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Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

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.


	December 31, 2022
	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	$	281,792	$	0	$		$	281,792
Obligations of U.S. states and their political subdivisions	0		628,200		0				628,200
Foreign government bonds	0		272,738		724				273,462
U.S. corporate public securities	0		6,443,944		0				6,443,944
U.S. corporate private securities	0		3,573,269		243,460				3,816,729
Foreign corporate public securities	0		1,371,354		6,868				1,378,222
Foreign corporate private securities	0		3,509,162		257,168				3,766,330
Asset-backed securities(2)	0		1,421,852		20,502				1,442,354
Commercial mortgage-backed securities	0		573,930		84,222				658,152
Residential mortgage-backed securities	0		336,216		0				336,216
Subtotal	0		18,412,457		612,944				19,025,401
Fixed maturities, trading	0		1,936,159		0				1,936,159
Equity securities	108,076		6,403		28,593				143,072
Short-term investments	0		81,215		16,945				98,160
Cash equivalents	0		1,432,182		0				1,432,182
Other invested assets(3)	4,223		7,680,827		0		(7,637,939)		47,111
Other assets	0		0		141,041				141,041
Reinsurance recoverables	0		0		430,911				430,911
Receivables from parent and affiliates	0		148,075		0				148,075
Subtotal excluding separate account assets	112,299		29,697,318		1,230,434		(7,637,939)		23,402,112
Separate account assets(4)(5)	102,243		108,682,425		4,645				108,789,313
Total assets	$	214,542	$	138,379,743	$	1,235,079	$	(7,637,939)	$	132,191,425
Future policy benefits(6)	$	0	$	0	$	4,540,747	$		$	4,540,747
Policyholders' account balances	0		0		3,502,096				3,502,096
Payables to parent and affiliates	0		18,653,159		0		(16,568,242)		2,084,917
Other liabilities	899		(9,496)		0		(670)		(9,267)
Total liabilities	$	899	$	18,643,663	$	8,042,843	$	(16,568,912)	$	10,118,493


	December 31, 2021
	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	$	333,940	$	0	$		$	333,940
Obligations of U.S. states and their political subdivisions	0		630,521		0				630,521
Foreign government bonds	0		350,321		150				350,471
U.S. corporate public securities	0		5,131,872		0				5,131,872
U.S. corporate private securities	0		1,873,370		131,505				2,004,875
Foreign corporate public securities	0		921,008		8,894				929,902
Foreign corporate private securities	0		2,508,676		245,235				2,753,911
Asset-backed securities(2)	0		484,861		62,449				547,310
Commercial mortgage-backed securities	0		463,689		111,495				575,184
Residential mortgage-backed securities	0		20,180		0				20,180
Subtotal	0		12,718,438		559,728				13,278,166
Fixed maturities, trading	0		3,302,392		0				3,302,392
Equity securities	58,160		40,635		12,472				111,267
Short-term investments	9,997		135,440		0				145,437
Cash equivalents	13,999		422,633		0				436,632
Other invested assets(3)	246,097		6,840,437		0		(6,818,009)		268,525
Other assets	0		0		72,937				72,937
Reinsurance recoverables	0		0		931,207				931,207
Receivables from parent and affiliates	0		162,045		0				162,045
Subtotal excluding separate account assets	328,253		23,622,020		1,576,344		(6,818,009)		18,708,608
Separate account assets(4)(5)	52,100		144,059,558		0				144,111,658
Total assets	$	380,353	$	167,681,578	$	1,576,344	$	(6,818,009)	$	162,820,266
Future policy benefits(6)	$	0	$	0	$	9,047,956	$		$	9,047,956
Policyholders' account balances	0		0		3,245,773				3,245,773
Payables to parent and affiliates	0		12,563,253		0		(12,563,253)		0
Other liabilities	10,730		12,624		0		(4,829)		18,525
Total liabilities	$	10,730	$	12,575,877	$	12,293,729	$	(12,568,082)	$	12,312,254

(1)“Netting” amounts represent cash collateral of $(8,931) million and $(5,750) million as of December 31, 2022 and 2021, 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 December 31, 2022 and 2021, the fair values of such investments were $69 million and $79 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 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 December 31, 2022 and 2021, the fair value of such investments was $5,262 million and $5,686 million, respectively.

(6)As of December 31, 2022, the net embedded derivative liability position of $4,541 million includes $801 million of embedded derivatives in an asset position and $5,342 million of embedded derivatives in a liability position. As of December 31, 2021, the net embedded derivative liability position of $9,048 million includes $610 million of embedded derivatives in an asset position and $9,658 million of embedded derivatives in a liability position.

