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.

For a discussion of the Company's valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 5 to the Consolidated Financial Statements included in the Company’s restated Consolidated Financial Statements for the year ended December 31, 2022 included as Exhibit 99.1 within the Company's Current Report on Form 8-K filed on July 14, 2023.

As a result of the adoption of ASU 2018-12 in the first quarter of 2023, the Company is required to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value. Market risk benefit liabilities (or assets) represent contracts or contract features that provide protection to the contractholder and exposes the Company to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits in the annuities products including GMDB, GMIB, GMAB, GMWB and GMIWB. The benefits are bundled together and accounted for as single compound market risk benefits using a fair value measurement framework.

The fair value of these market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefit. The fair value of these benefit features is based on assumptions a market participant would use in valuing market risk benefits. This methodology could result in either a liability or asset balance, given changing capital market conditions and various actuarial assumptions. Since there is no observable active market for the transfer of these obligations, the valuations are calculated using internally-developed models with option pricing techniques. The models are based on a risk neutral valuation framework and incorporate premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows. The determination of these risk premiums requires the use of management’s judgment.

The significant inputs to the valuation models for these market risk benefits include capital market assumptions, such as interest rate levels and volatility assumptions, the Company’s market-perceived NPR, as well as actuarially determined assumptions, including contractholder behavior, such as lapse rates, benefit utilization rates, withdrawal rates, and mortality rates. Since many of these assumptions are unobservable and are considered to be significant inputs to the valuations, the assets and liabilities included in market risk benefits have been reflected within Level 3 in the fair value hierarchy.

Capital market inputs and actual policyholders’ account values are updated each quarter based on capital market conditions as of the end of the quarter, including interest rates, equity markets and volatility. In the risk neutral valuation, the initial swap curve drives the total return used to grow the policyholders’ account values. The Company’s discount rate assumption is based on the SOFR swap curve adjusted for an additional spread relative to SOFR to reflect the Company’s market-perceived 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 the Company issued 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 are insurance liabilities and are therefore senior to debt.

Actuarial assumptions, including contractholder behavior and mortality, are reviewed at least annually, and updated based upon company emerging experience and industry studies, future expectations and other data, including any observable market data. These assumptions are generally updated annually unless a material change that the Company feels is indicative of a long-term trend is observed in an interim period. See "Annual Assumptions Review" in Note 2 for additional information.


	September 30, 2023
	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	$	293,060	$	0	$		$	293,060
Obligations of U.S. states and their political subdivisions	0		731,917		0				731,917
Foreign government bonds	0		266,347		686				267,033
U.S. corporate public securities	0		8,836,174		0				8,836,174
U.S. corporate private securities	0		4,065,855		466,160				4,532,015
Foreign corporate public securities	0		1,687,936		6,532				1,694,468
Foreign corporate private securities	0		3,728,278		471,894				4,200,172
Asset-backed securities(2)	0		1,916,281		113,427				2,029,708
Commercial mortgage-backed securities	0		756,036		76,751				832,787
Residential mortgage-backed securities	0		381,021		0				381,021
Subtotal	0		22,662,905		1,135,450				23,798,355
Market risk benefit assets	0		0		2,519,234				2,519,234
Fixed maturities, trading	0		2,443,548		725				2,444,273
Equity securities	169,378		10,333		44,686				224,397
Short-term investments	19,809		200,674		584				221,067
Cash equivalents	0		1,144,914		0				1,144,914
Other invested assets(3)	9,208		12,302,117		0		(12,276,734)		34,591
Other assets	0		0		270,490				270,490
Reinsurance recoverable	0		0		15,544				15,544
Receivables from parent and affiliates	0		144,699		0				144,699
Subtotal excluding separate account assets	198,395		38,909,190		3,986,713		(12,276,734)		30,817,564
Separate account assets(4)(5)	130,896		106,518,193		5,500				106,654,589
Total assets	$	329,291	$	145,427,383	$	3,992,213	$	(12,276,734)	$	137,472,153
Market risk benefit liabilities	$	0	$	0	$	4,371,178	$		$	4,371,178
Policyholders' account balances	0		0		6,005,729				6,005,729
Payables to parent and affiliates	0		25,806,000		0		(21,870,566)		3,935,434
Other liabilities(6)	10,497		(5,396)		0		(1,367)		3,734
Total liabilities	$	10,497	$	25,800,604	$	10,376,907	$	(21,871,933)	$	14,316,075


