FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

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

The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.


	March 31, 2024
	Level 1		Level 2		Level 3		Netting (1)		Total
	(in millions)
Total Business
Assets
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	514	$	—	$	—	$	514
Obligations of U.S. states and their political subdivisions	—		125		—		—		125
Foreign government bonds	—		1		—		—		1
U.S. corporate public securities	—		2,767		—		—		2,767
U.S. corporate private securities	—		146		272		—		418
Foreign corporate public securities	—		236		—		—		236
Foreign corporate private securities	—		31		57		—		88
Asset-backed securities (2)	—		773		286		—		1,059
Commercial mortgage-backed securities	—		12		—		—		12
Residential mortgage-backed securities	—		144		5		—		149
Total fixed maturity securities	—		4,749		620		—		5,369
Mortgage loans (3)	—		—		425		—		425
Short-term investments	3		22		—		—		25
Cash and cash equivalents	441		—		—		—		441
Other invested assets (4)	3		718		—		(483)		238
Deposit asset	—		—		426		—		426
Reinsurance recoverables	—		—		155		—		155

Subtotal excluding separate account assets	447		5,489		1,626		(483)		7,079
Separate account assets	—		24,262		—		—		24,262
Total assets	$	447	$	29,751	$	1,626	$	(483)	$	31,341
Liabilities
Insurance liabilities	$	—	$	—	$	4,545	$	—	$	4,545
Other liabilities - derivatives	46		1,047		—		(1,040)		53
Net modified coinsurance payable	—		—		72		—		72
Separate account liabilities	—		24,262		—		—		24,262
Total liabilities	$	46	$	25,309	$	4,617	$	(1,040)	$	28,932

(1)“Netting” amounts represent offsetting considerations as disclosed in Note 6.

(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

(3)As of March 31, 2024, the aggregate fair value of mortgage loans exceeded the aggregate unpaid principal by $4 million.

(4)Other invested assets within the above chart are comprised of derivative assets.

Excluded from the above chart are private equity funds, which are classified as other invested assets on the Consolidated Statements of Financial Position, and certain fixed maturity securities, for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. At March 31, 2024 the fair values of private equity funds and fixed maturity securities were $29 million and $8 million, respectively.


	March 31, 2024
	Level 1		Level 2		Level 3		Netting (1)		Total
	(in millions)
Retained Business
Assets
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	440	$	—	$	—	$	440
Obligations of U.S. states and their political subdivisions	—		125		—		—		125

U.S. corporate public securities	—		2,048		—		—		2,048
U.S. corporate private securities	—		—		271		—		271
Foreign corporate public securities	—		123		—		—		123
Foreign corporate private securities	—		—		57		—		57
Asset-backed securities (2)	—		754		258		—		1,012
Commercial mortgage-backed securities	—		12		—		—		12
Residential mortgage-backed securities	—		22		5		—		27
Total fixed maturity securities	—		3,524		591		—		4,115

Mortgage loans (3)	—		—		425		—		425

Cash and cash equivalents	298		—		—		—		298
Other invested assets (4)	3		451		—		(438)		16
Subtotal excluding separate account assets	301		3,975		1,016		(438)		4,854
Separate account assets	—		22,146		—		—		22,146
Total assets	$	301	$	26,121	$	1,016	$	(438)	$	27,000
Liabilities
Insurance liabilities	$	—	$	—	$	2,342	$	—	$	2,342
Other liabilities - derivatives	46		1,000		—		(993)		53
Separate account liabilities	—		22,146		—		—		22,146
Total liabilities	$	46	$	23,146	$	2,342	$	(993)	$	24,541

(1)“Netting” amounts represent offsetting considerations as disclosed in Note 6.

(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

(3)As of March 31, 2024, the aggregate fair value of mortgage loans exceeded the aggregate unpaid principal by $4 million.

(4)Other invested assets within the above chart are comprised of derivative assets.


