Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

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

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of March 31, 2022
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
Asset backed securities ("ABS")	$	942	$	—	$	923	$	19
Collateralized loan obligations ("CLOs")	2,971		—		2,757		214
Commercial mortgage-backed securities ("CMBS")	3,722		—		3,486		236
Corporate	17,618		—		16,103		1,515
Foreign government/government agencies	784		—		780		4
Municipal	7,594		—		7,594		—
Residential mortgage-backed securities ("RMBS")	3,936		—		3,635		301
U.S. Treasuries	2,666		829		1,837		—
Total fixed maturities	40,233		829		37,115		2,289
Fixed maturities, FVO	288		—		114		174
Equity securities, at fair value	1,910		1,343		510		57
Derivative assets
Credit derivatives	2		—		2		—
Foreign exchange derivatives	9		—		9		—
Interest rate derivatives	1		—		1		—
Commodity derivatives	(4)		—		—		(4)
Total derivative assets [1]	8		—		12		(4)
Short-term investments	3,937		2,222		1,683		32
Total assets accounted for at fair value on a recurring basis	$	46,376	$	4,394	$	39,434	$	2,548
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives	$	(2)	$	—	$	(2)	$	—
Foreign exchange derivatives	6		—		6		—
Interest rate derivatives	(30)		—		(30)		—
Commodity derivatives	4		—		—		4
Total derivative liabilities [2]	(22)		—		(26)		4
Total liabilities accounted for at fair value on a recurring basis	$	(22)	$	—	$	(26)	$	4

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2021
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
ABS	$	1,135	$	—	$	1,135	$	—
CLOs	3,025		—		2,768		257
CMBS	4,119		—		3,923		196
Corporate	18,707		—		17,089		1,618
Foreign government/government agencies	910		—		905		5
Municipal	8,257		—		8,257		—
RMBS	3,643		—		3,315		328
U.S. Treasuries	3,051		882		2,169		—
Total fixed maturities	42,847		882		39,561		2,404
Fixed maturities, FVO	160		—		—		160
Equity securities, at fair value	2,094		1,453		577		64
Derivative assets
Credit derivatives	2		—		2		—
Foreign exchange derivatives	6		—		5		1
Interest rate derivatives	(1)		—		(1)		—
Total derivative assets [1]	7		—		6		1
Short-term investments	3,697		1,627		1,990		80
Total assets accounted for at fair value on a recurring basis	$	48,805	$	3,962	$	42,134	$	2,709
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives	$	(4)	$	—	$	(4)	$	—
Foreign exchange derivatives	—		—		1		(1)
Interest rate derivatives	(45)		—		(45)		—
Total derivative liabilities [2]	(49)		—		(48)		(1)
Total liabilities accounted for at fair value on a recurring basis	$	(49)	$	—	$	(48)	$	(1)

[1]Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 2 to this table for derivative liabilities.

[2]Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law.

Fair Value Inputs, Assets, Quantitative Information

Significant Unobservable Inputs for Level 3 - Securities
Assets accounted for at fair value on a recurring basis	Fair Value		Predominant Valuation Technique	Significant Unobservable Input	Minimum	Maximum	Weighted Average [1]	Impact of Increase in Input on Fair Value [2]
As of March 31, 2022
CLOs [3]	$	160	Discounted cash flows	Spread	256 bps	280 bps	279 bps	Decrease
CMBS [3]	$	233	Discounted cash flows	Spread (encompasses prepayment, default risk and loss severity)	255 bps	533 bps	342 bps	Decrease
Corporate [4]	$	1,459	Discounted cash flows	Spread	88 bps	1,833 bps	315 bps	Decrease
RMBS [3]	$	246	Discounted cash flows	Spread [6]	60 bps	226 bps	126 bps	Decrease
				Constant prepayment rate [6]	4%	15%	9%	Decrease [5]
				Constant default rate [6]	1%	6%	3%	Decrease
				Loss severity [6]	—%	100%	58%	Decrease
As of December 31, 2021
CLOs [3]	$	211	Discounted cash flows	Spread	234 bps	258 bps	257 bps	Decrease
CMBS [3]	$	192	Discounted cash flows	Spread (encompasses prepayment, default risk and loss severity)	203 bps	468 bps	266 bps	Decrease
Corporate [4]	$	1,532	Discounted cash flows	Spread	96 bps	1,227 bps	298 bps	Decrease
RMBS [3]	$	266	Discounted cash flows	Spread [6]	48 bps	229 bps	89 bps	Decrease
				Constant prepayment rate [6]	2%	16%	7%	Decrease [5]
				Constant default rate [6]	1%	6%	3%	Decrease
				Loss severity [6]	—%	100%	63%	Decrease

[1]The weighted average is determined based on the fair value of the securities.

