American National (ANG-PB) 10-Q15 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	One Moody Plaza
Entity Address, City or Town	Galveston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77550
City Area Code	888
Local Phone Number	221-1234
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	Q3
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	Sep. 30, 2024	Dec. 31, 2023
Investments:
Available-for-sale fixed maturity securities, at fair value (net of allowance for credit losses of $22 and $24, respectively; amortized cost of $43,949 and $13,281, respectively)	$ 45,683	$ 12,877
Equity securities, at fair value	1,522	1,404
Real estate and real estate partnerships (net of accumulated depreciation of $235 and $320, respectively)	6,474	3,611
Investment funds	2,661	1,592
Policy loans	277	390
Short-term investments	3,674	2,397
Other invested assets	1,142	120
Total investments	76,024	28,243
Cash and cash equivalents	13,873	3,192
Accrued investment income	688	196
Deferred policy acquisition costs, deferred sales inducements and value of business acquired	8,376	944
Premiums due and other receivables	503	484
Ceded unearned premiums	165	45
Deferred tax asset	288	291
Reinsurance recoverables and deposit assets	18,015	427
Property and equipment (net of accumulated depreciation of $346 and $333, respectively)	187	168
Intangible assets (net of accumulated amortization of $35 and $2, respectively)	1,599	44
Goodwill	754	121
Other assets	1,885	541
Separate account assets	1,302	1,189
Total assets	123,659	35,885
Liabilities
Future policy benefits	7,179	6,108
Policyholders’ account balances	82,413	17,177
Policy and contract claims	1,903	1,870
Market risk benefits	3,725	34
Unearned premium reserve	1,164	1,139
Other policyholder funds	348	335
Notes payable	179	174
Long term borrowings	2,959	1,493
Funds withheld for reinsurance liabilities	8,812	0
Separate account liabilities	1,302	1,189
Total liabilities	113,677	29,986
Equity
Additional paid-in capital	6,942	5,185
Accumulated other comprehensive income (loss), net of taxes	1,481	(109)
Retained earnings	709	716
Non-controlling interests	165	107
Total equity	9,982	5,899
Total liabilities and equity	123,659	35,885
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
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
Equity
Preferred stock	296	0
Related Party
Liabilities
Due to related parties	43	0
Nonrelated Party
Liabilities
Other liabilities	3,650	467
Mortgage loans on real estate, at amortized cost
Investments:
Private loans	11,866	5,658
Private loans
Investments:
Private loans	$ 2,725	$ 194

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest	$ 22	$ 24
Amortized cost	43,949	13,281
Accumulated depreciation	235	320
Property and equipment accumulated depreciation	346	333
Intangible assets accumulated amortization	$ 35	$ 2
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 stock (in usd per share)	$ 25,000	$ 25,000
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 stock (in usd per share)	$ 25,000	$ 25,000
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 Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net premiums	$ 888,000	$ 784,000	$ 3,037,000	$ 2,567,000
Other policy revenue	208,000	106,000	504,000	306,000
Net investment income	1,024,000	375,000	2,396,000	1,020,000
Investment related gains (losses)	(128,000)	(12,000)	(160,000)	(32,000)
Other income	12,000	11,000	12,000	32,000
Total revenues	2,004,000	1,264,000	5,789,000	3,893,000
Policyholder benefits and claims incurred	846,000	717,000	2,962,000	2,406,000
Interest sensitive contract benefits	523,000	133,000	1,068,000	338,000
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	289,000	136,000	649,000	399,000
Change in fair value of insurance-related derivatives and embedded derivatives	344,000	54,000	346,000	54,000
Change in fair value of market risk benefits	134,000	(14,000)	292,000	(21,000)
Operating expenses	228,000	147,000	666,000	450,000
Interest expense	49,000	27,000	114,000	73,000
Total benefits and expenses	2,413,000	1,200,000	6,097,000	3,699,000
Net income (loss) before income taxes	(409,000)	64,000	(308,000)	194,000
Income tax expense (benefit)	(77,000)	9,000	(337,000)	28,000
Net income (loss)	(332,000)	55,000	29,000	166,000
Less: Net income (loss) attributable to noncontrolling interests	(44,000)	1,000	(51,000)	3,000
Net income (loss) attributable to American National Group Inc. stockholders	(288,000)	54,000	80,000	163,000
Less: Preferred stock dividends	11,000	0	22,000	0
Net income (loss) attributable to American National Group Inc. common stockholder	$ (299,000)	$ 54,000	$ 58,000	$ 163,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (332)	$ 55	$ 29	$ 166
Other comprehensive income, net of tax:
Change in net unrealized investment gains (losses)	1,334	(133)	1,677	(8)
Foreign currency translation	1	0	6	0
Change in discount rate for future policy benefits	(231)	182	(49)	138
Change in instrument-specific credit risk for market risk benefits	(71)	(5)	(66)	(19)
Defined benefit pension plan adjustment	3	1	22	4
Total other comprehensive income	1,036	45	1,590	115
Comprehensive income	704	100	1,619	281
Less: Comprehensive income (loss) attributable to noncontrolling interest	(44)	1	(51)	3
Comprehensive income attributable to American National Group Inc.	$ 748	$ 99	$ 1,670	$ 278

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 (loss) for period	166				163	3
Other comprehensive income (loss)	115			115
Other	2,130		2,130
Dividends	(750)		(750)
Contributions from noncontrolling interests	25					25
Ending balance at Sep. 30, 2023	5,441	0	5,185	(333)	487	102
Beginning balance at Jun. 30, 2023	3,960	0	3,805	(378)	433	100
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) for period	55				54	1
Other comprehensive income (loss)	45			45
Dividends	(750)		(750)
Contributions from noncontrolling interests	1					1
Capital contribution	2,130		2,130
Ending balance at Sep. 30, 2023	5,441	0	5,185	(333)	487	102
Beginning balance at Dec. 31, 2023	5,899	0	5,185	(109)	716	107
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) for period	29				80	(51)
Other comprehensive income (loss)	1,590			1,590
Contributions from noncontrolling interests	109					109
Dividends	(87)				(87)
Impact of common control acquisition	2,442	685	1,757
Ending balance at Sep. 30, 2024	9,982	685	6,942	1,481	709	165
Beginning balance at Jun. 30, 2024	9,257	685	6,935	445	1,005	187
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) for period	(332)				(288)	(44)
Other comprehensive income (loss)	1,036			1,036
Contributions from noncontrolling interests	22					22
Dividends	(8)				(8)
Other	7		7
Ending balance at Sep. 30, 2024	$ 9,982	$ 685	$ 6,942	$ 1,481	$ 709	$ 165

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net income (loss)	$ 29	$ 166
Adjustments to reconcile net income to net cash provided by operating activities:
Other policy revenue	(484)	(306)
Accretion on investments	(308)	(129)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	649	399
Deferral of policy acquisition costs	(856)	(611)
Losses (gains) on investments and derivatives	(614)	(10)
Other losses (gains)	(5)	0
Provisions for credit losses (reversals)	30	(1)
Income from real estate partnerships, investment funds and corporations	(294)	(110)
Distributions from real estate partnerships, investment funds and corporations	262	60
Interest credited to policyholder account balances	1,300	431
Change in fair value of embedded derivatives	1,091	0
Depreciation and amortization	109	26
Deferred income taxes	(635)	(5)
Changes in operating assets and liabilities:
Insurance-related liabilities	989	908
Deposit liabilities	(19)	(107)
Funds withheld for reinsurance liabilities	(278)	0
Reinsurance recoverables and deposit assets	1,080	(21)
Accrued investment income	(80)	(23)
Working capital and other	138	9
Cash flows provided by operating activities	2,104	676
Investing activities:
Acquisition of subsidiary, net of cash acquired	10,836	0
Purchase of investments:
Fixed maturity, available-for-sale	(4,819)	(12,304)
Equity securities	(341)	(166)
Mortgage loans on real estate	(778)	(489)
Private loans	(2,140)	0
Real estate and real estate partnerships	(1,622)	(693)
Investment funds	(203)	0
Short-term investments	(6,290)	0
Other invested assets	(325)	(99)
Proceeds from sales and maturities of investments:
Fixed maturity, available-for-sale	3,484	11,317
Equity securities	22	74
Mortgage loans on real estate	1,184	371
Private loans	594	0
Real estate and real estate partnerships	319	0
Investment funds	379	0
Short-term investments	5,513	0
Other invested assets	38	84
Purchases of derivatives	(387)	0
Proceeds from sales and maturities of derivatives	706	0
Purchase of intangibles and property and equipment	(61)	(101)
Proceeds from sales of intangibles and property and equipment	28	74
Distributions from equity accounted investments	0	152
Net change in policy loans	0	(9)
Change in collateral held for derivatives	417	55
Other, net	11	21
Cash flows provided by (used in) investing activities	6,565	(1,713)
Financing activities:
Dividends paid on preferred stock	(22)	(750)
Payments to noncontrolling interest	(1)	0
Borrowings from external parties	1,900	0
Repayment of borrowings to external parties	(1,501)	0
Policyholders’ account deposits	7,785	4,480
Policyholders’ account withdrawals	(6,117)	(1,844)
Debt issuance costs	(4)	0
Distributions to noncontrolling interest	(28)	26
Cash flows provided by financing activities	2,012	1,912
Cash and cash equivalents
Cash and cash equivalents, beginning of year	3,192	1,389
Net change during the period	10,681	875
Cash and cash equivalents, end of period	13,873	2,264
Supplementary disclosures of cash flow information:
Cash taxes paid (net of refunds received)	62	7
Cash interest paid	98	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 consideration paid for acquisition of a subsidiary	218	0
Non-cash deposit on reinsurance	3,394	0
Transfer of invested assets	$ (1,810)	$ 0

Organization and Description of

Organization and Description of the Company	9 Months Ended
Organization and Description of the Company	Sep. 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 Wealth Solutions Ltd. ("Brookfield Wealth Solutions"), with AEL surviving and becoming an indirect wholly-owned subsidiary of Brookfield Wealth Solutions (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 ("American National"), an indirect, wholly-owned subsidiary of Brookfield Wealth Solutions, merged with and into AEL, with AEL surviving as an indirect, wholly-owned subsidiary of Brookfield Wealth Solutions (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 Wealth Solutions. On September 4, 2024, Brookfield Wealth Solutions changed its name from Brookfield Reinsurance Ltd. to Brookfield Wealth Solutions Ltd. and, on September 6, 2024, changed its trading symbol from “BNRE” to “BNT”. 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	9 Months Ended
Summary of Significant Accounting Policies	Sep. 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 August 27, 2024 and the Form 10-Q filed with the SEC on August 14, 2024. The results of operations for the three and nine months ended September 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 (“MRB”), future policy benefits (“FPB”), policyholder account balances (“PAB”) including the fair value of embedded derivatives, funds withheld for reinsurance 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 nine months ended September 30, 2023 to conform the presentation to that of ANGI’s. December 31, 2023 American National, Historical Reclassification 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 September 30, 2023 American National, Historical Reclassification Notes American National, Conformed (Dollars in millions) Net investment income $ 339 $ 36 2(f), (j) $ 375 Investment related gains (losses) — (12) 2(d) (12) Net realized investment gains (losses) (15) 15 2(d) — Increase in investment credit loss 20 (20) 2(d) — Net gains (losses) on equity securities (13) 13 2(d) — Policyholder benefits and claims incurred (713) (4) 2(f) (717) Interest credited to policyholders' account balances (155) 155 2(f) — Interest sensitive contract benefits — (133) 2(j) (133) Amortization of deferred policy acquisition costs, deferred sales inducements, and value of business acquired — (136) 2(g), (i) (136) Change in fair value of insurance-related derivatives and embedded derivatives — (54) 2(f) (54) Change in fair value of market risk benefits 14 — 2(j) 14 Future policy benefit remeasurement losses (4) 4 2(j) — Commissions for acquiring and servicing policies (197) 197 2(h) — Other operating expenses (187) 187 2(e) — Operating expenses — (147) 2(e), (g), (h), (i) (147) Interest expense — (27) 2(e) (27) Change in deferred policy acquisition 72 (72) 2(i) — Other components of net periodic pension benefit (costs), net of tax 2 (2) 2(j) — $ (837) $ — $ (837) Nine Months Ended September 30, 2023 American National, Historical Reclassification Notes American National, Conformed (Dollars in millions) Net investment income $ 1,062 $ (42) 2(f), (j) $ 1,020 Investment related gains (losses) — (32) 2(d) (32) Net realized investment gains (losses) (65) 65 2(d) — Increase in investment credit loss 7 (7) 2(d) — Net gains (losses) on equity securities 30 (30) 2(d) — Policyholder benefits and claims incurred (2,404) (2) 2(f) (2,406) Interest credited to policyholders' account balances (431) 431 2(f) — Interest sensitive contract benefits — (338) 2(j) (338) Amortization of deferred policy acquisition costs, deferred sales inducements, and value of business acquired — (399) 2(g), (i) (399) Change in fair value of insurance-related derivatives and embedded derivatives — (54) 2(f) (54) Change in fair value of market risk benefits 22 (1) 2(j) 21 Future policy benefit remeasurement losses (3) 3 2(j) — Commissions for acquiring and servicing policies (590) 590 2(h) — Other operating expenses (556) 556 2(e) — Operating expenses — (450) 2(e), (g), (h), (i) (450) Interest expense — (73) 2(e) (73) Change in deferred policy acquisition 214 (214) 2(i) — Other components of net periodic pension benefit (costs), net of tax 3 (3) 2(j) — $ (2,711) $ — $ (2,711) 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 (losses) on equity-indexed call options is reclassified from “Net investment income” to “Change in fair value of insurance-related derivatives and embedded derivatives” and the embedded derivatives within Policyholders’ Account Balances are reclassified from “Interest credited to policyholders’ account balances” 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 in which the Company has a controlling financial interest by either holding a majority voting interest or is the primary beneficiary of the variable interest entity (“VIE”). All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. 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. The following is a subset of the Company’s significant accounting policies and should be read in conjunction with the Company’s significant accounting policies described in Note 2 of the Company’s December 31, 2023 audited consolidated financial statements and June 30, 2024 Form 10-Q. Real estate and real estate partnerships comprise investment real estate, as well as real estate joint ventures and other limited partnerships and include VIEs that are accounted for using the equity method of accounting. For certain real estate joint ventures and other limited partnerships, the Company elected the fair value option in accordance with ASC 825, Financial Instruments. These investments are fair valued on a recurring basis with the change in fair value reported in “Net investment income” in the statements of operations. In addition, certain other real estate joint ventures and limited partnership interest are consolidated investment company VIEs in accordance with ASC 946, Financial Services – Investment Companies. These investments are fair valued on a recurring basis with the change in fair value reported in “Net investment income”. Other invested assets is primarily comprised of derivatives instruments. Derivative instruments are carried at fair value. Derivative instruments predominately include call options used to fund fixed indexed annuity contracts and equity-indexed universal life contracts (“insurance-related derivatives”). Derivative instruments also include foreign exchange forwards that are used to hedge the currency risk associated with investments denominated in foreign currencies. 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. 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 September 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 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 is effective for annual periods beginning after December 15, 2024, to be applied prospectively. The Company is currently evaluating the impact of this ASU on its Notes to the Consolidated Financial Statements.

Available-For-Sale Fixed Maturi

Available-For-Sale Fixed Maturity Securities	9 Months Ended
Available-For-Sale Fixed Maturity Securities	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Available-For-Sale Fixed Maturity Securities	3. 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) September 30, 2024 Fixed maturity, available-for-sale: U.S. treasury and government $ 78 $ 1 $ (1) $ — $ 78 U.S. states and political subdivisions 3,184 212 (13) — 3,383 Foreign governments 398 31 — — 429 Corporate debt securities 30,183 1,492 (182) (20) 31,473 Residential mortgage-backed securities 1,067 57 (3) (1) 1,120 Commercial mortgage-backed securities 2,710 94 (12) — 2,792 Collateralized debt securities 6,329 96 (16) (1) 6,408 Total fixed maturity securities $ 43,949 $ 1,983 $ (227) $ (22) $ 45,683 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 fixed maturity securities $ 13,281 $ 89 $ (469) $ (24) $ 12,877 The amortized cost and fair value of fixed maturity securities at September 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. September 30, 2024 Amortized Cost Fair Value (Dollars in millions) Due in one year or less $ 1,371 $ 1,376 Due after one year through five years 11,414 11,637 Due after five years through ten years 6,985 7,246 Due after ten years 14,073 15,104 33,843 35,363 Residential mortgage-backed securities 1,067 1,120 Commercial mortgage-backed securities 2,710 2,792 Collateralized debt securities 6,329 6,408 $ 43,949 $ 45,683 Proceeds from sales of available-for-sale fixed maturity securities, with the related gross realized gains and losses, are shown below: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Proceeds from sales and maturities of investments - Fixed maturity, available-for-sale $ 1,071 $ 2,931 $ 3,484 $ 11,317 Gross realized gains 2 2 6 3 Gross realized (losses) (97) (4) (120) (53) 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 $10.6 billion and $39 million as of September 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 $65 million and $54 million as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023, amounts loaned under reverse repurchase agreements were $400 million and $0 million, respectively, and the fair value of the collateral received was $817 million and $0 million, 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) September 30, 2024 Fixed maturity, available-for-sale: U.S. treasury and government 19 $ (1) $ 17 8 $ — $ 36 27 $ (1) $ 53 U.S. states and political subdivisions 92 (6) 178 166 (7) 309 258 (13) 487 Foreign governments — — — 1 — 5 1 — 5 Corporate debt securities 248 (67) 2,732 777 (115) 5,287 1,025 (182) 8,019 Residential mortgage-backed securities 15 (1) 30 33 (2) 73 48 (3) 103 Commercial mortgage-backed securities 115 (12) 589 — — — 115 (12) 589 Collateralized debt securities 266 (13) 1,520 22 (3) 165 288 (16) 1,685 Total 755 $ (100) $ 5,066 1,007 $ (127) $ 5,875 1,762 $ (227) $ 10,941 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 $22 million and $24 million as of September 30, 2024 and December 31, 2023, respectively. The unrealized losses at September 30, 2024 are principally related to the timing of the purchases of certain securities, which carry less yield than those available at September 30, 2024. Approximately 81% and 87% of the unrealized losses on fixed maturity securities shown in the above table for September 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 September 30, 2024 and the transportation sector as of September 30, 2023. The rollforward of the allowance for credit losses for available-for-sale fixed maturity securities is shown below for the three and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, 2024 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (34) $ (1) $ — $ (2) $ (37) Credit losses recognized on securities for which credit losses were not previously recorded (3) — — — (3) Reductions for securities sold during the period 2 — — — 2 Allowance on securities that had an allowance recorded in a previous period 15 — — 1 16 Balance as of September 30, 2024 $ (20) $ (1) $ — $ (1) $ (22) Three Months Ended September 30, 2023 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (22) $ (1) $ — $ (9) $ (32) Credit losses recognized on securities for which credit losses were not previously recorded (6) — — — (6) Reductions for securities sold during the period 2 — — — 2 Allowance on securities that had an allowance recorded in a previous period 16 — — 4 20 Balance as of September 30, 2023 $ (10) $ (1) $ — $ (5) $ (16) Nine Months Ended September 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) Credit losses recognized on securities for which credit losses were not previously recorded (36) — — — (36) Reductions for securities sold during the period 3 — — — 3 Allowance on securities that had an allowance recorded in a previous period 32 — — 3 35 Balance as of September 30, 2024 $ (20) $ (1) $ — $ (1) $ (22) Nine Months Ended September 30, 2023 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (24) $ — $ — $ (5) $ (29) Credit losses recognized on securities for which credit losses were not previously recorded (24) (1) — (6) (31) Reductions for securities sold during the period 4 — — — 4 Allowance on securities that had an allowance recorded in a previous period 34 — — 6 40 Balance as of September 30, 2023 $ (10) $ (1) $ — $ (5) $ (16) 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 Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Unrealized gains (losses) on equity securities $ 21 $ (9) $ 43 $ 33 Net gains (losses) on equity securities sold 2 (1) 4 — Net gains (losses) on equity securities $ 23 $ (10) $ 47 $ 33 Equity securities by market sector distribution are shown below, based on carrying value: September 30, 2024 December 31, 2023 Energy and utilities 30 % 30 % Finance 17 % 24 % Healthcare 6 % 9 % Industrials 9 % 3 % Information technology 20 % 18 % Education 11 % — % Other 7 % 16 % Total 100 % 100 %

Equity Securities

Equity Securities	9 Months Ended
Equity Securities	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Equity Securities	3. 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) September 30, 2024 Fixed maturity, available-for-sale: U.S. treasury and government $ 78 $ 1 $ (1) $ — $ 78 U.S. states and political subdivisions 3,184 212 (13) — 3,383 Foreign governments 398 31 — — 429 Corporate debt securities 30,183 1,492 (182) (20) 31,473 Residential mortgage-backed securities 1,067 57 (3) (1) 1,120 Commercial mortgage-backed securities 2,710 94 (12) — 2,792 Collateralized debt securities 6,329 96 (16) (1) 6,408 Total fixed maturity securities $ 43,949 $ 1,983 $ (227) $ (22) $ 45,683 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 fixed maturity securities $ 13,281 $ 89 $ (469) $ (24) $ 12,877 The amortized cost and fair value of fixed maturity securities at September 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. September 30, 2024 Amortized Cost Fair Value (Dollars in millions) Due in one year or less $ 1,371 $ 1,376 Due after one year through five years 11,414 11,637 Due after five years through ten years 6,985 7,246 Due after ten years 14,073 15,104 33,843 35,363 Residential mortgage-backed securities 1,067 1,120 Commercial mortgage-backed securities 2,710 2,792 Collateralized debt securities 6,329 6,408 $ 43,949 $ 45,683 Proceeds from sales of available-for-sale fixed maturity securities, with the related gross realized gains and losses, are shown below: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Proceeds from sales and maturities of investments - Fixed maturity, available-for-sale $ 1,071 $ 2,931 $ 3,484 $ 11,317 Gross realized gains 2 2 6 3 Gross realized (losses) (97) (4) (120) (53) 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 $10.6 billion and $39 million as of September 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 $65 million and $54 million as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023, amounts loaned under reverse repurchase agreements were $400 million and $0 million, respectively, and the fair value of the collateral received was $817 million and $0 million, 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) September 30, 2024 Fixed maturity, available-for-sale: U.S. treasury and government 19 $ (1) $ 17 8 $ — $ 36 27 $ (1) $ 53 U.S. states and political subdivisions 92 (6) 178 166 (7) 309 258 (13) 487 Foreign governments — — — 1 — 5 1 — 5 Corporate debt securities 248 (67) 2,732 777 (115) 5,287 1,025 (182) 8,019 Residential mortgage-backed securities 15 (1) 30 33 (2) 73 48 (3) 103 Commercial mortgage-backed securities 115 (12) 589 — — — 115 (12) 589 Collateralized debt securities 266 (13) 1,520 22 (3) 165 288 (16) 1,685 Total 755 $ (100) $ 5,066 1,007 $ (127) $ 5,875 1,762 $ (227) $ 10,941 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 $22 million and $24 million as of September 30, 2024 and December 31, 2023, respectively. The unrealized losses at September 30, 2024 are principally related to the timing of the purchases of certain securities, which carry less yield than those available at September 30, 2024. Approximately 81% and 87% of the unrealized losses on fixed maturity securities shown in the above table for September 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 September 30, 2024 and the transportation sector as of September 30, 2023. The rollforward of the allowance for credit losses for available-for-sale fixed maturity securities is shown below for the three and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, 2024 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (34) $ (1) $ — $ (2) $ (37) Credit losses recognized on securities for which credit losses were not previously recorded (3) — — — (3) Reductions for securities sold during the period 2 — — — 2 Allowance on securities that had an allowance recorded in a previous period 15 — — 1 16 Balance as of September 30, 2024 $ (20) $ (1) $ — $ (1) $ (22) Three Months Ended September 30, 2023 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (22) $ (1) $ — $ (9) $ (32) Credit losses recognized on securities for which credit losses were not previously recorded (6) — — — (6) Reductions for securities sold during the period 2 — — — 2 Allowance on securities that had an allowance recorded in a previous period 16 — — 4 20 Balance as of September 30, 2023 $ (10) $ (1) $ — $ (5) $ (16) Nine Months Ended September 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) Credit losses recognized on securities for which credit losses were not previously recorded (36) — — — (36) Reductions for securities sold during the period 3 — — — 3 Allowance on securities that had an allowance recorded in a previous period 32 — — 3 35 Balance as of September 30, 2024 $ (20) $ (1) $ — $ (1) $ (22) Nine Months Ended September 30, 2023 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (24) $ — $ — $ (5) $ (29) Credit losses recognized on securities for which credit losses were not previously recorded (24) (1) — (6) (31) Reductions for securities sold during the period 4 — — — 4 Allowance on securities that had an allowance recorded in a previous period 34 — — 6 40 Balance as of September 30, 2023 $ (10) $ (1) $ — $ (5) $ (16) 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 Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Unrealized gains (losses) on equity securities $ 21 $ (9) $ 43 $ 33 Net gains (losses) on equity securities sold 2 (1) 4 — Net gains (losses) on equity securities $ 23 $ (10) $ 47 $ 33 Equity securities by market sector distribution are shown below, based on carrying value: September 30, 2024 December 31, 2023 Energy and utilities 30 % 30 % Finance 17 % 24 % Healthcare 6 % 9 % Industrials 9 % 3 % Information technology 20 % 18 % Education 11 % — % Other 7 % 16 % Total 100 % 100 %

Mortgage Loans on Real Estate

Mortgage Loans on Real Estate	9 Months Ended
Mortgage Loans on Real Estate	Sep. 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. September 30, 2024 December 31, 2023 (Dollars in millions) Commercial mortgage loans: Principal outstanding $ 9,674 $ 5,870 Deferred fees and costs, net (18) (72) Unamortized discounts and premiums, net (487) (87) Amortized cost 9,169 5,711 Allowance for credit losses (80) (53) Commercial mortgage loans, carrying value 9,089 5,658 Residential mortgage loans: Principal outstanding 2,873 57 Deferred fees and costs, net — (57) Unamortized discounts and premiums, net (88) — Amortized cost 2,785 — Allowance for credit losses (8) — Residential mortgage loans, carrying value 2,777 — Mortgage loans, carrying value $ 11,866 $ 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: September 30, 2024 December 31, 2023 Amortized Cost Percent Amortized Cost Percent (Dollars in millions) Geographic distribution Pacific $ 1,800 19.6 % $ 905 15.9 % Mountain 1,782 19.4 % 1,327 23.2 % West North Central 271 3.0 % 178 3.1 % West South Central 1,484 16.2 % 1,081 18.9 % East North Central 1,041 11.4 % 829 14.5 % East South Central 149 1.6 % 50 0.9 % Middle Atlantic 386 4.2 % 129 2.3 % South Atlantic 1,913 20.9 % 1,000 17.5 % New England 113 1.2 % 12 0.2 % Other 230 2.5 % 200 3.5 % 9,169 100.0 % 5,711 100.0 % Allowance for credit losses (80) (53) Total, net of allowance $ 9,089 $ 5,658 Property type distribution Apartment $ 2,128 23.2 % $ 1,091 19.1 % Hotel 1,219 13.3 % 966 16.9 % Industrial 1,919 20.9 % 1,052 18.4 % Office 1,178 12.9 % 999 17.5 % Parking 331 3.6 % 414 7.2 % Retail 1,527 16.7 % 781 13.7 % Storage 157 1.7 % 118 2.1 % Agricultural 469 5.1 % — — % Other 241 2.6 % 290 5.1 % 9,169 100.0 % 5,711 100.0 % Allowance for credit losses (80) (53) Total, net of allowance $ 9,089 $ 5,658 Our residential mortgage loan portfolio consists of loans with an amortized cost of $2.8 billion and $0 million as of September 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 $90 million and $27 million as of September 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 $0 million and $1 million of uncollectible accrued interest receivable on our mortgage loan portfolios for the three and nine months periods ended September 30, 2024, respectively. We did not charge off any uncollectible accrued interest receivable on our mortgage loan portfolios for the three and nine months periods ended September 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 September 30, 2024 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (54) $ — $ (54) Acquisition from business combination — — — Provision (26) (8) (34) Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (80) $ (8) $ (88) Three Months Ended September 30, 2023 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (43) $ — $ (43) Acquisition from business combination — — — Provision 12 — 12 Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (31) $ — $ (31) Nine Months Ended September 30, 2024 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (53) $ — $ (53) Acquisition from business combination — — — Provision (27) (8) (35) Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (80) $ (8) $ (88) Nine Months Ended September 30, 2023 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (38) $ — $ (38) Acquisition from business combination — — — Provision 7 — 7 Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (31) $ — $ (31) 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 33 real estate properties totaling $114 million at September 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 September 30, 2024: (Dollars in millions) Commercial mortgage loans Current $ 376 $ 375 $ 2,154 $ 1,260 $ 980 $ 3,704 $ 8,849 30 - 59 days past due — — — — — — — 60 - 89 days past due 4 — 50 — 4 105 163 Non-accrual (90 days or more past due) — 11 42 13 6 85 157 Total commercial mortgage loans $ 380 $ 386 $ 2,246 $ 1,273 $ 990 $ 3,894 $ 9,169 Residential mortgage loans Current $ 165 $ 929 $ 1,072 $ 227 $ 124 $ 13 $ 2,530 30 - 59 days past due 6 21 48 4 4 — 83 60 - 89 days past due 1 6 21 6 4 — 38 Non-accrual (90 days or more past due) — 47 55 21 8 3 134 Total residential mortgage loans $ 172 $ 1,003 $ 1,196 $ 258 $ 140 $ 16 $ 2,785 Total mortgage loans $ 552 $ 1,389 $ 3,442 $ 1,531 $ 1,130 $ 3,910 $ 11,954 Allowance for credit losses (88) Total, net of allowance $ 11,866 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 227 loans in non-accrual status at September 30, 2024 and 3 loans in non-accrual status at December 31, 2023. During the three and nine months ended September 30, 2024 we recognized interest income of $1 million and $2 million on loans which were in non-accrual status at the respective period end. During the three and nine months ended September 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 ten significant mortgage loan modifications for the three and nine months ended September 30, 2024, respectively, and six and eleven significant mortgage loan modifications for the three and nine months ended September 30, 2023, respectively. 6. Private Loans The following table summarizes the credit ratings for private loans: September 30, 2024 December 31, 2023 (Dollars in millions) A or higher $ 1,392 $ — BBB 259 — BB and below 652 194 Unrated (1) 422 — Total $ 2,725 $ 194 (1) Due to the nature of private loans, external agency credit ratings may not be readily available. Where appropriate, we obtain 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, we assign 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) — Acquisition from business combination — — Provision (5) (12) Writeoffs charged against the allowance — — Recoveries of amounts previously written off — — Balance at September 30 $ (26) $ (12) The Company’s private loans may be subject to loan modifications. Loan modifications may be granted to borrowers experiencing financial difficulties and could include term extensions. For the periods ended September 30, 2024 and September 30, 2023, the Company did not have a significant amount of private loans that it modified to borrowers experiencing financial difficulty.

