (137) Balance at June 30, 2024 $ 44 $ 287 $ 6 $ 104 $ 4 $ 445 Balance as of January 1, 2023 $ (722) $ 253 $ 21 $ 1 $ (1) $ (448) Other comprehensive income (loss) before reclassifications 261 (106) (7) 3 — 151 Amounts reclassified to (from) AOCI 20 — — — — 20 Deferred income tax benefit (expense) and other 59 — — (1) — 58 Balance at March 31, 2023 (382) 147 14 3 (1) (219) Other comprehensive income (loss) before reclassifications (269) 63 (8) 4 — (210) Amounts reclassified to (from) AOCI 10 — — (2) — 8 Deferred income tax benefit (expense) 43 — — — — 43 Balance at June 30, 2023 $ (598) $ 210 $ 6 $ 5 $ (1) $ (378)

Statutory Financial Information

Statutory Financial Information and Dividend Restrictions	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Statutory Financial Information and Dividend Restrictions	25. Statutory Financial Information and Dividend Restrictions The Company’s U.S. insurance subsidiaries prepare financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of each subsidiary's state of domicile, which include certain components of the National Association of Insurance Commissioners ("NAIC") Statutory Accounting Principles ("SAP"). NAIC SAP is intended to standardize regulatory accounting and reporting to state insurance departments. However, statutory accounting practices continue to be established by individual state laws and permitted practices. Modifications by the various state insurance departments may impact the statutory capital and surplus of our insurance subsidiaries. Statutory accounting differs from GAAP primarily by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions, and valuing securities on a different basis. In addition, certain assets are not admitted under statutory accounting principles and are charged directly to surplus. The Company’s non-U.S. insurance subsidiaries which include AEL Re Bermuda and Freestone file financial statements with their respective regulators. Our U.S. insurance subsidiaries are subject to certain Risk Based Capital (“RBC”) requirements as defined by the National Association of Insurance Commissioners ("NAIC"). RBC requirements require a certain amount of capital and surplus to be maintained based upon various risk factors of the insurance company. Our insurance subsidiaries met the minimum regulatory requirements. The statutory capital and surplus and net income (loss) of our primary life and property and casualty insurance entities in accordance with statutory accounting practices are shown below (in millions): June 30, 2024 December 31, 2023 (Dollars in millions) Statutory capital and surplus: American Equity Investment Life Insurance Company $ 3,300 ANG Life insurance entities 2,777 $ 2,776 ANG Property and casualty insurance entities 1,693 1,702 Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Statutory net income (loss): American Equity Investment Life Insurance Company $ 185 ANG Life insurance entities 52 $ (124) $ (13) $ (108) ANG Property and casualty insurance entities (38) (47) 7 (48) American Equity Investment Life Insurance Company (AEILIC) is domiciled in the State of Iowa and is regulated by the Iowa Insurance Division. AEILIC uses prescribed statutory accounting practice which allows for call option derivatives instruments hedging the interest credited on fixed indexed annuities to be recorded at amortized cost and the related fixed index annuity reserve to account for the next index crediting term to be valued at zero. The use of the prescribed statutory accounting practice resulted in lower statutory capital and surplus of $195 million as of June 30, 2024. AEILIC cedes certain lifetime income benefit rider payments in excess of the policyholder’s account balances to two subsidiaries in Vermont, AEL Re Vermont and AEL Re Vermont II. The Vermont subsidiaries have been granted permitted practices from the Vermont Department to recognize as an admitted asset an excess of loss reinsurance agreement with a third party which reinsures the lifetime income benefit rider payments in excess of policyholder funds values upon exhaustion of a funds withheld account balance. The permitted practice increase the statutory capital of AEL by $3.2 billion at June 30, 2024. Without such permitted practices, the risk based capital at the Vermont entities would fall below the minimum regulatory requirements. American National has been granted a permitted practice from the Texas Department of Insurance to recognize an admitted asset related to the notional value of coverage defined in an excess of loss reinsurance agreement. The permitted practice increases the statutory capital and surplus of American National by $548 million and $548 million at June 30, 2024 and December 31, 2023, respectively. The statutory capital and surplus of American National would have remained above authorized control level RBC had it not used the permitted practice. One of American National’s insurance subsidiaries has been granted a permitted practice from the Missouri Department of Insurance to record as the valuation of its investment in a wholly-owned subsidiary that is the attorney-in-fact for a Texas domiciled insurer, the statutory capital and surplus of the Texas domiciled insurer. This permitted practice increases the statutory capital and surplus of American National Property And Casualty Company ("ANPAC") by $63 million and $71 million at June 30, 2024 and December 31, 2023, respectively. The statutory capital and surplus of both ANPAC and American National Lloyds Insurance Company would have remained above the authorized control level RBC had it not used the permitted practice.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	26. Related Party Transactions The Company has entered into recurring transactions and agreements with certain related parties. The impact on the Consolidated Financial Statements of significant related party transactions is discussed below. Investment Management For the three and six months ended June 30, 2024 the Company’s insurance subsidiaries paid investment management fees due to related party arrangements with affiliates of BAM of $32 million and $45 million, respectively. For the three and six months ended June 30, 2023 the Company paid investment management fees of $10 million and $20 million, respectively. Reinsurance Agreements AEILIC has a coinsurance agreement with North End Re (Cayman) SPC, a wholly-owned subsidiary Brookfield Reinsurance, to reinsure a portion of fixed indexed annuity product liabilities, 70% on a modified coinsurance (“Modco”) basis and 30% on a coinsurance basis. Below is a table showing a summary of the impact of the reinsurance agreement: June 30, 2024 (Dollars in millions) Total assets $ 8,082 Total liabilities 5,564 Three Months Ended June 30,2024 (Dollars in millions) Net (loss) $ (78) Other Related Party Transactions In 2024, the Company purchased related party investments totaling $1.2 billion. In 2023, the Company purchased related party investments totaling $4.0 billion. Investment transactions with related parties are accounted for in the same manner as those with unrelated parties in the financial statements. On November 8, 2022 American National and BAMR US Holdings LLC, an indirect wholly-owned subsidiary of Brookfield Reinsurance (“BAMR”), entered into a deposit agreement. The balance at June 30, 2024 and December 31, 2023 was $284 million and $294 million, respectively. The deposit is considered a cash and cash equivalent in the Company's Consolidated Statements of Financial Position as of June 30, 2024. On August 17, 2023 ANTAC, LLC (a subsidiary of the Company) and BAMR entered into a deposit agreement. The balance at June 30, 2024 and December 31, 2023 was $186 million and $181 million, respectively. The deposit is considered a cash and cash equivalent in the Company's Consolidated Statements of Financial Position as of June 30, 2024.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	27. Segment Reporting Management organizes the business into four operating segments: • Life - consists of whole, term, universal, indexed and variable life insurance. Products are primarily sold through career, multiple-line, and independent agents as well as direct marketing channels. • Annuity - consists of fixed, fixed index, and variable annuity products as well as PRT contracts. Products are primarily sold through independent agents, brokers, and financial institutions, along with multiple-line and career agents. • Property and Casualty - consists of personal, agricultural and targeted commercial coverages and credit-related property insurance. Products are primarily sold through multiple-line and independent agents or managing general agents. There are also small amounts of Health insurance, consisting of Medicare Supplement, stop-loss, other supplemental health products and credit disability insurance. Products are typically distributed through independent agents and managing general underwriters. • Corporate and Other - consists of net investment income from investments and certain expenses not allocated to the insurance segments and revenues and related expenses from non-insurance operations. All revenues and expenses specifically attributable to policy transactions are recorded directly to the appropriate operating segment. Revenues and expenses not specifically attributable to policy transactions are allocated to each segment as follows: • Recurring income from bonds and mortgage loans is allocated based on the assets allocated to each segment at the average yield available from these assets. • Net investment income from all other assets is allocated to the insurance segments in accordance with the amount of capital allocated to each segment, with the remainder recorded in the Corporate and Other segment. • Expenses are charged to segments through direct identification and allocations based upon various factors. The results of operations measured as the income before federal income taxes and other items by operating segments are summarized below. Three Months Ended June 30, 2024 Annuity Life Property and Casualty Corporate and Other Total (Dollars in millions) Revenues: Net premiums $ 446 $ 98 $ 461 $ — $ 1,005 Other policy revenue 90 94 — — 184 Net investment income 775 102 47 — 924 Investment related gains (losses) 3 — — (1) 2 Total revenues 1,314 294 508 (1) 2,115 Benefits, losses and expenses: Policyholder benefits and claims incurred 483 161 386 — 1,030 Interest sensitive contract benefits 364 26 — — 390 Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 114 11 74 — 199 Change in fair value of insurance-related derivatives and embedded derivatives 28 (7) — — 21 Change in fair value of market risk benefits 139 — — — 139 Operating expenses 80 62 68 125 335 Interest expense — — — 43 43 Total benefits and expenses 1,208 253 528 168 2,157 Net income (loss) before income taxes $ 106 $ 41 $ (20) $ (169) $ (42) Three Months Ended June 30, 2023 Annuity Life Property and Casualty Corporate and Other Total (Dollars in millions) Revenues: Net premiums $ 400 $ 104 $ 498 $ — $ 1,002 Other policy revenue 10 93 — — 103 Net investment income 205 80 47 10 342 Investment related gains (losses) — — — 41 41 Total revenues 615 277 545 51 1,488 Benefits, losses and expenses: Policyholder benefits and claims incurred 414 151 424 — 989 Interest sensitive contract benefits 65 51 — — 116 Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 2 14 116 — 132 Change in fair value of insurance-related derivatives and embedded derivatives (34) 8 — — (26) Change in fair value of market risk benefits (12) — — — (12) Operating expenses 30 57 52 9 148 Interest expense — — — 22 22 Total benefits and expenses 465 281 592 31 1,369 Net income (loss) before income taxes $ 150 $ (4) $ (47) $ 20 $ 119 Six Months Ended June 30, 2024 Annuity Life Property and Casualty Corporate and Other Total (Dollars in millions) Revenues: Net premiums $ 1,011 $ 200 $ 938 $ — $ 2,149 Other policy revenue 105 191 — — 296 Net investment income 1,035 187 80 70 1,372 Investment related gains (losses) 3 — — (35) (32) Total revenues 2,154 578 1,018 35 3,785 Benefits, losses and expenses: Policyholder benefits and claims incurred 1,084 326 706 — 2,116 Interest sensitive contract benefits 449 96 — — 545 Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 120 22 218 — 360 Change in fair value of insurance-related derivatives and embedded derivatives (12) 14 — — 2 Change in fair value of market risk benefits 158 — — — 158 Operating expenses 133 128 82 95 438 Interest expense — — — 65 65 Total benefits and expenses 1,932 586 1,006 160 3,684 Net income (loss) before income taxes $ 222 $ (8) $ 12 $ (125) $ 101 Six Months Ended June 30, 2023 Annuity Life Property and Casualty Corporate and Other Total (Dollars in millions) Revenues: Net premiums $ 560 $ 214 $ 1,009 $ — $ 1,783 Other policy revenue 17 183 — — 200 Net investment income 382 161 90 33 666 Investment related gains (losses) — — — (20) (20) Total revenues 959 558 1,099 13 2,629 Benefits, losses and expenses: Policyholder benefits and claims incurred 594 305 790 — 1,689 Interest sensitive contract benefits 83 122 — — 205 Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 6 24 233 — 263 Change in fair value of insurance-related derivatives and embedded derivatives (53) 53 — — — Change in fair value of market risk benefits (7) — — — (7) Operating expenses 53 118 115 17 303 Interest expense — — — 46 46 Total benefits and expenses 676 622 1,138 63 2,499 Net income (loss) before income taxes $ 283 $ (64) $ (39) $ (50) $ 130

Financial Commitments and Conti

Financial Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Financial Commitments and Contingencies	28. Financial Commitments and Contingencies Commitments As of June 30, 2024, the Company had outstanding unfunded commitments to purchase, expand or improve real estate and to fund mortgage loans, private loans and investment funds of $3.3 billion. In addition, the subsidiaries of the Company had outstanding letters of credit in the amount of $4 million as of June 30, 2024. The Company’s subsidiaries lease office space, technological equipment and automobiles. The remaining long-term lease commitments as of June 30, 2024 were approximately $32 million and are included in the Company’s Statements of Financial Position within “Other liabilities”. Federal Home Loan Bank (“FHLB”) Agreements The Company has access to the FHLB’s financial services including advances that provide an attractive funding source for short-term borrowing and for access to other funding agreements. As of June 30, 2024, certain municipal bonds and collateralized mortgage obligations with a fair value of approximately $442 million and commercial mortgage loans of approximately $1.6 billion were on deposit with the FHLB as collateral for borrowing. As of June 30, 2024, the collateral provided borrowing capacity of approximately $1.5 billion. The deposited securities and commercial mortgage loans are included in the Consolidated Statements of Financial Position within “Available-for-sale fixed maturity securities” and “Mortgage loans on real estate”, respectively. Litigation Certain of the Company’s subsidiaries are defendants in various lawsuits concerning alleged breaches of contracts, various employment matters, allegedly deceptive insurance sales and marketing practices, and miscellaneous other causes of action arising in the ordinary course of operations. Certain lawsuits include claims for compensatory and punitive damages. We provide accruals for these items to the extent we deem the losses probable and reasonably estimable. After reviewing these matters with legal counsel, based upon information presently available, management is of the opinion that the ultimate resultant liability, if any, would not have a material adverse effect on the statements of financial position, liquidity or results of operations; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. Such speculation warrants caution, as the frequency of large damage awards, which bear little or no relation to the economic damages incurred by plaintiffs in some jurisdictions, continues to create the potential for an unpredictable judgment in any given lawsuit. These lawsuits are in various stages of development, and future facts and circumstances could result in management changing its conclusions. It is possible that, if the defenses in these lawsuits are not successful, and the judgments are greater than management can anticipate, the resulting liability could have a material impact on the Company’s financial position, liquidity, or results of operations. With respect to the existing litigation, management currently believes that the possibility of a material judgment adverse to the Company is remote. Accruals for losses are established whenever they are probable and reasonably estimable. If no one estimate within the range of possible losses is more probable than any other, an accrual is recorded based on the lowest amount of the range.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	29. Subsequent Events On July 29, 2024, the Board of Directors of the Company declared a cash dividend of $6.0 million on Series A Preferred Stock and $5.0 million on Series B Preferred Stock. The dividend will be payable on September 1, 2024 to shareholders of record as of August 16, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 244	$ 101	$ 357	$ 109

