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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value of Financial Instruments [Abstract]

Carrying And Estimated Fair Values Of Financial Instruments



	As Restated
	As of December 31, 2022						As of December 31, 2021
	Carrying			Fair			Carrying			Fair
	Value			Value			Value			Value
Assets
Fixed maturity AFS securities	$	99,465		$	99,465		$	117,476		$	117,476
Trading securities		3,446			3,446			4,405			4,405
Equity securities		427			427			371			371
Mortgage loans on real estate		18,211			16,477			17,893			18,599
Derivative investments		3,519			3,519			5,697			5,697
Other investments		3,577			3,577			3,435			3,435
Cash and invested cash		2,499			2,499			2,331			2,331
Other assets:
GLB direct embedded derivatives		1,697			1,697			1,967			1,967
GLB ceded embedded derivatives		29			29			56			56
Reinsurance-related embedded derivatives		681			681			-			-
Indexed annuity ceded embedded derivatives		525			525			528			528
LPR ceded derivative		212			212			318			318
Separate account assets		143,536			143,536			182,583			182,583

Liabilities
Future contract benefits – indexed annuity
and IUL contracts embedded derivatives		(4,783	)		(4,783	)		(6,131	)		(6,131	)
Other contract holder funds:
Remaining guaranteed interest and similar contracts		(1,686	)		(1,686	)		(1,788	)		(1,788	)
Account values of certain investment contracts		(43,545	)		(34,244	)		(41,164	)		(47,828	)
Short-term debt		(562	)		(562	)		(1,084	)		(1,084	)
Long-term debt		(2,269	)		(2,166	)		(2,334	)		(2,675	)
Other liabilities:
Reinsurance-related embedded derivatives		-			-			(578	)		(578	)
Derivative liabilities		(254	)		(254	)		(281	)		(281	)
GLB ceded embedded derivatives		(1,721	)		(1,721	)		(2,018	)		(2,018	)

Schedule Of Mortgage Loans With Election Of Fair Value Option



	As of December 31,
	2022		2021
Fair value	$	487	$	739
Aggregate contractual principal		514		742

Fair Value Of Assets And Liabilities On A Recurring Basis



		As Restated
		As of December 31, 2022
		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		$	-		$	73,980			$	5,186		$	79,166
U.S. government bonds			332			19				-			351
State and municipal bonds			-			4,850				35			4,885
Foreign government bonds			-			311				-			311
RMBS			-			1,835				1			1,836
CMBS			-			1,667				-			1,667
ABS			-			9,782				1,117			10,899
Hybrid and redeemable preferred securities			40			261				49			350
Trading securities			-			2,865				581			3,446
Equity securities			-			274				153			427
Mortgage loans on real estate			-			-				487			487
Derivative investments ⁽¹⁾			-			5,929				605			6,534
Other investments – short-term investments			-			30				-			30
Cash and invested cash			-			2,499				-			2,499
Other assets:
GLB direct embedded derivatives			-			-				1,697			1,697
GLB ceded embedded derivatives			-			-				29			29
Reinsurance-related embedded derivatives			-			681				-			681
Indexed annuity ceded embedded derivatives			-			-				525			525
LPR ceded derivative			-			-				212			212
Separate account assets			412			143,124				-			143,536
Total assets		$	784		$	248,107			$	10,677		$	259,568

Liabilities
Future contract benefits – indexed annuity
and IUL contracts embedded derivatives		$	-		$	-			$	(4,783	)	$	(4,783	)
Other liabilities:
Derivative liabilities ⁽¹⁾			-			(2,666	)			(603	)		(3,269	)
GLB ceded embedded derivatives			-			-				(1,721	)		(1,721	)
Total liabilities		$	-		$	(2,666	)		$	(7,107	)	$	(9,773	)



		As Restated
		As of December 31, 2021
		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		$	-		$	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			309				90			452
Trading securities			32			3,545				828			4,405
Equity securities			7			273				91			371
Mortgage loans on real estate			-			-				739			739
Derivative investments ⁽¹⁾			-			9,626				149			9,775
Other investments – short-term investments			-			114				-			114
Cash and invested cash			-			2,331				-			2,331
Other assets:
GLB direct embedded derivatives			-			-				1,967			1,967
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		$	305,041			$	14,481		$	320,655