Fair Value Inputs, Assets and Liabilities, Quantitative Information

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


	December 31, 2022
	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)	$	408,494	Discounted cash flow	Discount rate	9.77	%	20	%	16.53	%	Decrease
			Market Comparables	EBITDA multiples(3)	2.2	X	23.5	X	8.1	X	Increase

Reinsurance recoverables	$	430,911	Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(4)	$	4,540,747	Discounted cash flow	Lapse rate(6)	1	%	20	%			Decrease
				Spread over SOFR(7)	0.50	%	2.20	%			Decrease
				Utilization rate(8)	38	%	95	%			Increase
				Withdrawal rate	See table footnote (9) below.
				Mortality rate(10)	0	%	15	%			Decrease
				Equity volatility curve	18	%	26	%			Increase
Policyholders' account balances(5)	$	3,502,096	Discounted cash flow	Lapse rate(6)	1	%	80	%			Decrease
				Spread over SOFR(7)	0.17	%	1.93	%			Decrease
				Mortality rate(10)	0	%	23	%			Decrease
				Equity volatility curve	6	%	30	%			Increase
				Option Budget(11)	(2)	%	6	%			Decrease


	December 31, 2021
	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)	$	312,139	Discounted cash flow	Discount rate	1.65	%	20	%	4.57	%	Decrease
			Market Comparables	EBITDA multiples(3)	4.9 X		19.2 X		9.0 X		Increase
			Liquidation	Liquidation Value	62.58	%	62.58	%	62.58	%	Increase
Reinsurance recoverables	$	931,207	Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(4)	$	9,047,956	Discounted cash flow	Lapse rate(6)	1	%	20	%			Decrease
				Spread over LIBOR(7)	0.03	%	1.13	%			Decrease
				Utilization rate(8)	39	%	96	%			Increase
				Withdrawal rate	See table footnote (9) below.
				Mortality rate(10)	0	%	15	%			Decrease
				Equity volatility curve	16	%	25	%			Increase
Policyholders' account balances(5)	$	3,245,773	Discounted cash flow	Lapse rate(6)	1	%	42	%			Decrease
				Spread over LIBOR(7)	0.03	%	1.13	%			Decrease
				Mortality rate(10)	0	%	23	%			Decrease
				Equity volatility curve	6	%	31	%			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, available-for-sale and fixed maturities trading.

(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 and annuity 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 SOFR swap curve and the LIBOR swap curve represents the premium added to the proxy for the risk-free rate (SOFR or LIBOR, as applicable) 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 as of December 31, 2022 and 2021, respectively. 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 December 31, 2022 and 2021, the minimum withdrawal rate assumption is 77% and 76%, respectively. As of December 31, 2022 and 2021, 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 50 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.(11)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price changes. The level of option budgets determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

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.


	Year Ended December 31, 2022
	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	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Foreign government	150		73		501		0		0		0		0		0		0		724		69
Corporate securities(4)	385,634		(47,296)		323,603		(62,827)		0		(102,377)		106,408		10,475		(106,124)		507,496		(45,235)
Structured securities(5)	173,944		(26,318)		81,576		0		0		(1,993)		0		0		(122,485)		104,724		(28,489)
Other assets:
Fixed maturities, trading	0		0		0		0		0		0		0		0		0		0		0
Equity securities	12,472		(3,310)		10,000		(230)		0		0		9,661		0		0		28,593		(3,872)

Short-term investments	0		114		18,046		0		0		(8,560)		7,290		55		0		16,945		73
Cash equivalents	0		0		0		0		0		0		0		0		0		0		0
Other assets	72,937		44,096		49,677		0		0		(3,855)		(21,814)		0		0		141,041		47,951
Reinsurance recoverables	931,207		(635,649)		135,353		0		0		0		0		0		0		430,911		(607,225)
Separate account assets	0		(70)		7,715		(3,000)		0		0		0		0		0		4,645		(70)
Liabilities:
Future policy benefits	(9,047,956)		5,513,374		0		0		(1,006,165)		0		0		0		0		(4,540,747)		5,256,263
Policyholders' account balances(6)	(3,245,773)		(409,912)		0		0		(1,094,824)		0		1,248,413		0		0		(3,502,096)		(289,548)


