Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The carrying values and estimated fair values of our financial instruments (in millions) were as follows:

	As of September 30, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Fixed maturity AFS securities	$	90,682	$	90,682	$	88,738	$	88,738
Trading securities	2,206		2,206		2,359		2,359
Equity securities	293		293		306		306
Mortgage loans on real estate	20,856		19,945		18,963		17,407
Derivative investments	9,522		9,522		6,474		6,474
Other investments	5,743		5,743		5,015		5,015
Cash and invested cash	6,013		6,013		3,365		3,365
MRB assets	4,565		4,565		3,894		3,894
Other assets:
Ceded MRBs	2		2		2		2
Indexed annuity ceded embedded derivatives	1,132		1,132		940		940
Separate account assets	171,483		171,483		158,257		158,257
Liabilities
Policyholder account balances:
Account balances of certain investment contracts	(45,822)		(35,885)		(44,640)		(34,041)
RILA, fixed annuity and IUL contracts	(12,270)		(12,270)		(9,077)		(9,077)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives	(668)		(668)		(552)		(552)
MRB liabilities	(1,272)		(1,272)		(1,716)		(1,716)
Short-term debt	(300)		(297)		(250)		(249)
Long-term debt	(5,897)		(5,370)		(5,699)		(5,182)
Other liabilities:
Ceded MRBs	(341)		(341)		(239)		(239)
Derivative liabilities	(85)		(85)		(356)		(356)
Remaining guaranteed interest and similar contracts	(355)		(355)		(411)		(411)

Fair Value Option, Disclosures

The fair value and aggregate contractual principal for mortgage loans on real estate where the fair value option was elected (in millions) were as follows:

	As of September 30,		As of December 31,
	2024		2023
Fair value	$	263	$	288
Aggregate contractual principal	297		326

Fair Value of Assets and Liabilities on a Recurring Basis

The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels:

	As of September 30, 2024
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	67,568	$	2,666	$	70,234
U.S. government bonds	378		20		–		398
State and municipal bonds	–		2,567		–		2,567
Foreign government bonds	–		252		–		252
RMBS	–		1,869		13		1,882
CMBS	–		1,622		21		1,643
ABS	–		11,343		2,101		13,444
Hybrid and redeemable preferred securities	51		134		77		262
Trading securities	–		1,932		274		2,206
Equity securities	–		258		35		293
Mortgage loans on real estate	–		–		263		263
Derivative investments (1)	–		16,134		9		16,143
Other investments – short-term investments	–		209		20		229
Cash and invested cash	–		6,013		–		6,013
MRB assets	–		–		4,565		4,565
Other assets:
Ceded MRBs	–		–		2		2
Indexed annuity ceded embedded derivatives	–		–		1,132		1,132
Separate account assets	403		171,080		–		171,483
Total assets	$	832	$	281,001	$	11,178	$	293,011
Liabilities
Policyholder account balances – RILA, fixed annuity
and IUL contracts	$	–	$	–	$	(12,270)	$	(12,270)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives	–		(1,125)		457		(668)
MRB liabilities	–		–		(1,272)		(1,272)
Other liabilities:
Ceded MRBs	–		–		(341)		(341)
Derivative liabilities (1)	–		(6,696)		(10)		(6,706)
Total liabilities	$	–	$	(7,821)	$	(13,436)	$	(21,257)

	As of December 31, 2023
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	67,160	$	2,497	$	69,657
U.S. government bonds	374		19		–		393
State and municipal bonds	–		2,785		5		2,790
Foreign government bonds	–		283		–		283
RMBS	–		1,760		13		1,773
CMBS	–		1,416		8		1,424
ABS	–		10,687		1,484		12,171
Hybrid and redeemable preferred securities	46		153		48		247
Trading securities	–		2,075		284		2,359
Equity securities	1		263		42		306
Mortgage loans on real estate	–		–		288		288
Derivative investments (1)	–		10,874		622		11,496
Other investments – short-term investments	–		233		–		233
Cash and invested cash	–		3,365		–		3,365
MRB assets	–		–		3,894		3,894
Other assets:
Ceded MRBs	–		–		2		2
Indexed annuity ceded embedded derivatives	–		–		940		940
Separate account assets	402		157,855		–		158,257
Total assets	$	823	$	258,928	$	10,127	$	269,878
Liabilities
Policyholder account balances – RILA, fixed annuity
and IUL contracts	$	–	$	–	$	(9,077)	$	(9,077)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives	–		237		(789)		(552)
MRB liabilities	–		–		(1,716)		(1,716)
Other liabilities:
Ceded MRBs	–		–		(239)		(239)
Derivative liabilities (1)	–		(4,792)		(586)		(5,378)
Total liabilities	$	–	$	(4,555)	$	(12,407)	$	(16,962)

