Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2022:


	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	482		$	169		$	—		$	651
U.S. Government agencies and authorities	—			19			—			19
State, municipalities and political subdivisions	—			721			—			721
U.S. corporate public securities	—			7,362			47			7,409
U.S. corporate private securities	—			2,250			1,424			3,674
Foreign corporate public securities and foreign governments(1)	—			2,317			3			2,320
Foreign corporate private securities (1)	—			2,214			378			2,592
Residential mortgage-backed securities	—			3,028			37			3,065
Commercial mortgage-backed securities	—			2,879			—			2,879
Other asset-backed securities	—			1,237			36			1,273
Total fixed maturities, including securities pledged	482			22,196			1,925			24,603

Equity securities	15			5			117			137
Derivatives:
Interest rate contracts	—			158			—			158
Foreign exchange contracts	—			17			—			17



Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	960			—			7			967
Assets held in separate accounts	84,193			5,438			334			89,965
Total assets	$	85,650		$	27,814		$	2,383		$	115,847
Percentage of Level to Total	74		%	24		%	2		%	100		%
Liabilities:
Derivatives:
Guaranteed benefit derivatives:
FIA	$	—		$	—		$	9		$	9
Stabilizer and MCGs	—			—			15			15
Other derivatives:
Interest rate contracts	—			198			—			198
Foreign exchange contracts	—			11			—			11

Credit contracts	—			1			—			1

Total liabilities	$	—		$	210		$	24		$	234

(1) Primarily U.S. dollar denominated.

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2021:


	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	510		$	181		$	—		$	691
U.S. Government agencies and authorities	—			20			—			20
State, municipalities and political subdivisions	—			803			—			803
U.S. corporate public securities	—			8,264			5			8,269
U.S. corporate private securities	—			2,560			1,379			3,939
Foreign corporate public securities and foreign governments(1)	—			2,591			—			2,591
Foreign corporate private securities (1)	—			2,431			272			2,703
Residential mortgage-backed securities	—			3,130			34			3,164
Commercial mortgage-backed securities	—			2,881			—			2,881
Other asset-backed securities	—			1,318			33			1,351
Total fixed maturities, including securities pledged	510			24,179			1,723			26,412
Equity securities	27			—			114			141
Derivatives:
Interest rate contracts	—			135			—			135
Foreign exchange contracts	—			14			—			14



Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,244			—			—			1,244
Assets held in separate accounts	91,474			5,174			316			96,964
Total assets	$	93,255		$	29,502		$	2,153		$	124,910
Percentage of Level to total	74		%	24		%	2		%	100		%
Liabilities:
Derivatives:
Guaranteed benefit derivatives:
FIA	$	—		$	—		$	9		$	9
Stabilizer and MCGs	—			—			20			20
Other derivatives:
Interest rate contracts	—			129			—			129
Foreign exchange contracts	—			15			—			15



Total liabilities	$	—		$	144		$	29		$	173

(1) Primarily U.S. dollar denominated.