	March 31, 2024
	Level 1		Level 2		Level 3		Netting (1)		Total
	(in millions)
Ceded Business
Assets
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	74	$	—	$	—	$	74

Foreign government bonds	—		1		—		—		1
U.S. corporate public securities	—		719		—		—		719
U.S. corporate private securities	—		146		1		—		147
Foreign corporate public securities	—		113		—		—		113
Foreign corporate private securities	—		31		—		—		31
Asset-backed securities(2)	—		19		28		—		47

Residential mortgage-backed securities	—		122		—		—		122
Total fixed maturity securities	—		1,225		29		—		1,254

Short-term investments	3		22		—		—		25
Cash and cash equivalents	143		—		—		—		143
Other invested assets(3)	—		267		—		(45)		222
Deposit asset	—		—		426		—		426
Reinsurance recoverables	—		—		155		—		155

Subtotal excluding separate account assets	146		1,514		610		(45)		2,225
Separate account assets	—		2,116		—		—		2,116
Total assets	$	146	$	3,630	$	610	$	(45)	$	4,341
Liabilities
Insurance liabilities	$	—	$	—	$	2,203	$	—	$	2,203
Other liabilities - derivatives	—		47		—		(47)		—
Net modified coinsurance payable	—		—		72		—		72
Separate account liabilities	—		2,116		—		—		2,116
Total liabilities	$	—	$	2,163	$	2,275	$	(47)	$	4,391

(1)“Netting” amounts represent offsetting considerations as disclosed in Note 6.

(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

(3)Other invested assets within the above chart are comprised of derivative assets.

Excluded from the above chart are private equity funds, which are classified as other invested assets on the Consolidated Statements of Financial Position. At March 31, 2024 the fair values of private equity funds were $1 million.


	December 31, 2023
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Total Business
Assets
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	581	$	—	$	—	$	581
Obligations of U.S. states and their political subdivisions	—		129		—		—		129
Foreign government bonds	—		1		—		—		1
U.S. corporate public securities	—		2,762		—		—		2,762
U.S. corporate private securities	—		146		245		—		391
Foreign corporate public securities	—		150		—		—		150
Foreign corporate private securities	—		31		57		—		88
Asset-backed securities(2)	—		706		246		—		952
Commercial mortgage-backed securities	—		12		—		—		12
Residential mortgage-backed securities	—		131		5		—		136
Total fixed maturity securities	—		4,649		553		—		5,202
Mortgage loans(3)	—		—		437		—		437
Short-term investments	—		17		4		—		21
Cash and cash equivalents	940		—		—		—		940
Other invested assets(4)	—		811		—		(694)		117
Deposit asset	—		—		438		—		438
Reinsurance recoverables	—		—		206		—		206

Subtotal excluding separate account assets	940		5,477		1,638		(694)		7,361
Separate account assets	—		23,870		—		—		23,870
Total assets	$	940	$	29,347	$	1,638	$	(694)	$	31,231
Liabilities

Insurance liabilities	$	—	$	—	$	5,003	$	—	$	5,003
Other liabilities - derivatives	71		1,230		—		(1,207)		94
Net modified coinsurance payable	—		—		78		—		78
Separate account liabilities	—		23,870		—		—		23,870
Total liabilities	$	71	$	25,100	$	5,081	$	(1,207)	$	29,045

(1)“Netting” amounts represent offsetting considerations as disclosed in Note 6.

(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

(3)As of December 31, 2023, the difference between the aggregate fair value and the aggregate unpaid principal of mortgage loans was de minimis.

(4)Other invested assets within the above chart are comprised of derivative assets.

Excluded from the above chart are private equity funds, which are classified as other invested assets on the Consolidated Statements of Financial Position, and certain fixed maturity securities, for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. At December 31, 2023 the fair values of private equity funds and fixed maturity securities were $24 million and $8 million, respectively.


