XML 90 R41.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Fair Value Measurements (excluding Consolidated Investment Entities) (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the Company's hierarchy for its assets and liabilities from continuing operations, including amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction, measured at fair value on a recurring basis as of December 31, 2019:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
1,083

 
$
299

 
$
—

 
$
1,382

U.S. Government agencies and authorities
—

 
95

 
—

 
95

State, municipalities and political subdivisions
—

 
1,323

 
—

 
1,323

U.S. corporate public securities
—

 
14,864

 
74

 
14,938

U.S. corporate private securities
—

 
4,578

 
1,457

 
6,035

Foreign corporate public securities and foreign governments(1)
—

 
4,341

 
—

 
4,341

Foreign corporate private securities(1)
—

 
4,503

 
328

 
4,831

Residential mortgage-backed securities
—

 
5,181

 
23

 
5,204

Commercial mortgage-backed securities
—

 
3,574

 
—

 
3,574

Other asset-backed securities
—

 
1,977

 
78

 
2,055

Total fixed maturities, including securities pledged
1,083

 
40,735

 
1,960

 
43,778

Equity securities
68

 
—

 
128

 
196

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
2

 
243

 
49

 
294

Foreign exchange contracts
—

 
12

 
—

 
12

Equity contracts
—

 
10

 
—

 
10

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
2,613

 
31

 
—

 
2,644

Assets held in separate accounts
75,405

 
6,149

 
116

 
81,670

Total assets
$
79,171

 
$
47,180

 
$
2,253

 
$
128,604

Percentage of Level to total
61
%
 
37
%
 
2
%
 
100
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Guaranteed benefit derivatives(2)
—

 
—

 
60

 
60

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
322

 
49

 
371

Foreign exchange contracts
—

 
22

 
—

 
22

Equity contracts
—

 
8

 
—

 
8

Credit contracts
—

 
2

 
—

 
2

Embedded derivative on reinsurance
—

 
100

 
—

 
100

Total liabilities
$
—

 
$
454

 
$
109

 
$
563

(1) Primarily U.S. dollar denominated.
(2) Includes GMWBL, GMWB,FIA, Stabilizer and MCGs.

The following table presents the Company's hierarchy for its assets and liabilities related to businesses held for sale measured at fair value on a recurring basis as of December 31, 2019:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
472

 
$
314

 
$
—

 
$
786

U.S. Government agencies and authorities
—

 
161

 
—

 
161

State, municipalities and political subdivisions
—

 
439

 
—

 
439

U.S. corporate public securities
—

 
5,949

 
32

 
5,981

U.S. corporate private securities
—

 
596

 
316

 
912

Foreign corporate public securities and foreign governments(1)
—

 
1,490

 
7

 
1,497

Foreign corporate private securities(1)
—

 
438

 
80

 
518

Residential mortgage-backed securities
—

 
588

 
—

 
588

Commercial mortgage-backed securities
—

 
995

 
—

 
995

Other asset-backed securities
—

 
587

 
6

 
593

Total fixed maturities, including securities pledged
472

 
11,557

 
441

 
12,470

Equity securities
2

 
—

 
33

 
35

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
—

 
49

 
49

Foreign exchange contracts
—

 
1

 
—

 
1

Equity contracts
—

 
52

 
202

 
254

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
533

 
—

 
—

 
533

Assets held in separate accounts
1,485

 
—

 
—

 
1,485

Total assets
$
2,492

 
$
11,610

 
$
725

 
$
14,827

Percentage of Level to total
17
%
 
78
%
 
5
%
 
100
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Guaranteed benefit derivatives - IUL
$
—

 
$
—

 
$
217

 
$
217

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
7

 
49

 
56

Foreign exchange contracts
—

 
1

 
—

 
1

Equity contracts
—

 
20

 
—

 
20

Embedded derivative on reinsurance
—

 
75

 
—

 
75

Total liabilities
$
—

 
$
103

 
$
266

 
$
369


(1) Primarily U.S. dollar denominated.


