Fair Value (Tables)

9 Months Ended

Sep. 30, 2018

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:



	September 30, 2018
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	79,812	$	3,983	$	83,795
Foreign government	—		60,332		140		60,472
Foreign corporate	—		47,870		6,350		54,220
U.S. government and agency	25,246		20,326		—		45,572
RMBS	—		24,560		3,098		27,658
State and political subdivision	—		11,600		—		11,600
ABS	—		12,030		785		12,815
CMBS	—		8,375		333		8,708
Total fixed maturity securities AFS	25,246		264,905		14,689		304,840
Equity securities	941		95		443		1,479
Unit-linked and FVO Securities (1)	11,235		2,079		226		13,540
Other limited partnership interests	—		—		155		155
Short-term investments (2)	1,615		2,299		654		4,568
Residential mortgage loans — FVO	—		—		323		323
Other investments	85		111		—		196
Derivative assets: (3)
Interest rate	1		4,046		—		4,047
Foreign currency exchange rate	—		2,234		78		2,312
Credit	—		214		35		249
Equity market	8		603		69		680
Total derivative assets	9		7,097		182		7,288
Embedded derivatives within asset host contracts (4)	—		—		57		57
Separate account assets (5)	83,754		100,653		1,009		185,416
Total assets	$	122,885	$	377,239	$	17,738	$	517,862
Liabilities
Derivative liabilities: (3)
Interest rate	$	4	$	316	$	327	$	647
Foreign currency exchange rate	5		2,799		56		2,860
Credit	—		43		—		43
Equity market	5		756		206		967
Total derivative liabilities	14		3,914		589		4,517
Embedded derivatives within liability host contracts (4)	—		—		196		196
Separate account liabilities (5)	—		8		8		16
Total liabilities	$	14	$	3,922	$	793	$	4,729



	December 31, 2017
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	78,171	$	4,490	$	82,661
Foreign government	—		61,325		209		61,534
Foreign corporate	—		48,840		6,729		55,569
U.S. government and agency	26,052		21,342		—		47,394
RMBS	—		25,339		3,461		28,800
State and political subdivision	—		12,455		—		12,455
ABS	—		11,204		1,087		12,291
CMBS	—		7,934		293		8,227
Total fixed maturity securities AFS	26,052		266,610		16,269		308,931
Equity securities	1,104		981		428		2,513
Unit-linked and FVO Securities (1)	14,028		2,355		362		16,745
Short-term investments (2)	3,001		1,252		33		4,286
Residential mortgage loans — FVO	—		—		520		520
Other investments	81		84		—		165
Derivative assets: (3)
Interest rate	2		5,553		8		5,563
Foreign currency exchange rate	2		1,954		113		2,069
Credit	—		240		38		278
Equity market	18		548		75		641
Total derivative assets	22		8,295		234		8,551
Embedded derivatives within asset host contracts (4)	—		—		144		144
Separate account assets (5)	89,916		114,124		961		205,001
Total assets	$	134,204	$	393,701	$	18,951	$	546,856
Liabilities
Derivative liabilities: (3)
Interest rate	$	4	$	638	$	130	$	772
Foreign currency exchange rate	—		2,553		37		2,590
Credit	—		43		—		43
Equity market	4		731		199		934
Total derivative liabilities	8		3,965		366		4,339
Embedded derivatives within liability host contracts (4)	—		—		418		418
Separate account liabilities (5)	—		7		2		9
Total liabilities	$	8	$	3,972	$	786	$	4,766

__________________


(1)	Unit-linked and FVO Securities were primarily comprised of Unit-linked investments at both September 30, 2018 and December 31, 2017.


(2)	Short-term investments as presented in the tables above differ from the amounts presented on the consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis.

(3)

Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(4)

Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables and other invested assets on the interim condensed consolidated balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances and other liabilities on the interim condensed consolidated balance sheets. At September 30, 2018 and December 31, 2017, debt and equity securities also included embedded derivatives of $0 and ($132) million, respectively.


(5)	Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities.

