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Investments (Tables)

12 Months Ended

Dec. 31, 2022

Financing Receivable, Credit Quality Indicator [Line Items]

Reconciliation Of Available-For-Sale Securities From Cost Basis To Fair Value



	As of December 31, 2022
							Allowance
	Amortized		Gross Unrealized				for Credit		Fair
	Cost		Gains		Losses		Losses		Value
Fixed maturity AFS securities:
Corporate bonds	$	89,249	$	787	$	11,004	$	9	$	79,023
U.S. government bonds		405		5		31		-		379
State and municipal bonds		5,410		172		512		-		5,070
Foreign government bonds		348		17		47		-		318
RMBS		2,216		22		222		7		2,009
CMBS		1,917		3		246		-		1,674
ABS		11,797		38		926		5		10,904
Hybrid and redeemable preferred securities		365		25		30		1		359
Total fixed maturity AFS securities	$	111,707	$	1,069	$	13,018	$	22	$	99,736


	As Restated
	As of December 31, 2021
							Allowance
	Amortized		Gross Unrealized				for Credit		Fair
	Cost		Gains		Losses		Losses		Value
Fixed maturity AFS securities:
Corporate bonds	$	86,373	$	12,113	$	349	$	17	$	98,120
U.S. government bonds		375		60		2		-		433
State and municipal bonds		5,322		1,311		12		-		6,621
Foreign government bonds		373		64		5		-		432
RMBS		2,334		196		4		1		2,525
CMBS		1,552		61		14		-		1,599
ABS		8,439		127		54		-		8,512
Hybrid and redeemable preferred securities		374		107		11		1		469
Total fixed maturity AFS securities	$	105,142	$	14,039	$	451	$	19	$	118,711

Available-For-Sale Securities By Contractual Maturities



	Amortized		Fair
	Cost		Value
Due in one year or less	$	3,386	$	3,352
Due after one year through five years		17,659		16,816
Due after five years through ten years		18,568		16,736
Due after ten years		56,164		48,245
Subtotal		95,777		85,149
Structured securities (RMBS, CMBS, ABS)		15,930		14,587
Total fixed maturity AFS securities	$	111,707	$	99,736

Fair Value And Gross Unrealized Losses In A Continuous Unrealized Loss Position



	As of December 31, 2022
	Less Than or Equal					Greater Than
	to Twelve Months					Twelve Months					Total
			Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value			Losses		Value			Losses		Value			Losses ⁽¹⁾
Fixed maturity AFS securities:
Corporate bonds	$	59,929		$	9,049	$	7,094		$	1,955	$	67,023		$	11,004
U.S. government bonds		261			25		27			6		288			31
State and municipal bonds		1,958			440		237			72		2,195			512
Foreign government bonds		130			19		58			28		188			47
RMBS		1,490			179		193			43		1,683			222
CMBS		1,224			156		320			90		1,544			246
ABS		6,715			552		3,326			374		10,041			926
Hybrid and redeemable
preferred securities		63			5		97			25		160			30
Total fixed maturity AFS securities	$	71,770		$	10,425	$	11,352		$	2,593	$	83,122		$	13,018

Total number of fixed maturity AFS securities in an unrealized loss position															8,175



	As of December 31, 2021
	Less Than or Equal					Greater Than
	to Twelve Months					Twelve Months					Total
				Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value			Losses		Value			Losses		Value			Losses ⁽¹⁾
Fixed maturity AFS securities:
Corporate bonds	$	10,796		$	234	$	1,567		$	115	$	12,363		$	349
U.S. government bonds		6			-		26			2		32			2
State and municipal bonds		522			11		24			1		546			12
Foreign government bonds		61			3		56			2		117			5
RMBS		262			3		22			1		284			4
CMBS		446			12		37			2		483			14
ABS		4,646			49		165			5		4,811			54
Hybrid and redeemable
preferred securities		47			1		76			10		123			11
Total fixed maturity AFS securities	$	16,786		$	313	$	1,973		$	138	$	18,759		$	451

Total number of fixed maturity AFS securities in an unrealized loss position															2,597