(1) Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty.

Fair Value Measured on a Recurring Basis Reconciliation

The following summarizes changes to our financial instruments carried at fair value (in millions) and classified within Level 3 of the fair value hierarchy. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. The summary schedule excludes changes to MRB assets and MRB liabilities as these balances are rolled forward in Note 8.

	For the Three Months Ended September 30, 2024
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	2,581	$	(1)	$	43	$	50	$	(7)	$	2,666
RMBS	18		–		–		–		(5)		13
CMBS	23		–		–		14		(16)		21
ABS	1,997		–		50		232		(178)		2,101
Hybrid and redeemable preferred
securities	50		–		1		16		10		77
Trading securities	273		7		–		(6)		–		274
Equity securities	38		–		–		1		(4)		35
Mortgage loans on real estate	258		2		4		(1)		–		263
Derivative investments	(8)		6		–		1		–		(1)
Other investments (4)	–		–		–		10		10		20
Other assets:
Ceded MRBs (3)	2		–		–		–		–		2
Indexed annuity ceded embedded
derivatives (4)	967		191		–		(26)		–		1,132
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)	(11,417)		(898)		–		45		–		(12,270)
Funds withheld reinsurance
liabilities – reinsurance-related
embedded derivatives (4)	(204)		661		–		–		–		457
Other liabilities – ceded MRBs (3)	(344)		3		–		–		–		(341)
Total, net	$	(5,766)	$	(29)	$	98	$	336	$	(190)	$	(5,551)

	For the Three Months Ended September 30, 2023
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	2,366	$	(4)	$	(14)	$	105	$	(43)	$	2,410
State and municipal bonds	36		(4)		1		–		–		33
RMBS	6		–		(1)		–		7		12
ABS	1,208		–		(5)		247		(113)		1,337
Hybrid and redeemable preferred
securities	60		–		1		–		(13)		48
Trading securities	351		(3)		–		(4)		6		350
Equity securities	125		12		–		–		–		137
Mortgage loans on real estate	404		2		(3)		(88)		–		315
Derivative investments	31		(26)		–		8		–		13
Other assets:
Ceded MRBs (3)	2		–		–		–		–		2
Indexed annuity ceded embedded
derivatives (4)	603		(49)		–		32		–		586
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)	(7,600)		621		–		(195)		–		(7,174)
Other liabilities – ceded MRBs (3)	(293)		(12)		–		–		–		(305)
Total, net	$	(2,701)	$	537	$	(21)	$	105	$	(156)	$	(2,236)

	For the Nine Months Ended September 30, 2024
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	2,497	$	1	$	25	$	264	$	(121)	$	2,666
State and municipal bonds	5		–		–		–		(5)		–
RMBS	13		–		(1)		6		(5)		13
CMBS	8		–		–		29		(16)		21
ABS	1,484		–		55		798		(236)		2,101
Hybrid and redeemable preferred
securities	48		–		3		16		10		77
Trading securities	284		7		–		(17)		–		274
Equity securities	42		(3)		–		–		(4)		35
Mortgage loans on real estate	288		6		5		(36)		–		263
Derivative investments	36		11		–		3		(51)		(1)
Other investments (4)	–		–		–		10		10		20
Other assets:
Ceded MRBs (3)	2		–		–		–		–		2
Indexed annuity ceded embedded
derivatives (4)	940		238		–		(46)		–		1,132
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)	(9,077)		(2,915)		–		(278)		–		(12,270)
Funds withheld reinsurance
liabilities – reinsurance-related
embedded derivatives (4)	(789)		1,246		–		–		–		457
Other liabilities – ceded MRBs (3)	(239)		(102)		–		–		–		(341)
Total, net	$	(4,458)	$	(1,511)	$	87	$	749	$	(418)	$	(5,551)

