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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	$	88,950	$	763	$	10,538	$	9	$	79,166
U.S. government bonds		377		5		31		-		351
State and municipal bonds		5,198		170		483		-		4,885
Foreign government bonds		339		17		45		-		311
RMBS		2,025		21		203		7		1,836
CMBS		1,908		3		244		-		1,667
ABS		11,791		37		925		4		10,899
Hybrid and redeemable preferred securities		356		25		30		1		350
Total fixed maturity AFS securities	$	110,944	$	1,041	$	12,499	$	21	$	99,465



	As of December 31, 2021
							Allowance
	Amortized		Gross Unrealized				for Credit		Fair
	Cost		Gains		Losses		Losses		Value
Fixed maturity AFS securities:
Corporate bonds	$	86,197	$	11,569	$	326	$	17	$	97,423
U.S. government bonds		348		54		2		-		400
State and municipal bonds		5,113		1,275		11		-		6,377
Foreign government bonds		365		63		5		-		423
RMBS		2,132		178		4		1		2,305
CMBS		1,542		62		14		-		1,590
ABS		8,433		127		54		-		8,506
Hybrid and redeemable preferred securities		396		103		11		1		487
Total fixed maturity AFS securities	$	104,526	$	13,431	$	427	$	19	$	117,511

Available-For-Sale Securities By Contractual Maturities



	Amortized		Fair
	Cost		Value
Due in one year or less	$	3,239	$	3,205
Due after one year through five years		17,545		16,716
Due after five years through ten years		18,985		17,177
Due after ten years		55,451		47,965
Subtotal		95,220		85,063
Structured securities (RMBS, CMBS, ABS)		15,724		14,402
Total fixed maturity AFS securities	$	110,944	$	99,465

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	$	57,656		$	8,684	$	6,867		$	1,854	$	64,523		$	10,538
U.S. government bonds		236			25		27			6		263			31
State and municipal bonds		1,850			414		227			69		2,077			483
Foreign government bonds		122			18		58			27		180			45
RMBS		1,337			160		191			43		1,528			203
CMBS		1,224			156		312			88		1,536			244
ABS		6,712			551		3,325			374		10,037			925
Hybrid and redeemable
preferred securities		61			5		98			25		159			30
Total fixed maturity AFS securities	$	69,198		$	10,013	$	11,105		$	2,486	$	80,303		$	12,499

Total number of fixed maturity AFS securities in an unrealized loss position															8,106


	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	$	10,611		$	230	$	1,386		$	96	$	11,997		$	326
U.S. government bonds		6			-		26			2		32			2
State and municipal bonds		498			10		19			1		517			11
Foreign government bonds		61			3		56			2		117			5
RMBS		261			3		20			1		281			4
CMBS		440			12		33			2		473			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	$	16,570		$	308	$	1,781		$	119	$	18,351		$	427

Total number of fixed maturity AFS securities in an unrealized loss position															2,577

⁽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	$	10,895	$	3,514			1,489
Six months or greater, but less than nine months		4,256		2,150			640
Nine months or greater, but less than twelve months		362		243			73
Twelve months or greater		2		-			15
Total	$	15,515	$	5,907			2,217



	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 Of 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		-		7
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	$	5	$	21


	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		40			1		1			42
Additions (reductions) for securities for which credit losses
were previously recognized		(1	)		-		(1	)		(2	)
Reductions for securities disposed		(15	)		-		-			(15	)
Reductions for securities charged-off		(12	)		-		-			(12	)
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, $944 million and $1.0 billion, respectively, and was excluded from the estimate of credit losses.

Fair Value Of Trading Securities



	As of December 31,
	2022		2021
Fixed maturity securities:
Corporate bonds	$	2,196	$	2,679
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		46
Total trading securities	$	3,446	$	4,427

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	$	16,913		$	1,315		$	18,228		$	17,068		$	837		$	17,905
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		(83	)		(15	)		(98	)		(78	)		(17	)		(95	)
Unamortized premium (discount)		(9	)		36			27			(11	)		27			16
Mark-to-market gains (losses) ⁽¹⁾		(27	)		-			(27	)		(3	)		-			(3	)
Total carrying value	$	16,813		$	1,398		$	18,211		$	16,991		$	902		$	17,893

⁽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	$	78	$	17		$	95
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⁾	$	83	$	15		$	98


	For the Year Ended December 31, 2021
	Commercial			Residential		Total
Balance as of beginning-of-year	$	186		$	17	$	203
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⁾	$	78		$	17	$	95


	For the Year Ended December 31, 2020
	Commercial		Residential			Total
Balance as of beginning-of-year	$	-	$	2		$	2
Impact of adopting new accounting standard		61		26			87
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⁾	$	186	$	17		$	203

⁽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 $3 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, $48 million and $48 million as of December 31, 2022, 2021 and 2020, respectively, and was excluded from the estimate of credit losses.

Net Investment Income



	For the Years Ended December 31,
	2022			2021			2020
Fixed maturity AFS securities	$	4,408		$	4,242		$	4,241
Trading securities		179			165			198
Equity securities		11			3			3
Mortgage loans on real estate		687			677			674
Policy loans		100			115			125
Cash and invested cash		12			-			13
Commercial mortgage loan prepayment
and bond make-whole premiums		100			195			78
Alternative investments		96			677			218
Consent fees		8			10			5
Other investments		75			60			42
Investment income		5,676			6,144			5,597
Investment expense		(406	)		(300	)		(333	)
Net investment income	$	5,270		$	5,844		$	5,264

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⁾	$	3,210	$	3,210	$	5,565	$	5,565
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	$	6,638	$	7,422	$	8,936	$	10,676

⁽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	$	(2,355	)	$	2,595	$	1,587
Securities pledged under securities lending agreements		57			126		1
Investments pledged for FHLBI		-			-		(450	)
Total increase (decrease) in payables for collateral on investments	$	(2,298	)	$	2,721	$	1,138

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]

Mortgage Loans By Year Of Origination

The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:



	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		2,335	3.05		72	1.53		-	-		2,407
2020		1,280	2.99		17	1.58		-	-		1,297
2019		2,643	2.17		81	1.50		29	1.58		2,753
2018		2,222	2.17		67	1.62		-	-		2,289
2017 and prior		6,170	2.44		131	1.75		-	-		6,301
Total	$	16,419		$	473		$	31		$	16,923


	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	$	2,361	3.05	$	136	1.74	$	-	-	$	2,497
2020		1,349	3.02		144	2.06		-	-		1,493
2019		2,875	2.14		187	1.42		-	-		3,062
2018		2,272	2.13		168	1.59		15	1.02		2,455
2017		1,648	2.33		149	1.74		27	0.83		1,824
2016 and prior		5,543	2.41		171	1.76		27	1.08		5,741
Total	$	16,048		$	955		$	69		$	17,072

Residential [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

Mortgage Loans By Year Of Origination

. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:



	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