	Year Ended December 31, 2022
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(3)
	Realized investment gains (losses), net(1)		Other income (loss)		Interest credited to policyholders' account balances		Included in other comprehensive income (loss)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders' account balances		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(16,829)	$	0	$	0	$	(56,470)	$	(242)	$	(14,416)	$	0	$	0	$	(59,239)
Other assets:
Fixed maturities, trading	0		0		0		0		0		0		0		0		0
Equity securities	0		(3,310)		0		0		0		0		(3,872)		0		0

Short-term investments	77		0		0		73		(36)		0		0		0		73
Cash equivalents	0		0		0		0		0		0		0		0		0
Other assets	44,096		0		0		0		0		47,951		0		0		0
Reinsurance recoverables	(635,649)		0		0		0		0		(607,225)		0		0		0
Separate account assets	0		0		(70)		0		0		0		0		(70)		0
Liabilities:
Future policy benefits	5,513,374		0		0		0		0		5,256,263		0		0		0
Policyholders' account balances	(409,912)		0		0		0		0		(289,548)		0		0		0


	Year Ended December 31, 2021
	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	$	55,000	$	0	$	0	$	(55,000)	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Foreign government	163		(13)		0		0		0		0		0		0		0		150		(15)
Corporate securities(4)	174,776		(10,914)		95,294		(5,085)		0		(28,690)		156,667		9,313		(5,727)		385,634		(11,298)
Structured securities(5)	2,065		4,165		74,800		(29)		0		(1,761)		32,859		107,038		(45,193)		173,944		4,189
Other assets:
Fixed maturities, trading	755		46		0		0		0		0		0		0		(801)		0		46
Equity securities	7,889		709		0		0		0		0		3,874		0		0		12,472		709

Short-term investments	0		181		0		0		0		(1,871)		1,690		0		0		0		0
Cash equivalents	0		147		0		0		0		(1,377)		1,230		0		0		0		0
Other assets	0		1,258		1,170		0		0		(899)		71,408		0		0		72,937		359
Reinsurance recoverables	13,239,539		(12,937,591)		629,259		0		0		0		0		0		0		931,207		(545,001)
Separate account assets	0		0		0		0		0		0		0		0		0		0		0
Liabilities:
Future policy benefits	(13,227,814)		5,281,553		0		0		(1,101,695)		0		0		0		0		(9,047,956)		4,647,753
Policyholders' account balances(6)	(1,155,274)		(78,321)		0		0		(265,807)		0		(1,746,371)		0		0		(3,245,773)		5,476


	Year Ended December 31, 2021
	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)
	(in thousands)
Fixed maturities, available-for-sale	$	(832)	$	0	$	(6,318)	$	388		$	(1,778)	$	0	$	(5,346)
Other assets:
Fixed maturities, trading	0		46		0		0			0		46		0
Equity securities	0		709		0		0			0		709		0

Short-term investments	181		0		0		0			0		0		0
Cash equivalents	147		0		0		0			0		0		0
Other assets	1,258		0		0		0			359		0		0
Reinsurance recoverables	(12,937,591)		0		0		0			(545,001)		0		0
Separate account assets	0		0		0		0			0		0		0
Liabilities:
Future policy benefits	5,281,553		0		0		0			4,647,753		0		0
Policyholders' account balances	(78,321)		0		0		0			5,476		0		0


	Year Ended December 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)
	(in thousands)
Fixed maturities, available-for-sale	$	(5,019)	$	0	$	19,106	$	145		$	(4,773)	$	0	$	18,962
Other assets:
Fixed maturities, trading	0		87		0		0			0		87		0
Equity securities	0		2,821		0		0			0		1,211		0

Short-term investments	0		0		0		0			0		0		0
Cash equivalents	0		0		0		0			0		0		0
Other assets	0		0		0		0			0		0		0
Reinsurance recoverables	3,604,075		0		0		0			3,889,923		0		0
Receivables from parent and affiliates	0		0		0		23			0		0		0
Liabilities:
Future policy benefits	(3,610,281)		0		0		0			(3,896,128)		0		0
Policyholders' account balances	(30,199)		0		0		0			3,853		0		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. Refer to Note 1 for impacts to Realized investments gains (losses), net related to the 2021 Variable Annuities Recapture and the Affiliated Reinsurance Agreement.

(2)For current year "Other" in policyholders' account balances largely represent non-cash moves related to novated indexed variable annuities under the reinsurance agreement with FLIAC. See Note 9 for more details regarding these transactions. In addition, other assets and policyholders' account balances represents an out of period adjustment related to certain portions of reinsurance activity that had been incorrectly recorded on the balance sheet during the fourth quarter of 2021. Prior year represents non-cash transfers related to the 2021 Variable Annuities Recapture. Refer to Note 1 for more details.