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting	The unaudited consolidated financial statements and notes thereto, including all prior periods presented, have been prepared under accounting principles generally accepted in the United States of America (“GAAP”). The financial statements are prepared on a going concern basis and have been presented in U.S. dollars (“USD”) rounded to the nearest million unless otherwise indicated. The financial statements should be read in conjunction with the December 31, 2023 audited consolidated financial statements of the Company and accompanying notes included in Exhibit 99.1 of the Form 8-K/A, filed with the SEC on July 23, 2024. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results for any subsequent periods or the entire fiscal year ending December 31, 2024. These financial statements reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods presented in accordance with GAAP. The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Included among the material (or potentially material) reported amounts and disclosures that require use of estimates are: fair value of certain financial assets including real estate, derivatives, allowances for credit losses, deferred policy acquisition costs (“DAC”), deferred sales inducements (“DSI”), value of business acquired (“VOBA”), goodwill and other intangibles, market risk benefits, future policy benefits (“FPB”), policyholder account balances including the fair value of the embedded derivatives in fixed index annuity contracts, funds withheld liabilities, pension plans, and income taxes including the recoverability of our deferred tax assets. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts.
Reclassification of Prior Year Presentation	The historical financial statements of American National were prepared in accordance with U.S. GAAP. The following adjustments have been made to conform the presentation of the historical financial statements of American National to the presentation of ANGI’s financial statements: (a) “Other assets” is adjusted to include market risk benefits asset, current tax receivable, and prepaid pension. “Intangible assets” have been presented as a separate line item; (b) The balance related to “Private loans” has been presented as a separate line item; (c) “Liability for retirement benefits” is reclassified to “Other liabilities”; (d) Net realized investment gains (losses), increase in investment credit loss, and net gains (losses) on equity securities have been reclassified to “Investment related gains (losses)”; (e) Other operating expenses have been bifurcated into “Operating expenses” and “Interest expense”; (f) Mark-to-market gains on equity-indexed call options and embedded derivatives within Policyholders’ Account Balances are reclassified from “Net investment income” and “Interest credited to policyholders’ account balances”, respectively, to “Change in fair value of insurance-related derivatives and embedded derivatives”; (g) Capitalization of deferred policy acquisition costs, deferred sales inducements and value of business acquired has been reclassified to “Operating expenses”. “Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired” will only include the amortization expense; (h) “Commissions for acquiring and servicing policies” is reclassified to “Operating expenses”; (i) Capitalizations of deferred policy acquisition costs are reclassified from “Change in deferred policy acquisition costs” to “Operating expenses”. Amortization of deferred policy acquisition costs is reclassified from “Change in deferred policy acquisition costs” to “Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired”; and (j) Other reclassifications.
Basis of Consolidation	Basis of Consolidation These financial statements include the accounts of the Company and its consolidated subsidiaries, which are legal entities where the Company has a controlling financial interest by either holding a majority voting interest or as the primary beneficiary of the variable interest entity (“VIE”). All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. For a legal entity in which the Company holds a variable interest, the Company first considers whether it meets the definition of a VIE and therefore should apply the guidance under the VIE model. An entity is a VIE if any one of the following conditions exist: (a) the total equity investment at risk is not sufficient for the legal entity to finance its activities without additional subordinated financial support; (b) the holders of the equity investment at risk as a group lack either the power to direct the most significant activities of the entity, the obligation to absorb the expected losses, or the right to receive the expected residual returns; or (c) the entity is structured with non-substantive voting rights, where the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the legal entity, their rights to receive the expected residual returns of the legal entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of the investor with disproportionately few voting rights. The Company consolidates all VIEs for which it is the primary beneficiary, which is the case when the Company has both (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Entities that are determined not to be VIEs are voting interest entities (“VOEs”), which are evaluated under the voting interest model, under which a controlling financial interest is established through a majority voting interest or through other means. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the specific facts and circumstances for each entity and requires judgment.
Business combinations	Business combinations are accounted for using the acquisition method. The purchase consideration of a business acquisition is measured at the aggregate of the fair values at the date of exchange of assets transferred, liabilities incurred, and equity instruments issued in exchange for control of the acquiree. The acquiree’s identifiable assets, liabilities and contingent liabilities are recognized at their fair values at the acquisition date. The interest of non-controlling shareholders in the acquiree, if applicable, is initially measured at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets, liabilities and contingent liabilities recognized. To the extent the fair value of consideration paid exceeds the fair value of the net identifiable tangible and intangible assets, the excess is recorded as goodwill. Transaction costs are recorded as operating expenses on the Consolidated Statements of Operations.
Investments	Available-for-sale fixed maturity securities primarily include bonds, asset backed securities and private debt securities. Available-for-sale fixed maturity securities, which may be sold prior to their contractual maturity, are classified as available-for-sale and are carried at fair value with changes in fair value recognized in other comprehensive income, except for those that are designated as hedged items in a fair value hedge, for which changes in fair value are recognized during the period of the hedge in “Investment related gains (losses)” within the Consolidated Statements of Operations. For available-for-sale fixed maturity securities in an unrealized loss position, the Company first assesses whether it intends to sell the security or will be required to sell the security before recovery of its amortized cost basis. If either of these criteria are met, the security’s amortized cost basis is written down to fair value through income in “Investment related gains (losses)” within the Consolidated Statements of Operations. Refer to Credit Loss Allowances within this note for impairment or credit loss-related considerations. Equity securities primarily include common stock, preferred stock and private equity. Equity securities are carried at fair value with changes in fair value recognized in “Investment related gains (losses)” within the Consolidated Statements of Operations, except for certain of private equity, which are carried at cost less impairment, if any, due to the lack of their readily determinable fair values. Mortgage loans and private loans are both measured at amortized cost using the effective interest rate method. The amortized cost basis includes the unamortized principal, interest, discounts or premiums and deferred expenses, net of allowances for expected credit loss. Interest income, prepayment fees, and amortization of premiums and discounts and origination fees are reported in “Net investment income” in the Consolidated Statements of Operations. However, interest ceases to accrue for loans that are impaired or in default, which is when payments are more than 90 days past due, when collection is not probable, or when a loan is in foreclosure. When a loan is placed on non-accrual status, uncollected past due accrued interest income that is considered uncollectible is charged off against net investment income. Income on impaired loans is reported on a cash basis. When collection of the impaired loan becomes probable again, it is placed back into accrual status. Cash receipts on impaired loans are recorded as a reduction of principal, interest income, expense reimbursement, or other manner in accordance with the loan agreement. In the Consolidated Statements of Operations, gains and losses from the sale of loans and changes in allowances are reported in “Investment related gains (losses)” within the Consolidated Statements of Operations. Mortgage loans and private loans are both presented net of the Company’s recorded allowance for expected credit loss, which represents the portion of amortized cost basis that the Company does not expect to collect. Refer to Credit Loss Allowances within this note. Policy loans are carried at the outstanding balance plus any accrued interest. Due to the collateralized nature of policy loans such that they cannot be separated from the policy contracts, the unpredictable timing of repayments and the fact that settlement is at outstanding value, the carrying value of policy loans approximates fair value. Real estate and real estate partnerships comprise investment real estate, as well as real estate joint ventures and other limited partnerships. Certain investment real estate, including related improvements and investment real estate held through consolidation of VIEs, are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset (typically 15 to 50 years). Rental income is recognized on a straight-line basis over the term of the respective lease in “Net investment income” within the Consolidated Statements of Operations. The Company periodically reviews its investment real estate held at depreciated cost for impairment and tests properties for recoverability whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable and the carrying value of the property exceeds its estimated fair value. Properties whose carrying values are greater than their undiscounted cash flows are written down to their estimated fair value, with the impairment loss included as an adjustment to “Investment related gains (losses)” in the Consolidated Statements of Operations. Impairment losses are based upon the estimated fair value of real estate, which is generally computed using the present value of expected future cash flows from the real estate discounted at a rate commensurate with the underlying risks as well as other appraisal methods. Real estate acquired upon foreclosure is recorded at the lower of its cost or its estimated fair value at the date of foreclosure. The Company classifies a property as held-for-sale if it commits to a plan to sell a property within one year and actively markets the property in its current condition for a price that is reasonable in comparison to its estimated fair value. Real estate held-for-sale is stated at the lower of depreciated cost or estimated fair value less expected disposition costs and is not depreciated while it is classified as held-for-sale. The Company holds certain residential investment real estate through consolidation of investment company VIEs, which are reported at fair value with the change in fair value on these investments reported in “Net investment income” within the statement of operations. Fair values of residential investment real estate are initially based on the cost to purchase the properties and subsequently determined using broker price opinions. The residential investment real estate are leased to renters through operating lease arrangements. Rental income is recognized on a straight-line basis over the term of the respective leases in “Net investment income” within the statement of operations. Real estate joint ventures and other limited partnership interests include VIEs for which the Company has significant influence over the investee’s operations without a controlling financial interest, and are accounted for using the equity method of accounting. For certain joint ventures or limited partnerships, the Company records its share of earnings using a lag methodology of one to three months when timely financial information is not available, and the contractual right does not exist to receive such financial information. Certain real estate limited partnership interests are carried at cost less impairment, if any. The Company routinely evaluates its investments in those investees for impairment. The Company considers financial and other information provided by the investee, other known information, and inherent risks in the underlying investments, as well as future capital commitments, in determining whether impairment has occurred. When an impairment is deemed to have occurred at the joint venture level, the Company recognizes its share as an adjustment to “Net investment income” to record the investment at its fair value. When an impairment results from the Company’s separate analysis, an adjustment is made through “Investment related gains (losses)” to record the investment at its fair value. Certain real estate joint ventures and other limited partnership interests are consolidated VIEs for which the underlying joint ventures are investment companies within scope of ASC Topic 946. These investments are fair valued on a recurring basis with the change in fair value reported in “Net investment income”. Fair values are calculated based on a discounted cash flow methodology. Investment funds comprise certain non-fixed income, alternative investments in the form of limited partnerships or similar legal structures for which the Company is not the primary beneficiary and therefore is not required to consolidate. The Company typically accounts for investment funds using the equity method of accounting, where the cost is recorded as an investment in the fund upon initial recognition, unless fair value option is elected. Under equity method, adjustments to the carrying amount reflect the Company’s pro rata ownership percentage of the operating results as indicated by net asset value (“NAV”) in the investment fund financial statements, which can be on a lag of up to three months when investee information is not received in a timely manner. The Company has concluded that we are the primary beneficiary for certain investments funds, which are investment company funds in scope of ASC Topic 946, and consolidate the underlying funds. Valuation methods include NAV as a practical expedient and discounted cash flow models. Income is reported on a quarter lag due to the availability of the related financial statements of the investment funds. Short-term investments include highly liquid securities and other investments with original maturities of over 90 days and less than one year at the date of acquisition. Securities included within short-term investments are stated at fair value with amortized cost used as an approximation of fair value for certain investments.
Other invested assets	Other invested assets primarily comprise derivatives instruments. Derivative instruments are carried at fair value. Derivative instruments include call options used to fund fixed indexed annuity contracts and equity-indexed universal life contracts (“insurance-related derivatives”). Derivative instruments are recorded at fair value on the acquisition date and subsequently revalued at fair value at each reporting date. Derivative instruments with positive values are recorded as derivative assets within “Other invested assets”. If a derivative is not designated for hedge accounting, changes in the fair value of derivatives are recorded in “Investment related gains (losses)” in the Consolidated Statements of Operations, except for insurance-related derivatives, whose fair value changes are recorded in “Change in fair value of insurance-related derivatives and embedded derivatives”, along with fair value changes from embedded derivatives on related fixed indexed annuity contracts. Where the Company has a master netting agreement with its counterparty that allows for the netting of the Company’s derivative asset and liability positions, the Company elects to offset such derivative assets and liabilities and present them on a net basis on the Consolidated Statements of Financial Position. Further, in some instances, the Company holds collateral to offset exposure from its counterparties relating to its derivative instruments. The Company elects to offset collateral supporting credit risk that is restricted to the Company’s use for the derivative exposure when a master netting arrangement is in place and all offsetting criteria are met. Federal Home Loan Bank stock, as well as separately managed accounts which are portfolios of individual securities, such as stocks or bonds, that are managed on behalf of the Company by an investment manager, are also included in other invested assets and are carried at cost or market value if available from the account manager. Other invested assets also include Company owned life insurance, tax credit partnerships and mineral rights less allowance for depletion, where applicable.
Reinsurance recoverable and deposit assets	Reinsurance recoverable and deposit assets include the reinsurance receivables from reinsurers, reinsurance recoverables from reinsurers, and deposit assets associated with reinsurance agreements. In the normal course of business, the Company is a user of reinsurance in order to limit the potential for losses arising from certain exposures. To the extent that third party reinsurers are unable to meet their obligations, the Company remains liable to its policyholders for the portion reinsured. For long term duration contracts, we assess each reinsurance agreement to determine whether the agreement transfers significant insurance risk to the reinsurer. If insurance risk is transferred, the Company utilizes the reinsurance method of accounting. If the agreement does not transfer significant insurance risk, the Company utilizes the deposit method of accounting. The reinsurance recoverable and deposit assets include deposit assets, reinsurance market risk benefits, amounts due from reinsurers for paid or unpaid claims, claims incurred but not reported (“IBNR”), policyholder account balances or policy benefits. The reinsurance recoverable is presented net of a reserve for collectability. The Company cedes disability, medical and long-term care insurance, annuity contracts including lifetime income benefit riders, as well as PRT contracts with significant insurance risk to other insurance companies through reinsurance. The Company also cedes annuity contracts without significant insurance risk to other insurance companies. For short term duration contracts, reinsurance recoverables are the estimated amount due to the Company from reinsurers related to paid and unpaid ceded claims and claim adjustment expenses (“CAE”) and are presented net of a reserve for collectability. Recoveries of gross ultimate losses under the non-catastrophe reinsurance are estimated by a review of individual large claims and the ceded portion of IBNR claims using assumed distribution of loss by percentage retained. Recoveries of gross ultimate losses under our catastrophe reinsurance are estimated by applying reinsurance treaty terms to estimates of gross ultimate losses. The most significant assumption is the average size of the individual losses for those claims that have occurred but have not yet been reported and the estimate of gross ultimate losses. The ultimate amount of the reinsurance ceded recoverable is unknown until all losses settle. Reinsurance receivables include amounts receivable from third party reinsurers. The reinsurance receivables which will be settled within a year are short-term in nature, and their fair values approximate carrying value. Reinsurance receivables include future installment payments for ceding commissions on reinsured annuity contracts. The receivable is recorded at the net present value of the installment payments. Credit Loss Allowances and Impairments Available-for-sale Fixed Maturity Securities For available-for-sale fixed maturity securities in an unrealized loss position, if the Company does not intend to sell the security or will not be required to sell the securities before recovery of its amortized cost basis, the Company evaluates whether the decline in fair value has resulted from credit loss or market factors. In making this assessment, management first calculates the extent to which fair value is less than amortized cost, consider any changes to the rating of the security by a rating agency, and any specific conditions related to the security. If this qualitative assessment indicates that a credit loss may exist, and management does not anticipate recovery of all contractual or expected cash flows, the present value of projected future cash flows expected to be collected is compared to the amortized cost basis of the security. The net present value of the expected cash flows is calculated by discounting management’s best estimate of expected cash flows at the effective interest rate implicit in the available-for-sale fixed maturity security when acquired. If the present value of expected cash flows is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded through income in “Investment related gains (losses)” limited to the amount fair value is less than amortized cost. If the fair value is less than the net present value of its expected cash flows at the impairment measurement date, a non-credit loss exists which is recorded in other comprehensive income (loss) for the difference between the fair value and the net present value of the expected cash flows. Expected Credit Losses The Company records an allowance for credit loss in earnings within “Investment related gains (losses)” in an amount that represents the portion of the amortized cost basis of mortgage and private loans that the Company does not expect to collect, resulting in the loans being presented at the net amount expected to be collected. In determining the Company’s credit loss allowances, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. The allowance is calculated quarterly for each loan type based on its unique inputs. The Company uses the discounted cash flow model to assess expected credit loss. Mortgage loans – On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality) and collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is probable) may be evaluated individually for credit loss. The valuation allowances for each of our mortgage loan portfolios are estimated by deriving probability of default and recovery rate assumptions based on the characteristics of the loans in each portfolio, historical economic data and loss information, and current and forecasted economic conditions. Key loan characteristics impacting the estimate for our commercial mortgage loan portfolio include the current state of the borrower’s credit quality, which considers factors such as loan-to-value and debt service coverage ratios, loan performance, underlying collateral type, delinquency status, time to maturity, and original credit scores. Key loan characteristics impacting the estimate for our agricultural and residential mortgage loan portfolios include the current state of the borrowers' credit quality, delinquency status, time to maturity and original credit scores. The allowance for a collateral dependent loan, which is typically a mortgage loan, is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is reasonably possible or probable. Accordingly, the change in the estimated fair value of collateral dependent loans is recorded as a change in the allowance for credit losses which is recorded on a quarterly basis as a charge or credit to earnings. The Company’s mortgage loans are primarily originated and are not purchased in the secondary market; as such, the mortgage loans would not generally be subject to purchased credit deteriorated considerations. However, for any purchased mortgage loans, the Company performs an analysis that includes both qualitative and quantitative considerations to determine whether any purchases have had more-than-insignificant credit deterioration since origination. Private loans – For private loans, credit loss allowances are estimates of expected credit losses, established for loans upon origination or purchase, considering all relevant information available, including past events, current conditions, and reasonable and supportable forecasts over the life of the loans. The estimates of expected credit losses are developed using a quantitative probability of default and loss given default methodology, in which default assumptions reflect applicable agency credit ratings or, when such external credit ratings are not available, internally developed ratings. Loans are evaluated on a pooled basis when they share similar risk characteristics; otherwise, they are evaluated individually. Reinsurance recoverables – In the event that reinsurers do not meet their obligations to the Company under the terms of the reinsurance agreements, or when events or changes in circumstances indicate that its carrying amount may not be recoverable, reinsurance recoverable balances could become uncollectible. In such instances, reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance, consistent with credit loss guidance which requires recording an allowance for credit loss. Premiums receivable – Premiums receivable are included in “Other assets” in the Consolidated Statements of Financial Position and are stated net of allowances for uncollectible premiums, including expected lifetime credit losses, both dispute and credit related. The allowance is based upon our ongoing review of amounts outstanding, historical loss data, including delinquencies and write-offs, current and forecasted economic conditions and other relevant factors. Credit risk is partially mitigated by our ability to cancel the policy if the policyholder does not pay the premium.
Accrued investment income	Accrued investment income is presented separately on the Consolidated Statements of Financial Position and excluded from the carrying value of the related investments, primarily available-for-sale fixed maturity securities and mortgage loans. The Company has made an accounting policy election not to measure an allowance for credit losses for accrued interest receivable on amortized cost investments and to directly write off the uncollectible balance.
Cash and cash equivalents	Cash and cash equivalents have durations that do not exceed 90 days at the date of acquisition, include cash on-hand and in banks, as well as amounts invested in money market funds, and are reported as “Cash and cash equivalents” in the Consolidated Statements of Financial Position.
Property and equipment	Property and equipment are measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset. The costs of assets include the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use, and the cost of dismantling and removing the items and restoring the site on which they are located. Depreciation of property and equipment commences when it is available for use. Property and equipment are depreciated on a straight-line basis over the estimated useful lives of each component of the property and equipment. The estimated useful lives of the property and equipment are three Leasehold improvements are depreciated over the period of the lease or estimated useful life, whichever is the shorter, on a straight-line basis. The right-of-use asset is depreciated on the straight-line basis over the lease term. The estimated useful lives, residual values and depreciation methods are reviewed at the end of each annual reporting period, with the effect of any changes recognized on a prospective basis. The Company reviews its property and equipment for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Intangible assets	Intangible assets include definite-lived intangible assets which are carried at cost less accumulated amortization and indefinite-lived intangible assets not subject to amortization, carried at cost. Amortization expense is primarily calculated using the straight-line amortization method. The Company assesses the impairment of definite-lived intangible assets in accordance with its policy for the impairment of property and equipment. The Company assesses the impairment of indefinite-lived intangible assets in accordance with its policy for the impairment of goodwill. The Company’s intangible assets are primarily from the acquisition of AEL and American National. Definite-lived intangible assets include distributor relationships and trade names. Indefinite-lived intangible assets represent insurance licenses held by the acquired insurance companies. (i) Distributor Relationships The distribution assets reflect relationships AEL and American National have with their respective third-party intermediaries that generate new business for the Company. These assets were valued using the multi-period excess-earnings method, which derives value based on the present value of the after-tax cash flows attributable to the intangible asset only. The useful life of distributor relationships is approximately 15 to 30 years. (ii) Trade Names This represents trade names of AEL and American National and was valued using the relief from royalty method, which derives value based on present value of the after-tax royalty savings attributable to owning the intangible asset. The useful life of the trade name is 10 years for AEL and 10 years for American National. (iii) Insurance Licenses Given the highly regulated nature of the insurance industry, companies are required to hold certain licenses to operate. These licenses are valued using the comparable transaction method based on observable license transactions in the insurance industry. Insurance licenses represent an indefinite-lived intangible asset.
Deferred policy acquisition costs ("DAC") and Deferred sales inducements ("DSI")	Deferred policy acquisition costs (“DAC”) and Deferred sales inducements (“DSI”) are capitalized costs related directly to the successful acquisition of new or renewal insurance contracts. Significant costs are incurred to successfully acquire insurance, reinsurance, and annuity contracts, including commissions and certain underwriting, premium bonus, policy issuance, and processing expenses. Insurance contracts are grouped into cohorts by contract type and issue year consistent with estimating the associated liability for future policy benefits. DAC and DSI are amortized on constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. DAC and DSI will be amortized over the bases selected by product, all of which provide a constant level representation of contract term. Product(s) Amortization Base Traditional life products Nominal face amount Life contingent payout annuities Annualized benefit amount in force Health products Original annual premium Fixed deferred annuities, fixed index annuities, variable annuities Policy count Universal life products Initial face amount Property and Casualty Earned premium The assumptions used in the calculation of DAC and DSI include full surrenders, partial withdrawals, mortality, utilization, premium persistency, reset assumptions associated with lifetime income benefit riders, and the option budget assumption. The Company reviews and updates actuarial experience assumptions serving as inputs to the models that establish the expected life for DAC and other actuarial balances during the third quarter of each year, or more frequently if evidence suggests assumptions should be revised. The Company makes model refinements as necessary, and any changes resulting from these assumption updates are applied prospectively. Amortization of DAC and DSI is included in the “Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired” on the statement of operations.
Value of business acquired ("VOBA")	Value of business acquired (“VOBA”) is an intangible asset or liability resulting from a business combination that represents the difference between the policyholder liabilities measured in accordance with the acquiring company’s accounting policies and the estimated fair value of the same acquired policyholder liabilities in-force at the acquisition date. VOBA can be either positive or negative. Positive VOBA is recorded as a component of DAC in the Consolidated Statements of Financial Position. Negative VOBA occurs when the estimated fair value of in-force contracts in a life insurance company acquisition is less than the amount recorded as insurance contract liabilities, and is recorded in the “Future policy benefits” in the Consolidated Statements of Financial Position.
Goodwill	Goodwill represents the excess of amounts paid for acquiring businesses over the fair value of the net assets acquired, less any impairment recognized. Goodwill is not amortized but is tested for impairment at least annually by first assessing whether there are events or changes in circumstances, such as deteriorating or adverse market conditions, indicating that it is more likely than not that the carrying amount of the reporting unit including goodwill may exceed the fair value. If this qualitative assessment indicates that an impairment may exist, a quantitative impairment assessment is then performed and impairment is measured and recognized as the amount by which a reporting unit's carrying value, including goodwill, exceeds its fair value, limited to the carrying amount of goodwill of the reporting unit.
Separate account assets and liabilities	Separate account assets and liabilities are funds that are held separate from the general assets and liabilities of the Company. Separate account assets include funds representing the investments of variable insurance product contract holders, who bear the investment risk of such funds. Investment income and investment gains and losses from these separate funds accrue to the benefit of the contract holders. The Company reports separately, as assets and liabilities, investments held in such separate accounts and liabilities of the separate accounts if (i) such separate accounts are legally recognized; (ii) assets supporting the contract liabilities are legally insulated from the Company’s general account liabilities; (iii) investments are directed by the contract holder; and (iv) all investment performance, net of contract fees and assessments, is passed through to the contract holder. In addition, the Company’s qualified pension plan assets are included in separate accounts. The assets of these accounts are carried at fair value. Deposits, net investment income and realized investment gains and losses for these accounts are excluded from revenues, and related liability increases are excluded from benefits and expenses in the Consolidated Statements of Operations. Separate accounts are established in conformity with insurance laws and are not chargeable with liabilities that arise from any other business of the Company.
Assets received or pledged as collateral	Assets received or pledged as collateral – The Company receives and pledges collateral in respect to certain derivative contracts, in order to meet its contractual obligations. The amount of collateral required is determined by the valuation of each contract on a mark-to-market basis and the type of collateral to be deposited is specified within the agreement with each counterparty. Collateral pledged continues to be recognized in the Consolidated Statements of Financial Position as the Company retains all rights related to these assets. Collateral received is not recognized in the Consolidated Statements of Financial Position unless the Company acquires the rights relating to the economic risks and rewards related to these assets.
Future policy benefits ("FPB")	Future policy benefits (“FPB”) is calculated as the present value of expected future policy benefits to be paid or on behalf of policyholders and certain related expenses, reduced by the present value of expected net premiums to be collected from policyholders. Principal assumptions used in the establishment of the FPB include mortality, morbidity, lapse, incidence, terminations, claim-related expenses and other contingent events based on the respective product type. The Company groups contracts into annual cohorts based on product type and contract inception date for the purposes of calculating the liability for future policy benefits. The Company updates its estimate of cash flows over the entire life of a group of contracts using actual historical experience and current future cash flow assumptions. The Company reviews and updates cash flow assumptions at least annually, and at the same time every year by cohort or product. The Company also reviews more frequently and updates its cash flow assumptions during an interim period if evidence suggests cash flow assumptions should be revised. Assumption revisions will be reflected in the net premium ratio and FPB calculation in the quarter in which assumptions are revised. The effects of changes in such estimated liabilities are included in the Consolidated Statements of Operations in the period in which the changes occur. The change in the liability due to actual experience is recognized in “Policyholder benefits and claims incurred” in the Consolidated Statements of Operations. The change in FPB that is recognized in “Policyholder benefits and claims incurred” in the statement of operations is calculated using a locked-in discount rate. The Company measures the FPB at each reporting period using both the locked-in discount rate and the current discount rate curves. For contracts issued subsequent to the transition date of Targeted Improvements to the Accounting for Long-Duration Insurance Contracts (“LDTI”), the upper-medium grade discount rate used for interest accretion is locked in for the cohort and represents the original discount rate at the issue date of the underlying contracts. The FPB for all cohorts is remeasured to a current upper-medium grade discount rate at each reporting date through other comprehensive income. The Company generally interprets the original discount rate to be a rate comparable to that of a U.S. corporate single A rate that reflects the duration characteristics of the liability. The upper-medium grade discount rate is determined using observable market data, including published upper-medium grade discount curves. In situations where market data for an upper-medium grade discount curve is not available (e.g., in certain foreign jurisdictions), spreads are applied to adjust the available observable market data to an upper-medium grade discount curve. For certain long-tailed life insurance liabilities with expected future cash flows longer than the last observable tenor (30 years), the discount rate for future cash flows beyond 30 years will be held constant at the ultimate (30 years) observable forward rate.
Deferred Profit Liability ("DPL")	Deferred Profit Liability (“DPL”) For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a DPL. Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policy benefits, including discount rate, mortality, lapses and expenses. The DPL is amortized and recognized as “Policyholder benefits and claims incurred” in the Consolidated Statements of Operations in proportion to expected future benefit payments from annuity contracts. Interest is accreted on the balance of the DPL using the discount rate determined at contract issuance. The Company reviews and updates its estimate of cash flows from the DPL at the same time as the estimates of cash flows for the liability for future policy benefits. When cash flows are updated, the updated estimates are used to recalculate the DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, and any difference is recognized as “Policyholder benefits and claims incurred” in the Consolidated Statements of Operations.
Policyholders' account balances ("PAB")	Policyholders’ account balances (“PAB”)
Liabilities for unpaid claims and claim adjustment expenses ("CAE")	Liabilities for unpaid claims and claim adjustment expenses (“CAE”) are established to provide for the estimated costs of paying claims. These reserves include estimates for both case reserves and IBNR liabilities. Case reserves include the liability for reported but unpaid claims. IBNR liabilities include a provision for potential development on case reserves, losses on claims currently closed which may reopen in the future, as well as IBNR claims. These liabilities also include an estimate of the expense associated with settling claims, including legal and other fees, and the general expenses of administering the claims adjustment process. Liabilities for unpaid claims and claim adjustment expenses for health and property and casualty insurance are included in “Policy and contract claims” in the Consolidated Statements of Financial Position.
Market risk benefits ("MRB")	Market risk benefits (“MRB”) , are contracts or contract features that provide protection to the policyholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. The Company issues certain fixed indexed annuity and fixed rate annuity contracts that provide minimum guarantees to policyholders including guaranteed minimum withdrawal benefits and guaranteed minimum death benefits that are MRBs. MRBs are measured at fair value, at the individual contract level, and can be either an asset or a liability. Contracts which contain more than one MRB feature are combined into one single MRB. The fair value is calculated using stochastic models. At contract inception, attributed fees are calculated based on the present value of the fees and assessments collectible from the policyholder relative to the present value of expected benefits paid attributable to the MRB. The attributed fees remain static over the life of the MRB and is used to calculate the fair value of the MRB using a risk neutral valuation method. The attributed fees cannot be negative and cannot exceed the total explicit fees collectible from the policyholder. The periodic change in fair value is recognized in earnings with the exception of the periodic change in fair value related to the instrument-specific credit risk, which is recognized in other comprehensive income. The actuarial assumptions used in the MRB calculation are the Company’s best estimate assumptions. Assumptions are adjusted to reflect fair value by applying a margin for non-hedgeable risk and an adjustment for own credit spread through the discount rate. The risk-free discount rate is the scenario specific US treasury rate.
Funds withheld liabilities	Funds withheld liabilities
Participating insurance policies	Participating insurance policies – for the majority of participating business, profits earned are reserved for the payment of dividends to policyholders, except for the stockholders’ share of profits on participating policies, which is limited to the greater of 10% of the profit on participating business, or 50 cents per thousand dollars of the face amount of participating life insurance in-force. Participating policyholders’ interest includes the accumulated net income from participating policies reserved for payment to such policyholders in the form of dividends (less net income allocated to stockholders as indicated above) as well as a pro rata portion of unrealized investment gains (losses). For all other participating business, the allocation of dividends to participating policy owners is based upon a comparison of experienced rates of mortality, interest and expenses, as determined periodically for representative plans of insurance, issue ages and policy durations, with the corresponding rates assumed in the calculation of premiums. It is included within “Other policyholder funds” in the Consolidated Statements of Financial Position.
Premium, Benefits, Claims incurred, and Expenses	Premium, Benefits, Claims incurred, and Expenses Traditional ordinary life and health premiums are recognized as revenue when due. Benefits and expenses are associated with earned premiums to result in recognition of profits over the term of the insurance contracts. Annuity premiums received on limited-pay and supplemental annuity contracts involving a significant life contingency are recognized as revenue when due. Revenues from deferred annuity contracts are principally surrender charges and living income benefit rider charges assessed against policyholder account balances during the period. In the case of variable annuities, revenues include administrative fees assessed to contract holders. Interest sensitive contract benefits related to annuity products include interest credited or index credits to policyholder account balances pursuant to accounting by insurance companies for certain long-duration contracts. The change in fair value of the embedded derivatives for fixed index annuities equals the change in the difference between policy benefit reserves for fixed index annuities computed under the derivative accounting standard and the long-duration contracts accounting standard at each balance sheet date. Insurance-related revenues including the change in the fair value of derivatives for call options related to the business ceded under coinsurance agreements, benefits, losses and expenses are reported net of reinsurance ceded. Universal life and single premium whole life revenues represent amounts assessed to policyholders including mortality charges, surrender charges actually paid, and earned policy service fees. Amounts included in benefits are claims in excess of account balances returned to policyholders and interest credited to account balances. Property and casualty premiums are recognized as revenue over the period of the contract in proportion to the amount of insurance protection, which is generally evenly over the contract period. Claims incurred consist of claims and CAE paid and the change in reserves.
Pension and postretirement benefit obligations and costs	Pension and post-retirement benefit obligations and costs for our frozen benefit plans are estimated using assumptions including demographic factors such as retirement age and mortality. The Company uses a discount rate to determine the present value of future benefits on the measurement date. The guideline for setting this rate is a high-quality long-term corporate bond rate. For this purpose, a hypothetical bond portfolio to match the expected monthly benefit payments under the pension plan was constructed with the resulting yield of the portfolio used as a discount rate. In developing the investment return assumption, we relied on a model that utilizes the following factors: • Current yield to maturity of fixed income securities • Forecasts of inflation, GDP growth and total return for each asset class • Historical plan performance • Target asset allocation • Standard deviations and correlations related to historical and expected future returns of each asset class and inflation The resulting assumption is the assumed rate of return for the plans’ target asset allocation, net of investment expenses, and reflects anticipated returns of the plans’ current and future assets. Using this approach, the calculated return will fluctuate from year to year; however, it is the Company’s policy to hold this long-term assumption relatively constant.
Interest income	Interest income on investments measured at amortized cost is calculated using the effective interest method.
Dividend income	Dividend income is recognized when the right to receive payments is established.
Investment related gains (losses)	Investment related gains (losses)
Current tax assets and liabilities and Deferred income tax	Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities within a year. The tax rates and tax laws used to compute the amounts are those that are enacted or substantively enacted at the end of each year. Deferred income tax – The Company accounts for deferred income taxes under the asset and liability method, which requires the recognition of deferred tax assets (“DTAs”) and deferred tax liabilities (“DTLs”) for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines DTAs and DTLs on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on DTAs and DTLs is recognized in income in the period that includes the enactment date. The Company recognizes DTAs to the extent that the assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax law and results of recent operations. If the Company determines the DTAs will be realized in the future in excess of their net recorded amount, the Company would make an adjustment to the DTA valuation allowance, which would reduce the provision for income taxes. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. The Company records uncertain tax positions in accordance with Accounting Standards Codification (“ASC”) 740 on the basis of a two-step process in which (i) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
Segments	Segments – In accordance with ASC 280, Operating Segments, the Company uses a management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker (“CODM”) for making decisions, allocation of resources and assessing performance. The Company’s CODM has been identified as the Chief Executive Officer and the Chief Financial Officer who review the results of operations when making decisions about allocating resources and assessing the performance of the Company. Our operations are organized into four reportable segments: Life, Annuity, Property and Casualty and Corporate and Other (see Note 27 - Segment Reporting ).
Litigation Contingencies	Litigation contingencies – Existing and potential litigation is reviewed quarterly to determine if any adjustments to liabilities for probable losses are necessary. Reserves for losses are established whenever they are probable and reasonably estimable. If not one estimate within the range of possible losses is more probable than any other, a reserve is recorded based on the lowest amount of the range.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company continues to assess the impacts of the ASUs listed below that have been issued but not yet adopted as of June 30, 2024 on the financial statements. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount. ASU 2023-02 – On March 29, 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. The amendments permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. In addition, disclosures describing the nature of the investments and related income tax credits and benefits will be required. This ASU was effective on January 1, 2024, to be applied on either a modified retrospective or a retrospective basis subject to certain exceptions, with early adoption permitted. The adoption of this standard did not have a material impact to the Company’s Consolidated Financial Statements or the Notes to the Consolidated Financial Statements. ASU 2023-07 – On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments require the disclosure of significant segment expenses by reportable segment, enhance interim disclosure requirements and clarify circumstances in which an entity can disclose multiple segment measures of profit or loss. This ASU is effective for fiscal periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, to be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements and the Notes to the Consolidated Financial Statements. ASU 2023-09 – On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income [or loss] by the applicable statutory income tax rate). This ASU will be effective on January 1, 2025, to be applied prospectively. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements and the Notes to the Consolidated Financial Statements.
Financing Receivable, Real Estate Acquired Through Foreclosure	Charge-offs include allowances that have been established on loans that were satisfied either by taking ownership of the collateral or by some other means such as discounted pay-off or loan sale. When ownership of the property is taken it is recorded at the lower of the loan's carrying value or the property's fair value (based on appraised values) less estimated costs to sell. The real estate owned is recorded as a component of Real estate investments and the loan is recorded as fully paid, with any allowance for credit loss that has been established charged off. Fair value of the real estate is determined by third party appraisal.
Fair Value Measurement	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability. A fair value hierarchy is used to determine fair value based on a hypothetical transaction as of the measurement date from the perspective of a market participant. The Company has evaluated the types of securities in its investment portfolio to determine an appropriate hierarchy level based upon trading activity and the observability of market inputs. The classification of assets or liabilities within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are defined as follows: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 - Quoted prices in markets that are not active or inputs that are observable directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities other than quoted prices in Level 1; quoted prices in markets that are not active; or other inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and third-party evaluation, as well as instruments for which the determination of fair value requires significant management judgment or estimation
Fair Value of Financial Instruments	Valuation Techniques for Financial Instruments Recorded at Fair Value Available-for-sale Fixed Maturity Securities and Equity Options — The Company utilizes pricing services to estimate fair value measurements. The fair value for available-for-sale fixed maturity securities that are disclosed as Level 1 measurements are based on unadjusted quoted market prices for identical assets that are readily available in an active market. The estimates of fair value for most available-for-sale fixed maturity securities, including municipal bonds, provided by the pricing service are disclosed as Level 2 measurements as the estimates are based on observable market information rather than market quotes. The pricing service utilizes market quotations for available-for-sale fixed maturity securities that have quoted prices in active markets. Since available-for-sale fixed maturity securities generally do not trade on a daily basis, the pricing service prepares estimates of fair value measurements for these securities using its proprietary pricing applications, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. Additionally, an option adjusted spread model is used to develop prepayment and interest rate scenarios. The pricing service evaluates each asset class based on relevant market information, credit information, perceived market movements and sector news. The market inputs utilized in the pricing evaluation, listed in the approximate order of priority, include: benchmark yields, reported trades, pricing source quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and economic events. The extent of the use of each market input depends on asset class and the market conditions. Depending on the security, the priority of the use of inputs may change or some market inputs may not be relevant. For some securities, additional inputs may be necessary. The Company has reviewed the inputs and methodology used and the techniques applied by the pricing service to produce quotes that represent the fair value of a specific security. The review confirms that the pricing service is utilizing information from observable transactions or a technique that represents a market participant’s assumptions. The Company does not adjust quotes received from the pricing service. The pricing service utilized by The Company has indicated that they will only produce an estimate of fair value if there is objectively verifiable information available. The Company holds a small amount of private placement debt and available-for-sale fixed maturity securities that have characteristics that make them unsuitable for matrix pricing. For these securities, a quote from an independent pricing source (typically a market maker) is obtained. Due to the disclaimers on the quotes that indicate the price is indicative only, the Company includes these fair value estimates in Level 3. For securities priced using a quote from an independent pricing source, such as the equity-indexed options and certain available-for-sale fixed maturity securities, the Company uses a market-based fair value analysis to validate the reasonableness of prices received. Price variances above a certain threshold are analyzed further to determine if any pricing issue exists. This analysis is performed quarterly. Equity Securities — For publicly-traded equity securities, prices are received from a nationally recognized pricing service that are based on observable market transactions, and these securities are classified as Level 1 measurements. For certain preferred stock, current market quotes in active markets are unavailable. In these instances, an estimated fair value is received from the pricing service. The service utilizes similar methodologies to price preferred stocks as it does for available-for-sale fixed maturity securities. If applicable, these estimates would be disclosed as Level 2 measurements. The Company tests the accuracy of the information provided by reference to other services annually. For certain private equity without readily determinable fair values, fair value estimates are unavailable and are not disclosed. Short-term Investments — Short-term investments are primarily commercial paper rated A2 or P2 or better by Standard & Poor’s and Moody’s, respectively. Commercial paper is carried at amortized cost which approximates fair value. These investments are classified as Level 2 measurements. Real estate and Real Estate Partnerships — The fair values of residential real estate investments held through consolidation of investment company VIEs are initially recorded based on the cost to purchase the properties and subsequently recorded at fair value on a recurring basis and falls within Level 3 of the fair value hierarchy. The fair value of the residential real estate properties was determined using broker price opinions (BPOs). A BPO is an appraisal methodology commonly used in the industry to estimate net proceeds from the sale of a home. The significant inputs into the valuation include market comparable home sales, age and size of the home, location and property conditions. Two of our consolidated variable interest entities, which are fair valued on a recurring basis, invest in limited liability companies that invest in operating entities which hold multifamily real estate properties. The fair value of the limited liability companies was obtained from a third party and is based on the fair value of the underlying real estate held by the various operating entities. The real estate is initially calculated based on the cost to purchase the properties and subsequently calculated based on a discounted cash flow methodology. Investment Funds — We own an investment in an infrastructure limited liability company through a consolidated VIE that is measured at fair value on a recurring basis. We initially recorded the investment at the cost to purchase the investment and subsequently recorded based on a discounted cash flow methodology. We own one consolidated limited partnership fund, which is measured using NAV as a practical expedient. This investment is a closed-end fund that invests in infrastructure credit assets. Redemptions are not allowed until the funds’ termination date and liquidations begin. Cash and Cash Equivalents — Amounts reported in the Consolidated Statements of Financial Position for these instruments are reported at their historical cost which approximates fair value due to the nature of the assets assigned to this category. Other Invested Asset s – The Company holds interest in an investment company limited partnership, which invests in residual interest investments, and is a consolidated VIE. The investment was initially recorded at cost and will subsequently be recorded at fair value using discounted cash flow methodology and falls within Level 3 of the fair value hierarchy. Separate Account Assets and Liabilities — The separate account assets included on the quantitative disclosures fair value hierarchy table are comprised of short-term investments, equity securities, and available-for-sale fixed maturity. Equity securities are classified as Level 1 measurements. Short-term investments and available-for-sale fixed maturity securities are classified as Level 2 measurements. These classifications for separate account assets reflect the same fair value level methodologies as listed above as they are derived from the same vendors and follow the same process. The separate account assets also include cash and cash equivalents, investment funds, accrued investment income, and receivables for securities. These are not included in the quantitative disclosures of fair value hierarchy table. Market Risk Benefits - MRBs are valued using stochastic models that incorporate a spread reflecting our non-performance risk. The key assumptions for calculating the fair value of the MRBs are market assumptions such as equity market returns, interest rate levels, market volatility and correlations and policyholder behavior assumptions such as lapse, mortality, utilization and withdrawal patterns. Risk margins are included in the policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment. MRBs are classified as Level 3 fair value measurements as the fair value is based on unobservable inputs. The following significant unobservable inputs are used for measuring the fair value: (1) Utilization – The utilization assumption represents the percentage of policyholders who will elect to receive lifetime income benefit payments in a given year. The range and weighted average of this assumption can vary from year to year depending on the characteristics of policies in a given cohort within the rate. (2) Option budget – The option budget assumption represents the expected cost of annual call options we will purchase in the future. (3) Nonperformance risk – The nonperformance risk assumption impacts the discount rate used in the discounted future cash flow valuation and includes our own credit risk based on the current market credit spreads for debt-like instruments we have issued and are available in the market. Additionally, the nonperformance risk assumption includes the counterparty credit risk used in the fair value measurement of ceded market risk benefits which is determined using the current market credit spreads based on the counterparty credit rating. (4) Mortality rates – The mortality rate assumptions are set based on a combination of company and industry experience, adjusted for improvement factors. Mortality rates vary by age and by demographic characteristics such as gender. (5) Lapse rates – The lapse rate assumptions represent the expected rate of full surrenders which are set based on product type or feature and whether a policy is subject to surrender charges. Derivative Assets/Derivative Liabilities Equity-index options — Equity index options are valued using industry accepted valuation models and are adjusted for the nonperformance risk of each counterparty net of any collateral held. Inputs include market volatility and risk free interest rates and are used in income valuation techniques in arriving at a fair value for each option contract. The nonperformance risk for each counterparty is based upon its credit default swap rate. We have no performance obligations related to the call options purchased to fund our fixed index annuity policy liabilities. Policyholders’ Account Balances – Embedded Derivatives —The fair value of the embedded derivative component of our fixed index annuity policyholder account balance reserve is estimated at each valuation date by (i) projecting policy contract values and minimum guaranteed contract values over the expected lives of the contracts and (ii) discounting the excess of the projected contract value amounts at the applicable risk free interest rates adjusted for our nonperformance risk related to those liabilities. The following significant unobservable inputs are used for measuring the fair value: (1) Option budget (2) Lapse rates (3) Nonperformance risk The fair value of our fixed index annuities embedded derivatives is net of coinsurance ceded of $1.1 billion as of June 30, 2024. Change in fair value, net for each period in our embedded derivatives is included in Change in fair value of embedded derivatives in the Consolidated Statements of Operations. Funds Withheld Liabilities — We estimate the fair value of the embedded derivative based on the fair value of the assets supporting the funds withheld payable under modified coinsurance and funds withheld coinsurance reinsurance agreements. The fair value of the embedded derivative is classified as Level 3 based on valuation methods used for the assets held supporting the reinsurance agreements. Separately Managed Accounts — The separately managed account manager uses the mid-point of a range from a third-party to price these securities. Discounted cash flows (yield analysis) and market transactions approach are used in the valuation. They use discount rates which is considered an unobservable input. Fair Value Information About Financial Instruments Not Recorded at Fair Value Information about fair value estimates for financial instruments not measured at fair value is discussed below: Mortgage Loans — The fair value of mortgage loans is estimated using discounted cash flow analyses on a loan-by-loan basis by applying a discount rate to expected cash flows from future installment and balloon payments. The discount rate takes into account general market trends and specific credit risk trends for the individual loan. Factors used to arrive at the discount rate include inputs from spreads based on U.S. Treasury notes and the loan’s credit quality, region, property-type, lien priority, payment type and current status. Private Loans — The fair value of private loans is estimated using discounted cash flow analyses on a loan-by-loan basis by applying a discount rate to expected cash flows from future installment and balloon payments. The discount rate takes into account general market trends and specific credit risk trends for the individual loan. For certain of our collateral loans, we have concluded the carrying value approximates fair value. Policy Loans — The carrying value of policy loans is the outstanding balance plus any accrued interest. Due to the collateralized nature of policy loans such that they cannot be separated from the policy contracts, the unpredictable timing of repayments and the fact that settlement is at outstanding value, as such the carrying value of policy loans approximates fair value. Long Term Borrowings — Long term borrowings are carried at outstanding principal balance. The carrying value approximates fair value because the carrying value represents the amount owing and payable to the creditor at the reporting date. Fair values for subordinated debentures are estimated using discounted cash flow calculations principally on observable inputs including our incremental borrowing rates, which reflect our credit rating, for similar types of borrowings with maturities consistent with those remaining for the debt being valued. Notes Payable — Notes payable are carried at outstanding principal balance. For a majority of the notes, the carrying value of the notes payable approximates fair value because the underlying interest rates approximate market rates at the reporting date. Other Invested Assets — FHLB common stock is carried at cost which approximates fair value. The fair value of our COLI is equal to the cash surrender value of the policies. Policyholder’s account balances & Reinsurance recoverables and deposit assets — The fair values of the policyholder account balances’ not involving significant mortality or morbidity risks, are stated at the cost we would incur to extinguish the liability (i.e., the cash surrender value) as these contracts are generally issued without an annuitization date. The deposit assets related to the ceded annuity benefit reserves have fair values determined in a similar fashion. For period-certain annuity benefit contracts, the fair value is determined by discounting the benefits at the interest rates currently in effect for newly issued immediate annuity contracts. All of the fair values presented within these categories fall within Level 3 of the fair value hierarchy as most of the inputs are unobservable market data.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The following tables and explanatory notes present adjustments within the statement of financial position as of December 31, 2023 and statement of operating results for the three and six months ended June 30, 2023 to conform the presentation to that of ANGI’s. December 31, 2023 American National, Historical Reclassification to Conform Presentation Notes American National, Conformed (Dollars in millions) Available-for-sale fixed maturity securities, at fair value $ 13,071 $ (194) 2(b) $ 12,877 Private loans — 194 2(b) 194 Market risk benefit asset 34 (34) 2(a) — Current tax receivable 98 (98) 2(a) — Prepaid pension 248 (248) 2(a) — Intangible assets — 44 2(a) 44 Other assets 205 336 2(a) 541 Liability for retirement benefits 26 (26) 2(c) — Other liabilities 441 26 2(c) 467 $ 14,123 $ — $ 14,123 Three Months Ended June 30, 2023 American National, Historical Reclassification to Conform Presentation Notes American National, Conformed (Dollars in millions) Net investment income $ 382 $ (40) 2(f), (j) $ 342 Investment related gains (losses) — 41 2(d) 41 Net realized investment gains (losses) (28) 28 2(d) — Increase in investment credit loss (2) 2 2(d) — Net gains (losses) on equity securities 71 (71) 2(d) — Other income 13 (13) 2(j) — Policyholder benefits and claims incurred (972) (17) 2(f) (989) Interest credited to policyholders' account balances (136) 136 2(f) — Interest sensitive contract benefits — (116) 2(j) (116) Amortization of deferred policy acquisition costs, deferred sales inducements, and value of business acquired — (132) 2(g), (i) (132) Change in fair value of insurance-related derivatives and embedded derivatives — 26 2(f) 26 Change in fair value of market risk benefits (5) 17 2(j) 12 Commissions for acquiring and servicing policies (214) 214 2(h) — Other operating expenses (191) 191 2(e) — Operating expenses — (148) 2(e), (g), (h), (i) (148) Interest expense — (22) 2(e) (22) Change in deferred policy acquisition 94 (94) 2(i) — Other components of net periodic pension benefit (costs), net of tax 2 (2) 2(j) — $ (986) $ — $ (986) Six Months Ended June 30, 2023 American National, Historical Reclassification to Conform Presentation Notes American National, Conformed (Dollars in millions) Net investment income $ 723 $ (57) 2(f), (j) $ 666 Investment related gains (losses) — (20) 2(d) (20) Net realized investment gains (losses) (50) 50 2(d) — Increase in investment credit loss (13) 13 2(d) — Net gains (losses) on equity securities 43 (43) 2(d) — Other income 21 (21) 2(j) — Policyholder benefits and claims incurred (1,691) 2 2(f) (1,689) Interest credited to policyholders' account balances (276) 276 2(f) — Interest sensitive contract benefits — (205) 2(j) (205) Amortization of deferred policy acquisition costs, deferred sales inducements, and value of business acquired — (263) 2(g), (i) (263) Change in fair value of insurance-related derivatives and embedded derivatives — — 2(f) — Change in fair value of market risk benefits 8 (1) 2(j) 7 Future policy benefit remeasurement losses 1 (1) 2(j) — Commissions for acquiring and servicing policies (393) 393 2(h) — Other operating expenses (369) 369 2(e) — Operating expenses — (303) 2(e), (g), (h), (i) (303) Interest expense — (46) 2(e) (46) Change in deferred policy acquisition 142 (142) 2(i) — Other components of net periodic pension benefit (costs), net of tax 1 (1) 2(j) — $ (1,853) $ — $ (1,853)
Schedule of Deferred Policy Acquisition Cost - Amortization Basis	Product(s) Amortization Base Traditional life products Nominal face amount Life contingent payout annuities Annualized benefit amount in force Health products Original annual premium Fixed deferred annuities, fixed index annuities, variable annuities Policy count Universal life products Initial face amount Property and Casualty Earned premium