The following table presents the Company's hierarchy for its assets and liabilities from continuing operations, including amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction, measured at fair value on a recurring basis as of December 31, 2018:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
1,236

 
$
187

 
$
—

 
$
1,423

U.S. Government agencies and authorities
—

 
74

 
—

 
74

State, municipalities and political subdivisions
—

 
1,250

 
—

 
1,250

U.S. corporate public securities
—

 
14,842

 
34

 
14,876

U.S. corporate private securities
—

 
4,357

 
1,134

 
5,491

Foreign corporate public securities and foreign governments(1)
—

 
4,135

 
—

 
4,135

Foreign corporate private securities(1)
—

 
4,423

 
217

 
4,640

Residential mortgage-backed securities
—

 
4,254

 
28

 
4,282

Commercial mortgage-backed securities
—

 
2,749

 
14

 
2,763

Other asset-backed securities
—

 
1,531

 
127

 
1,658

Total fixed maturities, including securities pledged
1,236

 
37,802

 
1,554

 
40,592

Equity securities
144

 
—

 
103

 
247

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
140

 
39

 
179

Foreign exchange contracts
—

 
13

 
—

 
13

Equity contracts
—

 
2

 
—

 
2

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
2,628

 
28

 
—

 
2,656

Assets held in separate accounts
64,064

 
5,805

 
62

 
69,931

Total assets
$
68,072

 
$
43,790

 
$
1,758

 
$
113,620

Percentage of Level to total
60
%
 
38
%
 
2
%
 
100
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
     Guaranteed benefit derivatives(2)
$
—

 
$
—

 
$
44

 
$
44

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
1

 
97

 
39

 
137

Foreign exchange contracts
—

 
22

 
—

 
22

Equity contracts
1

 
1

 
—

 
2

Credit contracts
—

 
3

 
—

 
3

Embedded derivative on reinsurance
—

 
(5
)
 
—

 
(5
)
Total liabilities
$
2

 
$
118

 
$
83

 
$
203

(1) Primarily U.S. dollar denominated.
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities from continuing operations, including amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction, and transfers in and out of Level 3 for the period indicated:
 
Year Ended December 31, 2019
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate public securities
$
34

 
$
(1
)
 
$
5

 
$
5

 
$
—

 
$
—

 
$
(7
)
 
$
38

 
$
—

 
$
74

 
$
(1
)
U.S. corporate private securities
1,134

 
—

 
90

 
342

 
—

 
(23
)
 
(86
)
 
11

 
(11
)
 
1,457

 
—

Foreign corporate private securities(1)
217

 
(24
)
 
46

 
169

 
—

 
(80
)
 
—

 
—

 
—

 
328

 
2

Residential mortgage-backed securities
28

 
(11
)
 
1

 
13

 
—

 
(6
)
 
—

 
—

 
(2
)
 
23

 
(7
)
Commercial mortgage-backed securities
14

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(14
)
 
—

 
—

Other asset-backed securities
127

 
—

 
1

 
8

 
—

 
—

 
(3
)
 
—

 
(55
)
 
78

 
—

Total fixed maturities including securities pledged
1,554

 
(36
)
 
143

 
537

 
—

 
(109
)
 
(96
)
 
49

 
(82
)
 
1,960

 
(6
)
Equity securities
103

 
(17
)
 
—

 
42

 
—

 
—

 
—

 
—

 
—

 
128

 
(17
)
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guaranteed benefit derivatives(2)(6)
(44
)
 
(6
)
 
—

 
—

 
(9
)
 
—

 
(1
)
 
—

 
—

 
(60
)
 
—

Assets held in separate accounts(5)
62

 
4

 
—

 
78

 
—

 
(1
)
 
—

 
3

 
(30
)
 
116

 
—

(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Consolidated Statements of Operations.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of December 31 amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations.
(5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
(6) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs.
The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities related to businesses held for sale and transfers in and out of Level 3 for the period indicated:
 
Year Ended December 31, 2019
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate public securities
$
10

 
$
—

 
$
2

 
$
—

 
$
—

 
$
—

 
$
(1
)
 
$
22

 
$
(1
)
 
$
32

 
$
—

U.S. corporate private securities
259

 
—

 
23

 
50

 
—

 
(2
)
 
(15
)
 
1

 
—

 
316

 
—

Foreign corporate public securities and foreign governments(1)
11

 
—

 
(4
)
 
—

 
—

 
—

 
—

 
—

 
—

 
7

 
—

Foreign corporate private securities(1)
34

 
(4
)
 