(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 private, foreign corporate public, foreign corporate private securities and foreign government bonds.

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

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

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


	Year Ended December 31, 2022
	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	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Foreign government	150		73		501		0		0		0		0		0		0		724		69
Corporate securities(4)	385,634		(47,296)		323,603		(62,827)		0		(102,377)		106,408		10,475		(106,124)		507,496		(45,235)
Structured securities(5)	173,944		(26,318)		81,576		0		0		(1,993)		0		0		(122,485)		104,724		(28,489)
Other assets:
Fixed maturities, trading	0		0		0		0		0		0		0		0		0		0		0
Equity securities	12,472		(3,310)		10,000		(230)		0		0		9,661		0		0		28,593		(3,872)

Short-term investments	0		114		18,046		0		0		(8,560)		7,290		55		0		16,945		73
Cash equivalents	0		0		0		0		0		0		0		0		0		0		0
Other assets	72,937		44,096		49,677		0		0		(3,855)		(21,814)		0		0		141,041		47,951
Reinsurance recoverables	931,207		(635,649)		135,353		0		0		0		0		0		0		430,911		(607,225)
Separate account assets	0		(70)		7,715		(3,000)		0		0		0		0		0		4,645		(70)
Liabilities:
Future policy benefits	(9,047,956)		5,513,374		0		0		(1,006,165)		0		0		0		0		(4,540,747)		5,256,263
Policyholders' account balances(6)	(3,245,773)		(409,912)		0		0		(1,094,824)		0		1,248,413		0		0		(3,502,096)		(289,548)


	Year Ended December 31, 2022
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(3)
	Realized investment gains (losses), net(1)		Other income (loss)		Interest credited to policyholders' account balances		Included in other comprehensive income (loss)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders' account balances		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(16,829)	$	0	$	0	$	(56,470)	$	(242)	$	(14,416)	$	0	$	0	$	(59,239)
Other assets:
Fixed maturities, trading	0		0		0		0		0		0		0		0		0
Equity securities	0		(3,310)		0		0		0		0		(3,872)		0		0

Short-term investments	77		0		0		73		(36)		0		0		0		73
Cash equivalents	0		0		0		0		0		0		0		0		0
Other assets	44,096		0		0		0		0		47,951		0		0		0
Reinsurance recoverables	(635,649)		0		0		0		0		(607,225)		0		0		0
Separate account assets	0		0		(70)		0		0		0		0		(70)		0
Liabilities:
Future policy benefits	5,513,374		0		0		0		0		5,256,263		0		0		0
Policyholders' account balances	(409,912)		0		0		0		0		(289,548)		0		0		0


	Year Ended December 31, 2021
	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	$	55,000	$	0	$	0	$	(55,000)	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Foreign government	163		(13)		0		0		0		0		0		0		0		150		(15)
Corporate securities(4)	174,776		(10,914)		95,294		(5,085)		0		(28,690)		156,667		9,313		(5,727)		385,634		(11,298)
Structured securities(5)	2,065		4,165		74,800		(29)		0		(1,761)		32,859		107,038		(45,193)		173,944		4,189
Other assets:
Fixed maturities, trading	755		46		0		0		0		0		0		0		(801)		0		46
Equity securities	7,889		709		0		0		0		0		3,874		0		0		12,472		709

Short-term investments	0		181		0		0		0		(1,871)		1,690		0		0		0		0
Cash equivalents	0		147		0		0		0		(1,377)		1,230		0		0		0		0
Other assets	0		1,258		1,170		0		0		(899)		71,408		0		0		72,937		359
Reinsurance recoverables	13,239,539		(12,937,591)		629,259		0		0		0		0		0		0		931,207		(545,001)
Separate account assets	0		0		0		0		0		0		0		0		0		0		0
Liabilities:
Future policy benefits	(13,227,814)		5,281,553		0		0		(1,101,695)		0		0		0		0		(9,047,956)		4,647,753
Policyholders' account balances(6)	(1,155,274)		(78,321)		0		0		(265,807)		0		(1,746,371)		0		0		(3,245,773)		5,476


	Year Ended December 31, 2021
	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)
	(in thousands)
Fixed maturities, available-for-sale	$	(832)	$	0	$	(6,318)	$	388		$	(1,778)	$	0	$	(5,346)
Other assets:
Fixed maturities, trading	0		46		0		0			0		46		0
Equity securities	0		709		0		0			0		709		0

