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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Recurring Fair Value Measurements
The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are presented in the tables below. Investments that do not have a readily determinable fair value and are measured at net asset value (or equivalent) as a practical expedient to estimated fair value are excluded from the fair value hierarchy.
December 31, 2020
Fair Value Hierarchy
Level 1Level 2Level 3Total Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities:
U.S. corporate$— $36,789 $487 $37,276 
Foreign corporate— 11,178 197 11,375 
U.S. government and agency2,108 6,356 — 8,464 
RMBS— 8,197 22 8,219 
CMBS— 6,692 5 6,697 
State and political subdivision— 4,555 — 4,555 
ABS— 2,841 40 2,881 
Foreign government— 1,832 — 1,832 
Total fixed maturity securities2,108 78,440 751 81,299 
Equity securities31 99 3 133 
Short-term investments1,669 216 — 1,885 
Derivative assets: (1)
Interest rate— 2,094 — 2,094 
Foreign currency exchange rate— 206 1 207 
Credit— 27 14 41 
Equity market— 1,213 14 1,227 
Total derivative assets— 3,540 29 3,569 
Embedded derivatives within asset host contracts (2)— — 283 283 
Separate account assets86 103,897 3 103,986 
Total assets$3,894 $186,192 $1,069 $191,155 
Liabilities
Derivative liabilities: (1)
Interest rate$— $200 $— $200 
Foreign currency exchange rate— 137 7 144 
Equity market— 1,660 20 1,680 
Total derivative liabilities— 1,997 27 2,024 
Embedded derivatives within liability host contracts (2)— — 7,584 7,584 
Total liabilities$— $1,997 $7,611 $9,608 
December 31, 2019
Fair Value Hierarchy
Level 1Level 2Level 3Total Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities:
U.S. corporate$— $30,266 $325 $30,591 
Foreign corporate— 9,554 132 9,686 
U.S. government and agency1,542 5,702 — 7,244 
RMBS— 8,986 44 9,030 
CMBS— 5,714 — 5,714 
State and political subdivision— 3,938 73 4,011 
ABS— 1,877 73 1,950 
Foreign government— 1,751 — 1,751 
Total fixed maturity securities1,542 67,788 647 69,977 
Equity securities14 125 8 147 
Short-term investments1,004 473 5 1,482 
Derivative assets: (1)
Interest rate— 1,778 — 1,778 
Foreign currency exchange rate— 265 5 270 
Credit— 25 11 36 
Equity market— 850 71 921 
Total derivative assets— 2,918 87 3,005 
Embedded derivatives within asset host contracts (2)— — 217 217 
Separate account assets180 99,485 3 99,668 
Total assets$2,740 $170,789 $967 $174,496 
Liabilities
Derivative liabilities: (1)
Interest rate$— $330 $— $330 
Foreign currency exchange rate— 43 — 43 
Equity market— 2,093 71 2,164 
Total derivative liabilities— 2,466 71 2,537 
Embedded derivatives within liability host contracts (2)— — 4,582 4,582 
Total liabilities$— $2,466 $4,653 $7,119 
_______________
(1)Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets.
(2)Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables and other invested assets on the consolidated balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances on the consolidated balance sheets.
Fair Value Inputs, Quantitative Information
Certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were as follows at:
December 31, 2020
December 31, 2019
Impact of
Increase in Input
on Estimated
Fair Value
Valuation TechniquesSignificant
Unobservable Inputs		RangeRange
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits•Option pricing techniques•Mortality rates0.03 %-12.13 %0.02 %-11.31 %Decrease (1)
•Lapse rates0.25 %-15.00 %0.25 %-16.00 %Decrease (2)
•Utilization rates0.00 %-25.00 %0.00 %-25.00 %Increase (3)
•Withdrawal rates0.25 %-10.00 %0.25 %-10.00 %(4)
•Long-term equity volatilities16.66 %-22.21 %16.24 %-21.65 %Increase (5)
 •Nonperformance risk spread0.47 %-1.97 %0.54 %-1.99 %Decrease (6)
_______________
(1)Mortality rates vary by age and by demographic characteristics such as gender. The range shown reflects the mortality rate for policyholders between 35 and 90 years old, which represents the majority of the business with living benefits. Mortality rate assumptions are set based on company experience and include an assumption for mortality improvement.
(2)The range shown reflects base lapse rates for major product categories for duration 1-20, which represents majority of business with living benefit riders. Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in-the-money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies.