11

 
52

 
—

 
(13
)
 
—

 
—

 
—

 
80

 
—

Residential mortgage-backed securities
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Commercial mortgage-backed securities
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Other asset-backed securities
11

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(5
)
 
6

 
—

Total fixed maturities including securities pledged
325

 
(4
)
 
32

 
102

 
—

 
(15
)
 
(16
)
 
23

 
(6
)
 
441

 
—

Equity securities
25

 
1

 
—

 
7

 
—

 
—

 
—

 
—

 
—

 
33

 
1

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guaranteed benefit derivatives - IUL(2)
(82
)
 
(134
)
 
—

 
—

 
(56
)
 
—

 
55

 
—

 
—

 
(217
)
 
—

Other derivatives, net
83

 
111

 
—

 
45

 
—

 
—

 
(37
)
 
—

 
—

 
202

 
119

(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of December 31 amounts are included in Income (loss) from discontinued operations, net of tax in the Consolidated Statements of Operations.
(5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities from continuing operations, including amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction, and transfers in and out of Level 3 for the period indicated:
 
Year Ended December 31, 2018
 
Fair Value
as of
January 1
 
Total
 Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate public securities
$
48

 
$
—

 
$
(1
)
 
$
26

 
$
—

 
$
(13
)
 
$
—

 
$
—

 
$
(26
)
 
$
34

 
$
—

U.S. corporate private securities
942

 
5

 
(48
)
 
319

 
—

 
(20
)
 
(84
)
 
31

 
(11
)
 
1,134

 
—

Foreign corporate private securities(1)
162

 
(6
)
 
6

 
134

 
—

 
(57
)
 
(22
)
 
—

 
—

 
217

 
(13
)
Residential mortgage-backed securities
31

 
(9
)
 
—

 
15

 
—

 
—

 
—

 
—

 
(9
)
 
28

 
(9
)
Commercial mortgage-backed securities
7

 
—

 
—

 
14

 
—

 
—

 
—

 
—

 
(7
)
 
14

 
—

Other asset-backed securities
64

 
—

 
(3
)
 
67

 
—

 
—

 
(5
)
 
29

 
(25
)
 
127

 
—

Total fixed maturities including securities pledged
1,254

 
(10
)
 
(46
)
 
575

 
—

 
(90
)
 
(111
)
 
60

 
(78
)
 
1,554

 
(22
)
Equity securities
87

 
(7
)
 
—

 
25

 
—

 
(2
)
 
—

 
—

 
—

 
103

 
(8
)
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guaranteed benefit derivatives(2)(6)
(147
)
 
92

 
—

 
—

 
(5
)
 
—

 
16

 
—

 
—

 
(44
)
 
—

Other derivatives, net
5

 
—

 
—

 
—

 
—

 
—

 
(5
)
 
—

 
—

 
—

 
(5
)
Assets held in separate accounts(5)
11

 
1

 
—

 
67

 
—

 
(6
)
 
—

 
—

 
(11
)
 
62

 
—


(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Consolidated Statements of Operations.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of December 31 amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations.
(5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
(6) Includes GMWBL, GMWB, FIA, Stabilizer, and MCGs.

The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities related to businesses held for sale and transfers in and out of Level 3 for the period indicated:
 
Year Ended December 31, 2018
 
Fair Value
as of
January 1
 
Total
 Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate public securities
$
9

 
$
—

 
$
(1
)
 
$
5

 
$
—

 
$
(3
)
 
$
—

 
$
—

 
$
—

 
$
10

 
$
—

U.S. corporate private securities
185

 
2

 
(11
)
 
85

 
—

 
—

 
(9
)
 
8

 
(1
)
 
259

 
—

Foreign corporate public securities and foreign governments(1)
11

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
11

 
—

Foreign corporate private securities(1)
7

 
—

 
2

 
39

 
—

 
(13
)
 
(1
)
 
—

 
—

 
34

 
—

Residential mortgage-backed securities
11

 
—

 
—

 
—

 
—

 
(11
)
 
—

 
—

 
—

 
—

 
—

Commercial mortgage-backed securities
10

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(10
)
 
—

 
—

Other asset-backed securities
27

 
—

 
(1
)
 
—

 
—

 
—

 
—

 
6

 
(21
)
 
