Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.

	As of March 31, 2020
	Level 1		Level 2		Level 3		Netting(1)			Total
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	48,828	$	42,013	$	0		$	90,841
Obligations of U.S. states and their political subdivisions	0		496,703		0		0			496,703
Foreign government bonds	0		203,517		152		0			203,669
U.S. corporate public securities	0		2,155,417		3		0			2,155,420
U.S. corporate private securities	0		880,119		31,515		0			911,634
Foreign corporate public securities	0		244,112		204		0			244,316
Foreign corporate private securities	0		776,243		98,960		0			875,203
Asset-backed securities(2)	0		116,665		1,802		0			118,467
Commercial mortgage-backed securities	0		381,870		0		0			381,870
Residential mortgage-backed securities	0		61,838		5,636		0			67,474
Subtotal	0		5,365,312		180,285		0			5,545,597
Fixed maturities, trading	0		51,130		538		0			51,668
Equity securities	90		447		9,196		0			9,733
Short-term investments	29,994		99,904		0		0			129,898
Cash equivalents	0		529,959		0		0			529,959
Other invested assets(3)	0		255,893		4		(224,876		)	31,021
Reinsurance recoverables	0		0		20,214,824		0			20,214,824
Receivables from parent and affiliates	0		113,964		1,575		0			115,539
Subtotal excluding separate account assets	30,084		6,416,609		20,406,422		(224,876		)	26,628,239
Separate account assets(4)(5)	0		112,628,536		0		0			112,628,536
Total assets	$	30,084	$	119,045,145	$	20,406,422	$	(224,876	)	$	139,256,775
Future policy benefits(6)	$	0	$	0	$	20,196,457	$	0		$	20,196,457
Policyholders' account balances	0		0		900,261		0			900,261
Payables to parent and affiliates	0		23,518		0		(23,518		)	0
Total liabilities	$	0	$	23,518	$	21,096,718	$	(23,518	)	$	21,096,718

	As of December 31, 2019
	Level 1		Level 2		Level 3		Netting(1)			Total
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	47,797	$	38,671	$	0		$	86,468
Obligations of U.S. states and their political subdivisions	0		497,827		0		0			497,827
Foreign government bonds	0		222,663		163		0			222,826
U.S. corporate public securities	0		2,141,324		3		0			2,141,327
U.S. corporate private securities	0		893,943		35,829		0			929,772
Foreign corporate public securities	0		278,435		181		0			278,616
Foreign corporate private securities	0		944,408		14,070		0			958,478
Asset-backed securities(2)	0		117,935		2,001		0			119,936
Commercial mortgage-backed securities	0		382,916		0		0			382,916
Residential mortgage-backed securities	0		63,804		0		0			63,804
Subtotal	0		5,591,052		90,918		0			5,681,970
Fixed maturities, trading	0		59,296		668		0			59,964
Equity securities	131		465		9,898		0			10,494
Short-term investments	0		0		0		0			0
Cash equivalents	0		547,642		0		0			547,642
Other invested assets(3)	0		251,764		4		(239,220		)	12,548
Reinsurance recoverables	0		0		8,539,671		0			8,539,671
Receivables from parent and affiliates	0		119,431		3,135		0			122,566
Subtotal excluding separate account assets	131		6,569,650		8,644,294		(239,220		)	14,974,855
Separate account assets(4)(5)	0		133,625,669		0		0			133,625,669
Total assets	$	131	$	140,195,319	$	8,644,294	$	(239,220	)	$	148,600,524
Future policy benefits(6)	$	0	$	0	$	8,529,566	$	0		$	8,529,566
Policyholders' account balances	0		0		962,351		0			962,351
Payables to parent and affiliates	0		97,802		0		(97,802		)	0
Total liabilities	$	0	$	97,802	$	9,491,917	$	(97,802	)	$	9,491,917

(1) “Netting” amounts represent cash collateral of $201.4 million and $141.4 million as of March 31, 2020 and December 31, 2019, respectively.

(2) Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

(3) Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. At March 31, 2020 and December 31, 2019, the fair values of such investments were $80 million and $75 million, respectively.

(4) Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Unaudited Interim Consolidated Statements of Financial Position.