⁽¹⁾As of December 31, 2022 and 2021, we recognized $6 million and $8 million of gross unrealized losses, respectively, in OCI for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

Schedule Of Available-For-Sale Securities Whose Value Is Below Amortized Cost



	As of December 31, 2022
			Gross			Number
	Fair		Unrealized			of
	Value		Losses		Securities⁽¹⁾
Less than six months	$	11,351	$	3,659			1,500
Six months or greater, but less than nine months		4,411		2,226			650
Nine months or greater, but less than twelve months		447		302			74
Twelve months or greater		2		1			15
Total	$	16,211	$	6,188			2,239


	As of December 31, 2021
			Gross			Number
	Fair		Unrealized			of
	Value		Losses		Securities ⁽¹⁾
Less than six months	$	12	$	3			6
Twelve months or greater		58		8			24
Total	$	70	$	11			30

⁽¹⁾We may reflect a security in more than one aging category based on various purchase dates.

Changes In Allowance For Credit Losses On AFS



	For the Year Ended December 31, 2022
	Corporate
	Bonds			RMBS		Other		Total
Balance as of beginning-of-year	$	17		$	1	$	1	$	19
Additions from purchases of PCD debt securities ⁽¹⁾		-			-		-		-
Additions for securities for which credit losses were not
previously recognized		4			3		1		8
Additions (reductions) for securities for which credit losses
were previously recognized		2			3		4		9
Reductions for securities disposed		(2	)		-		-		(2	)
Reductions for securities charged-off		(12	)		-		-		(12	)
Balance as of end-of-year ⁽²⁾	$	9		$	7	$	6	$	22




	For the Year Ended December 31, 2021
	Corporate
	Bonds			RMBS		Other		Total
Balance as of beginning-of-year	$	12		$	1	$	-	$	13
Additions from purchases of PCD debt securities ⁽¹⁾		-			-		-		-
Additions for securities for which credit losses were not
previously recognized		8			-		1		9
Additions (reductions) for securities for which credit losses
were previously recognized		5			-		-		5
Reductions for securities disposed		(2	)		-		-		(2	)
Reductions for securities charged-off		(6	)		-		-		(6	)
Balance as of end-of-year ⁽²⁾	$	17		$	1	$	1	$	19


	For the Year Ended December 31, 2020
	Corporate
	Bonds			RMBS		Other			Total
Balance as of beginning-of-year	$	-		$	-	$	-		$	-
Additions from purchases of PCD debt securities ⁽¹⁾		-			-		-			-
Additions for securities for which credit losses were not
previously recognized		43			1		1			45
Additions (reductions) for securities for which credit losses
were previously recognized		(1	)		-		(1	)		(2	)
Reductions for securities disposed		(17	)		-		-			(17	)
Reductions for securities charged-off		(13	)		-		-			(13	)
Balance as of end-of-year ⁽²⁾	$	12		$	1	$	-		$	13

⁽¹⁾Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.

⁽²⁾As of December 31, 2022, 2021 and 2020, accrued investment income on fixed maturity AFS securities totaled $1.1 billion, $972 million and $1.0 billion, respectively, and was excluded from the estimate of credit losses.

Fair Value Of Trading Securities



				As Restated
	As of			As of
	December 31,			December 31,
		2022			2021
Fixed maturity securities:
Corporate bonds		$	2,248		$	2,734
U.S. government bonds			-			32
State and municipal bonds			21			27
Foreign government bonds			49			73
RMBS			99			95
CMBS			137			137
ABS			919			1,338
Hybrid and redeemable preferred securities			25			24
Total trading securities		$	3,498		$	4,460

Composition Of Current And Past Due Mortgage Loans On Real Estate



	As of December 31, 2022									As of December 31, 2021
	Commercial			Residential			Total			Commercial			Residential			Total
Current	$	17,003		$	1,315		$	18,318		$	17,167		$	837		$	18,004
30 to 59 days past due		19			23			42			15			21			36
60 to 89 days past due		-			6			6			-			5			5
90 or more days past due		-			33			33			-			29			29
Allowance for credit losses		(84	)		(15	)		(99	)		(79	)		(17	)		(96	)
Unamortized premium (discount)		(8	)		36			28			(11	)		27			16
Mark-to-market gains (losses) ⁽¹⁾		(27	)		-			(27	)		(3	)		-			(3	)
Total carrying value	$	16,903		$	1,398		$	18,301		$	17,089		$	902		$	17,991

⁽¹⁾Represents the mark-to-market on certain mortgage loans on real estate for which we have elected the fair value option. See Note 20 for additional information.