Investments in Available-for-_2

Investments in Available-for-sale Fixed Maturity Securities (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost and Fair Value of Available-for-Sale Fixed Maturity Securities	The amortized cost and fair value of fixed maturity securities are shown below: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value (Dollars in millions) June 30, 2024 Fixed maturity, available-for-sale: U.S. treasury and government $ 85 $ — $ (2) $ — $ 83 U.S. states and political subdivisions 3,240 84 (25) — 3,299 Foreign governments 441 12 — — 453 Corporate debt securities 32,080 481 (578) (34) 31,949 Residential mortgage-backed securities 1,067 21 (8) (1) 1,079 Commercial mortgage-backed securities 2,744 39 (17) — 2,766 Collateralized debt securities 6,823 51 (21) (2) 6,851 Total investments in fixed maturity securities $ 46,480 $ 688 $ (651) $ (37) $ 46,480 December 31, 2023 Fixed maturity, available-for-sale: U.S. treasury and government $ 63 $ — $ (1) $ — $ 62 U.S. states and political subdivisions 594 1 (17) — 578 Foreign governments 9 — — — 9 Corporate debt securities 11,144 79 (420) (19) 10,784 Residential mortgage-backed securities 131 — (4) (1) 126 Commercial mortgage-backed securities — — — — — Collateralized debt securities 1,340 9 (27) (4) 1,318 Total investments in fixed maturity securities $ 13,281 $ 89 $ (469) $ (24) $ 12,877
Schedule of Amortized Cost and Fair Value, by Contractual Maturity, of Available-for-Sale Fixed Maturity Securities	The amortized cost and fair value of fixed maturity securities at June 30, 2024, by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. All of our mortgage and collateralized debt securities provide for periodic payments throughout their lives and are shown below as separate lines. June 30, 2024 Amortized Cost Fair Value (Dollars in millions) Due in one year or less $ 1,219 $ 1,218 Due after one year through five years 12,048 11,982 Due after five years through ten years 7,416 7,363 Due after ten years 15,163 15,221 35,846 35,784 Residential mortgage-backed securities 1,067 1,079 Commercial mortgage-backed securities 2,744 2,766 Collateralized debt securities 6,823 6,851 $ 46,480 $ 46,480
Schedule of Proceeds from Sales of Available-for-Sale Fixed Maturity Securities with Related Gross Realized Gains and Losses	Proceeds from sales of available-for-sale fixed maturity securities, with the related gross realized gains and losses, are shown below: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Proceeds from sales and maturities of investments - Fixed maturity, available for sale $ 1,820 $ 7,157 $ 2,413 $ 8,386 Gross realized gains 2 1 4 1 Gross realized losses (21) (24) (23) (49)
Schedule of Gross Unrealized Losses and Fair Value of Available-for-Sale Fixed Maturity Securities	The gross unrealized losses and fair value of available-for-sale fixed maturity securities, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position due to market factors are shown below: Less than 12 months 12 months or more Total Number of Issues Gross Unrealized Losses (1) Fair Value Number of Issues Gross Unrealized Losses (1) Fair Value Number of Issues Gross Unrealized Losses (1) Fair Value (Dollars in millions) June 30, 2024 Fixed maturity, available-for-sale: U.S. treasury and government 18 $ — $ 23 15 $ (2) $ 48 33 $ (2) $ 71 U.S. states and political subdivisions 178 (11) 283 162 (14) 305 340 (25) 588 Foreign governments 3 — 16 1 — 9 4 — 25 Corporate debt securities 992 (114) 3,772 1,027 (464) 6,450 2,019 (578) 10,222 Residential mortgage-backed securities 59 (4) 82 35 (4) 75 94 (8) 157 Commercial mortgage-backed securities 124 (17) 846 — — — 124 (17) 846 Collateralized debt securities 349 (14) 2,707 39 (7) 292 388 (21) 2,999 Total 1,723 $ (160) $ 7,729 1,279 $ (491) $ 7,179 3,002 $ (651) $ 14,908 December 31, 2023 Fixed maturity, available-for-sale: U.S. treasury and government 17 $ (1) $ 27 35 $ — $ 25 52 $ (1) $ 52 U.S. states and political subdivisions 214 (3) 219 142 (14) 285 356 (17) 504 Foreign governments — — — 2 — 9 2 — 9 Corporate debt securities 1,343 (141) 2,941 1,906 (279) 6,475 3,249 (420) 9,416 Residential mortgage-backed securities 6 (1) 39 39 (3) 64 45 (4) 103 Commercial mortgage-backed securities — — — — — — — — — Collateralized debt securities 102 (4) 258 201 (23) 782 303 (27) 1,040 Total 1,682 $ (150) $ 3,484 2,325 $ (319) $ 7,640 4,007 $ (469) $ 11,124 (1)
Schedule of Allowance for Credit Loss for Available-for-Sale Fixed Maturity Securities	The rollforward of the allowance for credit losses for available-for-sale fixed maturity securities is shown below for the three and six months ended June 30, 2024 and 2023. Three Months Ended June 30, 2024 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (24) $ (1) $ — $ (3) $ (28) Acquisition from business combination — — — — — Credit losses recognized on securities for which credit losses were not previously recorded (13) — — — (13) Reductions for securities sold during the period — — — — — Allowance on securities that had an allowance recorded in a previous period 3 — — 1 4 Balance as of June 30, 2024 $ (34) $ (1) $ — $ (2) $ (37) Three Months Ended June 30, 2023 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (12) $ — $ — $ (10) $ (22) Acquisition from business combination — — — — — Credit losses recognized on securities for which credit losses were not previously recorded (17) (1) — (1) (19) Reductions for securities sold during the period 1 — — — 1 Allowance on securities that had an allowance recorded in a previous period 6 — — 2 8 Balance as of June 30, 2023 $ (22) $ (1) $ — $ (9) $ (32) Six Months Ended June 30, 2024 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (19) $ (1) $ — $ (4) $ (24) Acquisition from business combination — — — — — Credit losses recognized on securities for which credit losses were not previously recorded (33) — — — (33) Reductions for securities sold during the period 1 — — — 1 Allowance on securities that had an allowance recorded in a previous period 17 — — 1 18 Balance as of June 30, 2024 $ (34) $ (1) $ — $ (2) $ (37) Six Months Ended June 30, 2023 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (24) $ — $ — $ (5) $ (29) Acquisition from business combination — — — — — Credit losses recognized on securities for which credit losses were not previously recorded (18) (1) — (6) (25) Reductions for securities sold during the period 2 — — — 2 Allowance on securities that had an allowance recorded in a previous period 18 — — 2 20 Balance as of June 30, 2023 $ (22) $ (1) $ — $ (9) $ (32)

Equity Securities (Tables)

Equity Securities (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Components of Change in Net Gains (Losses) on Equity Securities	The net gains (losses) on equity securities recognized in “Investment related gains (losses)” on the Consolidated Statements of Operations are shown below: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Unrealized gains (losses) on equity securities $ 33 $ 71 $ 22 $ 42 Net gains (losses) on equity securities sold 2 — 2 1 Net gains (losses) on equity securities $ 35 $ 71 $ 24 $ 43 Equity securities by market sector distribution are shown below, based on carrying value: June 30, 2024 December 31, 2023 Energy and utilities 33 % 30 % Finance 22 % 24 % Healthcare 7 % 9 % Industrials 4 % 3 % Information technology 25 % 18 % Other 9 % 16 % Total 100 % 100 %

Mortgage Loans on Real Estate (

Mortgage Loans on Real Estate (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Asset and Allowances Mortgage Loans	Our mortgage loan portfolios are summarized in the following table. June 30, 2024 December 31, 2023 (Dollars in millions) Commercial mortgage loans: Principal outstanding $ 9,778 $ 5,870 Deferred fees and costs, net (73) (72) Unamortized discounts and premiums, net (530) (87) Amortized cost 9,175 5,711 Allowance for credit losses (54) (53) Commercial mortgage loans, carrying value 9,121 5,658 Residential mortgage loans: Principal outstanding 3,145 57 Deferred fees and costs, net (132) (57) Unamortized discounts and premiums, net (92) — Amortized cost 2,921 — Allowance for credit losses — — Residential mortgage loans, carrying value 2,921 — Mortgage loans, carrying value $ 12,042 $ 5,658
Schedule of Commercial Mortgage Loans by Geographic Region and Specific Collateral Property Type	The commercial mortgage loan portfolio is summarized by geographic region and property type as follows: June 30, 2024 December 31, 2023 Amortized Cost Percent Amortized Cost Percent (Dollars in millions) Geographic distribution Pacific $ 1,804 19.7 % $ 905 15.9 % Mountain 1,802 19.6 % 1,327 23.2 % West North Central 280 3.1 % 178 3.1 % West South Central 1,436 15.6 % 1,081 18.9 % East North Central 1,040 11.3 % 829 14.5 % East South Central 150 1.6 % 50 0.9 % Middle Atlantic 374 4.1 % 129 2.3 % South Atlantic 1,982 21.6 % 1,000 17.5 % New England 106 1.2 % 12 0.2 % Other 201 2.2 % 200 3.5 % 9,175 100.0 % 5,711 100.0 % Allowance for credit losses (54) (53) Total, net of allowance $ 9,121 $ 5,658 Property type distribution Apartment $ 2,063 22.5 % $ 1,091 19.1 % Hotel 1,210 13.2 % 966 16.9 % Industrial 1,926 21.0 % 1,052 18.4 % Office 1,222 13.3 % 999 17.5 % Parking 319 3.5 % 414 7.2 % Retail 1,479 16.1 % 781 13.7 % Storage 180 2.0 % 118 2.1 % Other 776 8.4 % 290 5.1 % 9,175 100.0 % 5,711 100.0 % Allowance for credit losses (54) (53) Total, net of allowance $ 9,121 $ 5,658
Schedule of Allowance for Credit Losses	The following table represents a rollforward of the allowance for credit losses on our mortgage loan portfolios: Three Months Ended June 30, 2024 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (54) $ — $ (54) Acquisition from business combination — — — Provision — — — Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (54) $ — $ (54) Three Months Ended June 30, 2023 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (49) $ — $ (49) Acquisition from business combination — — — Provision 6 — 6 Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (43) $ — $ (43) Six Months Ended June 30, 2024 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (53) $ — $ (53) Acquisition from business combination — — — Provision (1) — (1) Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (54) $ — $ (54) Six Months Ended June 30, 2023 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (38) $ — $ (38) Acquisition from business combination — — — Provision (5) — (5) Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (43) $ — $ (43) The rollforward of the allowance for credit losses for private loans is shown below: 2024 2023 (Dollars in millions) Balance at January 1 $ (8) $ — Acquisition from business combination — — Provision 1 — Writeoffs charged against the allowance — — Recoveries of amounts previously written off — — Balance at March 31 (7) — Acquisition from business combination — — Provision (14) — Writeoffs charged against the allowance — — Recoveries of amounts previously written off — — Balance at June 30 $ (21) $ —
Schedule of Age Analysis of Loans by Property Type	Aging of financing receivables is summarized in the following table (by year of origination): Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Total As of June 30, 2024: (Dollars in millions) Commercial mortgage loans Current $ 214 $ 415 $ 2,215 $ 1,254 $ 983 $ 3,867 $ 8,948 30 - 59 days past due — — — — — 24 24 60 - 89 days past due — 2 50 — — 42 94 Non-accrual (90 days or more past due) — 3 — 1 — 105 109 Total commercial mortgage loans $ 214 $ 420 $ 2,265 $ 1,255 $ 983 $ 4,038 $ 9,175 Residential mortgage loans Current $ 64 $ 1,030 $ 1,193 $ 251 $ 127 $ 17 $ 2,682 30 - 59 days past due 3 16 41 10 5 — 75 60 - 89 days past due — 14 21 7 4 1 47 Non-accrual (90 days or more past due) — 36 50 20 9 2 117 Total residential mortgage loans $ 67 $ 1,096 $ 1,305 $ 288 $ 145 $ 20 $ 2,921 Total mortgage loans $ 281 $ 1,516 $ 3,570 $ 1,543 $ 1,128 $ 4,058 $ 12,096 Allowance for credit losses (54) Total, net of allowance $ 12,042 Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Total As of December 31, 2023: (Dollars in millions) Commercial mortgage loans Current $ 319 $ 1,486 $ 679 $ 489 $ 488 $ 2,120 $ 5,581 30 - 59 days past due — 26 — — 5 21 52 60 - 89 days past due — 50 — — — 13 63 Non-accrual (90 days or more past due) — — — — — 15 15 Total commercial mortgage loans $ 319 $ 1,562 $ 679 $ 489 $ 493 $ 2,169 $ 5,711 Residential mortgage loans Current $ — $ — $ — $ — $ — $ — $ — 30 - 59 days past due — — — — — — — 60 - 89 days past due — — — — — — — Non-accrual (90 days or more past due) — — — — — — — Total residential mortgage loans $ — $ — $ — $ — $ — $ — $ — Total mortgage loans $ 319 $ 1,562 $ 679 $ 489 $ 493 $ 2,169 $ 5,711 Allowance for credit losses (53) Total, net of allowance $ 5,658

Private Loans (Tables)

Private Loans (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Credit Ratings For Private Loans	The following table summarizes the credit ratings for private loans: June 30, 2024 December 31, 2023 (Dollars in millions) AAA $ — $ — AA 72 — A 926 — BBB 35 — BB and below 604 194 Unrated (1) 87 — Total $ 1,724 $ 194 (1) Due to the nature of private loans, external agency credit ratings may not be readily available. Where appropriate, the Company obtains non-published credit ratings from one or more third-party rating agencies, which are determined based on an independent evaluation of the transaction. For other loans without published or private credit ratings, the Company assigns internal risk ratings, based on our investment selection and monitoring process and policies. These internal risk ratings are categorized as “Unrated” above.
Schedule of Allowance for Credit Losses	The following table represents a rollforward of the allowance for credit losses on our mortgage loan portfolios: Three Months Ended June 30, 2024 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (54) $ — $ (54) Acquisition from business combination — — — Provision — — — Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (54) $ — $ (54) Three Months Ended June 30, 2023 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (49) $ — $ (49) Acquisition from business combination — — — Provision 6 — 6 Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (43) $ — $ (43) Six Months Ended June 30, 2024 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (53) $ — $ (53) Acquisition from business combination — — — Provision (1) — (1) Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (54) $ — $ (54) Six Months Ended June 30, 2023 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (38) $ — $ (38) Acquisition from business combination — — — Provision (5) — (5) Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (43) $ — $ (43) The rollforward of the allowance for credit losses for private loans is shown below: 2024 2023 (Dollars in millions) Balance at January 1 $ (8) $ — Acquisition from business combination — — Provision 1 — Writeoffs charged against the allowance — — Recoveries of amounts previously written off — — Balance at March 31 (7) — Acquisition from business combination — — Provision (14) — Writeoffs charged against the allowance — — Recoveries of amounts previously written off — — Balance at June 30 $ (21) $ —

Real Estate and Real Estate P_2

Real Estate and Real Estate Partnerships (Tables)	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Schedule of Carrying Amount of Investment Real Estate, Net	The carrying amounts of real estate investments are as follows: June 30, 2024 Real Estate Amount Percentage (Dollars in millions) Hotel $ 137 7 % Industrial 28 1 % Land 129 6 % Office 236 12 % Retail 230 11 % Apartments — — % Single family residential 1,279 62 % Other 11 1 % Total real estate 2,050 100 % Real estate partnerships 4,279 Total real estate and real estate partnerships $ 6,329 December 31, 2023 Real Estate Amount Percentage (Dollars in millions) Hotel $ 14 2 % Industrial 65 9 % Land 37 5 % Office 358 47 % Retail 218 29 % Apartments 60 8 % Single family residential — — % Other 3 — % Total real estate 755 100 % Real estate partnerships 2,856 Total real estate and real estate partnerships $ 3,611

Variable Interest Entities an_2

Variable Interest Entities and Equity Method Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Variable Interest Entities	The assets and liabilities relating to the consolidated VIEs included in the financial statements are as follows: June 30, 2024 December 31, 2023 (Dollars in millions) Fixed maturity securities, available for sale $ 44 $ 63 Equity securities, at fair value 115 15 Private loans 196 188 Real estate 1,628 172 Real estate partnerships 1,055 — Investment funds 487 4 Short-term investments — 4 Other invested assets 150 — Cash and cash equivalents 132 26 Other assets 158 61 Total assets of consolidated VIEs $ 3,965 $ 533 Notes payable $ 175 $ 174 Other liabilities 94 14 Total liabilities of consolidated VIEs $ 269 $ 188 The carrying amount and maximum exposure to loss relating to these unconsolidated VIEs are as follows: June 30, 2024 December 31, 2023 Carrying Amount Maximum Exposure to Loss Carrying Amount Maximum Exposure to Loss (Dollars in millions) Fixed maturity securities, available for sale $ 2,100 $ 2,100 $ — $ — Mortgage loans on real estate 673 746 632 632 Real estate partnerships 889 892 301 301 Short-term investments 57 57 — — Other invested assets 157 157 — — Total $ 3,876 $ 3,952 $ 933 $ 933

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Financial Statement Location and Amounts	The notional and fair values of derivative instruments, presented in the Consolidated Statements of Financial Position, are shown below: Primary Location in the Consolidated June 30, 2024 December 31, 2023 Notional Carrying Value / Fair Value Notional Carrying Value / Fair Value Assets Liabilities Assets Liabilities (Dollars in millions) Derivatives Not Designated as Hedging Instruments: Equity-indexed options Equity Other invested assets, Other liabilities $ 45,871 $ 1,610 $ — $ 4,084 $ 227 $ — Embedded Derivatives: Indexed annuity and variable annuity product Interest rate Policyholders’ account balances — — 1,196 — — 873 Funds withheld and Modco arrangements Interest rate Funds withheld for reinsurance liabilities — — 79 — — — $ 45,871 $ 1,610 $ 1,275 $ 4,084 $ 227 $ 873
Schedule of Derivatives Instruments	The following represents the financial statement location and amount of gains (losses) related to the derivatives not designated as hedging instruments: Derivative Gains (Losses) Recognized in Income Three Months Ended Six Months Ended Location in the Consolidated Statements of Operations 2024 2023 2024 2023 (Dollars in millions) Equity-indexed options Change in fair value of insurance-related derivatives and embedded derivatives $ 308 $ 46 $ 365 $ 71 Embedded derivatives: Indexed annuity and variable annuity product Change in fair value of insurance-related derivatives and embedded derivatives (250) (20) (288) (71) Funds withheld and Modco arrangements Change in fair value of insurance-related derivatives and embedded derivatives (79) — (79) — $ (21) $ 26 $ (2) $ —
Schedule of Derivative Instruments	The fair value of our call options by counterparty and each counterparty's current credit rating are as follows: June 30, 2024 December 31, 2023 Counterparty Credit Rating Credit Rating (Moody's) Fair Value Fair Value (Dollars in millions) Bank of America A+ Aa1 $ 162 $ 24 Barclays A+ A1 76 24 Canadian Imperial Bank of Commerce A+ Aa2 61 — Citibank, N.A. A+ Aa3 46 — Credit Suisse A+ Aa2 6 16 Goldman Sachs A+ A1 17 — ING A- Baa1 6 10 J.P. Morgan A+ Aa2 149 12 Mizuho A A1 393 — Morgan Stanley A+ Aa3 114 43 NATIXIS A+ A2 2 4 Royal Bank of Canada AA- A1 132 — Societe Generale A A1 82 — Truist A A3 119 59 UBS AG A+ Aa3 50 — Wells Fargo A+ Aa2 195 35 $ 1,610 $ 227
Schedule of Derivative Assets and Effects of Rights of Offset	Information regarding the Company’s exposure to credit loss on the derivatives it holds, including the effect of rights of offset, is presented below: Gross Amount of Derivative Instruments (1) Gross Amount Offset in the Consolidated Statements of Financial Position Net Amount Presented in the Consolidated Statements of Financial Position Collateral (Received) Pledged in Cash (2) Collateral (Received) Pledged in Invested Assets (2) Exposure (Dollars in millions) As of June 30, 2024 Derivative assets Equity-indexed options $ 1,618 $ (8) $ 1,610 $ (1,587) $ (21) $ 2 Total derivative assets $ 1,618 $ (8) $ 1,610 $ (1,587) $ (21) $ 2 Derivative liabilities Equity-indexed options $ (8) $ 8 $ — $ — $ — $ — Total derivative liabilities $ (8) $ 8 $ — $ — $ — $ — As of December 31, 2023 Derivative assets Equity-indexed options $ 227 $ — $ 227 $ (205) $ (21) $ 1 Total derivative assets $ 227 $ — $ 227 $ (205) $ (21) $ 1 Derivative liabilities Equity-indexed options $ — $ — $ — $ — $ — $ — Total derivative liabilities $ — $ — $ — $ — $ — $ — (1) Represents derivative assets and liabilities on a gross basis, which are not offset under enforceable master netting agreements that meet all offsetting criteria. (2) Excludes a portion of collateral held in cash and invested assets that are excess collateral. As of June 30, 2024 and December 31, 2023, the Company held excess collateral of $52 million and $4 million, respectively.
Schedule of Derivative Liabilities and Effects of Rights of Offset	Information regarding the Company’s exposure to credit loss on the derivatives it holds, including the effect of rights of offset, is presented below: Gross Amount of Derivative Instruments (1) Gross Amount Offset in the Consolidated Statements of Financial Position Net Amount Presented in the Consolidated Statements of Financial Position Collateral (Received) Pledged in Cash (2) Collateral (Received) Pledged in Invested Assets (2) Exposure (Dollars in millions) As of June 30, 2024 Derivative assets Equity-indexed options $ 1,618 $ (8) $ 1,610 $ (1,587) $ (21) $ 2 Total derivative assets $ 1,618 $ (8) $ 1,610 $ (1,587) $ (21) $ 2 Derivative liabilities Equity-indexed options $ (8) $ 8 $ — $ — $ — $ — Total derivative liabilities $ (8) $ 8 $ — $ — $ — $ — As of December 31, 2023 Derivative assets Equity-indexed options $ 227 $ — $ 227 $ (205) $ (21) $ 1 Total derivative assets $ 227 $ — $ 227 $ (205) $ (21) $ 1 Derivative liabilities Equity-indexed options $ — $ — $ — $ — $ — $ — Total derivative liabilities $ — $ — $ — $ — $ — $ — (1) Represents derivative assets and liabilities on a gross basis, which are not offset under enforceable master netting agreements that meet all offsetting criteria. (2) Excludes a portion of collateral held in cash and invested assets that are excess collateral. As of June 30, 2024 and December 31, 2023, the Company held excess collateral of $52 million and $4 million, respectively.