	December 31, 2023
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Retained Business
Assets
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	506	$	—	$	—	$	506
Obligations of U.S. states and their political subdivisions	—		129		—		—		129

U.S. corporate public securities	—		2,099		—		—		2,099
U.S. corporate private securities	—		—		244		—		244
Foreign corporate public securities	—		124		—		—		124
Foreign corporate private securities	—		—		56		—		56
Asset-backed securities(2)	—		706		246		—		952
Commercial mortgage-backed securities	—		12		—		—		12
Residential mortgage-backed securities	—		23		5		—		28
Total fixed maturity securities	$	—	$	3,599	$	551	$	—	$	4,150
Mortgage loans(3)	—		—		437		—		437

Cash and cash equivalents	534		—		—		—		534
Other invested assets(4)	—		638				(638)		—
Subtotal excluding separate account assets	534		4,237		988		(638)		5,121
Separate account assets	—		21,800		—		—		21,800
Total assets	$	534	$	26,037	$	988	$	(638)	$	26,921
Liabilities
Insurance liabilities	$	—	$	—	$	2,835	$	—	$	2,835
Other liabilities - derivatives	71		1,174		—		(1,151)		94
Separate account liabilities	—		21,800		—		—		21,800
Total liabilities	$	71	$	22,974	$	2,835	$	(1,151)	$	24,729

(1)“Netting” amounts represent offsetting considerations as disclosed in Note 6.

(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

(3)As of December 31, 2023, the difference between the aggregate fair value and the aggregate unpaid principal of mortgage loans was de minimis.

(4)Other invested assets within the above chart are comprised of derivatives assets.

Excluded from the above chart are private equity funds, which are classified as other invested assets on the Consolidated Statements of Financial Position, and certain fixed maturity securities, for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. At December 31, 2023 the fair values of private equity funds and fixed maturity securities were $24 million and $8 million, respectively.


	December 31, 2023
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Ceded Business
Assets
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	75	$	—	$	—	$	75

Foreign government bonds	—		1		—		—		1
U.S. corporate public securities	—		663		—		—		663
U.S. corporate private securities	—		146		1		—		147
Foreign corporate public securities	—		26		—		—		26
Foreign corporate private securities	—		31		1		—		32


Residential mortgage-backed securities	—		108		—		—		108
Total fixed maturity securities	$	—	$	1,050	$	2	$	—	$	1,052

Short-term investments	—		17		4		—		21
Cash and cash equivalents	406		—		—		—		406
Other invested assets (2)	—		173		—		(56)		117
Deposit asset	—		—		438		—		438
Reinsurance recoverables	—		—		206		—		206

Subtotal excluding separate account assets	406		1,240		650		(56)		2,240
Separate account assets	—		2,070		—		—		2,070
Total assets	$	406	$	3,310	$	650	$	(56)	$	4,310
Liabilities
Insurance liabilities	$	—	$	—	$	2,168	$	—	$	2,168
Other liabilities - derivatives	—		56		—		(56)		—
Net modified coinsurance payable	—		—		78		—		78
Separate account liabilities	—		2,070		—				2,070
Total liabilities	$	—	$	2,126	$	2,246	$	(56)	$	4,316

(1)“Netting” amounts represent offsetting considerations as disclosed in Note 6.

(2)Other invested assets within the above chart are comprised of derivative assets.

Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement

The tables below present information about the significant unobservable inputs used for recurring fair value measurements regarding certain Level 3 assets and liabilities. Excluded from the tables are assets that are externally priced and for which information about the inputs is not readily available to the Company.


	March 31, 2024
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum		Maximum		Weighted Average		Impact of Increase in Input on Fair Value(1)
	(in millions)
Assets:
Retained business
Fixed maturity securities
U.S. corporate private securities	$	227	Discounted cash flow	Discount rate	4.95	%	8.94	%	6.81	%	Decrease



Foreign corporate private securities	37		Discounted cash flow	Discount rate	4.51	%	6.55	%	5.53	%	Decrease



Asset-backed securities	104		Discounted cash flow	Discount rate	6.37	%	12.17	%	7.94	%	Decrease
	128		Trade price	Trade price	N/A		N/A		N/A		Increase
Total asset-backed securities	232

Mortgage loans
Residential mortgage loans	347		Level yield	Market yield	5.39	%	10.55	%	7.50	%	Decrease

Commercial mortgage loans	78		Discounted cash flow	Discount rate	6.30	%	7.58	%	7.14	%	Decrease
Total Mortgage loans	425

Ceded business

Deposit asset	426		Fair values are determined using the same unobservable inputs as insurance liabilities.
Reinsurance recoverables	155		Fair values are determined using the same unobservable inputs as insurance liabilities.