(5) Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate owned life insurance fund, for which fair value is measured at NAV per share (or its equivalent). At March 31, 2020 and December 31, 2019, the fair value of such investments was $4,301 million and $4,762 million, respectively.

(6) As of March 31, 2020, the net embedded derivative liability position of $20,196 million includes $151 million of embedded derivatives in an asset position and $20,347 million of embedded derivatives in a liability position. As of December 31, 2019, the net embedded derivative liability position of $8,530 million includes $611 million of embedded derivatives in an asset position and $9,141 million of embedded derivatives in a liability position.

Fair Value Inputs, Assets and Liabilities, Quantitative Information

The tables below present quantitative information on significant internally-priced Level 3 assets and liabilities.

	As of March 31, 2020
	Fair Value		Valuation   Techniques	Unobservable Inputs	Minimum		Maximum		Weighted   Average		Impact of  Increase in  Input on  Fair Value(1)
	(in thousands)
Assets:
Corporate securities(2)	$	116,745	Discounted cash flow	Discount rate	1.90	%	25	%	5.05	%	Decrease
			Market Comparables	EBITDA multiples(3)	5.7	X	5.7	X	5.7	X	Increase
Reinsurance recoverables	$	20,214,824	Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(4)	$	20,196,457	Discounted cash flow	Lapse rate(6)	1	%	18	%			Decrease
				Spread over LIBOR(7)	1.40	%	2.02	%			Decrease
				Utilization rate(8)	43	%	97	%			Increase
				Withdrawal rate	See table footnote (9) below.
				Mortality rate(10)	0	%	15	%			Decrease
				Equity volatility curve	18	%	33	%			Increase
Policyholders' account balances(5)	$	900,261	Discounted cash flow	Lapse rate(6)	1	%	6	%			Decrease
				Spread over LIBOR(7)	1.40	%	2.02	%			Decrease
				Mortality rate(10)	0	%	24	%			Decrease
				Equity volatility curve	25	%	50	%			Increase

	As of December 31, 2019
	Fair Value		Valuation   Techniques	Unobservable Inputs	Minimum		Maximum		Weighted   Average		Impact of  Increase in  Input on  Fair Value(1)
	(in thousands)
Assets:
Corporate securities(2)	$	27,816	Discounted cash flow	Discount rate	5.24	%	17.47	%	8.25	%	Decrease
			Market comparables	EBITDA multiples(3)	5.7X		5.7X		5.7X		Increase
Reinsurance recoverables	$	8,539,671	Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(4)	$	8,529,566	Discounted cash flow	Lapse rate(6)	1	%	18	%			Decrease
				Spread over LIBOR(7)	0.10	%	1.23	%			Decrease
				Utilization rate(8)	43	%	97	%			Increase
				Withdrawal rate	See table footnote (9) below.
				Mortality rate(10)	0	%	15	%			Decrease
				Equity volatility curve	13	%	23	%			Increase
Policyholders' account balances(5)	962,351		Discounted cash flow	Lapse rate(6)	1	%	6	%			Decrease
				Spread over LIBOR(7)	0.10	%	1.23	%			Decrease
				Mortality rate(10)	0	%	24	%			Decrease
				Equity volatility curve	10	%	23	%			Increase

(1) Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.

(2) Includes assets classified as fixed maturities and available-for-sale.

(3) Represents multiples of earnings before interest, taxes, depreciation and amortization ("EBITDA"), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.

(4) Future policy benefits primarily represent general account liabilities for the living benefit features of the Company’s variable annuity contracts which are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(5) Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(6) Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these embedded derivatives.

(7) The spread over the London Inter-Bank Offered Rate ("LIBOR") swap curve represents the premium added to the proxy for the risk-free rate (LIBOR) to reflect the Company's estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.

(8) The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.

(9) The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of both March 31, 2020 and December 31, 2019, the minimum withdrawal rate assumption is 78% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.

(10)

The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 45 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.