Short-term investments	181		0		0		0			0		0		0
Cash equivalents	147		0		0		0			0		0		0
Other assets	1,258		0		0		0			359		0		0
Reinsurance recoverables	(12,937,591)		0		0		0			(545,001)		0		0
Separate account assets	0		0		0		0			0		0		0
Liabilities:
Future policy benefits	5,281,553		0		0		0			4,647,753		0		0
Policyholders' account balances	(78,321)		0		0		0			5,476		0		0


	Year Ended December 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)
	(in thousands)
Fixed maturities, available-for-sale	$	(5,019)	$	0	$	19,106	$	145		$	(4,773)	$	0	$	18,962
Other assets:
Fixed maturities, trading	0		87		0		0			0		87		0
Equity securities	0		2,821		0		0			0		1,211		0

Short-term investments	0		0		0		0			0		0		0
Cash equivalents	0		0		0		0			0		0		0
Other assets	0		0		0		0			0		0		0
Reinsurance recoverables	3,604,075		0		0		0			3,889,923		0		0
Receivables from parent and affiliates	0		0		0		23			0		0		0
Liabilities:
Future policy benefits	(3,610,281)		0		0		0			(3,896,128)		0		0
Policyholders' account balances	(30,199)		0		0		0			3,853		0		0

(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 private, foreign corporate public, foreign corporate private securities and foreign government bonds.

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

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

Fair Value Measurements, Nonrecurring

The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3).


	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Equity in earnings of operating joint venture, net of taxes
Investment in joint venture	$	(75,000)	$	0	$	0

Gains (Losses):
Other invested assets	$	(11,125)	$	0	$	0


	December 31, 2022		December 31, 2021
	(in thousands)
Carrying value after measurement as of period end:
Investment in joint venture(1)	$	60,456	$	0
Other invested assets	0		0

(1)Reported carrying value includes value as of the measurement period of June 30, 2022 for the Investment in joint venture.

Fair Value Disclosure Financial Instruments Not Carried at Fair Value

The tables below present 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 Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.


	December 31, 2022
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	4,602,177	$	4,602,177	$	4,928,680
Policy loans	0		0		505,367		505,367		505,367
Short-term investments	26,331		0		0		26,331		26,331
Cash and cash equivalents	675,445		290,000		0		965,445		965,445
Accrued investment income	0		219,635		0		219,635		219,635
Reinsurance recoverables	0		0		25,127		25,127		27,183
Receivables from parent and affiliates	0		76,846		0		76,846		76,846
Other assets	0		94,200		730,682		824,882		824,882
Total assets	$	701,776	$	680,681	$	5,863,353	$	7,245,810	$	7,574,369
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	1,192,271	$	3,141,000	$	4,333,271	$	4,351,945

Cash collateral for loaned securities	0		86,750		0		86,750		86,750
Short-term debt to affiliates	0		120,325		0		120,325		126,250
Long-term debt to affiliates	0		173,905		0		173,905		185,563
Payables to parent and affiliates	0		41,654		0		41,654		41,654
Other liabilities	0		1,269,615		33,250		1,302,865		1,302,866
Total liabilities	$	0	$	2,884,520	$	3,174,250	$	6,058,770	$	6,095,028


	December 31, 2021
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	2,883,710	$	2,883,710	$	2,832,560
Policy loans	0		0		1,327,485		1,327,485		1,327,485
Short-term investments	37,000		0		0		37,000		37,000
Cash and cash equivalents	297,299		185,000		0		482,299		482,299
Accrued investment income	0		160,027		0		160,027		160,027
Reinsurance recoverables	0		0		29,931		29,931		28,883
Receivables from parent and affiliates	0		116,086		0		116,086		116,086
Other assets	0		134,598		434,383		568,981		568,981
Total assets	$	334,299	$	595,711	$	4,675,509	$	5,605,519	$	5,553,321
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	1,356,850	$	2,590,487	$	3,947,337	$	3,941,822

Cash collateral for loaned securities	0		3,004		0		3,004		3,004
Long-term debt to affiliates	0		319,225		0		319,225		320,362

Payables to parent and affiliates	0		31,775		0		31,775		31,775
Other liabilities	0		864,788		34,091		898,879		898,879
Total liabilities	$	0	$	2,575,642	$	2,624,578	$	5,200,220	$	5,195,842

(1)Carrying values presented herein differ from those in the Company’s 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.