Fair Value Measurement - Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 2 – Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets and liabilities, quoted market prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs.


	As of September 30, 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	$	44,093	$	48,459	$	0	$	92,552
Obligations of U.S. states and their political subdivisions	0		515,000		0		0		515,000
Foreign government bonds	0		233,037		164		0		233,201
U.S. corporate public securities	0		2,450,235		3		0		2,450,238
U.S. corporate private securities	0		950,686		38,111		0		988,797
Foreign corporate public securities	0		262,749		9,253		0		272,002
Foreign corporate private securities	0		894,565		113,530		0		1,008,095
Asset-backed securities(2)	0		165,679		2,541		0		168,220
Commercial mortgage-backed securities	0		492,958		0		0		492,958
Residential mortgage-backed securities	0		59,023		0		0		59,023
Subtotal	0		6,068,025		212,061		0		6,280,086
Fixed maturities, trading	0		75,267		698		0		75,965

Equity securities	102		301		10,912		0		11,315
Short-term investments	119,993		76,991		0		0		196,984
Cash equivalents	124,994		480,009		0		0		605,003
Other invested assets(3)	0		334,977		0		(309,388)		25,589
Reinsurance recoverables	0		0		16,675,343		0		16,675,343
Receivables from parent and affiliates	0		113,639		0		0		113,639
Subtotal excluding separate account assets	245,089		7,149,209		16,899,014		(309,388)		23,983,924
Separate account assets(4)(5)	0		130,589,577		0		0		130,589,577
Total assets	$	245,089	$	137,738,786	$	16,899,014	$	(309,388)	$	154,573,501
Future policy benefits(6)	$	0	$	0	$	16,661,255	$	0	$	16,661,255
Policyholders' account balances	0		0		1,076,904		0		1,076,904
Payables to parent and affiliates	0		130,443		0		(130,443)		0

Total liabilities	$	0	$	130,443	$	17,738,159	$	(130,443)	$	17,738,159


	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

(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. As of September 30, 2020 and December 31, 2019, the fair values of such investments were $76 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 September 30, 2020 and December 31, 2019, the fair value of such investments was $4,841 million and $4,762 million, respectively.

(6)As of September 30, 2020, the net embedded derivative liability position of $16,661 million includes $307 million of embedded derivatives in an asset position and $16,968 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.


	As of September 30, 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)	$	137,857	Discounted cash flow	Discount rate	1.30	%	12.33	%	3.68	%	Decrease


Reinsurance recoverables	$	16,675,343	Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(4)	$	16,661,255	Discounted cash flow	Lapse rate(6)	1	%	20	%			Decrease
				Spread over LIBOR(7)	0.09	%	1.59	%			Decrease
				Utilization rate(8)	39	%	96	%			Increase
				Withdrawal rate	See table footnote (9) below.
				Mortality rate(10)	0	%	15	%			Decrease
				Equity volatility curve	18	%	26	%			Increase
Policyholders' account balances(5)	$	1,076,904	Discounted cash flow	Lapse rate(6)	1	%	6	%			Decrease
				Spread over LIBOR(7)	0.09	%	1.59	%			Decrease

				Mortality rate(10)	0	%	24	%			Decrease
				Equity volatility curve	19	%	35	%			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

(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 September 30, 2020 and December 31, 2019, the minimum withdrawal rate assumption is 76% and 78% respectively. As of September 30, 2020 and December 31, 2019 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.

Interrelationships Between Unobservable Inputs – In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another, or multiple, inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows:

Corporate Securities – The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term, and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increases, credit spreads widen, which results in a decrease in fair value.

Future Policy Benefits – The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.

Changes in Level 3 Assets and Liabilities – 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 September 30, 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	$	44,792	$	0	$	3,667	$	0	$	0	$	0	$	0	$	0	$	0	$	48,459	$	0
Foreign government	161		3		0		0		0		0		0		0		0		164		2
Corporate securities(4)	156,972		3,941		2,436		0		0		(538)		(1,914)		0		0		160,897		3,920
Structured securities(5)	1,507		(3)		1,299		0		0		(262)		0		0		0		2,541		(4)
Other assets:
Fixed maturities, trading	644		54		0		0		0		0		0		0		0		698		55
Equity securities	9,150		1,762		0		0		0		0		0		0		0		10,912		1,762
Other invested assets	0		0		0		0		0		0		0		0		0		0		0
Short-term investments	0		0		0		0		0		0		0		0		0		0		0