Liabilities:
Insurance liabilities
Retained business	$	2,342	Discounted cash flow	Equity volatility curve (2)	15	%	25	%			Increase
				Lapse rate(3)	0.65	%	13	%			Decrease
				Spread over risk free (4)	0.00	%	1.84	%			Decrease
				Utilization rate(5)	87.5	%	100	%			Increase
				Withdrawal rate (6)	See table footnote (6) below.
				Mortality rate(7)	0	%	16	%			Decrease

Ceded business	2,203		Discounted cash flow	Equity volatility curve (2)	15	%	25	%			Increase
				Lapse rate(3)	0.65	%	13	%			Decrease
				Spread over risk free (4)	0.00	%	1.70	%			Decrease
				Utilization rate(5)	87.5	%	100	%			Increase
				Withdrawal rate (6)	See table footnote (6) below.
				Mortality rate(7)	0	%	16	%			Decrease

Net modified coinsurance payable	72		Fair values are determined using the same unobservable inputs as insurance liabilities.


	December 31, 2023
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum		Maximum		Weighted Average		Impact of Increase in Input on Fair Value(1)
	(in millions)
Assets:
Retained business
Fixed maturity securities
U.S. corporate private securities	$	203	Discounted cash flow	Discount rate	5.19	%	9.36	%	6.93	%	Decrease

Foreign corporate private securities	36		Discounted cash flow	Discount rate	4.65	%	6.78	%	5.72	%	Decrease

Asset-backed securities	107		Discounted cash flow	Discount rate	6.37	%	12.17	%	7.96	%	Decrease
	113		Trade price	Trade price	N/A		N/A		N/A		Increase
Total asset-backed securities	220

Mortgage loans
Residential mortgage loans	361		Level yield	Market yield	6.43	%	11.61	%	7.94	%	Decrease
Commercial mortgage loans	76		Discounted cash flow	Discount rate	5.87	%	7.15	%	6.72	%	Decrease
Total Mortgage loans	437

Ceded business
Deposit asset	438		Fair values are determined using the same unobservable inputs as insurance liabilities.
Reinsurance recoverables	206		Fair values are determined using the same unobservable inputs as insurance liabilities.

Liabilities:
Insurance liabilities
Retained business	$	2,835	Discounted cash flow	Equity volatility curve (2)	15	%	25	%			Increase
				Lapse rate(3)	0.65	%	13	%			Decrease
				Spread over risk free (4)	0.00	%	1.94	%			Decrease
				Utilization rate(5)	87.5	%	100	%			Increase
				Withdrawal rate (6)	See table footnote (6) below.
				Mortality rate(7)	0	%	16	%			Decrease

Ceded business	2,168		Discounted cash flow	Equity volatility curve (2)	15	%	25	%			Increase
				Lapse rate(3)	0.65	%	13	%			Decrease
				Spread over risk free (4)	0.00	%	1.73	%			Decrease
				Utilization rate(5)	87.5	%	100	%			Increase
				Withdrawal rate (6)	See table footnote (6) below.
				Mortality rate(7)	0	%	16	%			Decrease

Net modified coinsurance payable	78		Fair values are determined using the same unobservable inputs as insurance liabilities.

(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.

(2) The equity volatility curve assumption is based on 1 year and 2 year index-specific at-the-money implied volatilities grading to 10 year total variance. Increased volatility increases the fair value of the liability.

(3) Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply.

(4) The spread over the risk-free rate swap curve represents the premium added to the proxy for the risk-free rate to reflect the Company's estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.

(5) The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal.

(6) The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of March 31, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 88% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.

(7) The range reflects the mortality rates for the vast majority of business with living benefits, with policyholders ranging from 45 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