Private Loans

Private Loans	9 Months Ended
Private Loans	Sep. 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. September 30, 2024 December 31, 2023 (Dollars in millions) Commercial mortgage loans: Principal outstanding $ 9,674 $ 5,870 Deferred fees and costs, net (18) (72) Unamortized discounts and premiums, net (487) (87) Amortized cost 9,169 5,711 Allowance for credit losses (80) (53) Commercial mortgage loans, carrying value 9,089 5,658 Residential mortgage loans: Principal outstanding 2,873 57 Deferred fees and costs, net — (57) Unamortized discounts and premiums, net (88) — Amortized cost 2,785 — Allowance for credit losses (8) — Residential mortgage loans, carrying value 2,777 — Mortgage loans, carrying value $ 11,866 $ 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: September 30, 2024 December 31, 2023 Amortized Cost Percent Amortized Cost Percent (Dollars in millions) Geographic distribution Pacific $ 1,800 19.6 % $ 905 15.9 % Mountain 1,782 19.4 % 1,327 23.2 % West North Central 271 3.0 % 178 3.1 % West South Central 1,484 16.2 % 1,081 18.9 % East North Central 1,041 11.4 % 829 14.5 % East South Central 149 1.6 % 50 0.9 % Middle Atlantic 386 4.2 % 129 2.3 % South Atlantic 1,913 20.9 % 1,000 17.5 % New England 113 1.2 % 12 0.2 % Other 230 2.5 % 200 3.5 % 9,169 100.0 % 5,711 100.0 % Allowance for credit losses (80) (53) Total, net of allowance $ 9,089 $ 5,658 Property type distribution Apartment $ 2,128 23.2 % $ 1,091 19.1 % Hotel 1,219 13.3 % 966 16.9 % Industrial 1,919 20.9 % 1,052 18.4 % Office 1,178 12.9 % 999 17.5 % Parking 331 3.6 % 414 7.2 % Retail 1,527 16.7 % 781 13.7 % Storage 157 1.7 % 118 2.1 % Agricultural 469 5.1 % — — % Other 241 2.6 % 290 5.1 % 9,169 100.0 % 5,711 100.0 % Allowance for credit losses (80) (53) Total, net of allowance $ 9,089 $ 5,658 Our residential mortgage loan portfolio consists of loans with an amortized cost of $2.8 billion and $0 million as of September 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 $90 million and $27 million as of September 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 $0 million and $1 million of uncollectible accrued interest receivable on our mortgage loan portfolios for the three and nine months periods ended September 30, 2024, respectively. We did not charge off any uncollectible accrued interest receivable on our mortgage loan portfolios for the three and nine months periods ended September 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 September 30, 2024 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (54) $ — $ (54) Acquisition from business combination — — — Provision (26) (8) (34) Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (80) $ (8) $ (88) Three Months Ended September 30, 2023 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (43) $ — $ (43) Acquisition from business combination — — — Provision 12 — 12 Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (31) $ — $ (31) Nine Months Ended September 30, 2024 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (53) $ — $ (53) Acquisition from business combination — — — Provision (27) (8) (35) Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (80) $ (8) $ (88) Nine Months Ended September 30, 2023 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (38) $ — $ (38) Acquisition from business combination — — — Provision 7 — 7 Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (31) $ — $ (31) 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 33 real estate properties totaling $114 million at September 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 September 30, 2024: (Dollars in millions) Commercial mortgage loans Current $ 376 $ 375 $ 2,154 $ 1,260 $ 980 $ 3,704 $ 8,849 30 - 59 days past due — — — — — — — 60 - 89 days past due 4 — 50 — 4 105 163 Non-accrual (90 days or more past due) — 11 42 13 6 85 157 Total commercial mortgage loans $ 380 $ 386 $ 2,246 $ 1,273 $ 990 $ 3,894 $ 9,169 Residential mortgage loans Current $ 165 $ 929 $ 1,072 $ 227 $ 124 $ 13 $ 2,530 30 - 59 days past due 6 21 48 4 4 — 83 60 - 89 days past due 1 6 21 6 4 — 38 Non-accrual (90 days or more past due) — 47 55 21 8 3 134 Total residential mortgage loans $ 172 $ 1,003 $ 1,196 $ 258 $ 140 $ 16 $ 2,785 Total mortgage loans $ 552 $ 1,389 $ 3,442 $ 1,531 $ 1,130 $ 3,910 $ 11,954 Allowance for credit losses (88) Total, net of allowance $ 11,866 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 227 loans in non-accrual status at September 30, 2024 and 3 loans in non-accrual status at December 31, 2023. During the three and nine months ended September 30, 2024 we recognized interest income of $1 million and $2 million on loans which were in non-accrual status at the respective period end. During the three and nine months ended September 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 ten significant mortgage loan modifications for the three and nine months ended September 30, 2024, respectively, and six and eleven significant mortgage loan modifications for the three and nine months ended September 30, 2023, respectively. 6. Private Loans The following table summarizes the credit ratings for private loans: September 30, 2024 December 31, 2023 (Dollars in millions) A or higher $ 1,392 $ — BBB 259 — BB and below 652 194 Unrated (1) 422 — Total $ 2,725 $ 194 (1) Due to the nature of private loans, external agency credit ratings may not be readily available. Where appropriate, we obtain 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, we assign 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) — Acquisition from business combination — — Provision (5) (12) Writeoffs charged against the allowance — — Recoveries of amounts previously written off — — Balance at September 30 $ (26) $ (12) The Company’s private loans may be subject to loan modifications. Loan modifications may be granted to borrowers experiencing financial difficulties and could include term extensions. For the periods ended September 30, 2024 and September 30, 2023, the Company did not have a significant amount of private loans that it modified to borrowers experiencing financial difficulty.

Real Estate and Real Estate Par

Real Estate and Real Estate Partnerships	9 Months Ended
Real Estate and Real Estate Partnerships	Sep. 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: September 30, 2024 Real Estate Amount Percentage (Dollars in millions) Hotel $ 124 6 % Industrial 20 1 % Land 127 6 % Office 177 9 % Retail 216 11 % Apartments 47 2 % Single family residential 1,282 64 % Other 15 1 % Total real estate 2,008 100 % Real estate partnerships 4,466 Total real estate and real estate partnerships $ 6,474 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	9 Months Ended
Variable Interest Entities and Equity Method Investments	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Variable Interest Entities and Equity Method Investments	8. Variable Interest Entities and Equity Method Investments Through our investment activities, we regularly invest in various entities including limited partnerships (“LPs”) and limited liability companies (“LLCs”) and frequently participate in the design with their sponsor, but in most cases, our 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 September 30, 2024 and December 31, 2023. Consolidated Variable Interest Entities The assets and liabilities relating to the consolidated VIEs from our investment activities included in the financial statements are as follows: September 30, 2024 December 31, 2023 (Dollars in millions) Fixed maturity securities, available-for-sale $ 61 $ 63 Equity securities, at fair value 568 15 Mortgage loans on real estate 4 — Private loans 685 188 Real estate 3,498 172 Real estate partnerships 1,493 — Investment funds 2,019 4 Short-term investments — 4 Other invested assets 399 — Cash and cash equivalents 188 26 Other assets 56 61 Total assets of consolidated VIEs $ 8,971 $ 533 Notes payable $ 178 $ 174 Other liabilities 218 14 Total liabilities of consolidated VIEs $ 396 $ 188 Unconsolidated Variable Interest Entities For certain of the Company’s investments in various entities that are determined to be VIEs, the Company is not the primary beneficiary as it does not take an active role in the management of these investments. Such investments are reported in certain investment line items on the statements of financial position, including “Available-for-sale fixed maturity securities, fair value”, “Equity securities, at fair value”, “Mortgage loans on real estate, at amortized cost”, “Investment funds”, “Short-term investments” and “Other invested assets”. In some instances, a consolidated VIE involves one or more underlying entities for which the Company is not the primary beneficiary because it does not have the power to direct the most significant activities of these entities. These unconsolidated VIEs that are part of consolidated VIEs are reported primarily in “Real estate and real estate partnerships” on the statements of financial position. 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 September 30, 2024 and December 31, 2023. The carrying amount and maximum exposure to loss relating to these unconsolidated VIEs are as follows: September 30, 2024 December 31, 2023 Carrying Maximum Carrying Maximum (Dollars in millions) Fixed maturity securities, available-for-sale, at fair value $ 2,121 $ 2,121 $ — $ — Equity securities, at fair value — — — — Mortgage loans on real estate, at amortized cost 669 742 632 632 Private loans, at amortized cost — — — — Real estate — — — — Real estate partnerships 520 523 301 301 Investment funds — — — — Short-term investments 82 82 — — Other invested assets 156 156 — — Total $ 3,549 $ 3,625 $ 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, except for certain investments that are fair valued due to the application of fair value option under ASC 825 or the consolidation of investment company VIE under ASC 946. As of September 30, 2024 and December 31, 2023, the Company’s equity accounted investments totaled $3.4 billion and $4.4 billion, respectively.

Derivative Instruments

Derivative Instruments	9 Months Ended
Derivative Instruments	Sep. 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. Foreign exchange forwards and 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. Futures contracts are traded in an organized market and are contractual obligations to buy or sell a financial instrument at a predetermined future time at a given price. 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 freestanding derivative instruments, before the effect of offset as presented in the Consolidated Statements of Financial Position, are shown below: Primary Location in the Consolidated September 30, 2024 December 31, 2023 Notional Carrying Value / Fair Value Notional Carrying Value / Fair Value Assets Liabilities Assets Liabilities (Dollars in millions) Derivatives Designated as Hedging Instruments: Foreign exchange forwards Foreign currency Other invested assets, Other liabilities $ 643 $ — $ 14 $ — $ — $ — Derivatives Not Designated as Hedging Instruments: Equity-indexed options Equity Other invested assets, Other liabilities 45,975 1,900 7 4,084 227 — Foreign exchange forwards Foreign currency Other invested assets, Other liabilities 921 — 17 — — — Embedded Derivatives: Indexed annuity and variable annuity product Interest rate Policyholders’ account balances — — 1,771 — — 873 Funds withheld and Modco arrangements Interest rate Funds withheld for reinsurance liabilities — — 278 — — — $ 47,539 $ 1,900 $ 2,087 $ 4,084 $ 227 $ 873 Derivatives Designated as Hedging Instruments The Company has designated and accounted for certain foreign exchange forwards as fair value hedges to protect a portion of the available-for-sale fixed maturity securities against changes in fair value due to changes in exchange rates. For derivative financial instruments that were designated and qualified as fair value hedges, the gain or loss on the portion of the derivative instrument included in the assessment of hedge effectiveness and the offsetting gain or loss on the hedged item attributable to the hedged risk were recognized in the same line item in the Consolidated Statements of Operations. The unrealized gain or loss attributable to changes in exchange rates on the available-for-sale fixed maturity securities that were designated as part of the hedge were reclassified out of OCI into “Investment related gains (losses)” in the Consolidated Statements of Operations. The remaining change in unrealized gain or loss on the hedged item not associated with the risk being hedged remained as a component of OCI. The following represents the financial statement location and amount of gains (losses) related to the derivatives and hedged items that qualify for fair value hedge accounting: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Hedged items $ 13 $ — $ 13 $ — Derivatives designated as hedging instruments (13) — (13) — Investment related gains (losses) $ — $ — $ — $ — 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 Nine 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 $ 382 $ (31) $ 747 $ 40 Foreign exchange forwards Investment related gains (losses) (18) — (18) — Embedded derivatives: Indexed annuity and variable annuity product Change in fair value of insurance-related derivatives and embedded derivatives (527) (23) (815) (94) Funds withheld and Modco arrangements Change in fair value of insurance-related derivatives and embedded derivatives (199) — (278) — $ (362) $ (54) $ (364) $ (54) 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 of 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 derivatives by counterparty and each counterparty's current credit rating are as follows: September 30, 2024 December 31, 2023 Counterparty Credit Rating Credit Rating (Moody's) Fair Value Fair Value (Dollars in millions) Bank of America A+ Aa1 $ 207 $ 24 Barclays A+ A1 67 24 Canadian Imperial Bank of Commerce A+ Aa2 54 — Citibank, N.A. A+ Aa3 62 — Credit Suisse A- A3 — 16 Goldman Sachs A+ A1 29 — ING A- Baa1 6 10 J.P. Morgan A+ Aa2 254 12 Mizuho A A1 388 — Morgan Stanley A+ Aa3 114 43 NATIXIS A+ A1 2 4 Royal Bank of Canada AA- A1 137 — Societe Generale A A1 154 — Truist A A3 115 59 UBS AG A- A3 67 — Wells Fargo A+ Aa2 231 35 $ 1,887 $ 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 Gross Amount Net Amount Collateral Collateral Exposure (Dollars in millions) As of September 30, 2024 Derivative assets Equity-indexed options $ 1,900 $ (13) $ 1,887 $ (1,827) $ (21) $ 39 Total derivative assets $ 1,900 $ (13) $ 1,887 $ (1,827) $ (21) $ 39 Derivative liabilities Equity-indexed options $ (7) $ 7 $ — $ — $ — $ — Foreign exchange forwards (31) 6 (25) — — (25) Total derivative liabilities $ (38) $ 13 $ (25) $ — $ — $ (25) 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 $ — $ — $ — $ — $ — $ — Foreign exchange forwards — — — — — — 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) Represents netting of derivative exposures covered by qualifying master netting agreements. (3) Excludes a portion of collateral held in cash and invested assets that are excess collateral. As of September 30, 2024 and December 31, 2023, the Company held excess collateral of $24 million and $4 million, respectively.

Net Investment Income and Inves

Net Investment Income and Investment Related Gains (Losses)	9 Months Ended
Net Investment Income and Investment Related Gains (Losses)	Sep. 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 Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Available-for-sale fixed maturity securities $ 604 $ 177 $ 1,265 $ 501 Equity securities 17 4 38 4 Mortgage loans 190 80 428 222 Private loans 24 — 25 — Real estate (6) 2 46 7 Real estate partnerships (3) 1 3 16 Investment funds 55 53 223 103 Policy loans 6 — 12 — Short-term investments 63 46 140 138 Other 74 12 216 29 Total net investment income $ 1,024 $ 375 $ 2,396 $ 1,020 Net unrealized and realized investment gains (losses) are shown below: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Available-for-sale fixed maturity securities $ (100) $ 13 $ (125) $ (47) Equity securities 23 (10) 47 33 Mortgage loans (22) 1 (28) (9) Private loans — (12) (3) (12) Short-term investments and other invested assets (29) (4) (51) 3 Total investment related gains (losses), net $ (128) $ (12) $ (160) $ (32)

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 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: September 30, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in millions) Financial assets: Available-for-sale fixed maturity securities $ 45,683 $ 45,683 $ 12,877 $ 12,877 Equity securities (1) 1,522 1,522 1,404 1,404 Mortgage loans on real estate, net of allowance 11,866 11,783 5,658 5,405 Private loans, net of allowance 2,725 2,725 194 194 Policy loans 277 277 390 390 Short-term investments 3,674 3,674 2,397 2,397 Real estate partnerships (4) 974 974 — — Other invested assets: Derivative assets 1,886 1,886 227 227 Collaterals received on derivatives (excluding excess collateral) (1,825) (1,825) (226) (226) Separately managed accounts 98 98 105 105 Other (2) 983 983 14 14 Cash and cash equivalents 13,873 13,873 3,192 3,192 Reinsurance recoverables and deposit assets 14,527 13,463 — — Other assets - market risk benefits 758 758 34 34 Separate account assets (3) 1,302 1,302 1,189 1,189 Total financial assets $ 98,323 $ 97,176 $ 27,455 $ 27,202 Financial liabilities: Policyholders’ account balances – embedded derivative $ 1,771 $ 1,771 $ 873 $ 873 Market risk benefits 3,725 3,725 34 34 Other liabilities: Derivative liabilities 26 26 — — Funds withheld for reinsurance liabilities 278 278 — — Notes payable 179 179 174 174 Long term borrowings 2,959 2,991 1,493 1,493 Separate account liabilities (3) 1,302 1,302 1,189 1,189 Total financial liabilities $ 10,240 $ 10,272 $ 3,763 $ 3,763 (1) Balance as of September 30, 2024 and December 31, 2023 includes $0 million and $424 million, respectively, of private equity measured at cost less impairment, if any, as their fair values were not readily determinable and were therefore not subject to fair value hierarchy. (2) Balance includes $427 million and $14 million of other invested assets not subject to fair value hierarchy as of September 30, 2024 and December 31, 2023, respectively. (3) Balance includes $22 million and $26 million of assets, and corresponding liabilities, that are not subject to fair value hierarchy as of September 30, 2024 and December 31, 2023, respectively. (4) Balance as of September 30, 2024 and December 31, 2023 represents only real estate partnerships in which the company has elected fair value option under ASC 825. 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 — 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 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, as well as amounts loaned under reverse repurchase agreements. Commercial paper and amounts loaned under reverse repurchase agreements are 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. For certain of the Company’s interest in consolidated variable interest entities, the Company elected the fair value option in accordance with ASC 825. Gains and losses resulting from the change in fair value of the consolidated variable interest entities we have elected to fair value option are recorded as a component of net investment income. The fair value of such interest is derived using discounted cash flow methodology and falls within Level 3 of the fair value hierarchy. 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. This investments falls within Level 3 of the fair value hierarchy. Additionally, the Company has elected the fair value option for certain residual interest investments, which are fair valued using discounted cash flow methodology. These investments fall within Level 3 of the fair value hierarchy. Gains and losses recorded for residual interest investments we have elected to fair value option are recorded as a component of net investment income. 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 and equity-indexed universal life policy liabilities. Certain equity-index options are valued based on vendor sourced prices and are classified as Level 3 measurements due to the use of significant unobservable inputs by the vendor. Foreign exchange forwards — Foreign exchange forwards are valued using observable market inputs, including forward currency exchange rates. These are classified as Level 2 measurements. 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 Funds Withheld for Reinsurance 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 Level 1 Level 2 Level 3 (Dollars in millions) September 30, 2024 Financial assets Available-for-sale fixed maturity securities: U.S. treasury and government $ 78 $ 77 $ 1 $ — U.S. states and political subdivisions 3,383 — 3,323 60 Foreign governments 429 — 429 — Corporate debt securities 31,473 — 28,292 3,181 Residential mortgage-backed securities 1,120 — 1,096 24 Commercial mortgage-backed securities 2,792 — 2,773 19 Collateralized debt securities 6,408 — 3,351 3,057 Total fixed maturity, available-for-sale 45,683 77 39,265 6,341 Equity securities: Common stock 1,246 554 2 690 Preferred stock 272 26 174 72 Private equity and other 4 — — 4 Total equity securities 1,522 580 176 766 Real estate at fair value (1) 1,282 — — 1,282 Real estate partnerships at fair value (1) 1,014 — — 1,014 Investment funds (1)(2) 115 — — 115 Short-term investments 3,675 2,306 566 803 Other invested assets: Derivative assets 1,886 — 1,621 265 Collaterals received on derivatives (excluding excess collateral) (1,825) (1,825) — — Separately managed accounts 98 — — 98 Other 556 — — 556 Cash and cash equivalents 13,873 13,873 — — Other assets – market risk benefit assets 758 — — 758 Separate account assets (3) 1,280 201 1,079 — Total financial assets $ 69,917 $ 15,212 $ 42,707 $ 11,998 Financial liabilities Policyholders’ account balances – embedded derivative $ 1,771 $ — $ — $ 1,771 Market risk benefits 3,725 — — 3,725 Funds withheld for reinsurance liabilities – embedded derivatives 278 — — 278 Other liabilities – derivative liabilities 26 — 26 — Separate account liabilities (3) 1,280 201 1,079 — Total financial liabilities $ 7,080 $ 201 $ 1,105 $ 5,774 (1) Balances represent financial assets that are fair valued in accordance with ASC 825 as well as financial assets that are fair valued as a result of consolidation of investment company VIE in accordance with ASC 946. (2) Balance excludes $397 million of investments measured at estimated fair value using NAV as a practical expedient. (3) Balance includes $22 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 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 — — — — 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 for reinsurance liabilities – embedded derivatives — — — — Other liabilities – derivative liabilities — — — — 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, 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 based 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) September 30, 2024 Financial assets Mortgage loans on real estate, net of allowance $ 11,866 $ 11,783 $ — $ — $ 11,783 Private loans, net of allowance 2,725 2,725 — — 2,725 Policy loans 277 277 — 1 276 Deposit assets, included in reinsurance recoverables and deposit assets 14,527 13,463 — — 13,463 Other invested assets 427 427 — 403 24 Total financial assets $ 29,822 $ 28,675 Financial liabilities Policyholders' account balances – investment contracts, excluding embedded derivative $ 78,107 $ 78,107 $ — $ — $ 78,107 Long term borrowings 2,959 2,991 — — 2,991 Notes payable 179 179 — — 179 Total financial liabilities $ 81,245 $ 81,277 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 – investment contracts, 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 September 30, 2024 Assets Liabilities Invested Derivative Assets Policyholders’ Account Balances – Embedded Derivative Funds Withheld for Reinsurance Liabilities - Embedded Derivative (Dollars in millions) Balance, beginning of period $ 9,598 $ 254 $ 1,196 $ 79 Acquisitions from business combination — — — — Fair value changes in net income 177 41 533 199 Fair value changes in other comprehensive income (61) — — — Purchases 1,697 37 — — Sales (298) (67) — — Settlements or maturities — — — — Premiums less benefits — — 42 — Transfers into Level 3 65 — — — Transfers out of Level 3 (203) — — — Balance, end of period $ 10,975 $ 265 $ 1,771 $ 278 Three Months Ended September 30, 2023 Assets Liabilities Invested Derivative Assets Policyholders’ Account Balances – Embedded Derivative Funds Withheld for Reinsurance Liabilities - Embedded Derivative (Dollars in millions) Balance, beginning of period $ 4,620 $ 215 $ 809 $ — Acquisitions from business combination — — — — Fair value changes in net income — (32) 23 — Fair value changes in other comprehensive income (382) — — — Purchases 653 38 — — Sales (1,058) — — — Settlements or maturities (12) (45) — — Premiums less benefits — — (7) — Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Balance, end of period $ 3,821 $ 176 $ 825 $ — Nine Months Ended September 30, 2024 Assets Liabilities Invested Derivative Assets Policyholders’ Account Balances – Embedded Derivative Funds Withheld for Reinsurance Liabilities - Embedded Derivative (Dollars in millions) Balance, beginning of year $ 5,585 $ 227 $ 872 $ — Acquisitions from business combination 4,288 — — — Fair value changes in net income 189 122 858 278 Fair value changes in other comprehensive income 121 — — — Purchases 5,042 111 — — Sales (4,083) (67) — — Settlements or maturities (2) (128) (30) — Premiums less benefits — — 71 — Transfers into Level 3 177 — — — Transfers out of Level 3 (342) — — — Balance, end of period $ 10,975 $ 265 $ 1,771 $ 278 Nine Months Ended September 30, 2023 Assets Liabilities Invested Derivative Assets Policyholders’ Account Balances – 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 40 125 — Fair value changes in other comprehensive income (383) — — — Purchases 2,888 98 — — Sales (1,936) — — — Settlements or maturities (12) (83) — — Premiums less benefits — — (26) — Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Balance, end of period $ 3,821 $ 176 $ 825 $ — (1) Balance includes derivative collateral, separately managed accounts, and certain consolidated variable interest entities. Transfers into and out of Level 3 during the three and nine months ended September 30, 2024 were primarily the result of changes in observable pricing. Information about Level 3 Fair Value Measurements The following table provides 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. September 30, 2024 Valuation Unobservable Assets: Fixed maturity securities: Corporate debt securities Discounted cash flow Discount rate Weighted average lives Collateralized debt securities Discounted cash flow Discount rate Weighted average lives Real estate and real estate partnerships: Fair value option under ASC 825 Discounted cash flow Discount rate Terminal capitalization rate Investment horizon (years) Investment company VIE under ASC 946 Broker price opinion Market comparable home sales Age and size of home Location and property condition Investment funds at fair value Discounted cash flow Discount rate Other invested assets - other Discounted cash flow Discount rate Weighted average lives Separately managed accounts Discounted cash flows (yield analysis) Discount rate CVM NCY EBITDA Market transaction December 31, 2023 Valuation Unobservable (Dollars in millions) Assets: Separately managed accounts Discounted cash flows (yield analysis) Discount rate CVM NCY EBITDA Market transaction

Reinsurance

Reinsurance	9 Months Ended
Reinsurance	Sep. 30, 2024
Insurance [Abstract]
Reinsurance	12. Reinsurance The Company 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 Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Premiums earned: Gross amounts $ 1,253 $ 1,090 $ 4,124 $ 3,501 Reinsurance ceded (365) (306) (1,087) (934) Net premiums earned $ 888 $ 784 $ 3,037 $ 2,567 Other policy revenue: Gross amounts $ 212 $ 106 $ 527 $ 306 Reinsurance ceded (4) — (23) — Net other policy revenue $ 208 $ 106 $ 504 $ 306 Policyholder benefits paid and claims incurred: Gross amounts $ 1,183 $ 928 $ 3,771 $ 2,957 Reinsurance ceded (337) (211) (809) (551) Net benefits paid and claims incurred $ 846 $ 717 $ 2,962 $ 2,406 Change in fair value of market risk benefits: Gross amounts $ 110 $ (27) $ 296 $ (41) Reinsurance ceded 24 13 (4) 20 Net change in fair value of market risk benefits $ 134 $ (14) $ 292 $ (21) Interest sensitive contract benefits: Gross amounts $ 629 $ 238 $ 1,394 $ 603 Reinsurance ceded (106) (105) (326) (265) Net interest sensitive contract benefits $ 523 $ 133 $ 1,068 $ 338 The following summarizes our life and annuity reinsurance treaties and related recoverable (in millions): Reinsurance Agreement Type Products Covered September 30, 2024 (Dollars in millions) Principal Reinsurers: EquiTrust Life Insurance Company $ 237 Coinsurance Certain Fixed Index and Fixed Rate Annuities Athene Life Re Ltd. 1,924 Coinsurance Funds Withheld, Modified Coinsurance Certain Fixed Annuities and Multi-Year Guaranteed Annuities North End Re (Cayman) SPC 8,010 Coinsurance Funds Withheld, Modified Coinsurance Certain Fixed Annuities AeBe ISA LTD 4,333 Coinsurance Funds Withheld, Coinsurance Certain Fixed Index and Fixed Rate Annuities Reinsurance Group of America Inc. (RGA) 3,406 Coinsurance Certain Term, Whole, Indexed Universal, Universal, and Universal with Secondary Guarantee Life Insurance Policies $ 17,910 Effective July 1, 2024, certain of American National’s subsidiaries entered into reinsurance agreements with certain subsidiaries of Reinsurance Group of America Inc. (“RGA”), a third party reinsurance group. In accordance with the terms of this agreement, such American National subsidiaries ceded to the reinsurer, on a coinsurance basis, mortality risk and approximately $3.4 billion of reserves associated with a diversified block of term life insurance, whole life insurance, indexed universal life insurance, universal life insurance and universal life insurance with secondary guarantee. Policies written by American National Life Insurance Company, American National Life Insurance Company of Texas and Garden State Life Insurance Company are ceded on a 100% quota share basis, while policies written by American National Life Insurance Company of New York are ceded on an 80% quota share basis. This reinsurance transaction represents approximately half of the Company’s in-force life business. As part of this reinsurance transaction, the Company recognized a deferred gain of $1.6 billion, which is recorded in Other liabilities in the Consolidated Statements of Financial Position as of September 30, 2024. This deferred gain represents the unamortized portion of the cost of reinsurance related to the in-force business which will be amortized over the life of the underlying reinsured policies. The deferred gain represents primarily the difference between liabilities ceded and assets transferred as part of the reinsurance agreement. The amortization of the deferred gain recognized in Other income in the Consolidated Statements of Operations for the three months ended September 30, 2024 was $9 million. There were no other significant changes to third party reinsurance agreements for the three and nine months ended September 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 September 30, 2024. The company incurred risk charge fees of $5 million and $8 million during the three and nine months ended September 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. The reinsurance agreements with Freestone involve reinsuring certain group annuity contracts issued under PRT transactions and certain single premium immediate annuities, fixed deferred annuities, fixed index annuities and multi-year guarantee annuities.