	For the Nine Months Ended September 30, 2023
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	2,295	$	1	$	(13)	$	130	$	(3)	$	2,410
State and municipal bonds	35		(4)		3		(1)		–		33
RMBS	1		–		(1)		5		7		12
CMBS	–		–		–		(4)		4		–
ABS	1,117		–		(3)		567		(344)		1,337
Hybrid and redeemable preferred
securities	49		–		(2)		(2)		3		48
Trading securities	581		(1)		–		(236)		6		350
Equity securities	153		(17)		–		1		–		137
Mortgage loans on real estate	487		–		2		(174)		–		315
Derivative investments	2		(28)		–		8		31		13
Other assets:
Ceded MRBs (3)	12		(10)		–		–		–		2
Indexed annuity ceded embedded
derivatives (4)	525		(37)		–		98		–		586
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)	(4,783)		(1,669)		–		(722)		–		(7,174)
Other liabilities – ceded MRBs (3)	(205)		(100)		–		–		–		(305)
Total, net	$	269	$	(1,865)	$	(14)	$	(330)	$	(296)	$	(2,236)

(1) The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 5).

(2) Amortization and accretion of premiums and discounts are included in net investment income on the Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(3) Gains (losses) from the changes in fair value are included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(4) Gains (losses) from the changes in fair value are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

Schedule of Investment Holdings Movements

The following provides the components of the items included in issuances, sales, maturities, settlements and calls, net, (in millions) as reported above:

	For the Three Months Ended September 30, 2024
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	281	$	(61)	$	–	$	(170)	$	–	$	50
CMBS	14		–		–		–		–		14
ABS	402		(20)		–		(104)		(46)		232
Hybrid and redeemable preferred
securities	16		–		–		–		–		16
Trading securities	1		–		–		(7)		–		(6)
Equity securities	1		–		–		–		–		1
Mortgage loans on real estate	–		–		–		(1)		–		(1)
Derivative investments	–		–		1		–		–		1
Other investments	10		–		–		–		–		10
Other assets – indexed annuity ceded
embedded derivatives	51		–		–		(77)		–		(26)
Policyholder account balances –
RILA, fixed annuity and
IUL contracts	(317)		–		–		362		–		45
Total, net	$	459	$	(81)	$	1	$	3	$	(46)	$	336

	For the Three Months Ended September 30, 2023
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	178	$	(28)	$	–	$	(45)	$	–	$	105
ABS	279		–		–		(32)		–		247
Trading securities	–		–		–		(4)		–		(4)
Mortgage loans on real estate	1		–		–		(89)		–		(88)
Derivative investments	9		–		(1)		–		–		8
Other assets – indexed annuity ceded
embedded derivatives	28		–		–		4		–		32
Policyholder account balances –
RILA, fixed annuity and
IUL contracts	(231)		–		–		36		–		(195)
Total, net	$	264	$	(28)	$	(1)	$	(130)	$	–	$	105

	For the Nine Months Ended September 30, 2024
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	922	$	(260)	$	(2)	$	(395)	$	(1)	$	264
RMBS	6		–		–		–		–		6
CMBS	29		–		–		–		–		29
ABS	1,128		(50)		–		(223)		(57)		798
Hybrid and redeemable preferred
securities	16		–		–		–		–		16
Trading securities	6		(2)		–		(21)		–		(17)
Equity securities	1		(1)		–		–		–		–
Mortgage loans on real estate	1		(31)		–		(6)		–		(36)
Derivative investments	4		–		(1)		–		–		3
Other investments	10		–		–		–		–		10
Other assets – indexed annuity ceded
embedded derivatives	103		–		–		(149)		–		(46)
Policyholder account balances –
RILA, fixed annuity and
IUL contracts	(849)		–		–		571		–		(278)
Total, net	$	1,377	$	(344)	$	(3)	$	(223)	$	(58)	$	749

