Fair Value Measurements (excluding Consolidated Investment Entities) (Tables)

9 Months Ended

Sep. 30, 2020

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 September 30, 2020:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	1,190		$	351		$	—		$	1,541
U.S. Government agencies and authorities	—			103			—			103
State, municipalities and political subdivisions	—			1,353			—			1,353
U.S. corporate public securities	—			15,571			118			15,689
U.S. corporate private securities	—			4,472			1,727			6,199
Foreign corporate public securities and foreign governments(1)	—			4,574			—			4,574
Foreign corporate private securities(1)	—			4,276			448			4,724
Residential mortgage-backed securities	—			5,660			35			5,695
Commercial mortgage-backed securities	—			4,199			4			4,203
Other asset-backed securities	—			2,015			75			2,090
Total fixed maturities, including securities pledged	1,190			42,574			2,407			46,171
Equity securities	200			—			171			371
Derivatives:
Interest rate contracts	6			172			48			226
Foreign exchange contracts	—			30			—			30
Equity contracts	—			13			1			14
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,719			67			—			1,786
Assets held in separate accounts	76,316			6,356			207			82,879
Total assets	$	79,431		$	49,212		$	2,834		$	131,477
Percentage of Level to total	61		%	37		%	2		%	100		%
Liabilities:
Derivatives:
Guaranteed benefit derivatives(2)	—			—			177			177
Other derivatives:
Interest rate contracts	—			366			48			414
Foreign exchange contracts	—			11			—			11
Equity contracts	—			7			—			7
Credit contracts	—			2			—			2
Embedded derivative on reinsurance	—			143			—			143
Total liabilities	$	—		$	529		$	225		$	754

(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 September 30, 2020:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	716		$	386		$	—		$	1,102
U.S. Government agencies and authorities	—			176			—			176
State, municipalities and political subdivisions	—			453			—			453
U.S. corporate public securities	—			6,387			31			6,418
U.S. corporate private securities	—			677			377			1,054
Foreign corporate public securities and foreign governments(1)	—			1,554			2			1,556
Foreign corporate private securities(1)	—			525			98			623
Residential mortgage-backed securities	—			540			—			540
Commercial mortgage-backed securities	—			1,042			4			1,046
Other asset-backed securities	—			579			8			587
Total fixed maturities, including securities pledged	716			12,319			520			13,555
Equity securities	2			—			2			4
Derivatives:
Interest rate contracts	—			1			48			49
Foreign exchange contracts	—			2			—			2
Equity contracts	—			61			202			263
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	504			—			—			504
Assets held in separate accounts	1,473			—			—			1,473
Total assets	$	2,695		$	12,383		$	772		$	15,850
Percentage of Level to total	17		%	78		%	5		%	100		%
Liabilities:
Derivatives:
Guaranteed benefit derivatives - IUL	—			—			215			215
Other derivatives:
Interest rate contracts	—			4			48			52
Foreign exchange contracts	—			1			—			1
Equity contracts	—			33			—			33
Credit contracts	—			—			—			—
Embedded derivative on reinsurance	—			95			—			95
Total liabilities	$	—		$	133		$	263		$	396

(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, 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.

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:

	Three Months Ended September 30, 2020
	Fair Value as of July 1		Total Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		Change In Unrealized Gains (Losses) Included in Earnings(3)		Change In Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities	$	107	$	—	$	4	$	4	$	—	$	—	$	(2)	$	42	$	(37)	$	118	$	—	$	4
U.S. corporate private securities	1,390		(1)		11		47		—		—		(20)		406		(106)		1,727		(1)		11
Foreign corporate public securities and foreign governments(1)	—		—		—		—		—		—		—		—		—		—		—		—
Foreign corporate private securities(1)	305		(1)		(15)		221		—		(15)		(1)		17		(63)		448		(2)		(15)
Residential mortgage-backed securities	38		(2)		—		2		—		—		—		2		(5)		35		(2)		—
Commercial mortgage-backed securities	—		—		—		4		—		—		—		—		—		4		—		—
Other asset-backed securities	99		—		—		11		—		—		(19)		1		(17)		75		—		—
Total fixed maturities, including securities pledged	1,939		(4)		—		289		—		(15)		(42)		468		(228)		2,407		(5)		—
Equity securities	161		7		—		3		—		—		—		—		—		171		7		—
Derivatives:
Guaranteed benefit derivatives(2)(5)	(210)		36		—		—		(4)		—		1		—		—		(177)		—		—
Other derivatives, net	—		—		—		1		—		—		—		—		—		1		1		—
Assets held in separate accounts(4)	174		4		—		43		—		(1)		—		—		(13)		207		—		—

(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 Condensed Consolidated Statements of Operations.

(3) For financial instruments still held as of September 30 amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income.

