Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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 September 30, 2023:

	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	239	$	49	$	—	$	288
U.S. Government agencies and authorities	—		28		—		28
State, municipalities and political subdivisions	—		517		—		517
U.S. corporate public securities	—		5,275		13		5,288
U.S. corporate private securities	—		2,378		1,125		3,503
Foreign corporate public securities and foreign governments(1)	—		1,897		—		1,897
Foreign corporate private securities (1)	—		1,931		376		2,307
Residential mortgage-backed securities	—		2,403		54		2,457
Commercial mortgage-backed securities	—		2,342		—		2,342
Other asset-backed securities	—		1,413		39		1,452
Total fixed maturities, including securities pledged	239		18,233		1,607		20,079
Equity securities	10		—		113		123
Derivatives:
Interest rate contracts	1		273		—		274
Foreign exchange contracts	—		54		—		54
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,092		1		—		1,093
Assets held in separate accounts	77,145		5,375		341		82,861
Total assets	$	78,487	$	23,936	$	2,061	$	104,484
Liabilities:
Stabilizer and MCGs	$	—	$	—	$	27	$	27
Derivatives:
Interest rate contracts	9		292		—		301
Foreign exchange contracts	—		2		—		2
Credit contracts	—		2		—		2
Total liabilities	$	9	$	296	$	27	$	332

(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
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.