Separate Account Assets and Lia

Separate Account Assets and Liabilities	9 Months Ended
Separate Account Assets and Liabilities	Sep. 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 Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Balance, beginning of period $ 1,266 $ 1,145 $ 1,189 $ 1,045 Additions (deductions): Acquisition from business combination — — — — Policyholder deposits 20 19 55 58 Net investment income 9 7 19 21 Net realized capital gains (losses) on investments 44 (36) 156 78 Policyholder benefits and withdrawals (28) (37) (103) (96) Net transfer from (to) general account (6) (5) (4) (6) Policy charges (3) (3) (10) (10) Total changes 36 (55) 113 45 Balance, end of period $ 1,302 $ 1,090 $ 1,302 $ 1,090

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired	9 Months Ended
	Sep. 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 September 30, 2024 Annuity Life Property and Casualty Total (Dollars in millions) DAC Balance, beginning of period $ 406 $ 271 $ 140 $ 817 Additions 242 26 106 374 Amortization (8) (10) (99) (117) Net change 234 16 7 257 Balance, end of period $ 640 $ 287 $ 147 $ 1,074 DSI Balance, beginning of period $ 103 $ — $ — $ 103 Additions 141 — — 141 Amortization (4) — — (4) Net change 137 — — 137 Balance, end of period $ 240 $ — $ — $ 240 VOBA Balance, beginning of period $ 7,126 $ 293 $ 16 $ 7,435 Measurement period adjustment (2) 45 — — 45 Additions — — — — Amortization (162) (9) 3 (168) Other (1) — (250) — (250) Net change (117) (259) 3 (373) Balance, end of period $ 7,009 $ 34 $ 19 $ 7,062 Total DAC, DSI, and VOBA Asset $ 7,889 $ 321 $ 166 $ 8,376 Three Months Ended September 30, 2023 Annuity Life Property and Casualty Total (Dollars in millions) DAC Balance, beginning of period $ 128 $ 162 $ 156 $ 446 Additions 49 30 128 207 Amortization (4) (2) (121) (127) Net change 45 28 7 80 Balance, end of period $ 173 $ 190 $ 163 $ 526 DSI Balance, beginning of period $ 6 $ — $ — $ 6 Additions 1 — — 1 Amortization — — — — Net change 1 — — 1 Balance, end of period $ 7 $ — $ — $ 7 VOBA Balance, beginning of period $ 43 $ 321 $ 23 $ 387 Acquisition from business combinations — — — — Additions — — — — Amortization (1) (5) (3) (9) Other — — — — Net change (1) (5) (3) (9) Balance, end of period $ 42 $ 316 $ 20 $ 378 Total DAC, DSI, and VOBA Asset $ 222 $ 506 $ 183 $ 911 Nine Months Ended September 30, 2024 Annuity Life Property and Casualty Total (Dollars in millions) DAC Balance, beginning of period $ 190 $ 224 $ 158 $ 572 Additions 472 83 302 857 Amortization (22) (20) (313) (355) Net change 450 63 (11) 502 Balance, end of period $ 640 $ 287 $ 147 $ 1,074 DSI Balance, beginning of period $ 8 $ — $ — $ 8 Additions 235 — — 235 Amortization (3) — — (3) Net change 232 — — 232 Balance, end of period $ 240 $ — $ — $ 240 VOBA Balance, beginning of period $ 39 $ 305 $ 20 $ 364 Acquisition from business combinations 7,239 — — 7,239 Additions — — — — Amortization (269) (21) (1) (291) Other (1) — (250) — (250) Net change 6,970 (271) (1) 6,698 Balance, end of period $ 7,009 $ 34 $ 19 $ 7,062 Total DAC, DSI, and VOBA Asset $ 7,889 $ 321 $ 166 $ 8,376 Nine Months Ended September 30, 2023 Annuity Life Property and Casualty Total (Dollars in millions) DAC Balance, beginning of period $ 43 $ 88 $ 121 $ 252 Additions 139 114 355 608 Amortization (9) (12) (313) (334) Net change 130 102 42 274 Balance, end of period $ 173 $ 190 $ 163 $ 526 DSI Balance, beginning of period $ 4 $ — $ — $ 4 Additions 3 — — 3 Amortization — — — — Net change 3 — — 3 Balance, end of period $ 7 $ — $ — $ 7 VOBA Balance, beginning of period $ 44 $ 335 $ 64 $ 443 Acquisition from business combinations — — — — Additions — — — — Amortization (2) (19) (44) (65) Other — — — — Net change (2) (19) (44) (65) Balance, end of period $ 42 $ 316 $ 20 $ 378 Total DAC, DSI, and VOBA Asset $ 222 $ 506 $ 183 $ 911 (1) See Note 12 - Reinsurance for details of a reinsurance transaction in relation to the Company’s Life business, resulting in the adjustment to VOBA asset recognized upon the acquisition of American National in 2022. (2) See Note 16 - Acquisitions for details of the measurement period adjustment to VOBA acquired from the acquisition of AEL in May 2024. Value of Business Acquired The VOBA asset is 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 $ 160 2025 617 2026 566 2027 513 2028 470 Thereafter 4,736 Total amortization expense $ 7,062

Intangible Assets

Intangible Assets	9 Months Ended
Intangible Assets	Sep. 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. September 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 $ (27) $ 1,458 $ 5 $ — $ 5 Trade name 58 (4) 54 10 (2) 8 Internally generated software 45 (4) 41 — — — Total definite-lived intangible assets 1,588 (35) 1,553 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 $ 1,634 $ (35) $ 1,599 $ 46 $ (2) $ 44 No impairment expenses of intangible assets were recognized for the three and nine months ended September 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 $20 million and $33 million for the three and nine months ended September 30, 2024 and $0 million and $1 million for the three and nine months ended September 30, 2023, respectively. The following table outlines the estimated future amortization expense related to definite-lived intangible assets held as of September 30, 2024. Years (Dollars in millions) 2024 $ 21 2025 81 2026 81 2027 72 2028 67 Thereafter 1,231 Total amortization expense $ 1,553

Acquisitions

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	16. Acquisitions On May 2, 2024, in conjunction with the Merger, Brookfield Wealth Solutions 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 September 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 September 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 Wealth Solutions 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 $1.3 billion and a net loss of $250 million to the Company for the period from May 2, 2024 to September 30, 2024. Had the Merger occurred on January 1, 2023, the consolidated unaudited pro forma revenue and net profit would be (i) $6.5 billion and $0.5 billion, respectively, for the nine months ended September 30, 2024; (ii) $1.9 billion and $96 million income, respectively, for the three months ended September 30, 2023; and (iii) $5.8 billion and $289 million, respectively, for the nine months ended September 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 current best estimate of the purchase price allocation reflects the inclusion of updated mortality, base lapse and lifetime income benefit rider utilization assumptions related to AEL’s market risk benefits liability as part of its annual assumptions review which took place in the third quarter of 2024. This resulted in a $45 million increase in both the value of business acquired asset and market risk benefits liability. 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 7,239 Reinsurance recoverables and deposit assets 14,963 Property and equipment 42 Intangible assets 1,580 Other assets 670 Total assets acquired $ 81,235 Liabilities assumed: Future policy benefits $ 310 Policyholders’ account balances 61,473 Market risk benefits 3,023 Notes payable 768 Subsidiary borrowings 84 Funds withheld for reinsurance liabilities 8,601 Other liabilities 2,360 Total liabilities assumed 76,619 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	9 Months Ended
Future Policy Benefits	Sep. 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. September 30, 2024 December 31, 2023 (Dollars in millions) Future policy benefits: Annuity $ 3,829 $ 2,213 Life 1,567 1,895 Deferred profit liability: Annuity 92 64 Life 73 66 Other contracts and VOBA liability 1,618 1,870 Total future policy benefits $ 7,179 $ 6,108 Future Policy Benefits The balances and changes in the liability for future policy benefits are as follows: Nine 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 (1) — 195 195 — (353) (353) Effect of actual variances from expected experience 11 (325) (314) 2 (59) (57) Adjusted beginning of period balance 11 3,124 3,135 2 3,414 3,416 Acquisition from business combination — — — — — — Issuances 1,287 38 1,325 984 90 1,074 Interest accrual 10 87 97 8 121 129 Net premiums collected (1,306) (244) (1,550) (995) (373) (1,368) Derecognitions (lapses and withdrawals) — 1 1 1 2 3 Ending balance at original discount rate 2 3,006 3,008 — 3,254 3,254 Effect of changes in discount rate assumptions — (39) (39) — (109) (109) Balance, end of period $ 2 $ 2,967 $ 2,969 $ — $ 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 — (185) (185) (1) (362) (363) Effect of actual variances from expected experience 11 (357) (346) (25) (59) (84) Adjusted beginning of period balance 2,228 4,735 6,963 1,342 5,454 6,796 Acquisition of business combination 311 — 311 — — — Issuances 1,300 44 1,344 988 89 1,077 Interest accrual 105 145 250 73 188 261 Benefit payments (199) (223) (422) (189) (456) (645) Derecognitions (lapses and withdrawals) 3 1 4 3 2 5 Ending balance at original discount rate 3,748 4,702 8,450 2,217 5,277 7,494 Effect of changes in discount rate assumptions 83 (168) (85) (4) (237) (241) Balance, end of period $ 3,831 $ 4,534 $ 8,365 $ 2,213 $ 5,040 $ 7,253 Liability for future policy benefits $ 3,829 $ 1,567 $ 5,396 $ 2,213 $ 1,895 $ 4,108 Less: Reinsurance recoverables (3) (1,288) (1,291) — (45) (45) Net liability for future policy benefits, after reinsurance recoverable $ 3,826 $ 279 $ 4,105 $ 2,213 $ 1,850 $ 4,063 Weighted-average liability duration of future policy benefits (years) 8 15 8 16 Weighted average interest accretion rate 5.12 % 4.63 % 4.94 % 4.60 % Weighted average current discount rate 4.85 % 5.05 % 4.88 % 5.03 % For the three and nine months ended September 30, 2024, the Company recognized liability remeasurement impacts of $15 million, which were included in “Policyholder benefits and claims incurred” in the consolidated statements of operations. The notable changes to cash flow assumptions in the third quarter of 2024 resulted in (i) a decrease in the liability for future policy benefits related to annuity products driven by favorable mortality. The change in mortality resulted in an offsetting increase to the deferred profit liability; (ii) a decrease in the liability for future policy benefits for term life products primarily driven by favorable mortality and favorable updates to policyholder lapse behavior assumptions; and (iii) an increase in the future policy benefits liability for universal life products driven by unfavorable updates in policyholder lapse assumptions and unfavorable mortality. The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow: September 30, 2024 December 31, 2023 Undiscounted Discounted Undiscounted Discounted (Dollars in millions) Annuity Expected future benefit payments $ 6,011 $ 3,831 $ 3,466 $ 2,213 Expected future gross premiums — — — — Life Expected future benefit payments 9,051 4,534 10,353 5,040 Expected future gross premiums 5,858 3,681 7,541 4,328 Total Expected future benefit payments 15,062 8,365 13,819 7,253 Expected future gross premiums 5,858 3,681 7,541 4,328 The amount of revenue and interest recognized in the Consolidated Statements of Operations follows: Nine Months Ended Year Ended Gross Premiums Interest Gross Premiums Interest (Dollars in millions) Annuity $ 2,903 $ 176 $ 1,027 $ 83 Life 721 130 452 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 Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Policy and contract claims, beginning $ 1,880 $ 1,867 $ 1,870 $ 1,786 Less: Unpaid claims balance, beginning – long-duration 213 210 213 231 Gross unpaid claims balance, beginning – short-duration 1,667 1,657 1,657 1,555 Less: Reinsurance recoverables, beginning 271 303 302 305 Less: Foreign currency translation and other — — — — Net unpaid claims balance, beginning – short-duration 1,396 1,354 1,355 1,250 Acquisition from business combination, net of reinsurance — — 1 — Add: incurred related to: Current accident year 354 411 1,104 1,227 Prior accident years (7) (3) (39) (25) Total incurred claims 347 408 1,065 1,202 Less: paid claims related to: Current accident year 232 313 541 655 Prior accident years 109 84 478 432 Total paid claims 341 397 1,019 1,087 Net unpaid claims balance, ending – short-duration 1,402 1,365 1,402 1,365 Add: Foreign currency translation and other — — — — Add: Reinsurance recoverables, ending 300 317 300 317 Gross unpaid claims balance, ending – short-duration 1,702 1,682 1,702 1,682 Add: Unpaid claims balance, ending – long duration 201 212 201 212 Policy and contract claims, ending $ 1,903 $ 1,894 $ 1,903 $ 1,894 The estimates for ultimate incurred claims attributable to insured events of prior years decreased by approximately $7 million and $39 million, respectively, for the three and nine months ended September 30, 2024 and decreased $3 million and $25 million, respectively, for the three and nine months ended September 30, 2023. The favorable development in 2024 was a reflection of lower-than-anticipated losses arising from commercial other, business owners, workers’ compensation, and homeowners 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 September 30, 2024 and December 31, 2023 were $8 million and $4 million, respectively.

Policyholders' Account Balances

Policyholders' Account Balances	9 Months Ended
Policyholders' Account Balances	Sep. 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. Nine Months Ended Year Ended Annuity Life Annuity Life (Dollars in millions) Balance, beginning of period $ 14,694 $ 1,975 $ 12,012 $ 1,899 Issuances 8,192 51 4,382 84 Acquisition from business combination 61,296 — — — Premiums received 46 314 34 399 Policy charges (298) (284) (39) (362) Surrenders and withdrawals (6,278) (62) (2,132) (110) Interest credited 1,467 74 437 65 Benefit payments (386) — — — Other 4 — — — Balance, end of period $ 78,737 $ 2,068 $ 14,694 $ 1,975 Reconciling items: Supplemental contracts $ 499 $ — $ 291 $ — Variable universal life — 39 — 36 Variable deferred annuity 8 — 8 — Embedded derivative and other 1,004 58 135 38 Total PAB balance, end of period $ 80,248 $ 2,165 $ 15,128 $ 2,049 Weighted-average crediting rate 3.89 % 4.88 % 3.27 % 3.34 % Net amount at risk (a) $ 12,495 $ 38,548 $ 417 $ 38,365 Cash surrender value $ 72,719 $ 1,826 $ 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. September 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% $ 4,176 $ 2,882 $ 3,676 $ 4,763 $ — $ 15,497 1% - 2% 1,504 366 1,411 1,765 — 5,046 2% - 3% 1,907 412 142 8,354 — 10,815 Greater than 3% 289 6 1 9 — 305 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — 47,074 47,074 Total $ 7,876 $ 3,666 $ 5,230 $ 14,891 $ 47,074 $ 78,737 Life 0% - 1% $ — $ — $ — $ — $ — $ — 1% - 2% 30 2 57 699 — 788 2% to 3% 422 — 222 — — 644 Greater than 3% 636 — — — — 636 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — — — Total $ 1,088 $ 2 $ 279 $ 699 $ — $ 2,068 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 In the third quarter of 2024, the Company performed its annual assumption review related to investment-type contracts and universal life-type contracts, which resulted in $60 million net increase primarily in the value of embedded derivatives related to fixed-index annuity products, which was included in “Change in fair value of insurance-related derivatives and embedded derivatives” in the consolidated statements of operations. The notable changes made to cash flow assumptions from the annual assumption review were a net increase in option budget primarily from an increase in investment portfolio rates and an increase in the utilization assumption for the lifetime income benefit riders partially offset by favorable updates to policyholder lapse behavior assumptions. In 2023, the Company performed its annual assumption review in the fourth quarter of 2023, resulting in no material changes to the value of the embedded derivative in policyholders’ account balances. 19. Market Risk Benefits Market Risk Benefits The balances of and changes in the net market risk benefit (MRB) assets and liabilities for the nine months ended September 30, 2024 and year ended December 31, 2023 is as follows: Nine 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 (a) 2,420 — Issuances 3 1 Interest accrual 61 3 Attributed fees collected 91 13 Benefits payments — — Effect of changes in interest rates 413 (117) Effect of changes in equity markets (39) 171 Effect of changes in equity index volatility (95) (46) Actual policyholder behavior different from expected behavior — (7) Effect of changes in future expected policyholder behavior (13) — Effect of changes in other future expected assumptions 44 (87) Balance, end of period, before effect of changes in the instrument-specific credit 2,886 1 Effect of changes in the ending instrument-specific credit risk 81 (1) Balance, end of period 2,967 — Less: Reinsured MRB, end of period (746) — Balance, end of period, net of reinsurance $ 2,221 $ — Net amount at risk (b) $ 12,078 $ — Weighted average attained age of contract holders (years) 71 65 (a) Includes a measurement period adjustment to market risk benefits liability which was assumed through the acquisition of AEL in May 2024. See Note 16 - Acquisition for further details. (b) 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: September 30, 2024 Asset Liability Net Liability (Dollars in millions) Annuity $ 758 $ 3,725 $ 2,967 Total $ 758 $ 3,725 $ 2,967 December 31, 2023 Asset Liability Net Liability (Dollars in millions) Annuity $ 34 $ 34 $ — Total $ 34 $ 34 $ — In the third quarter of 2024, the Company performed its annual assumption review for annuity contracts, which resulted in a $40 million net decrease in the market risk benefits liability, which was included in “Change in fair value of market risk benefits” in the consolidated statements of operations. The notable changes to cash flow assumptions from the annual assumption review were a net increase in option budget primarily from an increase in investment portfolio rates and favorable updates to policyholder lapse behavior assumptions. In 2023, the Company performed its annual assumption review in the fourth quarter of 2023, resulting in no material changes to the market risk benefits liability.

Market Risk Benefits

Market Risk Benefits	9 Months Ended
Market Risk Benefits	Sep. 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. Nine Months Ended Year Ended Annuity Life Annuity Life (Dollars in millions) Balance, beginning of period $ 14,694 $ 1,975 $ 12,012 $ 1,899 Issuances 8,192 51 4,382 84 Acquisition from business combination 61,296 — — — Premiums received 46 314 34 399 Policy charges (298) (284) (39) (362) Surrenders and withdrawals (6,278) (62) (2,132) (110) Interest credited 1,467 74 437 65 Benefit payments (386) — — — Other 4 — — — Balance, end of period $ 78,737 $ 2,068 $ 14,694 $ 1,975 Reconciling items: Supplemental contracts $ 499 $ — $ 291 $ — Variable universal life — 39 — 36 Variable deferred annuity 8 — 8 — Embedded derivative and other 1,004 58 135 38 Total PAB balance, end of period $ 80,248 $ 2,165 $ 15,128 $ 2,049 Weighted-average crediting rate 3.89 % 4.88 % 3.27 % 3.34 % Net amount at risk (a) $ 12,495 $ 38,548 $ 417 $ 38,365 Cash surrender value $ 72,719 $ 1,826 $ 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. September 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% $ 4,176 $ 2,882 $ 3,676 $ 4,763 $ — $ 15,497 1% - 2% 1,504 366 1,411 1,765 — 5,046 2% - 3% 1,907 412 142 8,354 — 10,815 Greater than 3% 289 6 1 9 — 305 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — 47,074 47,074 Total $ 7,876 $ 3,666 $ 5,230 $ 14,891 $ 47,074 $ 78,737 Life 0% - 1% $ — $ — $ — $ — $ — $ — 1% - 2% 30 2 57 699 — 788 2% to 3% 422 — 222 — — 644 Greater than 3% 636 — — — — 636 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — — — Total $ 1,088 $ 2 $ 279 $ 699 $ — $ 2,068 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 In the third quarter of 2024, the Company performed its annual assumption review related to investment-type contracts and universal life-type contracts, which resulted in $60 million net increase primarily in the value of embedded derivatives related to fixed-index annuity products, which was included in “Change in fair value of insurance-related derivatives and embedded derivatives” in the consolidated statements of operations. The notable changes made to cash flow assumptions from the annual assumption review were a net increase in option budget primarily from an increase in investment portfolio rates and an increase in the utilization assumption for the lifetime income benefit riders partially offset by favorable updates to policyholder lapse behavior assumptions. In 2023, the Company performed its annual assumption review in the fourth quarter of 2023, resulting in no material changes to the value of the embedded derivative in policyholders’ account balances. 19. Market Risk Benefits Market Risk Benefits The balances of and changes in the net market risk benefit (MRB) assets and liabilities for the nine months ended September 30, 2024 and year ended December 31, 2023 is as follows: Nine 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 (a) 2,420 — Issuances 3 1 Interest accrual 61 3 Attributed fees collected 91 13 Benefits payments — — Effect of changes in interest rates 413 (117) Effect of changes in equity markets (39) 171 Effect of changes in equity index volatility (95) (46) Actual policyholder behavior different from expected behavior — (7) Effect of changes in future expected policyholder behavior (13) — Effect of changes in other future expected assumptions 44 (87) Balance, end of period, before effect of changes in the instrument-specific credit 2,886 1 Effect of changes in the ending instrument-specific credit risk 81 (1) Balance, end of period 2,967 — Less: Reinsured MRB, end of period (746) — Balance, end of period, net of reinsurance $ 2,221 $ — Net amount at risk (b) $ 12,078 $ — Weighted average attained age of contract holders (years) 71 65 (a) Includes a measurement period adjustment to market risk benefits liability which was assumed through the acquisition of AEL in May 2024. See Note 16 - Acquisition for further details. (b) 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: September 30, 2024 Asset Liability Net Liability (Dollars in millions) Annuity $ 758 $ 3,725 $ 2,967 Total $ 758 $ 3,725 $ 2,967 December 31, 2023 Asset Liability Net Liability (Dollars in millions) Annuity $ 34 $ 34 $ — Total $ 34 $ 34 $ — In the third quarter of 2024, the Company performed its annual assumption review for annuity contracts, which resulted in a $40 million net decrease in the market risk benefits liability, which was included in “Change in fair value of market risk benefits” in the consolidated statements of operations. The notable changes to cash flow assumptions from the annual assumption review were a net increase in option budget primarily from an increase in investment portfolio rates and favorable updates to policyholder lapse behavior assumptions. In 2023, the Company performed its annual assumption review in the fourth quarter of 2023, resulting in no material changes to the market risk benefits liability.

Liability For Unpaid Claims And

Liability For Unpaid Claims And Claim Adjustment Expenses	9 Months Ended
Liability For Unpaid Claims And Claim Adjustment Expenses	Sep. 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. September 30, 2024 December 31, 2023 (Dollars in millions) Future policy benefits: Annuity $ 3,829 $ 2,213 Life 1,567 1,895 Deferred profit liability: Annuity 92 64 Life 73 66 Other contracts and VOBA liability 1,618 1,870 Total future policy benefits $ 7,179 $ 6,108 Future Policy Benefits The balances and changes in the liability for future policy benefits are as follows: Nine 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 (1) — 195 195 — (353) (353) Effect of actual variances from expected experience 11 (325) (314) 2 (59) (57) Adjusted beginning of period balance 11 3,124 3,135 2 3,414 3,416 Acquisition from business combination — — — — — — Issuances 1,287 38 1,325 984 90 1,074 Interest accrual 10 87 97 8 121 129 Net premiums collected (1,306) (244) (1,550) (995) (373) (1,368) Derecognitions (lapses and withdrawals) — 1 1 1 2 3 Ending balance at original discount rate 2 3,006 3,008 — 3,254 3,254 Effect of changes in discount rate assumptions — (39) (39) — (109) (109) Balance, end of period $ 2 $ 2,967 $ 2,969 $ — $ 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 — (185) (185) (1) (362) (363) Effect of actual variances from expected experience 11 (357) (346) (25) (59) (84) Adjusted beginning of period balance 2,228 4,735 6,963 1,342 5,454 6,796 Acquisition of business combination 311 — 311 — — — Issuances 1,300 44 1,344 988 89 1,077 Interest accrual 105 145 250 73 188 261 Benefit payments (199) (223) (422) (189) (456) (645) Derecognitions (lapses and withdrawals) 3 1 4 3 2 5 Ending balance at original discount rate 3,748 4,702 8,450 2,217 5,277 7,494 Effect of changes in discount rate assumptions 83 (168) (85) (4) (237) (241) Balance, end of period $ 3,831 $ 4,534 $ 8,365 $ 2,213 $ 5,040 $ 7,253 Liability for future policy benefits $ 3,829 $ 1,567 $ 5,396 $ 2,213 $ 1,895 $ 4,108 Less: Reinsurance recoverables (3) (1,288) (1,291) — (45) (45) Net liability for future policy benefits, after reinsurance recoverable $ 3,826 $ 279 $ 4,105 $ 2,213 $ 1,850 $ 4,063 Weighted-average liability duration of future policy benefits (years) 8 15 8 16 Weighted average interest accretion rate 5.12 % 4.63 % 4.94 % 4.60 % Weighted average current discount rate 4.85 % 5.05 % 4.88 % 5.03 % For the three and nine months ended September 30, 2024, the Company recognized liability remeasurement impacts of $15 million, which were included in “Policyholder benefits and claims incurred” in the consolidated statements of operations. The notable changes to cash flow assumptions in the third quarter of 2024 resulted in (i) a decrease in the liability for future policy benefits related to annuity products driven by favorable mortality. The change in mortality resulted in an offsetting increase to the deferred profit liability; (ii) a decrease in the liability for future policy benefits for term life products primarily driven by favorable mortality and favorable updates to policyholder lapse behavior assumptions; and (iii) an increase in the future policy benefits liability for universal life products driven by unfavorable updates in policyholder lapse assumptions and unfavorable mortality. The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow: September 30, 2024 December 31, 2023 Undiscounted Discounted Undiscounted Discounted (Dollars in millions) Annuity Expected future benefit payments $ 6,011 $ 3,831 $ 3,466 $ 2,213 Expected future gross premiums — — — — Life Expected future benefit payments 9,051 4,534 10,353 5,040 Expected future gross premiums 5,858 3,681 7,541 4,328 Total Expected future benefit payments 15,062 8,365 13,819 7,253 Expected future gross premiums 5,858 3,681 7,541 4,328 The amount of revenue and interest recognized in the Consolidated Statements of Operations follows: Nine Months Ended Year Ended Gross Premiums Interest Gross Premiums Interest (Dollars in millions) Annuity $ 2,903 $ 176 $ 1,027 $ 83 Life 721 130 452 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 Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Policy and contract claims, beginning $ 1,880 $ 1,867 $ 1,870 $ 1,786 Less: Unpaid claims balance, beginning – long-duration 213 210 213 231 Gross unpaid claims balance, beginning – short-duration 1,667 1,657 1,657 1,555 Less: Reinsurance recoverables, beginning 271 303 302 305 Less: Foreign currency translation and other — — — — Net unpaid claims balance, beginning – short-duration 1,396 1,354 1,355 1,250 Acquisition from business combination, net of reinsurance — — 1 — Add: incurred related to: Current accident year 354 411 1,104 1,227 Prior accident years (7) (3) (39) (25) Total incurred claims 347 408 1,065 1,202 Less: paid claims related to: Current accident year 232 313 541 655 Prior accident years 109 84 478 432 Total paid claims 341 397 1,019 1,087 Net unpaid claims balance, ending – short-duration 1,402 1,365 1,402 1,365 Add: Foreign currency translation and other — — — — Add: Reinsurance recoverables, ending 300 317 300 317 Gross unpaid claims balance, ending – short-duration 1,702 1,682 1,702 1,682 Add: Unpaid claims balance, ending – long duration 201 212 201 212 Policy and contract claims, ending $ 1,903 $ 1,894 $ 1,903 $ 1,894 The estimates for ultimate incurred claims attributable to insured events of prior years decreased by approximately $7 million and $39 million, respectively, for the three and nine months ended September 30, 2024 and decreased $3 million and $25 million, respectively, for the three and nine months ended September 30, 2023. The favorable development in 2024 was a reflection of lower-than-anticipated losses arising from commercial other, business owners, workers’ compensation, and homeowners 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 September 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	9 Months Ended
Notes Payable and Long Term Borrowings	Sep. 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 $4 million in unamortized issuance costs as of September 30, 2024 . Interest payments of $0 million and $15 million were made during the three and nine months ended September 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 September 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 September 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 September 30, 2024 : September 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 1-2 2-3 3-4 4-5 More Than (Dollars in millions) As of September 30, 2024: Long term borrowings $ 2,959 $ (41) $ — $ — $ 2,400 $ — $ — $ 600 As of December 31, 2023: Long term borrowings $ 1,493 $ (7) $ — $ — $ — $ 1,000 $ — $ 500

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	22. Income Taxes For the three and nine months ended September 30, 2024, the effective tax rates on pre-tax income were 18.8% and 109.4% respectively. For the three-month period, the Company’s effective tax rate differed from the statutory rate of 21% primarily due to adjustments for noncontrolling interest. For the nine-month period, the Company’s effective tax rate differed from the statutory tax rate of 21% primarily due to the recognition of a deferred tax benefit related to the Bermuda corporate income tax. For the three and nine months ended September 30, 2023, the effective tax rates on pre-tax income were 14.1% and 14.4% respectively. The Company’s effective tax rate differed from the statutory tax rate of 21% for the same respective periods primarily due to benefits from tax-exempt investments, dividends-received deduction and tax credits. Pillar Two and Bermuda Corporate Income Tax Regime 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. The new Bermuda CIT introduced an economic transition adjustment (“ETA”) which allows for an elective increase or decrease in the tax basis of assets and liabilities (excluding goodwill) held as of September 30, 2023 to fair value. It also allows for the recognition of a DTA related to the value of “identifiable intangible assets” that may be amortized over 10 years, beginning January 1, 2025. Examples of identifiable intangible assets include brand and trade names, software, customer relationships and the value of in-force insurance business. On January 16, 2024, the Government of Bermuda clarified that the ETA can be applied to “customer or supplier relationships between separate legal entities, whether intragroup or with third parties”. With the release of this additional guidance by the Government of Bermuda as well as the increase of forecasted taxable income in Bermuda, we recognized additional deferred tax assets 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. The Company will continue to monitor developments prior to the commencement of this regime.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 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, AEL 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, AEL 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 and nine months ended September 30, 2024, we paid dividends totaling $6 million and $12 million for Series A preferred stock and $5 million and $10 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	9 Months Ended
Accumulated Other Comprehensive Income	Sep. 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 Change in Change in Defined Foreign 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 Other comprehensive income (loss) before reclassifications 1,689 (290) (90) 4 (2) 1,311 Amounts reclassified to (from) AOCI 2 — — — — 2 Deferred income tax benefit (expense) (357) 59 19 (1) 3 (277) Balance at September 30, 2024 $ 1,378 $ 56 $ (65) $ 107 $ 5 $ 1,481 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) Other comprehensive income (loss) before reclassifications (182) 248 (9) 1 — 58 Amounts reclassified to (from) AOCI (2) — — — — (2) Deferred income tax benefit (expense) 52 (66) 3 — — (11) Balance at September 30, 2023 $ (730) $ 392 $ — $ 6 $ (1) $ (333)

Statutory Financial Information

Statutory Financial Information and Dividend Restrictions	9 Months Ended
Statutory Financial Information and Dividend Restrictions	Sep. 30, 2024
Insurance [Abstract]
Statutory Financial Information and Dividend Restrictions	25. Statutory Financial Information and Dividend Restrictions The Company’s insurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate, including the U.S. and Bermuda. Certain regulations include restrictions that limit the dividends or other distributions, such as loans or cash advances, available to stockholders without prior approval of the insurance regulatory authorities. The differences between financial statements prepared for insurance regulatory authorities and GAAP financial statements vary by jurisdiction. U.S. Statutory Requirements 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. 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. During the reporting periods presented, our insurance subsidiaries met the minimum RBC requirements. Bermuda Statutory Requirements The Company’s Bermuda-domiciled insurance subsidiaries, which include AEL Re Bermuda and Freestone, are licensed by the Bermuda Monetary Authority (“BMA”). These subsidiaries prepare statutory financial statements that are generally equivalent to GAAP financial statements, with the exception of prudential filters, which include adjustments to eliminate assets non-admissible for solvency purposes, and permitted practices granted by the BMA. These Bermuda-domiciled subsidiaries are subject to the Insurance Act 1978, as amended (the “Bermuda Insurance Act”). Under the Bermuda Insurance Act, these subsidiaries are required to maintain minimum statutory capital and surplus equal to the greater of a minimum solvency margin and the enhanced capital requirement as determined by the BMA. The Company’s insurance subsidiaries in Bermuda met the minimum solvency and minimum liquidity regulatory requirements, which include the Enhanced Capital Requirement (“ECR”), calculated based on the Bermuda Solvency Capital Requirement (“BSCR”) model, which is a risk-based model that takes into account the risk characteristics of different aspects of the insurance company’s business. Statutory Financial Information 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): September 30, 2024 December 31, 2023 (Dollars in millions) Statutory capital and surplus: American Equity Investment Life Insurance Company (1) $ 3,281 American National’s U.S. life insurance entities 3,130 $ 2,776 American National’s U.S. property and casualty insurance entities 1,694 1,702 Three Months Ended Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Statutory net income (loss): American Equity Investment Life Insurance Company (1) $ (128) $ 57 American National’s U.S. life insurance entities (170) $ (58) (183) $ (166) American National’s U.S. property and casualty insurance entities 15 (28) 22 (76) (1) American Equity Investment Life Insurance Company’s statutory capital and surplus as of December 31, 2023 and statutory net income (loss) for the periods ended September 30, 2023 are not provided, as the Company acquired AEL on May 2, 2024. Statutory net income (loss) for the periods ended September 30, 2024 presented above represent earnings reported to its regulator and are inclusive of earnings prior to the Company’s acquisition of AEL. Prescribed and Permitted Statutory Accounting Practices 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 $350 million as of September 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 increased the statutory capital of AEL by $3.6 billion at September 30, 2024. Without such permitted practices, the risk based capital at the Vermont entities would fall below the minimum regulatory requirements. American National had previously 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 was terminated effective July 1, 2024 upon the execution of the reinsurance treaty with RGA. For the comparative December 31, 2023 period, the permitted practice increased the statutory capital and surplus of American National $548 million. 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 September 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. Statutory Dividend Restrictions The ability of the Company’s insurance subsidiaries to pay dividends, or other distributions, to their parent companies (and ultimately the Company) is subject to certain restrictions imposed by the jurisdictions of domicile that regulate these insurance subsidiaries, and each jurisdiction typically has calculations for the amount of dividends that an insurance company can pay without the prior approval of the insurance regulatory authorities. The following provides a summary of statutory restrictions on the payment of dividends for the Company’s insurance subsidiaries in various jurisdictions: U.S. insurance entities – Various state insurance laws restrict the amount that may be transferred to the parent company by its insurance subsidiaries in the form of dividends without prior approval of the insurance regulatory authorities. These restrictions are based, in part, on the prior year’s statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior regulatory approval. Dividends in larger amounts, or extraordinary dividends, are subject to the approval by the insurance commissioner of the applicable state of domicile. The following are dividend restrictions applicable to American Equity’s U.S. insurance subsidiaries: • American Equity Investment Life Insurance Company and Eagle Life Insurance Company are permitted without prior approval of the Iowa Insurance Division to pay total dividends of up to $373 million and $30 million during 2024, respectively. • American Equity Investment Life Insurance Company of New York is permitted without prior approval of the New York State Department of Financial Services to pay total dividends of up to $0 million during 2024. The following are dividend restrictions applicable to American National’s U.S. insurance subsidiaries: • American National Insurance Company (“ANICO”) is permitted without prior approval of the Texas Department of Insurance to pay total dividends of up to $236 million during 2024. • ANPAC is permitted without prior approval of the Missouri Department of Insurance to pay total dividends of up to $74 million during 2024. • American National Life Insurance Company of New York and Farm Family Casualty Insurance Company are permitted without prior approval of the New York State Department of Financial Services to pay total dividends of up to $33 million and $62 million during 2024, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 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 nine months ended September 30, 2024 the Company’s insurance subsidiaries paid investment management fees due to related party arrangements with affiliates of BAM of $40 million and $85 million, respectively. For the three and nine months ended September 30, 2023 the Company paid investment management fees of $11 million and $31 million, respectively. Reinsurance Agreements AEILIC has a coinsurance agreement with North End Re (Cayman) SPC, a wholly-owned subsidiary Brookfield Wealth Solutions, 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: September 30, 2024 (Dollars in millions) Total assets $ 8,020 Total liabilities 5,660 Three Months Ended Nine Months Ended (Dollars in millions) Effect of reinsurance agreement on net income (loss) $ (138) $ (216) Other Related Party Transactions For the nine months ended September 30, 2024, the Company purchased related party investments totaling $2.6 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 Wealth Solutions, entered into a demand deposit agreement. The balance at September 30, 2024 and December 31, 2023 was $249 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 September 30, 2024 and December 31, 2023. On August 17, 2023 ANTAC, LLC (a subsidiary of the Company) and Brookfield Wealth Solutions entered into a deposit agreement. The balance at September 30, 2024 and December 31, 2023 was $189 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 September 30, 2024. As of September 30, 2024 and December 31, 2023, Freestone had a deposit of $250 million with the Brookfield Treasury Management Inc., a subsidiary of Brookfield Corporation. This amount is included in cash and cash equivalents in the Company's Consolidated Statements of Financial Position. For the three and nine months ended September 30, 2024, the Company earned interest income of $6 million and $8 million, respectively.

