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FAIR VALUE DISCLOSURES (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized below.

Fair Value Measurements as of December 31, 2021
Level 1
Level 2
Level 3
Total
 (in millions)
Assets:
Investments:
Fixed maturities, AFS:
Corporate (1)$— $2,351 $11 $2,362 
U.S. Treasury, government and agency— 66 — 66 
States and political subdivisions— 34 — 34 
Asset-backed (2)— 30 — 30 
Commercial mortgage-backed— 80 — 80 
Redeemable preferred stock— — — — 
Total fixed maturities, AFS— 2,561 11 2,572 
Other equity investments— 23 — 23 
Other invested assets:
Trading securities1 — — 1 
Options— 3 — 3 
Total other invested assets1 3 

— 

4 
Cash equivalents106 — — 106 
Separate Accounts assets
3,384 7 — 3,391 
Total Assets$3,491 $2,594 $11 $6,096 
Liabilities:
MSO and IUL indexed features’ liability
$— $132 $— $132 
Total Liabilities$— $132 $— $132 
______________
(1)Corporate fixed maturities includes both public and private issues.
(2)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.
Fair Value Measurements as of December 31, 2020
Level 1
Level 2
Level 3
Total
 
(in millions)
Assets:
Investments:
Fixed maturities, AFS:
Corporate (1)$— $2,308 $14 $2,322 
U.S. Treasury, government and agency— 63 — 63 
States and political subdivisions— 30 — 30 
Asset-backed (2)
— 5 — 5 
Redeemable preferred stock2 23 — 25 
Total fixed maturities, AFS2 2,429 14 2,445 
Other equity investments— — — — 
Other invested assets:
Trading securities1 — — 1 
Options— 3 — 3 
Total other invested assets1 3 — 4 
Cash equivalents128 — — 128 
Separate Accounts assets
2,591 7 — 2,598 
Total Assets$2,722 $2,439 $14 $5,175 
Liabilities:
MSO and IUL indexed features’ liability
$— $131 $— $131 
Total Liabilities$— $131 $— $131 
______________
(1)Corporate fixed maturities includes both public and private issues.
(2)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.
Reconciliation of Assets and Liabilities at Level 3
The tables below present reconciliations for all Level 3 assets and liabilities for the years ended December 31, 2021, 2020 and 2019, respectively.
Level 3 Instruments - Fair Value Measurements
Corporate
State and Political Subdivisions
(in millions)
Balance, January 1, 2021$14 $— 
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)— — 
Investment gains (losses), net— — 
Subtotal— — 
Other comprehensive income (loss)— — 
Purchases1 — 
Sales(4)— 
Transfers into Level 3 (1)— — 
Transfers out of Level 3 (1)— — 
Balance, December 31, 2021$11 $— 
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period.$— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period.$— $— 
Balance, January 1, 2020$10 $— 
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)— — 
Investment gains (losses), net— — 
Subtotal— — 
Other comprehensive income (loss)— — 
Purchases— — 
Sales(1)— 
Transfers into Level 3 (1)5 — 
Transfers out of Level 3 (1)— — 
Balance, December 31, 2020$14 $— 
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period.$— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period.$— $— 
Corporate
State and Political Subdivisions
(in millions)
Balance, January 1, 2019$11 $1 
Total gains (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)— — 
Investment gains (losses), net— — 
Subtotal— — 
Other comprehensive income (loss)— — 
Purchases— — 
Sales(1)(1)
Transfers into Level 3 (1)— — 
Transfers out of Level 3 (1)— — 
Balance, December 31, 2019$10 $— 
Balance, Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period.$— $— 
Balance, Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period.$— $— 
____________
(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.
Quantitative Information About Level 3 Fair Value Measurement
The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities as of December 31, 2021 and 2020, respectively.

Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2021
Fair
Value		Valuation TechniqueSignificant
Unobservable Input		Range
Weighted Average
(in millions)
Assets:
Investments:
Fixed maturities, AFS:
Corporate$9 Matrix pricing 
model		Spread over Benchmark
70 bps - 145 bps
104 bps

     Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2020
Fair
Value
Valuation Technique
Significant
Unobservable Input
Range
Weighted Average
(in millions)
Assets:
Investments:
Fixed maturities, AFS:
Corporate$6 Matrix pricing modelSpread over benchmark 195 bps195 bps
Fair Value Disclosure Financial Instruments Not Carried At Fair Value
The carrying values and fair values as of December 31, 2021 and 2020 for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Financial Statements are presented in the table below.
Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed
 
Carrying
Value
Fair Value
 
Level 1
Level 2
Level 3
Total
(in millions)
December 31, 2021:
Mortgage loans on real estate$17 $— $— $18 $18 
Policy loans$238 $— $— $292 $292 
Policyholders’ liabilities: Investment contracts$120 $— $— $124 $124 
December 31, 2020:
Mortgage loans on real estate$17 $— $— $18 $18 
Policy loans$229 $— $— $291 $291 
Policyholders’ liabilities: Investment contracts$129 $— $— $142 $142