	Three Months Ended March 31, 2020
	Fair Value, beginning of period			Total realized and unrealized gains (losses)(1)			Purchases		Sales			Issuances			Settlements			Other(2)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period			Unrealized gains (losses) for assets still held(3)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. government	$	38,671		$	0		$	3,342	$	0		$	0		$	0		$	0	$	0	$	0	$	42,013		$	0
Foreign government	163			(11		)	0		0			0			0			0		0		0		152			(11		)
Corporate securities(4)	50,083			(17,970		)	7,193		(3,680		)	0			(2,958		)	0		98,014		0		130,682			(17,186		)
Structured securities(5)	2,001			(484		)	6,145		0			0			(224		)	0		0		0		7,438			(483		)
Other assets:
Fixed maturities, trading	668			(130		)	0		0			0			0			0		0		0		538			(130		)
Equity securities	9,898			(702		)	0		0			0			0			0		0		0		9,196			(702		)
Other invested assets	4			0			0		0			0			0			0		0		0		4			0
Reinsurance recoverables	8,539,671			11,408,202			266,951		0			0			0			0		0		0		20,214,824			11,508,908
Receivables from parent and affiliates	3,135			19			0		0			0			(1,579		)	0		0		0		1,575			0
Liabilities:
Future policy benefits	(8,529,566		)	(11,401,903		)	0		0			(264,988		)	0			0		0		0		(20,196,457		)	(11,502,609		)
Policyholders' account balances(6)	(962,351		)	117,655			0		0			(55,565		)	0			0		0		0		(900,261		)	125,109

	Three Months Ended March 31, 2020
	Total realized and unrealized gains (losses)											Unrealized gains (losses) for assets still held(3)
	Realized investment gains (losses), net(1)			Other income (loss)			Included in other comprehensive income (loss)			Net investment income		Realized investment gains (losses), net			Other income (loss)			Included in other comprehensive income (loss)(7)
	(in thousands)
Fixed maturities, available-for-sale	$	(1,779	)	$	0		$	(16,776	)	$	90	$	(1,334	)	$	0		$	(16,346	)
Other assets:
Fixed maturities, trading	0			(130		)	0			0		0			(130		)	0
Equity securities	0			(702		)	0			0		0			(702		)	0
Other invested assets	0			0			0			0		0			0			0
Reinsurance recoverables	11,408,202			0			0			0		11,508,908			0			0
Receivables from parent and affiliates	0			0			0			19		0			0			0
Liabilities:
Future policy benefits	(11,401,903		)	0			0			0		(11,502,609		)	0			0
Policyholders' account balances	117,655			0			0			0		125,109			0			0

	Three Months Ended March 31, 2019
	Fair Value, beginning of period			Total realized and unrealized gains (losses)(1)			Purchases		Sales			Issuances			Settlements			Other(2)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period			Unrealized gains (losses) for assets still held(3)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. government	$	29,816		$	0		$	2,372	$	0		$	0		$	0		$	0	$	0	$	0	$	32,188		$	0
Foreign government	0			5			0		0			0			0			0		159		0		164			0
Corporate securities(4)	56,588			(3,412		)	1,331		(28		)	0			(7,097		)	1		7,577		0		54,960			(3,163		)
Structured securities(5)	6,556			1,268			0		(1		)	0			(3,979		)	0		75,960		0		79,804			0
Other assets:
Fixed maturities, trading	0			0			0		0			0			0			0		0		0		0			0
Equity securities	15,997			(6		)	0		0			0			0			0		0		0		15,991			(6		)
Other invested assets	4			0			0		0			0			0			0		0		0		4			0
Reinsurance recoverables	5,600,008			633,318			235,378		0			0			0			0		0		0		6,468,704			677,444
Receivables from parent and affiliates	9,261			111			0		0			0			(1,580		)	0		0		0		7,792			0
Liabilities:
Future policy benefits	(5,588,840		)	(637,102		)	0		0			(233,435		)	0			0		0		0		(6,459,377		)	(681,227		)
Policyholders' account balances(6)	(13,015		)	(33,614		)	0		0			0			(6,507		)	0		0		0		(53,136		)	(33,614		)

	Three Months Ended March 31, 2019
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(3)
	Realized investment gains (losses), net(1)			Other income (loss)			Included in other comprehensive income (loss)		Net investment income		Realized investment gains (losses), net			Other income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(2,402	)	$	0		$	164	$	99	$	(3,163	)	$	0
Other assets:
Fixed maturities, trading	0			0			0		0		0			0
Equity securities	0			(6		)	0		0		0			(6		)
Other invested assets	0			0			0		0		0			0
Reinsurance recoverables	633,318			0			0		0		677,444			0
Receivables from parent and affiliates	0			0			0		111		0			0
Liabilities:
Future policy benefits	(637,102		)	0			0		0		(681,227		)	0
Policyholders' account balances	(33,614		)	0			0		0		(33,614		)	0

(1) Realized investment gains (losses) on future policy benefits and reinsurance recoverables primarily represent the change in the fair value of the Company's living benefit guarantees on certain of its variable annuity contracts.

