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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Financial Assets and Financial Liabilities Carried at Fair Value
The following table provides information about the Company's financial assets and liabilities carried at fair value. Separate account assets are also recorded at fair value on the Company's Consolidated Balance Sheets and are reported separately in the Separate Accounts section below as gains and losses related to these assets generally accrue directly to contractholders:
(In millions)Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
December 31, 2022December 31, 2021December 31, 2022December 31, 2021December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Financial assets at fair value
Debt securities
Federal government and agency$147 $147 $165 $240 $— $— $312 $387 
State and local government— — 41 171 — — 41 171 
Foreign government— — 365 2,611 — 5 365 2,616 
Corporate
— — 8,394 12,606 412 660 8,806 13,266 
Mortgage and other asset-backed— — 313 418 35 100 348 518 
Total debt securities147 147 9,278 16,046 447 765 9,872 16,958 
Equity securities (1)
6 16 132 160 — 31 138 207 
Short-term investments— — 139 428 — — 139 428 
Derivative assets— — 230 143 1 — 231 143 
Financial liabilities at fair value
Derivative liabilities$— $— $— $33 $— $— $— $33 
(1) Excludes certain equity securities that have no readily determinable fair value.
Fair Value and Significant Unobservable Inputs Used in Pricing Debt Securities
The following table summarizes the fair value and significant unobservable inputs that were developed directly by the Company and used in pricing these debt securities. The range and weighted average basis point ("bps") amounts for liquidity reflect the Company's best estimates of the unobservable adjustments a market participant would make to calculate these fair values.
Fair Value as ofUnobservable Adjustment Range (Weighted Average by Quantity) as of
(Fair value in millions)December 31, 2022December 31, 2021Unobservable input December 31, 2022December 31, 2022December 31, 2021
Debt securities
Corporate and government debt securities$412 $664 Liquidity
60 - 1060 (265)
bps
60 - 1060 (410)
bps
Mortgage and other asset-backed securities35 100 Liquidity
105 - 520 (310)
bps
60 - 390 (100)
bps
Other debt securities— 1 
Total Level 3 debt securities$447 $765 
Changes in Level 3 Financial Assets and Financial Liabilities Carried at Fair Value
The following table summarizes the changes in financial assets and financial liabilities classified in Level 3. Gains and losses reported in the table may include net changes in fair value that are attributable to both observable and unobservable inputs.
For the Years Ended December 31,
(In millions)20222021
Debt and Equity Securities
Beginning balance$796 $854 
Gains (losses) included in Shareholders' net income
11 (22)
Losses included in Other comprehensive (loss) income
(59)(6)
Losses required to adjust future policy benefits for settlement annuities (1)
— (8)
Purchases, sales and settlements
Purchases158 138 
Sales— (36)
Settlements(207)(119)
Total purchases, sales and settlements(49)(17)
Transfers into/(out of) Level 3
Transfers into Level 3124 207 
Transfers out of Level 3(376)(212)
Total transfers into/(out of) Level 3(252)(5)
Ending balance$447 $796 
Total losses included in Shareholders' net income attributable to instruments held at the reporting date
$(2)$(17)
Change in unrealized gain or (loss) included in Other comprehensive (loss) income for assets held at the end of the reporting period
$(60)$(10)
(1) Amounts do not accrue to shareholders.
Fair Values of Separate Account Assets
Fair values of Separate account assets were as follows:
Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
(In millions)December 31, 2022December 31, 2021December 31, 2022December 31, 2021December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Guaranteed separate accounts (See Note 23)
$203 $227 $382 $276 $— $— $585 $503 
Non-guaranteed separate accounts (1)
211 1,130 5,522 6,406 203 334 5,936 7,870 
Subtotal$414 $1,357 $5,904 $6,682 $203 $334 6,521 8,373 
Non-guaranteed separate accounts priced at NAV as a practical expedient (1)
757 842 
Total9,215 
Separate account assets of businesses classified as held for sale (2)
(878)
Separate account assets per Consolidated Balance Sheets$7,278 $8,337 
(1) Non-guaranteed separate accounts include $4.0 billion as of December 31, 2022 and $4.5 billion as of December 31, 2021 in assets supporting the Company's pension plans, including $0.2 billion classified in Level 3 as of December 31, 2022 and $0.3 billion as of December 31, 2021.
(2) Investments related to the divested International businesses that were held for sale as of December 31, 2021. See Note 4 for additional information.
Additional Information on Separate Account Assets Priced at NAV
Separate account investments in securities partnerships, real estate and hedge funds are generally valued based on the separate account's ownership share of the equity of the investee (NAV as a practical expedient), including changes in the fair values of its underlying investments. Substantially all of these assets support the Company's pension plans. The following table provides additional information on these investments:
Fair Value as ofUnfunded Commitment as of December 31, 2022Redemption Frequency
(if currently eligible)		Redemption Notice
Period
(In millions)December 31, 2022December 31, 2021
Securities partnerships$451 $513 $249 Not applicableNot applicable
Real estate funds302 325 — Quarterly
30 - 90 days
Hedge funds4 4 — Up to annually, varying by fund
30 - 90 days
Total$757 $842 $249 
Fair Value Disclosures for Financial Instruments Not Carried at Fair Value
The following table includes the Company's financial instruments not recorded at fair value but for which fair value disclosure is required. In addition to universal life products and finance leases, financial instruments that are carried in the Company's Consolidated Balance Sheets at amounts that approximate fair value are excluded from the following table:
Classification in Fair Value HierarchyDecember 31, 2022December 31, 2021
(In millions)Fair ValueCarrying ValueFair ValueCarrying Value
Commercial mortgage loansLevel 3$1,491 $1,614 $1,598 $1,566 
Long-term debt, including current maturities, excluding finance leasesLevel 2$28,653 $30,994 $35,621 $31,593