Segment Reporting

Segment Reporting	9 Months Ended
Segment Reporting	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	27. Segment Reporting Management organizes the business into four reporting segments: • 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. • 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. • 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 September 30, 2024 Annuity Life Property and Casualty Corporate and Other Total (Dollars in millions) Revenues: Net premiums $ 331 $ 86 $ 471 $ — $ 888 Other policy revenue 139 69 — — 208 Net investment income 1,008 62 41 (87) 1,024 Investment related gains (losses) (11) — — (117) (128) Other income 1 9 2 — 12 Total revenues 1,468 226 514 (204) 2,004 Benefits, losses and expenses: Policyholder benefits and claims incurred 373 120 353 — 846 Interest sensitive contract benefits 507 16 — — 523 Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 175 10 104 — 289 Change in fair value of insurance-related derivatives and embedded derivatives 355 (11) — — 344 Change in fair value of market risk benefits 134 — — — 134 Operating expenses 116 63 31 18 228 Interest expense — — — 49 49 Total benefits and expenses 1,660 198 488 67 2,413 Net income (loss) before income taxes $ (192) $ 28 $ 26 $ (271) $ (409) Three Months Ended September 30, 2023 Annuity Life Property Corporate Total (Dollars in millions) Revenues: Net premiums $ 154 $ 107 $ 523 $ — $ 784 Other policy revenue 12 94 — — 106 Net investment income 236 91 35 13 375 Investment related gains (losses) — — — (12) (12) Other income — 11 — — 11 Total revenues 402 303 558 1 1,264 Benefits, losses and expenses: Policyholder benefits and claims incurred 167 143 407 — 717 Interest sensitive contract benefits 98 35 — — 133 Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 7 11 118 — 136 Change in fair value of insurance-related derivatives and embedded derivatives 24 30 — — 54 Change in fair value of market risk benefits (14) — — — (14) Operating expenses 28 59 56 4 147 Interest expense — — — 27 27 Total benefits and expenses 310 278 581 31 1,200 Net income (loss) before income taxes $ 92 $ 25 $ (23) $ (30) $ 64 Nine Months Ended September 30, 2024 Annuity Life Property Corporate Total (Dollars in millions) Revenues: Net premiums $ 1,342 $ 286 $ 1,409 $ — $ 3,037 Other policy revenue 244 260 — — 504 Net investment income 2,043 249 121 (17) 2,396 Investment related gains (losses) (8) — — (152) (160) Other income 1 9 2 — 12 Total revenues 3,622 804 1,532 (169) 5,789 Benefits, losses and expenses: Policyholder benefits and claims incurred 1,457 446 1,059 — 2,962 Interest sensitive contract benefits 956 112 — — 1,068 Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 295 32 322 — 649 Change in fair value of insurance-related derivatives and embedded derivatives 343 3 — — 346 Change in fair value of market risk benefits 292 — — — 292 Operating expenses 249 191 113 113 666 Interest expense — — — 114 114 Total benefits and expenses 3,592 784 1,494 227 6,097 Net income (loss) before income taxes $ 30 $ 20 $ 38 $ (396) $ (308) Nine Months Ended September 30, 2023 Annuity Life Property Corporate Total (Dollars in millions) Revenues: Net premiums $ 714 $ 321 $ 1,532 $ — $ 2,567 Other policy revenue 29 277 — — 306 Net investment income 618 231 125 46 1,020 Investment related gains (losses) — — — (32) (32) Other income — 32 — — 32 Total revenues 1,361 861 1,657 14 3,893 Benefits, losses and expenses: Policyholder benefits and claims incurred 761 448 1,197 — 2,406 Interest sensitive contract benefits 181 157 — — 338 Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 13 35 351 — 399 Change in fair value of insurance-related derivatives and embedded derivatives (29) 83 — — 54 Change in fair value of market risk benefits (21) — — — (21) Operating expenses 81 177 171 21 450 Interest expense — — — 73 73 Total benefits and expenses 986 900 1,719 94 3,699 Net income (loss) before income taxes $ 375 $ (39) $ (62) $ (80) $ 194

Financial Commitments and Conti

Financial Commitments and Contingencies	9 Months Ended
Financial Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Financial Commitments and Contingencies	28. Financial Commitments and Contingencies Commitments As of September 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 September 30, 2024. The Company’s subsidiaries lease office space, technological equipment and automobiles. The remaining long-term lease commitments as of September 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 September 30, 2024, certain municipal bonds and collateralized mortgage obligations with a fair value of approximately $836 million and commercial mortgage loans of approximately $1.2 billion were on deposit with the FHLB as collateral for borrowing. As of September 30, 2024, the collateral provided borrowing capacity of approximately $1.6 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	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	29. Subsequent Events The Company evaluated all events and transactions through November 14, 2024, the date the accompanying consolidated financial statements were available to be issued. On October 2, 2024, the Company issued $600 million aggregate principal amount of 5.750% Senior Notes due 2029 (the “2029 Senior Notes”). The 2029 Senior Notes bear interest at the rate of 5.750% per year and will mature on October 1, 2029. The Company will pay interest on the 2029 Senior Notes semi-annually in cash in arrears on April 1 and October 1 of each year, beginning on April 1, 2025. At the Company’s option, the 2029 Senior Notes may be redeemed, in whole or in part, at any time or from time to time, prior to their maturity at the applicable redemption price, plus any accrued and unpaid interest thereon to, but excluding, the redemption date for the 2029 Senior Notes. We used the net proceeds from this offering to repay a portion of the outstanding indebtedness under our Term Loan Credit Facility.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (288)	$ 54	$ 80	$ 163

Insider Trading Arrangements

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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 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 August 27, 2024 and the Form 10-Q filed with the SEC on August 14, 2024. The results of operations for the three and nine months ended September 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 (“MRB”), future policy benefits (“FPB”), policyholder account balances (“PAB”) including the fair value of embedded derivatives, funds withheld for reinsurance 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 (losses) on equity-indexed call options is reclassified from “Net investment income” to “Change in fair value of insurance-related derivatives and embedded derivatives” and the embedded derivatives within Policyholders’ Account Balances are reclassified from “Interest credited to policyholders’ account balances” 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 in which the Company has a controlling financial interest by either holding a majority voting interest or is the primary beneficiary of the variable interest entity (“VIE”). All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. 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.
Real estate and real estate partnerships	Real estate and real estate partnerships comprise investment real estate, as well as real estate joint ventures and other limited partnerships and include VIEs that are accounted for using the equity method of accounting. For certain real estate joint ventures and other limited partnerships, the Company elected the fair value option in accordance with ASC 825, Financial Instruments. These investments are fair valued on a recurring basis with the change in fair value reported in “Net investment income” in the statements of operations. In addition, certain other real estate joint ventures and limited partnership interest are consolidated investment company VIEs in accordance with ASC 946, Financial Services – Investment Companies. These investments are fair valued on a recurring basis with the change in fair value reported in “Net investment income”.
Other invested assets	Other invested assets is primarily comprised of derivatives instruments. Derivative instruments are carried at fair value. Derivative instruments predominately include call options used to fund fixed indexed annuity contracts and equity-indexed universal life contracts (“insurance-related derivatives”). Derivative instruments also include foreign exchange forwards that are used to hedge the currency risk associated with investments denominated in foreign currencies. 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.
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 September 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 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 is effective for annual periods beginning after December 15, 2024, to be applied prospectively. The Company is currently evaluating the impact of this ASU on its 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 — 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 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, as well as amounts loaned under reverse repurchase agreements. Commercial paper and amounts loaned under reverse repurchase agreements are 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. For certain of the Company’s interest in consolidated variable interest entities, the Company elected the fair value option in accordance with ASC 825. Gains and losses resulting from the change in fair value of the consolidated variable interest entities we have elected to fair value option are recorded as a component of net investment income. The fair value of such interest is derived using discounted cash flow methodology and falls within Level 3 of the fair value hierarchy. 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. This investments falls within Level 3 of the fair value hierarchy. Additionally, the Company has elected the fair value option for certain residual interest investments, which are fair valued using discounted cash flow methodology. These investments fall within Level 3 of the fair value hierarchy. Gains and losses recorded for residual interest investments we have elected to fair value option are recorded as a component of net investment income. 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 and equity-indexed universal life policy liabilities. Certain equity-index options are valued based on vendor sourced prices and are classified as Level 3 measurements due to the use of significant unobservable inputs by the vendor. Foreign exchange forwards — Foreign exchange forwards are valued using observable market inputs, including forward currency exchange rates. These are classified as Level 2 measurements. 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 Funds Withheld for Reinsurance 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, 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 based 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)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 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 nine months ended September 30, 2023 to conform the presentation to that of ANGI’s. December 31, 2023 American National, Historical Reclassification 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 September 30, 2023 American National, Historical Reclassification Notes American National, Conformed (Dollars in millions) Net investment income $ 339 $ 36 2(f), (j) $ 375 Investment related gains (losses) — (12) 2(d) (12) Net realized investment gains (losses) (15) 15 2(d) — Increase in investment credit loss 20 (20) 2(d) — Net gains (losses) on equity securities (13) 13 2(d) — Policyholder benefits and claims incurred (713) (4) 2(f) (717) Interest credited to policyholders' account balances (155) 155 2(f) — Interest sensitive contract benefits — (133) 2(j) (133) Amortization of deferred policy acquisition costs, deferred sales inducements, and value of business acquired — (136) 2(g), (i) (136) Change in fair value of insurance-related derivatives and embedded derivatives — (54) 2(f) (54) Change in fair value of market risk benefits 14 — 2(j) 14 Future policy benefit remeasurement losses (4) 4 2(j) — Commissions for acquiring and servicing policies (197) 197 2(h) — Other operating expenses (187) 187 2(e) — Operating expenses — (147) 2(e), (g), (h), (i) (147) Interest expense — (27) 2(e) (27) Change in deferred policy acquisition 72 (72) 2(i) — Other components of net periodic pension benefit (costs), net of tax 2 (2) 2(j) — $ (837) $ — $ (837) Nine Months Ended September 30, 2023 American National, Historical Reclassification Notes American National, Conformed (Dollars in millions) Net investment income $ 1,062 $ (42) 2(f), (j) $ 1,020 Investment related gains (losses) — (32) 2(d) (32) Net realized investment gains (losses) (65) 65 2(d) — Increase in investment credit loss 7 (7) 2(d) — Net gains (losses) on equity securities 30 (30) 2(d) — Policyholder benefits and claims incurred (2,404) (2) 2(f) (2,406) Interest credited to policyholders' account balances (431) 431 2(f) — Interest sensitive contract benefits — (338) 2(j) (338) Amortization of deferred policy acquisition costs, deferred sales inducements, and value of business acquired — (399) 2(g), (i) (399) Change in fair value of insurance-related derivatives and embedded derivatives — (54) 2(f) (54) Change in fair value of market risk benefits 22 (1) 2(j) 21 Future policy benefit remeasurement losses (3) 3 2(j) — Commissions for acquiring and servicing policies (590) 590 2(h) — Other operating expenses (556) 556 2(e) — Operating expenses — (450) 2(e), (g), (h), (i) (450) Interest expense — (73) 2(e) (73) Change in deferred policy acquisition 214 (214) 2(i) — Other components of net periodic pension benefit (costs), net of tax 3 (3) 2(j) — $ (2,711) $ — $ (2,711)

Available-For-Sale Fixed Matu_2

Available-For-Sale Fixed Maturity Securities (Tables)	9 Months Ended
Available-For-Sale Fixed Maturity Securities (Tables)	Sep. 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) September 30, 2024 Fixed maturity, available-for-sale: U.S. treasury and government $ 78 $ 1 $ (1) $ — $ 78 U.S. states and political subdivisions 3,184 212 (13) — 3,383 Foreign governments 398 31 — — 429 Corporate debt securities 30,183 1,492 (182) (20) 31,473 Residential mortgage-backed securities 1,067 57 (3) (1) 1,120 Commercial mortgage-backed securities 2,710 94 (12) — 2,792 Collateralized debt securities 6,329 96 (16) (1) 6,408 Total fixed maturity securities $ 43,949 $ 1,983 $ (227) $ (22) $ 45,683 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 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 September 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. September 30, 2024 Amortized Cost Fair Value (Dollars in millions) Due in one year or less $ 1,371 $ 1,376 Due after one year through five years 11,414 11,637 Due after five years through ten years 6,985 7,246 Due after ten years 14,073 15,104 33,843 35,363 Residential mortgage-backed securities 1,067 1,120 Commercial mortgage-backed securities 2,710 2,792 Collateralized debt securities 6,329 6,408 $ 43,949 $ 45,683
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 Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Proceeds from sales and maturities of investments - Fixed maturity, available-for-sale $ 1,071 $ 2,931 $ 3,484 $ 11,317 Gross realized gains 2 2 6 3 Gross realized (losses) (97) (4) (120) (53)
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) September 30, 2024 Fixed maturity, available-for-sale: U.S. treasury and government 19 $ (1) $ 17 8 $ — $ 36 27 $ (1) $ 53 U.S. states and political subdivisions 92 (6) 178 166 (7) 309 258 (13) 487 Foreign governments — — — 1 — 5 1 — 5 Corporate debt securities 248 (67) 2,732 777 (115) 5,287 1,025 (182) 8,019 Residential mortgage-backed securities 15 (1) 30 33 (2) 73 48 (3) 103 Commercial mortgage-backed securities 115 (12) 589 — — — 115 (12) 589 Collateralized debt securities 266 (13) 1,520 22 (3) 165 288 (16) 1,685 Total 755 $ (100) $ 5,066 1,007 $ (127) $ 5,875 1,762 $ (227) $ 10,941 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 nine months ended September 30, 2024 and 2023. Three Months Ended September 30, 2024 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (34) $ (1) $ — $ (2) $ (37) Credit losses recognized on securities for which credit losses were not previously recorded (3) — — — (3) Reductions for securities sold during the period 2 — — — 2 Allowance on securities that had an allowance recorded in a previous period 15 — — 1 16 Balance as of September 30, 2024 $ (20) $ (1) $ — $ (1) $ (22) Three Months Ended September 30, 2023 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (22) $ (1) $ — $ (9) $ (32) Credit losses recognized on securities for which credit losses were not previously recorded (6) — — — (6) Reductions for securities sold during the period 2 — — — 2 Allowance on securities that had an allowance recorded in a previous period 16 — — 4 20 Balance as of September 30, 2023 $ (10) $ (1) $ — $ (5) $ (16) Nine Months Ended September 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) Credit losses recognized on securities for which credit losses were not previously recorded (36) — — — (36) Reductions for securities sold during the period 3 — — — 3 Allowance on securities that had an allowance recorded in a previous period 32 — — 3 35 Balance as of September 30, 2024 $ (20) $ (1) $ — $ (1) $ (22) Nine Months Ended September 30, 2023 Corporate Securities Residential Mortgage Backed Securities Commercial Mortgage Backed Securities Collateralized Debt Securities Total (Dollars in millions) Beginning balance $ (24) $ — $ — $ (5) $ (29) Credit losses recognized on securities for which credit losses were not previously recorded (24) (1) — (6) (31) Reductions for securities sold during the period 4 — — — 4 Allowance on securities that had an allowance recorded in a previous period 34 — — 6 40 Balance as of September 30, 2023 $ (10) $ (1) $ — $ (5) $ (16)

Equity Securities (Tables)

Equity Securities (Tables)	9 Months Ended
Equity Securities (Tables)	Sep. 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 Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Unrealized gains (losses) on equity securities $ 21 $ (9) $ 43 $ 33 Net gains (losses) on equity securities sold 2 (1) 4 — Net gains (losses) on equity securities $ 23 $ (10) $ 47 $ 33 Equity securities by market sector distribution are shown below, based on carrying value: September 30, 2024 December 31, 2023 Energy and utilities 30 % 30 % Finance 17 % 24 % Healthcare 6 % 9 % Industrials 9 % 3 % Information technology 20 % 18 % Education 11 % — % Other 7 % 16 % Total 100 % 100 %

Mortgage Loans on Real Estate (

Mortgage Loans on Real Estate (Tables)	9 Months Ended
Mortgage Loans on Real Estate (Tables)	Sep. 30, 2024
Receivables [Abstract]
Schedule of Asset and Allowances Mortgage Loans	Our mortgage loan portfolios are summarized in the following table. September 30, 2024 December 31, 2023 (Dollars in millions) Commercial mortgage loans: Principal outstanding $ 9,674 $ 5,870 Deferred fees and costs, net (18) (72) Unamortized discounts and premiums, net (487) (87) Amortized cost 9,169 5,711 Allowance for credit losses (80) (53) Commercial mortgage loans, carrying value 9,089 5,658 Residential mortgage loans: Principal outstanding 2,873 57 Deferred fees and costs, net — (57) Unamortized discounts and premiums, net (88) — Amortized cost 2,785 — Allowance for credit losses (8) — Residential mortgage loans, carrying value 2,777 — Mortgage loans, carrying value $ 11,866 $ 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: September 30, 2024 December 31, 2023 Amortized Cost Percent Amortized Cost Percent (Dollars in millions) Geographic distribution Pacific $ 1,800 19.6 % $ 905 15.9 % Mountain 1,782 19.4 % 1,327 23.2 % West North Central 271 3.0 % 178 3.1 % West South Central 1,484 16.2 % 1,081 18.9 % East North Central 1,041 11.4 % 829 14.5 % East South Central 149 1.6 % 50 0.9 % Middle Atlantic 386 4.2 % 129 2.3 % South Atlantic 1,913 20.9 % 1,000 17.5 % New England 113 1.2 % 12 0.2 % Other 230 2.5 % 200 3.5 % 9,169 100.0 % 5,711 100.0 % Allowance for credit losses (80) (53) Total, net of allowance $ 9,089 $ 5,658 Property type distribution Apartment $ 2,128 23.2 % $ 1,091 19.1 % Hotel 1,219 13.3 % 966 16.9 % Industrial 1,919 20.9 % 1,052 18.4 % Office 1,178 12.9 % 999 17.5 % Parking 331 3.6 % 414 7.2 % Retail 1,527 16.7 % 781 13.7 % Storage 157 1.7 % 118 2.1 % Agricultural 469 5.1 % — — % Other 241 2.6 % 290 5.1 % 9,169 100.0 % 5,711 100.0 % Allowance for credit losses (80) (53) Total, net of allowance $ 9,089 $ 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 September 30, 2024 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (54) $ — $ (54) Acquisition from business combination — — — Provision (26) (8) (34) Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (80) $ (8) $ (88) Three Months Ended September 30, 2023 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (43) $ — $ (43) Acquisition from business combination — — — Provision 12 — 12 Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (31) $ — $ (31) Nine Months Ended September 30, 2024 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (53) $ — $ (53) Acquisition from business combination — — — Provision (27) (8) (35) Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (80) $ (8) $ (88) Nine Months Ended September 30, 2023 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (38) $ — $ (38) Acquisition from business combination — — — Provision 7 — 7 Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (31) $ — $ (31) 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) — Acquisition from business combination — — Provision (5) (12) Writeoffs charged against the allowance — — Recoveries of amounts previously written off — — Balance at September 30 $ (26) $ (12)
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 September 30, 2024: (Dollars in millions) Commercial mortgage loans Current $ 376 $ 375 $ 2,154 $ 1,260 $ 980 $ 3,704 $ 8,849 30 - 59 days past due — — — — — — — 60 - 89 days past due 4 — 50 — 4 105 163 Non-accrual (90 days or more past due) — 11 42 13 6 85 157 Total commercial mortgage loans $ 380 $ 386 $ 2,246 $ 1,273 $ 990 $ 3,894 $ 9,169 Residential mortgage loans Current $ 165 $ 929 $ 1,072 $ 227 $ 124 $ 13 $ 2,530 30 - 59 days past due 6 21 48 4 4 — 83 60 - 89 days past due 1 6 21 6 4 — 38 Non-accrual (90 days or more past due) — 47 55 21 8 3 134 Total residential mortgage loans $ 172 $ 1,003 $ 1,196 $ 258 $ 140 $ 16 $ 2,785 Total mortgage loans $ 552 $ 1,389 $ 3,442 $ 1,531 $ 1,130 $ 3,910 $ 11,954 Allowance for credit losses (88) Total, net of allowance $ 11,866 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)	9 Months Ended
Private Loans (Tables)	Sep. 30, 2024
Receivables [Abstract]
Schedule of Credit Ratings For Private Loans	The following table summarizes the credit ratings for private loans: September 30, 2024 December 31, 2023 (Dollars in millions) A or higher $ 1,392 $ — BBB 259 — BB and below 652 194 Unrated (1) 422 — Total $ 2,725 $ 194 (1) Due to the nature of private loans, external agency credit ratings may not be readily available. Where appropriate, we obtain 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, we assign 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 September 30, 2024 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (54) $ — $ (54) Acquisition from business combination — — — Provision (26) (8) (34) Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (80) $ (8) $ (88) Three Months Ended September 30, 2023 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (43) $ — $ (43) Acquisition from business combination — — — Provision 12 — 12 Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (31) $ — $ (31) Nine Months Ended September 30, 2024 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (53) $ — $ (53) Acquisition from business combination — — — Provision (27) (8) (35) Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (80) $ (8) $ (88) Nine Months Ended September 30, 2023 Commercial Residential Total (Dollars in millions) Beginning allowance balance $ (38) $ — $ (38) Acquisition from business combination — — — Provision 7 — 7 Writeoffs charged against the allowance — — — Recoveries of amounts previously written off — — — Ending allowance balance $ (31) $ — $ (31) 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) — Acquisition from business combination — — Provision (5) (12) Writeoffs charged against the allowance — — Recoveries of amounts previously written off — — Balance at September 30 $ (26) $ (12)

Real Estate and Real Estate P_2

Real Estate and Real Estate Partnerships (Tables)	9 Months Ended
Real Estate and Real Estate Partnerships (Tables)	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Carrying Amount of Investment Real Estate, Net	The carrying amounts of real estate investments are as follows: September 30, 2024 Real Estate Amount Percentage (Dollars in millions) Hotel $ 124 6 % Industrial 20 1 % Land 127 6 % Office 177 9 % Retail 216 11 % Apartments 47 2 % Single family residential 1,282 64 % Other 15 1 % Total real estate 2,008 100 % Real estate partnerships 4,466 Total real estate and real estate partnerships $ 6,474 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)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Variable Interest Entities	The assets and liabilities relating to the consolidated VIEs from our investment activities included in the financial statements are as follows: September 30, 2024 December 31, 2023 (Dollars in millions) Fixed maturity securities, available-for-sale $ 61 $ 63 Equity securities, at fair value 568 15 Mortgage loans on real estate 4 — Private loans 685 188 Real estate 3,498 172 Real estate partnerships 1,493 — Investment funds 2,019 4 Short-term investments — 4 Other invested assets 399 — Cash and cash equivalents 188 26 Other assets 56 61 Total assets of consolidated VIEs $ 8,971 $ 533 Notes payable $ 178 $ 174 Other liabilities 218 14 Total liabilities of consolidated VIEs $ 396 $ 188 The carrying amount and maximum exposure to loss relating to these unconsolidated VIEs are as follows: September 30, 2024 December 31, 2023 Carrying Maximum Carrying Maximum (Dollars in millions) Fixed maturity securities, available-for-sale, at fair value $ 2,121 $ 2,121 $ — $ — Equity securities, at fair value — — — — Mortgage loans on real estate, at amortized cost 669 742 632 632 Private loans, at amortized cost — — — — Real estate — — — — Real estate partnerships 520 523 301 301 Investment funds — — — — Short-term investments 82 82 — — Other invested assets 156 156 — — Total $ 3,549 $ 3,625 $ 933 $ 933

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
Derivative Instruments (Tables)	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Financial Statement Location and Amounts	The notional and fair values of freestanding derivative instruments, before the effect of offset as presented in the Consolidated Statements of Financial Position, are shown below: Primary Location in the Consolidated September 30, 2024 December 31, 2023 Notional Carrying Value / Fair Value Notional Carrying Value / Fair Value Assets Liabilities Assets Liabilities (Dollars in millions) Derivatives Designated as Hedging Instruments: Foreign exchange forwards Foreign currency Other invested assets, Other liabilities $ 643 $ — $ 14 $ — $ — $ — Derivatives Not Designated as Hedging Instruments: Equity-indexed options Equity Other invested assets, Other liabilities 45,975 1,900 7 4,084 227 — Foreign exchange forwards Foreign currency Other invested assets, Other liabilities 921 — 17 — — — Embedded Derivatives: Indexed annuity and variable annuity product Interest rate Policyholders’ account balances — — 1,771 — — 873 Funds withheld and Modco arrangements Interest rate Funds withheld for reinsurance liabilities — — 278 — — — $ 47,539 $ 1,900 $ 2,087 $ 4,084 $ 227 $ 873 The following represents the financial statement location and amount of gains (losses) related to the derivatives and hedged items that qualify for fair value hedge accounting: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Hedged items $ 13 $ — $ 13 $ — Derivatives designated as hedging instruments (13) — (13) — Investment related gains (losses) $ — $ — $ — $ —
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 Nine 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 $ 382 $ (31) $ 747 $ 40 Foreign exchange forwards Investment related gains (losses) (18) — (18) — Embedded derivatives: Indexed annuity and variable annuity product Change in fair value of insurance-related derivatives and embedded derivatives (527) (23) (815) (94) Funds withheld and Modco arrangements Change in fair value of insurance-related derivatives and embedded derivatives (199) — (278) — $ (362) $ (54) $ (364) $ (54)
Schedule of Derivative Instruments	The fair value of our derivatives by counterparty and each counterparty's current credit rating are as follows: September 30, 2024 December 31, 2023 Counterparty Credit Rating Credit Rating (Moody's) Fair Value Fair Value (Dollars in millions) Bank of America A+ Aa1 $ 207 $ 24 Barclays A+ A1 67 24 Canadian Imperial Bank of Commerce A+ Aa2 54 — Citibank, N.A. A+ Aa3 62 — Credit Suisse A- A3 — 16 Goldman Sachs A+ A1 29 — ING A- Baa1 6 10 J.P. Morgan A+ Aa2 254 12 Mizuho A A1 388 — Morgan Stanley A+ Aa3 114 43 NATIXIS A+ A1 2 4 Royal Bank of Canada AA- A1 137 — Societe Generale A A1 154 — Truist A A3 115 59 UBS AG A- A3 67 — Wells Fargo A+ Aa2 231 35 $ 1,887 $ 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 Gross Amount Net Amount Collateral Collateral Exposure (Dollars in millions) As of September 30, 2024 Derivative assets Equity-indexed options $ 1,900 $ (13) $ 1,887 $ (1,827) $ (21) $ 39 Total derivative assets $ 1,900 $ (13) $ 1,887 $ (1,827) $ (21) $ 39 Derivative liabilities Equity-indexed options $ (7) $ 7 $ — $ — $ — $ — Foreign exchange forwards (31) 6 (25) — — (25) Total derivative liabilities $ (38) $ 13 $ (25) $ — $ — $ (25) 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 $ — $ — $ — $ — $ — $ — Foreign exchange forwards — — — — — — 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) Represents netting of derivative exposures covered by qualifying master netting agreements. (3) Excludes a portion of collateral held in cash and invested assets that are excess collateral. As of September 30, 2024 and December 31, 2023, the Company held excess collateral of $24 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 Gross Amount Net Amount Collateral Collateral Exposure (Dollars in millions) As of September 30, 2024 Derivative assets Equity-indexed options $ 1,900 $ (13) $ 1,887 $ (1,827) $ (21) $ 39 Total derivative assets $ 1,900 $ (13) $ 1,887 $ (1,827) $ (21) $ 39 Derivative liabilities Equity-indexed options $ (7) $ 7 $ — $ — $ — $ — Foreign exchange forwards (31) 6 (25) — — (25) Total derivative liabilities $ (38) $ 13 $ (25) $ — $ — $ (25) 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 $ — $ — $ — $ — $ — $ — Foreign exchange forwards — — — — — — 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) Represents netting of derivative exposures covered by qualifying master netting agreements. (3) Excludes a portion of collateral held in cash and invested assets that are excess collateral. As of September 30, 2024 and December 31, 2023, the Company held excess collateral of $24 million and $4 million, respectively.

