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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value of Financial Instruments [Abstract]

Carrying And Estimated Fair Values Of Financial Instruments



	As of September 30, 2023						As of December 31, 2022
	Carrying			Fair			Carrying			Fair
	Value			Value			Value			Value
Assets
Fixed maturity AFS securities	$	100,387		$	100,387		$	99,465		$	99,465
Trading securities		2,749			2,749			3,446			3,446
Equity securities		383			383			427			427
Mortgage loans on real estate		18,661			16,553			18,211			16,477
Derivative investments		5,454			5,454			3,519			3,519
Other investments		4,428			4,428			3,577			3,577
Cash and invested cash		2,285			2,285			2,499			2,499
MRB assets		4,108			4,108			2,807			2,807
Other assets:
Ceded MRBs		273			273			540			540
Reinsurance-related embedded derivatives		933			933			681			681
Indexed annuity ceded embedded derivatives		586			586			525			525
LPR ceded derivative		184			184			212			212
Separate account assets		145,810			145,810			143,536			143,536

Liabilities
Policyholder account balances:
Account balances of certain investment contracts		(43,068	)		(30,869	)		(43,550	)		(34,251	)
Indexed annuity and IUL contracts embedded derivatives		(7,174	)		(7,174	)		(4,783	)		(4,783	)
MRB liabilities		(1,385	)		(1,385	)		(2,078	)		(2,078	)
Short-term debt		(497	)		(497	)		(562	)		(562	)
Long-term debt		(2,244	)		(2,114	)		(2,269	)		(2,166	)
Other liabilities:
Ceded MRBs		(1,736	)		(1,736	)		(246	)		(246	)
Derivative liabilities		(628	)		(628	)		(254	)		(254	)
Remaining guaranteed interest and similar contracts		(433	)		(433	)		(574	)		(574	)

Schedule Of Mortgage Loans With Election Of Fair Value Option



	As of		As of
	September 30,		December 31,
	2023		2022
Fair value	$	315	$	487
Aggregate contractual principal		341		514

Fair Value Of Assets And Liabilities On A Recurring Basis



		As of September 30, 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		$	-		$	72,294			$	6,467		$	78,761
U.S. government bonds			332			40				-			372
State and municipal bonds			-			4,638				33			4,671
Foreign government bonds			-			270				-			270
RMBS			-			1,857				12			1,869
CMBS			-			1,701				-			1,701
ABS			-			11,051				1,337			12,388
Hybrid and redeemable preferred securities			45			262				48			355
Trading securities			-			2,399				350			2,749
Equity securities			1			245				137			383
Mortgage loans on real estate			-			-				315			315
Derivative investments ⁽¹⁾			-			8,918				877			9,795
Other investments – short-term investments			-			170				-			170
Cash and invested cash			-			2,285				-			2,285
MRB assets			-			-				4,108			4,108
Other assets:
Ceded MRBs			-			-				273			273
Reinsurance-related embedded derivatives			-			933				-			933
Indexed annuity ceded embedded derivatives			-			-				586			586
LPR ceded derivative			-			-				184			184
Separate account assets			429			145,381				-			145,810
Total assets		$	807		$	252,444			$	14,727		$	267,978

Liabilities
Policyholder account balances – indexed annuity
and IUL contracts embedded derivatives		$	-		$	-			$	(7,174	)	$	(7,174	)
MRB liabilities			-			-				(1,385	)		(1,385	)
Other liabilities:
Ceded MRBs			-			-				(1,736	)		(1,736	)
Derivative liabilities ⁽¹⁾			-			(4,105	)			(864	)		(4,969	)
Total liabilities		$	-		$	(4,105	)		$	(11,159	)	$	(15,264	)

‎



		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
MRB assets			-			-				2,807			2,807
Other assets:
Ceded MRBs			-			-				540			540
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			$	12,298		$	261,189

Liabilities
Policyholder account balances – indexed annuity
and IUL contracts embedded derivatives		$	-		$	-			$	(4,783	)	$	(4,783	)
MRB liabilities			-			-				(2,078	)		(2,078	)
Other liabilities:
Ceded MRBs			-			-				(246	)		(246	)
Derivative liabilities ⁽¹⁾			-			(2,666	)			(603	)		(3,269	)
Total liabilities		$	-		$	(2,666	)		$	(7,710	)	$	(10,376	)

⁽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 summary schedule excludes changes to MRB assets and MRB liabilities as these balances are rolled forward in Note 10.