(4) 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.

(5) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs.

	Nine Months Ended September 30, 2020
	Fair Value as of January 1		Total Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		Change In Unrealized Gains (Losses) Included in Earnings(3)		Change In Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities	$	74	$	—	$	5	$	4	$	—	$	—	$	(5)	$	40	$	—	$	118	$	—	$	5
U.S. corporate private securities	1,457		1		42		124		—		(16)		(141)		455		(195)		1,727		—		42
Foreign corporate public securities and foreign governments(1)	—		—		—		—		—		—		—		—		—		—		—		—
Foreign corporate private securities(1)	328		(5)		(35)		234		—		(15)		(5)		8		(62)		448		(5)		(35)
Residential mortgage-backed securities	23		(4)		—		23		—		—		—		—		(7)		35		(4)		—
Commercial mortgage-backed securities	—		—		—		4		—		—		—		—		—		4		—		—
Other asset-backed securities	78		—		—		17		—		—		(21)		1		—		75		—		—
Total fixed maturities, including securities pledged	1,960		(8)		12		406		—		(31)		(172)		504		(264)		2,407		(9)		12
Equity securities	128		12		—		33		—		—		(2)		—		—		171		12		—
Derivatives:
Guaranteed benefit derivatives(2)(5)	(60)		(112)		—		—		(6)		—		1		—		—		(177)		—		—
Other derivatives, net	—		—		—		1		—		—		—		—		—		1		1		—
Assets held in separate accounts(4)	116		3		—		123		—		(2)		—		3		(36)		207		—		—

(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 Condensed Consolidated Statements of Operations.

(3) For financial instruments still held as of September 30 amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income.

(4) 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.

(5) 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:

	Three Months Ended September 30, 2020
	Fair Value as of July 1		Total Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		Change In Unrealized Gains (Losses) Included in Earnings(3)		Change In Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities	$	31	$	—	$	—	$	1	$	—	$	—	$	(1)	$	—	$	—	$	31	$	—	$	—
U.S. corporate private securities	304		—		(3)		38		—		—		(4)		85		(43)		377		—		(3)
Foreign corporate public securities and foreign governments(1)	3		—		(1)		—		—		—		—		—		—		2		—		(1)
Foreign corporate private securities(1)	81		—		(7)		43		—		—		(1)		5		(23)		98		—		(7)
Residential mortgage-backed securities	—		—		—		—		—		—		—		—		—		—		—		—
Commercial mortgage-backed securities	—		—		—		4		—		—		—		—		—		4		—		—
Other asset-backed securities	8		—		—		1		—		—		(1)		—		—		8		—		—
Total fixed maturities, including securities pledged	427		—		(11)		87		—		—		(7)		90		(66)		520		—		(11)
Equity securities	2		—		—		—		—		—		—		—		—		2		—		—
Derivatives:
Guaranteed benefit derivatives - IUL(2)	(177)		(43)		—		—		(17)		—		22		—		—		(215)		—		—
Other derivatives, net	167		34		—		15		—		—		(14)		—		—		202		35		—

(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) For financial instruments still held as of September 30 amounts are included in Income (loss) from discontinued operations, net of tax in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income.

	Nine Months Ended September 30, 2020
	Fair Value as of January 1		Total Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		Change In Unrealized Gains (Losses) Included in Earnings(3)		Change In Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities	$	32	$	—	$	—	$	1	$	—	$	—	$	(2)	$	—	$	—	$	31	$	—	$	—
U.S. corporate private securities	316		—		6		61		—		(13)		(18)		90		(65)		377		—		6
Foreign corporate public securities and foreign governments(1)	7		—		(5)		—		—		—		—		—		—		2		—		(4)
Foreign corporate private securities(1)	80		—		(7)		46		—		—		(1)		3		(23)		98		—		(7)
Residential mortgage-backed securities	—		—		—		—		—		—		—		—		—		—		—		—
Commercial mortgage-backed securities	—		—		—		4		—		—		—		—		—		4		—		—
Other asset-backed securities	6		—		—		4		—		—		(2)		—		—		8		—		—
Total fixed maturities, including securities pledged	441		—		(6)		116		—		(13)		(23)		93		(88)		520		—		(5)
Equity securities	33		—		—		—		—		(30)		(1)		—		—		2		—		—
Derivatives:
Guaranteed benefit derivatives - IUL(2)	(217)		13		—		—		(51)		—		40		—		—		(215)		—		—
Other derivatives, net	202		(16)		—		43		—		—		(27)		—		—		202		—		—

(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) For financial instruments still held as of September 30 amounts are included in Income (loss) from discontinued operations, net of tax in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income.

