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Fair Value (Tables)
 9 Months Ended
Sep. 30, 2023
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.
September 30, 2023
Fair Value HierarchyTotal Estimated
Fair Value
Level 1Level 2Level 3
(In millions)
Assets
Fixed maturity securities:
U.S. corporate$— $31,669 $824 $32,493 
Foreign corporate— 10,283 316 10,599 
U.S. government and agency3,605 4,048 — 7,653 
RMBS— 6,957 9 6,966 
CMBS— 6,201 36 6,237 
ABS— 5,810 300 6,110 
State and political subdivision— 3,547 — 3,547 
Foreign government— 933 33 966 
Total fixed maturity securities
3,605 69,448 1,518 74,571 
Equity securities10 26 25 61 
Short-term investments367 122 — 489 
Derivative assets: (1)
Interest rate— 447 — 447 
Foreign currency exchange rate— 573 13 586 
Credit— 14 7 21 
Equity market— 1,439 7 1,446 
Total derivative assets
— 2,473 27 2,500 
Market risk benefit assets— — 694 694 
Separate account assets16 76,586 — 76,602 
Total assets
$3,998 $148,655 $2,264 $154,917 
Liabilities
Market risk benefit liabilities$— $— $8,850 $8,850 
Derivative liabilities: (1)
Interest rate— 3,478 — 3,478 
Foreign currency exchange rate— 15 — 15 
Credit— — 1 1 
Equity market— 1,497 — 1,497 
Total derivative liabilities
— 4,990 1 4,991 
Embedded derivatives on index-linked annuities (2)— — 6,031 6,031 
Total liabilities
$— $4,990 $14,882 $19,872 
December 31, 2022
Fair Value HierarchyTotal Estimated
Fair Value
Level 1Level 2Level 3
(In millions)
Assets
Fixed maturity securities:
U.S. corporate$— $30,973 $1,189 $32,162 
Foreign corporate— 9,894 598 10,492 
U.S. government and agency3,507 4,391 — 7,898 
RMBS— 7,477 14 7,491 
CMBS— 6,504 33 6,537 
ABS— 5,037 318 5,355 
State and political subdivision— 3,741 — 3,741 
Foreign government— 1,043 38 1,081 
Total fixed maturity securities
3,507 69,060 2,190 74,757 
Equity securities12 27 27 66 
Short-term investments206 93 — 299 
Derivative assets: (1)
Interest rate— 304 — 304 
Foreign currency exchange rate— 703 29 732 
Credit— 10 8 18 
Equity market— 1,217 — 1,217 
Total derivative assets
— 2,234 37 2,271 
Market risk benefit assets— — 483 483 
Separate account assets29 78,851 — 78,880 
Total assets
$3,754 $150,265 $2,737 $156,756 
Liabilities
Market risk benefit liabilities$— $— $10,411 $10,411 
Derivative liabilities: (1)
Interest rate— 2,802 — 2,802 
Foreign currency exchange rate— 9 — 9 
Credit— — 2 2 
Equity market— 1,098 — 1,098 
Total derivative liabilities
— 3,909 2 3,911 
Embedded derivatives on index-linked annuities (2)— — 3,932 3,932 
Total liabilities
$— $3,909 $14,345 $18,254 
_______________
(1)Derivative assets are reported in other invested assets and derivative liabilities are reported in other liabilities. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets.
(2)Embedded derivative liabilities on index-linked annuities are reported in policyholder account balances.
Fair Value Measurement Inputs and Valuation Techniques
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:
September 30, 2023December 31, 2022Impact of
Increase in Input
on Estimated
Fair Value
Valuation
Techniques		Significant
Unobservable Inputs
Range		Range
Market Risk Benefits
Variable annuity guaranteed minimum benefits•Option pricing techniques•Mortality rates0.04%-12.90%0.04%-12.90%Decrease (1)
•Lapse rates1.00%-22.80%1.00%-24.11%Decrease (2)
•Utilization rates0.00%-25.00%0.00%-25.00%Increase (3)
•Withdrawal rates0.00%-10.00%0.00%-10.00%(4)
•Long-term equity volatilities15.27%-23.76%19.99%-28.45%Increase (5)
•Nonperformance risk spread0.85%-1.83%(2.73)%-4.52%Decrease (6)
Embedded Derivatives
Index-linked annuity crediting rates•Option pricing techniques•Mortality rates0.03%-9.24%0.03%-9.24%Decrease (1)
•Lapse rates1.00%-62.30%1.00%-62.30%Decrease (2)
•Withdrawal rates0.50%-9.00%0.50%-9.00%(4)
•Nonperformance risk spread0.58%-1.77%0.00%-1.98%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. Mortality rate assumptions are set based on company experience and include an assumption for mortality improvement.
(2)The lapse rate range reflects base lapse rates for major product categories for duration 1-20. 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. For variable annuity guarantees, 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 for variable annuity guarantees 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 variable annuity GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For variable annuity 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 MRBs.