Fair Value Inputs, Quantitative Information

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:



					September 30, 2018				December 31, 2017				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)	Impact of Increase in Input on Estimated Fair Value (2)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	85	-	126	104	83	-	142	110	Increase
	•	Market pricing	•	Quoted prices (4)	37	-	703	128	10	-	443	121	Increase
	•	Consensus pricing	•	Offered quotes (4)	98	-	108	100	97	-	104	101	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	—	-	109	94	—	-	126	94	Increase (5)
ABS	•	Market pricing	•	Quoted prices (4)	3	-	117	100	5	-	117	100	Increase (5)
	•	Consensus pricing	•	Offered quotes (4)	99	-	102	100	100	-	103	100	Increase (5)
Derivatives
Interest rate	•	Present value techniques	•	Swap yield (6)	310	-	331		200	-	300		Increase (7)
			•	Repurchase rates (8)	(5)	-	55		(5)	-	5		Decrease (7)
Foreign currency exchange rate	•	Present value techniques	•	Swap yield (6)	(60)	-	328		(14)	-	309		Increase (7)
Credit	•	Present value techniques	•	Credit spreads (9)	96	-	100		—	-	—		Decrease (7)
	•	Consensus pricing	•	Offered quotes (10)
Equity market	•	Present value techniques or option pricing models	•	Volatility (11)	11%	-	26%		11%	-	31%		Increase (7)
			•	Correlation (12)	10%	-	30%		10%	-	30%
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.21%		0%	-	0.21%		Decrease (13)
				Ages 41 - 60	0.03%	-	0.80%		0.03%	-	0.75%		Decrease (13)
				Ages 61 - 115	0.15%	-	100%		0.15%	-	100%		Decrease (13)
			•	Lapse rates:
				Durations 1 - 10	0.25%	-	100%		0.25%	-	100%		Decrease (14)
				Durations 11 - 20	2%	-	100%		2%	-	100%		Decrease (14)
				Durations 21 - 116	1.25%	-	100%		1.25%	-	100%		Decrease (14)
			•	Utilization rates	0%	-	25%		0%	-	25%		Increase (15)
			•	Withdrawal rates	0%	-	20%		0%	-	20%		(16)
			•	Long-term equity volatilities	7.21%	-	33%		8.25%	-	33%		Increase (17)
			•	Nonperformance risk spread	0.03%	-	1.51%		0.02%	-	1.32%		Decrease (18)

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(1)	The weighted average for fixed maturity securities AFS is determined based on the estimated fair value of the securities.


(2)	The impact of a decrease in input would have the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.


(3)	Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.


(4)	Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.


(5)	Changes in the assumptions used for the probability of default are accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(6)

Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.


(7)	Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.


(8)	Ranges represent different repurchase rates utilized as components within the valuation methodology and are presented in basis points.


(9)	Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.


(10)	At both September 30, 2018 and December 31, 2017, independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value.


(11)	Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.


(12)	Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations.


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

(14)

Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(15)

The utilization rate assumption estimates the percentage of contractholders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(16)

The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.


(17)	Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.


(18)	Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize the change of all assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (1)			Foreign Government			Structured Securities			State and Political Subdivision			Equity Securities			Unit-linked and FVO Securities
	(In millions)
Three Months Ended September 30, 2018
Balance, beginning of period	$	10,621		$	156		$	4,677		$	8		$	408		$	269
Total realized/unrealized gains (losses) included in net income (loss) (2), (3)	2			—			30			—			(1		)	(2		)
Total realized/unrealized gains (losses) included in AOCI	(176		)	(4		)	(15		)	—			—			—
Purchases (4)	594			4			746			—			6			48
Sales (4)	(497		)	(6		)	(281		)	—			(7		)	(32		)
Issuances (4)	—			—			—			—			—			—
Settlements (4)	—			—			—			—			—			—
Transfers into Level 3 (5)	84			5			36			—			45			12
Transfers out of Level 3 (5)	(295		)	(15		)	(977		)	(8		)	(8		)	(69		)
Balance, end of period	$	10,333		$	140		$	4,216		$	—		$	443		$	226
Three Months Ended September 30, 2017
Balance, beginning of period	$	11,632		$	208		$	4,939		$	—		$	468		$	312
Total realized/unrealized gains (losses) included in net income (loss) (2), (3)	(3		)	1			13			—			(1		)	7
Total realized/unrealized gains (losses) included in AOCI	164			(2		)	31			—			(4		)	—
Purchases (4)	713			—			468			—			13			73
Sales (4)	(285		)	—			(478		)	(1		)	(52		)	(70		)
Issuances (4)	—			—			—			—			—			—
Settlements (4)	—			—			—			—			—			—
Transfers into Level 3 (5)	123			—			—			62			—			3
Transfers out of Level 3 (5)	(226		)	(9		)	(440		)	—			—			(21		)
Balance, end of period	$	12,118		$	198		$	4,533		$	61		$	424		$	304
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2018 (6)	$	2		$	—		$	27		$	—		$	—		$	(2	)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2017 (6)	$	(2	)	$	1		$	22		$	—		$	(2	)	$	7