Net Investment Income and Inv_2

Net Investment Income and Investment Related Gains (Losses) (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Net Investment Income	Net investment income is shown below: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Available-for-sale fixed maturity securities $ 433 $ 167 $ 661 $ 324 Equity securities 6 — 21 — Mortgage loans 160 73 238 142 Private loans 1 — 1 — Real estate 39 1 52 5 Real estate partnerships 6 (1) 6 15 Investment funds 133 31 168 50 Policy loans 6 — 6 — Short-term investments 45 58 77 92 Other 95 13 142 38 Total net investment income $ 924 $ 342 $ 1,372 $ 666
Schedule of Net Unrealized and Realized Investment Gains (Losses)	Net unrealized and realized investment gains (losses) are shown below: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Available-for-sale fixed maturity securities $ (33) $ (35) $ (25) $ (60) Equity securities 35 71 24 43 Mortgage loans 2 2 (6) (10) Private loans (3) — (3) — Short-term investments and other invested assets 1 3 (22) 7 Total investment related gains (losses), net $ 2 $ 41 $ (32) $ (20)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Amount and Fair Value of Financial Instruments	The carrying amount and fair value of financial instruments are shown below: June 30, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in millions) Financial assets: Available-for-sale fixed maturity securities $ 46,480 $ 46,480 $ 12,877 $ 12,877 Equity securities 1,200 1,200 1,404 1,404 Mortgage loans on real estate, net of allowance 12,042 11,812 5,658 5,405 Private loans, net of allowance 1,724 1,729 194 194 Policy loans 401 401 390 390 Short-term investments 1,945 1,945 2,397 2,397 Other invested assets: Derivative assets 1,610 1,610 227 227 Collaterals received on derivatives (excluding excess collateral) (1,587) (1,587) (226) (226) Separately managed accounts 89 89 105 105 Other (1) 832 832 14 14 Cash and cash equivalents 13,895 13,895 3,192 3,192 Reinsurance recoverables and deposit assets 15,261 14,196 — — Other assets - market risk benefits 704 704 34 34 Separate account assets (2) 1,266 1,266 1,189 1,189 Total financial assets $ 95,862 $ 94,572 $ 27,455 $ 27,202 Financial liabilities: Policyholders' account balances, excluding embedded derivative $ 76,797 $ 76,797 $ 14,097 $ 14,097 Policyholders’ account balances – embedded derivative 1,196 1,196 873 873 Market risk benefits 3,276 3,276 34 34 Other liabilities: Funds withheld liabilities 79 79 — — Notes payable 657 657 174 174 Long term borrowings 2,476 2,458 1,493 1,493 Separate account liabilities (2) 1,266 1,266 1,189 1,189 Total financial liabilities $ 85,747 $ 85,729 $ 17,860 $ 17,860 (1) Balance includes $407 million and $14 million other invested assets not subject to fair value hierarchy as of June 30, 2024 and December 31, 2023, respectively. (2) Balance includes $32 million and $26 million of assets, and corresponding liabilities, that are not subject to fair value hierarchy as of June 30, 2024 and December 31, 2023, respectively.
Schedule of Fair Value Hierarchy Measurements of Financial Instruments	The fair value hierarchy measurements for assets and liabilities measured at fair value on a recurring basis are shown below: Assets and Liabilities Carried at Fair Value by Hierarchy Level Total Fair Value Level 1 Level 2 Level 3 (Dollars in millions) June 30, 2024 Financial assets Available-for-sale fixed maturity securities: U.S. treasury and government $ 83 $ 83 $ — $ — U.S. states and political subdivisions 3,299 — 3,047 252 Foreign governments 453 — 453 — Corporate debt securities 31,949 — 29,035 2,914 Residential mortgage-backed securities 1,079 — 1,057 22 Commercial mortgage-backed securities 2,766 — 2,743 23 Collateralized debt securities 6,851 — 3,775 3,076 Total fixed maturity, available-for-sale 46,480 83 40,110 6,287 Equity securities: Common stock 1,081 384 2 695 Preferred stock 114 23 — 91 Private equity and other 5 — — 5 Total equity securities 1,200 407 2 791 Real estate at fair value (1) 1,279 — — 1,279 Real estate partnerships at fair value (1) 39 — — 39 Investment funds (fair value option) (1)(2) 111 — — 111 Short-term investments 1,945 823 544 578 Other invested assets: Derivative assets 1,610 — 1,356 254 Collaterals received on derivatives (excluding excess collateral) (1,587) (1,587) — — Separately managed accounts 89 — — 89 Other 425 — — 425 Cash and cash equivalents 13,895 13,895 — — Other assets - market risk benefit assets 704 — — 704 Separate account assets (3) 1,234 200 1,034 — Total financial assets $ 67,424 $ 13,821 $ 43,046 $ 10,557 Financial liabilities Policyholders’ account balances – embedded derivative $ 1,196 $ — $ — $ 1,196 Market risk benefits 3,276 — — 3,276 Funds withheld liabilities - embedded derivatives 79 — — 79 Separate account liabilities (3) 1,234 200 1,034 — Total financial liabilities $ 5,785 $ 200 $ 1,034 $ 4,551 (1) Balances represent financial assets that are fair valued as a result of consolidation of investment company VIE in accordance with ASC 946. (2) Balance excludes $360 million of investments measured at estimated fair value using NAV as a practical expedient. (3) Balance includes $32 million of assets, and corresponding liabilities, that are not subject to fair value hierarchy. Assets and Liabilities Carried at Fair Value by Hierarchy Level Total Fair Value Level 1 Level 2 Level 3 (Dollars in millions) December 31, 2023 Financial assets Available-for-sale fixed maturity securities: U.S. treasury and government $ 62 $ 62 $ — $ — U.S. states and political subdivisions 578 — 578 — Foreign governments 9 — 9 — Corporate debt securities 10,784 — 8,570 2,214 Residential mortgage-backed securities 127 — 127 — Commercial mortgage-backed securities — — — — Collateralized debt securities 1,317 — 416 901 Total fixed maturity, available-for-sale 12,877 62 9,700 3,115 Equity securities: Common stock 1,307 314 — 993 Preferred stock 97 22 — 75 Private equity and other — — — — Total equity securities 1,404 336 — 1,068 Real estate at fair value — — — — Real estate partnerships at fair value — — — — Investment funds (fair value option) — — — — Short-term investments 2,397 1,100 — 1,297 Other invested assets: Derivative assets 227 — — 227 Collaterals received on derivatives (excluding excess collateral) (226) — — (226) Separately managed accounts 105 — — 105 Other — — — — Cash and cash equivalents 3,192 3,192 — — Other assets - market risk benefit assets 34 — — 34 Separate account assets (1) 1,163 406 757 — Total financial assets $ 21,173 $ 5,096 $ 10,457 $ 5,620 Financial liabilities Policyholders’ account balances – embedded derivative $ 873 $ — $ — $ 873 Market risk benefits 34 — — 34 Funds withheld liabilities - embedded derivatives — — — — Separate account liabilities (1) 1,163 406 757 — Total financial liabilities $ 2,070 $ 406 $ 757 $ 907 (1)
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments Not Recorded at Fair Value on a Recurring Basis	The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis are shown below: Carrying Amount Fair Value Fair Value Hierarchy Level Level 1 Level 2 Level 3 (Dollars in millions) June 30, 2024 Financial assets Mortgage loans on real estate, net of allowance $ 12,042 $ 11,812 $ — $ — $ 11,812 Private loans, net of allowance 1,724 1,729 — 846 883 Policy loans 401 401 — — 401 Deposit assets, included in reinsurance recoverables and deposit assets 15,261 14,196 — — 14,196 Other invested assets 407 407 — 403 4 Total financial assets $ 29,835 $ 28,545 Financial liabilities Policyholders' account balances, excluding embedded derivative $ 76,797 $ 76,797 $ — $ — $ 76,797 Long term borrowings 2,476 2,458 — — 2,458 Notes payable 657 657 — — 657 Total financial liabilities $ 79,930 $ 79,912 Carrying Amount Fair Value Fair Value Hierarchy Level Level 1 Level 2 Level 3 (Dollars in millions) December 31, 2023 Financial assets Mortgage loans on real estate, net of allowance $ 5,658 $ 5,405 $ — $ — $ 5,405 Private loans, net of allowance 194 194 — — 194 Policy loans 390 390 — — 390 Deposit assets, included in reinsurance recoverables and deposit assets — — — — — Other invested assets 14 14 — — 14 Total financial assets $ 6,256 $ 6,003 Financial liabilities Policyholders' account balances, excluding embedded derivative $ 14,097 $ 14,097 $ — $ — $ 14,097 Long term borrowings 1,493 1,493 — — 1,493 Notes payable 174 174 — — 174 Total financial liabilities $ 15,764 $ 15,764
Schedule of Fair Value Assets Measured on Recurring Basis	For financial assets and financial liabilities measured at fair value on a recurring basis using Level 3 inputs during the periods, reconciliations of the beginning and ending balances are shown below: Three Months Ended June 30, 2024 Assets Liabilities Invested Assets (1) Derivative Assets PAB – Embedded Derivative Funds Withheld for Reinsurance Liabilities - Embedded Derivative (Dollars in millions) Balance, beginning of period $ 5,199 $ 257 $ 904 $ — Acquisitions from business combination 4,288 — — — Fair value changes in net income 12 24 287 79 Net change included in interest sensitive contract benefits — — — — Fair value changes in other comprehensive income 875 — — — Purchases 1,302 39 — — Sales (2,048) — — — Settlements or maturities (2) (66) (30) — Premiums less benefits — — 35 — Transfers into Level 3 112 — — — Transfers out of Level 3 (139) — — — Balance, end of period $ 9,599 $ 254 $ 1,196 $ 79 Three Months Ended June 30, 2023 Assets Liabilities Invested Assets (1) Derivative Assets PAB – Embedded Derivative Funds Withheld for Reinsurance Liabilities - Embedded Derivative (Dollars in millions) Balance, beginning of period $ 4,419 $ 167 $ 784 $ — Acquisitions from business combination — — — — Fair value changes in net income 11 47 — — Net change included in interest sensitive contract benefits — — 51 — Fair value changes in other comprehensive income (1) — — — Purchases 822 30 — — Sales (631) — — — Settlements or maturities — (29) — — Premiums less benefits — — (26) — Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Balance, end of period $ 4,620 $ 215 $ 809 $ — Six Months Ended June 30, 2024 Assets Liabilities Invested Assets (1) Derivative Assets PAB – Embedded Derivative Funds Withheld for Reinsurance Liabilities - Embedded Derivative (Dollars in millions) Balance, beginning of year $ 5,585 $ 227 $ 873 $ — Acquisitions from business combination 4,288 — — — Fair value changes in net income 12 81 287 79 Net change included in interest sensitive contract benefits — — (38) — Fair value changes in other comprehensive income 182 — — — Purchases 3,346 74 — — Sales (3,785) — — — Settlements or maturities (2) (128) (30) — Premiums less benefits — — 104 — Transfers into Level 3 112 — — — Transfers out of Level 3 (139) — — — Balance, end of period $ 9,599 $ 254 $ 1,196 $ 79 Six Months Ended June 30, 2023 Assets Liabilities Invested Assets (1) Derivative Assets PAB – Embedded Derivative Funds Withheld for Reinsurance Liabilities - Embedded Derivative (Dollars in millions) Balance, beginning of year $ 3,167 $ 121 $ 726 $ — Acquisitions from business combination — — — — Fair value changes in net income 97 72 — — Net change included in interest sensitive contract benefits — — 102 — Fair value changes in other comprehensive income (1) — — — Purchases 2,235 60 — — Sales (878) — — — Settlements or maturities — (38) — — Premiums less benefits — — (19) — Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Balance, end of period $ 4,620 $ 215 $ 809 $ — (1) Balance includes derivative collaterals and separately managed accounts.
Schedule of Significant Unobservable Inputs	The following table provides quantitative information about the significant unobservable inputs used for recurring fair value measurements categorized within Level 3, excluding investments where third party valuation inputs were not reasonably available. June 30, 2024 Assets / (Liabilities) Measured at Fair Value Valuation Techniques(s) Unobservable Input Description (Dollars in millions) Assets: Fixed maturity securities: Corporate debt securities $ 83 Discounted cash flow Liquidity premium Collateralized debt securities 1,947 Discounted cash flow Discount rate Weighted average lives Real estate at fair value 1,279 Broker price opinion Real estate partnerships at fair value 39 Discounted cash flow Residual capitalization rate Discount rate Investment funds at fair value 111 Discounted cash flow Discount rate Other invested assets - other 157 Discounted cash flow Discount rate Weighted average lives Separately managed accounts 89 Discounted cash flows (yield analysis) Discount rate CVM NCY EBITDA Market transaction December 31, 2023 Assets / (Liabilities) Measured at Fair Value Valuation Techniques(s) Unobservable Input Description (Dollars in millions) Assets: Separately managed accounts $ 105 Discounted cash flows (yield analysis) Discount rate CVM NCY EBITDA Market transaction

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Schedule of Reinsurance	The effect of reinsurance on net premiums earned and claims incurred and policyholder benefits paid are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Premiums earned: Gross amounts $ 1,387 $ 1,344 $ 2,871 $ 2,411 Reinsurance ceded (382) (342) (722) (628) Net premiums earned $ 1,005 $ 1,002 $ 2,149 $ 1,783 Other policy revenue: Gross amounts $ 203 $ 103 $ 315 $ 200 Reinsurance ceded (19) — (19) — Net other policy revenue $ 184 $ 103 $ 296 $ 200 Policyholder benefits paid and claims incurred: Gross amounts $ 1,296 $ 1,171 $ 2,588 $ 2,029 Reinsurance ceded (266) (182) (472) (340) Net benefits paid and claims incurred $ 1,030 $ 989 $ 2,116 $ 1,689 Change in fair value of market risk benefits: Gross amounts $ 148 $ (24) $ 186 $ (14) Reinsurance ceded (9) 12 (28) 7 Net change in fair value of market risk benefits $ 139 $ (12) $ 158 $ (7) Interest sensitive contract benefits: Gross amounts $ 506 $ 175 $ 765 $ 365 Reinsurance ceded (116) (59) (220) (160) Net interest sensitive contract benefits $ 390 $ 116 $ 545 $ 205 The following summarizes our annuity reinsurance treaties and related recoverable (in millions): Reinsurance Recoverable Agreement Type Products Covered June 30, 2024 (Dollars in millions) Principal Reinsurers: EquiTrust Life Insurance Company $ 245 Coinsurance Certain Fixed Index and Fixed Rate Annuities Athene Life Re Ltd. 2,044 Coinsurance Funds Withheld, Modified Coinsurance Certain Fixed Annuities and Multi-Year Guaranteed Annuities North End Re (Cayman) SPC 8,075 Coinsurance Funds Withheld, Modified Coinsurance Certain Fixed Annuities AeBe ISA LTD 4,397 Coinsurance Funds Withheld, Coinsurance Certain Fixed Index and Fixed Rate Annuities $ 14,761 June 30, 2024 (Dollars in millions) Total assets $ 8,082 Total liabilities 5,564 Three Months Ended June 30,2024 (Dollars in millions) Net (loss) $ (78)

Separate Account Assets and L_2

Separate Account Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Schedule of Change in Separate Account Assets and Liabilities	The following table presents the change of the Company’s separate account assets and liabilities: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Balance, beginning of period $ 1,285 $ 1,098 $ 1,189 $ 1,045 Additions (deductions): Acquisition from business combination — — — — Policyholder deposits 15 18 35 39 Net investment income 1 5 10 14 Net realized capital gains on investments 16 62 112 114 Policyholder benefits and withdrawals (27) (35) (75) (59) Net transfer from (to) general account (20) 1 2 (1) Policy charges (4) (4) (7) (7) Total changes (19) 47 77 100 Balance, end of period $ 1,266 $ 1,145 $ 1,266 $ 1,145

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables)	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Schedule of Rollforward of Deferred Acquisition Costs and Value of Business Acquired	The following tables present the balances and changes in DAC, DSI and VOBA by segment: Three Months Ended June 30, 2024 Annuity Life Property and Casualty Total (Dollars in millions) DAC Balance, beginning of period $ 223 $ 249 $ 135 $ 607 Additions 191 19 85 295 Amortization (8) 3 (80) (85) Net change 183 22 5 210 Balance, end of period $ 406 $ 271 $ 140 $ 817 DSI Balance, beginning of period $ 9 $ — $ — $ 9 Additions 93 — — 93 Amortization 1 — — 1 Net change 94 — — 94 Balance, end of period $ 103 $ — $ — $ 103 VOBA Balance, beginning of period $ 38 $ 300 $ 18 $ 356 Acquisition from business combinations 7,194 — — 7,194 Additions — — — — Amortization (106) (7) (2) (115) Net change 7,088 (7) (2) 7,079 Balance, end of period $ 7,126 $ 293 $ 16 $ 7,435 Total DAC, DSI, and VOBA Asset $ 7,635 $ 564 $ 156 $ 8,355 Three Months Ended June 30, 2023 Annuity Life Property and Casualty Total (Dollars in millions) DAC Balance, beginning of period $ 64 $ 131 $ 145 $ 340 Additions 66 37 116 219 Amortization (2) (6) (105) (113) Net change 64 31 11 106 Balance, end of period $ 128 $ 162 $ 156 $ 446 DSI Balance, beginning of period $ 5 $ — $ — $ 5 Additions 1 — — 1 Amortization — — — — Net change 1 — — 1 Balance, end of period $ 6 $ — $ — $ 6 VOBA Balance, beginning of period $ 43 $ 329 $ 34 $ 406 Acquisition from business combinations — — — — Additions — — — — Amortization — (8) (11) (19) Net change — (8) (11) (19) Balance, end of period $ 43 $ 321 $ 23 $ 387 Total DAC, DSI, and VOBA Asset $ 177 $ 483 $ 179 $ 839 Six Months Ended June 30, 2024 Annuity Life Property and Casualty Total (Dollars in millions) DAC Balance, beginning of period $ 190 $ 224 $ 158 $ 572 Additions 230 57 196 483 Amortization (14) (10) (214) (238) Net change 216 47 (18) 245 Balance, end of period $ 406 $ 271 $ 140 $ 817 DSI Balance, beginning of period $ 8 $ — $ — $ 8 Additions 94 — — 94 Amortization 1 — — 1 Net change 95 — — 95 Balance, end of period $ 103 $ — $ — $ 103 VOBA Balance, beginning of period $ 39 $ 305 $ 20 $ 364 Acquisition from business combinations 7,194 — — 7,194 Additions — — — — Amortization (107) (12) (4) (123) Net change 7,087 (12) (4) 7,071 Balance, end of period $ 7,126 $ 293 $ 16 $ 7,435 Total DAC, DSI, and VOBA Asset $ 7,635 $ 564 $ 156 $ 8,355 Six Months Ended June 30, 2023 Annuity Life Property and Casualty Total (Dollars in millions) DAC Balance, beginning of period $ 43 $ 88 $ 121 $ 252 Additions 90 84 227 401 Amortization (5) (10) (192) (207) Net change 85 74 35 194 Balance, end of period $ 128 $ 162 $ 156 $ 446 DSI Balance, beginning of period $ 4 $ — $ — $ 4 Additions 2 — — 2 Amortization — — — — Net change 2 — — 2 Balance, end of period $ 6 $ — $ — $ 6 VOBA Balance, beginning of period $ 44 $ 335 $ 64 $ 443 Acquisition from business combinations — — — — Additions — — — — Amortization (1) (14) (41) (56) Net change (1) (14) (41) (56) Balance, end of period $ 43 $ 321 $ 23 $ 387 Total DAC, DSI, and VOBA Asset $ 177 $ 483 $ 179 $ 839
Schedule of Projected VOBA Asset Amortization Expenses	The following table provides the projected VOBA asset amortization expenses for a five-year period and thereafter: Years (Dollars in millions) 2024 $ 317 2025 612 2026 564 2027 514 2028 474 Thereafter 4,954 Total amortization expense $ 7,435

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Components of Definite-lived Intangible Assets	The components of definite-lived and indefinite-lived intangible assets are as follows. Refer to Note 14 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired for VOBA asset, which is an actuarial intangible asset arising from a business combination. June 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in millions) Definite-lived intangible assets: Distributor relationships $ 1,485 $ (11) $ 1,474 $ 5 $ — $ 5 Trade name 58 (3) 55 10 (2) 8 Internally generated software 38 (1) 37 — — — Sublease and other — — — — — — Total definite-lived intangible assets 1,581 (15) 1,566 15 (2) 13 Indefinite-lived intangible assets: Insurance licenses 46 — 46 31 — 31 Total indefinite-lived intangible assets 46 — 46 31 — 31 Total intangible assets $ 1,627 $ (15) $ 1,612 $ 46 $ (2) $ 44
Components of Indefinite-lived Intangible Assets	The components of definite-lived and indefinite-lived intangible assets are as follows. Refer to Note 14 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired for VOBA asset, which is an actuarial intangible asset arising from a business combination. June 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in millions) Definite-lived intangible assets: Distributor relationships $ 1,485 $ (11) $ 1,474 $ 5 $ — $ 5 Trade name 58 (3) 55 10 (2) 8 Internally generated software 38 (1) 37 — — — Sublease and other — — — — — — Total definite-lived intangible assets 1,581 (15) 1,566 15 (2) 13 Indefinite-lived intangible assets: Insurance licenses 46 — 46 31 — 31 Total indefinite-lived intangible assets 46 — 46 31 — 31 Total intangible assets $ 1,627 $ (15) $ 1,612 $ 46 $ (2) $ 44
Schedule of Estimated Future Amortization Expense	The following table outlines the estimated future amortization expense related to definite-lived intangible assets held as of June 30, 2024. Years (Dollars in millions) 2024 $ 36 2025 73 2026 73 2027 73 2028 73 Thereafter 1,238 Total amortization expense $ 1,566

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Summary of Consideration Transferred, Fair Value of Assets Acquired and Liabilities Assumed	The following summarizes the consideration transferred, fair value of assets acquired and liabilities assumed as of the acquisition date: (Dollars in millions) Fair value of consideration transferred: Cash $ 2,525 BAM Shares transferred by the Company 1,111 Fair value of the Company’s pre-existing interest in AEL 897 Total consideration $ 4,533 Assets acquired: Investments $ 42,960 Cash and cash equivalents 13,367 Accrued investment income 414 Value of business acquired 7,194 Reinsurance recoverables and deposit assets 14,963 Property and equipment 42 Intangible assets 1,580 Other assets 670 Total assets acquired $ 81,190 Liabilities assumed: Future policy benefits $ 310 Policyholders’ account balances 61,473 Market risk benefits 2,978 Notes payable 768 Subsidiary borrowings 84 Funds withheld for reinsurance liabilities 8,601 Other liabilities 2,360 Total liabilities assumed 76,574 Less: Fair value of AEL preferred stock 685 Less: Non-controlling interest 28 Net assets acquired 3,903 Goodwill $ 630

Future Policy Benefits (Tables)

Future Policy Benefits (Tables)	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Schedule of Changes in the Liability for Future Policy Benefits	The reconciliation of the balances described in the table below to the “Future policy benefits” in the Consolidated Statements of Financial Position is as follows. June 30, 2024 December 31, 2023 (Dollars in millions) Future policy benefits: Annuity $ 3,385 $ 2,213 Life 1,864 1,895 Deferred profit liability: Annuity 72 64 Life 83 66 Other contracts and VOBA liability 1,823 1,870 Total future policy benefits $ 7,227 $ 6,108 The balances and changes in the liability for future policy benefits are as follows: Six Months Ended Year Ended Annuity Life Total Annuity Life Total (Dollars in millions) Present Value of Expected Net Premiums: Balance, beginning of period $ — $ 3,145 $ 3,145 $ — $ 3,520 $ 3,520 Beginning balance at original discount rate — 3,254 3,254 — 3,826 3,826 Effect of changes in cash flow assumptions — (63) (63) — (353) (353) Effect of actual variances from expected experience 6 (34) (28) 2 (59) (57) Adjusted beginning of period balance 6 3,157 3,163 2 3,414 3,416 Acquisition from business combination — — — — — — Issuances 991 32 1,023 984 90 1,074 Interest accrual 6 62 68 8 121 129 Net premiums collected (1,004) (162) (1,166) (995) (373) (1,368) Derecognitions (lapses and withdrawals) — 1 1 1 2 3 Foreign currency translation — — — — — — Ending balance at original discount rate (1) 3,090 3,089 — 3,254 3,254 Effect of changes in discount rate assumptions — (235) (235) — (109) (109) Balance, end of period $ (1) $ 2,855 $ 2,854 $ — $ 3,145 $ 3,145 Present Value of Expected Future Policy Benefits: Balance, beginning of period $ 2,213 $ 5,040 $ 7,253 $ 1,288 $ 5,330 $ 6,618 Beginning balance at original discount rate 2,217 5,277 7,494 1,368 5,875 7,243 Effect of changes in cash flow assumptions 1 74 75 (1) (362) (363) Effect of actual variances from expected experience 6 (33) (27) (25) (59) (84) Adjusted beginning of period balance 2,224 5,318 7,542 1,342 5,454 6,796 Acquisition of business combination 311 — 311 — — — Issuances 1,003 32 1,035 988 89 1,077 Interest accrual 71 101 172 73 188 261 Benefit payments (135) (228) (363) (189) (456) (645) Derecognitions (lapses and withdrawals) 1 1 2 3 2 5 Foreign currency translation — — — — — — Ending balance at original discount rate 3,475 5,224 8,699 2,217 5,277 7,494 Effect of changes in discount rate assumptions (91) (505) (596) (4) (237) (241) Effect of foreign currency translation on the effect of changes in discount rate assumptions — — — — — — Balance, end of period $ 3,384 $ 4,719 $ 8,103 $ 2,213 $ 5,040 $ 7,253 Net liability for future policy benefits $ 3,385 $ 1,864 $ 5,249 $ 2,213 $ 1,895 $ 4,108 Less: Reinsurance recoverables (3) (46) (49) — (45) (45) Net liability for future policy benefits, after reinsurance recoverable $ 3,382 $ 1,818 $ 5,200 $ 2,213 $ 1,850 $ 4,063 Weighted-average liability duration of future policy benefits (years) 8 16 8 16 Weighted average interest accretion rate 5.09 % 4.61 % 4.94 % 4.60 % Weighted average current discount rate 5.47 % 5.58 % 4.88 % 5.03 % The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow: June 30, 2024 December 31, 2023 Undiscounted Discounted Undiscounted Discounted (Dollars in millions) Annuity Expected future benefit payments $ 5,531 $ 3,384 $ 3,466 $ 2,213 Expected future gross premiums — — — — Life Expected future benefit payments 10,375 4,719 10,353 5,040 Expected future gross premiums 14,649 8,507 7,541 4,328 Total Expected future benefit payments 15,906 8,103 13,819 7,253 Expected future gross premiums 14,649 8,507 7,541 4,328 The amount of revenue and interest recognized in the Consolidated Statements of Operations follows: Six Months Ended Year Ended Gross Premiums Interest Expense Gross Premiums Interest Expense (Dollars in millions) Annuity $ 1,555 $ 81 $ 1,027 $ 83 Life 391 72 452 95