Net Investment Income and Inv_2

Net Investment Income and Investment Related Gains (Losses) (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Net Investment Income	Net investment income is shown below: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Available-for-sale fixed maturity securities $ 604 $ 177 $ 1,265 $ 501 Equity securities 17 4 38 4 Mortgage loans 190 80 428 222 Private loans 24 — 25 — Real estate (6) 2 46 7 Real estate partnerships (3) 1 3 16 Investment funds 55 53 223 103 Policy loans 6 — 12 — Short-term investments 63 46 140 138 Other 74 12 216 29 Total net investment income $ 1,024 $ 375 $ 2,396 $ 1,020
Schedule of Net Unrealized and Realized Investment Gains (Losses)	Net unrealized and realized investment gains (losses) are shown below: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Available-for-sale fixed maturity securities $ (100) $ 13 $ (125) $ (47) Equity securities 23 (10) 47 33 Mortgage loans (22) 1 (28) (9) Private loans — (12) (3) (12) Short-term investments and other invested assets (29) (4) (51) 3 Total investment related gains (losses), net $ (128) $ (12) $ (160) $ (32)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
Fair Value of Financial Instruments (Tables)	Sep. 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: September 30, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in millions) Financial assets: Available-for-sale fixed maturity securities $ 45,683 $ 45,683 $ 12,877 $ 12,877 Equity securities (1) 1,522 1,522 1,404 1,404 Mortgage loans on real estate, net of allowance 11,866 11,783 5,658 5,405 Private loans, net of allowance 2,725 2,725 194 194 Policy loans 277 277 390 390 Short-term investments 3,674 3,674 2,397 2,397 Real estate partnerships (4) 974 974 — — Other invested assets: Derivative assets 1,886 1,886 227 227 Collaterals received on derivatives (excluding excess collateral) (1,825) (1,825) (226) (226) Separately managed accounts 98 98 105 105 Other (2) 983 983 14 14 Cash and cash equivalents 13,873 13,873 3,192 3,192 Reinsurance recoverables and deposit assets 14,527 13,463 — — Other assets - market risk benefits 758 758 34 34 Separate account assets (3) 1,302 1,302 1,189 1,189 Total financial assets $ 98,323 $ 97,176 $ 27,455 $ 27,202 Financial liabilities: Policyholders’ account balances – embedded derivative $ 1,771 $ 1,771 $ 873 $ 873 Market risk benefits 3,725 3,725 34 34 Other liabilities: Derivative liabilities 26 26 — — Funds withheld for reinsurance liabilities 278 278 — — Notes payable 179 179 174 174 Long term borrowings 2,959 2,991 1,493 1,493 Separate account liabilities (3) 1,302 1,302 1,189 1,189 Total financial liabilities $ 10,240 $ 10,272 $ 3,763 $ 3,763 (1) Balance as of September 30, 2024 and December 31, 2023 includes $0 million and $424 million, respectively, of private equity measured at cost less impairment, if any, as their fair values were not readily determinable and were therefore not subject to fair value hierarchy. (2) Balance includes $427 million and $14 million of other invested assets not subject to fair value hierarchy as of September 30, 2024 and December 31, 2023, respectively. (3) Balance includes $22 million and $26 million of assets, and corresponding liabilities, that are not subject to fair value hierarchy as of September 30, 2024 and December 31, 2023, respectively. (4) Balance as of September 30, 2024 and December 31, 2023 represents only real estate partnerships in which the company has elected fair value option under ASC 825.
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 Level 1 Level 2 Level 3 (Dollars in millions) September 30, 2024 Financial assets Available-for-sale fixed maturity securities: U.S. treasury and government $ 78 $ 77 $ 1 $ — U.S. states and political subdivisions 3,383 — 3,323 60 Foreign governments 429 — 429 — Corporate debt securities 31,473 — 28,292 3,181 Residential mortgage-backed securities 1,120 — 1,096 24 Commercial mortgage-backed securities 2,792 — 2,773 19 Collateralized debt securities 6,408 — 3,351 3,057 Total fixed maturity, available-for-sale 45,683 77 39,265 6,341 Equity securities: Common stock 1,246 554 2 690 Preferred stock 272 26 174 72 Private equity and other 4 — — 4 Total equity securities 1,522 580 176 766 Real estate at fair value (1) 1,282 — — 1,282 Real estate partnerships at fair value (1) 1,014 — — 1,014 Investment funds (1)(2) 115 — — 115 Short-term investments 3,675 2,306 566 803 Other invested assets: Derivative assets 1,886 — 1,621 265 Collaterals received on derivatives (excluding excess collateral) (1,825) (1,825) — — Separately managed accounts 98 — — 98 Other 556 — — 556 Cash and cash equivalents 13,873 13,873 — — Other assets – market risk benefit assets 758 — — 758 Separate account assets (3) 1,280 201 1,079 — Total financial assets $ 69,917 $ 15,212 $ 42,707 $ 11,998 Financial liabilities Policyholders’ account balances – embedded derivative $ 1,771 $ — $ — $ 1,771 Market risk benefits 3,725 — — 3,725 Funds withheld for reinsurance liabilities – embedded derivatives 278 — — 278 Other liabilities – derivative liabilities 26 — 26 — Separate account liabilities (3) 1,280 201 1,079 — Total financial liabilities $ 7,080 $ 201 $ 1,105 $ 5,774 (1) Balances represent financial assets that are fair valued in accordance with ASC 825 as well as financial assets that are fair valued as a result of consolidation of investment company VIE in accordance with ASC 946. (2) Balance excludes $397 million of investments measured at estimated fair value using NAV as a practical expedient. (3) Balance includes $22 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 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 — — — — 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 for reinsurance liabilities – embedded derivatives — — — — Other liabilities – derivative liabilities — — — — 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) September 30, 2024 Financial assets Mortgage loans on real estate, net of allowance $ 11,866 $ 11,783 $ — $ — $ 11,783 Private loans, net of allowance 2,725 2,725 — — 2,725 Policy loans 277 277 — 1 276 Deposit assets, included in reinsurance recoverables and deposit assets 14,527 13,463 — — 13,463 Other invested assets 427 427 — 403 24 Total financial assets $ 29,822 $ 28,675 Financial liabilities Policyholders' account balances – investment contracts, excluding embedded derivative $ 78,107 $ 78,107 $ — $ — $ 78,107 Long term borrowings 2,959 2,991 — — 2,991 Notes payable 179 179 — — 179 Total financial liabilities $ 81,245 $ 81,277 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 – investment contracts, 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 September 30, 2024 Assets Liabilities Invested Derivative Assets Policyholders’ Account Balances – Embedded Derivative Funds Withheld for Reinsurance Liabilities - Embedded Derivative (Dollars in millions) Balance, beginning of period $ 9,598 $ 254 $ 1,196 $ 79 Acquisitions from business combination — — — — Fair value changes in net income 177 41 533 199 Fair value changes in other comprehensive income (61) — — — Purchases 1,697 37 — — Sales (298) (67) — — Settlements or maturities — — — — Premiums less benefits — — 42 — Transfers into Level 3 65 — — — Transfers out of Level 3 (203) — — — Balance, end of period $ 10,975 $ 265 $ 1,771 $ 278 Three Months Ended September 30, 2023 Assets Liabilities Invested Derivative Assets Policyholders’ Account Balances – Embedded Derivative Funds Withheld for Reinsurance Liabilities - Embedded Derivative (Dollars in millions) Balance, beginning of period $ 4,620 $ 215 $ 809 $ — Acquisitions from business combination — — — — Fair value changes in net income — (32) 23 — Fair value changes in other comprehensive income (382) — — — Purchases 653 38 — — Sales (1,058) — — — Settlements or maturities (12) (45) — — Premiums less benefits — — (7) — Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Balance, end of period $ 3,821 $ 176 $ 825 $ — Nine Months Ended September 30, 2024 Assets Liabilities Invested Derivative Assets Policyholders’ Account Balances – Embedded Derivative Funds Withheld for Reinsurance Liabilities - Embedded Derivative (Dollars in millions) Balance, beginning of year $ 5,585 $ 227 $ 872 $ — Acquisitions from business combination 4,288 — — — Fair value changes in net income 189 122 858 278 Fair value changes in other comprehensive income 121 — — — Purchases 5,042 111 — — Sales (4,083) (67) — — Settlements or maturities (2) (128) (30) — Premiums less benefits — — 71 — Transfers into Level 3 177 — — — Transfers out of Level 3 (342) — — — Balance, end of period $ 10,975 $ 265 $ 1,771 $ 278 Nine Months Ended September 30, 2023 Assets Liabilities Invested Derivative Assets Policyholders’ Account Balances – 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 40 125 — Fair value changes in other comprehensive income (383) — — — Purchases 2,888 98 — — Sales (1,936) — — — Settlements or maturities (12) (83) — — Premiums less benefits — — (26) — Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Balance, end of period $ 3,821 $ 176 $ 825 $ — (1) Balance includes derivative collateral, separately managed accounts, and certain consolidated variable interest entities.
Schedule of Significant Unobservable Inputs	The following table provides 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. September 30, 2024 Valuation Unobservable Assets: Fixed maturity securities: Corporate debt securities Discounted cash flow Discount rate Weighted average lives Collateralized debt securities Discounted cash flow Discount rate Weighted average lives Real estate and real estate partnerships: Fair value option under ASC 825 Discounted cash flow Discount rate Terminal capitalization rate Investment horizon (years) Investment company VIE under ASC 946 Broker price opinion Market comparable home sales Age and size of home Location and property condition Investment funds at fair value Discounted cash flow Discount rate Other invested assets - other Discounted cash flow Discount rate Weighted average lives Separately managed accounts Discounted cash flows (yield analysis) Discount rate CVM NCY EBITDA Market transaction December 31, 2023 Valuation Unobservable (Dollars in millions) Assets: Separately managed accounts Discounted cash flows (yield analysis) Discount rate CVM NCY EBITDA Market transaction

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
Reinsurance (Tables)	Sep. 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 Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Premiums earned: Gross amounts $ 1,253 $ 1,090 $ 4,124 $ 3,501 Reinsurance ceded (365) (306) (1,087) (934) Net premiums earned $ 888 $ 784 $ 3,037 $ 2,567 Other policy revenue: Gross amounts $ 212 $ 106 $ 527 $ 306 Reinsurance ceded (4) — (23) — Net other policy revenue $ 208 $ 106 $ 504 $ 306 Policyholder benefits paid and claims incurred: Gross amounts $ 1,183 $ 928 $ 3,771 $ 2,957 Reinsurance ceded (337) (211) (809) (551) Net benefits paid and claims incurred $ 846 $ 717 $ 2,962 $ 2,406 Change in fair value of market risk benefits: Gross amounts $ 110 $ (27) $ 296 $ (41) Reinsurance ceded 24 13 (4) 20 Net change in fair value of market risk benefits $ 134 $ (14) $ 292 $ (21) Interest sensitive contract benefits: Gross amounts $ 629 $ 238 $ 1,394 $ 603 Reinsurance ceded (106) (105) (326) (265) Net interest sensitive contract benefits $ 523 $ 133 $ 1,068 $ 338 The following summarizes our life and annuity reinsurance treaties and related recoverable (in millions): Reinsurance Agreement Type Products Covered September 30, 2024 (Dollars in millions) Principal Reinsurers: EquiTrust Life Insurance Company $ 237 Coinsurance Certain Fixed Index and Fixed Rate Annuities Athene Life Re Ltd. 1,924 Coinsurance Funds Withheld, Modified Coinsurance Certain Fixed Annuities and Multi-Year Guaranteed Annuities North End Re (Cayman) SPC 8,010 Coinsurance Funds Withheld, Modified Coinsurance Certain Fixed Annuities AeBe ISA LTD 4,333 Coinsurance Funds Withheld, Coinsurance Certain Fixed Index and Fixed Rate Annuities Reinsurance Group of America Inc. (RGA) 3,406 Coinsurance Certain Term, Whole, Indexed Universal, Universal, and Universal with Secondary Guarantee Life Insurance Policies $ 17,910 September 30, 2024 (Dollars in millions) Total assets $ 8,020 Total liabilities 5,660 Three Months Ended Nine Months Ended (Dollars in millions) Effect of reinsurance agreement on net income (loss) $ (138) $ (216)

Separate Account Assets and L_2

Separate Account Assets and Liabilities (Tables)	9 Months Ended
Separate Account Assets and Liabilities (Tables)	Sep. 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 Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Balance, beginning of period $ 1,266 $ 1,145 $ 1,189 $ 1,045 Additions (deductions): Acquisition from business combination — — — — Policyholder deposits 20 19 55 58 Net investment income 9 7 19 21 Net realized capital gains (losses) on investments 44 (36) 156 78 Policyholder benefits and withdrawals (28) (37) (103) (96) Net transfer from (to) general account (6) (5) (4) (6) Policy charges (3) (3) (10) (10) Total changes 36 (55) 113 45 Balance, end of period $ 1,302 $ 1,090 $ 1,302 $ 1,090

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 Annuity Life Property and Casualty Total (Dollars in millions) DAC Balance, beginning of period $ 406 $ 271 $ 140 $ 817 Additions 242 26 106 374 Amortization (8) (10) (99) (117) Net change 234 16 7 257 Balance, end of period $ 640 $ 287 $ 147 $ 1,074 DSI Balance, beginning of period $ 103 $ — $ — $ 103 Additions 141 — — 141 Amortization (4) — — (4) Net change 137 — — 137 Balance, end of period $ 240 $ — $ — $ 240 VOBA Balance, beginning of period $ 7,126 $ 293 $ 16 $ 7,435 Measurement period adjustment (2) 45 — — 45 Additions — — — — Amortization (162) (9) 3 (168) Other (1) — (250) — (250) Net change (117) (259) 3 (373) Balance, end of period $ 7,009 $ 34 $ 19 $ 7,062 Total DAC, DSI, and VOBA Asset $ 7,889 $ 321 $ 166 $ 8,376 Three Months Ended September 30, 2023 Annuity Life Property and Casualty Total (Dollars in millions) DAC Balance, beginning of period $ 128 $ 162 $ 156 $ 446 Additions 49 30 128 207 Amortization (4) (2) (121) (127) Net change 45 28 7 80 Balance, end of period $ 173 $ 190 $ 163 $ 526 DSI Balance, beginning of period $ 6 $ — $ — $ 6 Additions 1 — — 1 Amortization — — — — Net change 1 — — 1 Balance, end of period $ 7 $ — $ — $ 7 VOBA Balance, beginning of period $ 43 $ 321 $ 23 $ 387 Acquisition from business combinations — — — — Additions — — — — Amortization (1) (5) (3) (9) Other — — — — Net change (1) (5) (3) (9) Balance, end of period $ 42 $ 316 $ 20 $ 378 Total DAC, DSI, and VOBA Asset $ 222 $ 506 $ 183 $ 911 Nine Months Ended September 30, 2024 Annuity Life Property and Casualty Total (Dollars in millions) DAC Balance, beginning of period $ 190 $ 224 $ 158 $ 572 Additions 472 83 302 857 Amortization (22) (20) (313) (355) Net change 450 63 (11) 502 Balance, end of period $ 640 $ 287 $ 147 $ 1,074 DSI Balance, beginning of period $ 8 $ — $ — $ 8 Additions 235 — — 235 Amortization (3) — — (3) Net change 232 — — 232 Balance, end of period $ 240 $ — $ — $ 240 VOBA Balance, beginning of period $ 39 $ 305 $ 20 $ 364 Acquisition from business combinations 7,239 — — 7,239 Additions — — — — Amortization (269) (21) (1) (291) Other (1) — (250) — (250) Net change 6,970 (271) (1) 6,698 Balance, end of period $ 7,009 $ 34 $ 19 $ 7,062 Total DAC, DSI, and VOBA Asset $ 7,889 $ 321 $ 166 $ 8,376 Nine Months Ended September 30, 2023 Annuity Life Property and Casualty Total (Dollars in millions) DAC Balance, beginning of period $ 43 $ 88 $ 121 $ 252 Additions 139 114 355 608 Amortization (9) (12) (313) (334) Net change 130 102 42 274 Balance, end of period $ 173 $ 190 $ 163 $ 526 DSI Balance, beginning of period $ 4 $ — $ — $ 4 Additions 3 — — 3 Amortization — — — — Net change 3 — — 3 Balance, end of period $ 7 $ — $ — $ 7 VOBA Balance, beginning of period $ 44 $ 335 $ 64 $ 443 Acquisition from business combinations — — — — Additions — — — — Amortization (2) (19) (44) (65) Other — — — — Net change (2) (19) (44) (65) Balance, end of period $ 42 $ 316 $ 20 $ 378 Total DAC, DSI, and VOBA Asset $ 222 $ 506 $ 183 $ 911 (1) See Note 12 - Reinsurance for details of a reinsurance transaction in relation to the Company’s Life business, resulting in the adjustment to VOBA asset recognized upon the acquisition of American National in 2022. (2) See Note 16 - Acquisitions for details of the measurement period adjustment to VOBA acquired from the acquisition of AEL in May 2024.
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 $ 160 2025 617 2026 566 2027 513 2028 470 Thereafter 4,736 Total amortization expense $ 7,062

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
Intangible Assets (Tables)	Sep. 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. September 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 $ (27) $ 1,458 $ 5 $ — $ 5 Trade name 58 (4) 54 10 (2) 8 Internally generated software 45 (4) 41 — — — Total definite-lived intangible assets 1,588 (35) 1,553 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 $ 1,634 $ (35) $ 1,599 $ 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. September 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 $ (27) $ 1,458 $ 5 $ — $ 5 Trade name 58 (4) 54 10 (2) 8 Internally generated software 45 (4) 41 — — — Total definite-lived intangible assets 1,588 (35) 1,553 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 $ 1,634 $ (35) $ 1,599 $ 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 September 30, 2024. Years (Dollars in millions) 2024 $ 21 2025 81 2026 81 2027 72 2028 67 Thereafter 1,231 Total amortization expense $ 1,553

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
Acquisitions (Tables)	Sep. 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 7,239 Reinsurance recoverables and deposit assets 14,963 Property and equipment 42 Intangible assets 1,580 Other assets 670 Total assets acquired $ 81,235 Liabilities assumed: Future policy benefits $ 310 Policyholders’ account balances 61,473 Market risk benefits 3,023 Notes payable 768 Subsidiary borrowings 84 Funds withheld for reinsurance liabilities 8,601 Other liabilities 2,360 Total liabilities assumed 76,619 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)	9 Months Ended
Future Policy Benefits (Tables)	Sep. 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. September 30, 2024 December 31, 2023 (Dollars in millions) Future policy benefits: Annuity $ 3,829 $ 2,213 Life 1,567 1,895 Deferred profit liability: Annuity 92 64 Life 73 66 Other contracts and VOBA liability 1,618 1,870 Total future policy benefits $ 7,179 $ 6,108 The balances and changes in the liability for future policy benefits are as follows: Nine 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 (1) — 195 195 — (353) (353) Effect of actual variances from expected experience 11 (325) (314) 2 (59) (57) Adjusted beginning of period balance 11 3,124 3,135 2 3,414 3,416 Acquisition from business combination — — — — — — Issuances 1,287 38 1,325 984 90 1,074 Interest accrual 10 87 97 8 121 129 Net premiums collected (1,306) (244) (1,550) (995) (373) (1,368) Derecognitions (lapses and withdrawals) — 1 1 1 2 3 Ending balance at original discount rate 2 3,006 3,008 — 3,254 3,254 Effect of changes in discount rate assumptions — (39) (39) — (109) (109) Balance, end of period $ 2 $ 2,967 $ 2,969 $ — $ 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 — (185) (185) (1) (362) (363) Effect of actual variances from expected experience 11 (357) (346) (25) (59) (84) Adjusted beginning of period balance 2,228 4,735 6,963 1,342 5,454 6,796 Acquisition of business combination 311 — 311 — — — Issuances 1,300 44 1,344 988 89 1,077 Interest accrual 105 145 250 73 188 261 Benefit payments (199) (223) (422) (189) (456) (645) Derecognitions (lapses and withdrawals) 3 1 4 3 2 5 Ending balance at original discount rate 3,748 4,702 8,450 2,217 5,277 7,494 Effect of changes in discount rate assumptions 83 (168) (85) (4) (237) (241) Balance, end of period $ 3,831 $ 4,534 $ 8,365 $ 2,213 $ 5,040 $ 7,253 Liability for future policy benefits $ 3,829 $ 1,567 $ 5,396 $ 2,213 $ 1,895 $ 4,108 Less: Reinsurance recoverables (3) (1,288) (1,291) — (45) (45) Net liability for future policy benefits, after reinsurance recoverable $ 3,826 $ 279 $ 4,105 $ 2,213 $ 1,850 $ 4,063 Weighted-average liability duration of future policy benefits (years) 8 15 8 16 Weighted average interest accretion rate 5.12 % 4.63 % 4.94 % 4.60 % Weighted average current discount rate 4.85 % 5.05 % 4.88 % 5.03 % The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow: September 30, 2024 December 31, 2023 Undiscounted Discounted Undiscounted Discounted (Dollars in millions) Annuity Expected future benefit payments $ 6,011 $ 3,831 $ 3,466 $ 2,213 Expected future gross premiums — — — — Life Expected future benefit payments 9,051 4,534 10,353 5,040 Expected future gross premiums 5,858 3,681 7,541 4,328 Total Expected future benefit payments 15,062 8,365 13,819 7,253 Expected future gross premiums 5,858 3,681 7,541 4,328 The amount of revenue and interest recognized in the Consolidated Statements of Operations follows: Nine Months Ended Year Ended Gross Premiums Interest Gross Premiums Interest (Dollars in millions) Annuity $ 2,903 $ 176 $ 1,027 $ 83 Life 721 130 452 95

Policyholders' Account Balanc_2

Policyholders' Account Balances (Tables)	9 Months Ended
Policyholders' Account Balances (Tables)	Sep. 30, 2024
Insurance [Abstract]
Schedule of Changes in Policyholders' Account Balances	The balances and changes in policyholders’ account balances follow. Nine Months Ended Year Ended Annuity Life Annuity Life (Dollars in millions) Balance, beginning of period $ 14,694 $ 1,975 $ 12,012 $ 1,899 Issuances 8,192 51 4,382 84 Acquisition from business combination 61,296 — — — Premiums received 46 314 34 399 Policy charges (298) (284) (39) (362) Surrenders and withdrawals (6,278) (62) (2,132) (110) Interest credited 1,467 74 437 65 Benefit payments (386) — — — Other 4 — — — Balance, end of period $ 78,737 $ 2,068 $ 14,694 $ 1,975 Reconciling items: Supplemental contracts $ 499 $ — $ 291 $ — Variable universal life — 39 — 36 Variable deferred annuity 8 — 8 — Embedded derivative and other 1,004 58 135 38 Total PAB balance, end of period $ 80,248 $ 2,165 $ 15,128 $ 2,049 Weighted-average crediting rate 3.89 % 4.88 % 3.27 % 3.34 % Net amount at risk (a) $ 12,495 $ 38,548 $ 417 $ 38,365 Cash surrender value $ 72,719 $ 1,826 $ 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. September 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% $ 4,176 $ 2,882 $ 3,676 $ 4,763 $ — $ 15,497 1% - 2% 1,504 366 1,411 1,765 — 5,046 2% - 3% 1,907 412 142 8,354 — 10,815 Greater than 3% 289 6 1 9 — 305 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — 47,074 47,074 Total $ 7,876 $ 3,666 $ 5,230 $ 14,891 $ 47,074 $ 78,737 Life 0% - 1% $ — $ — $ — $ — $ — $ — 1% - 2% 30 2 57 699 — 788 2% to 3% 422 — 222 — — 644 Greater than 3% 636 — — — — 636 Products with either a fixed rate or no guaranteed minimum crediting rate — — — — — — Total $ 1,088 $ 2 $ 279 $ 699 $ — $ 2,068 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)	9 Months Ended
Market Risk Benefits (Tables)	Sep. 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 nine months ended September 30, 2024 and year ended December 31, 2023 is as follows: Nine 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 (a) 2,420 — Issuances 3 1 Interest accrual 61 3 Attributed fees collected 91 13 Benefits payments — — Effect of changes in interest rates 413 (117) Effect of changes in equity markets (39) 171 Effect of changes in equity index volatility (95) (46) Actual policyholder behavior different from expected behavior — (7) Effect of changes in future expected policyholder behavior (13) — Effect of changes in other future expected assumptions 44 (87) Balance, end of period, before effect of changes in the instrument-specific credit 2,886 1 Effect of changes in the ending instrument-specific credit risk 81 (1) Balance, end of period 2,967 — Less: Reinsured MRB, end of period (746) — Balance, end of period, net of reinsurance $ 2,221 $ — Net amount at risk (b) $ 12,078 $ — Weighted average attained age of contract holders (years) 71 65 (a) Includes a measurement period adjustment to market risk benefits liability which was assumed through the acquisition of AEL in May 2024. See Note 16 - Acquisition for further details. (b) 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: September 30, 2024 Asset Liability Net Liability (Dollars in millions) Annuity $ 758 $ 3,725 $ 2,967 Total $ 758 $ 3,725 $ 2,967 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)	9 Months Ended
	Sep. 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 Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Policy and contract claims, beginning $ 1,880 $ 1,867 $ 1,870 $ 1,786 Less: Unpaid claims balance, beginning – long-duration 213 210 213 231 Gross unpaid claims balance, beginning – short-duration 1,667 1,657 1,657 1,555 Less: Reinsurance recoverables, beginning 271 303 302 305 Less: Foreign currency translation and other — — — — Net unpaid claims balance, beginning – short-duration 1,396 1,354 1,355 1,250 Acquisition from business combination, net of reinsurance — — 1 — Add: incurred related to: Current accident year 354 411 1,104 1,227 Prior accident years (7) (3) (39) (25) Total incurred claims 347 408 1,065 1,202 Less: paid claims related to: Current accident year 232 313 541 655 Prior accident years 109 84 478 432 Total paid claims 341 397 1,019 1,087 Net unpaid claims balance, ending – short-duration 1,402 1,365 1,402 1,365 Add: Foreign currency translation and other — — — — Add: Reinsurance recoverables, ending 300 317 300 317 Gross unpaid claims balance, ending – short-duration 1,702 1,682 1,702 1,682 Add: Unpaid claims balance, ending – long duration 201 212 201 212 Policy and contract claims, ending $ 1,903 $ 1,894 $ 1,903 $ 1,894

Notes Payable and Long Term B_2

Notes Payable and Long Term Borrowings (Tables)	9 Months Ended
Notes Payable and Long Term Borrowings (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Subordinated Borrowing	Following is a summary of subordinated debt obligations to the trusts at September 30, 2024 : September 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 1-2 2-3 3-4 4-5 More Than (Dollars in millions) As of September 30, 2024: Long term borrowings $ 2,959 $ (41) $ — $ — $ 2,400 $ — $ — $ 600 As of December 31, 2023: Long term borrowings $ 1,493 $ (7) $ — $ — $ — $ 1,000 $ — $ 500

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
Accumulated Other Comprehensive Income (Tables)	Sep. 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 Change in Change in Defined Foreign 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 Other comprehensive income (loss) before reclassifications 1,689 (290) (90) 4 (2) 1,311 Amounts reclassified to (from) AOCI 2 — — — — 2 Deferred income tax benefit (expense) (357) 59 19 (1) 3 (277) Balance at September 30, 2024 $ 1,378 $ 56 $ (65) $ 107 $ 5 $ 1,481 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) Other comprehensive income (loss) before reclassifications (182) 248 (9) 1 — 58 Amounts reclassified to (from) AOCI (2) — — — — (2) Deferred income tax benefit (expense) 52 (66) 3 — — (11) Balance at September 30, 2023 $ (730) $ 392 $ — $ 6 $ (1) $ (333)

Statutory Financial Informati_2

Statutory Financial Information and Dividend Restrictions (Tables)	9 Months Ended
	Sep. 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): September 30, 2024 December 31, 2023 (Dollars in millions) Statutory capital and surplus: American Equity Investment Life Insurance Company (1) $ 3,281 American National’s U.S. life insurance entities 3,130 $ 2,776 American National’s U.S. property and casualty insurance entities 1,694 1,702 Three Months Ended Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Statutory net income (loss): American Equity Investment Life Insurance Company (1) $ (128) $ 57 American National’s U.S. life insurance entities (170) $ (58) (183) $ (166) American National’s U.S. property and casualty insurance entities 15 (28) 22 (76) (1) American Equity Investment Life Insurance Company’s statutory capital and surplus as of December 31, 2023 and statutory net income (loss) for the periods ended September 30, 2023 are not provided, as the Company acquired AEL on May 2, 2024. Statutory net income (loss) for the periods ended September 30, 2024 presented above represent earnings reported to its regulator and are inclusive of earnings prior to the Company’s acquisition of AEL.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
Related Party Transactions (Tables)	Sep. 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 Nine Months Ended 2024 2023 2024 2023 (Dollars in millions) Premiums earned: Gross amounts $ 1,253 $ 1,090 $ 4,124 $ 3,501 Reinsurance ceded (365) (306) (1,087) (934) Net premiums earned $ 888 $ 784 $ 3,037 $ 2,567 Other policy revenue: Gross amounts $ 212 $ 106 $ 527 $ 306 Reinsurance ceded (4) — (23) — Net other policy revenue $ 208 $ 106 $ 504 $ 306 Policyholder benefits paid and claims incurred: Gross amounts $ 1,183 $ 928 $ 3,771 $ 2,957 Reinsurance ceded (337) (211) (809) (551) Net benefits paid and claims incurred $ 846 $ 717 $ 2,962 $ 2,406 Change in fair value of market risk benefits: Gross amounts $ 110 $ (27) $ 296 $ (41) Reinsurance ceded 24 13 (4) 20 Net change in fair value of market risk benefits $ 134 $ (14) $ 292 $ (21) Interest sensitive contract benefits: Gross amounts $ 629 $ 238 $ 1,394 $ 603 Reinsurance ceded (106) (105) (326) (265) Net interest sensitive contract benefits $ 523 $ 133 $ 1,068 $ 338 The following summarizes our life and annuity reinsurance treaties and related recoverable (in millions): Reinsurance Agreement Type Products Covered September 30, 2024 (Dollars in millions) Principal Reinsurers: EquiTrust Life Insurance Company $ 237 Coinsurance Certain Fixed Index and Fixed Rate Annuities Athene Life Re Ltd. 1,924 Coinsurance Funds Withheld, Modified Coinsurance Certain Fixed Annuities and Multi-Year Guaranteed Annuities North End Re (Cayman) SPC 8,010 Coinsurance Funds Withheld, Modified Coinsurance Certain Fixed Annuities AeBe ISA LTD 4,333 Coinsurance Funds Withheld, Coinsurance Certain Fixed Index and Fixed Rate Annuities Reinsurance Group of America Inc. (RGA) 3,406 Coinsurance Certain Term, Whole, Indexed Universal, Universal, and Universal with Secondary Guarantee Life Insurance Policies $ 17,910 September 30, 2024 (Dollars in millions) Total assets $ 8,020 Total liabilities 5,660 Three Months Ended Nine Months Ended (Dollars in millions) Effect of reinsurance agreement on net income (loss) $ (138) $ (216)