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Other Limited Partnership Interests			Short-term Investments			Residential Mortgage Loans — FVO			Net Derivatives (7)			Net Embedded Derivatives (8)			Separate Accounts (9)
	(In millions)
Three Months Ended September 30, 2018
Balance, beginning of period	$	168		$	559		$	405		$	(267	)	$	(240	)	$	1,138
Total realized/unrealized gains (losses) included in net income (loss) (2) (3)	11			—			4			(70		)	167			2
Total realized/unrealized gains (losses) included in AOCI	(4		)	(3		)	—			(107		)	9			—
Purchases (4)	1			102			—			—			—			148
Sales (4)	(21		)	(2		)	(70		)	—			—			(215		)
Issuances (4)	—			—			—			—			—			—
Settlements (4)	—			—			(16		)	37			(75		)	—
Transfers into Level 3 (5)	—			—			—			—			—			5
Transfers out of Level 3 (5)	—			(2		)	—			—			—			(77		)
Balance, end of period	$	155		$	654		$	323		$	(407	)	$	(139	)	$	1,001
Three Months Ended September 30, 2017
Balance, beginning of period	$	—		$	822		$	615		$	(288	)	$	(646	)	$	959
Total realized/unrealized gains (losses) included in net income (loss) (2) (3)	—			—			32			33			291			7
Total realized/unrealized gains (losses) included in AOCI	—			—			—			4			4			—
Purchases (4)	—			1			10			—			—			136
Sales (4)	—			(247		)	(72		)	—			—			(18		)
Issuances (4)	—			—			—			—			—			1
Settlements (4)	—			—			(21		)	(12		)	(92		)	(1		)
Transfers into Level 3 (5)	—			2			—			—			—			56
Transfers out of Level 3 (5)	—			(175		)	—			—			—			(101		)
Balance, end of period	$	—		$	403		$	564		$	(263	)	$	(443	)	$	1,039
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2018 (6)	$	11		$	—		$	(5	)	$	(38	)	$	168		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2017 (6)	$	—		$	—		$	32		$	27		$	271		$	—



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (1)			Foreign Government			Structured Securities			State and Political Subdivision			Equity Securities			Unit-linked and FVO Securities
	(In millions)
Nine Months Ended September 30, 2018
Balance, beginning of period	$	11,219		$	209		$	4,841		$	—		$	428		$	362
Total realized/unrealized gains (losses) included in net income (loss) (2), (3)	13			1			73			—			(11		)	(7		)
Total realized/unrealized gains (losses) included in AOCI	(621		)	(16		)	1			—			—			—
Purchases (4)	1,606			5			919			—			11			77
Sales (4)	(1,366		)	(21		)	(788		)	—			(20		)	(162		)
Issuances (4)	—			—			—			—			—			—
Settlements (4)	—			—			—			—			—			—
Transfers into Level 3 (5)	88			—			50			—			45			10
Transfers out of Level 3 (5)	(606		)	(38		)	(880		)	—			(10		)	(54		)
Balance, end of period	$	10,333		$	140		$	4,216		$	—		$	443		$	226
Nine Months Ended September 30, 2017
Balance, beginning of period	$	11,537		$	289		$	5,215		$	10		$	468		$	287
Total realized/unrealized gains (losses) included in net income (loss) (2), (3)	6			3			80			—			(14		)	20
Total realized/unrealized gains (losses) included in AOCI	612			4			118			2			30			—
Purchases (4)	2,802			7			867			—			18			209
Sales (4)	(1,487		)	(97		)	(1,329		)	—			(74		)	(115		)
Issuances (4)	—			—			—			—			—			—
Settlements (4)	—			—			—			—			—			—
Transfers into Level 3 (5)	83			—			10			59			—			3
Transfers out of Level 3 (5)	(1,435		)	(8		)	(428		)	(10		)	(4		)	(100		)
Balance, end of period	$	12,118		$	198		$	4,533		$	61		$	424		$	304
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2018 (6)	$	3		$	1		$	66		$	—		$	—		$	(8	)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2017 (6)	$	6		$	3		$	68		$	—		$	(12	)	$	16