(2) Other includes reclassifications of certain assets and liabilities between reporting categories.

(3) Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.

(4) Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities.

(5) Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.

(6) Issuances and settlements for Policyholders' account balances are presented net in the rollforward.

(7) Effective January 1, 2020, the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period were added prospectively due to adoption of ASU 2018-13. Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.

	Three Months Ended March 31, 2020
	Fair Value, beginning of period			Total realized and unrealized gains (losses)(1)			Purchases		Sales			Issuances			Settlements			Other(2)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period			Unrealized gains (losses) for assets still held(3)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. government	$	38,671		$	0		$	3,342	$	0		$	0		$	0		$	0	$	0	$	0	$	42,013		$	0
Foreign government	163			(11		)	0		0			0			0			0		0		0		152			(11		)
Corporate securities(4)	50,083			(17,970		)	7,193		(3,680		)	0			(2,958		)	0		98,014		0		130,682			(17,186		)
Structured securities(5)	2,001			(484		)	6,145		0			0			(224		)	0		0		0		7,438			(483		)
Other assets:
Fixed maturities, trading	668			(130		)	0		0			0			0			0		0		0		538			(130		)
Equity securities	9,898			(702		)	0		0			0			0			0		0		0		9,196			(702		)
Other invested assets	4			0			0		0			0			0			0		0		0		4			0
Reinsurance recoverables	8,539,671			11,408,202			266,951		0			0			0			0		0		0		20,214,824			11,508,908
Receivables from parent and affiliates	3,135			19			0		0			0			(1,579		)	0		0		0		1,575			0
Liabilities:
Future policy benefits	(8,529,566		)	(11,401,903		)	0		0			(264,988		)	0			0		0		0		(20,196,457		)	(11,502,609		)
Policyholders' account balances(6)	(962,351		)	117,655			0		0			(55,565		)	0			0		0		0		(900,261		)	125,109

	Three Months Ended March 31, 2020
	Total realized and unrealized gains (losses)											Unrealized gains (losses) for assets still held(3)
	Realized investment gains (losses), net(1)			Other income (loss)			Included in other comprehensive income (loss)			Net investment income		Realized investment gains (losses), net			Other income (loss)			Included in other comprehensive income (loss)(7)
	(in thousands)
Fixed maturities, available-for-sale	$	(1,779	)	$	0		$	(16,776	)	$	90	$	(1,334	)	$	0		$	(16,346	)
Other assets:
Fixed maturities, trading	0			(130		)	0			0		0			(130		)	0
Equity securities	0			(702		)	0			0		0			(702		)	0
Other invested assets	0			0			0			0		0			0			0
Reinsurance recoverables	11,408,202			0			0			0		11,508,908			0			0
Receivables from parent and affiliates	0			0			0			19		0			0			0
Liabilities:
Future policy benefits	(11,401,903		)	0			0			0		(11,502,609		)	0			0
Policyholders' account balances	117,655			0			0			0		125,109			0			0