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:

	Three Months Ended September 30, 2019
	Fair Value as of July 1		Total Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		Change In Unrealized Gains (Losses) Included in Earnings(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities	$	68	$	—	$	4	$	5	$	—	$	—	$	(2)	$	—	$	—	$	75	$	—
U.S. corporate private securities	1,294		1		32		132		—		—		(55)		6		—		1,410		1
Foreign corporate public securities and foreign governments(1)	—		—		—		—		—		—		—		—		—		—		—
Foreign corporate private securities(1)	292		—		3		7		—		—		—		—		—		302		—
Residential mortgage-backed securities	30		(3)		—		15		—		—		—		—		(7)		35		(3)
Commercial mortgage-backed securities	3		—		—		13		—		—		—		—		(3)		13		—
Other asset-backed securities	82		—		1		38		—		—		(1)		—		(9)		111		—
Total fixed maturities, including securities pledged	1,769		(2)		40		210		—		—		(58)		6		(19)		1,946		(2)
Equity securities, available-for-sale	156		2		—		—		—		—		—		—		—		158		2
Derivatives:
Guaranteed benefit derivatives (2)(5)	(57)		(43)		—		—		(3)		—		1		—		—		(102)		—
Other derivatives, net	149		(4)		—		10		—		—		(9)		—		—		146		(3)
Assets held in separate accounts(4)	102		1		—		12		—		(1)		—		—		(14)		100		—

(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 Condensed Consolidated Statements of Operations.

(3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.

(4) 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.

(5) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs.

	Nine Months Ended September 30, 2019
	Fair Value as of January 1		Total Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		Change In Unrealized Gains (Losses) Included in Earnings(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities	$	34	$	—	$	5	$	5	$	—	$	—	$	(7)	$	38	$	—	$	75	$	—
U.S. corporate private securities	1,134		2		99		267		—		(14)		(74)		7		(11)		1,410		1
Foreign corporate public securities and foreign governments(1)	—		—		—		—		—		—		—		—		—		—		—
Foreign corporate private securities(1)	217		(25)		41		149		—		(80)		—		—		—		302		1
Residential mortgage-backed securities	28		(7)		—		16		—		—		—		—		(2)		35		(7)
Commercial mortgage-backed securities	14		—		—		13		—		—		—		—		(14)		13		—
Other asset-backed securities	127		—		1		40		—		—		(2)		—		(55)		111		—
Total fixed maturities, including securities pledged	1,554		(30)		146		490		—		(94)		(83)		45		(82)		1,946		(5)
Equity securities, available-for-sale	104		12		—		42		—		—		—		—		—		158		12
Derivatives:
Guaranteed benefit derivatives (2)(5)	(44)		(51)		—		—		(10)		—		3		—		—		(102)		—
Other derivatives, net	83		57		—		33		—		—		(27)		—		—		146		63
Assets held in separate accounts(4)	62		4		—		51		—		(1)		—		3		(19)		100		—

(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 Condensed Consolidated Statements of Operations.

(3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.

(4) 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.

(5) 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:

	Three Months Ended September 30, 2019
	Fair Value as of July 1		Total Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		Change In Unrealized Gains (Losses) Included in Earnings(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities	$	31	$	—	$	2	$	—	$	—	$	—	$	(1)	$	—	$	—	$	32	$	—
U.S. corporate private securities	288		—		9		28		—		—		(6)		—		—		319		—
Foreign corporate public securities and foreign governments(1)	8		—		(1)		—		—		—		—		—		—		7		—
Foreign corporate private securities(1)	78		—		2		—		—		—		—		—		—		80		—
Residential mortgage-backed securities	—		—		—		—		—		—		—		—		—		—		—
Commercial mortgage-backed securities	—		—		—		—		—		—		—		—		—		—		—
Other asset-backed securities	14		—		—		7		—		—		—		—		(8)		13		—
Total fixed maturities including securities pledged	419		—		12		35		—		—		(7)		—		(8)		451		—
Equity securities	36		1		—		—		—		—		—		—		—		37		1
Derivatives:
Guaranteed benefit derivatives - IUL(2)	(160)		76		—		—		28		—		(26)		—		—		(82)		—
Other derivatives, net	148		(5)		—		11		—		—		(8)		—		—		146		(2)

(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) For financial instruments still held as of September 30 amounts are included in Income (loss) from discontinued operations, net of tax in the Condensed Consolidated Statements of Operations.