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
Segment Reporting (Tables)	Sep. 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 September 30, 2024 Annuity Life Property and Casualty Corporate and Other Total (Dollars in millions) Revenues: Net premiums $ 331 $ 86 $ 471 $ — $ 888 Other policy revenue 139 69 — — 208 Net investment income 1,008 62 41 (87) 1,024 Investment related gains (losses) (11) — — (117) (128) Other income 1 9 2 — 12 Total revenues 1,468 226 514 (204) 2,004 Benefits, losses and expenses: Policyholder benefits and claims incurred 373 120 353 — 846 Interest sensitive contract benefits 507 16 — — 523 Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 175 10 104 — 289 Change in fair value of insurance-related derivatives and embedded derivatives 355 (11) — — 344 Change in fair value of market risk benefits 134 — — — 134 Operating expenses 116 63 31 18 228 Interest expense — — — 49 49 Total benefits and expenses 1,660 198 488 67 2,413 Net income (loss) before income taxes $ (192) $ 28 $ 26 $ (271) $ (409) Three Months Ended September 30, 2023 Annuity Life Property Corporate Total (Dollars in millions) Revenues: Net premiums $ 154 $ 107 $ 523 $ — $ 784 Other policy revenue 12 94 — — 106 Net investment income 236 91 35 13 375 Investment related gains (losses) — — — (12) (12) Other income — 11 — — 11 Total revenues 402 303 558 1 1,264 Benefits, losses and expenses: Policyholder benefits and claims incurred 167 143 407 — 717 Interest sensitive contract benefits 98 35 — — 133 Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 7 11 118 — 136 Change in fair value of insurance-related derivatives and embedded derivatives 24 30 — — 54 Change in fair value of market risk benefits (14) — — — (14) Operating expenses 28 59 56 4 147 Interest expense — — — 27 27 Total benefits and expenses 310 278 581 31 1,200 Net income (loss) before income taxes $ 92 $ 25 $ (23) $ (30) $ 64 Nine Months Ended September 30, 2024 Annuity Life Property Corporate Total (Dollars in millions) Revenues: Net premiums $ 1,342 $ 286 $ 1,409 $ — $ 3,037 Other policy revenue 244 260 — — 504 Net investment income 2,043 249 121 (17) 2,396 Investment related gains (losses) (8) — — (152) (160) Other income 1 9 2 — 12 Total revenues 3,622 804 1,532 (169) 5,789 Benefits, losses and expenses: Policyholder benefits and claims incurred 1,457 446 1,059 — 2,962 Interest sensitive contract benefits 956 112 — — 1,068 Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 295 32 322 — 649 Change in fair value of insurance-related derivatives and embedded derivatives 343 3 — — 346 Change in fair value of market risk benefits 292 — — — 292 Operating expenses 249 191 113 113 666 Interest expense — — — 114 114 Total benefits and expenses 3,592 784 1,494 227 6,097 Net income (loss) before income taxes $ 30 $ 20 $ 38 $ (396) $ (308) Nine Months Ended September 30, 2023 Annuity Life Property Corporate Total (Dollars in millions) Revenues: Net premiums $ 714 $ 321 $ 1,532 $ — $ 2,567 Other policy revenue 29 277 — — 306 Net investment income 618 231 125 46 1,020 Investment related gains (losses) — — — (32) (32) Other income — 32 — — 32 Total revenues 1,361 861 1,657 14 3,893 Benefits, losses and expenses: Policyholder benefits and claims incurred 761 448 1,197 — 2,406 Interest sensitive contract benefits 181 157 — — 338 Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired 13 35 351 — 399 Change in fair value of insurance-related derivatives and embedded derivatives (29) 83 — — 54 Change in fair value of market risk benefits (21) — — — (21) Operating expenses 81 177 171 21 450 Interest expense — — — 73 73 Total benefits and expenses 986 900 1,719 94 3,699 Net income (loss) before income taxes $ 375 $ (39) $ (62) $ (80) $ 194

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reclassification of Prior Year Presentation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Available-for-sale fixed maturity securities, at fair value	$ 45,683		$ 45,683		$ 12,877
Market risk benefit asset	758		758		34
Intangible assets	1,599		1,599		44
Other assets	1,885		1,885		541
Net investment income	1,024	$ 375	2,396	$ 1,020
Investment related gains (losses)	(128)	(12)	(160)	(32)
Net gains (losses) on equity securities	23	(10)	47	33
Policyholder benefits and claims incurred	(846)	(717)	(2,962)	(2,406)
Interest sensitive contract benefits	(523)	(133)	(1,068)	(338)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	(289)	(136)	(649)	(399)
Change in fair value of insurance-related derivatives and embedded derivatives	(344)	(54)	(346)	(54)
Change in fair value of market risk benefits	(134)	14	(292)	21
Operating expenses	(228)	(147)	(666)	(450)
Interest expense	(49)	(27)	(114)	(73)
Deferral of policy acquisition costs			856	611
Private loans
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Private loans	$ 2,725		$ 2,725		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		339		1,062
Investment related gains (losses)		0		0
Net realized investment gains (losses)		(15)		(65)
Increase in investment credit loss		20		7
Net gains (losses) on equity securities		(13)		30
Policyholder benefits and claims incurred		(713)		(2,404)
Interest credited to policyholder account balances		(155)		(431)
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		14		22
Future policy benefit remeasurement losses		(4)		(3)
Commissions for acquiring and servicing policies		(197)		(590)
Other operating expenses		(187)		(556)
Operating expenses		0		0
Interest expense		0		0
Deferral of policy acquisition costs		72		214
Other components of net periodic pension benefit (costs), net of tax		2		3
Net income (loss) after reclassification adjustments		(837)		(2,711)
American National, Historical \| Private loans
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		36		(42)
Investment related gains (losses)		(12)		(32)
Net realized investment gains (losses)		15		65
Increase in investment credit loss		(20)		(7)
Net gains (losses) on equity securities		13		(30)
Policyholder benefits and claims incurred		(4)		(2)
Interest credited to policyholder account balances		155		431
Interest sensitive contract benefits		(133)		(338)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired		(136)		(399)
Change in fair value of insurance-related derivatives and embedded derivatives		(54)		(54)
Change in fair value of market risk benefits		0		(1)
Future policy benefit remeasurement losses		4		3
Commissions for acquiring and servicing policies		197		590
Other operating expenses		187		556
Operating expenses		(147)		(450)
Interest expense		(27)		(73)
Deferral of policy acquisition costs		(72)		(214)
Other components of net periodic pension benefit (costs), net of tax		(2)		(3)
Net income (loss) after reclassification adjustments		0		0
Reclassification to Conform Presentation \| Private loans
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		375		1,020
Investment related gains (losses)		(12)		(32)
Net realized investment gains (losses)		0		0
Increase in investment credit loss		0		0
Net gains (losses) on equity securities		0		0
Policyholder benefits and claims incurred		(717)		(2,406)
Interest credited to policyholder account balances		0		0
Interest sensitive contract benefits		(133)		(338)
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired		(136)		(399)
Change in fair value of insurance-related derivatives and embedded derivatives		(54)		(54)
Change in fair value of market risk benefits		14		21
Future policy benefit remeasurement losses		0		0
Commissions for acquiring and servicing policies		0		0
Other operating expenses		0		0
Operating expenses		(147)		(450)
Interest expense		(27)		(73)
Deferral of policy acquisition costs		0		0
Other components of net periodic pension benefit (costs), net of tax		0		0
Net income (loss) after reclassification adjustments		$ (837)		$ (2,711)
American National, Conformed \| Private loans
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Private loans					$ 194

Available-For-Sale Fixed Matu_3

Available-For-Sale Fixed Maturity Securities - Amortized Cost and Fair Value of Available-for-Sale Fixed Maturity Securities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 43,949		$ 13,281
Gross Unrealized Gains	1,983		89
Gross Unrealized Losses	(227)		(469)
Allowance for Credit Losses	(22)	$ (37)	(24)	$ (16)	$ (32)	$ (29)
Fair Value	45,683		12,877
U.S. treasury and government
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	78		63
Gross Unrealized Gains	1		0
Gross Unrealized Losses	(1)		(1)
Allowance for Credit Losses	0		0
Fair Value	78		62
U.S. states and political subdivisions
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	3,184		594
Gross Unrealized Gains	212		1
Gross Unrealized Losses	(13)		(17)
Allowance for Credit Losses	0		0
Fair Value	3,383		578
Foreign governments
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	398		9
Gross Unrealized Gains	31		0
Gross Unrealized Losses	0		0
Allowance for Credit Losses	0		0
Fair Value	429		9
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	30,183		11,144
Gross Unrealized Gains	1,492		79
Gross Unrealized Losses	(182)		(420)
Allowance for Credit Losses	(20)	(34)	(19)	(10)	(22)	(24)
Fair Value	31,473		10,784
Residential mortgage-backed securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	1,067		131
Gross Unrealized Gains	57		0
Gross Unrealized Losses	(3)		(4)
Allowance for Credit Losses	(1)	(1)	(1)	(1)	(1)	0
Fair Value	1,120		126
Commercial mortgage-backed securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	2,710		0
Gross Unrealized Gains	94		0
Gross Unrealized Losses	(12)		0
Allowance for Credit Losses	0	0	0	0	0	0
Fair Value	2,792		0
Collateralized debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	6,329		1,340
Gross Unrealized Gains	96		9
Gross Unrealized Losses	(16)		(27)
Allowance for Credit Losses	(1)	$ (2)	(4)	$ (5)	$ (9)	$ (5)
Fair Value	$ 6,408		$ 1,318

Available-For-Sale Fixed Matu_4

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	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 1,371
Due after one year through five years	11,414
Due after five years through ten years	6,985
Due after ten years	14,073
Debt securities, available-for-sale, maturity, allocated and single maturity date, amortized cost	33,843
Debt securities, held-to-maturity, excluding accrued interest, before allowance for credit loss	43,949
Fair Value
Due in one year or less	1,376
Due after one year through five years	11,637
Due after five years through ten years	7,246
Due after ten years	15,104
Debt securities, available-for-sale, maturity, allocated and single maturity date, fair value	35,363
Debt securities, available-for-sale, excluding accrued interest	45,683	$ 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	1,120
Debt securities, available-for-sale, excluding accrued interest	1,120	126
Commercial mortgage-backed securities
Amortized Cost
Debt securities, available-for-sale, maturity, without single maturity date, amortized cost	2,710
Fair Value
Debt securities, available -for-sale, maturity, without single maturity date, amortized cost	2,792
Debt securities, available-for-sale, excluding accrued interest	2,792	0
Collateralized debt securities
Amortized Cost
Debt securities, available-for-sale, maturity, without single maturity date, amortized cost	6,329
Fair Value
Debt securities, available -for-sale, maturity, without single maturity date, amortized cost	6,408
Debt securities, available-for-sale, excluding accrued interest	$ 6,408	$ 1,318

Available-for-sale Fixed Matu_5

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales and maturities of investments - Fixed maturity, available-for-sale	$ 1,071	$ 2,931	$ 3,484	$ 11,317
Gross realized gains	2	2	6	3
Gross realized (losses)	$ (97)	$ (4)	$ (120)	$ (53)

Available-For-Sale Fixed Matu_6

Available-For-Sale Fixed Maturity Securities - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale fixed maturity securities, at fair value	$ 45,683	$ 12,877
Securities purchased under agreements to resell	400	0
Securities purchased under agreements to resell, fair value of collateral	$ 817	$ 0
Debt securities, available-for-sale, unrealized loss position, percentage of investments in the top two designations for investment grade	81%	87%
Deposits
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale fixed maturity securities, at fair value	$ 65	$ 54
Bonds pledged \| Bonds
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale fixed maturity securities, at fair value	$ 10,600	$ 39

Available-For-Sale Fixed Matu_7

Available-For-Sale Fixed Maturity Securities - Gross Unrealized Losses and Fair Value of Available-for-Sale Fixed Maturity Securities (Details) $ in Millions	Sep. 30, 2024 USD ($) position	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) position	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Number of Issues
Less than 12 months \| position	755		1,682
12 months or more \| position	1,007		2,325
Total, Number of Issues \| position	1,762		4,007
Gross Unrealized Losses
Less than 12 months	$ (100)		$ (150)
12 months or more	(127)		(319)
Total, Gross Unrealized Losses	(227)		(469)
Fair Value
Less than 12 months	5,066		3,484
12 months or more	5,875		7,640
Total, Fair Value	10,941		11,124
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest	$ 22	$ 37	$ 24	$ 16	$ 32	$ 29
U.S. treasury and government
Number of Issues
Less than 12 months \| position	19		17
12 months or more \| position	8		35
Total, Number of Issues \| position	27		52
Gross Unrealized Losses
Less than 12 months	$ (1)		$ (1)
12 months or more	0		0
Total, Gross Unrealized Losses	(1)		(1)
Fair Value
Less than 12 months	17		27
12 months or more	36		25
Total, Fair Value	53		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	92		214
12 months or more \| position	166		142
Total, Number of Issues \| position	258		356
Gross Unrealized Losses
Less than 12 months	$ (6)		$ (3)
12 months or more	(7)		(14)
Total, Gross Unrealized Losses	(13)		(17)
Fair Value
Less than 12 months	178		219
12 months or more	309		285
Total, Fair Value	487		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	0		0
12 months or more \| position	1		2
Total, Number of Issues \| position	1		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	0		0
12 months or more	5		9
Total, Fair Value	5		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	248		1,343
12 months or more \| position	777		1,906
Total, Number of Issues \| position	1,025		3,249
Gross Unrealized Losses
Less than 12 months	$ (67)		$ (141)
12 months or more	(115)		(279)
Total, Gross Unrealized Losses	(182)		(420)
Fair Value
Less than 12 months	2,732		2,941
12 months or more	5,287		6,475
Total, Fair Value	8,019		9,416
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest	$ 20	34	$ 19	10	22	24
Residential mortgage-backed securities
Number of Issues
Less than 12 months \| position	15		6
12 months or more \| position	33		39
Total, Number of Issues \| position	48		45
Gross Unrealized Losses
Less than 12 months	$ (1)		$ (1)
12 months or more	(2)		(3)
Total, Gross Unrealized Losses	(3)		(4)
Fair Value
Less than 12 months	30		39
12 months or more	73		64
Total, Fair Value	103		103
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest	$ 1	1	$ 1	1	1	0
Commercial mortgage-backed securities
Number of Issues
Less than 12 months \| position	115		0
12 months or more \| position	0		0
Total, Number of Issues \| position	115		0
Gross Unrealized Losses
Less than 12 months	$ (12)		$ 0
12 months or more	0		0
Total, Gross Unrealized Losses	(12)		0
Fair Value
Less than 12 months	589		0
12 months or more	0		0
Total, Fair Value	589		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	266		102
12 months or more \| position	22		201
Total, Number of Issues \| position	288		303
Gross Unrealized Losses
Less than 12 months	$ (13)		$ (4)
12 months or more	(3)		(23)
Total, Gross Unrealized Losses	(16)		(27)
Fair Value
Less than 12 months	1,520		258
12 months or more	165		782
Total, Fair Value	1,685		1,040
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest	$ 1	$ 2	$ 4	$ 5	$ 9	$ 5

Available-For-Sale Fixed Matu_8

Available-For-Sale Fixed Maturity Securities - Allowance for Credit Loss for Available-for-Sale Fixed Maturity Securities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (37)	$ (32)	$ (24)	$ (29)
Credit losses recognized on securities for which credit losses were not previously recorded	(3)	(6)	(36)	(31)
Reductions for securities sold during the period	2	2	3	4
Allowance on securities that had an allowance recorded in a previous period	16	20	35	40
Ending balance	(22)	(16)	(22)	(16)
Corporate debt securities
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	(34)	(22)	(19)	(24)
Credit losses recognized on securities for which credit losses were not previously recorded	(3)	(6)	(36)	(24)
Reductions for securities sold during the period	2	2	3	4
Allowance on securities that had an allowance recorded in a previous period	15	16	32	34
Ending balance	(20)	(10)	(20)	(10)
Residential mortgage-backed securities
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Beginning balance	(1)	(1)	(1)	0
Credit losses recognized on securities for which credit losses were not previously recorded	0	0	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
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	(2)	(9)	(4)	(5)
Credit losses recognized on securities for which credit losses were not previously recorded	0	0	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	4	3	6
Ending balance	$ (1)	$ (5)	$ (1)	$ (5)

Equity Securities - Components

Equity Securities - Components of Change in Net Gains (Losses) on Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Unrealized gains (losses) on equity securities	$ 21	$ (9)	$ 43	$ 33
Net gains (losses) on equity securities sold	2	(1)	4	0
Net gains (losses) on equity securities	$ 23	$ (10)	$ 47	$ 33

Equity Securities - Equity Secu

Equity Securities - Equity Securities by Market Sector Distribution (Details) - Equity securities - Industry sector	9 Months Ended	12 Months Ended
	Sep. 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	30%	30%
Finance
Debt and Equity Securities, FV-NI [Line Items]
Percentage	17%	24%
Healthcare
Debt and Equity Securities, FV-NI [Line Items]
Percentage	6%	9%
Industrials
Debt and Equity Securities, FV-NI [Line Items]
Percentage	9%	3%
Information technology
Debt and Equity Securities, FV-NI [Line Items]
Percentage	20%	18%
Education
Debt and Equity Securities, FV-NI [Line Items]
Percentage	11%	0%
Other
Debt and Equity Securities, FV-NI [Line Items]
Percentage	7%	16%

Mortgage Loans on Real Estate -

Mortgage Loans on Real Estate - Narrative (Details)	3 Months Ended		9 Months Ended
Mortgage Loans on Real Estate - Narrative (Details)	Sep. 30, 2024 USD ($) loan_modification loan property segment	Sep. 30, 2023 USD ($) loan_modification	Sep. 30, 2024 USD ($) loan loan_modification property segment	Sep. 30, 2023 USD ($) 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
Total, net of allowance	$ 90,000,000		$ 90,000,000		$ 27,000,000
Real estate acquired through foreclosure, number of units \| property	33		33		3
Real estate acquired through foreclosure	$ 114,000,000		$ 114,000,000		$ 79,000,000
Number of significant mortgage loan modifications \| loan_modification	3	6	10	11
Mortgage loans on real estate, at amortized cost
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	$ 11,866,000,000		$ 11,866,000,000		$ 5,658,000,000
Financing receivable, accrued interest, writeoff	$ 0	$ 0	$ 1,000,000	$ 0
Financing receivable, threshold period, nonperforming			90 days
Financing receivable, nonaccrual, number of loans \| loan	227		227		3
Interest income recognized on loans in non-accrual status	$ 1,000,000	$ 0	$ 2,000,000	$ 0
Residential Mortgage \| Mortgage loans on real estate, at amortized cost
Financing Receivable, Allowance for Credit Loss [Line Items]
Total	$ 2,777,000,000		$ 2,777,000,000		$ 0

Mortgage Loans on Real Estate_2

Mortgage Loans on Real Estate - Mortgage Loan Portfolio Summary (Details) - Mortgage loans on real estate, at amortized cost - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost	$ 11,954		$ 5,711
Allowance for credit losses	(88)	$ (54)	(53)	$ (31)	$ (43)	$ (38)
Commercial mortgage loans, carrying value	11,866		5,658
Commercial Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal outstanding	9,674		5,870
Deferred fees and costs, net	(18)		(72)
Unamortized discounts and premiums, net	(487)		(87)
Amortized cost	9,169		5,711
Allowance for credit losses	(80)	(54)	(53)	(31)	(43)	(38)
Commercial mortgage loans, carrying value	9,089		5,658
Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Principal outstanding	2,873		57
Deferred fees and costs, net	0		(57)
Unamortized discounts and premiums, net	(88)		0
Amortized cost	2,785		0
Allowance for credit losses	(8)	$ 0	0	$ 0	$ 0	$ 0
Commercial mortgage loans, carrying value	$ 2,777		$ 0

Mortgage Loans on Real Estate_3

Mortgage Loans on Real Estate - Commercial Loan Portfolio Summary (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total, net of allowance	$ 90	$ 27
Mortgage loans on real estate, at amortized cost
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	11,954	5,711
Allowance for credit losses	(88)	(53)	$ (54)	$ (31)	$ (43)	$ (38)
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	9,169	5,711
Allowance for credit losses	(80)	(53)	$ (54)	$ (31)	$ (43)	$ (38)
Total, net of allowance	$ 9,089	$ 5,658
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	100%	100%
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Apartment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 2,128	$ 1,091
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Apartment \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	23.20%	19.10%
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Hotel
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,219	$ 966
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Hotel \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	13.30%	16.90%
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,919	$ 1,052
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Industrial \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	20.90%	18.40%
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Office
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,178	$ 999
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Office \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	12.90%	17.50%
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Parking
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 331	$ 414
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Parking \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	3.60%	7.20%
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,527	$ 781
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Retail \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	16.70%	13.70%
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Storage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 157	$ 118
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Storage \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.70%	2.10%
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 469	$ 0
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Agricultural \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	5.10%	0%
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 241	$ 290
Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Other \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.60%	5.10%
Pacific \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,800	$ 905
Pacific \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	19.60%	15.90%
Mountain \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,782	$ 1,327
Mountain \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	19.40%	23.20%
West North Central \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 271	$ 178
West North Central \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	3%	3.10%
West South Central \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,484	$ 1,081
West South Central \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	16.20%	18.90%
East North Central \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,041	$ 829
East North Central \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	11.40%	14.50%
East South Central \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 149	$ 50
East South Central \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.60%	0.90%
Middle Atlantic \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 386	$ 129
Middle Atlantic \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	4.20%	2.30%
South Atlantic \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 1,913	$ 1,000
South Atlantic \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	20.90%	17.50%
New England \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 113	$ 12
New England \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	1.20%	0.20%
Other \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 230	$ 200
Other \| Commercial Mortgage \| Mortgage loans on real estate, at amortized cost \| Geographic Concentration Risk \| Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage	2.50%	3.50%

Mortgage Loans on Real Estate_4

Mortgage Loans on Real Estate - Valuation Allowance Rollforward (Details) - Mortgage loans on real estate, at amortized cost - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ (54)	$ (43)	$ (53)	$ (38)
Acquisition from business combination	0	0	0	0
Provision	(34)	12	(35)	7
Writeoffs charged against the allowance	0	0	0	0
Recoveries of amounts previously written off	0	0	0	0
Ending balance	(88)	(31)	(88)	(31)
Commercial Mortgage
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	(54)	(43)	(53)	(38)
Acquisition from business combination	0	0	0	0
Provision	(26)	12	(27)	7
Writeoffs charged against the allowance	0	0	0	0
Recoveries of amounts previously written off	0	0	0	0
Ending balance	(80)	(31)	(80)	(31)
Residential Mortgage
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	0	0	0	0
Acquisition from business combination	0	0	0	0
Provision	(8)	0	(8)	0
Writeoffs charged against the allowance	0	0	0	0
Recoveries of amounts previously written off	0	0	0	0
Ending balance	$ (8)	$ 0	$ (8)	$ 0

Mortgage Loans on Real Estate_5

Mortgage Loans on Real Estate - Aging of Financing Receivables (Details) - Mortgage loans on real estate, at amortized cost - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 552		$ 319
2023	1,389		1,562
2022	3,442		679
2021	1,531		489
2020	1,130		493
Prior	3,910		2,169
Amortized cost	11,954		5,711
Allowance for credit losses	(88)	$ (54)	(53)	$ (31)	$ (43)	$ (38)
Mortgage loans, carrying value	11,866		5,658
Commercial Mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
2024	380		319
2023	386		1,562
2022	2,246		679
2021	1,273		489
2020	990		493
Prior	3,894		2,169
Amortized cost	9,169		5,711
Allowance for credit losses	(80)	(54)	(53)	(31)	(43)	(38)
Mortgage loans, carrying value	9,089		5,658
Commercial Mortgage \| Current
Financing Receivable, Credit Quality Indicator [Line Items]
2024	376		319
2023	375		1,486
2022	2,154		679
2021	1,260		489
2020	980		488
Prior	3,704		2,120
Amortized cost	8,849		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	0		21
Amortized cost	0		52
Commercial Mortgage \| 60 - 89 days past due
Financing Receivable, Credit Quality Indicator [Line Items]
2024	4		0
2023	0		50
2022	50		0
2021	0		0
2020	4		0
Prior	105		13
Amortized cost	163		63
Commercial Mortgage \| Non-accrual (90 days or more past due)
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	11		0
2022	42		0
2021	13		0
2020	6		0
Prior	85		15
Amortized cost	157		15
Residential Mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
2024	172		0
2023	1,003		0
2022	1,196		0
2021	258		0
2020	140		0
Prior	16		0
Amortized cost	2,785		0
Allowance for credit losses	(8)	$ 0	0	$ 0	$ 0	$ 0
Mortgage loans, carrying value	2,777		0
Residential Mortgage \| Current
Financing Receivable, Credit Quality Indicator [Line Items]
2024	165		0
2023	929		0
2022	1,072		0
2021	227		0
2020	124		0
Prior	13		0
Amortized cost	2,530		0
Residential Mortgage \| 30 - 59 days past due
Financing Receivable, Credit Quality Indicator [Line Items]
2024	6		0
2023	21		0
2022	48		0
2021	4		0
2020	4		0
Prior	0		0
Amortized cost	83		0
Residential Mortgage \| 60 - 89 days past due
Financing Receivable, Credit Quality Indicator [Line Items]
2024	1		0
2023	6		0
2022	21		0
2021	6		0
2020	4		0
Prior	0		0
Amortized cost	38		0
Residential Mortgage \| Non-accrual (90 days or more past due)
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0		0
2023	47		0
2022	55		0
2021	21		0
2020	8		0
Prior	3		0
Amortized cost	$ 134		$ 0

Private Loans - Credit Ratings

Private Loans - Credit Ratings For Private Loans (Details) - Private loans - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 2,725	$ 194
A or higher
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,392	0
BBB
Financing Receivable, Credit Quality Indicator [Line Items]
Total	259	0
BB and below
Financing Receivable, Credit Quality Indicator [Line Items]
Total	652	194
Unrated
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 422	$ 0

Private Loans - Allowances for

Private Loans - Allowances for Credit Losses for Private Loans (Details) - Private loans - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (21)	$ (7)	$ (8)	$ 0	$ 0	$ 0	$ (8)	$ 0
Acquisition from business combination	0	0	0	0	0	0
Provision	(5)	(14)	1	(12)	0	0
Writeoffs charged against the allowance	0	0	0	0	0	0
Recoveries of amounts previously written off	0	0	0	0	0	0
Ending balance	$ (26)	$ (21)	$ (7)	$ (12)	$ 0	$ 0	$ (26)	$ (12)

Real Estate and Real Estate P_3

Real Estate and Real Estate Partnerships - Schedule of Carrying Amount of Investment Real Estate, Net (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Real Estate [Line Items]
Real Estate	$ 2,008	$ 755
Real estate partnerships	4,466	2,856
Total real estate and real estate partnerships	$ 6,474	$ 3,611
Real estate \| Industry sector
Real Estate [Line Items]
Percentage	100%	100%
Hotel
Real Estate [Line Items]
Real Estate	$ 124	$ 14
Hotel \| Real estate \| Industry sector
Real Estate [Line Items]
Percentage	6%	2%
Industrial
Real Estate [Line Items]
Real Estate	$ 20	$ 65
Industrial \| Real estate \| Industry sector
Real Estate [Line Items]
Percentage	1%	9%
Land
Real Estate [Line Items]
Real Estate	$ 127	$ 37
Land \| Real estate \| Industry sector
Real Estate [Line Items]
Percentage	6%	5%
Office
Real Estate [Line Items]
Real Estate	$ 177	$ 358
Office \| Real estate \| Industry sector
Real Estate [Line Items]
Percentage	9%	47%
Retail
Real Estate [Line Items]
Real Estate	$ 216	$ 218
Retail \| Real estate \| Industry sector
Real Estate [Line Items]
Percentage	11%	29%
Apartment
Real Estate [Line Items]
Real Estate	$ 47	$ 60
Apartment \| Real estate \| Industry sector
Real Estate [Line Items]
Percentage	2%	8%
Single family residential
Real Estate [Line Items]
Real Estate	$ 1,282	$ 0
Single family residential \| Real estate \| Industry sector
Real Estate [Line Items]
Percentage	64%	0%
Other
Real Estate [Line Items]
Real Estate	$ 15	$ 3
Other \| Real estate \| Industry sector
Real Estate [Line Items]
Percentage	1%	0%

Real Estate and Real Estate P_4

Real Estate and Real Estate Partnerships - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Real Estate [Abstract]
Real estate, held-for-sale	$ 12	$ 0