Policyholders' Account Balanc_2

Policyholders' Account Balances (Tables)	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Schedule of Changes in Policyholders' Account Balances	The balances and changes in policyholders’ account balances follow. Six Months Ended Year Ended Annuity Life Annuity Life (Dollars in millions) Balance, beginning of period $ 14,694 $ 1,975 $ 12,012 $ 1,899 Issuances 4,064 36 4,382 84 Acquisition from business combination 61,296 — — — Premiums received 23 213 34 399 Policy charges (122) (187) (39) (362) Surrenders and withdrawals (3,060) (43) (2,132) (110) Interest credited 707 48 437 65 Benefit payments (152) — — — Other 3 — — — Balance, end of period $ 77,453 $ 2,042 $ 14,694 $ 1,975 Reconciling items: Supplemental contracts $ 489 $ — $ 291 $ — Variable universal life — 39 — 36 Variable deferred annuity 8 — 8 — Other 408 50 135 38 Total PAB balance, end of period $ 78,358 $ 2,131 $ 15,128 $ 2,049 Weighted-average crediting rate 2.88 % 4.78 % 3.27 % 3.34 % Net amount at risk (a) $ 12,466 $ 38,365 $ 417 $ 38,365 Cash surrender value $ 71,450 $ 1,796 $ 15,000 $ 1,796 (a) Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
Schedule of Account Values by Range of Guaranteed Minimum Crediting Rates	The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums follow. June 30, 2024 Range of At Guaranteed Minimum 1 - 50 Basis Points Above 51 - 150 Basis Points Above > 150 Basis Points Above Other Total (Dollars in millions) Annuity 0% - 1% $ 4,296 $ 2,670 $ 3,931 $ 4,679 $ — $ 15,576 1% - 2% 1,446 393 1,740 1,844 — 5,423 2% - 3% 1,942 429 111 6,637 — 9,119 Greater than 3% 306 7 1 5 — 319 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — 47,016 47,016 Total $ 7,990 $ 3,499 $ 5,783 $ 13,165 $ 47,016 $ 77,453 Life 0% - 1% $ — $ — $ — $ — $ — $ — 1% - 2% 34 2 54 667 — 757 2% to 3% 421 — 222 — — 643 Greater than 3% 642 — — — — 642 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — — — Total $ 1,097 $ 2 $ 276 $ 667 $ — $ 2,042 December 31, 2023 Range of At Guaranteed Minimum 1 - 50 Basis Points Above 51 - 150 Basis Points Above > 150 Basis Points Above Other Total (Dollars in millions) Annuity 0% - 1% $ 2,485 $ 29 $ 483 $ 722 $ — $ 3,719 1% - 2% 668 430 1,943 2,137 — 5,178 2% - 3% 827 409 56 4,224 — 5,516 Greater than 3% 264 7 1 1 — 273 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — 8 8 Total $ 4,244 $ 875 $ 2,483 $ 7,084 $ 8 $ 14,694 Life 0% - 1% $ — $ — $ — $ — $ — $ — 1% - 2% 168 2 140 371 — 681 2% to 3% 415 — 219 — — 634 Greater than 3% 659 — — — — 659 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — 1 1 Total $ 1,242 $ 2 $ 359 $ 371 $ 1 $ 1,975

Market Risk Benefits (Tables)

Market Risk Benefits (Tables)	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Schedule of Market Risk Benefits	The balances of and changes in the net market risk benefit (MRB) assets and liabilities for the six months ended June 30, 2024 and year ended December 31, 2023 is as follows: Six Months Ended Year Ended Annuity Annuity (Dollars in millions) Balance, beginning of period $ — $ 44 Balance, beginning of period, before effect of changes in the instrument-specific credit risk 1 70 Acquisition from business combination 2,376 — Issuances 3 1 Interest accrual 21 3 Attributed fees collected 39 13 Benefits payments — — Effect of changes in interest rates 138 (117) Effect of changes in equity markets (15) 171 Effect of changes in equity index volatility (2) (46) Actual policyholder behavior different from expected behavior — (7) Effect of changes in future expected policyholder behavior (8) — Effect of changes in other future expected assumptions 27 (87) Balance, end of period, before effect of changes in the instrument-specific credit 2,580 1 Effect of changes in the ending instrument-specific credit risk (8) (1) Balance, end of period 2,572 — Less: Reinsured MRB, end of period (618) — Balance, end of period, net of reinsurance $ 1,954 $ — Net amount at risk (a) $ 12,051 $ — Weighted average attained age of contract holders (years) 71 65 (a) Net amount at risk is defined as the current guarantee amount in excess of the current account balance. The following is a reconciliation of market risk benefits by amounts in an asset position and in a liability position to “Market risk benefits” amount in the Consolidated Statements of Financial Position: June 30, 2024 Asset Liability Net Liability (Dollars in millions) Annuity $ 704 $ 3,276 $ 2,572 Total $ 704 $ 3,276 $ 2,572 December 31, 2023 Asset Liability Net Liability (Dollars in millions) Annuity $ 34 $ 34 $ — Total $ 34 $ 34 $ —

Liability For Unpaid Claims A_2

Liability For Unpaid Claims And Claim Adjustment Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]
Schedule of Information on Liability for Unpaid Claims	Information regarding the liability for unpaid claims is shown below: Three Months Ended June 30, Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Policy and contract claims, beginning $ 1,854 $ 1,825 $ 1,870 $ 1,786 Less: Unpaid claims balance, beginning – long-duration 203 250 213 231 Gross unpaid claims balance, beginning – short-duration 1,651 1,575 1,657 1,555 Less: Reinsurance recoverables, beginning 306 300 302 305 Less: Foreign currency translation and other — — — — Net unpaid claims balance, beginning – short-duration 1,345 1,275 1,355 1,250 Acquisition from business combination, net of reinsurance 1 — 1 — Add: incurred related to: Current accident year 407 442 750 816 Prior accident years (14) (11) (32) (22) Total incurred claims 393 431 718 794 Less: paid claims related to: Current accident year 201 234 309 342 Prior accident years 142 118 369 348 Total paid claims 343 352 678 690 Net unpaid claims balance, ending – short-duration 1,396 1,354 1,396 1,354 Add: Foreign currency translation and other — — — — Add: Reinsurance recoverables, ending 271 303 271 303 Gross unpaid claims balance, ending – short-duration 1,667 1,657 1,667 1,657 Add: Unpaid claims balance, ending – long duration 213 210 213 210 Policy and contract claims, ending $ 1,880 $ 1,867 $ 1,880 $ 1,867

Notes Payable and Long Term B_2

Notes Payable and Long Term Borrowings (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Subordinated Borrowing	Following is a summary of subordinated debt obligations to the trusts at June 30, 2024 : June 30, 2024 Interest Rate Due Date (Dollars in millions) American Equity Capital Trust II $ 84 5 % June 1, 2047
Schedule of Maturity of Borrowings	The following is the maturity by year on long term borrowings: Payments Due by Year Total Unamortized Discount and Issuance Costs Less Than 1 year 1-2 Years 2-3 Years 3-4 Years 4-5 Years More Than 5 Years (Dollars in millions) As of June 30, 2024 Long term borrowings $ 2,476 $ (24) $ — $ — $ 1,900 $ — $ — $ 600 As of December 31, 2023 Long term borrowings $ 1,493 $ (7) $ — $ — $ — $ 1,000 $ — $ 500

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	Our income tax expense as presented in the consolidated financial statements is summarized as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Consolidated Statements of Operations: Current income tax $ 43 $ 8 $ 45 $ 14 Deferred income tax (332) 13 (305) 5 Total income tax expense included in Consolidated Statements of Operations (289) 21 (260) 19 Stockholders’ equity: Expense (benefit) relating to: Changes in other comprehensive income 137 (43) 147 (101) Total income tax expense included in consolidated financial statements $ (152) $ (22) $ (113) $ (82)
Schedule of Reconciliation of Effective Income Tax Rate	Income tax expense in the Consolidated Statements of Operations differed from the amount computed at the applicable statutory federal income tax rates of 21% for the three and six months ended June 30, 2024 and 2023 as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Net income (loss) before income taxes $ (42) $ 119 $ 101 $ 130 Total expected income tax expense at the statutory rate $ (9) $ 25 $ 21 $ 27 Tax effect of: Impact of Bermuda corporate income tax (292) — (292) — Tax exempt net investment income — (1) (1) (2) Non-deductible compensation 16 1 17 1 Other (4) (4) (5) (7) Total income tax expense (recovery) $ (289) $ 21 $ (260) $ 19 The following table presents a reconciliation of income tax rate from statutory rate to effective rate: Three Months Ended Six Months Ended 2024 2023 2024 2023 Statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Increase (reduction) in rate resulting from: Impact of Bermuda corporate income tax 702.2 % — % (287.9) % — % Tax exempt net investment income 1.2 % (0.7) % (1.0) % (1.2) % Non-deductible compensation (39.6) % 0.5 % 16.7 % 1.0 % Other 10.4 % (3.3) % (5.4) % (6.6) % Effective income tax rate 695.2 % 17.5 % (256.6) % 14.2 %
Schedule of Deferred Tax Assets	The gross movement on the deferred tax asset is as follows: June 30, 2024 December 31, 2023 (Dollars in millions) Deferred tax asset, beginning of year $ 291 $ 439 Recognized in net (income) loss 305 (56) Acquisition from business combination (212) — Recognized in equity (147) (90) Other (4) (2) Deferred tax asset, end of period $ 233 $ 291 The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at June 30, 2024 and December 31, 2023 are as follows: June 30, 2024 December 31, 2023 (Dollars in millions) Deferred income tax assets: Investments $ 1,452 $ 260 Amounts due reinsurer 1,113 — Policy benefit reserves — 138 Net operating loss carryforwards 309 31 Bermuda tax asset 377 35 Other 29 — Gross deferred tax assets before valuation allowance 3,280 464 Valuation allowance (5) (5) Gross deferred tax assets after valuation allowance 3,275 459 Deferred income tax liabilities: VOBA/Intangibles 1,810 — Deferred policy acquisition costs 89 81 Policy benefit reserves 1,086 — Pension and liability for retirement benefits 57 49 Other — 38 Gross deferred tax liabilities 3,042 168 Net deferred income tax asset $ 233 $ 291

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income	The componen ts of and changes in the accumulated other comprehensive income (“AOCI”), and the related tax effects, are shown below: Change in Net Unrealized Investment Gains (Losses) Change in Discount Rate for Future Policy Benefits Change in Instrument- Specific Credit Risk for Market Risk Benefit Defined Benefit Pension Plan Adjustment Foreign Currency Translation / Other Total (Dollars in millions) Balance as of January 1, 2024 $ (299) $ 105 $ 1 $ 85 $ (1) $ (109) Other comprehensive income (loss) before reclassifications (56) 128 (11) 5 (3) 63 Amounts reclassified to (from) AOCI — — — — — — Deferred income tax benefit (expense) 12 (26) 2 (1) — (13) Balance at March 31, 2024 (343) 207 (8) 89 (4) (59) Other comprehensive income (loss) before reclassifications 489 101 18 19 10 637 Amounts reclassified to (from) AOCI 4 — — — — 4 Deferred income tax benefit (expense) (106) (21) (4) (4) (2) (137) Balance at June 30, 2024 $ 44 $ 287 $ 6 $ 104 $ 4 $ 445 Balance as of January 1, 2023 $ (722) $ 253 $ 21 $ 1 $ (1) $ (448) Other comprehensive income (loss) before reclassifications 261 (106) (7) 3 — 151 Amounts reclassified to (from) AOCI 20 — — — — 20 Deferred income tax benefit (expense) and other 59 — — (1) — 58 Balance at March 31, 2023 (382) 147 14 3 (1) (219) Other comprehensive income (loss) before reclassifications (269) 63 (8) 4 — (210) Amounts reclassified to (from) AOCI 10 — — (2) — 8 Deferred income tax benefit (expense) 43 — — — — 43 Balance at June 30, 2023 $ (598) $ 210 $ 6 $ 5 $ (1) $ (378)

Statutory Financial Informati_2

Statutory Financial Information and Dividend Restrictions (Tables)	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Statutory Accounting Practices Disclosure	The statutory capital and surplus and net income (loss) of our primary life and property and casualty insurance entities in accordance with statutory accounting practices are shown below (in millions): June 30, 2024 December 31, 2023 (Dollars in millions) Statutory capital and surplus: American Equity Investment Life Insurance Company $ 3,300 ANG Life insurance entities 2,777 $ 2,776 ANG Property and casualty insurance entities 1,693 1,702 Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Statutory net income (loss): American Equity Investment Life Insurance Company $ 185 ANG Life insurance entities 52 $ (124) $ (13) $ (108) ANG Property and casualty insurance entities (38) (47) 7 (48)

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of Reinsurance	The effect of reinsurance on net premiums earned and claims incurred and policyholder benefits paid are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Premiums earned: Gross amounts $ 1,387 $ 1,344 $ 2,871 $ 2,411 Reinsurance ceded (382) (342) (722) (628) Net premiums earned $ 1,005 $ 1,002 $ 2,149 $ 1,783 Other policy revenue: Gross amounts $ 203 $ 103 $ 315 $ 200 Reinsurance ceded (19) — (19) — Net other policy revenue $ 184 $ 103 $ 296 $ 200 Policyholder benefits paid and claims incurred: Gross amounts $ 1,296 $ 1,171 $ 2,588 $ 2,029 Reinsurance ceded (266) (182) (472) (340) Net benefits paid and claims incurred $ 1,030 $ 989 $ 2,116 $ 1,689 Change in fair value of market risk benefits: Gross amounts $ 148 $ (24) $ 186 $ (14) Reinsurance ceded (9) 12 (28) 7 Net change in fair value of market risk benefits $ 139 $ (12) $ 158 $ (7) Interest sensitive contract benefits: Gross amounts $ 506 $ 175 $ 765 $ 365 Reinsurance ceded (116) (59) (220) (160) Net interest sensitive contract benefits $ 390 $ 116 $ 545 $ 205 The following summarizes our annuity reinsurance treaties and related recoverable (in millions): Reinsurance Recoverable Agreement Type Products Covered June 30, 2024 (Dollars in millions) Principal Reinsurers: EquiTrust Life Insurance Company $ 245 Coinsurance Certain Fixed Index and Fixed Rate Annuities Athene Life Re Ltd. 2,044 Coinsurance Funds Withheld, Modified Coinsurance Certain Fixed Annuities and Multi-Year Guaranteed Annuities North End Re (Cayman) SPC 8,075 Coinsurance Funds Withheld, Modified Coinsurance Certain Fixed Annuities AeBe ISA LTD 4,397 Coinsurance Funds Withheld, Coinsurance Certain Fixed Index and Fixed Rate Annuities $ 14,761 June 30, 2024 (Dollars in millions) Total assets $ 8,082 Total liabilities 5,564 Three Months Ended June 30,2024 (Dollars in millions) Net (loss) $ (78)

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Results	The results of operations measured as the income before federal income taxes and other items by operating segments are summarized below. Three Months Ended June 30, 2024 Annuity Life Property and Casualty Corporate and Other Total (Dollars in millions) Revenues: Net premiums $ 446 $ 98 $ 461 $ — $ 1,005 Other policy revenue 90 94 — — 184 Net investment income 775 102 47 — 924 Investment related gains (losses) 3 — — (1) 2 Total revenues 1,314 294 508 (1) 2,115 Benefits, losses and expenses: Policyholder benefits and claims incurred 483 161 386 — 1,030 Interest sensitive contract benefits 364 26 — — 390 Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 114 11 74 — 199 Change in fair value of insurance-related derivatives and embedded derivatives 28 (7) — — 21 Change in fair value of market risk benefits 139 — — — 139 Operating expenses 80 62 68 125 335 Interest expense — — — 43 43 Total benefits and expenses 1,208 253 528 168 2,157 Net income (loss) before income taxes $ 106 $ 41 $ (20) $ (169) $ (42) Three Months Ended June 30, 2023 Annuity Life Property and Casualty Corporate and Other Total (Dollars in millions) Revenues: Net premiums $ 400 $ 104 $ 498 $ — $ 1,002 Other policy revenue 10 93 — — 103 Net investment income 205 80 47 10 342 Investment related gains (losses) — — — 41 41 Total revenues 615 277 545 51 1,488 Benefits, losses and expenses: Policyholder benefits and claims incurred 414 151 424 — 989 Interest sensitive contract benefits 65 51 — — 116 Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 2 14 116 — 132 Change in fair value of insurance-related derivatives and embedded derivatives (34) 8 — — (26) Change in fair value of market risk benefits (12) — — — (12) Operating expenses 30 57 52 9 148 Interest expense — — — 22 22 Total benefits and expenses 465 281 592 31 1,369 Net income (loss) before income taxes $ 150 $ (4) $ (47) $ 20 $ 119 Six Months Ended June 30, 2024 Annuity Life Property and Casualty Corporate and Other Total (Dollars in millions) Revenues: Net premiums $ 1,011 $ 200 $ 938 $ — $ 2,149 Other policy revenue 105 191 — — 296 Net investment income 1,035 187 80 70 1,372 Investment related gains (losses) 3 — — (35) (32) Total revenues 2,154 578 1,018 35 3,785 Benefits, losses and expenses: Policyholder benefits and claims incurred 1,084 326 706 — 2,116 Interest sensitive contract benefits 449 96 — — 545 Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 120 22 218 — 360 Change in fair value of insurance-related derivatives and embedded derivatives (12) 14 — — 2 Change in fair value of market risk benefits 158 — — — 158 Operating expenses 133 128 82 95 438 Interest expense — — — 65 65 Total benefits and expenses 1,932 586 1,006 160 3,684 Net income (loss) before income taxes $ 222 $ (8) $ 12 $ (125) $ 101 Six Months Ended June 30, 2023 Annuity Life Property and Casualty Corporate and Other Total (Dollars in millions) Revenues: Net premiums $ 560 $ 214 $ 1,009 $ — $ 1,783 Other policy revenue 17 183 — — 200 Net investment income 382 161 90 33 666 Investment related gains (losses) — — — (20) (20) Total revenues 959 558 1,099 13 2,629 Benefits, losses and expenses: Policyholder benefits and claims incurred 594 305 790 — 1,689 Interest sensitive contract benefits 83 122 — — 205 Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 6 24 233 — 263 Change in fair value of insurance-related derivatives and embedded derivatives (53) 53 — — — Change in fair value of market risk benefits (7) — — — (7) Operating expenses 53 118 115 17 303 Interest expense — — — 46 46 Total benefits and expenses 676 622 1,138 63 2,499 Net income (loss) before income taxes $ 283 $ (64) $ (39) $ (50) $ 130

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)		6 Months Ended
	Oct. 01, 2023 USD ($)	Jun. 30, 2024 USD ($) segment
Property, Plant and Equipment [Line Items]
Goodwill, impairment loss	$ 0
Observable tenor		30 years
Net premium ratio cap		100%
Share of profits on participating policies (limited to)		10%
Policyholder dividend, payment per $1,000 face amount		$ 50
Number of reportable segments | segment		4
Trade name
Property, Plant and Equipment [Line Items]
Intangible asset useful life		10 years
Trade name | AEL
Property, Plant and Equipment [Line Items]
Intangible asset useful life		10 years
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of real estate assets		15 years
Estimated useful lives of property and equipment		3 years
Minimum | Distributor relationships
Property, Plant and Equipment [Line Items]
Intangible asset useful life		15 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of real estate assets		50 years
Estimated useful lives of property and equipment		30 years
Maximum | Distributor relationships
Property, Plant and Equipment [Line Items]
Intangible asset useful life		30 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reclassification of Prior Year Presentation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Available-for-sale fixed maturity securities, at fair value	$ 46,480		$ 46,480		$ 12,877
Market risk benefit asset	704		704		34
Intangible assets	1,612		1,612		44
Other assets	2,055		2,055		541
Net investment income	924	$ 342	1,372	$ 666
Investment related gains (losses)	2	41	(32)	(20)
Net gains (losses) on equity securities	35	71	24	43
Policyholder benefits and claims incurred	(1,030)	(989)	(2,116)	(1,689)
Interest sensitive contract benefits	390	116	545	205
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	199	132	360	263
Change in fair value of insurance-related derivatives and embedded derivatives	21	(26)	2	0
Change in fair value of market risk benefits	139	(12)	158	(7)
Operating expenses	335	148	438	303
Interest expense	43	22	65	46
Change in deferred policy acquisition			483	401
Private Loan
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Private loans	$ 1,724		$ 1,724		194
American National, Historical
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Available-for-sale fixed maturity securities, at fair value					13,071
Market risk benefit asset					34
Current tax receivable					98
Prepaid pension					248
Intangible assets					0
Other assets					205
Liability for retirement benefits					26
Other liabilities					441
Net assets after reclassification adjustments					14,123
Net investment income		382		723
Investment related gains (losses)		0		0
Net realized investment gains (losses)		(28)		(50)
Increase in investment credit loss		(2)		(13)
Net gains (losses) on equity securities		71		43
Other income		13		21
Policyholder benefits and claims incurred		(972)		(1,691)
Interest credited to policyholder account balances		(136)		(276)
Interest sensitive contract benefits		0		0
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired		0		0
Change in fair value of insurance-related derivatives and embedded derivatives		0		0
Change in fair value of market risk benefits		(5)		8
Future policy benefit remeasurement losses				1
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired		(214)		(393)
Operating expenses		(191)		(369)
Operating expenses		0		0
Interest expense		0		0
Change in deferred policy acquisition		94		142
Net periodic benefit cost		2		1
Net income (loss) after reclassification adjustments		(986)		(1,853)
American National, Historical | Private Loan
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Private loans					0
Reclassification to Conform Presentation
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Available-for-sale fixed maturity securities, at fair value					(194)
Market risk benefit asset					(34)
Current tax receivable					(98)
Prepaid pension					(248)
Intangible assets					44
Other assets					336
Liability for retirement benefits					(26)
Other liabilities					26
Net assets after reclassification adjustments					0
Net investment income		(40)		(57)
Investment related gains (losses)		41		(20)
Net realized investment gains (losses)		28		50
Increase in investment credit loss		2		13
Net gains (losses) on equity securities		(71)		(43)
Other income		(13)		(21)
Policyholder benefits and claims incurred		(17)		2
Interest credited to policyholder account balances		136		276
Interest sensitive contract benefits		(116)		(205)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired		(132)		(263)
Change in fair value of insurance-related derivatives and embedded derivatives		26		0
Change in fair value of market risk benefits		17		(1)
Future policy benefit remeasurement losses				(1)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired		214		393
Operating expenses		191		369
Operating expenses		(148)		(303)
Interest expense		(22)		(46)
Change in deferred policy acquisition		(94)		(142)
Net periodic benefit cost		(2)		(1)
Net income (loss) after reclassification adjustments		0		0
Reclassification to Conform Presentation | Private Loan
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Private loans					194
American National, Conformed
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Available-for-sale fixed maturity securities, at fair value					12,877
Market risk benefit asset					0
Current tax receivable					0
Prepaid pension					0
Intangible assets					44
Other assets					541
Liability for retirement benefits					0
Other liabilities					467
Net assets after reclassification adjustments					14,123
Net investment income		342		666
Investment related gains (losses)		41		(20)
Net realized investment gains (losses)		0		0
Increase in investment credit loss		0		0
Net gains (losses) on equity securities		0		0
Other income		0		0
Policyholder benefits and claims incurred		(989)		(1,689)
Interest credited to policyholder account balances		0		0
Interest sensitive contract benefits		(116)		(205)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired		(132)		(263)
Change in fair value of insurance-related derivatives and embedded derivatives		26		0
Change in fair value of market risk benefits		12		7
Future policy benefit remeasurement losses				0
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired		0		0
Operating expenses		0		0
Operating expenses		(148)		(303)
Interest expense		(22)		(46)
Change in deferred policy acquisition		0		0
Net periodic benefit cost		0		0
Net income (loss) after reclassification adjustments		$ (986)		$ (1,853)
American National, Conformed | Private Loan
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Private loans					$ 194

Investments in Available-for-_3

Investments in Available-for-sale Fixed Maturity Securities - Amortized Cost and Fair Value of Available-for-Sale Fixed Maturity Securities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 46,480		$ 13,281
Gross Unrealized Gains	688		89
Gross Unrealized Losses	(651)		(469)
Allowance for Credit Losses	(37)	$ (28)	(24)	$ (32)	$ (22)	$ (29)
Available-for-sale fixed maturity securities, at fair value	46,480		12,877
U.S. treasury and government
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	85		63
Gross Unrealized Gains	0		0
Gross Unrealized Losses	(2)		(1)
Allowance for Credit Losses	0		0
Available-for-sale fixed maturity securities, at fair value	83		62
U.S. states and political subdivisions
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	3,240		594
Gross Unrealized Gains	84		1
Gross Unrealized Losses	(25)		(17)
Allowance for Credit Losses	0		0
Available-for-sale fixed maturity securities, at fair value	3,299		578
Foreign governments
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	441		9
Gross Unrealized Gains	12		0
Gross Unrealized Losses	0		0
Allowance for Credit Losses	0		0
Available-for-sale fixed maturity securities, at fair value	453		9
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	32,080		11,144
Gross Unrealized Gains	481		79
Gross Unrealized Losses	(578)		(420)
Allowance for Credit Losses	(34)	(24)	(19)	(22)	(12)	(24)
Available-for-sale fixed maturity securities, at fair value	31,949		10,784
Residential mortgage-backed securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	1,067		131
Gross Unrealized Gains	21		0
Gross Unrealized Losses	(8)		(4)
Allowance for Credit Losses	(1)	(1)	(1)	(1)	0	0
Available-for-sale fixed maturity securities, at fair value	1,079		126
Commercial mortgage-backed securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	2,744		0
Gross Unrealized Gains	39		0
Gross Unrealized Losses	(17)		0
Allowance for Credit Losses	0	0	0	0	0	0
Available-for-sale fixed maturity securities, at fair value	2,766		0
Collateralized debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	6,823		1,340
Gross Unrealized Gains	51		9
Gross Unrealized Losses	(21)		(27)
Allowance for Credit Losses	(2)	$ (3)	(4)	$ (9)	$ (10)	$ (5)
Available-for-sale fixed maturity securities, at fair value	$ 6,851		$ 1,318

Investments in Available-for-_4

Investments in Available-for-sale Fixed Maturity Securities - Amortized Cost and Fair Value, by Contractual Maturity, of Available-for-Sale Fixed Maturity Securities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 1,219
Due after one year through five years	12,048
Due after five years through ten years	7,416
Due after ten years	15,163
Amortized Cost	35,846
Debt securities, held-to-maturity, excluding accrued interest, before allowance for credit loss	46,480
Fair Value
Due in one year or less	1,218
Due after one year through five years	11,982
Due after five years through ten years	7,363
Due after ten years	15,221
Debt securities, available-for-sale, maturity, allocated and single maturity date, fair value	35,784
Debt securities, available-for-sale, excluding accrued interest	46,480	$ 12,877
Residential mortgage-backed securities
Amortized Cost
Debt securities, available-for-sale, maturity, without single maturity date, amortized cost	1,067
Fair Value
Debt securities, available -for-sale, maturity, without single maturity date, amortized cost	1,079
Debt securities, available-for-sale, excluding accrued interest	1,079	126
Commercial mortgage-backed securities
Amortized Cost
Debt securities, available-for-sale, maturity, without single maturity date, amortized cost	2,744
Fair Value
Debt securities, available -for-sale, maturity, without single maturity date, amortized cost	2,766
Debt securities, available-for-sale, excluding accrued interest	2,766	0
Collateralized debt securities
Amortized Cost
Debt securities, available-for-sale, maturity, without single maturity date, amortized cost	6,823
Fair Value
Debt securities, available -for-sale, maturity, without single maturity date, amortized cost	6,851
Debt securities, available-for-sale, excluding accrued interest	$ 6,851	$ 1,318