Liabilities
Future contract benefits – indexed annuity
and IUL contracts embedded derivatives		$	-		$	-			$	(6,131	)	$	(6,131	)
Other liabilities:
Reinsurance-related embedded derivatives			-			(578	)			-			(578	)
Derivative liabilities ⁽¹⁾			-			(4,231	)			(128	)		(4,359	)
GLB ceded embedded derivatives			-			-				(2,018	)		(2,018	)
Total liabilities		$	-		$	(4,809	)		$	(8,277	)	$	(13,086	)

⁽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



	As Restated
	For the Year Ended December 31, 2022
							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
Investments: ⁽²⁾
Fixed maturity AFS securities:
Corporate bonds	$	8,801		$	1		$	(1,542	)	$	592		$	(2,666	)	$	5,186
State and municipal bonds		-			-			(1	)		-			36			35
Foreign government bonds		41			-			(6	)		(30	)		(5	)		-
RMBS		3			-			1			21			(24	)		1
CMBS		-			-			-			17			(17	)		-
ABS		870			-			(113	)		676			(316	)		1,117
Hybrid and redeemable preferred
securities		90			(4	)		(21	)		(12	)		(4	)		49
Trading securities		828			(80	)		-			(152	)		(15	)		581
Equity securities		91			52			-			25			(15	)		153
Mortgage loans on real estate		739			(20	)		(5	)		(227	)		-			487
Derivative investments		21			2			(6	)		-			(15	)		2
Other assets:
GLB direct embedded derivatives ⁽³⁾		1,967			(270	)		-			-			-			1,697
GLB ceded embedded derivatives ⁽³⁾		56			(27	)		-			-			-			29
Indexed annuity ceded embedded
derivatives ⁽³⁾		528			(215	)		-			212			-			525
LPR ceded derivative ⁽⁴⁾		318			(106	)		-			-			-			212
Future contract benefits – indexed annuity
and IUL contracts embedded derivatives ⁽³⁾		(6,131	)		1,975			-			(627	)		-			(4,783	)
Other liabilities – GLB ceded embedded
derivatives ⁽³⁾		(2,018	)		297			-			-			-			(1,721	)
Total, net	$	6,204		$	1,605		$	(1,693	)	$	495		$	(3,041	)	$	3,570



	As Restated
	For the Year Ended December 31, 2021
							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
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			1,517			-			-			-			1,967
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	)		(1,487	)		-			-			-			(2,018	)
Total, net	$	8,547		$	(1,314	)	$	(175	)	$	1,859		$	(2,713	)	$	6,204

‎



	For the Year Ended December 31, 2020
							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
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

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

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

Schedule Of Investment Holdings Movements



	For the Year Ended December 31, 2022
	Issuances			Sales			Maturities		Settlements				Calls			Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	1,335		$	(398	)	$	(81	)	$	(231	)	$	(33	)	$	592
Foreign government bonds		-			-			(30	)		-			-			(30	)
RMBS		21			-			-			-			-			21
CMBS		17			-			-			-			-			17
ABS		918			-			-			(235	)		(7	)		676
Hybrid and redeemable preferred
securities		-			-			-			-			(12	)		(12	)
Trading securities		287			(229	)		-			(210	)		-			(152	)
Equity securities		34			(9	)		-			-			-			25
Mortgage loans on real estate		15			-			-			(242	)		-			(227	)
Other assets – indexed annuity ceded
embedded derivatives		124			-			-			88			-			212
Future contract benefits – indexed annuity
and IUL contracts embedded derivatives		(710	)		-			-			83			-			(627	)
Total, net	$	2,041		$	(636	)	$	(111	)	$	(747	)	$	(52	)	$	495



	For the Year Ended December 31, 2021
	Issuances			Sales			Maturities		Settlements				Calls			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			Maturities		Settlements				Calls			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	)

Changes In Unrealized Gains (Losses) Within Level 3 Financial Instruments Carried At Fair Value And Still Held



	As Restated						For the
	For the Years Ended						Year Ended
	December 31,						December 31,
	2022			2021			2020
Trading securities ⁽¹⁾	$	(81	)	$	4		$	-
Equity securities ⁽¹⁾		54			40			-
Mortgage loans on real estate ⁽¹⁾		(20	)		12			-
Derivative investments ⁽¹⁾		2			1,051			536
Other assets – LPR ceded derivative ⁽²⁾		(106	)		-			-
Embedded derivatives: ⁽¹⁾
Indexed annuity and IUL contracts		(95	)		44			634
Other assets – GLB direct and ceded		486			2,315			671
Other liabilities – GLB ceded		(483	)		(2,310	)		(671	)
Total, net	$	(243	)	$	1,156		$	1,170

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

⁽²⁾Included in benefits on the Consolidated Statements of Comprehensive Income (Loss).