	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
Investments: ⁽²⁾
Fixed maturity AFS securities:
Corporate bonds	$	6,177		$	(7	)	$	(13	)	$	353		$	(43	)	$	6,467
State and municipal bonds		36			(2	)		(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⁾		401			(128	)		-			-			-			273
Indexed annuity ceded embedded
derivatives ⁽⁴⁾		603			(49	)		-			32			-			586
LPR ceded derivative ⁽⁵⁾		202			(18	)		-			-			-			184
Policyholder account balances – indexed
annuity and IUL contracts embedded
derivatives ⁽⁴⁾		(7,600	)		621			-			(195	)		-			(7,174	)
Other liabilities – ceded MRBs ⁽³⁾		(1,440	)		(296	)		-			-			-			(1,736	)
Total, net	$	564		$	106		$	(22	)	$	353		$	(156	)	$	845

‎



	For the Three Months Ended September 30, 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	$	8,531		$	1		$	(512	)	$	(34	)	$	(16	)	$	7,970
Foreign government bonds		37			-			(3	)		-			-			34
RMBS		1			-			-			9			-			10
ABS		1,153			-			(38	)		123			(147	)		1,091
Hybrid and redeemable preferred
securities		99			(1	)		(34	)		(6	)		-			58
Trading securities		620			(24	)		-			3			3			602
Equity securities		145			24			-			(1	)		-			168
Mortgage loans on real estate		528			(1	)		(4	)		(28	)		-			495
Derivative investments		3			3			-			-			(1	)		5
Other assets:
Ceded MRBs ⁽³⁾		2,337			(722	)		-			-			-			1,615
Indexed annuity ceded embedded
derivatives ⁽⁴⁾		440			(47	)		-			63			-			456
LPR ceded derivative ⁽⁵⁾		215			(24	)		-			-			-			191
Policyholder account balances – indexed
annuity and IUL contracts embedded
derivatives ⁽⁴⁾		(3,366	)		394			-			(222	)		-			(3,194	)
Other liabilities – ceded MRBs ⁽³⁾		(115	)		(54	)		-			-			-			(169	)
Total, net	$	10,628		$	(451	)	$	(591	)	$	(93	)	$	(161	)	$	9,332



	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
Investments: ⁽²⁾
Fixed maturity AFS securities:
Corporate bonds	$	5,186		$	(19	)	$	2		$	1,302		$	(4	)	$	6,467
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⁾		540			(267	)		-			-			-			273
Indexed annuity ceded embedded
derivatives ⁽⁴⁾		525			(37	)		-			98			-			586
LPR ceded derivative ⁽⁵⁾		212			(28	)		-			-			-			184
Policyholder account balances – indexed
annuity and IUL contracts embedded
derivatives ⁽⁴⁾		(4,783	)		(1,669	)		-			(722	)		-			(7,174	)
Other liabilities – ceded MRBs ⁽³⁾		(246	)		(1,490	)		-			-			-			(1,736	)
Total, net	$	3,859		$	(3,560	)	$	1		$	842		$	(297	)	$	845



	For the Nine Months Ended September 30, 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		$	2		$	(1,514	)	$	583		$	98		$	7,970
Foreign government bonds		41			-			(7	)		-			-			34
RMBS		3			-			-			21			(14	)		10
CMBS		-			-			-			17			(17	)		-
ABS		870			-			(98	)		576			(257	)		1,091
Hybrid and redeemable preferred
securities		90			(1	)		(25	)		(6	)		-			58
Trading securities		828			(82	)		-			(143	)		(1	)		602
Equity securities		91			54			-			23			-			168
Mortgage loans on real estate		739			(16	)		(10	)		(218	)		-			495
Derivative investments		21			5			(6	)		-			(15	)		5
Other assets:
Ceded MRBs ⁽³⁾		4,114			(2,499	)		-			-			-			1,615
Indexed annuity ceded embedded
derivatives ⁽⁴⁾		528			(214	)		-			142			-			456
LPR ceded derivative ⁽⁵⁾		318			(127	)		-			-			-			191
Policyholder account balances – indexed
annuity and IUL contracts embedded
derivatives ⁽⁴⁾		(6,131	)		3,244			-			(307	)		-			(3,194	)
Other liabilities – ceded MRBs ⁽³⁾		(17	)		(152	)		-			-			-			(169	)
Total, net	$	10,296		$	214		$	(1,660	)	$	688		$	(206	)	$	9,332

⁽¹⁾The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 6).

⁽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).