(3)The utilization rate assumption estimates the percentage of contract holders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible in a given year. The range shown represents the floor and cap of the GMIB dynamic election rates across varying levels of in-the-money. For lifetime withdrawal guarantee riders, the assumption is that everyone will begin withdrawals once account value reaches zero which is equivalent to a 100% utilization rate. Utilization rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder.
(4)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.
(5)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.
(6)Nonperformance risk spread varies by duration. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.
Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation
The changes in assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3) were summarized as follows:
 Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
 Fixed Maturity Securities
 Corporate (1)Structured SecuritiesState and
Political
Subdivision		Equity
Securities		Short-term
Investments		Net
Derivatives (2)		Net Embedded
Derivatives (3)		Separate
Account
Assets (4)
 (In millions)
Balance, January 1, 2019$711 $174 $74 $3 $— $(122)$(2,288)$1 
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)— 1 1 — — (12)(1,249)— 
Total realized/unrealized gains (losses) included in AOCI15 2 (1)— — (1)— — 
Purchases (7)342 68 — 5 5 — — 3 
Sales (7)(150)(25)(1)— — — — — 
Issuances (7)— — — — — — — — 
Settlements (7)— — — — — 155 (828)— 
Transfers into Level 3 (8)24 42 — — — — — — 
Transfers out of Level 3 (8)(485)(145)— — — (4)— (1)
Balance, December 31, 2019
457 117 73 8 5 16 (4,365)3 
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)(6)— — — — 9 (2,325)— 
Total realized/unrealized gains (losses) included in AOCI(3)1 — — — (9)— — 
Purchases (7)409 58 — — — — — — 
Sales (7)(117)(5)— — (5)(14)— — 
Issuances (7)— — — — — — — — 
Settlements (7)— — — — — — (611)— 
Transfers into Level 3 (8)186 11 — — — — — — 
Transfers out of Level 3 (8)(242)(115)(73)(5)— — — — 
Balance, December 31, 2020$684 $67 $— $3 $— $2 $(7,301)$3 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2018 (9)
$(2)$(1)$1 $1 $— $148 $268 $— 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2019 (9)
$— $— $1 $— $— $(10)$(1,504)$— 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2020 (9)
$(5)$— $— $— $— $(4)$(2,398)$— 
Changes in unrealized gains (losses) included in OCI for the instruments still held as of December 31, 2020 (9)
$(3)$1 $— $— $— $(9)$— $— 
Gains (Losses) Data for the year ended December 31, 2018:
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)$1 $2 $1 $— $— $152 $571 $— 
Total realized/unrealized gains (losses) included in AOCI$(32)$(6)$(1)$— $— $9 $— $— 
_______________
(1)Comprised of U.S. and foreign corporate securities.
(2)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.
(3)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(4)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contract holders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net investment gains (losses).
(5)Amortization of premium/accretion of discount is included within net investment income. Changes in the allowance for credit losses and direct write-offs are charged to net income (loss) on securities are included in net investment gains (losses). Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
(6)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.
(7)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.
(8)Gains and losses, in net income (loss) and OCI, are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.
(9)Changes in unrealized gains (losses) included in net income (loss) for fixed maturities are reported in either net investment income or net investment gains (losses). Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
Fair Value of Financial Instruments Carried at Other Than Fair Value
The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:
December 31, 2020
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans$15,722 $— $— $16,836 $16,836 
Policy loans$884 $— $475 $881 $1,356 
Other invested assets$54 $— $39 $15 $54 
Premiums, reinsurance and other receivables$3,114 $— $90 $3,808 $3,898 
Liabilities
Policyholder account balances$17,361 $— $— $18,962 $18,962 
Long-term debt$843 $— $39 $1,031 $1,070 
Other liabilities$891 $— $121 $787 $908 
Separate account liabilities$1,331 $— $1,331 $— $1,331 
December 31, 2019
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans$15,664 $— $— $16,291 $16,291 
Policy loans$875 $— $479 $504 $983 
Other invested assets $51 $— $39 $12 $51 
Premiums, reinsurance and other receivables$2,053 $— $41 $2,427 $2,468 
Liabilities
Policyholder account balances$15,474 $— $— $15,576 $15,576 
Long-term debt$844 $— $39 $903 $942 
Other liabilities$943 $— $169 $777 $946 
Separate account liabilities$1,186 $— $1,186 $— $1,186