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Fair Value (Tables)
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Recurring Fair Value Measurements
The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, are presented in the tables below. Investments that do not have a readily determinable fair value and are measured at net asset value (or equivalent) as a practical expedient to estimated fair value are excluded from the fair value hierarchy.
September 30, 2020
Fair Value HierarchyTotal Estimated
Fair Value
Level 1Level 2Level 3
(In millions)
Assets
Fixed maturity securities:
U.S. corporate$— $35,207 $699 $35,906 
Foreign corporate— 10,281 379 10,660 
RMBS— 8,449 — 8,449 
U.S. government and agency1,849 7,086 — 8,935 
CMBS— 6,418 7 6,425 
State and political subdivision— 4,429 — 4,429 
ABS— 2,640 74 2,714 
Foreign government— 1,820 — 1,820 
Total fixed maturity securities1,849 76,330 1,159 79,338 
Equity securities15 99 3 117 
Short-term investments3,019 1,210 10 4,239 
Derivative assets: (1)
Interest rate— 3,458 — 3,458 
Foreign currency exchange rate— 438 17 455 
Credit— 18 9 27 
Equity market— 878 13 891 
Total derivative assets— 4,792 39 4,831 
Embedded derivatives within asset host contracts (2)— — 321 321 
Separate account assets153 103,028 3 103,184 
Total assets$5,036 $185,459 $1,535 $192,030 
Liabilities
Derivative liabilities: (1)
Interest rate$— $226 $— $226 
Foreign currency exchange rate— 37 — 37 
Credit— — 1 1 
Equity market— 1,216 23 1,239 
Total derivative liabilities— 1,479 24 1,503 
Embedded derivatives within liability host contracts (2)— — 6,449 6,449 
Total liabilities$— $1,479 $6,473 $7,952 
December 31, 2019
Fair Value HierarchyTotal Estimated
Fair Value
Level 1Level 2Level 3
(In millions)
Assets
Fixed maturity securities:
U.S. corporate$— $30,831 $329 $31,160 
Foreign corporate— 9,712 132 9,844 
RMBS— 9,074 44 9,118 
U.S. government and agency1,636 5,760 — 7,396 
CMBS— 5,755 — 5,755 
State and political subdivision— 3,984 73 4,057 
ABS— 1,882 73 1,955 
Foreign government— 1,751 — 1,751 
Total fixed maturity securities1,636 68,749 651 71,036 
Equity securities14 125 8 147 
Short-term investments1,271 682 5 1,958 
Derivative assets: (1)
Interest rate— 1,778 — 1,778 
Foreign currency exchange rate— 281 5 286 
Credit— 25 11 36 
Equity market— 850 71 921 
Total derivative assets— 2,934 87 3,021 
Embedded derivatives within asset host contracts (2)— — 217 217 
Separate account assets180 106,924 3 107,107 
Total assets$3,101 $179,414 $971 $183,486 
Liabilities
Derivative liabilities: (1)
Interest rate$— $330 $— $330 
Foreign currency exchange rate— 43 — 43 
Equity market— 2,093 71 2,164 
Total derivative liabilities— 2,466 71 2,537 
Embedded derivatives within liability host contracts (2)— — 4,248 4,248 
Total liabilities$— $2,466 $4,319 $6,785 
_______________
(1)Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets.
(2)Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables and other invested assets on the consolidated balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances on the consolidated balance sheets.
Fair Value Inputs, Quantitative Information
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) were as follows at:
September 30, 2020December 31, 2019Impact of
Increase in Input
on Estimated
Fair Value
Valuation TechniquesSignificant
Unobservable Inputs		RangeRange
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits •Option pricing techniques•Mortality rates0.03%-12.13%0.02%-11.31%Decrease (1)
•Lapse rates0.25%-15.00%0.25%-16.00%Decrease (2)
•Utilization rates0.00%-25.00%0.00%-25.00%Increase (3)
•Withdrawal rates0.25%-10.00%0.25%-10.00%(4)
•Long-term equity volatilities16.66%-22.21%16.24%-21.65%Increase (5)
•Nonperformance risk spread0.99%-2.39%0.54%-1.99%Decrease (6)
_______________
(1)Mortality rates vary by age and by demographic characteristics such as gender. The range shown reflects the mortality rate for policyholders between 35 and 90 years old, which represents the majority of the business with living benefits. Mortality rate assumptions are set based on company experience and include an assumption for mortality improvement.
(2)The range shown reflects base lapse rates for major product categories for duration 1-20, which represents majority of business with living benefit riders. 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.
(3)The utilization rate assumption estimates the percentage of contract holders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible in a given year. The range shown represents the floor and cap of the GMIB dynamic election rates across varying levels of in-the-money. For lifetime withdrawal guarantee riders, the assumption is that everyone will begin withdrawals once account value reaches zero which is equivalent to a 100% utilization rate. Utilization 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.
(4)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.
(5)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.