	For the Nine Months Ended September 30, 2023
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	587	$	(65)	$	(34)	$	(347)	$	(11)	$	130
State and municipal bonds	–		(1)		–		–		–		(1)
RMBS	5		–		–		–		–		5
CMBS	–		–		–		(4)		–		(4)
ABS	736		(2)		–		(167)		–		567
Hybrid and redeemable preferred
securities	–		–		–		–		(2)		(2)
Trading securities	–		(155)		–		(81)		–		(236)
Equity securities	1		–		–		–		–		1
Mortgage loans on real estate	5		–		–		(179)		–		(174)
Derivative investments	9		–		(1)		–		–		8
Other assets – indexed annuity ceded
embedded derivatives	112		–		–		(14)		–		98
Policyholder account balances –
RILA, fixed annuity and
IUL contracts	(846)		–		–		124		–		(722)
Total, net	$	609	$	(223)	$	(35)	$	(668)	$	(13)	$	(330)

Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings

The following summarizes changes in unrealized gains (losses) included in net income related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Trading securities (1)	$	7	$	(3)	$	6	$	(2)
Equity securities (1)	–		12		(2)		(17)
Mortgage loans on real estate (1)	2		2		(2)		(1)
Derivative investments (1)	5		(25)		14		(27)
MRBs (2)	(665)		1,415		1,357		2,783
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (1)	661		–		1,246		–
Embedded derivatives – indexed annuity
and IUL contracts (1)	23		(4)		755		(223)
Total, net	$	33	$	1,397	$	3,374	$	2,513

(1) Included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(2) Included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

Changes in Unrealized Gains (Losses) Included in OCI

The following summarizes changes in unrealized gains (losses) included in OCI, net of tax, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Fixed maturity AFS securities:
Corporate bonds	$	43	$	(19)	$	2	$	(21)
State and municipal bonds	–		2		–		3
RMBS	1		(1)		–		(1)
ABS	47		(5)		27		(4)
Hybrid and redeemable preferred
securities	1		–		2		(2)
Mortgage loans on real estate	4		(3)		5		1
Total, net	$	96	$	(26)	$	36	$	(24)

Components of the Transfers In and Out of Level 3

The following provides the components of the transfers into and out of Level 3 (in millions) as reported above:

	For the Three Months Ended September 30, 2024						For the Three Months Ended September 30, 2023
	Transfers		Transfers				Transfers		Transfers
	Into		Out of				Into		Out of
	Level 3		Level 3		Total		Level 3		Level 3		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	(7)	$	(7)	$	36	$	(79)	$	(43)
RMBS	–		(5)		(5)		12		(5)		7
CMBS	–		(16)		(16)		–		–		–
ABS	–		(178)		(178)		–		(113)		(113)
Hybrid and redeemable preferred
securities	10		–		10		–		(13)		(13)
Trading securities	–		–		–		6		–		6
Equity securities	–		(4)		(4)		–		–		–
Other investments	10		–		10		–		–		–
Total, net	$	20	$	(210)	$	(190)	$	54	$	(210)	$	(156)

	For the Nine Months Ended September 30, 2024						For the Nine Months Ended September 30, 2023
	Transfers		Transfers				Transfers		Transfers
	Into		Out of				Into		Out of
	Level 3		Level 3		Total		Level 3		Level 3		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	22	$	(143)	$	(121)	$	195	$	(198)	$	(3)
RMBS	–		(5)		(5)		12		(5)		7
CMBS	–		(16)		(16)		4		–		4
State and municipal bonds	–		(5)		(5)		–		–		–
ABS	50		(286)		(236)		2		(346)		(344)
Hybrid and redeemable preferred
securities	10		–		10		16		(13)		3
Trading securities	–		–		–		6		–		6
Equity securities	–		(4)		(4)		–		–		–
Derivative investments	–		(51)		(51)		31		–		31
Other investments	10		–		10		–		–		–
Total, net	$	92	$	(510)	$	(418)	$	266	$	(562)	$	(296)