Changes in Unrealized Gains (Losses) Included in OCI



	For the Years Ended December 31,
	2022			2021			2020
Fixed maturity AFS securities:
Corporate bonds	$	(1,553	)	$	(183	)	$	60
State and municipal bonds		(1	)		-			-
Foreign government bonds		(7	)		(10	)		4
ABS		(115	)		(9	)		5
Hybrid and redeemable preferred
securities		(21	)		26			(3	)
Mortgage loans on real estate		(5	)		4			-
Total, net	$	(1,702	)	$	(172	)	$	66

Components Of The Transfers In And Out Of Level 3


1
	For the Year Ended December 31, 2022
	Transfers		Transfers
	Into		Out of
	Level 3		Level 3			Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	296	$	(2,962	)	$	(2,666	)
State and municipal bonds		36		-			36
Foreign government bonds		-		(5	)		(5	)
RMBS		-		(24	)		(24	)
CMBS		-		(17	)		(17	)
ABS		16		(332	)		(316	)
Hybrid and redeemable preferred securities		-		(4	)		(4	)
Trading securities		4		(19	)		(15	)
Equity securities		-		(15	)		(15	)
Derivative investments		-		(15	)		(15	)
Total, net	$	352	$	(3,393	)	$	(3,041	)



	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

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	$	201		Discounted cash flow	Liquidity/duration adjustment ⁽²⁾	(0.2)	%	-	4.2	%	2.1	%
State and municipal
bonds		35		Discounted cash flow	Liquidity/duration adjustment ⁽²⁾	1.2	%	-	2.4	%	2.3	%
ABS		15		Discounted cash flow	Liquidity/duration adjustment ⁽²⁾	1.4	%	-	1.4	%	1.4	%
Hybrid and redeemable
preferred securities		3		Discounted cash flow	Liquidity/duration adjustment ⁽²⁾	1.5	%	-	1.5	%	1.5	%
Equity securities		4		Discounted cash flow	Liquidity/duration adjustment ⁽²⁾	4.5	%	-	4.5	%	4.5	%
Other assets:
GLB direct and ceded
embedded derivatives		1,726		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⁾	0.35	%	-	2.41	%	1.73	%
					Mortality rate ⁽⁷⁾				⁽⁹⁾		⁽¹⁰⁾
					Volatility ⁽⁸⁾	1	%	-	28	%	14.47	%

Indexed annuity ceded
embedded derivatives		525		Discounted cash flow	Lapse rate ⁽³⁾	0	%	-	9	%	⁽¹⁰⁾
					Mortality rate ⁽⁷⁾				⁽⁹⁾		⁽¹⁰⁾

LPR ceded derivative		212		Discounted cash flow	Long-term lapse rate ⁽³⁾	0	%	-	1.55	%	⁽¹⁰⁾
					NPR ⁽⁶⁾	0.35	%	-	2.41	%	1.75	%
					Mortality rate ⁽⁷⁾				⁽⁹⁾		⁽¹⁰⁾

Liabilities
Future contract benefits –
indexed annuity contracts
embedded derivatives	$	(4,845	)	Discounted cash flow	Lapse rate ⁽³⁾	0	%	-	9	%	⁽¹⁰⁾
					Mortality rate ⁽⁷⁾				⁽⁹⁾		⁽¹⁰⁾
Other liabilities –
GLB ceded embedded
derivatives		(1,721	)	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⁾	0.35	%	-	2.41	%	1.73	%
					Mortality rate ⁽⁷⁾				⁽⁹⁾		⁽¹⁰⁾
					Volatility ⁽⁸⁾	1	%	-	28	%	14.47	%

⁽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.