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Investments (Tables)

12 Months Ended

Dec. 31, 2022

Financing Receivable, Credit Quality Indicator [Line Items]

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


	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

⁽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, 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.

Composition Of Current And Past Due Mortgage Loans On Real Estate

⁽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.

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

⁽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.

Payables For Collateral On Investments

⁽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.

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