⁽⁵⁾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 Three Months Ended September 30, 2023
	Issuances			Sales			Maturities		Settlements				Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	435		$	(47	)	$	-		$	(35	)	$	-	$	353
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 – indexed
annuity and IUL contracts embedded
derivatives		(231	)		-			-			36			-		(195	)
Total, net	$	521		$	(47	)	$	(1	)	$	(120	)	$	-	$	353



	For the Three Months Ended September 30, 2022
	Issuances			Sales			Maturities		Settlements				Calls			Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	207		$	(138	)	$	(50	)	$	(51	)	$	(2	)	$	(34	)
RMBS		9			-			-			-			-			9
ABS		213			-			-			(90	)		-			123
Hybrid and redeemable preferred
securities		-			-			-			-			(6	)		(6	)
Trading securities		11			-			-			(8	)		-			3
Equity securities		-			(1	)		-			-			-			(1	)
Mortgage loans on real estate		2			-			-			(30	)		-			(28	)
Other assets – indexed annuity ceded
embedded derivatives		37			-			-			26			-			63
Policyholder account balances – indexed
annuity and IUL contracts embedded
derivatives		(181	)		-			-			(41	)		-			(222	)
Total, net	$	298		$	(139	)	$	(50	)	$	(194	)	$	(8	)	$	(93	)



	For the Nine Months Ended September 30, 2023
	Issuances			Sales			Maturities		Settlements				Calls			Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	1,825		$	(164	)	$	(34	)	$	(314	)	$	(11	)	$	1,302
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 – indexed
annuity and IUL contracts embedded
derivatives		(846	)		-			-			124			-			(722	)
Total, net	$	1,847		$	(322	)	$	(35	)	$	(635	)	$	(13	)	$	842



	For the Nine Months Ended September 30, 2022
	Issuances			Sales			Maturities		Settlements				Calls			Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	1,105		$	(236	)	$	(74	)	$	(179	)	$	(33	)	$	583
RMBS		21			-			-			-			-			21
CMBS		17			-			-			-			-			17
ABS		768			-			-			(185	)		(7	)		576
Hybrid and redeemable preferred
securities		-			-			-			-			(6	)		(6	)
Trading securities		282			(220	)		-			(205	)		-			(143	)
Equity securities		32			(9	)		-			-			-			23
Mortgage loans on real estate		14			-			-			(232	)		-			(218	)
Other assets – indexed annuity ceded
embedded derivatives		76			-			-			66			-			142
Policyholder account balances – indexed
annuity and IUL contracts embedded
derivatives		(410	)		-			-			103			-			(307	)
Total, net	$	1,905		$	(465	)	$	(74	)	$	(632	)	$	(46	)	$	688

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



	For the Three						For the Nine
	Months Ended						Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Trading securities ⁽¹⁾	$	(3	)	$	(23	)	$	(2	)	$	(81	)
Equity securities ⁽¹⁾		12			23			(17	)		54
Mortgage loans on real estate ⁽¹⁾		2			(1	)		(1	)		(16	)
Derivative investments ⁽¹⁾		(25	)		2			(27	)		5
MRBs ⁽²⁾		1,001			56			1,133			(795	)
Other assets – LPR ceded derivative ⁽³⁾		(18	)		(24	)		(28	)		(127	)
Embedded derivatives – indexed annuity
and IUL contracts ⁽¹⁾		(4	)		(55	)		(223	)		4
Total, net	$	965		$	(22	)	$	835		$	(956	)

⁽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).

⁽³⁾Included in benefits on the Consolidated Statements of Comprehensive Income (Loss).

Changes in Unrealized Gains (Losses) Included in OCI



	For the Three						For the Nine
	Months Ended						Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Fixed maturity AFS securities:
Corporate bonds	$	(17	)	$	(517	)	$	(5	)	$	(1,521	)
State and municipal bonds		-			-			3			-
Foreign government bonds		-			(2	)		-			(7	)
RMBS		(1	)		-			(1	)		-
ABS		(5	)		(39	)		(4	)		(101	)
Hybrid and redeemable preferred
securities		-			(35	)		(2	)		(25	)
Mortgage loans on real estate		(3	)		(4	)		1			(10	)
Total, net	$	(26	)	$	(597	)	$	(8	)	$	(1,664	)

Components Of The Transfers In And Out Of Level 3



	For the Three								For the Three
	Months Ended								Months Ended
	September 30, 2023								September 30, 2022
	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	$	36	$	(79	)	$	(43	)	$	37	$	(53	)	$	(16	)
RMBS		12		(5	)		7			-		-			-
ABS		-		(113	)		(113	)		15		(162	)		(147	)
Hybrid and redeemable preferred
securities		-		(13	)		(13	)		-		-			-
Trading securities		6		-			6			4		(1	)		3
Derivative investments		-		-			-			-		(1	)		(1	)
Total, net	$	54	$	(210	)	$	(156	)	$	56	$	(217	)	$	(161	)