Investments in Available-for-_5

Investments in Available-for-sale Fixed Maturity Securities - Proceeds from Sales of Available-for-Sale Fixed Maturity Securities with Related Gross Realized Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales and maturities of investments - Fixed maturity, available for sale	$ 1,820	$ 7,157	$ 2,413	$ 8,386
Gross realized gains	2	1	4	1
Gross realized losses	$ (21)	$ (24)	$ (23)	$ (49)

Investments in Available-for-_6

Investments in Available-for-sale Fixed Maturity Securities - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale fixed maturity securities, at fair value	$ 46,480	$ 12,877
Debt securities, available-for-sale, unrealized loss position, percentage of investments in the top two designations for investment grade	94%	87%
Deposits
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale fixed maturity securities, at fair value	$ 80	$ 54
Bonds pledged | Bonds
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale fixed maturity securities, at fair value	$ 10,100	$ 39

Investments in Available-for-_7

Investments in Available-for-sale Fixed Maturity Securities - Gross Unrealized Losses and Fair Value of Available-for-Sale Fixed Maturity Securities (Details) $ in Millions	Jun. 30, 2024 USD ($) position	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) position	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Number of Issues
Less than 12 months | position	1,723		1,682
12 months or more | position	1,279		2,325
Total, number of positions | position	3,002		4,007
Gross Unrealized Losses
Less than 12 months	$ (160)		$ (150)
12 months or more	(491)		(319)
Total, gross unrealized losses	(651)		(469)
Fair Value
Less than 12 months	7,729		3,484
12 months or more	7,179		7,640
Total, fair value	14,908		11,124
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest	$ 37	$ 28	$ 24	$ 32	$ 22	$ 29
U.S. treasury and government
Number of Issues
Less than 12 months | position	18		17
12 months or more | position	15		35
Total, number of positions | position	33		52
Gross Unrealized Losses
Less than 12 months	$ 0		$ (1)
12 months or more	(2)		0
Total, gross unrealized losses	(2)		(1)
Fair Value
Less than 12 months	23		27
12 months or more	48		25
Total, fair value	71		52
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest	$ 0		$ 0
U.S. states and political subdivisions
Number of Issues
Less than 12 months | position	178		214
12 months or more | position	162		142
Total, number of positions | position	340		356
Gross Unrealized Losses
Less than 12 months	$ (11)		$ (3)
12 months or more	(14)		(14)
Total, gross unrealized losses	(25)		(17)
Fair Value
Less than 12 months	283		219
12 months or more	305		285
Total, fair value	588		504
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest	$ 0		$ 0
Foreign governments
Number of Issues
Less than 12 months | position	3		0
12 months or more | position	1		2
Total, number of positions | position	4		2
Gross Unrealized Losses
Less than 12 months	$ 0		$ 0
12 months or more	0		0
Total, gross unrealized losses	0		0
Fair Value
Less than 12 months	16		0
12 months or more	9		9
Total, fair value	25		9
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest	$ 0		$ 0
Corporate debt securities
Number of Issues
Less than 12 months | position	992		1,343
12 months or more | position	1,027		1,906
Total, number of positions | position	2,019		3,249
Gross Unrealized Losses
Less than 12 months	$ (114)		$ (141)
12 months or more	(464)		(279)
Total, gross unrealized losses	(578)		(420)
Fair Value
Less than 12 months	3,772		2,941
12 months or more	6,450		6,475
Total, fair value	10,222		9,416
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest	$ 34	24	$ 19	22	12	24
Residential mortgage-backed securities
Number of Issues
Less than 12 months | position	59		6
12 months or more | position	35		39
Total, number of positions | position	94		45
Gross Unrealized Losses
Less than 12 months	$ (4)		$ (1)
12 months or more	(4)		(3)
Total, gross unrealized losses	(8)		(4)
Fair Value
Less than 12 months	82		39
12 months or more	75		64
Total, fair value	157		103
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest	$ 1	1	$ 1	1	0	0
Commercial mortgage-backed securities
Number of Issues
Less than 12 months | position	124		0
12 months or more | position	0		0
Total, number of positions | position	124		0
Gross Unrealized Losses
Less than 12 months	$ (17)		$ 0
12 months or more	0		0
Total, gross unrealized losses	(17)		0
Fair Value
Less than 12 months	846		0
12 months or more	0		0
Total, fair value	846		0
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest	$ 0	0	$ 0	0	0	0
Collateralized debt securities
Number of Issues
Less than 12 months | position	349		102
12 months or more | position	39		201
Total, number of positions | position	388		303
Gross Unrealized Losses
Less than 12 months	$ (14)		$ (4)
12 months or more	(7)		(23)
Total, gross unrealized losses	(21)		(27)
Fair Value
Less than 12 months	2,707		258
12 months or more	292		782
Total, fair value	2,999		1,040
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest	$ 2	$ 3	$ 4	$ 9	$ 10	$ 5

Investments in Available-for-_8

Investments in Available-for-sale Fixed Maturity Securities - Allowance for Credit Loss for Available-for-Sale Fixed Maturity Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (28)	$ (22)	$ (24)	$ (29)
Acquisition from business combination	0	0	0	0
Credit losses recognized on securities for which credit losses were not previously recorded	(13)	(19)	(33)	(25)
Reductions for securities sold during the period	0	1	1	2
Allowance on securities that had an allowance recorded in a previous period	4	8	18	20
Ending balance	(37)	(32)	(37)	(32)
Corporate debt securities
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	(24)	(12)	(19)	(24)
Acquisition from business combination	0	0	0	0
Credit losses recognized on securities for which credit losses were not previously recorded	(13)	(17)	(33)	(18)
Reductions for securities sold during the period	0	1	1	2
Allowance on securities that had an allowance recorded in a previous period	3	6	17	18
Ending balance	(34)	(22)	(34)	(22)
Residential mortgage-backed securities
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	(1)	0	(1)	0
Acquisition from business combination	0	0	0	0
Credit losses recognized on securities for which credit losses were not previously recorded	0	(1)	0	(1)
Reductions for securities sold during the period	0	0	0	0
Allowance on securities that had an allowance recorded in a previous period	0	0	0	0
Ending balance	(1)	(1)	(1)	(1)
Commercial mortgage-backed securities
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	0	0	0
Acquisition from business combination	0	0	0	0
Credit losses recognized on securities for which credit losses were not previously recorded	0	0	0	0
Reductions for securities sold during the period	0	0	0	0
Allowance on securities that had an allowance recorded in a previous period	0	0	0	0
Ending balance	0	0	0	0
Collateralized debt securities
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	(3)	(10)	(4)	(5)
Acquisition from business combination	0	0	0	0
Credit losses recognized on securities for which credit losses were not previously recorded	0	(1)	0	(6)
Reductions for securities sold during the period	0	0	0	0
Allowance on securities that had an allowance recorded in a previous period	1	2	1	2
Ending balance	$ (2)	$ (9)	$ (2)	$ (9)

Equity Securities - Components

Equity Securities - Components of Change in Net Gains (Losses) on Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Unrealized gains (losses) on equity securities	$ 33	$ 71	$ 22	$ 42
Net gains (losses) on equity securities sold	2	0	2	1
Net gains (losses) on equity securities	$ 35	$ 71	$ 24	$ 43

Equity Securities - Equity Secu

Equity Securities - Equity Securities by Market Sector Distribution (Details) - Equity securities - Industry sector	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Percentage	100%	100%
Energy and utilities
Debt and Equity Securities, FV-NI [Line Items]
Percentage	33%	30%
Finance
Debt and Equity Securities, FV-NI [Line Items]
Percentage	22%	24%
Healthcare
Debt and Equity Securities, FV-NI [Line Items]
Percentage	7%	9%
Industrials
Debt and Equity Securities, FV-NI [Line Items]
Percentage	4%	3%
Information technology
Debt and Equity Securities, FV-NI [Line Items]
Percentage	25%	18%
Other
Debt and Equity Securities, FV-NI [Line Items]
Percentage	9%	16%

Mortgage Loans on Real Estate -

Mortgage Loans on Real Estate - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) loan_modification segment property loan	Jun. 30, 2023 USD ($) loan_modification	Jun. 30, 2024 USD ($) segment property loan_modification loan	Jun. 30, 2023 USD ($) loan_modification	Dec. 31, 2023 USD ($) property loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, number of portfolio segments | segment	2		2
Financing receivable, accrued interest, after allowance for credit loss	$ 94,000,000		$ 94,000,000		$ 27,000,000
Real estate acquired through foreclosure, number of units | property	13		13		3
Real estate acquired through foreclosure	$ 68,000,000		$ 68,000,000		$ 79,000,000
Number of significant mortgage loan modifications | loan_modification	3	3	7	5
Mortgage Receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, excluding accrued interest, after allowance for credit loss	$ 12,042,000,000		$ 12,042,000,000		$ 5,658,000,000
Financing receivable, accrued interest, writeoff	$ 1,000,000	$ 0	$ 1,000,000	$ 0
Financing receivable, threshold period, nonperforming			90 days
Financing receivable, nonaccrual, number of loans | loan	206		206		3
Interest income recognized on loans in non-accrual status	$ 1,000,000	$ 0	$ 1,000,000	$ 0
Residential Mortgage | Mortgage Receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, excluding accrued interest, after allowance for credit loss	$ 2,921,000,000		$ 2,921,000,000		$ 0

Mortgage Loans on Real Estate_2

Mortgage Loans on Real Estate - Mortgage Loan Portfolio Summary (Details) - Mortgage Receivable - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost	$ 12,096		$ 5,711
Allowance for credit losses	(54)	$ (54)	(53)	$ (43)	$ (49)	$ (38)
Mortgage loans, carrying value	12,042		5,658
Commercial Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal outstanding	9,778		5,870
Deferred fees and costs, net	(73)		(72)
Unamortized discounts and premiums, net	(530)		(87)
Amortized cost	9,175		5,711
Allowance for credit losses	(54)	(54)	(53)	(43)	(49)	(38)
Mortgage loans, carrying value	9,121		5,658
Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal outstanding	3,145		57
Deferred fees and costs, net	(132)		(57)
Unamortized discounts and premiums, net	(92)		0
Amortized cost	2,921		0
Allowance for credit losses	0	$ 0	0	$ 0	$ 0	$ 0
Mortgage loans, carrying value	$ 2,921		$ 0

Mortgage Loans on Real Estate_3

Mortgage Loans on Real Estate - Commercial Loan Portfolio Summary (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, accrued interest, after allowance for credit loss	$ 94	$ 27
Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	12,096	5,711
Allowance for credit losses	(54)	(53)	$ (54)	$ (43)	$ (49)	$ (38)
Commercial Mortgage | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	9,175	5,711
Allowance for credit losses	(54)	(53)	$ (54)	$ (43)	$ (49)	$ (38)
Financing receivable, accrued interest, after allowance for credit loss	$ 9,121	$ 5,658
Commercial Mortgage | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%	100%
Commercial Mortgage | Apartment | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 2,063	$ 1,091
Commercial Mortgage | Apartment | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	22.50%	19.10%
Commercial Mortgage | Hotel | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,210	$ 966
Commercial Mortgage | Hotel | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	13.20%	16.90%
Commercial Mortgage | Industrial | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,926	$ 1,052
Commercial Mortgage | Industrial | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	21%	18.40%
Commercial Mortgage | Office | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,222	$ 999
Commercial Mortgage | Office | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	13.30%	17.50%
Commercial Mortgage | Parking | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 319	$ 414
Commercial Mortgage | Parking | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	3.50%	7.20%
Commercial Mortgage | Retail | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,479	$ 781
Commercial Mortgage | Retail | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	16.10%	13.70%
Commercial Mortgage | Storage | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 180	$ 118
Commercial Mortgage | Storage | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2%	2.10%
Commercial Mortgage | Other | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 776	$ 290
Commercial Mortgage | Other | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	8.40%	5.10%
Pacific | Commercial Mortgage | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,804	$ 905
Pacific | Commercial Mortgage | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	19.70%	15.90%
Mountain | Commercial Mortgage | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,802	$ 1,327
Mountain | Commercial Mortgage | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	19.60%	23.20%
West North Central | Commercial Mortgage | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 280	$ 178
West North Central | Commercial Mortgage | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	3.10%	3.10%
West South Central | Commercial Mortgage | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,436	$ 1,081
West South Central | Commercial Mortgage | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	15.60%	18.90%
East North Central | Commercial Mortgage | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,040	$ 829
East North Central | Commercial Mortgage | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	11.30%	14.50%
East South Central | Commercial Mortgage | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 150	$ 50
East South Central | Commercial Mortgage | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.60%	0.90%
Middle Atlantic | Commercial Mortgage | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 374	$ 129
Middle Atlantic | Commercial Mortgage | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	4.10%	2.30%
South Atlantic | Commercial Mortgage | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,982	$ 1,000
South Atlantic | Commercial Mortgage | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	21.60%	17.50%
New England | Commercial Mortgage | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 106	$ 12
New England | Commercial Mortgage | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.20%	0.20%
Other | Commercial Mortgage | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 201	$ 200
Other | Commercial Mortgage | Geographic Concentration Risk | Financing Receivables | Mortgage Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.20%	3.50%

Mortgage Loans on Real Estate_4

Mortgage Loans on Real Estate - Valuation Allowance Rollforward (Details) - Mortgage Receivable - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ (54)	$ (53)	$ (49)	$ (38)	$ (53)	$ (38)
Acquisition from business combination	0		0		0	0
Provision	0		6		(1)	(5)
Writeoffs charged against the allowance	0		0		0	0
Recoveries of amounts previously written off	0		0		0	0
Ending balance	(54)	(54)	(43)	(49)	(54)	(43)
Commercial Mortgage
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	(54)	(53)	(49)	(38)	(53)	(38)
Acquisition from business combination	0		0		0	0
Provision	0		6		(1)	(5)
Writeoffs charged against the allowance	0		0		0	0
Recoveries of amounts previously written off	0		0		0	0
Ending balance	(54)	(54)	(43)	(49)	(54)	(43)
Residential Mortgage
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	0	0	0	0	0	0
Acquisition from business combination	0		0		0	0
Provision	0		0		0	0
Writeoffs charged against the allowance	0		0		0	0
Recoveries of amounts previously written off	0		0		0	0
Ending balance	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

Mortgage Loans on Real Estate_5

Mortgage Loans on Real Estate - Aging of Financing Receivables (Details) - Mortgage Receivable - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 281		$ 319
2023	1,516		1,562
2022	3,570		679
2021	1,543		489
2020	1,128		493
Prior	4,058		2,169
Amortized cost	12,096		5,711
Allowance for credit losses	(54)	$ (54)	(53)	$ (43)	$ (49)	$ (38)
Mortgage loans, carrying value	12,042		5,658
Commercial Mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
2024	214		319
2023	420		1,562
2022	2,265		679
2021	1,255		489
2020	983		493
Prior	4,038		2,169
Amortized cost	9,175		5,711
Allowance for credit losses	(54)	(54)	(53)	(43)	(49)	(38)
Mortgage loans, carrying value	9,121		5,658
Commercial Mortgage | Current
Financing Receivable, Credit Quality Indicator [Line Items]
2024	214		319
2023	415		1,486
2022	2,215		679
2021	1,254		489
2020	983		488
Prior	3,867		2,120
Amortized cost	8,948		5,581
Commercial Mortgage | 30 - 59 days past due
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	0		26
2022	0		0
2021	0		0
2020	0		5
Prior	24		21
Amortized cost	24		52
Commercial Mortgage | 60 - 89 days past due
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	2		50
2022	50		0
2021	0		0
2020	0		0
Prior	42		13
Amortized cost	94		63
Commercial Mortgage | Non-accrual (90 days or more past due)
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	3		0
2022	0		0
2021	1		0
2020	0		0
Prior	105		15
Amortized cost	109		15
Residential Mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
2024	67		0
2023	1,096		0
2022	1,305		0
2021	288		0
2020	145		0
Prior	20		0
Amortized cost	2,921		0
Allowance for credit losses	0	$ 0	0	$ 0	$ 0	$ 0
Mortgage loans, carrying value	2,921		0
Residential Mortgage | Current
Financing Receivable, Credit Quality Indicator [Line Items]
2024	64		0
2023	1,030		0
2022	1,193		0
2021	251		0
2020	127		0
Prior	17		0
Amortized cost	2,682		0
Residential Mortgage | 30 - 59 days past due
Financing Receivable, Credit Quality Indicator [Line Items]
2024	3		0
2023	16		0
2022	41		0
2021	10		0
2020	5		0
Prior	0		0
Amortized cost	75		0
Residential Mortgage | 60 - 89 days past due
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	14		0
2022	21		0
2021	7		0
2020	4		0
Prior	1		0
Amortized cost	47		0
Residential Mortgage | Non-accrual (90 days or more past due)
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	36		0
2022	50		0
2021	20		0
2020	9		0
Prior	2		0
Amortized cost	$ 117		$ 0

Private Loans - Credit Ratings

Private Loans - Credit Ratings For Private Loans (Details) - Private Loan - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, after allowance for credit loss	$ 1,724	$ 194
AAA
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, after allowance for credit loss	0	0
AA
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, after allowance for credit loss	72	0
A
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, after allowance for credit loss	926	0
BBB
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, after allowance for credit loss	35	0
BB and below
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, after allowance for credit loss	604	194
Unrated
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivable, excluding accrued interest, after allowance for credit loss	$ 87	$ 0

Private Loans - Allowances for

Private Loans - Allowances for Credit Losses for Private Loans (Details) - Private Loan - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (7)	$ (8)	$ 0	$ 0	$ (8)	$ 0
Acquisition from business combination	0	0	0	0
Provision	(14)	1	0	0
Writeoffs charged against the allowance	0	0	0	0
Recoveries of amounts previously written off	0	0	0	0
Ending balance	$ (21)	$ (7)	$ 0	$ 0	$ (21)	$ 0

Real Estate and Real Estate P_3

Real Estate and Real Estate Partnerships (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Real Estate [Line Items]
Real Estate	$ 2,050	$ 755
Real estate partnerships	4,279	2,856
Total real estate and real estate partnerships	$ 6,329	$ 3,611
Real estate | Industry sector
Real Estate [Line Items]
Percentage	100%	100%
Hotel
Real Estate [Line Items]
Real Estate	$ 137	$ 14
Hotel | Real estate | Industry sector
Real Estate [Line Items]
Percentage	7%	2%
Industrial
Real Estate [Line Items]
Real Estate	$ 28	$ 65
Industrial | Real estate | Industry sector
Real Estate [Line Items]
Percentage	1%	9%
Land
Real Estate [Line Items]
Real Estate	$ 129	$ 37
Land | Real estate | Industry sector
Real Estate [Line Items]
Percentage	6%	5%
Office
Real Estate [Line Items]
Real Estate	$ 236	$ 358
Office | Real estate | Industry sector
Real Estate [Line Items]
Percentage	12%	47%
Retail
Real Estate [Line Items]
Real Estate	$ 230	$ 218
Retail | Real estate | Industry sector
Real Estate [Line Items]
Percentage	11%	29%
Apartment
Real Estate [Line Items]
Real Estate	$ 0	$ 60
Apartment | Real estate | Industry sector
Real Estate [Line Items]
Percentage	0%	8%
Single family residential
Real Estate [Line Items]
Real Estate	$ 1,279	$ 0
Single family residential | Real estate | Industry sector
Real Estate [Line Items]
Percentage	62%	0%
Other
Real Estate [Line Items]
Real Estate	$ 11	$ 3
Other | Real estate | Industry sector
Real Estate [Line Items]
Percentage	1%	0%

Variable Interest Entities an_3

Variable Interest Entities and Equity Method Investments - Variable Interest Entities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Equity securities, at fair value	$ 1,200	$ 1,404
Real estate	2,050	755
Real estate partnerships	4,279	2,856
Short-term investments	1,945	2,397
Other invested assets	955	120
Cash and cash equivalents	13,895	3,192
Other invested assets	2,055	541
Total assets	118,618	35,885
Notes payable	657	174
Total liabilities	109,361	29,986
Mortgage Receivable
Variable Interest Entity [Line Items]
Financing receivables	12,042	5,658
Private Loan
Variable Interest Entity [Line Items]
Financing receivables	1,724	194
Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Fixed maturity securities, available for sale	44	63
Equity securities, at fair value	115	15
Real estate	1,628	172
Real estate partnerships	1,055	0
Investment funds	487	4
Short-term investments	0	4
Other invested assets	150	0
Cash and cash equivalents	132	26
Other invested assets	158	61
Total assets	3,965	533
Notes payable	175	174
Other liabilities	94	14
Total liabilities	269	188
Consolidated Variable Interest Entities | Private Loan
Variable Interest Entity [Line Items]
Financing receivables	196	188
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Fixed maturity securities, available for sale	2,100	0
Real estate partnerships	889	301
Short-term investments	57	0
Other invested assets	157	0
Total assets	3,876	933
Maximum Exposure to Loss	3,952	933
Unconsolidated Variable Interest Entities | Fixed maturity securities, available for sale
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	2,100	0
Unconsolidated Variable Interest Entities | Real estate partnerships
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	892	301
Unconsolidated Variable Interest Entities | Short-term investments
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	57	0
Unconsolidated Variable Interest Entities | Other invested assets
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	157	0
Unconsolidated Variable Interest Entities | Mortgage Receivable
Variable Interest Entity [Line Items]
Financing receivables	673	632
Unconsolidated Variable Interest Entities | Mortgage Receivable | Mortgage loans on real estate
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 746	$ 632

Variable Interest Entities an_4

Variable Interest Entities and Equity Method Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total investment	$ 4,300		$ 4,300		$ 4,400
Total assets	118,618		118,618		35,885
Net income	247	$ 98	361	$ 111
Aggregated total
Schedule of Equity Method Investments [Line Items]
Total assets	37,800		37,800		$ 4,400
Net income	$ 65	$ 30	$ 103	$ 66

Derivative Instruments - Notion

Derivative Instruments - Notional Amounts and Fair Value of Derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 45,871	$ 4,084
Derivative Liability	1,275	873
Derivative assets	1,610	227
Derivative Asset, Carrying Value/Fair Value	1,610	227
Derivative Liability, Carrying Value/Fair Value	0	0
Equity-indexed options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset, Carrying Value/Fair Value	1,610	227
Derivative Liability, Carrying Value/Fair Value	0	0
Indexed annuity and variable annuity product
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	0	0
Derivative Liability	1,196	873
Derivative assets	0	0
Funds withheld and Modco arrangements
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	0	0
Derivative Liability	79	0
Derivative assets	0	0
Not Designated as Hedging Instrument | Equity-indexed options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	45,871	4,084
Derivative Liability	0	0
Derivative assets	$ 1,610	$ 227

Derivative Instruments - Gain (

Derivative Instruments - Gain (Losses) Recognized in Income on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Gains (Losses) Recognized in Income	$ (21)	$ 26	$ (2)	$ 0
Equity-indexed options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Gains (Losses) Recognized in Income	308	46	365	71
Indexed annuity and variable annuity product
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Gains (Losses) Recognized in Income	(250)	(20)	(288)	(71)
Funds withheld and Modco arrangements
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Gains (Losses) Recognized in Income	$ (79)	$ 0	$ (79)	$ 0

Derivative Instruments - Call O

Derivative Instruments - Call Options By Counterparty and Credit Rating (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 1,610	$ 227
Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	1,610	227
Bank of America | Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	162	24
Barclays | Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	76	24
Canadian Imperial Bank of Commerce | Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	61	0
Citibank, N.A. | Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	46	0
Credit Suisse | Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	6	16
Goldman Sachs | Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	17	0
ING | Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	6	10
J.P. Morgan | Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	149	12
Mizuho | Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	393	0
Morgan Stanley | Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	114	43
NATIXIS | Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	2	4
Royal Bank of Canada | Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	132	0
Societe Generale | Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	82	0
Truist | Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	119	59
UBS AG | Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	50	0
Wells Fargo | Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 195	$ 35

Derivative Instruments - Offset

Derivative Instruments - Offsetting Derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative assets
Gross Amount of Derivative Instruments	$ 1,618	$ 227
Gross Amount Offset in the Consolidated Statements of Financial Position	(8)	0
Net Amount Presented in the Consolidated Statements of Financial Position	1,610	227
Collateral (Received) Pledged in Cash	(1,587)	(205)
Collateral (Received) Pledged in Invested Assets	(21)	(21)
Exposure of Net Collateral	2	1
Derivative liabilities
Gross amount of derivative instruments	(8)	0
Derivative Liability, Subject to Master Netting Arrangement, Asset Offset	8	0
Derivative Liability, Subject to Master Netting Arrangement, after Offset	0	0
Collateral (Received) Pledged in Cash	0	0
Collateral (Received) Pledged in Invested Assets	0	0
Exposure of Net Collateral	0	0
Collaterals held in cash and invested assets that are excess collateral	52	4
Equity-indexed options
Derivative assets
Gross Amount of Derivative Instruments	1,618	227
Gross Amount Offset in the Consolidated Statements of Financial Position	(8)	0
Net Amount Presented in the Consolidated Statements of Financial Position	1,610	227
Collateral (Received) Pledged in Cash	(1,587)	(205)
Collateral (Received) Pledged in Invested Assets	(21)	(21)
Exposure of Net Collateral	2	1
Derivative liabilities
Gross amount of derivative instruments	(8)	0
Derivative Liability, Subject to Master Netting Arrangement, Asset Offset	8	0
Derivative Liability, Subject to Master Netting Arrangement, after Offset	0	0
Collateral (Received) Pledged in Cash	0	0
Collateral (Received) Pledged in Invested Assets	0	0
Exposure of Net Collateral	$ 0	$ 0

Net Investment Income and Inv_3

Net Investment Income and Investment Related Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Investment Income [Line Items]
Total net investment income	$ 924	$ 342	$ 1,372	$ 666
Total investment related gains (losses), net	2	41	(32)	(20)
Available-for-sale fixed maturity securities
Net Investment Income [Line Items]
Total net investment income	433	167	661	324
Total investment related gains (losses), net	(33)	(35)	(25)	(60)
Equity securities
Net Investment Income [Line Items]
Total net investment income	6	0	21	0
Total investment related gains (losses), net	35	71	24	43
Mortgage loans
Net Investment Income [Line Items]
Total net investment income	160	73	238	142
Total investment related gains (losses), net	2	2	(6)	(10)
Private loans
Net Investment Income [Line Items]
Total net investment income	1	0	1	0
Total investment related gains (losses), net	(3)	0	(3)	0
Real estate
Net Investment Income [Line Items]
Total net investment income	39	1	52	5
Real estate partnerships
Net Investment Income [Line Items]
Total net investment income	6	(1)	6	15
Investment funds
Net Investment Income [Line Items]
Total net investment income	133	31	168	50
Policy loans
Net Investment Income [Line Items]
Total net investment income	6	0	6	0
Short-term investments
Net Investment Income [Line Items]
Total net investment income	45	58	77	92
Other
Net Investment Income [Line Items]
Total net investment income	95	13	142	38
Short-term investments and other invested assets
Net Investment Income [Line Items]
Total investment related gains (losses), net	$ 1	$ 3	$ (22)	$ 7

