Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023:


	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	248		$	56		$	—		$	304
U.S. Government agencies and authorities	—			30			—			30
State, municipalities and political subdivisions	—			601			—			601
U.S. corporate public securities	—			5,984			14			5,998
U.S. corporate private securities	—			2,290			1,364			3,654
Foreign corporate public securities and foreign governments(1)	—			2,089			—			2,089
Foreign corporate private securities (1)	—			2,063			352			2,415
Residential mortgage-backed securities	—			2,833			48			2,881
Commercial mortgage-backed securities	—			2,571			—			2,571
Other asset-backed securities	—			1,350			33			1,383
Total fixed maturities, including securities pledged	248			19,867			1,811			21,926

Equity securities	15			—			113			128
Derivatives:
Interest rate contracts	3			217			—			220
Foreign exchange contracts	—			50			—			50



Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,235			—			—			1,235
Assets held in separate accounts	75,959			5,603			349			81,911
Total assets	$	77,460		$	25,737		$	2,273		$	105,470
Percentage of Level to Total	74		%	24		%	2		%	100		%
Liabilities:
Stabilizer and MCGs	$	—		$	—		$	3		$	3
Derivatives:
Interest rate contracts	1			313			—			314
Foreign exchange contracts	—			2			—			2

Credit contracts	—			3			—			3

Total liabilities	$	1		$	318		$	3		$	322

(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, 2022:


	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	291		$	86		$	—		$	377
U.S. Government agencies and authorities	—			30			—			30
State, municipalities and political subdivisions	—			600			—			600
U.S. corporate public securities	—			5,925			13			5,938
U.S. corporate private securities	—			2,212			1,356			3,568
Foreign corporate public securities and foreign governments(1)	—			2,064			2			2,066
Foreign corporate private securities (1)	—			2,099			339			2,438
Residential mortgage-backed securities	—			2,873			20			2,893
Commercial mortgage-backed securities	—			2,599			—			2,599
Other asset-backed securities	—			1,258			52			1,310
Total fixed maturities, including securities pledged	291			19,746			1,782			21,819
Equity securities	16			—			117			133
Derivatives:
Interest rate contracts	1			261			—			262
Foreign exchange contracts	—			60			—			60



Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,407			—			—			1,407
Assets held in separate accounts	72,065			5,227			347			77,639
Total assets	$	73,780		$	25,294		$	2,246		$	101,320
Percentage of Level to total	73		%	25		%	2		%	100		%
Liabilities:
Stabilizer and MCGs	$	—		$	—		$	6		$	6
Derivatives:
Interest rate contracts	2			325			—			327
Foreign exchange contracts	—			2			—			2

Credit contracts	—			2			—			2

Total liabilities	$	2		$	329		$	6		$	337

(1) Primarily U.S. dollar denominated.