Reinsurance recoverables	19,028,138		(2,631,208)		278,413		0		0		0		0		0		0		16,675,343		(2,473,607)
Receivables from parent and affiliates	0		0		0		0		0		0		0		0		0		0		0
Liabilities:
Future policy benefits	(19,014,066)		2,629,271		0		0		(276,460)		0		0		0		0		(16,661,255)		2,475,638
Policyholders' account balances(6)	(1,045,483)		(2,053)		0		0		(29,368)		0		0		0		0		(1,076,904)		11,350


	Three Months Ended September 30, 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	$	(1,084)	$	0	$	5,003	$	22		$	(1,086)	$	0	$	5,004
Other assets:
Fixed maturities, trading	0		54		0		0			0		55		0
Equity securities	0		1,762		0		0			0		1,762		0
Other invested assets	0		0		0		0			0		0		0
Short-term investments	0		0		0		0			0		0		0

Reinsurance recoverables	(2,631,208)		0		0		0			(2,473,607)		0		0
Receivables from parent and affiliates	0		0		0		0			0		0		0
Liabilities:
Future policy benefits	2,629,271		0		0		0			2,475,638		0		0
Policyholders' account balances	(2,053)		0		0		0			11,350		0		0


	Nine Months Ended September 30, 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	$	9,788	$	0	$	0	$	0	$	0	$	0	$	0	$	48,459	$	0
Foreign government	163		1		0		0		0		0		0		0		0		164		0
Corporate securities(4)	50,083		2,409		11,100		(3,680)		0		(6,873)		(1,914)		109,772		0		160,897		3,113
Structured securities(5)	2,001		(478)		7,444		0		0		(790)		0		0		(5,636)		2,541		(478)
Other assets:
Fixed maturities, trading	668		30		0		0		0		0		0		0		0		698		30
Equity securities	9,898		1,014		0		0		0		0		0		0		0		10,912		1,014
Other invested assets	4		(4)		0		0		0		0		0		0		0		0		(4)
Short-term investments	0		0		0		0		0		0		0		0		0		0		0

Reinsurance recoverables	8,539,671		7,319,752		815,920		0		0		0		0		0		0		16,675,343		7,534,062
Receivables from parent and affiliates	3,135		23		0		0		0		(3,158)		0		0		0		0		0
Liabilities:
Future policy benefits	(8,529,566)		(7,321,642)		0		0		(810,047)		0		0		0		0		(16,661,255)		(7,535,951)
Policyholders' account balances(6)	(962,351)		37,907		0		0		(152,460)		0		0		0		0		(1,076,904)		53,610


	Nine Months Ended September 30, 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	$	(5,224)	$	0	$	7,034	$	122		$	(4,780)	$	0	$	7,415
Other assets:
Fixed maturities, trading	0		30		0		0			0		30		0
Equity securities	0		1,014		0		0			0		1,014		0
Other invested assets	(4)		0		0		0			(4)		0		0
Short-term investments	0		0		0		0			0		0		0
Reinsurance recoverables	7,319,752		0		0		0			7,534,062		0		0
Receivables from parent and affiliates	0		0		0		23			0		0		0
Liabilities:
Future policy benefits	(7,321,642)		0		0		0			(7,535,951)		0		0
Policyholders' account balances	37,907		0		0		0			53,610		0		0


	Three Months Ended September 30, 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	$	34,392	$	0	$	1,847	$	0	$	0	$	0	$	0	$	0	$	0	$	36,239	$	0
Foreign government	165		(1)		0		0		0		0		0		0		0		164		0
Corporate securities(4)	54,014		(14)		796		(28)		0		(1,158)		0		5,247		0		58,857		(1,731)
Structured securities(5)	4,297		16		0		(101)		0		(178)		0		0		0		4,034		0
Other assets:
Fixed maturities, trading	605		(12)		0		0		0		0		0		0		0		593		(12)
Equity securities	17,105		266		0		0		0		0		0		0		0		17,371		266
Other invested assets	4		0		0		0		0		0		0		0		0		4		0
Short-term investments	94		0		606		0		0		(244)		0		0		0		456		0