	Three Months Ended March 31, 2019
	Fair Value, beginning of period			Total realized and unrealized gains (losses)(1)			Purchases		Sales			Issuances			Settlements			Other(2)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period			Unrealized gains (losses) for assets still held(3)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. government	$	29,816		$	0		$	2,372	$	0		$	0		$	0		$	0	$	0	$	0	$	32,188		$	0
Foreign government	0			5			0		0			0			0			0		159		0		164			0
Corporate securities(4)	56,588			(3,412		)	1,331		(28		)	0			(7,097		)	1		7,577		0		54,960			(3,163		)
Structured securities(5)	6,556			1,268			0		(1		)	0			(3,979		)	0		75,960		0		79,804			0
Other assets:
Fixed maturities, trading	0			0			0		0			0			0			0		0		0		0			0
Equity securities	15,997			(6		)	0		0			0			0			0		0		0		15,991			(6		)
Other invested assets	4			0			0		0			0			0			0		0		0		4			0
Reinsurance recoverables	5,600,008			633,318			235,378		0			0			0			0		0		0		6,468,704			677,444
Receivables from parent and affiliates	9,261			111			0		0			0			(1,580		)	0		0		0		7,792			0
Liabilities:
Future policy benefits	(5,588,840		)	(637,102		)	0		0			(233,435		)	0			0		0		0		(6,459,377		)	(681,227		)
Policyholders' account balances(6)	(13,015		)	(33,614		)	0		0			0			(6,507		)	0		0		0		(53,136		)	(33,614		)

	Three Months Ended March 31, 2019
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(3)
	Realized investment gains (losses), net(1)			Other income (loss)			Included in other comprehensive income (loss)		Net investment income		Realized investment gains (losses), net			Other income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(2,402	)	$	0		$	164	$	99	$	(3,163	)	$	0
Other assets:
Fixed maturities, trading	0			0			0		0		0			0
Equity securities	0			(6		)	0		0		0			(6		)
Other invested assets	0			0			0		0		0			0
Reinsurance recoverables	633,318			0			0		0		677,444			0
Receivables from parent and affiliates	0			0			0		111		0			0
Liabilities:
Future policy benefits	(637,102		)	0			0		0		(681,227		)	0
Policyholders' account balances	(33,614		)	0			0		0		(33,614		)	0

(1) Realized investment gains (losses) on future policy benefits and reinsurance recoverables primarily represent the change in the fair value of the Company's living benefit guarantees on certain of its variable annuity contracts.

(2) Other includes reclassifications of certain assets and liabilities between reporting categories.

(3) Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.

(4) Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities.

(5) Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.

(6) Issuances and settlements for Policyholders' account balances are presented net in the rollforward.

(7) Effective January 1, 2020, the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period were added prospectively due to adoption of ASU 2018-13. Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.

Fair Value Disclosure Financial Instruments Not Carried at Fair Value

The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.

	March 31, 2020
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	1,237,180	$	1,237,180	$	1,206,707
Policy loans	0		0		1,317,110		1,317,110		1,317,110
Cash and cash equivalents	25,393		0		0		25,393		25,393
Accrued investment income	0		89,492		0		89,492		89,492
Reinsurance recoverables	0		0		213,552		213,552		214,349
Receivables from parent and affiliates	0		134,288		0		134,288		134,288
Other assets	0		24,046		0		24,046		24,046
Total assets	$	25,393	$	247,826	$	2,767,842	$	3,041,061	$	3,011,385
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	1,279,303	$	276,830	$	1,556,133	$	1,556,930
Cash collateral for loaned securities	0		2,587		0		2,587		2,587
Short-term debt to affiliates	0		0		0		0		0
Payables to parent and affiliates	0		199,644		0		199,644		199,644
Other liabilities	0		440,806		0		440,806		440,806
Total liabilities	$	0	$	1,922,340	$	276,830	$	2,199,170	$	2,199,967

	December 31, 2019
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	1,288,625	$	1,288,625	$	1,239,885
Policy loans	0		0		1,314,064		1,314,064		1,314,064
Cash and cash equivalents	15,557		0		0		15,557		15,557
Accrued investment income	0		89,448		0		89,448		89,448
Reinsurance recoverables	0		0		212,368		212,368		211,813
Receivables from parent and affiliates	0		149,415		0		149,415		149,415
Other assets	0		22,505		0		22,505		22,505
Total assets	$	15,557	$	261,368	$	2,815,057	$	3,091,982	$	3,042,687
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	1,264,128	$	277,782	$	1,541,910	$	1,541,355
Cash collateral for loaned securities	0		7,529		0		7,529		7,529
Short-term debt to affiliates	0		2,845		0		2,845		2,845
Payables to parent and affiliates	0		216,842		0		216,842		216,842
Other liabilities	0		387,109		0		387,109		387,109
Total liabilities	$	0	$	1,878,453	$	277,782	$	2,156,235	$	2,155,680

(1) Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.