Schedule Of Average Carrying Value Of Impaired Mortgage Loans On Real Estate



	For the Years Ended December 31,
	2022		2021		2020
Average aggregate carrying value for impaired mortgage loans on real estate	$	16	$	32	$	21
Interest income recognized on impaired mortgage loans on real estate		-		-		-
Interest income collected on impaired mortgage loans on real estate		-		-		-

Amortized Cost Of Mortgage Loans On Real Estate On Nonaccrual Status


	As of December 31, 2022				As of December 31, 2021
	Nonaccrual				Nonaccrual
	with no				with no
	Allowance				Allowance
	for Credit				for Credit
	Losses		Nonaccrual		Losses		Nonaccrual
Commercial mortgage loans on real estate	$	-	$	-	$	-	$	-
Residential mortgage loans on real estate		-		34		-		30
Total	$	-	$	34	$	-	$	30

Changes In Allowance For Credit Losses On Mortgage Loans On Real Estate


	For the Year Ended December 31, 2022
	Commercial		Residential			Total
Balance as of beginning-of-year	$	79	$	17		$	96
Additions (reductions) from provision for credit loss expense ⁽¹⁾		5		(2	)		3
Additions from purchases of PCD mortgage loans on real estate		-		-			-
Balance as of end-of-year ⁽²⁾	$	84	$	15		$	99


	For the Year Ended December 31, 2021
	Commercial			Residential		Total
Balance as of beginning-of-year	$	187		$	17	$	204
Additions (reductions) from provision for credit loss expense ⁽¹⁾		(108	)		-		(108	)
Additions from purchases of PCD mortgage loans on real estate		-			-		-
Balance as of end-of-year ⁽²⁾	$	79		$	17	$	96


	For the Year Ended December 31, 2020
	Commercial		Residential			Total
Balance as of beginning-of-year	$	-	$	2		$	2
Impact of adopting new accounting standard		62		26			88
Additions (reductions) from provision for credit loss expense ⁽¹⁾		125		(11	)		114
Additions from purchases of PCD mortgage loans on real estate		-		-			-
Balance as of end-of-year ⁽²⁾	$	187	$	17		$	204

⁽¹⁾We did not recognize any credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the year ended December 31, 2022. We recognized $4 million and $(2) million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the years ended December 31, 2021 and 2020, respectively.

⁽²⁾Accrued investment income on mortgage loans on real estate totaled $51 million, $49 million and $49 million as of December 31, 2022, 2021 and 2020, respectively, and was excluded from the estimate of credit losses.

Net Investment Income



	As Restated						For the
	For the Years Ended						Year Ended
	December 31,						December 31,
	2022			2021			2020
Fixed maturity AFS securities	$	4,469		$	4,351			$	4,334
Trading securities		182			167				202
Equity securities		11			3				3
Mortgage loans on real estate		689			680				677
Policy loans		101			115				125
Cash and invested cash		13			-				12
Commercial mortgage loan prepayment
and bond make-whole premiums		105			199				82
Alternative investments		66			679				197
Consent fees		8			10				7
Other investments		79			64				46
Investment income		5,723			6,268				5,685
Investment expense		(208	)		(157	)			(175	)
Net investment income	$	5,515		$	6,111			$	5,510

Credit Loss Expense Incurred



	For the Years Ended December 31,
	2022			2021			2020
Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds	$	(5	)	$	(10	)	$	(25	)
RMBS		(6	)		-			(1	)
ABS		(4	)		-			-
Hybrid and redeemable preferred securities		-			(1	)		-
Gross credit loss benefit (expense)		(15	)		(11	)		(26	)
Associated amortization of DAC, VOBA, DSI and DFEL		-			-			1
Net credit loss benefit (expense)	$	(15	)	$	(11	)	$	(25	)