Variable Interest Entities an_3

Variable Interest Entities and Equity Method Investments - Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Equity securities, at fair value	$ 1,522	$ 1,404
Real estate	2,008	755
Real estate partnerships	4,466	2,856
Short-term investments	3,674	2,397
Other invested assets	1,142	120
Cash and cash equivalents	13,873	3,192
Other invested assets	1,885	541
Total assets	123,659	35,885
Notes payable	179	174
Total liabilities	113,677	29,986
Mortgage loans on real estate, at amortized cost
Variable Interest Entity [Line Items]
Private loans	11,866	5,658
Private loans
Variable Interest Entity [Line Items]
Private loans	2,725	194
Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Fixed maturity securities, available-for-sale	61	63
Equity securities, at fair value	568	15
Real estate	3,498	172
Real estate partnerships	1,493	0
Investment funds	2,019	4
Short-term investments	0	4
Other invested assets	399	0
Cash and cash equivalents	188	26
Other invested assets	56	61
Total assets	8,971	533
Notes payable	178	174
Other liabilities	218	14
Total liabilities	396	188
Consolidated Variable Interest Entities \| Mortgage loans on real estate, at amortized cost
Variable Interest Entity [Line Items]
Private loans	4	0
Consolidated Variable Interest Entities \| Private loans
Variable Interest Entity [Line Items]
Private loans	685	188
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Fixed maturity securities, available-for-sale	2,121	0
Equity securities, at fair value	0	0
Real estate	0	0
Real estate partnerships	520	301
Investment funds	0	0
Short-term investments	82	0
Other invested assets	156	0
Total assets	3,549	933
Maximum Exposure to Loss	3,625	933
Unconsolidated Variable Interest Entities \| Fixed maturity securities, available-for-sale, at fair value
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	2,121	0
Unconsolidated Variable Interest Entities \| Equity securities, at fair value
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	0	0
Unconsolidated Variable Interest Entities \| Real estate
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	0	0
Unconsolidated Variable Interest Entities \| Real estate partnerships
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	523	301
Unconsolidated Variable Interest Entities \| Investment funds
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	0	0
Unconsolidated Variable Interest Entities \| Short-term investments
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	82	0
Unconsolidated Variable Interest Entities \| Other invested assets
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	156	0
Unconsolidated Variable Interest Entities \| Mortgage loans on real estate, at amortized cost
Variable Interest Entity [Line Items]
Private loans	669	632
Unconsolidated Variable Interest Entities \| Mortgage loans on real estate, at amortized cost \| Mortgage loans on real estate, at amortized cost
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	742	632
Unconsolidated Variable Interest Entities \| Private loans
Variable Interest Entity [Line Items]
Private loans	0	0
Unconsolidated Variable Interest Entities \| Private loans \| Private loans, at amortized cost
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 0	$ 0

Variable Interest Entities an_4

Variable Interest Entities and Equity Method Investments - Narrative (Details) - USD ($) $ in Billions	Sep. 30, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Total investment	$ 3.4	$ 4.4

Derivative Instruments - Notion

Derivative Instruments - Notional Amounts and Fair Value of Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 47,539		$ 47,539		$ 4,084
Derivative Asset, Carrying Value/Fair Value	1,900		1,900		227
Derivative liabilities	38		38		0
Derivative assets	1,900		1,900		227
Derivative Liability	2,087		2,087		873
Derivative Asset, Carrying Value/Fair Value	1,887		1,887		227
Derivative Liability, Carrying Value/Fair Value	25		25		0
Derivative Gains (Losses) Recognized in Income	(362)	$ (54)	(364)	$ (54)
Foreign exchange forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liabilities	31		31		0
Derivative Liability, Carrying Value/Fair Value	25		25		0
Derivative Gains (Losses) Recognized in Income	(18)	0	(18)	0
Equity-indexed options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset, Carrying Value/Fair Value	1,900		1,900		227
Derivative liabilities	7		7		0
Derivative Asset, Carrying Value/Fair Value	1,887		1,887		227
Derivative Liability, Carrying Value/Fair Value	0		0		0
Derivative Gains (Losses) Recognized in Income	382	(31)	747	40
Indexed annuity and variable annuity product
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	0		0		0
Derivative assets	0		0		0
Derivative Liability	1,771		1,771		873
Derivative Gains (Losses) Recognized in Income	(527)	(23)	(815)	(94)
Funds withheld and Modco arrangements
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	0		0		0
Derivative assets	0		0		0
Derivative Liability	278		278		0
Derivative Gains (Losses) Recognized in Income	(199)	$ 0	(278)	$ 0
Designated as Hedging Instrument \| Foreign exchange forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	643		643		0
Derivative Asset, Carrying Value/Fair Value	0		0		0
Derivative liabilities	14		14		0
Not Designated as Hedging Instrument \| Foreign exchange forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	921		921		0
Derivative Asset, Carrying Value/Fair Value	0		0		0
Derivative Liability, Carrying Value/Fair Value	17		17		0
Not Designated as Hedging Instrument \| Equity-indexed options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	45,975		45,975		4,084
Derivative assets	1,900		1,900		227
Derivative Liability	$ 7		$ 7		$ 0

Derivative Instruments - Gains

Derivative Instruments - Gains (Losses) Related Derivatives and Hedged (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedged items	$ 13	$ 0	$ 13	$ 0
Derivatives designated as hedging instruments	(13)	0	(13)	0
Investment related gains (losses)	$ 0	$ 0	$ 0	$ 0

Derivative Instruments - Gain (

Derivative Instruments - Gain (Losses) Recognized in Income on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Gains (Losses) Recognized in Income	$ (362)	$ (54)	$ (364)	$ (54)
Equity-indexed options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Gains (Losses) Recognized in Income	382	(31)	747	40
Foreign exchange forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Gains (Losses) Recognized in Income	(18)	0	(18)	0
Indexed annuity and variable annuity product
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Gains (Losses) Recognized in Income	(527)	(23)	(815)	(94)
Funds withheld and Modco arrangements
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Gains (Losses) Recognized in Income	$ (199)	$ 0	$ (278)	$ 0

Derivative Instruments - Call O

Derivative Instruments - Call Options By Counterparty and Credit Rating (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 1,900	$ 227
Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	1,887	227
Bank of America \| Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	207	24
Barclays \| Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	67	24
Canadian Imperial Bank of Commerce \| Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	54	0
Citibank, N.A. \| Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	62	0
Credit Suisse \| Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	0	16
Goldman Sachs \| Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	29	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	254	12
Mizuho \| Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	388	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	137	0
Societe Generale \| Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	154	0
Truist \| Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	115	59
UBS AG \| Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	67	0
Wells Fargo \| Call Options And Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 231	$ 35

Derivative Instruments - Offset

Derivative Instruments - Offsetting Derivatives (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative assets
Gross Amount of Derivative Instruments	$ 1,900	$ 227
Gross Amount Offset in the Consolidated Statements of Financial Position (2)	(13)	0
Net Amount Presented in the Consolidated Statements of Financial Position	1,887	227
Collateral (Received) Pledged in Cash	(1,827)	(205)
Collateral (Received) Pledged in Invested Assets	(21)	(21)
Exposure of Net Collateral	39	1
Derivative liabilities
Gross Amount of Derivative Instruments	(38)	0
Gross Amount Offset in the Consolidated Statements of Financial Position	13	0
Net Amount Presented in the Consolidated Statements of Financial Position	(25)	0
Collateral (Received) Pledged in Cash	0	0
Collateral (Received) Pledged in Invested Assets	0	0
Exposure of Net Collateral	(25)	0
Collaterals held in cash and invested assets that are excess collateral	24	4
Equity-indexed options
Derivative assets
Gross Amount of Derivative Instruments	1,900	227
Gross Amount Offset in the Consolidated Statements of Financial Position (2)	(13)	0
Net Amount Presented in the Consolidated Statements of Financial Position	1,887	227
Collateral (Received) Pledged in Cash	(1,827)	(205)
Collateral (Received) Pledged in Invested Assets	(21)	(21)
Exposure of Net Collateral	39	1
Derivative liabilities
Gross Amount of Derivative Instruments	(7)	0
Gross Amount Offset in the Consolidated Statements of Financial Position	7	0
Net Amount Presented in the Consolidated Statements of Financial Position	0	0
Collateral (Received) Pledged in Cash	0	0
Collateral (Received) Pledged in Invested Assets	0	0
Exposure of Net Collateral	0	0
Foreign exchange forwards
Derivative liabilities
Gross Amount of Derivative Instruments	(31)	0
Gross Amount Offset in the Consolidated Statements of Financial Position	6	0
Net Amount Presented in the Consolidated Statements of Financial Position	(25)	0
Collateral (Received) Pledged in Cash	0	0
Collateral (Received) Pledged in Invested Assets	0	0
Exposure of Net Collateral	$ (25)	$ 0

Net Investment Income and Inv_3

Net Investment Income and Investment Related Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Income [Line Items]
Total net investment income	$ 1,024	$ 375	$ 2,396	$ 1,020
Total investment related gains (losses), net	(128)	(12)	(160)	(32)
Available-for-sale fixed maturity securities
Net Investment Income [Line Items]
Total net investment income	604	177	1,265	501
Total investment related gains (losses), net	(100)	13	(125)	(47)
Equity securities
Net Investment Income [Line Items]
Total net investment income	17	4	38	4
Total investment related gains (losses), net	23	(10)	47	33
Mortgage loans
Net Investment Income [Line Items]
Total net investment income	190	80	428	222
Total investment related gains (losses), net	(22)	1	(28)	(9)
Private loans
Net Investment Income [Line Items]
Total net investment income	24	0	25	0
Total investment related gains (losses), net	0	(12)	(3)	(12)
Real estate
Net Investment Income [Line Items]
Total net investment income	(6)	2	46	7
Real estate partnerships
Net Investment Income [Line Items]
Total net investment income	(3)	1	3	16
Investment funds
Net Investment Income [Line Items]
Total net investment income	55	53	223	103
Policy loans
Net Investment Income [Line Items]
Total net investment income	6	0	12	0
Short-term investments
Net Investment Income [Line Items]
Total net investment income	63	46	140	138
Other
Net Investment Income [Line Items]
Total net investment income	74	12	216	29
Short-term investments and other invested assets
Net Investment Income [Line Items]
Total investment related gains (losses), net	$ (29)	$ (4)	$ (51)	$ 3

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	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Financial assets:
Equity securities:	$ 1,522		$ 1,404
Policy loans	277		390
Short-term investments	3,674		2,397
Derivative assets	$ 1,900		$ 227
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other invested assets		Other invested assets
Other assets – market risk benefit assets	$ 758		$ 34
Separate account assets	1,302		1,189
Financial liabilities:
Market risk benefits	3,725		34
Derivative liabilities	38		0
Separate account liabilities	1,302	$ 1,266	1,189	$ 1,090	$ 1,145	$ 1,045
Certain private equity measured at cost less any impairments	0		424
Other invested assets	1,142		120
Separate accounts not subject to fair value hierarchy	22		26
Carrying Amount
Financial assets:
Available-for-sale fixed maturity securities	45,683		12,877
Equity securities:	1,522		1,404
Policy loans	277		390
Short-term investments	3,674		2,397
Real estate partnerships	974		0
Derivative assets	1,886		227
Collaterals received on derivatives (excluding excess collateral)	(1,825)		(226)
Separately managed accounts	98		105
Other	983		14
Cash and cash equivalents	13,873		3,192
Reinsurance recoverables and deposit assets	14,527		0
Other assets – market risk benefit assets	758		34
Separate account assets	1,302		1,189
Total financial assets	98,323		27,455
Financial liabilities:
Policyholders’ account balances – embedded derivative	1,771		873
Market risk benefits	3,725		34
Derivative liabilities	26		0
Funds withheld for reinsurance liabilities	278		0
Notes payable	179		174
Long term borrowings	2,959		1,493
Separate account liabilities	1,302		1,189
Total financial liabilities	10,240		3,763
Carrying Amount \| Mortgage loans on real estate, at amortized cost
Financial assets:
Mortgage loans on real estate, net of allowance/Private loans, net of allowance	11,866		5,658
Carrying Amount \| Private loans
Financial assets:
Mortgage loans on real estate, net of allowance/Private loans, net of allowance	2,725		194
Fair Value
Financial assets:
Available-for-sale fixed maturity securities	45,683		12,877
Equity securities:	1,522		1,404
Policy loans	277		390
Short-term investments	3,674		2,397
Real estate partnerships	974		0
Derivative assets	1,886		227
Collaterals received on derivatives (excluding excess collateral)	(1,825)		(226)
Separately managed accounts	98		105
Other	983		14
Cash and cash equivalents	13,873		3,192
Reinsurance recoverables and deposit assets	13,463		0
Other assets – market risk benefit assets	758		34
Separate account assets	1,302		1,189
Total financial assets	97,176		27,202
Financial liabilities:
Policyholders’ account balances – embedded derivative	1,771		873
Market risk benefits	3,725		34
Derivative liabilities	26		0
Funds withheld for reinsurance liabilities	278		0
Notes payable	179		174
Long term borrowings	2,991		1,493
Separate account liabilities	1,302		1,189
Total financial liabilities	10,272		3,763
Fair Value \| Mortgage loans on real estate, at amortized cost
Financial assets:
Mortgage loans on real estate, net of allowance/Private loans, net of allowance	11,783		5,405
Fair Value \| Private loans
Financial assets:
Mortgage loans on real estate, net of allowance/Private loans, net of allowance	2,725		194
Portion at Other than Fair Value Measurement
Financial liabilities:
Other invested assets	$ 427		$ 14

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Fair Value Hierarchy Measurements of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Financial assets
Equity securities:	$ 1,522		$ 1,404
Short-term investments	3,674		2,397
Derivative assets	1,900		227
Other assets – market risk benefit assets	758		34
Separate account assets	1,302		1,189
Financial liabilities
Market risk benefits	3,725		34
Other liabilities – derivative liabilities	38		0
Separate account liabilities	1,302	$ 1,266	1,189	$ 1,090	$ 1,145	$ 1,045
Separate accounts not subject to fair value hierarchy	22		26
Total Fair Value
Financial assets
Available-for-sale fixed maturity securities:	45,683		12,877
Equity securities:	1,522		1,404
Real estate at fair value	1,282		0
Real estate partnerships at fair value	1,014		0
Investment funds	115		0
Short-term investments	3,675		2,397
Derivative assets	1,886		227
Collaterals received on derivatives (excluding excess collateral)	(1,825)		(226)
Separately managed accounts	98		105
Other	556		0
Cash and cash equivalents	13,873		3,192
Other assets – market risk benefit assets	758		34
Separate account assets	1,280		1,163
Total financial assets	69,917		21,173
Financial liabilities
Policyholders’ account balances – embedded derivative	1,771		873
Market risk benefits	3,725		34
Funds withheld for reinsurance liabilities – embedded derivatives	278		0
Other liabilities – derivative liabilities	26		0
Separate account liabilities	1,280		1,163
Total financial liabilities	7,080		2,070
Total Fair Value \| U.S. treasury and government
Financial assets
Available-for-sale fixed maturity securities:	78		62
Total Fair Value \| U.S. states and political subdivisions
Financial assets
Available-for-sale fixed maturity securities:	3,383		578
Total Fair Value \| Foreign governments
Financial assets
Available-for-sale fixed maturity securities:	429		9
Total Fair Value \| Corporate debt securities
Financial assets
Available-for-sale fixed maturity securities:	31,473		10,784
Total Fair Value \| Residential mortgage-backed securities
Financial assets
Available-for-sale fixed maturity securities:	1,120		127
Total Fair Value \| Commercial mortgage-backed securities
Financial assets
Available-for-sale fixed maturity securities:	2,792		0
Total Fair Value \| Collateralized debt securities
Financial assets
Available-for-sale fixed maturity securities:	6,408		1,317
Total Fair Value \| Common stock
Financial assets
Equity securities:	1,246		1,307
Total Fair Value \| Preferred stock
Financial assets
Equity securities:	272		97
Total Fair Value \| Private equity and other
Financial assets
Equity securities:	4		0
Level 1
Financial assets
Available-for-sale fixed maturity securities:	77		62
Equity securities:	580		336
Real estate at fair value	0		0
Real estate partnerships at fair value	0		0
Investment funds	0		0
Short-term investments	2,306		1,100
Derivative assets	0		0
Collaterals received on derivatives (excluding excess collateral)	(1,825)		0
Separately managed accounts	0		0
Other	0		0
Cash and cash equivalents	13,873		3,192
Other assets – market risk benefit assets	0		0
Separate account assets	201		406
Total financial assets	15,212		5,096
Financial liabilities
Policyholders’ account balances – embedded derivative	0		0
Market risk benefits	0		0
Funds withheld for reinsurance liabilities – embedded derivatives	0		0
Other liabilities – derivative liabilities	0		0
Separate account liabilities	201		406
Total financial liabilities	201		406
Level 1 \| U.S. treasury and government
Financial assets
Available-for-sale fixed maturity securities:	77		62
Level 1 \| U.S. states and political subdivisions
Financial assets
Available-for-sale fixed maturity securities:	0		0
Level 1 \| Foreign governments
Financial assets
Available-for-sale fixed maturity securities:	0		0
Level 1 \| Corporate debt securities
Financial assets
Available-for-sale fixed maturity securities:	0		0
Level 1 \| Residential mortgage-backed securities
Financial assets
Available-for-sale fixed maturity securities:	0		0
Level 1 \| Commercial mortgage-backed securities
Financial assets
Available-for-sale fixed maturity securities:	0		0
Level 1 \| Collateralized debt securities
Financial assets
Available-for-sale fixed maturity securities:	0		0
Level 1 \| Common stock
Financial assets
Equity securities:	554		314
Level 1 \| Preferred stock
Financial assets
Equity securities:	26		22
Level 1 \| Private equity and other
Financial assets
Equity securities:	0		0
Level 2
Financial assets
Available-for-sale fixed maturity securities:	39,265		9,700
Equity securities:	176		0
Real estate at fair value	0		0
Real estate partnerships at fair value	0		0
Investment funds	0		0
Short-term investments	566		0
Derivative assets	1,621		0
Collaterals received on derivatives (excluding excess collateral)	0		0
Separately managed accounts	0		0
Other	0		0
Cash and cash equivalents	0		0
Other assets – market risk benefit assets	0		0
Separate account assets	1,079		757
Total financial assets	42,707		10,457
Financial liabilities
Policyholders’ account balances – embedded derivative	0		0
Market risk benefits	0		0
Funds withheld for reinsurance liabilities – embedded derivatives	0		0
Other liabilities – derivative liabilities	26		0
Separate account liabilities	1,079		757
Total financial liabilities	1,105		757
Level 2 \| U.S. treasury and government
Financial assets
Available-for-sale fixed maturity securities:	1		0
Level 2 \| U.S. states and political subdivisions
Financial assets
Available-for-sale fixed maturity securities:	3,323		578
Level 2 \| Foreign governments
Financial assets
Available-for-sale fixed maturity securities:	429		9
Level 2 \| Corporate debt securities
Financial assets
Available-for-sale fixed maturity securities:	28,292		8,570
Level 2 \| Residential mortgage-backed securities
Financial assets
Available-for-sale fixed maturity securities:	1,096		127
Level 2 \| Commercial mortgage-backed securities
Financial assets
Available-for-sale fixed maturity securities:	2,773		0
Level 2 \| Collateralized debt securities
Financial assets
Available-for-sale fixed maturity securities:	3,351		416
Level 2 \| Common stock
Financial assets
Equity securities:	2		0
Level 2 \| Preferred stock
Financial assets
Equity securities:	174		0
Level 2 \| Private equity and other
Financial assets
Equity securities:	0		0
Level 3
Financial assets
Available-for-sale fixed maturity securities:	6,341		3,115
Equity securities:	766		1,068
Real estate at fair value	1,282		0
Real estate partnerships at fair value	1,014		0
Investment funds	115		0
Short-term investments	803		1,297
Derivative assets	265		227
Collaterals received on derivatives (excluding excess collateral)	0		(226)
Separately managed accounts	98		105
Other	556		0
Cash and cash equivalents	0		0
Other assets – market risk benefit assets	758		34
Separate account assets	0		0
Total financial assets	11,998		5,620
Financial liabilities
Policyholders’ account balances – embedded derivative	1,771		873
Market risk benefits	3,725		34
Funds withheld for reinsurance liabilities – embedded derivatives	278		0
Other liabilities – derivative liabilities	0		0
Separate account liabilities	0		0
Total financial liabilities	5,774		907
Level 3 \| U.S. treasury and government
Financial assets
Available-for-sale fixed maturity securities:	0		0
Level 3 \| U.S. states and political subdivisions
Financial assets
Available-for-sale fixed maturity securities:	60		0
Level 3 \| Foreign governments
Financial assets
Available-for-sale fixed maturity securities:	0		0
Level 3 \| Corporate debt securities
Financial assets
Available-for-sale fixed maturity securities:	3,181		2,214
Level 3 \| Residential mortgage-backed securities
Financial assets
Available-for-sale fixed maturity securities:	24		0
Level 3 \| Commercial mortgage-backed securities
Financial assets
Available-for-sale fixed maturity securities:	19		0
Level 3 \| Collateralized debt securities
Financial assets
Available-for-sale fixed maturity securities:	3,057		901
Level 3 \| Common stock
Financial assets
Equity securities:	690		993
Level 3 \| Preferred stock
Financial assets
Equity securities:	72		75
Level 3 \| Private equity and other
Financial assets
Equity securities:	4		$ 0
Fair Value Measured at Net Asset Value Per Share
Financial assets
Investment funds	$ 397

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of Fair Value Assets Measured on Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Policy loans	$ 277	$ 390
Other invested assets	1,142	120
Policyholders' account balances – investment contracts, excluding embedded derivative	82,413	17,177
Notes payable	179	174
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total financial assets	15,212	5,096
Total financial liabilities	201	406
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total financial assets	42,707	10,457
Total financial liabilities	1,105	757
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Total financial assets	11,998	5,620
Total financial liabilities	5,774	907
Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Policy loans	277	390
Total financial assets	98,323	27,455
Long term borrowings	2,959	1,493
Total financial liabilities	10,240	3,763
Carrying Amount \| Mortgage loans on real estate, at amortized cost
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	11,866	5,658
Carrying Amount \| Private loans, net of allowance
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	2,725	194
Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Policy loans	277	390
Total financial assets	97,176	27,202
Long term borrowings	2,991	1,493
Total financial liabilities	10,272	3,763
Fair Value \| Mortgage loans on real estate, at amortized cost
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	11,783	5,405
Fair Value \| Private loans, net of allowance
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	2,725	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 – investment contracts, excluding embedded derivative	0	0
Long term borrowings	0	0
Notes payable	0	0
Recurring \| Level 1 \| Mortgage loans on real estate, at amortized cost
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	0	0
Recurring \| Level 1 \| Private loans, net of allowance
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	1	0
Deposit assets, included in reinsurance recoverables and deposit assets	0	0
Other invested assets	403	0
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Long term borrowings	0	0
Notes payable	0	0
Recurring \| Level 2 \| Mortgage loans on real estate, at amortized cost
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	0	0
Recurring \| Level 2 \| Private loans, net of allowance
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	0	0
Recurring \| Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Policy loans	276	390
Deposit assets, included in reinsurance recoverables and deposit assets	13,463	0
Other invested assets	24	14
Policyholders' account balances – investment contracts, excluding embedded derivative	78,107	14,097
Long term borrowings	2,991	1,493
Notes payable	179	174
Recurring \| Level 3 \| Mortgage loans on real estate, at amortized cost
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	11,783	5,405
Recurring \| Level 3 \| Private loans, net of allowance
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	2,725	194
Recurring \| Carrying Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Policy loans	277	390
Deposit assets, included in reinsurance recoverables and deposit assets	14,527	0
Other invested assets	427	14
Total financial assets	29,822	6,256
Policyholders' account balances – investment contracts, excluding embedded derivative	78,107	14,097
Long term borrowings	2,959	1,493
Notes payable	179	174
Total financial liabilities	81,245	15,764
Recurring \| Carrying Amount \| Mortgage loans on real estate, at amortized cost
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	11,866	5,658
Recurring \| Carrying Amount \| Private loans, net of allowance
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	2,725	194
Recurring \| Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Policy loans	277	390
Deposit assets, included in reinsurance recoverables and deposit assets	13,463	0
Other invested assets	427	14
Total financial assets	28,675	6,003
Policyholders' account balances – investment contracts, excluding embedded derivative	78,107	14,097
Long term borrowings	2,991	1,493
Notes payable	179	174
Total financial liabilities	81,277	15,764
Recurring \| Fair Value \| Mortgage loans on real estate, at amortized cost
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	11,783	5,405
Recurring \| Fair Value \| Private loans, net of allowance
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financing receivables	$ 2,725	$ 194

Fair Value of Financial Instr_6

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Assets
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]				Net income (loss) for period
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)
Policyholders’ Account Balances – Embedded Derivative
Liabilities
Balance, beginning of period	$ 1,196	$ 809	$ 872	$ 726
Acquisitions from business combination	0	0	0	0
Fair value changes in net income	533	23	858	125
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	(30)	0
Premiums less benefits	42	(7)	71	(26)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Balance, end of period	1,771	825	1,771	825
Funds Withheld for Reinsurance Liabilities - Embedded Derivative
Liabilities
Balance, beginning of period	79	0	0	0
Acquisitions from business combination	0	0	0	0
Fair value changes in net income	199	0	278	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	278	0	278	0
Invested Assets
Assets
Balance, beginning of period	9,598	4,620	5,585	3,167
Acquisitions from business combination	0	0	4,288	0
Fair value changes in net income	177	0	189	97
Fair value changes in other comprehensive income	(61)	(382)	121	(383)
Purchases	1,697	653	5,042	2,888
Sales	(298)	(1,058)	(4,083)	(1,936)
Settlements or maturities	0	(12)	(2)	(12)
Premiums less benefits	0	0	0	0
Transfers into Level 3	65	0	177	0
Transfers out of Level 3	(203)	0	(342)	0
Balance, end of period	10,975	3,821	10,975	3,821
Derivative Assets
Assets
Balance, beginning of period	254	215	227	121
Acquisitions from business combination	0	0	0	0
Fair value changes in net income	41	(32)	122	40
Fair value changes in other comprehensive income	0	0	0	0
Purchases	37	38	111	98
Sales	(67)	0	(67)	0
Settlements or maturities	0	(45)	(128)	(83)
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	$ 265	$ 176	$ 265	$ 176

Reinsurance - Schedule of Reins

Reinsurance - Schedule of Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Premiums earned:
Gross amounts	$ 1,253	$ 1,090	$ 4,124	$ 3,501
Reinsurance ceded	(365)	(306)	(1,087)	(934)
Net premiums earned	888	784	3,037	2,567
Other policy revenue:
Gross amounts	212	106	527	306
Reinsurance ceded	(4)	0	(23)	0
Other policy revenue	208	106	504	306
Policyholder benefits paid and claims incurred:
Gross amounts	1,183	928	3,771	2,957
Reinsurance ceded	(337)	(211)	(809)	(551)
Net benefits paid and claims incurred	846	717	2,962	2,406
Change in fair value of market risk benefits:
Gross amounts	110	(27)	296	(41)
Reinsurance ceded	24	13	(4)	20
Change in fair value of market risk benefits	134	(14)	292	(21)
Interest sensitive contract benefits:
Gross amounts	629	238	1,394	603
Reinsurance ceded	(106)	(105)	(326)	(265)
Interest sensitive contract benefits	$ 523	$ 133	$ 1,068	$ 338

Reinsurance - Annuity Reinsuran

Reinsurance - Annuity Reinsurance Treaties and Related Recoverables (Details) $ in Millions	Sep. 30, 2024 USD ($)
Effects of Reinsurance [Line Items]
Reinsurance Recoverable	$ 17,910
EquiTrust Life Insurance Company
Effects of Reinsurance [Line Items]
Reinsurance Recoverable	237
Athene Life Re Ltd.
Effects of Reinsurance [Line Items]
Reinsurance Recoverable	1,924
North End Re (Cayman) SPC
Effects of Reinsurance [Line Items]
Reinsurance Recoverable	8,010
AeBe ISA LTD
Effects of Reinsurance [Line Items]
Reinsurance Recoverable	4,333
Reinsurance Group of America Inc. (RGA)
Effects of Reinsurance [Line Items]
Reinsurance Recoverable	$ 3,406

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Reinsurance - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2024	Jul. 01, 2024
Effects of Reinsurance [Line Items]
Reinsurance recoverable, allowance for credit loss	$ 0	$ 0
Reinsurance, risk charge	5	8
Reinsurance Group of America Inc. (RGA)
Effects of Reinsurance [Line Items]
Ceded premiums payable			$ 3,400
Deferred gain on reinsurance agreement	1,600	$ 1,600
Amortization of deferred gain on reinsurance agreement	$ 9
Reinsurance Group of America Inc. (RGA) \| American National Life Insurance Company, American National Life Insurance Company of Texas, and Garden State Life Insurance Company
Effects of Reinsurance [Line Items]
Reinsurance agreement, ceded risk, percentage			100%
Reinsurance Group of America Inc. (RGA) \| American National Life Insurance Company of New York
Effects of Reinsurance [Line Items]
Reinsurance agreement, ceded risk, percentage			80%

Separate Account Assets and L_3

Separate Account Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Separate Account, Liability [Roll Forward]
Balance, beginning of period	$ 1,266	$ 1,145	$ 1,189	$ 1,045
Additions (deductions):
Acquisition from business combination	0	0	0	0
Policyholder deposits	20	19	55	58
Net investment income	9	7	19	21
Net realized capital gains (losses) on investments	44	(36)	156	78
Policyholder benefits and withdrawals	(28)	(37)	(103)	(96)
Net transfers from (to) separate accounts	(6)	(5)	(4)	(6)
Policy charges	(3)	(3)	(10)	(10)
Total changes	36	(55)	113	45
Balance, end of period	$ 1,302	$ 1,090	$ 1,302	$ 1,090

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
DAC
Balance, beginning of period	$ 817	$ 446	$ 572	$ 252
Additions	374	207	857	608
Amortization	(117)	(127)	(355)	(334)
Net change	257	80	502	274
Balance, end of period	1,074	526	1,074	526
DSI
Balance, beginning of period	103	6	8	4
Additions	141	1	235	3
Amortization	(4)	0	(3)	0
Net change	137	1	232	3
Balance, end of period	240	7	240	7
VOBA
Balance, beginning of period	7,435	387	364	443
Measurement period adjustment	45
Acquisition from business combinations		0	7,239	0
Additions	0	0	0	0
Amortization	(168)	(9)	(291)	(65)
Net change	(373)	(9)	6,698	(65)
Other	(250)	0	(250)	0
Balance, end of period	7,062	378	7,062	378
Total DAC, DSI, and VOBA Asset	8,376	911	8,376	911	$ 944
Annuity
DAC
Balance, beginning of period	406	128	190	43
Additions	242	49	472	139
Amortization	(8)	(4)	(22)	(9)
Net change	234	45	450	130
Balance, end of period	640	173	640	173
DSI
Balance, beginning of period	103	6	8	4
Additions	141	1	235	3
Amortization	(4)	0	(3)	0
Net change	137	1	232	3
Balance, end of period	240	7	240	7
VOBA
Balance, beginning of period	7,126	43	39	44
Measurement period adjustment	45
Acquisition from business combinations		0	7,239	0
Additions	0	0	0	0
Amortization	(162)	(1)	(269)	(2)
Net change	(117)	(1)	6,970	(2)
Other	0	0	0	0
Balance, end of period	7,009	42	7,009	42
Total DAC, DSI, and VOBA Asset	7,889	222	7,889	222
Life
DAC
Balance, beginning of period	271	162	224	88
Additions	26	30	83	114
Amortization	(10)	(2)	(20)	(12)
Net change	16	28	63	102
Balance, end of period	287	190	287	190
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	293	321	305	335
Measurement period adjustment	0
Acquisition from business combinations		0	0	0
Additions	0	0	0	0
Amortization	(9)	(5)	(21)	(19)
Net change	(259)	(5)	(271)	(19)
Other	(250)	0	(250)	0
Balance, end of period	34	316	34	316
Total DAC, DSI, and VOBA Asset	321	506	321	506
P&C
DAC
Balance, beginning of period	140	156	158	121
Additions	106	128	302	355
Amortization	(99)	(121)	(313)	(313)
Net change	7	7	(11)	42
Balance, end of period	147	163	147	163
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	16	23	20	64
Measurement period adjustment	0
Acquisition from business combinations		0	0	0
Additions	0	0	0	0
Amortization	3	(3)	(1)	(44)
Net change	3	(3)	(1)	(44)
Other	0	0	0	0
Balance, end of period	19	20	19	20
Total DAC, DSI, and VOBA Asset	$ 166	$ 183	$ 166	$ 183