[2]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.

[3]Excludes securities for which the Company bases fair value on broker quotations.

[4]Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value.

[5]Decrease for above market rate coupons and increase for below market rate coupons.

[6]Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Three Months Ended March 31, 2022
				Total realized/unrealized gains (losses)
		Fair value as of January 1, 2022		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of March 31, 2022
Assets
Fixed Maturities, AFS
	ABS	$	—	$	—	$	—	$	19	$	—	$	—	$	—	$	—	$	19
	CLOs	257		—		(1)		54		(17)		—		—		(79)		214
	CMBS	196		—		(5)		46		(1)		—		—		—		236
	Corporate	1,618		(2)		(59)		59		(70)		(7)		—		(24)		1,515
	Foreign Govt./Govt. Agencies	5		—		—		—		—		(1)		—		—		4
	RMBS	328		—		(6)		137		(34)		—		—		(124)		301
Total Fixed Maturities, AFS		2,404		(2)		(71)		315		(122)		(8)		—		(227)		2,289
Fixed maturities, FVO		160		2		—		20		(8)		—		—		—		174
Equity Securities, at fair value		64		7		—		—		(14)		—		—		—		57
Short-term investments		80		—		—		4		(2)		—		—		(50)		32
Total Assets		$	2,708	$	7	$	(71)	$	339	$	(146)	$	(8)	$	—	$	(277)	$	2,552

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Three Months Ended March 31, 2021
				Total realized/unrealized gains (losses)
		Fair value as of January 1, 2021		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of March 31, 2021
Assets
Fixed Maturities, AFS
	ABS	$	—	$	—	$	—	$	6	$	—	$	—	$	—	$	—	$	6
	CLOs	360		—		—		140		(15)		—		—		(59)		426
	CMBS	77		—		—		1		(2)		—		—		(15)		61
	Corporate	881		5		(13)		73		(7)		(7)		48		(36)		944
	Foreign Govt./Govt. Agencies	6		—		—		—		—		(6)		—		—		—
	RMBS	381		—		(1)		151		(46)		(4)		—		—		481
Total Fixed Maturities, AFS		1,705		5		(14)		371		(70)		(17)		48		(110)		1,918
Equity Securities, at fair value		70		—		—		—		—		—		—		—		70
Short-term investments		30		—		—		—		(14)		—		—		—		16
Total Assets		$	1,805	$	5	$	(14)	$	371	$	(84)	$	(17)	$	48	$	(110)	$	2,004

[1]Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes.

[2]All amounts are before income taxes.

[3]Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.

Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Level 3 Still Held at End of Period
		Three Months Ended March 31,
		2022		2021		2022		2021
		Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]				Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets
Fixed Maturities, AFS
	CLOs	$	—	$	—	$	(1)	$	—
	CMBS	—		—		(5)		—
	Corporate	(2)		5		(59)		(13)
	RMBS	—		—		(6)		(1)
Total Fixed Maturities, AFS		(2)		5		(71)		(14)
Fixed maturities, FVO		2		—		—		—
Total Assets		$	—	$	5	$	(71)	$	(14)

[1]All amounts in these rows are reported in net gains (losses). All amounts are before income taxes.

[2]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein.

[3]Changes in unrealized gain (loss) on fixed maturities, AFS are reported in changes in net unrealized gain on securities in the Condensed Consolidated Statements of Comprehensive Income.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

Financial Assets and Liabilities Not Carried at Fair Value
	March 31, 2022					December 31, 2021
	Fair Value Hierarchy Level	Carrying Amount [1]		Fair Value		Fair Value Hierarchy Level	Carrying Amount [1]		Fair Value
Assets
Mortgage loans	Level 3	$	5,699	$	5,570	Level 3	$	5,383	$	5,576
Liabilities
Other policyholder funds and benefits payable	Level 3	$	677	$	678	Level 3	$	687	$	689
Senior notes [2]	Level 2	$	3,855	$	4,099	Level 2	$	3,854	$	4,725
Junior subordinated debentures [2]	Level 2	$	1,090	$	1,041	Level 2	$	1,090	$	1,086

[1]As of March 31, 2022 and December 31, 2021, the carrying amount of mortgage loans is net of ACL of $31 and $29, respectively.

[2]Included in long-term debt in the Condensed Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable.