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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value of Financial Instruments [Abstract]  
Carrying And Estimated Fair Values Of Financial Instruments As of December 31, 2021 As of December 31, 2020 Carrying Fair Carrying Fair Value Value Value Value Assets Fixed maturity AFS securities$ 117,511 $ 117,511 $ 121,111 $ 121,111 Trading securities 4,427 4,427 4,442 4,442 Equity securities 314 314 127 127 Mortgage loans on real estate 17,893 18,599 16,681 18,129 Derivative investments (1) 5,437 5,437 3,109 3,109 Other investments 3,439 3,439 3,015 3,015 Cash and invested cash 2,331 2,331 1,462 1,462 Other assets: GLB direct embedded derivatives 1,963 1,963 450 450 GLB ceded embedded derivatives 56 56 82 82 Indexed annuity ceded embedded derivatives 528 528 550 550 LPR ceded derivative 318 318 - - Separate account assets 182,583 182,583 167,965 167,965 Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives (6,131) (6,131) (3,594) (3,594)Other contract holder funds: Remaining guaranteed interest and similar contracts (1,788) (1,788) (1,854) (1,854)Account values of certain investment contracts (41,164) (47,828) (40,917) (49,709)Short-term debt (1,084) (1,084) (497) (497)Long-term debt (2,334) (2,675) (2,412) (2,834)Reinsurance related embedded derivatives (578) (578) (540) (540)Other liabilities: Derivative liabilities (1) (249) (249) (353) (353)GLB ceded embedded derivatives (2,015) (2,015) (531) (531) (1)We have master netting agreements with each of our derivative counterparties, which allow for the netting of our derivative asset and liability positions by counterparty.
Schedule Of Mortgage Loans With Election Of Fair Value Option As of As of December 31, December 31, 2021 2020 Fair value$ 739 $ 832 Aggregate contractual principal 742 839
Fair Value Of Assets And Liabilities On A Recurring Basis As of December 31, 2021 Quoted Prices in Active Markets forSignificantSignificant Identical ObservableUnobservable Total Assets Inputs Inputs Fair (Level 1) (Level 2) (Level 3) Value Assets Investments: Fixed maturity AFS securities: Corporate bonds $ - $ 88,622 $ 8,801 $ 97,423 U.S. government bonds 395 5 - 400 State and municipal bonds - 6,377 - 6,377 Foreign government bonds - 382 41 423 RMBS - 2,302 3 2,305 CMBS - 1,590 - 1,590 ABS - 7,636 870 8,506 Hybrid and redeemable preferred securities 53 344 90 487 Trading securities 32 3,567 828 4,427 Equity securities 7 216 91 314 Mortgage loans on real estate - - 739 739 Derivative investments (1) - 7,597 149 7,746 Other investments – short-term investments - 114 - 114 Cash and invested cash - 2,331 - 2,331 Other assets: GLB direct embedded derivatives - - 1,963 1,963 GLB ceded embedded derivatives - - 56 56 Indexed annuity ceded embedded derivatives - - 528 528 LPR ceded derivative - - 318 318 Separate account assets 646 181,929 - 182,575 Total assets $ 1,133 $ 303,012 $ 14,477 $ 318,622 Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives $ - $ - $ (6,131) $ (6,131)Reinsurance related embedded derivatives - (578) - (578)Other liabilities: Derivative liabilities (1) - (2,430) (128) (2,558)GLB ceded embedded derivatives - - (2,015) (2,015)Total liabilities $ - $ (3,008) $ (8,274) $ (11,282) ‎ As of December 31, 2020 Quoted Prices in Active Markets forSignificantSignificant Identical ObservableUnobservable Total Assets Inputs Inputs Fair (Level 1) (Level 2) (Level 3) Value Assets Investments: Fixed maturity AFS securities: Corporate bonds $ - $ 93,663 $ 7,761 $ 101,424 U.S. government bonds 438 6 5 449 State and municipal bonds - 6,662 - 6,662 Foreign government bonds - 391 74 465 RMBS - 2,836 2 2,838 CMBS - 1,494 1 1,495 ABS - 6,608 570 7,178 Hybrid and redeemable preferred securities 53 444 103 600 Trading securities 5 3,794 643 4,442 Equity securities 22 48 57 127 Mortgage loans on real estate - - 832 832 Derivative investments (1) - 1,733 3,575 5,308 Cash and invested cash - 1,462 - 1,462 Other assets: GLB direct embedded derivatives - - 450 450 GLB ceded embedded derivatives - - 82 82 Indexed annuity ceded embedded derivatives - - 550 550 Separate account assets 606 167,351 - 167,957 Total assets $ 1,124 $ 286,492 $ 14,705 $ 302,321 Liabilities Future contract benefits – indexed annuity and IUL contracts embedded derivatives $ - $ - $ (3,594) $ (3,594)Reinsurance related embedded derivatives - (540) - (540)Other liabilities: Derivative liabilities (1) - (519) (2,033) (2,552)GLB ceded embedded derivatives - - (531) (531)Total liabilities $ - $ (1,059) $ (6,158) $ (7,217) (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 For the Year Ended December 31, 2021 Purchases, GainsIssuances,Transfers Items (Losses)Sales,Into or Included inMaturities,Out Beginning in OCISettlements,of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds$ 7,761 $ 3 $ (182)$ 1,189 $ 30 $ 8,801 U.S. government bonds 5 - - (5) - - Foreign government bonds 74 - (11) 80 (102) 41 RMBS 2 - - 2 (1) 3 CMBS 1 (1) - 8 (8) - ABS 570 1 (9) 602 (294) 870 Hybrid and redeemable preferred securities 103 - 25 (38) - 90 Trading securities 643 (3) - 210 (22) 828 Equity securities 57 38 - (4) - 91 Mortgage loans on real estate 832 11 5 (109) - 739 Derivative investments 1,542 1,255 (3) (139) (2,634) 21 Other assets: GLB direct embedded derivatives (3) 450 1,513 - - - 1,963 GLB ceded embedded derivatives (3) 82 (26) - - - 56 Indexed annuity ceded embedded derivatives (3) 550 87 - (109) - 528 LPR ceded derivative (4) - - - - 318 318 Future contract benefits – indexed annuity and IUL contracts embedded derivatives (3) (3,594) (2,709) - 172 - (6,131)Other liabilities – GLB ceded embedded derivatives (3) (531) (1,484) - - - (2,015)Total, net$ 8,547 $ (1,315)$ (175)$ 1,859 $ (2,713)$ 6,203 ‎ For the Year Ended December 31, 2020 Purchases, GainsIssuances,Transfers Items (Losses)Sales,Into or Included inMaturities,Out Beginning in OCISettlements,of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds$ 6,978 $ (7)$ 281 $ 435 $ 74 $ 7,761 U.S. government bonds 5 - - - - 5 Foreign government bonds 90 - 3 (19) - 74 RMBS 11 - - - (9) 2 CMBS 1 - - - - 1 ABS 268 - 10 495 (203) 570 Hybrid and redeemable preferred securities 78 - (2) 9 18 103 Trading securities 666 10 - (32) (1) 643 Equity securities 30 4 - 18 5 57 Mortgage loans on real estate - (1) (10) 56 787 832 Derivative investments 868 986 267 (363) (216) 1,542 Other assets: (3) GLB direct embedded derivatives 450 - - - - 450 GLB ceded embedded derivatives 60 22 - - - 82 Indexed annuity ceded embedded derivatives 927 538 - (915) - 550 Future contract benefits – indexed annuity and IUL contracts embedded derivatives (3) (2,585) (1,009) - - - (3,594)Other liabilities – GLB ceded embedded derivatives (3) (510) (21) - - - (531)Total, net$ 7,337 $ 522 $ 549 $ (316)$ 455 $ 8,547 ‎ For the Year Ended December 31, 2019 Purchases, GainsIssuances,Transfers Items (Losses)Sales,Into or Included inMaturities,Out Beginning in OCISettlements,of Ending Fair Net and Calls, Level 3, Fair Value Income Other (1) Net Net Value Investments: (2) Fixed maturity AFS securities: Corporate bonds$ 5,652 $ 3 $ 177 $ 1,195 $ (49)$ 6,978 U.S. government bonds - - - - 5 5 Foreign government bonds 109 - 6 (25) - 90 RMBS 7 - - 21 (17) 11 CMBS 2 1 - 5 (7) 1 ABS 134 - 1 619 (486) 268 Hybrid and redeemable preferred securities 75 - 3 - - 78 Trading securities 67 17 - 850 (268) 666 Equity securities 25 (12) - 17 - 30 Derivative investments 533 9 164 162 - 868 Other assets: (3) GLB direct embedded derivatives 123 327 - - - 450 GLB ceded embedded derivatives 72 (12) - - - 60 Indexed annuity ceded embedded derivatives 902 158 - (133) - 927 Future contract benefits – indexed annuity and IUL contracts embedded derivatives (3) (1,305) (900) - (380) - (2,585)Other liabilities – GLB ceded embedded derivatives (3) (196) (314) - - - (510)Total, net$ 6,200 $ (723)$ 351 $ 2,331 $ (822)$ 7,337 (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 our 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 our Consolidated Statements of Comprehensive Income (Loss).(3)Gains (losses) from the changes in fair value are included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss).(4)Gains (losses) from the changes in fair value are included in benefits on our Consolidated Statements of Comprehensive Income (Loss).
Schedule Of Investment Holdings Movements For the Year Ended December 31, 2021 Issuances Sales MaturitiesSettlementsCalls Total Investments: Fixed maturity AFS securities: Corporate bonds$ 1,861 $ (110)$ (109)$ (423)$ (30)$ 1,189 U.S. government bonds - - (5) - - (5)Foreign government bonds 80 - - - - 80 RMBS 2 - - - - 2 CMBS 8 - - - - 8 ABS 835 - - (233) - 602 Hybrid and redeemable preferred securities 12 (20) - - (30) (38)Trading securities 383 (25) - (148) - 210 Equity securities 6 (10) - - - (4)Mortgage loans on real estate 96 (101) (26) (78) - (109)Derivative investments 174 (124) (189) - - (139)Other assets – indexed annuity ceded embedded derivatives 55 - - (164) - (109)Future contract benefits – indexed annuity and IUL contracts embedded derivatives (400) - - 572 - 172 Total, net$ 3,112 $ (390)$ (329)$ (474)$ (60)$ 1,859 For the Year Ended December 31, 2020 Issuances Sales MaturitiesSettlementsCalls Total Investments: Fixed maturity AFS securities: Corporate bonds$ 1,123 $ (318)$ (43)$ (195)$ (132)$ 435 Foreign government bonds - - (19) - - (19)ABS 571 - - (76) - 495 Hybrid and redeemable preferred securities 13 (4) - - - 9 Trading securities 300 (126) (40) (166) - (32)Equity securities 20 (2) - - - 18 Mortgage loans on real estate 71 (15) - - - 56 Derivative investments 520 (412) (471) - - (363)Other assets – indexed annuity ceded embedded derivatives 25 - - (940) - (915)Future contract benefits – indexed annuity and IUL contracts embedded derivatives (284) - - 284 - - Total, net$ 2,359 $ (877)$ (573)$ (1,093)$ (132)$ (316) ‎ For the Year Ended December 31, 2019 Issuances Sales MaturitiesSettlementsCalls Total Investments: Fixed maturity AFS securities: Corporate bonds$ 1,502 $ (45)$ (78)$ (154)$ (30)$ 1,195 Foreign government bonds - - (25) - - (25)RMBS 21 - - - - 21 CMBS 7 - - (2) - 5 ABS 646 (8) - (19) - 619 Trading securities 872 - - (22) - 850 Equity securities 50 (33) - - 17 Derivative investments 555 (61) (332) - - 162 Other assets – indexed annuity ceded embedded derivatives 56 - - (189) - (133)Future contract benefits – indexed annuity and IUL contracts embedded derivatives (591) - - 211 - (380)Total, net$ 3,118 $ (147)$ (435)$ (175)$ (30)$ 2,331
Changes In Unrealized Gains (Losses) Within Level 3 Financial Instruments Carried At Fair Value And Still Held For the Years Ended December 31, 2021 2020 2019 Trading securities $ 4 $ - $ - Equity securities 40 - - Mortgage loans on real estate 12 - - Derivative investments 1,051 536 168 Embedded derivatives: Indexed annuity and IUL contracts 44 634 (97)Other assets – GLB direct and ceded 2,311 671 1,015 Other liabilities – GLB ceded (2,306) (671) (1,015)Total, net (1)$ 1,156 $ 1,170 $ 71 (1)Included in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss).
