Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Financial assets and liabilities carried at fair value

(In millions)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
		As of		As of		As of		As of		As of		As of		As of		As of
		December 31,		December 31,		December 31,		December 31,		December 31,		December 31,		December 31,		December 31,
		2019		2018		2019		2018		2019		2018		2019		2018
Financial assets at fair value
Debt securities
	Federal government and agency	$	197	$	209	$	536	$	501	$	-	$	-	$	733	$	710
	State and local government		-		-		810		985		-		-		810		985
	Foreign government		-		-		2,228		2,356		28		6		2,256		2,362
	Corporate		-		-		19,063		18,127		357		234		19,420		18,361
	Mortgage and other asset-backed		-		-		398		372		138		138		536		510
Total debt securities			197		209		23,035		22,341		523		378		23,755		22,928
Equity securities (1)			7		384		72		43		32		32		111		459
Short-term investments			-		-		423		316		-		-		423		316
Derivative assets			-		-		83		53		-		-		83		53
Real estate funds priced at NAV as a practical expedient (2)															184		239
Financial liabilities at fair value
Derivative liabilities		$	-	$	-	$	18	$	10	$	-	$	-	$	18	$	10
(1) Excludes certain equity securities that have no readily determinable fair value.
(2) As a practical expedient, certain real estate funds are carried at fair value based on the Company’s ownership share of the equity of the investee (Net Asset Value (“NAV“)) including changes in the fair value of its underlying investments. The funds have a quarterly redemption frequency, 45-90 day redemption notice period and $56 million in unfunded commitments as of December 31, 2019.

Level 3 debt and equity securities priced using significant unobservable inputs

	Fair Value as of					Unobservable Adjustment Range (Weighted Average) as of
	December 31,				Unobservable Input	December 31,
(Fair value in millions )	2019		2018		December 31, 2019	2019	2018
Debt securities
Corporate and government debt securities	$	385	$	229	Liquidity	70 - 930 (280) bps	50 - 930 (230) bps
Mortgage and other asset-backed securities		138		138	Liquidity	60 - 370 (70) bps	60 - 340 (70) bps
					Weighting of credit spreads	240 - 460 (330) bps	190 - 340 (260) bps
Securities not priced by the Company (1)		-		11
Total Level 3 debt securities	$	523	$	378
(1) The fair values for these securities use single, unadjusted non-binding broker quotes not developed directly by the Company.

Changes in level 3 financial assets and liabilities carried at fair value

(In millions)	2019		2018
Balance at January 1,	$	410	$	732
Total (losses) included in shareholders’ net income		(8)		(22)
Gains (losses) included in other comprehensive income		22		(8)
Gains (losses) required to adjust future policy benefits for settlement annuities (1)		2		(8)
Purchases, sales and settlements
Purchases		72		22
Sales		-		(11)
Settlements		(19)		(70)
Total purchases, sales and settlements		53		(59)
Transfers into/(out of) Level 3
Transfers into Level 3		170		44
Transfers out of Level 3 (2)		(94)		(269)
Total transfers into/(out of) Level 3		76		(225)
Balance at December 31,	$	555	$	410
Total (losses) included in shareholders’ net income attributable to instruments held at the reporting date	$	(8)	$	(9)
(1) Amounts do not accrue to shareholders.
(2) Beginning in 2018, certain private equity securities are no longer carried at fair value under the policy election of ASU 2016-01 (Recognition and Measurement of Financial Assets and Financial Liabilities). Private equity securities of $70 million as of December 31, 2017 are included in the 2018 Transfers out of Level 3 amount.

Separate account assets schedule

(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
	2019		2018		2019		2018		2019		2018		2019		2018
Guaranteed separate accounts (See Note 22)	$	219	$	187	$	271	$	267	$	-	$	-	$	490	$	454
Non-guaranteed separate accounts (1)		1,450		1,204		5,522		5,216		263		233		7,235		6,653
Subtotal	$	1,669	$	1,391	$	5,793	$	5,483	$	263	$	233		7,725		7,107
Non-guaranteed separate accounts priced at NAV as a practical expedient (1)														756		732
Total														8,481		7,839
Separate account assets classified as assets held for sale														(16)
Separate account assets per Consolidated Balance Sheets													$	8,465	$	7,839
(1) Non-guaranteed separate accounts included $ 4.0 billion as of December 31, 2019 and $3.8 billion as of December 31, 2018 in assets supporting the Company’s pension plans, including $0.2 billion classified in Level 3 as of December 31, 2019 and 2018.

Separate account assets priced at net asset value

						Unfunded
	Fair Value as of					Commitments	Redemption Frequency
	December 31,					as of	(if currently	Redemption Notice
(In millions)	2019		2018			December 31, 2019	eligible)	Period
Securities partnerships	$	531	$	477	$	320	Not applicable	Not applicable
Real estate funds		220		237		-	Quarterly	30 - 90 days
Hedge funds		5		18		-	Up to annually, varying by fund	30 - 90 days
Total	$	756	$	732	$	320

Financial instruments not carried at fair value

			December 31, 2019				December 31, 2018
(In millions)	Classification in Fair Value Hierarchy		Fair Value		Carrying Value		Fair Value		Carrying Value
Commercial mortgage loans	Level 3	$	1,989	$	1,947	$	1,832	$	1,858
Long-term debt, including current maturities, excluding finance leases	Level 2	$	39,439	$	36,375	$	40,819	$	40,829