	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
Market risk benefit assets(7)	0		0		1,393,237				1,393,237
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

Receivables from parent and affiliates	0		148,075		0				148,075
Subtotal excluding separate account assets	112,299		29,697,318		2,192,760		(7,637,939)		24,364,438
Separate account assets(4)(5)	102,243		108,682,425		4,645				108,789,313
Total assets	$	214,542	$	138,379,743	$	2,197,405	$	(7,637,939)	$	133,153,751
Market risk benefit liabilities(7)	$	0	$	0	$	5,521,601	$		$	5,521,601
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(6)	899		(9,496)		0		(670)		(9,267)
Total liabilities	$	899	$	18,643,663	$	9,023,697	$	(16,568,912)	$	11,099,347

(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, 2023 and December 31, 2022, the fair values of such investments were $65 million and $69 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, 2023 and December 31, 2022, the fair value of such investments were $4,957 million and $5,262 million, respectively.


	September 30, 2023
	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)	$	726,528	Discounted cash flow	Discount rate	8.23	%	20	%	12.16	%	Decrease
			Liquidation	Liquidation value	63.62	%	63.62	%	63.62	%	Increase
Market risk benefit assets(4)	$	2,519,234	Discounted cash flow	Lapse rate(5)	1	%	20	%			Increase
				Spread over SOFR(6)	0.48	%	2.10	%			Increase
				Utilization rate(7)	38	%	95	%			Decrease
				Withdrawal rate	See table footnote (8) below.
				Mortality rate(9)	0	%	15	%			Increase
				Equity volatility curve	15	%	25	%			Decrease
Liabilities:
Market risk benefit liabilities(4)	$	4,371,178	Discounted cash flow	Lapse rate(5)	1	%	20	%			Decrease
				Spread over SOFR(6)	0.48	%	2.10	%			Decrease
				Utilization rate(7)	38	%	95	%			Increase
				Withdrawal rate	See table footnote (8) below.
				Mortality rate(9)	0	%	15	%			Decrease
				Equity volatility curve	15	%	25	%			Increase
Policyholders' account balances(10)	$	6,005,729	Discounted cash flow	Lapse rate(5)	1	%	80	%			Decrease
				Spread over SOFR(6)	0.48	%	2.15	%			Decrease
				Mortality rate(9)	0	%	23	%			Decrease
				Equity volatility curve	6	%	28	%			Increase
				Option budget(11)	(1)	%	6	%			Increase


	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
Market risk benefit assets(4)(12)	$	1,393,237	Discounted cash flow	Lapse rate(5)	1	%	20	%			Increase
				Spread over SOFR(6)	0.50	%	2.20	%			Increase
				Utilization rate(7)	38	%	95	%			Decrease
				Withdrawal rate	See table footnote (8) below.
				Mortality rate(9)	0	%	15	%			Increase
				Equity volatility curve	18	%	26	%			Decrease
Liabilities:
Market risk benefit liabilities(4)(12)	$	5,521,601	Discounted cash flow	Lapse rate(5)	1	%	20	%			Decrease
				Spread over SOFR(6)	0.50	%	2.20	%			Decrease
				Utilization rate(7)	38	%	95	%			Increase
				Withdrawal rate	See table footnote (8) below.
				Mortality rate(9)	0	%	15	%			Decrease
				Equity volatility curve	18	%	26	%			Increase
Policyholders' account balances(10)	$	3,502,096	Discounted cash flow	Lapse rate(5)	1	%	80	%			Decrease
				Spread over SOFR(6)	0.22	%	2.26	%			Decrease
				Mortality rate(9)	0	%	23	%			Decrease
				Equity volatility curve	6	%	30	%			Increase
				Option budget(11)	(2)	%	6	%			Increase

(4)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(5)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.

(6)The spread over the Secured Overnight Financing Rate (“SOFR”) swap curve and the London Inter-Bank Offered Rate (“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 September 30, 2023 and December 31, 2022, 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 are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company ("Ohio National"), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 11 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for Ohio National, which may differ from that of the Company's; however, the NPR spreads for Ohio National were developed using a methodology similar to that of the Company.

(7)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.

(8)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, 2023 and December 31, 2022, the minimum withdrawal rate assumption is 81% and 77%, respectively. As of September 30, 2023 and December 31, 2022, 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%.

(9)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.

(10)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 weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

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.