1
	For the Nine								For the Nine
	Months Ended								Months Ended
	September 30, 2023								September 30, 2022
	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	$	194	$	(198	)	$	(4	)	$	265	$	(167	)	$	98
RMBS		12		(5	)		7			-		(14	)		(14	)
CMBS		4		-			4			-		(17	)		(17	)
ABS		2		(346	)		(344	)		16		(273	)		(257	)
Hybrid and redeemable preferred
securities		16		(13	)		3			-		-			-
Trading securities		6		-			6			4		(5	)		(1	)
Derivative investments		31		-			31			-		(15	)		(15	)
Total, net	$	265	$	(562	)	$	(297	)	$	285	$	(491	)	$	(206	)

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	$	186		Discounted cash flow	Liquidity/duration adjustment ⁽²⁾	(0.1)	%	-	3.7	%	2.0	%
State and municipal
bonds		33		Discounted cash flow	Liquidity/duration adjustment ⁽²⁾	0.8	%	-	1.9	%	1.8	%
ABS		13		Discounted cash flow	Liquidity/duration adjustment ⁽²⁾	1.7	%	-	1.7	%	1.7	%
Hybrid and redeemable
preferred securities		7		Discounted cash flow	Liquidity/duration adjustment ⁽²⁾	1.3	%	-	1.5	%	1.4	%
Equity securities		4		Discounted cash flow	Liquidity/duration adjustment ⁽²⁾	4.5	%	-	4.5	%	4.5	%

MRB assets		4,108
Other assets – ceded MRBs		273		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⁾	0.74	%	-	2.56	%	2.15	%
					Mortality ⁽⁷⁾				⁽⁹⁾		⁽¹⁰⁾
					Volatility ⁽⁸⁾	1	%	-	29	%	13.65	%

Other assets – indexed
annuity ceded embedded
derivatives		586		Discounted cash flow	Lapse ⁽³⁾	0	%	-	9	%	⁽¹⁰⁾
					Mortality ⁽⁷⁾				⁽⁹⁾		⁽¹⁰⁾

Other assets – LPR ceded
derivative		184		Discounted cash flow	Lapse ⁽³⁾	0	%	-	1.55	%	⁽¹⁰⁾
					Non-performance risk ⁽⁶⁾	0.74	%	-	2.56	%	1.94	%
					Mortality ⁽⁷⁾				⁽⁹⁾		⁽¹⁰⁾

Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives	$	(7,163	)	Discounted cash flow	Lapse ⁽³⁾	0	%	-	9	%	⁽¹⁰⁾
					Mortality ⁽⁷⁾				⁽⁹⁾		⁽¹⁰⁾

MRB liabilities		(1,385	)
Other liabilities – ceded
MRBs		(1,736	)	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⁾	0.74	%	-	2.56	%	2.15	%
					Mortality ⁽⁷⁾				⁽⁹⁾		⁽¹⁰⁾
					Volatility ⁽⁸⁾	1	%	-	29	%	13.65	%

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, 2022:



											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	%

MRB assets		2,807
Other assets – ceded MRBs		540		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⁾	0.35	%	-	2.41	%	1.73	%
					Mortality ⁽⁷⁾				⁽⁹⁾		⁽¹⁰⁾
					Volatility ⁽⁸⁾	1	%	-	28	%	14.47	%

Other assets – indexed
annuity ceded embedded
derivatives		525		Discounted cash flow	Lapse ⁽³⁾	0	%	-	9	%	⁽¹⁰⁾
					Mortality ⁽⁷⁾				⁽⁹⁾		⁽¹⁰⁾

Other assets – LPR ceded
derivative		212		Discounted cash flow	Lapse ⁽³⁾	0	%	-	1.55	%	⁽¹⁰⁾
					Non-performance risk ⁽⁶⁾	0.35	%	-	2.41	%	1.75	%
					Mortality ⁽⁷⁾				⁽⁹⁾		⁽¹⁰⁾

Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives	$	(4,845	)	Discounted cash flow	Lapse ⁽³⁾	0	%	-	9	%	⁽¹⁰⁾
					Mortality ⁽⁷⁾				⁽⁹⁾		⁽¹⁰⁾

MRB liabilities		(2,078	)
Other liabilities – ceded
MRBs		(246	)	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⁾	0.35	%	-	2.41	%	1.73	%
					Mortality ⁽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 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. The non-performance risk input for LPR ceded derivative was weighted using a simple average.

⁽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 value 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.