11

 
—

Total fixed maturities including securities pledged
260

 
2

 
(11
)
 
129

 
—

 
(27
)
 
(10
)
 
14

 
(32
)
 
325

 
—

Equity securities
14

 
(1
)
 
—

 
12

 
—

 
—

 
—

 
—

 
—

 
25

 
(1
)
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guaranteed benefit derivatives - IUL(2)
(159
)
 
69

 
—

 
—

 
(53
)
 
—

 
61

 
—

 
—

 
(82
)
 
—

Other derivatives, net
153

 
(65
)
 
—

 
42

 
—

 
—

 
(47
)
 
—

 
—

 
83

 
(70
)
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of December 31 amounts are included in Income (loss) from discontinued operations, net of tax in the Consolidated Statements of Operations.
(5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
Fair Value Inputs, Liabilities, Quantitative Information
The following table presents the unobservable inputs for IUL for businesses held for sale as of the dates indicated:
 
 
Range(1)
Unobservable Input
 
December 31, 2019
 
December 31, 2018
 
Nonperformance risk
 
0.22% to 0.42%

 
0.38% to 0.84%

 
Actuarial Assumptions:
 
 
 
 
 
Lapses
 
2% to 10%

 
2% to 10%

 
Mortality
 
—

(2)
—

(2)
(1) 
Represents the range of reasonable assumptions that management has used in its fair value calculations.
(2) The mortality rate is derived based on similarly underwritten business.
Fair Value, by Balance Sheet Grouping he carrying values and estimated fair values of the Company's financial instruments from continuing operations, including amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction, as of the dates indicated:
 
December 31, 2019
 
December 31, 2018
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged
$
43,778

 
$
43,778

 
$
40,592

 
$
40,592

Equity securities
196

 
196

 
247

 
247

Mortgage loans on real estate
6,878

 
7,262

 
7,281

 
7,391

Policy loans
776

 
776

 
814

 
814

Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements
2,644

 
2,644

 
2,656

 
2,656

Derivatives
316

 
316

 
194

 
194

Other investments
320

 
456

 
287

 
369

Assets held in separate accounts
81,670

 
81,670

 
69,931

 
69,931

Liabilities:
 
 
 
 
 
 
 
Investment contract liabilities:
 
 
 
 
 
 
 
Funding agreements without fixed maturities and deferred annuities(2)
$
33,916

 
$
41,035

 
$
34,053

 
$
37,052

Funding agreements with fixed maturities
877

 
877

 
657

 
652

Supplementary contracts, immediate annuities and other
821

 
872

 
870

 
854

Derivatives:
 
 
 
 
 
 
 
Guaranteed benefit derivatives(2)
60

 
60

 
44

 
44

Other derivatives
403

 
403

 
164

 
164

Short-term debt
1

 
1

 
1

 
1

Long-term debt
3,042

 
3,418

 
3,136

 
3,112

Embedded derivative on reinsurance
100

 
100

 
(5
)
 
(5
)
(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above.
(2) Includes GMWBL, GMWB, FIA, Stabilizer and MCG.


The carrying values and estimated fair values of the Company's financial instruments related to businesses held for sale as of the dates indicated:
 
December 31, 2019
 
December 31, 2018
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged
$
12,470

 
$
12,470

 
$
10,529

 
$
10,529

Equity securities
35

 
35

 
25

 
25

Mortgage loans on real estate
1,319

 
1,405

 
1,395

 
1,420

Policy loans
1,005

 
1,005

 
1,019

 
1,019

Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements
533

 
533

 
734

 
734

Derivatives
305

 
305

 
131

 
131

Other investments
42

 
42

 
25

 
25

Assets held in separate accounts
1,485

 
1,485

 
1,297

 
1,297

Liabilities:
 
 
 
 
 
 
 
Investment contract liabilities:
 
 
 
 
 
 
 
Funding agreements with fixed maturities
$
927

 
$
923

 
$
551

 
$
545

Supplementary contracts, immediate annuities and other
97

 
104

 
106

 
106

Notes Payable
252

 
320

 
222

 
302

Derivatives:
 
 
 
 
 
 
 
Guaranteed benefit derivatives - IUL
217

 
217

 
82

 
82

Embedded derivative on reinsurance
75

 
75

 
26

 
26