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Financial assets:
Equity securities	$ 1,200		$ 1,404
Policy loans	401		390
Short-term investments	1,945		2,397
Derivative assets	$ 1,610		$ 227
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other invested assets		Other invested assets
Other assets - market risk benefit assets	$ 704		$ 34
Separate account assets	1,266		1,189
Financial liabilities:
Market risk benefits	3,276		34
Separate account liabilities	1,266	$ 1,285	1,189	$ 1,145	$ 1,098	$ 1,045
Separate accounts not subject to fair value hierarchy	32		26
Other invested assets	955		120
Carrying Amount
Financial assets:
Fixed maturity securities, available for sale	46,480		12,877
Equity securities	1,200		1,404
Policy loans	401		390
Short-term investments	1,945		2,397
Derivative assets	1,610		227
Collaterals received on derivatives (excluding excess collateral)	(1,587)		(226)
Separately managed accounts	89		105
Other invested assets - other	832		14
Cash and cash equivalents	13,895		3,192
Reinsurance recoverables and deposit assets	15,261		0
Other assets - market risk benefit assets	704		34
Separate account assets	1,266		1,189
Total financial assets	95,862		27,455
Financial liabilities:
Policyholders’ account balances – embedded derivative	1,196		873
Policyholders' account balances, excluding embedded derivative	76,797		14,097
Market risk benefits	3,276		34
Funds withheld liabilities	79		0
Notes payable	657		174
Long term borrowings	2,476		1,493
Separate account liabilities	1,266		1,189
Total financial liabilities	85,747		17,860
Carrying Amount | Mortgage Receivable
Financial assets:
Financing receivables	12,042		5,658
Carrying Amount | Private Loan
Financial assets:
Financing receivables	1,724		194
Fair Value
Financial assets:
Fixed maturity securities, available for sale	46,480		12,877
Equity securities	1,200		1,404
Policy loans	401		390
Short-term investments	1,945		2,397
Derivative assets	1,610		227
Collaterals received on derivatives (excluding excess collateral)	(1,587)		(226)
Separately managed accounts	89		105
Other invested assets - other	832		14
Cash and cash equivalents	13,895		3,192
Reinsurance recoverables and deposit assets	14,196		0
Other assets - market risk benefit assets	704		34
Separate account assets	1,266		1,189
Total financial assets	94,572		27,202
Financial liabilities:
Policyholders’ account balances – embedded derivative	1,196		873
Policyholders' account balances, excluding embedded derivative	76,797		14,097
Market risk benefits	3,276		34
Funds withheld liabilities	79		0
Notes payable	657		174
Long term borrowings	2,458		1,493
Separate account liabilities	1,266		1,189
Total financial liabilities	85,729		17,860
Fair Value | Mortgage Receivable
Financial assets:
Financing receivables	11,812		5,405
Fair Value | Private Loan
Financial assets:
Financing receivables	1,729		194
Portion at Other than Fair Value Measurement
Financial liabilities:
Other invested assets	$ 407		$ 14

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) $ in Billions	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Coinsurance ceded	$ 1.1

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of Fair Value Hierarchy Measurements of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Financial assets
Equity securities	$ 1,200		$ 1,404
Short-term investments	1,945		2,397
Derivative assets	1,610		227
Other assets - market risk benefit assets	704		34
Separate account assets	1,266		1,189
Financial liabilities
Market risk benefits	3,276		34
Separate account liabilities	1,266	$ 1,285	1,189	$ 1,145	$ 1,098	$ 1,045
Separate accounts not subject to fair value hierarchy	32		26
Total Fair Value
Financial assets
Fixed maturity securities, available for sale	46,480		12,877
Equity securities	1,200		1,404
Real estate at fair value	1,279		0
Real estate partnerships at fair value	39		0
Investment funds (fair value option)	111		0
Short-term investments	1,945		2,397
Derivative assets	1,610		227
Collaterals received on derivatives (excluding excess collateral)	(1,587)		(226)
Separately managed accounts	89		105
Other invested assets - other	425		0
Cash and cash equivalents	13,895		3,192
Other assets - market risk benefit assets	704		34
Separate account assets	1,234		1,163
Total financial assets	67,424		21,173
Financial liabilities
Policyholders’ account balances – embedded derivative	1,196		873
Market risk benefits	3,276		34
Funds withheld liabilities	79		0
Separate account liabilities	1,234		1,163
Total financial liabilities	5,785		2,070
Total Fair Value | U.S. treasury and government
Financial assets
Fixed maturity securities, available for sale	83		62
Total Fair Value | U.S. states and political subdivisions
Financial assets
Fixed maturity securities, available for sale	3,299		578
Total Fair Value | Foreign governments
Financial assets
Fixed maturity securities, available for sale	453		9
Total Fair Value | Corporate debt securities
Financial assets
Fixed maturity securities, available for sale	31,949		10,784
Total Fair Value | Residential mortgage-backed securities
Financial assets
Fixed maturity securities, available for sale	1,079		127
Total Fair Value | Commercial mortgage-backed securities
Financial assets
Fixed maturity securities, available for sale	2,766		0
Total Fair Value | Collateralized debt securities
Financial assets
Fixed maturity securities, available for sale	6,851		1,317
Total Fair Value | Common stock
Financial assets
Equity securities	1,081		1,307
Total Fair Value | Preferred stock
Financial assets
Equity securities	114		97
Total Fair Value | Private equity and other
Financial assets
Equity securities	5		0
Level 1
Financial assets
Fixed maturity securities, available for sale	83		62
Equity securities	407		336
Real estate at fair value	0		0
Real estate partnerships at fair value	0		0
Investment funds (fair value option)	0		0
Short-term investments	823		1,100
Derivative assets	0		0
Collaterals received on derivatives (excluding excess collateral)	(1,587)		0
Separately managed accounts	0		0
Other invested assets - other	0		0
Cash and cash equivalents	13,895		3,192
Other assets - market risk benefit assets	0		0
Separate account assets	200		406
Total financial assets	13,821		5,096
Financial liabilities
Policyholders’ account balances – embedded derivative	0		0
Market risk benefits	0		0
Funds withheld liabilities	0		0
Separate account liabilities	200		406
Total financial liabilities	200		406
Level 1 | U.S. treasury and government
Financial assets
Fixed maturity securities, available for sale	83		62
Level 1 | U.S. states and political subdivisions
Financial assets
Fixed maturity securities, available for sale	0		0
Level 1 | Foreign governments
Financial assets
Fixed maturity securities, available for sale	0		0
Level 1 | Corporate debt securities
Financial assets
Fixed maturity securities, available for sale	0		0
Level 1 | Residential mortgage-backed securities
Financial assets
Fixed maturity securities, available for sale	0		0
Level 1 | Commercial mortgage-backed securities
Financial assets
Fixed maturity securities, available for sale	0		0
Level 1 | Collateralized debt securities
Financial assets
Fixed maturity securities, available for sale	0		0
Level 1 | Common stock
Financial assets
Equity securities	384		314
Level 1 | Preferred stock
Financial assets
Equity securities	23		22
Level 1 | Private equity and other
Financial assets
Equity securities	0		0
Level 2
Financial assets
Fixed maturity securities, available for sale	40,110		9,700
Equity securities	2		0
Real estate at fair value	0		0
Real estate partnerships at fair value	0		0
Investment funds (fair value option)	0		0
Short-term investments	544		0
Derivative assets	1,356		0
Collaterals received on derivatives (excluding excess collateral)	0		0
Separately managed accounts	0		0
Other invested assets - other	0		0
Cash and cash equivalents	0		0
Other assets - market risk benefit assets	0		0
Separate account assets	1,034		757
Total financial assets	43,046		10,457
Financial liabilities
Policyholders’ account balances – embedded derivative	0		0
Market risk benefits	0		0
Funds withheld liabilities	0		0
Separate account liabilities	1,034		757
Total financial liabilities	1,034		757
Level 2 | U.S. treasury and government
Financial assets
Fixed maturity securities, available for sale	0		0
Level 2 | U.S. states and political subdivisions
Financial assets
Fixed maturity securities, available for sale	3,047		578
Level 2 | Foreign governments
Financial assets
Fixed maturity securities, available for sale	453		9
Level 2 | Corporate debt securities
Financial assets
Fixed maturity securities, available for sale	29,035		8,570
Level 2 | Residential mortgage-backed securities
Financial assets
Fixed maturity securities, available for sale	1,057		127
Level 2 | Commercial mortgage-backed securities
Financial assets
Fixed maturity securities, available for sale	2,743		0
Level 2 | Collateralized debt securities
Financial assets
Fixed maturity securities, available for sale	3,775		416
Level 2 | Common stock
Financial assets
Equity securities	2		0
Level 2 | Preferred stock
Financial assets
Equity securities	0		0
Level 2 | Private equity and other
Financial assets
Equity securities	0		0
Level 3
Financial assets
Fixed maturity securities, available for sale	6,287		3,115
Equity securities	791		1,068
Real estate at fair value	1,279		0
Real estate partnerships at fair value	39		0
Investment funds (fair value option)	111		0
Short-term investments	578		1,297
Derivative assets	254		227
Collaterals received on derivatives (excluding excess collateral)	0		(226)
Separately managed accounts	89		105
Other invested assets - other	425		0
Cash and cash equivalents	0		0
Other assets - market risk benefit assets	704		34
Separate account assets	0		0
Total financial assets	10,557		5,620
Financial liabilities
Policyholders’ account balances – embedded derivative	1,196		873
Market risk benefits	3,276		34
Funds withheld liabilities	79		0
Separate account liabilities	0		0
Total financial liabilities	4,551		907
Level 3 | U.S. treasury and government
Financial assets
Fixed maturity securities, available for sale	0		0
Level 3 | U.S. states and political subdivisions
Financial assets
Fixed maturity securities, available for sale	252		0
Level 3 | Foreign governments
Financial assets
Fixed maturity securities, available for sale	0		0
Level 3 | Corporate debt securities
Financial assets
Fixed maturity securities, available for sale	2,914		2,214
Level 3 | Residential mortgage-backed securities
Financial assets
Fixed maturity securities, available for sale	22		0
Level 3 | Commercial mortgage-backed securities
Financial assets
Fixed maturity securities, available for sale	23		0
Level 3 | Collateralized debt securities
Financial assets
Fixed maturity securities, available for sale	3,076		901
Level 3 | Common stock
Financial assets
Equity securities	695		993
Level 3 | Preferred stock
Financial assets
Equity securities	91		75
Level 3 | Private equity and other
Financial assets
Equity securities	5		$ 0
Fair Value Measured at Net Asset Value Per Share
Financial assets
Investment funds (fair value option)	$ 360

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Schedule of Fair Value Assets Measured on Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Policy loans	$ 401	$ 390
Other invested assets	955	120
Policyholders' account balances, excluding embedded derivative	80,489	17,177
Notes payable	657	174
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total financial assets	13,821	5,096
Total financial liabilities	200	406
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total financial assets	43,046	10,457
Total financial liabilities	1,034	757
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total financial assets	10,557	5,620
Total financial liabilities	4,551	907
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Policy loans	401	390
Total financial assets	95,862	27,455
Long term borrowings	2,476	1,493
Total financial liabilities	85,747	17,860
Carrying Amount | Mortgage Receivable
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	12,042	5,658
Carrying Amount | Private Loan
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	1,724	194
Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Policy loans	401	390
Total financial assets	94,572	27,202
Long term borrowings	2,458	1,493
Total financial liabilities	85,729	17,860
Fair Value | Mortgage Receivable
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	11,812	5,405
Fair Value | Private Loan
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	1,729	194
Recurring | Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Policy loans	0	0
Deposit assets, included in reinsurance recoverables and deposit assets	0	0
Other invested assets	0	0
Policyholders' account balances, excluding embedded derivative	0	0
Long term borrowings	0	0
Notes payable	0	0
Recurring | Level 1 | Mortgage Receivable
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	0	0
Recurring | Level 1 | Private Loan
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	0	0
Recurring | Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Policy loans	0	0
Deposit assets, included in reinsurance recoverables and deposit assets	0	0
Other invested assets	403	0
Policyholders' account balances, excluding embedded derivative	0	0
Long term borrowings	0	0
Notes payable	0	0
Recurring | Level 2 | Mortgage Receivable
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	0	0
Recurring | Level 2 | Private Loan
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	846	0
Recurring | Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Policy loans	401	390
Deposit assets, included in reinsurance recoverables and deposit assets	14,196	0
Other invested assets	4	14
Policyholders' account balances, excluding embedded derivative	76,797	14,097
Long term borrowings	2,458	1,493
Notes payable	657	174
Recurring | Level 3 | Mortgage Receivable
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	11,812	5,405
Recurring | Level 3 | Private Loan
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	883	194
Recurring | Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Policy loans	401	390
Deposit assets, included in reinsurance recoverables and deposit assets	15,261	0
Other invested assets	407	14
Total financial assets	29,835	6,256
Policyholders' account balances, excluding embedded derivative	76,797	14,097
Long term borrowings	2,476	1,493
Notes payable	657	174
Total financial liabilities	79,930	15,764
Recurring | Carrying Amount | Mortgage Receivable
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	12,042	5,658
Recurring | Carrying Amount | Private Loan
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	1,724	194
Recurring | Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Policy loans	401	390
Deposit assets, included in reinsurance recoverables and deposit assets	14,196	0
Other invested assets	407	14
Total financial assets	28,545	6,003
Policyholders' account balances, excluding embedded derivative	76,797	14,097
Long term borrowings	2,458	1,493
Notes payable	657	174
Total financial liabilities	79,912	15,764
Recurring | Fair Value | Mortgage Receivable
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	11,812	5,405
Recurring | Fair Value | Private Loan
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	$ 1,729	$ 194

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Summary of Valuation Techniques and Unobservable Inputs of Level 3 Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Assets
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]				Net income
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]				Other comprehensive income (loss)
PAB – Embedded Derivative
Liabilities
Balance, beginning of period	$ 904	$ 784	$ 873	$ 726
Acquisitions from business combination	0	0	0	0
Fair value changes in net income	287	0	287	0
Net change included in interest sensitive contract benefits	0	51	(38)	102
Fair value changes in other comprehensive income	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements or maturities	(30)	0	(30)	0
Premiums less benefits	35	(26)	104	(19)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	1,196	809	1,196	809
Funds Withheld for Reinsurance Liabilities - Embedded Derivative
Liabilities
Balance, beginning of period	0	0	0	0
Acquisitions from business combination	0	0	0	0
Fair value changes in net income	79	0	79	0
Net change included in interest sensitive contract benefits	0	0	0	0
Fair value changes in other comprehensive income	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements or maturities	0	0	0	0
Premiums less benefits	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	79	0	79	0
Invested Assets
Assets
Balance, beginning of period	5,199	4,419	5,585	3,167
Acquisitions from business combination	4,288	0	4,288	0
Fair value changes in net income	12	11	12	97
Net change included in interest sensitive contract benefits	0	0	0	0
Fair value changes in other comprehensive income	875	(1)	182	(1)
Purchases	1,302	822	3,346	2,235
Sales	(2,048)	(631)	(3,785)	(878)
Settlements or maturities	(2)	0	(2)	0
Premiums less benefits	0	0	0	0
Transfers into Level 3	112	0	112	0
Transfers out of Level 3	(139)	0	(139)	0
Balance, end of period	9,599	4,620	9,599	4,620
Derivative Assets
Assets
Balance, beginning of period	257	167	227	121
Acquisitions from business combination	0	0	0	0
Fair value changes in net income	24	47	81	72
Net change included in interest sensitive contract benefits	0	0	0	0
Fair value changes in other comprehensive income	0	0	0	0
Purchases	39	30	74	60
Sales	0	0	0	0
Settlements or maturities	(66)	(29)	(128)	(38)
Premiums less benefits	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	$ 254	$ 215	$ 254	$ 215

Fair Values of Financial Instru

Fair Values of Financial Instruments - Quantitative Information About Level 3 Fair Value Measurements (Details) - Level 3 - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, available for sale	$ 6,287	$ 3,115
Real estate at fair value	1,279	0
Real estate partnerships at fair value	39	0
Investments funds	111	0
Other invested assets - other	425	0
Recurring | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments funds	111
Other invested assets - other	157
Separately managed accounts	89	105
Real estate investments | Recurring | Broker price opinion
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate at fair value	1,279
Real estate partnerships | Recurring | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate partnerships at fair value	39
Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, available for sale	2,914	$ 2,214
Corporate debt securities | Recurring | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, available for sale	83
Collateralized debt securities | Recurring | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fixed maturity securities, available for sale	$ 1,947

Reinsurance - Schedule of Reins

Reinsurance - Schedule of Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Premiums earned:
Gross amounts	$ 1,387	$ 1,344	$ 2,871	$ 2,411
Reinsurance ceded	(382)	(342)	(722)	(628)
Net premiums earned	1,005	1,002	2,149	1,783
Other policy revenue:
Gross amounts	203	103	315	200
Reinsurance ceded	(19)	0	(19)	0
Other policy revenue	184	103	296	200
Policyholder benefits paid and claims incurred:
Gross amounts	1,296	1,171	2,588	2,029
Reinsurance ceded	(266)	(182)	(472)	(340)
Net benefits paid and claims incurred	1,030	989	2,116	1,689
Change in fair value of market risk benefits:
Gross amounts	148	(24)	186	(14)
Reinsurance ceded	(9)	12	(28)	7
Change in fair value of market risk benefits	139	(12)	158	(7)
Interest sensitive contract benefits:
Gross amounts	506	175	765	365
Reinsurance ceded	(116)	(59)	(220)	(160)
Interest sensitive contract benefits	$ 390	$ 116	$ 545	$ 205

Reinsurance - Annuity Reinsuran

Reinsurance - Annuity Reinsurance Treaties and Related Recoverables (Details) $ in Millions	Jun. 30, 2024 USD ($)
Effects of Reinsurance [Line Items]
Reinsurance Recoverable	$ 14,761
EquiTrust Life Insurance Company
Effects of Reinsurance [Line Items]
Reinsurance Recoverable	245
Athene Life Re Ltd.
Effects of Reinsurance [Line Items]
Reinsurance Recoverable	2,044
North End Re (Cayman) SPC
Effects of Reinsurance [Line Items]
Reinsurance Recoverable	8,075
AeBe ISA LTD
Effects of Reinsurance [Line Items]
Reinsurance Recoverable	$ 4,397

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Insurance [Abstract]
Reinsurance recoverable, allowance for credit loss	$ 0	$ 0
Reinsurance, risk charge	$ 3	$ 3

Reinsurance - Schedule of Rei_2

Reinsurance - Schedule of Reinsurance Recoverable (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Insurance [Abstract]
Reinsurance Recoverables, Including Reinsurance Premium Paid	$ 15,261	$ 427

Separate Account Assets and L_3

Separate Account Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Separate Account, Liability [Roll Forward]
Balance, beginning of period	$ 1,285	$ 1,098	$ 1,189	$ 1,045
Additions (deductions):
Acquisition from business combination	0	0	0	0
Policyholder deposits	15	18	35	39
Net investment income	1	5	10	14
Net realized capital gains on investments	16	62	112	114
Policyholder benefits and withdrawals	(27)	(35)	(75)	(59)
Net transfers from (to) separate accounts	(20)	1	2	(1)
Policy charges	(4)	(4)	(7)	(7)
Total changes	(19)	47	77	100
Balance, end of period	$ 1,266	$ 1,145	$ 1,266	$ 1,145

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired - Schedule of Rollforward of Deferred Acquisition Costs and Value of Business Acquired (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
DAC
Balance, beginning of period	$ 607	$ 340	$ 572	$ 252
Additions	295	219	483	401
Amortization	(85)	(113)	(238)	(207)
Net change	210	106	245	194
Balance, end of period	817	446	817	446
DSI
Balance, beginning of period	9	5	8	4
Additions	93	1	94	2
Amortization	1	0	1	0
Net change	94	1	95	2
Balance, end of period	103	6	103	6
VOBA
Balance, beginning of period	356	406	364	443
Acquisition from business combinations	7,194	0	7,194	0
Additions	0	0	0	0
Amortization	(115)	(19)	(123)	(56)
Net change	7,079	(19)	7,071	(56)
Balance, end of period	7,435	387	7,435	387
Total DAC, DSI, and VOBA Asset	8,355	839	8,355	839	$ 944
Annuity
DAC
Balance, beginning of period	223	64	190	43
Additions	191	66	230	90
Amortization	(8)	(2)	(14)	(5)
Net change	183	64	216	85
Balance, end of period	406	128	406	128
DSI
Balance, beginning of period	9	5	8	4
Additions	93	1	94	2
Amortization	1	0	1	0
Net change	94	1	95	2
Balance, end of period	103	6	103	6
VOBA
Balance, beginning of period	38	43	39	44
Acquisition from business combinations	7,194	0	7,194	0
Additions	0	0	0	0
Amortization	(106)	0	(107)	(1)
Net change	7,088	0	7,087	(1)
Balance, end of period	7,126	43	7,126	43
Total DAC, DSI, and VOBA Asset	7,635	177	7,635	177
Life
DAC
Balance, beginning of period	249	131	224	88
Additions	19	37	57	84
Amortization	3	(6)	(10)	(10)
Net change	22	31	47	74
Balance, end of period	271	162	271	162
DSI
Balance, beginning of period	0	0	0	0
Additions	0	0	0	0
Amortization	0	0	0	0
Net change	0	0	0	0
Balance, end of period	0	0	0	0
VOBA
Balance, beginning of period	300	329	305	335
Acquisition from business combinations	0	0	0	0
Additions	0	0	0	0
Amortization	(7)	(8)	(12)	(14)
Net change	(7)	(8)	(12)	(14)
Balance, end of period	293	321	293	321
Total DAC, DSI, and VOBA Asset	564	483	564	483
P&C
DAC
Balance, beginning of period	135	145	158	121
Additions	85	116	196	227
Amortization	(80)	(105)	(214)	(192)
Net change	5	11	(18)	35
Balance, end of period	140	156	140	156
DSI
Balance, beginning of period	0	0	0	0
Additions	0	0	0	0
Amortization	0	0	0	0
Net change	0	0	0	0
Balance, end of period	0	0	0	0
VOBA
Balance, beginning of period	18	34	20	64
Acquisition from business combinations	0	0	0	0
Additions	0	0	0	0
Amortization	(2)	(11)	(4)	(41)
Net change	(2)	(11)	(4)	(41)
Balance, end of period	16	23	16	23
Total DAC, DSI, and VOBA Asset	$ 156	$ 179	$ 156	$ 179

Deferred Policy Acquisition C_4

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired - Schedule of Projected VOBA Asset Amortization Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
2024	$ 317
2025	612
2026	564
2027	514
2028	474
Thereafter	4,954
Total amortization expense	$ 7,435	$ 356	$ 364	$ 387	$ 406	$ 443

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross Carrying Amount	$ 1,581	$ 15
Accumulated Amortization	(15)	(2)
Definite-Lived Intangible Assets, Net Carrying Amount	1,566	13
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	46	31
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	1,627	46
Accumulated Amortization	15	2
Net Carrying Amount	1,612	44
Insurance licenses
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	46	31
Distributor relationships
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross Carrying Amount	1,485	5
Accumulated Amortization	(11)	0
Definite-Lived Intangible Assets, Net Carrying Amount	1,474	5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	11	0
Trade name
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross Carrying Amount	58	10
Accumulated Amortization	(3)	(2)
Definite-Lived Intangible Assets, Net Carrying Amount	55	8
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	3	2
Internally generated software
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross Carrying Amount	38	0
Accumulated Amortization	(1)	0
Definite-Lived Intangible Assets, Net Carrying Amount	37	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	1	0
Sublease and other
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross Carrying Amount	0	0
Accumulated Amortization	0	0
Definite-Lived Intangible Assets, Net Carrying Amount	0	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ 0	$ 0

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of intangible assets (excluding goodwill)	$ 0	$ 0	$ 0	$ 0
Amortization expense	$ 12,000,000	$ 0	$ 13,000,000	$ 1,000,000

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Estimated Future Amortization Expense (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 36
2025	73
2026	73
2027	73
2028	73
Thereafter	1,238
Definite-Lived Intangible Assets, Net Carrying Amount	$ 1,566	$ 13

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	May 02, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill		$ 754		$ 754		$ 121
AEL
Business Combination, Separately Recognized Transactions [Line Items]
Cash	$ 2,525
Business acquisition, equity interest issued or issuable, number of shares (in shares)	28,803,599
Goodwill	$ 630	630		630
Contributed revenues				564
Contributed net profit				(15)
Consolidated unaudited pro forma revenue		3,100	$ 2,700	7,000	$ 4,500
Consolidated unaudited pro forma net profit (loss)		$ 610	$ 401	1,800	$ 349
Acquisition costs				$ 126

Acquisitions - Schedule of Reco

Acquisitions - Schedule of Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	May 02, 2024	Jun. 30, 2024	Dec. 31, 2023
Liabilities assumed:
Less: Fair value of AEL preferred stock	$ 685
Goodwill		$ 754	$ 121
AEL
Fair value of consideration transferred:
Cash	2,525
BAM Shares transferred by the Company	1,111
Fair value of the Company’s pre-existing interest in AEL	897
Total consideration	4,533
Assets acquired:
Investments	42,960
Cash and cash equivalents	13,367
Accrued investment income	414
Value of business acquired	7,194
Reinsurance recoverables and deposit assets	14,963
Property and equipment	42
Intangible assets	1,580
Other assets	670
Total assets acquired	81,190
Liabilities assumed:
Future policy benefits	310
Policyholders’ account balances	61,473
Market risk benefits	2,978
Notes payable	768
Subsidiary borrowings	84
Funds withheld for reinsurance liabilities	8,601
Other liabilities	2,360
Total liabilities assumed	76,574
Less: Non-controlling interest	28
Net assets acquired	3,903
Goodwill	$ 630	$ 630

Future Policy Benefits - Schedu

Future Policy Benefits - Schedule of Future Policy Benefits (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Policyholder Account Balance [Line Items]
Future policy benefits	$ 5,249	$ 4,108
Other contracts and VOBA liability	1,823	1,870
Total future policy benefits	7,227	6,108
Annuity
Policyholder Account Balance [Line Items]
Future policy benefits	3,385	2,213
Deferred profit liability:	72	64
Life
Policyholder Account Balance [Line Items]
Future policy benefits	1,864	1,895
Deferred profit liability:	$ 83	$ 66

Future Policy Benefits - Change

Future Policy Benefits - Changes in Liability for Future Policy Benefits (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Present Value of Expected Net Premiums:
Balance, beginning of period	$ 3,145	$ 3,520
Beginning balance at original discount rate	3,254	3,826
Effect of changes in cash flow assumptions		(63)	$ (353)
Effect of actual variances from expected experience		(28)	(57)
Adjusted beginning of period balance		3,163	3,416
Acquisition from business combination	0	0
Issuances	1,023	1,074
Interest accrual	68	129
Net premiums collected	(1,166)	(1,368)
Derecognitions (lapses and withdrawals)	1	3
Foreign currency translation	0	0
Ending balance at original discount rate	3,089	3,254
Effect of changes in discount rate assumptions	(235)	(109)
Balance, end of period	2,854	3,145
Present Value of Expected Future Policy Benefits:
Balance, beginning of period	7,253	6,618
Beginning balance at original discount rate	7,494	7,243
Effect of changes in cash flow assumptions		75	(363)
Effect of actual variances from expected experience		(27)	(84)
Adjusted beginning of period balance		7,542	6,796
Acquisition of business combination	311	0
Issuances	1,035	1,077
Interest accrual	172	261
Benefit payments	(363)	(645)
Derecognitions (lapses and withdrawals)	2	5
Foreign currency translation	0	0
Ending balance at original discount rate	8,699	7,494
Effect of changes in discount rate assumptions	(596)	(241)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	0	0
Balance, end of period	8,103	7,253
Total future policy benefits	5,249	4,108
Less: Reinsurance recoverables	(49)	(45)
Net liability for future policy benefits, after reinsurance recoverable	5,200	4,063
Annuity
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		6	2
Adjusted beginning of period balance		6	2
Acquisition from business combination	0	0
Issuances	991	984
Interest accrual	6	8
Net premiums collected	(1,004)	(995)
Derecognitions (lapses and withdrawals)	0	1
Foreign currency translation	0	0
Ending balance at original discount rate	(1)	0
Effect of changes in discount rate assumptions	0	0
Balance, end of period	(1)	0
Present Value of Expected Future Policy Benefits:
Balance, beginning of period	2,213	1,288
Beginning balance at original discount rate	2,217	1,368
Effect of changes in cash flow assumptions		1	(1)
Effect of actual variances from expected experience		6	(25)
Adjusted beginning of period balance		2,224	1,342
Acquisition of business combination	311	0
Issuances	1,003	988
Interest accrual	71	73
Benefit payments	(135)	(189)
Derecognitions (lapses and withdrawals)	1	3
Foreign currency translation	0	0
Ending balance at original discount rate	3,475	2,217
Effect of changes in discount rate assumptions	(91)	(4)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	0	0
Balance, end of period	3,384	2,213
Total future policy benefits	3,385	2,213
Less: Reinsurance recoverables	(3)	0
Net liability for future policy benefits, after reinsurance recoverable	$ 3,382	$ 2,213
Weighted-average liability duration of future policy benefits (years)	8 years	8 years
Weighted average interest accretion rate	5.09%	4.94%
Weighted average current discount rate	5.47%	4.88%
Life
Present Value of Expected Net Premiums:
Balance, beginning of period	$ 3,145	$ 3,520
Beginning balance at original discount rate	3,254	3,826
Effect of changes in cash flow assumptions		(63)	(353)
Effect of actual variances from expected experience		(34)	(59)
Adjusted beginning of period balance		3,157	3,414
Acquisition from business combination	0	0
Issuances	32	90
Interest accrual	62	121
Net premiums collected	(162)	(373)
Derecognitions (lapses and withdrawals)	1	2
Foreign currency translation	0	0
Ending balance at original discount rate	3,090	3,254
Effect of changes in discount rate assumptions	(235)	(109)
Balance, end of period	2,855	3,145
Present Value of Expected Future Policy Benefits:
Balance, beginning of period	5,040	5,330
Beginning balance at original discount rate	5,277	5,875
Effect of changes in cash flow assumptions		74	(362)
Effect of actual variances from expected experience		(33)	(59)
Adjusted beginning of period balance		5,318	$ 5,454
Acquisition of business combination	0	0
Issuances	32	89
Interest accrual	101	188
Benefit payments	(228)	(456)
Derecognitions (lapses and withdrawals)	1	2
Foreign currency translation	0	0
Ending balance at original discount rate	5,224	5,277
Effect of changes in discount rate assumptions	(505)	(237)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	0	0
Balance, end of period	4,719	5,040
Total future policy benefits	1,864	1,895
Less: Reinsurance recoverables	(46)	(45)
Net liability for future policy benefits, after reinsurance recoverable	$ 1,818	$ 1,850
Weighted-average liability duration of future policy benefits (years)	16 years	16 years
Weighted average interest accretion rate	4.61%	4.60%
Weighted average current discount rate	5.58%	5.03%