Reinsurance recoverables	8,485,905		2,567,927		259,782		0		0		0		0		0		0		11,313,614		2,653,797
Receivables from parent and affiliates	6,295		(35)		0		0		0		(1,578)		0		0		0		4,682		0
Liabilities:
Future policy benefits	(8,476,541)		(2,568,251)		0		0		(257,739)		0		0		0		0		(11,302,531)		(2,655,925)
Policyholders' account balances(6)	(786,969)		26,006		0		0		(115,012)		0		0		0		0		(875,975)		35,117


	Three Months Ended September 30, 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	$	(1,549)	$	0	$	1,406	$	144		$	(1,731)	$	0
Other assets:
Fixed maturities, trading	0		(12)		0		0			0		(12)
Equity securities	0		266		0		0			0		266
Other invested assets	0		0		0		0			0		0
Short-term investments	0		0		0		0			0		0

Reinsurance recoverables	2,567,927		0		0		0			2,653,797		0
Receivables from parent and affiliates	0		0		0		(35)			0		0
Liabilities:
Future policy benefits	(2,568,251)		0		0		0			(2,655,925)		0
Policyholders' account balances	26,006		0		0		0			35,117		0


	Nine Months Ended September 30, 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	$	6,423	$	0	$	0	$	0	$	0	$	0	$	0	$	36,239	$	0
Foreign government	0		5		0		0		0		0		0		159		0		164		0
Corporate securities(4)	56,588		(3,192)		2,918		(81)		0		(10,839)		0		13,463		0		58,857		(4,893)
Structured securities(5)	6,556		1,326		0		(103)		0		(4,334)		0		77,660		(77,071)		4,034		0
Other assets:
Fixed maturities, trading	0		(158)		0		0		0		0		0		751		0		593		(158)
Equity securities	15,997		1,374		0		0		0		0		0		0		0		17,371		1,374
Other invested assets	4		0		0		0		0		0		0		0		0		4		0
Short-term investments	0		0		1,069		0		0		(613)		0		0		0		456		0

Reinsurance recoverables	5,600,008		4,974,433		739,173		0		0		0		0		0		0		11,313,614		5,127,527
Receivables from parent and affiliates	9,261		158		0		0		0		(4,737)		0		0		0		4,682		0
Liabilities:
Future policy benefits	(5,588,840)		(4,980,450)		0		0		(733,241)		0		0		0		0		(11,302,531)		(5,133,545)
Policyholders' account balances(6)	(13,015)		(699,535)		0		0		(163,425)		0		0		0		0		(875,975)		(689,872)


	Nine Months Ended September 30, 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	$	(4,616)	$	0	$	2,248	$	507		$	(4,893)	$	0
Other assets:
Fixed maturities, trading	0		(158)		0		0			0		(158)
Equity securities	0		1,374		0		0			0		1,374
Other invested assets	0		0		0		0			0		0

Short-term investments	0		0		0		0			0		0

Reinsurance recoverables	4,974,433		0		0		0			5,127,527		0
Receivables from parent and affiliates	0		0		0		158			0		0
Liabilities:
Future policy benefits	(4,980,450)		0		0		0			(5,133,545)		0
Policyholders' account balances	(699,535)		0		0		0			(689,872)		0

(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.

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.


	September 30, 2020
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	1,296,619	$	1,296,619	$	1,227,120
Policy loans	0		0		1,322,235		1,322,235		1,322,235


Cash and cash equivalents	28,709		0		0		28,709		28,709
Accrued investment income	0		90,451		0		90,451		90,451
Reinsurance recoverables	0		0		224,580		224,580		216,235
Receivables from parent and affiliates	0		173,347		0		173,347		173,347
Other assets	0		23,516		0		23,516		23,516
Total assets	$	28,709	$	287,314	$	2,843,434	$	3,159,457	$	3,081,613
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	1,380,211	$	284,146	$	1,664,357	$	1,656,012

Cash collateral for loaned securities	0		2,731		0		2,731		2,731
Short-term debt to affiliates	0		4,297		0		4,297		4,297

Payables to parent and affiliates	0		73,332		0		73,332		73,332
Other liabilities	0		350,192		0		350,192		350,192
Total liabilities	$	0	$	1,810,763	$	284,146	$	2,094,909	$	2,086,564


	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.