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Other Limited Partnership Interests			Short-term Investments			Residential Mortgage Loans — FVO			Net Derivatives (7)			Net Embedded Derivatives (8)			Separate Accounts (9)
	(In millions)
Nine Months Ended September 30, 2018
Balance, beginning of period	$	—		$	33		$	520		$	(132	)	$	(274	)	$	959
Total realized/unrealized gains (losses) included in net income (loss) (2) (3)	6			—			7			(151		)	355			2
Total realized/unrealized gains (losses) included in AOCI	—			(7		)	—			(228		)	6			—
Purchases (4)	1			659			—			4			—			200
Sales (4)	(68		)	(11		)	(151		)	—			—			(162		)
Issuances (4)	—			—			—			—			—			(3		)
Settlements (4)	—			—			(53		)	100			(226		)	—
Transfers into Level 3 (5)	216			—			—			—			—			81
Transfers out of Level 3 (5)	—			(20		)	—			—			—			(76		)
Balance, end of period	$	155		$	654		$	323		$	(407	)	$	(139	)	$	1,001
Nine Months Ended September 30, 2017
Balance, beginning of period	$	—		$	46		$	566		$	(562	)	$	(729	)	$	1,141
Total realized/unrealized gains (losses) included in net income (loss) (2) (3)	—			—			38			47			573			(22		)
Total realized/unrealized gains (losses) included in AOCI	—			—			—			144			(42		)	—
Purchases (4)	—			401			184			—			—			271
Sales (4)	—			(2		)	(155		)	—			—			(78		)
Issuances (4)	—			—			—			(7		)	—			1
Settlements (4)	—			—			(69		)	115			(245		)	(62		)
Transfers into Level 3 (5)	—			2			—			—			—			21
Transfers out of Level 3 (5)	—			(44		)	—			—			—			(233		)
Balance, end of period	$	—		$	403		$	564		$	(263	)	$	(443	)	$	1,039
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2018 (6)	$	6		$	—		$	(13	)	$	(66	)	$	352		$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2017 (6)	$	—		$	—		$	38		$	27		$	550		$	—

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(1)	Comprised of U.S. and foreign corporate securities.

(2)

Amortization of premium/accretion of discount is included within net investment income. Impairments charged to net income (loss) on securities are included in net investment gains (losses), while changes in estimated fair value of residential mortgage loans — FVO are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).


(3)	Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.


(4)	Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.


(5)	Gains and losses, in net income (loss) and OCI, are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.


(6)	Changes in unrealized gains (losses) included in net income (loss) relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).


(7)	Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.


(8)	Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(9)

Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net investment gains (losses). Separate account assets and liabilities are presented net for the purposes of the rollforward.

Fair Value Option

The Company elects the FVO for certain residential mortgage loans that are managed on a total return basis. The following table presents information for residential mortgage loans, which are accounted for under the FVO and were initially measured at fair value.



	September 30, 2018			December 31, 2017
	(In millions)
Unpaid principal balance	$	401		$	650
Difference between estimated fair value and unpaid principal balance	(78		)	(130		)
Carrying value at estimated fair value	$	323		$	520
Loans in nonaccrual status	$	104		$	198
Loans more than 90 days past due	$	49		$	94
Loans in nonaccrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance	$	(56	)	$	(102	)

Fair Value of Financial Instruments Carried at Other Than Fair Value

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:



	September 30, 2018
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	72,138	$	—	$	—	$	72,559	$	72,559
Policy loans	$	9,703	$	—	$	341	$	10,859	$	11,200
Other invested assets	$	1,167	$	—	$	793	$	374	$	1,167
Premiums, reinsurance and other receivables	$	4,106	$	—	$	1,216	$	3,013	$	4,229
Other assets	$	323	$	—	$	139	$	182	$	321
Liabilities
Policyholder account balances	$	115,800	$	—	$	—	$	115,801	$	115,801
Long-term debt	$	13,398	$	—	$	14,284	$	—	$	14,284
Collateral financing arrangement	$	1,073	$	—	$	—	$	877	$	877
Junior subordinated debt securities	$	3,146	$	—	$	3,959	$	—	$	3,959
Other liabilities	$	3,596	$	—	$	1,947	$	2,117	$	4,064
Separate account liabilities	$	107,524	$	—	$	107,524	$	—	$	107,524



	December 31, 2017
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	68,211	$	—	$	—	$	69,797	$	69,797
Policy loans	$	9,669	$	—	$	336	$	11,176	$	11,512
Other limited partnership interests	$	219	$	—	$	—	$	216	$	216
Other invested assets	$	443	$	—	$	—	$	443	$	443
Premiums, reinsurance and other receivables	$	4,155	$	—	$	1,283	$	3,056	$	4,339
Other assets	$	285	$	—	$	189	$	139	$	328
Liabilities
Policyholder account balances	$	114,355	$	—	$	—	$	116,534	$	116,534
Long-term debt	$	15,675	$	—	$	17,773	$	—	$	17,773
Collateral financing arrangement	$	1,121	$	—	$	—	$	894	$	894
Junior subordinated debt securities	$	3,144	$	—	$	4,319	$	—	$	4,319
Other liabilities	$	3,208	$	—	$	1,496	$	2,345	$	3,841
Separate account liabilities	$	124,011	$	—	$	124,011	$	—	$	124,011