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	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Insurance [Abstract]
2024	$ 160
2025	617
2026	566
2027	513
2028	470
Thereafter	4,736
Total amortization expense	$ 7,062	$ 7,435	$ 364	$ 378	$ 387	$ 443

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,588	$ 15
Accumulated Amortization	(35)	(2)
Net Carrying Amount	1,553	13
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	46	31
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	1,634	46
Accumulated Amortization	35	2
Net Carrying Amount	1,599	44
Insurance licenses
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	46	31
Distributor relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,485	5
Accumulated Amortization	(27)	0
Net Carrying Amount	1,458	5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	27	0
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	58	10
Accumulated Amortization	(4)	(2)
Net Carrying Amount	54	8
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	4	2
Internally generated software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	45	0
Accumulated Amortization	(4)	0
Net Carrying Amount	41	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ 4	$ 0

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Intangible Assets - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of intangible assets (excluding goodwill)	$ 0	$ 0	$ 0	$ 0
Amortization expense	$ 20,000,000	$ 0	$ 33,000,000	$ 1,000,000

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Estimated Future Amortization Expense (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 21
2025	81
2026	81
2027	72
2028	67
Thereafter	1,231
Net Carrying Amount	$ 1,553	$ 13

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Millions	May 02, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill		$ 754		$ 754		$ 121
Business combination, provisional information, initial accounting incomplete, adjustment, market risk benefit liability		45
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				1,300
Contributed net profit				(250)
Consolidated unaudited pro forma revenue			$ 1,900	6,500	$ 5,800
Consolidated unaudited pro forma net profit (loss)			$ 96	500	$ 289
Acquisition costs				$ 126
Business combination, provisional information, initial accounting incomplete, adjustment, assets		$ 45

Acquisitions - Schedule of Reco

Acquisitions - Schedule of Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	May 02, 2024	Sep. 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	7,239
Reinsurance recoverables and deposit assets	14,963
Property and equipment	42
Intangible assets	1,580
Other assets	670
Total assets acquired	81,235
Liabilities assumed:
Future policy benefits	310
Policyholders’ account balances	61,473
Market risk benefits	3,023
Notes payable	768
Subsidiary borrowings	84
Funds withheld for reinsurance liabilities	8,601
Other liabilities	2,360
Total liabilities assumed	76,619
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	Sep. 30, 2024	Dec. 31, 2023
Policyholder Account Balance [Line Items]
Future policy benefits	$ 5,396	$ 4,108
Other contracts and VOBA liability	1,618	1,870
Total future policy benefits	7,179	6,108
Annuity
Policyholder Account Balance [Line Items]
Future policy benefits	3,829	2,213
Deferred profit liability:	92	64
Life
Policyholder Account Balance [Line Items]
Future policy benefits	1,567	1,895
Deferred profit liability:	$ 73	$ 66

Future Policy Benefits - Change

Future Policy Benefits - Changes in Liability for Future Policy Benefits (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 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			195	$ (353)
Effect of actual variances from expected experience			(314)	(57)
Adjusted beginning of period balance			3,135	3,416
Acquisition from business combination		0	0
Issuances		1,325	1,074
Interest accrual		97	129
Net premiums collected		(1,550)	(1,368)
Derecognitions (lapses and withdrawals)		1	3
Ending balance at original discount rate	$ 3,008	3,008	3,254
Effect of changes in discount rate assumptions	(39)	(39)	(109)
Balance, end of period	2,969	2,969	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			(185)	(363)
Effect of actual variances from expected experience			(346)	(84)
Adjusted beginning of period balance			6,963	6,796
Acquisition of business combination		311	0
Issuances		1,344	1,077
Interest accrual		250	261
Benefit payments		(422)	(645)
Derecognitions (lapses and withdrawals)		4	5
Ending balance at original discount rate	8,450	8,450	7,494
Effect of changes in discount rate assumptions	(85)	(85)	(241)
Balance, end of period	8,365	8,365	7,253
Liability for future policy benefits	5,396	5,396	4,108
Less: Reinsurance recoverables	(1,291)	(1,291)	(45)
Net liability for future policy benefits, after reinsurance recoverable	4,105	4,105	4,063
Liability remeasurement gains	15	15
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			11	2
Adjusted beginning of period balance			11	2
Acquisition from business combination		0	0
Issuances		1,287	984
Interest accrual		10	8
Net premiums collected		(1,306)	(995)
Derecognitions (lapses and withdrawals)		0	1
Ending balance at original discount rate	2	2	0
Effect of changes in discount rate assumptions	0	0	0
Balance, end of period	2	2	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			0	(1)
Effect of actual variances from expected experience			11	(25)
Adjusted beginning of period balance			2,228	1,342
Acquisition of business combination		311	0
Issuances		1,300	988
Interest accrual		105	73
Benefit payments		(199)	(189)
Derecognitions (lapses and withdrawals)		3	3
Ending balance at original discount rate	3,748	3,748	2,217
Effect of changes in discount rate assumptions	83	83	(4)
Balance, end of period	3,831	3,831	2,213
Liability for future policy benefits	3,829	3,829	2,213
Less: Reinsurance recoverables	(3)	(3)	0
Net liability for future policy benefits, after reinsurance recoverable	$ 3,826	$ 3,826	$ 2,213
Weighted-average liability duration of future policy benefits (years)	8 years	8 years	8 years
Weighted average interest accretion rate	5.12%	5.12%	4.94%
Weighted average current discount rate	4.85%	4.85%	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			195	(353)
Effect of actual variances from expected experience			(325)	(59)
Adjusted beginning of period balance			3,124	3,414
Acquisition from business combination		0	0
Issuances		38	90
Interest accrual		87	121
Net premiums collected		(244)	(373)
Derecognitions (lapses and withdrawals)		1	2
Ending balance at original discount rate	$ 3,006	3,006	3,254
Effect of changes in discount rate assumptions	(39)	(39)	(109)
Balance, end of period	2,967	2,967	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			(185)	(362)
Effect of actual variances from expected experience			(357)	(59)
Adjusted beginning of period balance			4,735	$ 5,454
Acquisition of business combination		0	0
Issuances		44	89
Interest accrual		145	188
Benefit payments		(223)	(456)
Derecognitions (lapses and withdrawals)		1	2
Ending balance at original discount rate	4,702	4,702	5,277
Effect of changes in discount rate assumptions	(168)	(168)	(237)
Balance, end of period	4,534	4,534	5,040
Liability for future policy benefits	1,567	1,567	1,895
Less: Reinsurance recoverables	(1,288)	(1,288)	(45)
Net liability for future policy benefits, after reinsurance recoverable	$ 279	$ 279	$ 1,850
Weighted-average liability duration of future policy benefits (years)	15 years	15 years	16 years
Weighted average interest accretion rate	4.63%	4.63%	4.60%
Weighted average current discount rate	5.05%	5.05%	5.03%

Future Policy Benefits - Undisc

Future Policy Benefits - Undiscounted Expected Gross Premiums and Expected Future Benefit Payments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments, Undiscounted	$ 15,062	$ 13,819
Expected future gross premiums, Undiscounted	5,858	7,541
Expected future benefit payments, Discounted	8,365	7,253	$ 6,618
Expected future gross premiums, Discounted	3,681	4,328
Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments, Undiscounted	6,011	3,466
Expected future gross premiums, Undiscounted	0	0
Expected future benefit payments, Discounted	3,831	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	9,051	10,353
Expected future gross premiums, Undiscounted	5,858	7,541
Expected future benefit payments, Discounted	4,534	5,040	$ 5,330
Expected future gross premiums, Discounted	$ 3,681	$ 4,328

Future Policy Benefits - Revenu

Future Policy Benefits - Revenue and Interest Recognized in the Statements of Operations (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	$ 2,903	$ 1,027
Interest Expense	176	83
Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	721	452
Interest Expense	$ 130	$ 95

Policyholders' Account Balanc_3

Policyholders' Account Balances - Policyholder Account Balance (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	$ 17,177
Balance, end of period	82,413	$ 17,177
Annuity
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	14,694	12,012
Issuances	8,192	4,382
Acquisition from business combination	61,296	0
Premiums received	46	34
Policy charges	(298)	(39)
Surrenders and withdrawals	(6,278)	(2,132)
Interest credited	1,467	437
Benefit payments	(386)	0
Other	4	0
Balance, end of period	78,737	14,694
Total PAB balance, end of period	$ 80,248	$ 15,128
Weighted-average crediting rate	3.89%	3.27%
Net amount at risk	$ 12,495	$ 417
Cash surrender value	72,719	15,000
Annuity \| Supplemental contracts
Policyholder Account Balance [Roll Forward]
Reconciling items	499	291
Annuity \| Variable universal life
Policyholder Account Balance [Roll Forward]
Reconciling items	0	0
Annuity \| Variable deferred annuity
Policyholder Account Balance [Roll Forward]
Reconciling items	8	8
Annuity \| Embedded derivative and other
Policyholder Account Balance [Roll Forward]
Reconciling items	1,004	135
Life
Policyholder Account Balance [Roll Forward]
Balance, beginning of period	1,975	1,899
Issuances	51	84
Acquisition from business combination	0	0
Premiums received	314	399
Policy charges	(284)	(362)
Surrenders and withdrawals	(62)	(110)
Interest credited	74	65
Benefit payments	0	0
Other	0	0
Balance, end of period	2,068	1,975
Total PAB balance, end of period	$ 2,165	$ 2,049
Weighted-average crediting rate	4.88%	3.34%
Net amount at risk	$ 38,548	$ 38,365
Cash surrender value	1,826	1,796
Life \| Supplemental contracts
Policyholder Account Balance [Roll Forward]
Reconciling items	0	0
Life \| Variable universal life
Policyholder Account Balance [Roll Forward]
Reconciling items	39	36
Life \| Variable deferred annuity
Policyholder Account Balance [Roll Forward]
Reconciling items	0	0
Life \| Embedded derivative and other
Policyholder Account Balance [Roll Forward]
Reconciling items	$ 58	$ 38

Policyholders' Account Balanc_4

Policyholders' Account Balances - Policyholder Account Balance, Guaranteed Minimum Crediting Rate (Details) $ in Millions	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	$ 82,413	$ 17,177
Annuity
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	78,737	14,694	$ 12,012
Annuity \| At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	7,876	4,244
Annuity \| 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	$ 3,666	$ 875
Annuity \| 1 - 50 Basis Points Above \| Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Basis points	0.0001	0.0001
Annuity \| 1 - 50 Basis Points Above \| Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Basis points	0.0050	0.0050
Annuity \| 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	$ 5,230	$ 2,483
Annuity \| 51 - 150 Basis Points Above \| Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Basis points	0.0051	0.0051
Annuity \| 51 - 150 Basis Points Above \| Maximum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Basis points	0.0150	0.0150
Annuity \| > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Basis points	0.0150	0.0150
Policyholders' account balances – investment contracts, excluding embedded derivative	$ 14,891	$ 7,084
Annuity \| Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	47,074	8
Annuity \| 0% - 1%
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	$ 15,497	$ 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 – investment contracts, excluding embedded derivative	$ 4,176	$ 2,485
Annuity \| 0% - 1% \| 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	2,882	29
Annuity \| 0% - 1% \| 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	3,676	483
Annuity \| 0% - 1% \| > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	4,763	722
Annuity \| 0% - 1% \| Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Annuity \| 1% - 2%
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	$ 5,046	$ 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 – investment contracts, excluding embedded derivative	$ 1,504	$ 668
Annuity \| 1% - 2% \| 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	366	430
Annuity \| 1% - 2% \| 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	1,411	1,943
Annuity \| 1% - 2% \| > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	1,765	2,137
Annuity \| 1% - 2% \| Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Annuity \| 2% - 3%
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	$ 10,815	$ 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 – investment contracts, excluding embedded derivative	$ 1,907	$ 827
Annuity \| 2% - 3% \| 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	412	409
Annuity \| 2% - 3% \| 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	142	56
Annuity \| 2% - 3% \| > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	8,354	4,224
Annuity \| 2% - 3% \| Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, 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 – investment contracts, excluding embedded derivative	$ 305	$ 273
Annuity \| Greater than 3% \| At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	289	264
Annuity \| Greater than 3% \| 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	6	7
Annuity \| Greater than 3% \| 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, 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 – investment contracts, excluding embedded derivative	9	1
Annuity \| Greater than 3% \| Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Annuity \| Products with either a fixed rate or no guaranteed minimum crediting rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	47,074	8
Annuity \| Products with either a fixed rate or no guaranteed minimum crediting rate \| At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Annuity \| Products with either a fixed rate or no guaranteed minimum crediting rate \| 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Annuity \| Products with either a fixed rate or no guaranteed minimum crediting rate \| 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Annuity \| Products with either a fixed rate or no guaranteed minimum crediting rate \| > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Annuity \| Products with either a fixed rate or no guaranteed minimum crediting rate \| Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	47,074	8
Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	2,068	1,975	$ 1,899
Life \| At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	1,088	1,242
Life \| 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	2	2
Life \| 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	279	359
Life \| > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	699	371
Life \| Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	1
Life \| 0% - 1%
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, 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 – investment contracts, 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 – investment contracts, 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 – investment contracts, excluding embedded derivative	0	0
Life \| 0% - 1% \| > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Life \| 0% - 1% \| Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Life \| 1% - 2%
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	$ 788	$ 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 – investment contracts, excluding embedded derivative	$ 30	$ 168
Life \| 1% - 2% \| 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, 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 – investment contracts, excluding embedded derivative	57	140
Life \| 1% - 2% \| > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	699	371
Life \| 1% - 2% \| Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Life \| 2% - 3%
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	$ 644	$ 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 – investment contracts, excluding embedded derivative	$ 422	$ 415
Life \| 2% - 3% \| 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, 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 – investment contracts, excluding embedded derivative	222	219
Life \| 2% - 3% \| > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Life \| 2% - 3% \| Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, 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 – investment contracts, excluding embedded derivative	$ 636	$ 659
Life \| Greater than 3% \| At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	636	659
Life \| Greater than 3% \| 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, 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 – investment contracts, 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 – investment contracts, excluding embedded derivative	0	0
Life \| Greater than 3% \| Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Life \| Products with either a fixed rate or no guaranteed minimum crediting rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	1
Life \| Products with either a fixed rate or no guaranteed minimum crediting rate \| At Guaranteed Minimum
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Life \| Products with either a fixed rate or no guaranteed minimum crediting rate \| 1 - 50 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Life \| Products with either a fixed rate or no guaranteed minimum crediting rate \| 51 - 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Life \| Products with either a fixed rate or no guaranteed minimum crediting rate \| > 150 Basis Points Above
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	0	0
Life \| Products with either a fixed rate or no guaranteed minimum crediting rate \| Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholders' account balances – investment contracts, excluding embedded derivative	$ 0	$ 1

Policyholders' Account Balanc_5

Policyholders' Account Balances -Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Change in fair value of embedded derivatives	$ 60	$ (1,091)	$ 0

Market Risk Benefits - Schedule

Market Risk Benefits - Schedule of Net Balance of Market Risk Benefit Asset and Liabilities (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Market Risk Benefit [Roll Forward]
Balance, beginning of period	$ 0
Balance, end of period	2,967	$ 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	2,420	0
Issuances	3	1
Interest accrual	61	3
Attributed fees collected	91	13
Benefits payments	0	0
Effect of changes in interest rates	413	(117)
Effect of changes in equity markets	(39)	171
Effect of changes in equity index volatility	(95)	(46)
Actual policyholder behavior different from expected behavior	0	(7)
Effect of changes in future expected policyholder behavior	(13)	0
Effect of changes in other future expected assumptions	44	(87)
Balance, end of period, before effect of changes in the instrument-specific credit	2,886	1
Effect of changes in the ending instrument-specific credit risk	81	(1)
Balance, end of period	2,967	0
Less: Reinsured MRB, end of period	(746)	0
Balance, end of period, net of reinsurance	2,221	0
Net amount at risk	$ 12,078	$ 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	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Market Risk Benefit [Line Items]
Asset	$ 758	$ 34
Liability	3,725	34
Net Liability	2,967	0
Annuity
Market Risk Benefit [Line Items]
Asset	758	34
Liability	3,725	34
Net Liability	$ 2,967	$ 0	$ 44

Market Risk Benefits - Narrativ

Market Risk Benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Market Risk Benefit [Line Items]
Change in fair value of market risk benefits	$ (134)	$ 14	$ (292)	$ 21
Annuity
Market Risk Benefit [Line Items]
Change in fair value of market risk benefits	$ 40

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Policy and contract claims, beginning	$ 1,880	$ 1,867	$ 1,870	$ 1,786
Less: Unpaid claims balance, beginning – long-duration	213	210	213	231
Gross unpaid claims balance, beginning – short-duration	1,667	1,657	1,657	1,555
Less: Reinsurance recoverables, beginning	271	303	302	305
Net unpaid claims balance, beginning – short-duration	1,396	1,354	1,355	1,250
Acquisition from business combination, net of reinsurance	0	0	1	0
Add: incurred related to:
Current accident year	354	411	1,104	1,227
Prior accident years	(7)	(3)	(39)	(25)
Total incurred claims	347	408	1,065	1,202
Less: paid claims related to:
Current accident year	232	313	541	655
Prior accident years	109	84	478	432
Total paid claims	341	397	1,019	1,087
Net unpaid claims balance, ending – short-duration	1,402	1,365	1,402	1,365
Add: Foreign currency translation and other	0	0	0	0
Add: Reinsurance recoverables, ending	300	317	300	317
Gross unpaid claims balance, ending – short-duration	1,702	1,682	1,702	1,682
Add: Unpaid claims balance, ending – long duration	201	212	201	212
Policy and contract claims, ending	$ 1,903	$ 1,894	$ 1,903	$ 1,894

Liability For Unpaid Claims A_4

Liability For Unpaid Claims And Claim Adjustment Expenses - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]
Prior year incurred claims	$ (7)	$ (3)	$ (39)	$ (25)
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	9 Months Ended
	Jun. 13, 2022	May 25, 2022	Feb. 15, 2022	May 31, 2024	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Jul. 06, 2022	Jun. 30, 2022	Jun. 16, 2017
Line of Credit Facility [Line Items]
Cash interest paid						$ 98,000,000	$ 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%
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
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					$ 4,000,000	4,000,000
Cash interest paid					0	15,000,000
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%

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	Sep. 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	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Total	$ 2,959	$ 1,493
Unamortized Discount and Issuance Costs	(41)	(7)
Less Than 1 year	0	0
1-2 Years	0	0
2-3 Years	2,400	0
3-4 Years	0	1,000
4-5 Years	0	0
More Than 5 Years	$ 600	$ 500

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	18.80%	14.10%	109.40%	14.40%
Bermuda tax asset	$ 377		$ 377		$ 35
Deferred foreign income tax benefit			292
Deferred other tax benefit			$ 50

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)			3 Months Ended	9 Months Ended
Stockholders' Equity (Details) - USD ($)	Jun. 10, 2020	Nov. 21, 2019	Sep. 30, 2024	Sep. 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	$ 12,000,000
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	$ 10,000,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Components of and Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 9,257		$ 5,899	$ 3,960		$ 3,755
Other comprehensive income (loss) before reclassifications	1,311	$ 637	63	58	$ (210)	151
Amounts reclassified to (from) AOCI	2	4	0	(2)	8	20
Deferred income tax benefit (expense)	(277)	(137)	(13)	(11)	43	58
Ending balance	9,982	9,257		5,441	3,960
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	445	(59)	(109)	(378)	(219)	(448)
Ending balance	1,481	445	(59)	(333)	(378)	(219)
Change in Net Unrealized Investment Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	44	(343)	(299)	(598)	(382)	(722)
Other comprehensive income (loss) before reclassifications	1,689	489	(56)	(182)	(269)	261
Amounts reclassified to (from) AOCI	2	4	0	(2)	10	20
Deferred income tax benefit (expense)	(357)	(106)	12	52	43	59
Ending balance	1,378	44	(343)	(730)	(598)	(382)
Change in Discount Rate for Future Policy Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	287	207	105	210	147	253
Other comprehensive income (loss) before reclassifications	(290)	101	128	248	63	(106)
Amounts reclassified to (from) AOCI	0	0	0	0	0	0
Deferred income tax benefit (expense)	59	(21)	(26)	(66)	0	0
Ending balance	56	287	207	392	210	147
Change in Instrument- Specific Credit Risk for Market Risk Benefit
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	6	(8)	1	6	14	21
Other comprehensive income (loss) before reclassifications	(90)	18	(11)	(9)	(8)	(7)
Amounts reclassified to (from) AOCI	0	0	0	0	0	0
Deferred income tax benefit (expense)	19	(4)	2	3	0	0
Ending balance	(65)	6	(8)	0	6	14
Defined Benefit Pension Plan Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	104	89	85	5	3	1
Other comprehensive income (loss) before reclassifications	4	19	5	1	4	3
Amounts reclassified to (from) AOCI	0	0	0	0	(2)	0
Deferred income tax benefit (expense)	(1)	(4)	(1)	0	0	(1)
Ending balance	107	104	89	6	5	3
Foreign Currency Translation / Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	4	(4)	(1)	(1)	(1)	(1)
Other comprehensive income (loss) before reclassifications	(2)	10	(3)	0	0	0
Amounts reclassified to (from) AOCI	0	0	0	0	0	0
Deferred income tax benefit (expense)	3	(2)	0	0	0	0
Ending balance	$ 5	$ 4	$ (4)	$ (1)	$ (1)	$ (1)

Statutory Financial Informati_3

Statutory Financial Information and Dividend Restrictions - Statutory Accounting Practices (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
American Equity Investment Life Insurance Company
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	$ 3,281		$ 3,281
Statutory net income (loss)	(128)		57
American National’s U.S. life insurance entities
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	3,130		3,130		2,776
Statutory net income (loss)	(170)	$ (58)	(183)	$ (166)
American National’s U.S. property and casualty insurance entities
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	1,694		1,694		$ 1,702
Statutory net income (loss)	$ 15	$ (28)	$ 22	$ (76)

Statutory Financial Informati_4

Statutory Financial Information and Dividend Restrictions - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
American Equity Investment Life Insurance Company
Statutory Accounting Practices [Line Items]
Statutory accounting practices, prescribed practice, amount	$ 350
Statutory accounting practices, permitted practice, amount	3,600
American National’s U.S. life insurance entities
Statutory Accounting Practices [Line Items]
Statutory accounting practices, permitted practice, amount		$ 548
American National’s U.S. property and casualty insurance entities
Statutory Accounting Practices [Line Items]
Statutory accounting practices, permitted practice, amount	63	$ 71
Statutory accounting practices, statutory amount available for dividend payments without regulatory approval	74
American Equity Investment Life Insurance Company
Statutory Accounting Practices [Line Items]
Statutory accounting practices, statutory amount available for dividend payments without regulatory approval	373
Eagle Life Insurance Company
Statutory Accounting Practices [Line Items]
Statutory accounting practices, statutory amount available for dividend payments without regulatory approval	30
American Equity Investment Life Insurance Company Of New York
Statutory Accounting Practices [Line Items]
Statutory accounting practices, statutory amount available for dividend payments without regulatory approval	0
American National Insurance Company (ANICO)
Statutory Accounting Practices [Line Items]
Statutory accounting practices, statutory amount available for dividend payments without regulatory approval	236
American National Investment Life Insurance Company Of New York
Statutory Accounting Practices [Line Items]
Statutory accounting practices, statutory amount available for dividend payments without regulatory approval	33
Farm Family Casualty Insurance Company
Statutory Accounting Practices [Line Items]
Statutory accounting practices, statutory amount available for dividend payments without regulatory approval	$ 62

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Cash and cash equivalents	$ 13,873		$ 13,873		$ 3,192
Investment Management Fees
Related Party Transaction [Line Items]
Related party agreements and transactions				$ 31
Related Party
Related Party Transaction [Line Items]
Payments to acquire investments			$ 2,600		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		250
Interest income	6		8
Related Party \| Investment Management Fees
Related Party Transaction [Line Items]
Related party agreements and transactions	40	$ 11	85
Related Party \| ANAT and BAMR US Holdings LLC Deposit Agreement
Related Party Transaction [Line Items]
Cash and cash equivalents	249		249		294
Related Party \| ANTAC, LLC and BAMR US Holdings LLC Deposit Agreement
Related Party Transaction [Line Items]
Cash and cash equivalents	$ 189		$ 189		$ 181

Related Party Transactions - Sc

Related Party Transactions - Schedule of Reinsurance (Details) - Related Party - North End Re (Cayman) SPC $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Related Party Transaction [Line Items]
Total assets	$ 8,020	$ 8,020
Total liabilities	5,660	5,660
Effect of reinsurance agreement on net income (loss)	$ (138)	$ (216)

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net premiums	$ 888,000	$ 784,000	$ 3,037,000	$ 2,567,000
Other policy revenue	208,000	106,000	504,000	306,000
Net investment income	1,024,000	375,000	2,396,000	1,020,000
Investment related gains (losses)	(128,000)	(12,000)	(160,000)	(32,000)
Other income	12,000	11,000	12,000	32,000
Total revenues	2,004,000	1,264,000	5,789,000	3,893,000
Policyholder benefits and claims incurred	846,000	717,000	2,962,000	2,406,000
Interest sensitive contract benefits	523,000	133,000	1,068,000	338,000
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	289,000	136,000	649,000	399,000
Change in fair value of insurance-related derivatives and embedded derivatives	344,000	54,000	346,000	54,000
Change in fair value of market risk benefits	134,000	(14,000)	292,000	(21,000)
Operating expenses	228,000	147,000	666,000	450,000
Interest expense	49,000	27,000	114,000	73,000
Total benefits and expenses	2,413,000	1,200,000	6,097,000	3,699,000
Net income (loss) before income taxes	(409,000)	64,000	(308,000)	194,000
Annuity
Segment Reporting Information [Line Items]
Change in fair value of market risk benefits	(40,000)
Operating Segments \| Annuity
Segment Reporting Information [Line Items]
Net premiums	331,000	154,000	1,342,000	714,000
Other policy revenue	139,000	12,000	244,000	29,000
Net investment income	1,008,000	236,000	2,043,000	618,000
Investment related gains (losses)	(11,000)	0	(8,000)	0
Other income	1,000	0	1,000	0
Total revenues	1,468,000	402,000	3,622,000	1,361,000
Policyholder benefits and claims incurred	373,000	167,000	1,457,000	761,000
Interest sensitive contract benefits	507,000	98,000	956,000	181,000
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	175,000	7,000	295,000	13,000
Change in fair value of insurance-related derivatives and embedded derivatives	355,000	24,000	343,000	(29,000)
Change in fair value of market risk benefits	134,000	(14,000)	292,000	(21,000)
Operating expenses	116,000	28,000	249,000	81,000
Interest expense	0	0	0	0
Total benefits and expenses	1,660,000	310,000	3,592,000	986,000
Net income (loss) before income taxes	(192,000)	92,000	30,000	375,000
Operating Segments \| Life
Segment Reporting Information [Line Items]
Net premiums	86,000	107,000	286,000	321,000
Other policy revenue	69,000	94,000	260,000	277,000
Net investment income	62,000	91,000	249,000	231,000
Investment related gains (losses)	0	0	0	0
Other income	9,000	11,000	9,000	32,000
Total revenues	226,000	303,000	804,000	861,000
Policyholder benefits and claims incurred	120,000	143,000	446,000	448,000
Interest sensitive contract benefits	16,000	35,000	112,000	157,000
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	10,000	11,000	32,000	35,000
Change in fair value of insurance-related derivatives and embedded derivatives	(11,000)	30,000	3,000	83,000
Change in fair value of market risk benefits	0	0	0	0
Operating expenses	63,000	59,000	191,000	177,000
Interest expense	0	0	0	0
Total benefits and expenses	198,000	278,000	784,000	900,000
Net income (loss) before income taxes	28,000	25,000	20,000	(39,000)
Operating Segments \| Property and Casualty
Segment Reporting Information [Line Items]
Net premiums	471,000	523,000	1,409,000	1,532,000
Other policy revenue	0	0	0	0
Net investment income	41,000	35,000	121,000	125,000
Investment related gains (losses)	0	0	0	0
Other income	2,000	0	2,000	0
Total revenues	514,000	558,000	1,532,000	1,657,000
Policyholder benefits and claims incurred	353,000	407,000	1,059,000	1,197,000
Interest sensitive contract benefits	0	0	0	0
Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired	104,000	118,000	322,000	351,000
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	31,000	56,000	113,000	171,000
Interest expense	0	0	0	0
Total benefits and expenses	488,000	581,000	1,494,000	1,719,000
Net income (loss) before income taxes	26,000	(23,000)	38,000	(62,000)
Operating Segments \| Corporate & Other
Segment Reporting Information [Line Items]
Net premiums	0	0	0	0
Other policy revenue	0	0	0	0
Net investment income	(87,000)	13,000	(17,000)	46,000
Investment related gains (losses)	(117,000)	(12,000)	(152,000)	(32,000)
Other income	0	0	0	0
Total revenues	(204,000)	1,000	(169,000)	14,000
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	18,000	4,000	113,000	21,000
Interest expense	49,000	27,000	114,000	73,000
Total benefits and expenses	67,000	31,000	227,000	94,000
Net income (loss) before income taxes	$ (271,000)	$ (30,000)	$ (396,000)	$ (80,000)

Financial Commitments and Con_2

Financial Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($)
Other Commitments [Line Items]
FHLB, maximum amount available	$ 1,600
Municipal Bonds and Collateralized Mortgage Obligations
Other Commitments [Line Items]
FHLB, collateral pledged	836
Commercial Loan
Other Commitments [Line Items]
FHLB, collateral pledged	1,200
Subsidiaries
Other Commitments [Line Items]
Letters of credit outstanding, amount	4
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
Commitments to lease office space, technological equipment, and automobiles \| Subsidiaries
Other Commitments [Line Items]
Aggregate commitments	$ 32

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - 5.750% Senior Notes due 2029 $ in Millions	Oct. 02, 2024 USD ($)
Subsequent Event [Line Items]
Interest rate	5.75%
Senior Notes
Subsequent Event [Line Items]
Debt instrument, face amount	$ 600
Interest rate	5.75%