Changes in Unrealized Gains (Losses) Included in OCI For the Years Ended December 31, 2021 2020 Fixed maturity AFS securities: Corporate bonds$ (183)$ 60 Foreign government bonds (10) 4 ABS (9) 5 Hybrid and redeemable preferred securities 26 (3)Mortgage loans on real estate 4 - Total, net $ (172)$ 66
Components Of The Transfers In And Out Of Level 3 1 For the Year Ended December 31, 2021 Transfers Transfers Into Out of Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds$ 164 $ (134)$ 30 Foreign government bonds - (102) (102)RMBS - (1) (1)CMBS - (8) (8)ABS 36 (330) (294)Trading securities 12 (34) (22)Derivative investments 24 (2,658) (2,634)Other assets – LPR ceded derivative 318 - 318 Total, net $ 554 $ (3,267)$ (2,713) For the Year Ended December 31, 2020 Transfers Transfers Into Out of Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds$ 290 $ (216)$ 74 RMBS 1 (10) (9)ABS - (203) (203)Hybrid and redeemable preferred securities 18 - 18 Trading securities 1 (2) (1)Equity securities 5 - 5 Mortgage loans on real estate 787 - 787 Derivative investments - (216) (216)Total, net $ 1,102 $ (647)$ 455 For the Year Ended December 31, 2019 Transfers Transfers Into Out of Level 3 Level 3 Total Investments: Fixed maturity AFS securities: Corporate bonds$ 173 $ (222)$ (49)U.S. government bonds 5 - 5 RMBS - (17) (17)CMBS - (7) (7)ABS 9 (495) (486)Trading securities 5 (273) (268)Total, net $ 192 $ (1,014)$ (822)
Fair Value Inputs Quantitative Information Weighted Average Fair Valuation Significant Assumption or Input Value Technique Unobservable Inputs Input Ranges Range (1)Assets Investments: Fixed maturity AFS and trading securities: Corporate bonds$ 3,736 Discounted cash flow Liquidity/duration adjustment (2) 0.1% -4.9% 1.5% Foreign government bonds 41 Discounted cash flow Liquidity/duration adjustment (2) 1.3% -8.0% 6.0% Hybrid and redeemable preferred securities 7 Discounted cash flow Liquidity/duration adjustment (2) 1.7% -1.7% 1.7% Equity securities 21 Discounted cash flow Liquidity/duration adjustment (2) 4.5% -6.7% 6.1% Other assets: GLB direct and ceded embedded derivatives 2,019 Discounted cash flow Long-term lapse rate (3) 1% -30% (10) Utilization of guaranteed withdrawals (4)85% -100% 94% Claims utilization factor (5) 60% -100% (10) Premiums utilization factor (5) 80% -115% (10) NPR (6) 0.07% -1.27% 0.86% Mortality rate (7) (9) (10) Volatility (8) 1% -28% 14.59% Indexed annuity ceded embedded derivatives 528 Discounted cash flow Lapse rate (3) 0% -9% (10) Mortality rate (7) (9) (10) LPR ceded derivative 318 Discounted cash flow Long-term lapse rate (3) 0% -1.65% (10) NPR (6) 0.07% -1.27% 0.84% Mortality rate (7) (9) (10) Liabilities Future contract benefits – indexed annuity contracts embedded derivatives$ (6,062)Discounted cash flow Lapse rate (3) 0% -9% (10) Mortality rate (7) (9) (10) Other liabilities – GLB ceded embedded derivatives (2,015)Discounted cash flow Long-term lapse rate (3) 1% -30% (10) Utilization of guaranteed withdrawals (4)85% -100% 94% Claims utilization factor (5) 60% -100% (10) Premiums utilization factor (5) 80% -115% (10) NPR (6) 0.07% -1.27% 0.86% Mortality rate (7) (9) (10) Volatility (8) 1% -28% 14.59% (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 rate 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 lapse rates during the surrender charge period.(4)The utilization of guaranteed withdrawals input represents the estimated percentage of contract holders that utilize the guaranteed withdrawal feature. (5)The utilization factors are applied to the present value of claims or premiums, as appropriate, in the GLB reserve calculation to estimate the impact of inefficient withdrawal behavior, including taking less than or more than the maximum guaranteed withdrawal.(6)The NPR input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The NPR input for direct and ceded embedded derivatives was weighted by the absolute value of the sensitivity of the reserve to the NPR assumption. The NPR input for LPR ceded derivative was weighted using a simple average.(7)The mortality rate 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. Fair value of the variable annuity GLB embedded derivatives would increase if higher volatilities were used for valuation. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account value assigned to each index.(9)The mortality rate 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 rate, utilization factors or mortality rate.