Market Risk Benefits – The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally 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 (excluding MRBs disclosed in Note 10). 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, 2023(6)(7)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in thousands)
Fixed maturities, available-for-sale:

Foreign government	$	701	$	(15)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	686	$	(17)
Corporate securities(3)	721,247		(27,838)		182,465		(10,882)		0		(27,762)		(708)		117,152		(9,088)		944,586		(28,256)
Structured securities(4)	146,339		(3,871)		53,352		0		0		(339)		0		2,297		(7,600)		190,178		(3,836)
Other assets:
Fixed maturities, trading	0		18		0		0		0		0		707		0		0		725		18
Equity securities	43,374		(1,219)		2,531		0		0		0		0		0		0		44,686		(1,219)

Short-term investments	1,209		0		802		0		0		(1,427)		0		0		0		584		0

Other assets	217,613		25,539		33,850		0		0		(6,512)		0		0		0		270,490		19,028

Reinsurance recoverables	1,465		14,079		0		0		0		0		0		0		0		15,544		14,079
Separate account assets	4,982		(7)		1,049		(524)		0		0		0		0		0		5,500		(6)
Liabilities:
Policyholders' account balances(5)	(5,513,449)		(107,528)		0		0		(413,219)		0		28,467		0		0		(6,005,729)		(273,135)


	Three Months Ended September 30, 2023(6)
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		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	$	(1,048)	$	0	$	0	$	(31,183)	$	507	$	(674)	$	0	$	0	$	(31,435)
Other assets:
Fixed maturities, trading	0		18		0		0		0		0		18		0		0
Equity securities	0		(1,219)		0		0		0		0		(1,219)		0		0



Other assets	25,539		0		0		0		0		19,028		0		0		0

Reinsurance recoverables	14,079		0		0		0		0		14,079		0		0		0
Separate account assets	0		0		(7)		0		0		0		0		(6)		0
Liabilities:
Policyholders' account balances	(107,528)		0		0		0		0		(273,135)		0		0		0


	Nine Months Ended September 30, 2023(6)(7)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in thousands)
Fixed maturities, available-for-sale:

Foreign government	$	724	$	(38)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	686	$	(46)
Corporate securities(3)	507,496		(20,639)		493,339		(39,721)		0		(104,604)		651		117,152		(9,088)		944,586		(21,842)
Structured securities(4)	104,724		(7,070)		200,659		(27)		0		(1,677)		0		4,537		(110,968)		190,178		(6,965)
Other assets:
Fixed maturities, trading	0		18		6,250		0		0		0		707		0		(6,250)		725		18
Equity securities	28,593		(2,030)		2,531		0		0		0		15,592		0		0		44,686		(2,030)

Short-term investments	16,945		2,573		3,490		0		0		(21,065)		(1,359)		0		0		584		51

Other assets	141,041		33,559		107,453		0		0		(11,563)		0		0		0		270,490		21,997

Reinsurance recoverables	0		15,544		0		0		0		0		0		0		0		15,544		15,544
Separate account assets	4,645		250		1,889		(1,124)		0		(160)		0		0		0		5,500		249
Liabilities:
Policyholders' account balances(5)	(3,502,096)		(1,355,011)		0		0		(1,251,457)		0		102,835		0		0		(6,005,729)		(508,105)


	Nine Months Ended September 30, 2023(6)
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		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	$	(1,861)	$	0	$	0	$	(26,743)	$	857	$	(2,693)	$	0	$	0	$	(26,160)
Other assets:
Fixed maturities, trading	0		18		0		0		0		0		18		0		0
Equity securities	0		(2,030)		0		0		0		0		(2,030)		0		0

Short-term investments	1,857		0		0		(73)		789		0		0		0		51

Other assets	33,559		0		0		0		0		21,997		0		0		0

Reinsurance recoverables	15,544		0		0		0		0		15,544		0		0		0
Separate account assets	0		0		250		0		0		0		0		249		0
Liabilities:
Policyholders' account balances	(1,355,011)		0		0		0		0		(508,105)		0		0		0


	Three Months Ended September 30, 2022(6)(7)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in thousands)
Fixed maturities, available-for-sale:

Foreign government	$	135	$	88	$	501	$	0	$	0	$	0	$	0	$	0	$	0	$	724	$	86
Corporate securities(3)	317,878		(7,376)		66,826		(11,975)		0		(54,455)		106,408		6,259		0		423,565		(6,546)
Structured securities(4)	123,288		(2,903)		28,250		0		0		(403)		0		0		(33,490)		114,742		(2,860)
Other assets:

Equity securities	29,783		(1,111)		0		0		0		0		0		0		0		28,672		(1,110)

Short-term investments	2,772		2		0		0		0		(5,876)		7,290		0		0		4,188		0

Other assets	75,858		56,595		(24,914)		0		0		(104)		0		0		0		107,435		56,700


Separate account assets	0		(46)		7,000		(3,000)		0		0		0		0		0		3,954		(46)
Liabilities:
Policyholders' account balances(5)	(3,427,667)		217,837		0		0		0		(433,009)		0		0		0		(3,642,839)		843,341


	Three Months Ended September 30, 2022(6)
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		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	$	307	$	0	$	0	$	(9,226)	$	(1,272)	$	491	$	0	$	0	$	(9,811)
Other assets:

Equity securities	0		(1,111)		0		0		0		0		(1,110)		0		0

Short-term investments	0		0		0		0		2		0		0		0		0

Other assets	56,595		0		0		0		0		56,700		0		0		0


Separate account assets	0		0		(46)		0		0		0		0		(46)		0
Liabilities:
Policyholders' account balances	217,837		0		0		0		0		843,341		0		0		0


	Nine Months Ended September 30, 2022(6)(7)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in thousands)
Fixed maturities, available-for-sale:

Foreign government	$	150	$	73	$	501	$	0	$	0	$	0	$	0	$	0	$	0	$	724	$	71
Corporate securities(3)	385,634		(56,596)		200,137		(24,363)		0		(87,790)		106,408		6,259		(106,124)		423,565		(53,687)
Structured securities(4)	173,944		(25,231)		61,740		0		0		(1,476)		0		0		(94,235)		114,742		(25,140)
Other assets:

Equity securities	12,472		(3,231)		10,000		(230)		0		0		9,661		0		0		28,672		(3,249)
Short-term investments	0		7		2,766		0		0		(5,930)		7,290		55		0		4,188		0
Other assets	72,937		60,932		(23,673)		0		0		(2,761)		0		0		0		107,435		63,692


Separate account assets	0		(46)		7,000		(3,000)		0		0		0		0		0		3,954		(46)
Liabilities:
Policyholders' account balances(5)	(3,245,773)		188,287		0		0		0		(824,375)		239,022		0		0		(3,642,839)		1,272,540


	Nine Months Ended September 30, 2022(6)
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		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	$	(16,505)	$	0	$	0	$	(64,307)	$	(942)	$	(13,988)	$	0	$	0	$	(64,768)
Other assets:

Equity securities	0		(3,231)		0		0		0		0		(3,249)		0		0
Short-term investments	0		0		0		0		7		0		0		0		0

Other assets	60,932		0		0		0		0		63,692		0		0		0


Separate account assets	0		0		(46)		0		0		0		0		(46)		0
Liabilities:
Policyholders' account balances	188,287		0		0		0		0		1,272,540		0		0		0

(1)"Other" largely represents non-cash moves related to novated variable indexed annuities under the reinsurance agreement with FLIAC. See Note 11 for more details regarding these transactions. In addition, for the prior year 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.

Nonrecurring Fair Value Measurements – 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). For both the three and nine months ended September 30, 2023, there were no triggering events.

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


	September 30, 2023
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	5,093,398	$	5,093,398	$	5,492,869
Policy loans	0		0		1,455,484		1,455,484		1,455,484
Short-term investments	45,002		0		0		45,002		45,002
Cash and cash equivalents	560,365		139,999		0		700,364		700,364
Accrued investment income	0		308,908		0		308,908		308,908
Reinsurance recoverables	0		0		22,899		22,899		24,942
Receivables from parent and affiliates	0		87,180		0		87,180		87,180
Other assets	0		89,142		1,378,029		1,467,171		1,467,171
Total assets	$	605,367	$	625,229	$	7,949,810	$	9,180,406	$	9,581,920
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	1,017,396	$	4,687,310	$	5,704,706	$	5,726,015
Cash collateral for loaned securities	0		184,001		0		184,001		184,001
Short-term debt to affiliates	0		297,280		0		297,280		304,317

Payables to parent and affiliates	0		31,254		0		31,254		31,254
Other liabilities	0		1,953,309		32,423		1,985,732		1,985,732
Total liabilities	$	0	$	3,483,240	$	4,719,733	$	8,202,973	$	8,231,319


	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