Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 2,314	$ 1,515
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $44,524 and $41,837)	46,505	41,997
Fixed maturities, trading at fair value	113	105
Equity securities, at fair value	1,937	1,814
Investments accounted for using the equity method	1,688	1,374
Mortgage loans	1,329	1,068
Policy loans	164	174
Equity index call options	924	184
Real estate and other investments	278	267
Total cash and investments	55,252	48,498
Recoverables from reinsurers	3,415	3,349
Prepaid reinsurance premiums	678	610
Agents’ balances and premiums receivable	1,335	1,234
Deferred policy acquisition costs	1,037	1,682
Assets of managed investment entities	4,736	4,700
Other receivables	975	1,090
Variable annuity assets (separate accounts)	628	557
Other assets	1,867	1,529
Goodwill	207	207
Total assets	70,130	63,456
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	10,232	9,741
Unearned premiums	2,830	2,595
Annuity benefits accumulated	40,406	36,616
Life, accident and health reserves	612	635
Payable to reinsurers	814	752
Liabilities of managed investment entities	4,571	4,512
Long-term debt	1,473	1,302
Variable annuity liabilities (separate accounts)	628	557
Other liabilities	2,295	1,774
Total liabilities	63,861	58,484
Redeemable noncontrolling interests	0	0
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 90,303,686 and 89,291,724 shares outstanding	90	89
Capital surplus	1,307	1,245
Retained earnings	4,009	3,588
Accumulated other comprehensive income, net of tax	863	48
Total shareholders’ equity	6,269	4,970
Noncontrolling interests	0	2
Total equity	6,269	4,972
Total liabilities and equity	$ 70,130	$ 63,456