Payables For Collateral On Investments



	As of December 31, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Collateral payable for derivative investments ⁽¹⁾	$	3,284	$	3,284	$	5,575	$	5,575
Securities pledged under securities lending agreements ⁽²⁾		298		287		241		235
Investments pledged for FHLBI ⁽³⁾		3,130		3,925		3,130		4,876
Total payables for collateral on investments	$	6,712	$	7,496	$	8,946	$	10,686

⁽¹⁾We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash. This also includes interest payable on collateral. See Note 5 for additional information.

⁽²⁾Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.

⁽³⁾Our pledged investments for FHLBI are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

Schedule Of Increase (Decrease) In Payables For Collateral On Investments




	For the Years Ended December 31,
	2022			2021		2020
Collateral payable for derivative investments	$	(2,291	)	$	2,599	$	1,588
Securities pledged under securities lending agreements		57			125		2
Investments pledged for FHLBI		-			-		(450	)
Total increase (decrease) in payables for collateral on investments	$	(2,234	)	$	2,724	$	1,140

Schedule Of Securities Pledged By Contractual Maturity



	As of December 31, 2022
	Overnight and Continuous		Up to 30 Days		30 - 90 ‎Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	288	$	-	$	-	$	-	$	288
Foreign government bonds		2		-		-		-		2
Equity securities		8		-		-		-		8
Total gross secured borrowings	$	298	$	-	$	-	$	-	$	298


	As of December 31, 2021
	Overnight and Continuous		Up to 30 Days		30 - 90 ‎Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	239	$	-	$	-	$	-	$	239
Foreign government bonds		1		-		-		-		1
Equity securities		1		-		-		-		1
Total gross secured borrowings	$	241	$	-	$	-	$	-	$	241

Commercial [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

Credit Quality Indicators For Mortgage Loans



	As of December 31, 2022
			Debt-			Debt-			Debt-
			Service			Service			Service
	Less		Coverage	65%		Coverage	Greater		Coverage
	than 65%		Ratio	to 75%		Ratio	than 75%		Ratio	Total
Origination Year
2022	$	1,769	2.06	$	105	1.50	$	2	1.45	$	1,876
2021		2,354	3.05		72	1.53		-	-		2,426
2020		1,289	3.00		17	1.58		-	-		1,306
2019		2,685	2.18		81	1.50		29	1.58		2,795
2018		2,225	2.17		71	1.62		-	-		2,296
2017 and prior		6,184	2.44		131	1.75		-	-		6,315
Total	$	16,506		$	477		$	31		$	17,014



	As of December 31, 2021
			Debt-			Debt-			Debt-
			Service			Service			Service
	Less		Coverage	65%		Coverage	Greater		Coverage
	than 65%		Ratio	to 75%		Ratio	than 75%		Ratio	Total
Origination Year
2021	$	2,384	3.04	$	136	1.74	$	-	-	$	2,520
2020		1,358	3.03		144	2.06		-	-		1,502
2019		2,917	2.15		188	1.42		-	-		3,105
2018		2,274	2.13		172	1.59		15	1.02		2,461
2017		1,655	2.33		149	1.74		27	0.83		1,831
2016 and prior		5,554	2.41		171	1.76		27	1.08		5,752
Total	$	16,142		$	960		$	69		$	17,171

Residential [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

Credit Quality Indicators For Mortgage Loans



	As of December 31, 2022
	Performing		Nonperforming			Total
Origination Year
2022	$	578		$	5	$	583
2021		527			6		533
2020		90			3		93
2019		119			18		137
2018		65			2		67
2017 and prior		-			-		-
Total	$	1,379		$	34	$	1,413



	As of December 31, 2021
	Performing		Nonperforming			Total
Origination Year
2021	$	467		$	2	$	469
2020		129			2		131
2019		189			21		210
2018		104			5		109
2017		-			-		-
2016 and prior		-			-		-
Total	$	889		$	30	$	919