(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 MRB or 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 (excluding MRBs disclosed in Note 4) were summarized as follows:
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities
Corporate (1)Structured SecuritiesForeign
Government		Equity
Securities		Short-term
Investments		Net
Derivatives (2)		Embedded Derivatives on Index-Linked Annuities
(In millions)
Three Months Ended September 30, 2023
Balance, beginning of period
$1,931 $371 $38 $24 $— $27 $(6,886)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)
(9)— — 1 — 2 913 
Total realized/unrealized gains (losses) included in AOCI
(19)(2)(1)— — (3)— 
Purchases (5)
32 17 — — — — — 
Sales (5)
(56)(11)(1)— — — — 
Issuances (5)
— — — — — — — 
Settlements (5)
— — — — — — (58)
Transfers into Level 3 (6)
45 12 — — — — — 
Transfers out of Level 3 (6)
(784)(42)(3)— — — — 
Balance, end of period$1,140 $345 $33 $25 $— $26 $(6,031)
Three Months Ended September 30, 2022
Balance, beginning of period
$1,710 $345 $40 $27 $— $38 $(2,831)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)
— — — 1 — 3 518 
Total realized/unrealized gains (losses) included in AOCI
(108)(11)(4)— — 21 — 
Purchases (5)
278 125 — — — — — 
Sales (5)
(22)(1)(1)— — — — 
Issuances (5)
— — — — — — — 
Settlements (5)
— — — — — — (29)
Transfers into Level 3 (6)
16 19 — — — — — 
Transfers out of Level 3 (6)
(319)(138)— — — — — 
Balance, end of period$1,555 $339 $35 $28 $— $62 $(2,342)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2023 (7)
$(9)$— $— $1 $— $3 $785 
Changes in unrealized gains (losses) included in OCI for the instruments still held as of September 30, 2023 (7)
$(25)$(3)$(1)$— $— $(3)$— 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2022 (7)
$— $— $— $1 $— $3 $461 
Changes in unrealized gains (losses) included in OCI for the instruments still held as of September 30, 2022 (7)
$(109)$(11)$(4)$— $— $21 $— 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities
Corporate (1)Structured SecuritiesForeign
Government		Equity
Securities		Short-term
Investments		Net
Derivatives (2)		Embedded Derivatives on Index-Linked Annuities
(In millions)
Nine Months Ended September 30, 2023
Balance, beginning of period
$1,787 $365 $38 $27 $— $35 $(3,932)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)
(12)— — (3)— (3)(1,880)
Total realized/unrealized gains (losses) included in AOCI
(11)(2)— — — (3)— 
Purchases (5)
119 45 — 1 — 9 — 
Sales (5)
(126)(17)(2)— — — — 
Issuances (5)
— — — — — — — 
Settlements (5)
— — — — — — (219)
Transfers into Level 3 (6)
101 10 — — — — — 
Transfers out of Level 3 (6)
(718)(56)(3)— — (12)— 
Balance, end of period$1,140 $345 $33 $25 $— $26 $(6,031)
Nine Months Ended September 30, 2022
Balance, beginning of period$1,399 $220 $26 $13 $2 $36 $(6,641)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)
(6)— — 1 — (11)4,106 
Total realized/unrealized gains (losses) included in AOCI
(286)(23)(13)— — 36 — 
Purchases (5)
760 230 5 14 — 1 — 
Sales (5)
(159)(12)(2)— (2)— — 
Issuances (5)
— — — — — — — 
Settlements (5)
— — — — — — 193 
Transfers into Level 3 (6)
31 25 19 — — — — 
Transfers out of Level 3 (6)
(184)(101)— — — — — 
Balance, end of period$1,555 $339 $35 $28 $— $62 $(2,342)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2023 (7)
$(11)$— $— $(2)$— $(2)$(2,183)
Changes in unrealized gains (losses) included in OCI for the instruments still held as of September 30, 2023 (7)
$(20)$(3)$— $— $— $(3)$— 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2022 (7)
$— $— $— $1 $— $(4)$3,904 
Changes in unrealized gains (losses) included in OCI for the instruments still held as of September 30, 2022 (7)
$(288)$(23)$(13)$— $— $36 $— 
_______________
(1)Comprised of U.S. and foreign corporate securities.
(2)Freestanding derivative assets and liabilities are reported net for purposes of the rollforward.
(3)Amortization of premium/accretion of discount is included in 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).
(4)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.
(5)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.
(6)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 out of Level 3 in the same period are excluded from the rollforward.
(7)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:
September 30, 2023
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans$22,648 $— $— $19,980 $19,980 
Policy loans$920 $— $468 $453 $921 
Other invested assets$262 $— $247 $15 $262 
Premiums, reinsurance and other receivables$6,987 $— $63 $6,995 $7,058 
Liabilities
Policyholder account balances$31,393 $— $— $30,358 $30,358 
Long-term debt$837 $— $26 $667 $693 
Other liabilities$1,129 $— $362 $767 $1,129 
Separate account liabilities$1,061 $— $1,061 $— $1,061 
December 31, 2022
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans$22,877 $— $— $20,760 $20,760 
Policy loans$898 $— $477 $453 $930 
Other invested assets$341 $— $201 $140 $341 
Premiums, reinsurance and other receivables$5,915 $— $77 $5,988 $6,065 
Liabilities
Policyholder account balances$31,223 $— $— $30,303 $30,303 
Short- term debt$125 $— $— $125 $125 
Long-term debt$838 $— $28 $714 $742 
Other liabilities$1,009 $— $212 $797 $1,009 
Separate account liabilities$1,022 $— $1,022 $— $1,022