Future Policy Benefits - Undisc

Future Policy Benefits - Undiscounted Expected Gross Premiums and Expected Future Benefit Payments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments, Undiscounted	$ 15,906		$ 13,819
Expected future gross premiums, Undiscounted	14,649		7,541
Expected future benefit payments, Discounted	8,103	$ 7,253	7,253	$ 6,618
Expected future gross premiums, Discounted	8,507		4,328
Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments, Undiscounted	5,531		3,466
Expected future gross premiums, Undiscounted	0		0
Expected future benefit payments, Discounted	3,384	2,213	2,213	1,288
Expected future gross premiums, Discounted	0		0
Life
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments, Undiscounted	10,375		10,353
Expected future gross premiums, Undiscounted	14,649		7,541
Expected future benefit payments, Discounted	4,719	$ 5,040	5,040	$ 5,330
Expected future gross premiums, Discounted	$ 8,507		$ 4,328

Future Policy Benefits - Revenu

Future Policy Benefits - Revenue and Interest Recognized in the Statements of Operations (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	$ 1,555	$ 1,027
Interest Expense	81	83
Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	391	452
Interest Expense	$ 72	$ 95

Policyholders' Account Balanc_3

Policyholders' Account Balances - Policyholder Account Balance (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	$ 17,177
Balance, end of period	80,489	$ 17,177
Annuity
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	14,694	12,012
Issuances	4,064	4,382
Acquisition from business combination	61,296	0
Premiums received	23	34
Policy charges	(122)	(39)
Surrenders and withdrawals	(3,060)	(2,132)
Interest credited	707	437
Benefit payments	(152)	0
Other	3	0
Balance, end of period	77,453	14,694
Total PAB balance, end of period	$ 78,358	$ 15,128
Weighted-average crediting rate	2.88%	3.27%
Net amount at risk	$ 12,466	$ 417
Cash surrender value	71,450	15,000
Annuity | Supplmental Contracts
Policyholder Account Balance [Roll Forward]
Reconciling items	489	291
Annuity | Variable Universal Life
Policyholder Account Balance [Roll Forward]
Reconciling items	0	0
Annuity | Deferred Variable Annuity
Policyholder Account Balance [Roll Forward]
Reconciling items	8	8
Annuity | Insurance, Other
Policyholder Account Balance [Roll Forward]
Reconciling items	408	135
Life
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	1,975	1,899
Issuances	36	84
Acquisition from business combination	0	0
Premiums received	213	399
Policy charges	(187)	(362)
Surrenders and withdrawals	(43)	(110)
Interest credited	48	65
Benefit payments	0	0
Other	0	0
Balance, end of period	2,042	1,975
Total PAB balance, end of period	$ 2,131	$ 2,049
Weighted-average crediting rate	4.78%	3.34%
Net amount at risk	$ 38,365	$ 38,365
Cash surrender value	1,796	1,796
Life | Supplmental Contracts
Policyholder Account Balance [Roll Forward]
Reconciling items	0	0
Life | Variable Universal Life
Policyholder Account Balance [Roll Forward]
Reconciling items	39	36
Life | Deferred Variable Annuity
Policyholder Account Balance [Roll Forward]
Reconciling items	0	0
Life | Insurance, Other
Policyholder Account Balance [Roll Forward]
Reconciling items	$ 50	$ 38

Policyholders' Account Balanc_4

Policyholders' Account Balances - Policyholder Account Balance, Guaranteed Minimum Crediting Rate (Details) $ in Millions	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 80,489	$ 17,177
Annuity
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	77,453	14,694	$ 12,012
Annuity | At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	7,990	4,244
Annuity | 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	3,499	875
Annuity | 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	5,783	2,483
Annuity | > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	13,165	7,084
Annuity | Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	47,016	8
Annuity | 0% - 1%
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 15,576	$ 3,719
Annuity | 0% - 1% | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of Guaranteed Minimum Crediting Rate	0%	0%
Annuity | 0% - 1% | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of Guaranteed Minimum Crediting Rate	1%	1%
Annuity | 0% - 1% | At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 4,296	$ 2,485
Annuity | 0% - 1% | 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 2,670	$ 29
Annuity | 0% - 1% | 1 - 50 Basis Points Above | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Basis points	0.0001	0.0001
Annuity | 0% - 1% | 1 - 50 Basis Points Above | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Basis points	0.0050	0.0050
Annuity | 0% - 1% | 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 3,931	$ 483
Annuity | 0% - 1% | 51 - 150 Basis Points Above | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Basis points	0.0051	0.0051
Annuity | 0% - 1% | 51 - 150 Basis Points Above | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Basis points	0.0150	0.0150
Annuity | 0% - 1% | > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Basis points	0.0150	0.0150
Policyholders' account balances, excluding embedded derivative	$ 4,679	$ 722
Annuity | 0% - 1% | Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Annuity | 1% - 2%
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 5,423	$ 5,178
Annuity | 1% - 2% | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of Guaranteed Minimum Crediting Rate	1%	1%
Annuity | 1% - 2% | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of Guaranteed Minimum Crediting Rate	2%	2%
Annuity | 1% - 2% | At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 1,446	$ 668
Annuity | 1% - 2% | 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	393	430
Annuity | 1% - 2% | 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	1,740	1,943
Annuity | 1% - 2% | > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	1,844	2,137
Annuity | 1% - 2% | Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Annuity | 2% - 3%
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 9,119	$ 5,516
Annuity | 2% - 3% | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of Guaranteed Minimum Crediting Rate	2%	2%
Annuity | 2% - 3% | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of Guaranteed Minimum Crediting Rate	3%	3%
Annuity | 2% - 3% | At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 1,942	$ 827
Annuity | 2% - 3% | 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	429	409
Annuity | 2% - 3% | 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	111	56
Annuity | 2% - 3% | > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	6,637	4,224
Annuity | 2% - 3% | Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 0	$ 0
Annuity | Greater than 3%
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of Guaranteed Minimum Crediting Rate	3%	3%
Policyholders' account balances, excluding embedded derivative	$ 319	$ 273
Annuity | Greater than 3% | At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	306	264
Annuity | Greater than 3% | 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	7	7
Annuity | Greater than 3% | 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	1	1
Annuity | Greater than 3% | > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	5	1
Annuity | Greater than 3% | Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Annuity | Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	47,016	8
Annuity | Other | At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Annuity | Other | 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Annuity | Other | 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Annuity | Other | > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Annuity | Other | Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	47,016	8
Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	2,042	1,975	$ 1,899
Life | At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	1,097	1,242
Life | 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	2	2
Life | 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	276	359
Life | > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	667	371
Life | Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	1
Life | 0% - 1%
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 0	$ 0
Life | 0% - 1% | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of Guaranteed Minimum Crediting Rate	0%	0%
Life | 0% - 1% | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of Guaranteed Minimum Crediting Rate	1%	1%
Life | 0% - 1% | At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 0	$ 0
Life | 0% - 1% | 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Life | 0% - 1% | 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Life | 0% - 1% | > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Life | 0% - 1% | Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Life | 1% - 2%
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 757	$ 681
Life | 1% - 2% | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of Guaranteed Minimum Crediting Rate	1%	1%
Life | 1% - 2% | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of Guaranteed Minimum Crediting Rate	2%	2%
Life | 1% - 2% | At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 34	$ 168
Life | 1% - 2% | 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	2	2
Life | 1% - 2% | 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	54	140
Life | 1% - 2% | > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	667	371
Life | 1% - 2% | Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Life | 2% - 3%
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 643	$ 634
Life | 2% - 3% | Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of Guaranteed Minimum Crediting Rate	2%	2%
Life | 2% - 3% | Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of Guaranteed Minimum Crediting Rate	3%	3%
Life | 2% - 3% | At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 421	$ 415
Life | 2% - 3% | 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Life | 2% - 3% | 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	222	219
Life | 2% - 3% | > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Life | 2% - 3% | Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 0	$ 0
Life | Greater than 3%
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Range of Guaranteed Minimum Crediting Rate	3%	3%
Policyholders' account balances, excluding embedded derivative	$ 642	$ 659
Life | Greater than 3% | At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	642	659
Life | Greater than 3% | 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Life | Greater than 3% | 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Life | Greater than 3% | > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Life | Greater than 3% | Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Life | Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	1
Life | Other | At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Life | Other | 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Life | Other | 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Life | Other | > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	0	0
Life | Other | Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances, excluding embedded derivative	$ 0	$ 1

Market Risk Benefits - Schedule

Market Risk Benefits - Schedule of Net Balance of Market Risk Benefit Asset and Liabilities (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Market Risk Benefit [Roll Forward]
Balance, beginning of period	$ 0
Balance, end of period	2,572	$ 0
Annuity
Market Risk Benefit [Roll Forward]
Balance, beginning of period	0	44
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	1	70
Acquisition from business combination	2,376	0
Issuances	3	1
Interest accrual	21	3
Attributed fees collected	39	13
Benefits payments	0	0
Effect of changes in interest rates	138	(117)
Effect of changes in equity markets	(15)	171
Effect of changes in equity index volatility	(2)	(46)
Actual policyholder behavior different from expected behavior	0	(7)
Actual policyholder behavior different from expected behavior	(8)	0
Effect of changes in other future expected assumptions	27	(87)
Balance, end of period, before effect of changes in the instrument-specific credit	2,580	1
Effect of changes in the ending instrument-specific credit risk	(8)	(1)
Balance, end of period	2,572	0
Less: Reinsured MRB, end of period	(618)	0
Balance, end of period, net of reinsurance	1,954	0
Net amount at risk	$ 12,051	$ 0
Weighted average attained age of contract holders (years)	71 years	65 years

Market Risk Benefits - Schedu_2

Market Risk Benefits - Schedule of Reconciliation of Market Risk Benefits (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Market Risk Benefit [Line Items]
Asset	$ 704	$ 34
Liability	3,276	34
Net Liability	2,572	0
Annuity
Market Risk Benefit [Line Items]
Asset	704	34
Liability	3,276	34
Net Liability	$ 2,572	$ 0	$ 44

Liability For Unpaid Claims A_3

Liability For Unpaid Claims And Claim Adjustment Expenses - Information on Liability for Unpaid Claims (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Policy and contract claims, beginning	$ 1,854	$ 1,825	$ 1,870	$ 1,786
Less: Unpaid claims balance, beginning – long-duration	203	250	213	231
Gross unpaid claims balance, beginning – short-duration	1,651	1,575	1,657	1,555
Less: Reinsurance recoverables, beginning	306	300	302	305
Net unpaid claims balance, beginning – short-duration	1,345	1,275	1,355	1,250
Acquisition from business combination, net of reinsurance	1	0	1	0
Add: incurred related to:
Current accident year	407	442	750	816
Prior accident years	(14)	(11)	(32)	(22)
Total incurred claims	393	431	718	794
Less: paid claims related to:
Current accident year	201	234	309	342
Prior accident years	142	118	369	348
Total paid claims	343	352	678	690
Net unpaid claims balance, ending – short-duration	1,396	1,354	1,396	1,354
Add: Foreign currency translation and other	0	0	0	0
Add: Reinsurance recoverables, ending	271	303	271	303
Gross unpaid claims balance, ending – short-duration	1,667	1,657	1,667	1,657
Add: Unpaid claims balance, ending – long duration	213	210	213	210
Policy and contract claims, ending	$ 1,880	$ 1,867	$ 1,880	$ 1,867

Liability For Unpaid Claims A_4

Liability For Unpaid Claims And Claim Adjustment Expenses - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]
Prior year incurred claims	$ (14)	$ (11)	$ (32)	$ (22)
Liability for unpaid claims and claims adjustment expense, incurred but not reported (ibnr) claims, amount	$ 8		$ 8		$ 4

Notes Payable and Long Term B_3

Notes Payable and Long Term Borrowings - Narrative (Details) - USD ($)				1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 13, 2022	May 25, 2022	Feb. 15, 2022	May 31, 2024	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jul. 06, 2022	Jun. 30, 2022	Jun. 16, 2017
Line of Credit Facility [Line Items]
Cash interest paid						$ 62,000,000	$ 0
Senior Unsecured Notes Due June 2027 | Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount										$ 500,000,000
Interest rate										5%
Term Loan Agreement | Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 1,500,000,000
Debt term		5 years
Repayments of long-term lines of credit	$ 500,000,000			$ 1,000,000,000
Unsecured Senior Notes | Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount									$ 500,000,000
Interest rate									6.144%
Debt instrument, unamortized debt issuance costs					$ 3,900,000	3,900,000
Cash interest paid					15,400,000	15,400,000
Term Loan | Line of Credit
Line of Credit Facility [Line Items]
Total drawings					1,900,000,000	1,900,000,000
American Equity Capital Trust II | Subordinated Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount					100,000,000	100,000,000
Long-term debt, fair value					$ 75,000,000	$ 75,000,000
Effective rate					6.80%	6.80%
Delayed Draw Term Loan (DDTL) | Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, face amount			$ 300,000,000
Debt term			5 years
Total drawings								$ 300,000,000

Notes Payable and Long Term B_4

Notes Payable and Long Term Borrowings - Subordinated Debt Obligations (Details) - Subordinated Debt - American Equity Capital Trust II $ in Millions	Jun. 30, 2024 USD ($)
Subordinated Borrowing [Line Items]
Debt, gross amount	$ 84
Interest Rate	5%

Notes Payable and Long Term B_5

Notes Payable and Long Term Borrowings - Corporate Borrowings and Subsidiary Borrowings (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Total	$ 2,476	$ 1,493
Unamortized Discount and Issuance Costs	(24)	(7)
Less Than 1 year	0	0
1-2 Years	0	0
2-3 Years	1,900	0
3-4 Years	0	1,000
4-5 Years	0	0
More Than 5 Years	$ 600	$ 500

Income Taxes - Tax Expense (Det

Income Taxes - Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Consolidated Statements of Operations:
Current income tax	$ 43		$ 8		$ 45	$ 14
Deferred income taxes	(332)		13		(305)	5
Total income tax expense included in Consolidated Statements of Operations	(289)		21		(260)	19
Expense (benefit) relating to:
Changes in other comprehensive income	137	$ 13	(43)	$ (58)	147	(101)
Income Tax Expense (Benefit), Intraperiod Tax Allocation	$ (152)		$ (22)		$ (113)	$ (82)

Income Taxes - Income Tax Recon

Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Net income (loss) before income taxes	$ (42)	$ 119	$ 101	$ 130
Total expected income tax expense at the statutory rate	(9)	25	21	27
Tax effect of:
Impact of Bermuda corporate income tax	(292)	0	(292)
Tax exempt net investment income	0	(1)	(1)	(2)
Non-deductible compensation	16	1	17	1
Other	(4)	(4)	(5)	(7)
Total income tax expense included in Consolidated Statements of Operations	$ (289)	$ 21	$ (260)	$ 19

Income Taxes - Tax Rate Reconci

Income Taxes - Tax Rate Reconciliation (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Statutory income tax rate	21%	21%	21%	21%
Increase (reduction) in rate resulting from:
Impact of Bermuda corporate income tax	702.20%	0%	(287.90%)	0%
Tax exempt net investment income	1.20%	(0.70%)	(1.00%)	(1.20%)
Non-deductible compensation	(39.60%)	0.50%	16.70%	1%
Other	10.40%	(3.30%)	(5.40%)	(6.60%)
Effective income tax rate	695.20%	17.50%	(256.60%)	14.20%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Deferred Tax Assets Roll Forward [Roll Forward]
Deferred tax asset, beginning of year	$ 291	$ 439
Recognized in net (income) loss	305	(56)
Acquisition from business combination	(212)	0
Recognized in equity	(147)	(90)
Other	(4)	(2)
Deferred tax asset, end of period	$ 233	$ 291

Income Taxes - Temporary Differ

Income Taxes - Temporary Differences (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Investments	$ 1,452	$ 260
Amounts due reinsurer	1,113	0
Policy benefit reserves	0	138
Net operating loss carryforwards	309	31
Bermuda tax asset	377	35
Other	29	0
Gross deferred tax assets before valuation allowance	3,280	464
Valuation allowance	(5)	(5)
Gross deferred tax assets after valuation allowance	3,275	459
Deferred income tax liabilities:
VOBA/Intangibles	1,810	0
Deferred policy acquisition costs	89	81
Policy benefit reserves	1,086	0
Pension and liability for retirement benefits	57	49
Other	0	38
Gross deferred tax liabilities	3,042	168
Net deferred income tax asset	$ 233	$ 291	$ 439

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ 3		$ 3		$ 3
Tax credit carryforward, period			10 years
Current income tax	43	$ 8	$ 45	$ 14
Income tax expense (benefit), continuing operations, adjustment of deferred tax (asset) liability			9
Bermuda tax asset	377		377		35
Deferred foreign income tax benefit			292
Deferred other tax benefit			50
Domestic Tax Jurisdiction
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	$ 1,500		$ 1,500		$ 134

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)			3 Months Ended	6 Months Ended
	Jun. 10, 2020	Nov. 21, 2019	Jun. 30, 2024	Jun. 30, 2024	May 02, 2024	May 01, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock par value (in usd per share)					$ 0.01	$ 1
Shares authorized (in shares)					10,000	200,000,000
Shares outstanding (in shares)					10,000	79,240,903
Shares issued (in shares)					10,000
Treasury stock (in shares)						30,583,351
Preferred stock, Series A; par value $1 per share; $25,000 per share liquidation preference; 20,000 shares authorized; issued and outstanding: 2024 - 16,000 shares 2023 - no shares
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		16,000
Preferred stock, dividend rate		5.95%
Preferred stock, par value (in usd per share)		$ 1	$ 1	$ 1			$ 1
Preferred stock, liquidation preference, value		$ 25,000
Issuance of preferred equity		$ 389,000,000
Payments of dividends			$ 6,000,000	$ 6,000,000
Preferred stock, Series B; par value $1 per share; $25,000 per share liquidation preference; 12,000 shares authorized; issued and outstanding: 2024 - 12,000 shares 2023 - no shares
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	12,000
Preferred stock, dividend rate	6.625%
Preferred stock, par value (in usd per share)	$ 1		$ 1	$ 1			$ 1
Preferred stock, liquidation preference, value	$ 25,000
Issuance of preferred equity	$ 290,000,000
Payments of dividends			$ 5,000,000	$ 5,000,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Components of and Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 6,067	$ 5,899	$ 3,993	$ 3,755	$ 5,899	$ 3,755
Other comprehensive income (loss) before reclassifications	637	63	(210)	151
Amounts reclassified to (from) AOCI	4	0	8	20
Deferred income tax benefit (expense)	(137)	(13)	43	58	(147)	101
Ending balance	9,257	6,067	3,960	3,993	9,257	3,960
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(59)	(109)	(219)	(448)	(109)	(448)
Ending balance	445	(59)	(378)	(219)	445	(378)
Change in Net Unrealized Investment Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(343)	(299)	(382)	(722)	(299)	(722)
Other comprehensive income (loss) before reclassifications	489	(56)	(269)	261
Amounts reclassified to (from) AOCI	4	0	10	20
Deferred income tax benefit (expense)	(106)	12	43	59
Ending balance	44	(343)	(598)	(382)	44	(598)
Change in Discount Rate for Future Policy Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	207	105	147	253	105	253
Other comprehensive income (loss) before reclassifications	101	128	63	(106)
Amounts reclassified to (from) AOCI	0	0	0	0
Deferred income tax benefit (expense)	(21)	(26)	0	0
Ending balance	287	207	210	147	287	210
Change in Instrument- Specific Credit Risk for Market Risk Benefit
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(8)	1	14	21	1	21
Other comprehensive income (loss) before reclassifications	18	(11)	(8)	(7)
Amounts reclassified to (from) AOCI	0	0	0	0
Deferred income tax benefit (expense)	(4)	2	0	0
Ending balance	6	(8)	6	14	6	6
Defined Benefit Pension Plan Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	89	85	3	1	85	1
Other comprehensive income (loss) before reclassifications	19	5	4	3
Amounts reclassified to (from) AOCI	0	0	(2)	0
Deferred income tax benefit (expense)	(4)	(1)	0	(1)
Ending balance	104	89	5	3	104	5
Foreign Currency Translation / Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(4)	(1)	(1)	(1)	(1)	(1)
Other comprehensive income (loss) before reclassifications	10	(3)	0	0
Amounts reclassified to (from) AOCI	0	0	0	0
Deferred income tax benefit (expense)	(2)	0	0	0
Ending balance	$ 4	$ (4)	$ (1)	$ (1)	$ 4	$ (1)

Statutory Financial Informati_3

Statutory Financial Information and Dividend Restrictions - Statutory Accounting Practices (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
American Equity Investment Life Insurance Company
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	$ 3,300		$ 3,300
Statutory net income (loss)	185
ANG Life insurance entities
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	2,777		2,777		$ 2,776
Statutory net income (loss)	52	$ (124)	(13)	$ (108)
ANG Property and casualty insurance entities
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	1,693		1,693		$ 1,702
Statutory net income (loss)	$ (38)	$ (47)	$ 7	$ (48)

Statutory Financial Informati_4

Statutory Financial Information and Dividend Restrictions - Narrative (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
American Equity Investment Life Insurance Company
Statutory Accounting Practices [Line Items]
Statutory accounting practices, prescribed practice, amount	$ 195
Statutory accounting practices, permitted practice, amount	3,200
ANG Life insurance entities
Statutory Accounting Practices [Line Items]
Statutory accounting practices, permitted practice, amount	548	$ 548
ANG Property and casualty insurance entities
Statutory Accounting Practices [Line Items]
Statutory accounting practices, permitted practice, amount	$ 63	$ 71

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Cash and cash equivalents	$ 13,895		$ 13,895		$ 3,192
Investment Management Fees
Related Party Transaction [Line Items]
Related party agreements and transactions				$ 20
Related Party
Related Party Transaction [Line Items]
Payments to acquire investments			$ 1,200		4,000
Related Party | North End Re (Cayman) SPC
Related Party Transaction [Line Items]
Modified coinsurance basis	70%		70%
Coinsurance basis	30%		30%
Related Party | Brookfield Treasury Management Inc
Related Party Transaction [Line Items]
Cash and cash equivalents	$ 250		$ 250
Interest income	2		2
Related Party | Investment Management Fees
Related Party Transaction [Line Items]
Related party agreements and transactions	32	$ 10	45
Related Party | ANAT and BAMR US Holdings LLC Deposit Agreement
Related Party Transaction [Line Items]
Cash and cash equivalents	284		284		294
Related Party | ANTAC, LLC and BAMR US Holdings LLC Deposit Agreement
Related Party Transaction [Line Items]
Cash and cash equivalents	$ 186		$ 186		$ 181

Related Party Transactions - Sc

Related Party Transactions - Schedule of Reinsurance (Details) - Related Party - North End Re (Cayman) SPC $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Related Party Transaction [Line Items]
Total assets	$ 8,082
Total liabilities	5,564
Net (loss)	$ (78)

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Results (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net premiums earned	$ 1,005	$ 1,002	$ 2,149	$ 1,783
Other policy revenue	184	103	296	200
Total net investment income	924	342	1,372	666
Investment related gains (losses)	2	41	(32)	(20)
Total revenues	2,115	1,488	3,785	2,629
Policyholder benefits and claims incurred	1,030	989	2,116	1,689
Interest sensitive contract benefits	390	116	545	205
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	199	132	360	263
Change in fair value of insurance-related derivatives and embedded derivatives	21	(26)	2	0
Change in fair value of market risk benefits	139	(12)	158	(7)
Operating expenses	335	148	438	303
Interest expense	43	22	65	46
Total benefits and expenses	2,157	1,369	3,684	2,499
Net income (loss) before income taxes	(42)	119	101	130
Operating Segments | Annuity
Segment Reporting Information [Line Items]
Net premiums earned	446	400	1,011	560
Other policy revenue	90	10	105	17
Total net investment income	775	205	1,035	382
Investment related gains (losses)	3	0	3	0
Total revenues	1,314	615	2,154	959
Policyholder benefits and claims incurred	483	414	1,084	594
Interest sensitive contract benefits	364	65	449	83
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	114	2	120	6
Change in fair value of insurance-related derivatives and embedded derivatives	28	(34)	(12)	(53)
Change in fair value of market risk benefits	139	(12)	158	(7)
Operating expenses	80	30	133	53
Interest expense	0	0	0	0
Total benefits and expenses	1,208	465	1,932	676
Net income (loss) before income taxes	106	150	222	283
Operating Segments | Life
Segment Reporting Information [Line Items]
Net premiums earned	98	104	200	214
Other policy revenue	94	93	191	183
Total net investment income	102	80	187	161
Investment related gains (losses)	0	0	0	0
Total revenues	294	277	578	558
Policyholder benefits and claims incurred	161	151	326	305
Interest sensitive contract benefits	26	51	96	122
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	11	14	22	24
Change in fair value of insurance-related derivatives and embedded derivatives	(7)	8	14	53
Change in fair value of market risk benefits	0	0	0	0
Operating expenses	62	57	128	118
Interest expense	0	0	0	0
Total benefits and expenses	253	281	586	622
Net income (loss) before income taxes	41	(4)	(8)	(64)
Operating Segments | P&C
Segment Reporting Information [Line Items]
Net premiums earned	461	498	938	1,009
Other policy revenue	0	0	0	0
Total net investment income	47	47	80	90
Investment related gains (losses)	0	0	0	0
Total revenues	508	545	1,018	1,099
Policyholder benefits and claims incurred	386	424	706	790
Interest sensitive contract benefits	0	0	0	0
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	74	116	218	233
Change in fair value of insurance-related derivatives and embedded derivatives	0	0	0	0
Change in fair value of market risk benefits	0	0	0	0
Operating expenses	68	52	82	115
Interest expense	0	0	0	0
Total benefits and expenses	528	592	1,006	1,138
Net income (loss) before income taxes	(20)	(47)	12	(39)
Operating Segments | Corporate & Other
Segment Reporting Information [Line Items]
Net premiums earned	0	0	0	0
Other policy revenue	0	0	0	0
Total net investment income	0	10	70	33
Investment related gains (losses)	(1)	41	(35)	(20)
Total revenues	(1)	51	35	13
Policyholder benefits and claims incurred	0	0	0	0
Interest sensitive contract benefits	0	0	0	0
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	0	0	0	0
Change in fair value of insurance-related derivatives and embedded derivatives	0	0	0	0
Change in fair value of market risk benefits	0	0	0	0
Operating expenses	125	9	95	17
Interest expense	43	22	65	46
Total benefits and expenses	168	31	160	63
Net income (loss) before income taxes	$ (169)	$ 20	$ (125)	$ (50)

Financial Commitments and Con_2

Financial Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2024 USD ($)
Other Commitments [Line Items]
FHLB, maximum amount available	$ 1,500
Municipal Bonds and Collateralized Mortgage Obligations
Other Commitments [Line Items]
FHLB, collateral pledged	442
Commercial Loan
Other Commitments [Line Items]
FHLB, collateral pledged	1,600
Commitments to purchase, expand, or improve real estate and to fund mortgage loans, private loans and investment funds
Other Commitments [Line Items]
Aggregate commitments	3,300
Subsidiaries
Other Commitments [Line Items]
Letters of credit outstanding, amount	4
Subsidiaries | Commitments to lease office space, technological equipment, and automobiles
Other Commitments [Line Items]
Aggregate commitments	$ 32

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	Jul. 29, 2024 USD ($)
Depositary Shares, each representing a 1/1,000th interest in a share of 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A
Subsequent Event [Line Items]
Accrued dividends	$ 6
Depositary Shares, each representing a 1/1,000th interest in a share of 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B
Subsequent Event [Line Items]
Accrued dividends	$ 5