Fair Value Inputs Quantitative Information

The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of September 30, 2024:

										Weighted
	Fair		Valuation	Significant	Assumption or					Average Input
	Value		Technique	Unobservable Inputs	Input Ranges					Range (1)
Assets
Investments:
Fixed maturity AFS
securities:
Corporate bonds	$	183	Discounted cash flow	Liquidity/duration adjustment (2)	0	%	–	4.2	%	2.0	%
ABS	11		Discounted cash flow	Liquidity/duration adjustment (2)	1.5	%	–	1.5	%	1.5	%
CMBS	8		Discounted cash flow	Liquidity/duration adjustment (2)	2.1	%	—	2.1	%	2.1	%
Hybrid and redeemable
preferred securities	24		Discounted cash flow	Liquidity/duration adjustment (2)	1.4	%	–	2.0	%	1.8	%
Equity securities	5		Discounted cash flow	Liquidity/duration adjustment (2)	4.5	%	–	4.5	%	4.5	%
MRB assets	4,565
Other assets – ceded MRBs	2		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.27	%	–	2.24	%	1.81	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	14.47	%
Other assets – indexed
annuity ceded embedded
derivatives	1,132		Discounted cash flow	Lapse (3)	0	%	–	9	%	(10)
				Mortality (7)				(9)		(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives	$	(12,176)	Discounted cash flow	Lapse (3)	0	%	–	9	%	(10)
				Mortality (7)				(9)		(10)
MRB liabilities	(1,272)
Other liabilities – ceded
MRBs	(341)		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.27	%	–	2.24	%	1.81	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	14.47	%

The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2023:

										Weighted
	Fair		Valuation	Significant	Assumption or					Average Input
	Value		Technique	Unobservable Inputs	Input Ranges					Range (1)
Assets
Investments:
Fixed maturity AFS
securities:
Corporate bonds	$	186	Discounted cash flow	Liquidity/duration adjustment (2)	(0.2)	%	–	3.7	%	2.1	%
State and municipal
bonds	5		Discounted cash flow	Liquidity/duration adjustment (2)	0.9	%	–	2.2	%	2.1	%
CMBS	8		Discounted cash flow	Liquidity/duration adjustment (2)	2.3	%	–	2.3	%	2.3	%
ABS	12		Discounted cash flow	Liquidity/duration adjustment (2)	1.8	%	–	1.8	%	1.8	%
Hybrid and redeemable
preferred securities	7		Discounted cash flow	Liquidity/duration adjustment (2)	1.4	%	–	1.5	%	1.5	%
Equity securities	5		Discounted cash flow	Liquidity/duration adjustment (2)	4.5	%	–	4.5	%	4.5	%
MRB assets	3,894
Other assets – ceded MRBs	2		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.51	%	–	2.13	%	1.78	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	13.92	%
Other assets – indexed
annuity ceded embedded
derivatives	940		Discounted cash flow	Lapse (3)	0	%	–	9	%	(10)
				Mortality (7)				(9)		(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives	$	(9,013)	Discounted cash flow	Lapse (3)	0	%	–	9	%	(10)
				Mortality (7)				(9)		(10)
MRB liabilities	(1,716)
Other liabilities – ceded
MRBs	(239)		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.51	%	–	2.13	%	1.78	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	13.92	%

(1) Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted.

(2) The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment.

(3) The lapse input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapses during the surrender charge period.

(4) The utilization of GLB withdrawals input represents the estimated percentage of policyholders that utilize the GLB withdrawal riders.

(5) The utilization factors are applied to the present value of claims or premiums, as appropriate, in the MRB calculation to estimate the impact of inefficient GLB withdrawal behavior, including taking less than or more than the maximum GLB withdrawal.

(6) The non-performance risk input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The non-performance risk input was weighted by the absolute value of the sensitivity of the reserve to the non-performance risk assumption.

(7) The mortality input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.

(8) The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account balance assigned to each index.

(9) The mortality is based on a combination of company and industry experience, adjusted for improvement factors.

(10) A weighted average input range is not a meaningful measurement for lapse, utilization factors or mortality.