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


	Three Months Ended March 31, 2024
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Retained Business
Fixed maturity securities
U.S. corporate private securities	$	244	$	3	$	24	$	—	$	—	$	—	$	—	$	—	$	—	$	271	$	2
Foreign corporate private securities	56		1		—		—		—		—		—		—		—		57		1
Residential mortgage-backed securities	5		—		—		—		—		—		—		—		—		5		—
Asset-backed securities	246		(1)		14		—		—		(1)		—		—		—		258		(2)
Mortgage loans
Residential mortgage loans	361		5		4		—		—		(22)		—		—		—		348		5
Commercial mortgage loans	76		1		—		—		—		—		—		—		—		77		1
Ceded Business
U.S. corporate private securities	1		—		—		—		—		—		—		—		—		1		—
Asset-backed securities	—		—		28		—		—		—		—		—		—		28		—
Foreign corporate private securities	1		—		—		—		—		(1)		—		—		—		—		—
Short-term investments	4		—		3		—		—		(7)		—		—		—		—		—
Deposit asset	438		(10)		—		—		—		—		(2)		—		—		426		—
Reinsurance recoverables	206		(51)		—		—		—		—		—		—		—		155		—
Net modified coinsurance receivable (payable)	(78)		6		—		—		—		—		—		—		—		(72)		—


	Three Months Ended March 31, 2023
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Retained Business
Fixed maturity securities
U.S. corporate private securities	$	146	$	—	$	19	$	—	$	—	$	(1)	$	—	$	—	$	18	$	182	$	—
Foreign corporate private securities	36		—		—		—		—		—		—		—		—		36		1
Asset-backed securities	155		(2)		38		—		—		—		—		—		—		191		(2)
Mortgage loans
Residential mortgage loans	161		—		13		—		—		(16)		—		—		—		158		—
Commercial mortgage loans	35		—		13		—		—		—		—		—		—		48		—
Ceded Business

Deposit asset	607		1		—		—		—		—		—		—		—		608		—
Reinsurance recoverables	235		12		—		—		—		—		—		—		—		247		—
Net modified coinsurance receivable (payable)	18		(63)		—		—		—		—		—		—		—		(45)		—

(1) Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.


	Three Months Ended March 31, 2024
			Incurred losses
	Fair Value, beginning of period		Reduction in estimates of ultimate losses		Increase in estimates of ultimate losses		Change in fair value (discount rate)		Fee income and paid losses		Other		Fair Value, end of period
	(in millions)
Insurance Liabilities
Retained Business	$	2,835	$	(385)	$	108	$	(245)	$	29	$	—	$	2,342
Ceded Business	2,168		(96)		159		(31)		3		—		2,203


	Three Months Ended March 31, 2023
			Incurred losses
	Fair Value, beginning of period		Reduction in estimates of ultimate losses		Increase in estimates of ultimate losses		Change in fair value (discount rate)		Fee income and paid losses		Other		Fair Value, end of period
	(in millions)
Insurance Liabilities
Retained Business	$	2,941	$	(348)	$	132	$	235	$	100	$	(4)	$	3,056
Ceded Business	2,605		(66)		67		76		13		—		2,695

Policyholder benefits and changes in fair value of insurance liabilities includes the following changes in fair value of the assets and liabilities for which we have elected the fair value option:


	March 31, 2024						December 31, 2023
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
Assets:
Reinsurance recoverables	$	—	$	(51)	$	(51)	$	—	$	(29)	$	(29)
Modified coinsurance receivable	—		97		97		—		(238)		(238)
Deposit asset	—		(12)		(12)		—		(169)		(169)
Liabilities:
Insurance liabilities	$	(493)	$	35	$	(458)	$	(106)	$	(437)	$	(543)

Fair Value, by Balance Sheet Grouping

The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Consolidated Statements of Financial Position. In some cases the carrying amount equals or approximates fair value.


	March 31, 2024
	Fair Value								Carrying Amount
	Level 1		Level 2		Level 3		Total		Total
	(in millions)
Assets:
Accrued investment income	$	—	$	60	$	—	$	60	$	60
Other invested assets - Other	57		—		11		68		68
Liabilities:
Liabilities associated with secured borrowing arrangements
Repurchase agreements	$	—	$	993	$	—	$	993	$	1,121


	December 31, 2023
	Fair Value								Carrying Amount
	Level 1		Level 2		Level 3		Total		Total
	(in millions)
Assets:
Accrued investment income	$	—	$	60	$	—	$	60	$	60
Other invested assets - Other	50		—		11		61		61
Liabilities:
Liabilities associated with secured borrowing arrangements
Repurchase agreements	$	—	$	825	$	—	$	825	$	967

FORTITUDE LIFE INSURANCE & ANNUITY CO 10-Q