(6)Nonperformance risk spread varies by duration. 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 changes in assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3) were summarized as follows:
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities
Corporate (1)Structured SecuritiesState and
Political
Subdivision		Equity
Securities		Short-term
Investments		Net
Derivatives (2)		Net Embedded
Derivatives (3)		Separate
Account Assets (4)
(In millions)
Three Months Ended September 30, 2020
Balance, beginning of period
$894 $173 $— $4 $— $20 $(5,326)$3 
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)
(1)— — (1)— 5 (628)— 
Total realized/unrealized gains (losses) included in AOCI
7 1 — — — (10)— — 
Purchases (7)199 11 — — 10 — — — 
Sales (7)(64)(1)— — — — — — 
Issuances (7)— — — — — — — — 
Settlements (7)— — — — — — (174)— 
Transfers into Level 3 (8)185 — — — — — — — 
Transfers out of Level 3 (8)(142)(103)— — — — — — 
Balance, end of period$1,078 $81 $— $3 $10 $15 $(6,128)$3 
Three Months Ended September 30, 2019
Balance, beginning of period
$765 $108 $74 $4 $6 $(134)$(3,121)$— 
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)
— — — — — (2)(630)— 
Total realized/unrealized gains (losses) included in AOCI
— 1 — — — 3 — — 
Purchases (7)118 61 — — — — — — 
Sales (7)(22)(6)(1)— (6)— — — 
Issuances (7)— — — — — — — — 
Settlements (7)— — — — — — (219)— 
Transfers into Level 3 (8)49 29 — — — — — — 
Transfers out of Level 3 (8)(84)(18)— — — 2 — — 
Balance, end of period$826 $175 $73 $4 $— $(131)$(3,970)$— 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2020 (9)
$— $— $— $— $— $5 $(668)$— 
Changes in unrealized gains (losses) included in other comprehensive income for the instruments still held at September 30, 2020 (9)
$8 $1 $— $— $— $(10)$— $— 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2019 (9)
$— $— $— $— $— $(2)$(705)$— 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities
Corporate (1)Structured SecuritiesState and
Political
Subdivision		Equity
Securities		Short-term
Investments		Net
Derivatives (2)		Net Embedded
Derivatives (3)		Separate
Account Assets (4)
(In millions)
Nine Months Ended September 30, 2020
Balance, beginning of period
$461 $117 $73 $8 $5 $16 $(4,031)$3 
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)
(2)— — — — 3 (1,590)— 
Total realized/unrealized gains (losses) included in AOCI
12 1 — — — 10 — — 
Purchases (7)509 34 — — 10 — — — 
Sales (7)(103)(2)— — (5)(14)— — 
Issuances (7)— — — — — — — — 
Settlements (7)— — — — — — (507)— 
Transfers into Level 3 (8)285 9 — — — — — — 
Transfers out of Level 3 (8)(84)(78)(73)(5)— — — — 
Balance, end of period$1,078 $81 $— $3 $10 $15 $(6,128)$3 
Nine Months Ended September 30, 2019
Balance, beginning of period
$732 $173 $74 $3 $— $(122)$(1,998)$1 
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)
— 1 — — — (10)(1,316)— 
Total realized/unrealized gains (losses) included in AOCI
11 3 — — — 5 — — 
Purchases (7)179 75 — — — — — — 
Sales (7)(78)(24)(1)— — — — (1)
Issuances (7)— — — — — — — — 
Settlements (7)— — — — — — (656)— 
Transfers into Level 3 (8)147 92 — 1 — — — — 
Transfers out of Level 3 (8)(165)(145)— — — (4)— — 
Balance, end of period$826 $175 $73 $4 $— $(131)$(3,970)$— 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2020 (9)
$(1)$— $— $— $— $(11)$(1,687)$— 
Changes in unrealized gains (losses) included in other comprehensive income for the instruments still held at September 30, 2020 (9)
$12 $2 $— $— $— $10 $— $— 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2019 (9)
$— $1 $— $— $— $(11)$(1,531)$— 
_______________
(1)Comprised of U.S. and foreign corporate securities.
(2)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.
(3)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(4)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contract holders 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).
(5)Amortization of premium/accretion of discount is included within net investment income. Changes in the allowance for credit losses and direct write-offs are charged to net income (loss) on securities are included in net investment gains (losses). 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).
(6)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.
(7)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.
(8)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.
(9)Changes in unrealized gains (losses) included in net income (loss) for fixed maturities are reported in either net investment income or net investment gains (losses). 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).
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, 2020
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans$15,746 $— $— $16,720 $16,720 
Policy loans$1,289 $— $506 $1,610 $2,116 
Other invested assets$93 $— $81 $12 $93 
Premiums, reinsurance and other receivables$3,088 $— $64 $3,706 $3,770 
Liabilities
Policyholder account balances$17,651 $— $— $18,843 $18,843 
Long-term debt$3,979 $— $4,169 $— $4,169 
Other liabilities$1,136 $— $480 $656 $1,136 
Separate account liabilities$1,207 $— $1,207 $— $1,207 
December 31, 2019
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans$15,753 $— $— $16,383 $16,383 
Policy loans$1,292 $— $516 $1,062 $1,578 
Other invested assets$51 $— $39 $12 $51 
Premiums, reinsurance and other receivables$2,224 $— $41 $2,593 $2,634 
Liabilities
Policyholder account balances$15,614 $— $— $15,710 $15,710 
Long-term debt$4,365 $— $3,334 $1,000 $4,334 
Other liabilities$846 $— $191 $655 $846 
Separate account liabilities$1,189 $— $1,189 $— $1,189