	Nine Months Ended September 30, 2019
	Fair Value as of January 1		Total Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		Change In Unrealized Gains (Losses) Included in Earnings(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities	$	10	$	—	$	3	$	—	$	—	$	—	$	(1)	$	22	$	(2)	$	32	$	—
U.S. corporate private securities	259		—		26		47		—		—		(13)		—		—		319		—
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		—		—		7		—		—		—		—		(5)		13		—
Total fixed maturities including securities pledged	325		(4)		36		106		—		(13)		(14)		22		(7)		451		—
Equity securities	25		5		—		7		—		—		—		—		—		37		5
Derivatives:
Guaranteed benefit derivatives - IUL(2)	(82)		—		—		—		—		—		—		—		—		(82)		—
Other derivatives, net	83		56		—		33		—		—		(26)		—		—		146		63

(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) For financial instruments still held as of September 30 amounts are included in Income (loss) from discontinued operations, net of tax in the Condensed Consolidated Statements of Operations.

Fair Value Inputs, Assets, Quantitative Information

The following table presents the unobservable inputs for IUL for businesses held for sale as of the dates indicated:

	September 30, 2020				December 31, 2019
Unobservable Input	Range(1)		Weighted Average(3)		Range(1)
Interest rate implied volatility	—		—		—
Nonperformance risk	0.14% to 0.60%		0.28	%	0.22% to 0.42%
Actuarial Assumptions:
Lapses	2% to 10%		6	%	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

(3) Unobservable inputs were weighted by the relative fair value of the instruments. For credit contracts, the average represents the arithmetic average of the inputs and is not weighted by the relative fair value or notional amount.

Fair Value, by Balance Sheet Grouping

The 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:

	September 30, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	46,171	$	46,171	$	43,778	$	43,778
Equity securities	371		371		196		196
Mortgage loans on real estate	6,817		7,266		6,878		7,262
Policy loans	735		735		776		776
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements	1,786		1,786		2,644		2,644
Derivatives	270		270		316		316
Other investments	285		360		320		456
Assets held in separate accounts	82,879		82,879		81,670		81,670
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(2)	$	35,331	$	45,223	$	33,916	$	41,035
Funding agreements with fixed maturities	795		795		877		877
Supplementary contracts, immediate annuities and other	914		876		821		872
Derivatives:
Guaranteed benefit derivatives(2)	177		177		60		60
Other derivatives	434		434		403		403
Short-term debt	1		1		1		1
Long-term debt	3,043		3,491		3,042		3,418
Embedded derivative on reinsurance	143		143		100		100

(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:

	September 30, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	13,555	$	13,555	$	12,470	$	12,470
Equity securities	4		4		35		35
Mortgage loans on real estate	1,264		1,378		1,319		1,405
Policy loans	996		996		1,005		1,005
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements	504		504		533		533
Derivatives	314		314		305		305
Other investments	46		46		42		42
Assets held in separate accounts	1,473		1,473		1,485		1,485
Liabilities:
Investment contract liabilities:
Funding agreements with fixed maturities	$	1,010	$	1,008	$	927	$	923
Supplementary contracts, immediate annuities and other	106		99		97		104
Notes Payable	219		257		252		320
Derivatives:
Guaranteed benefit derivatives - IUL	215		215		217		217
Embedded derivative on reinsurance	95		95		75		75

The following table summarizes the fair value hierarchy levels of consolidated investment entities as of September 30, 2020:

	Level 1		Level 2		Level 3		NAV		Total
Assets
VIEs
Cash and cash equivalents	$	84	$	—	$	—	$	—	$	84
Corporate loans, at fair value using the fair value option	—		921		—		—		921
Limited partnerships/corporations, at fair value	—		—		—		1,600		1,600
VOEs
Limited partnerships/corporations, at fair value	—		—		—		—		—
Total assets, at fair value	$	84	$	921	$	—	$	1,600	$	2,605
Liabilities
VIEs
CLO notes, at fair value using the fair value option	$	—	$	538	$	—	$	—	$	538
Total liabilities, at fair value	$	—	$	538	$	—	$	—	$	538

The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2019:

	Level 1		Level 2		Level 3		NAV		Total
Assets
VIEs
Cash and cash equivalents	$	68	$	—	$	—	$	—	$	68
Corporate loans, at fair value using the fair value option	—		513		—		—		513
Limited partnerships/corporations, at fair value	—		—		—		1,470		1,470
VOEs
Limited partnerships/corporations, at fair value	—		—		—		162		162
Total assets, at fair value	$	68	$	513	$	—	$	1,632	$	2,213
Liabilities
VIEs
CLO notes, at fair value using the fair value option	$	—	$	474	$	—	$	—	$	474
Total liabilities, at fair value	$	—	$	474	$	—	$	—	$	474

Financial Instruments Not Carried at Fair Value

The following table presents the classifications of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets:

Financial Instrument	Classification
Mortgage loans on real estate	Level 3
Policy loans	Level 2
Other investments	Level 2
Funding agreements without fixed maturities and deferred annuities	Level 3
Funding agreements with fixed maturities	Level 2
Supplementary contracts and immediate annuities	Level 3
Short-term debt and Long-term debt	Level 2
Notes Payable	Level 2