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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2022
TotalQuoted 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")
$1,342 $— $1,342 $— 
Collateralized loan obligations ("CLO")
2,890 — 2,726 164 
Commercial mortgage-backed securities ("CMBS")
3,398 — 3,174 224 
Corporate16,151 — 14,542 1,609 
Foreign government/government agencies661 — 656 5 
Municipal7,067 — 7,067 — 
Residential mortgage-backed securities ("RMBS")
3,929 — 3,799 130 
U.S. Treasuries2,449 — 2,449 — 
Total fixed maturities37,887 — 35,755 2,132 
Fixed maturities, FVO342 — 149 193 
Equity securities, at fair value1,728 1,203 465 60 
Derivative assets
Credit derivatives3 — 3 — 
Foreign exchange derivatives29 — 29 — 
Total derivative assets [1]32 — 32 — 
Short-term investments2,524 754 1,710 60 
Total assets accounted for at fair value on a recurring basis$42,513 $1,957 $38,111 $2,445 
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives$(3)$— $(3)$— 
Foreign exchange derivatives25 — 25 — 
Interest rate derivatives(20)— (20)— 
Total derivative liabilities [2]2 — 2 — 
Total liabilities accounted for at fair value on a recurring basis$2 $— $2 $— 
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 $— 
CLO3,025 — 2,768 257 
CMBS4,119 — 3,923 196 
Corporate18,707 — 17,089 1,618 
Foreign government/government agencies910 — 905 5 
Municipal8,257 — 8,257 — 
RMBS3,643 — 3,315 328 
U.S. Treasuries3,051 882 2,169 — 
Total fixed maturities42,847 882 39,561 2,404 
Fixed maturities, FVO160 — — 160 
Equity securities, at fair value2,094 1,453 577 64 
Derivative assets
Credit derivatives2 — 2 — 
Foreign exchange derivatives6 — 5 1 
Interest rate derivatives(1)— (1)— 
Total derivative assets [1]7 — 6 1 
Short-term investments3,697 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 June 30, 2022
CLO [3]$137 Discounted cash flowsSpread337 bps337 bps337 bpsDecrease
CMBS [3]$221 Discounted cash flowsSpread (encompasses prepayment, default risk and loss severity)255 bps1,055 bps478 bpsDecrease
Corporate [4]$1,555 Discounted cash flowsSpread32 bps2,072 bps374 bpsDecrease
RMBS [3]$97 Discounted cash flowsSpread [6]102 bps434 bps181 bpsDecrease
Constant prepayment rate [6]2%15%9%Decrease [5]
Constant default rate [6]1%6%3%Decrease
Loss severity [6]10%100%42%Decrease
As of December 31, 2021
CLO [3]$211 Discounted cash flowsSpread234 bps258 bps257 bpsDecrease
CMBS [3]$192 Discounted cash flowsSpread (encompasses prepayment, default risk and loss severity)203 bps468 bps266 bpsDecrease
Corporate [4]$1,532 Discounted cash flowsSpread96 bps1,227 bps298 bpsDecrease
RMBS [3]$266 Discounted cash flowsSpread [6]48 bps229 bps89 bpsDecrease
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 June 30, 2022
Total realized/unrealized gains (losses)
Fair value as of March 31, 2022Included in net income [1]Included in OCI [2]Purchases SettlementsSalesTransfers into Level 3 [3]Transfers out of Level 3 [3]Fair value as of June 30, 2022
Assets
Fixed maturities, AFS
ABS$19 $— $— $— $— $— $— $(19)$— 
CLO214 — (1)28 (23)— — (54)164 
CMBS236 — (10)— (2)— — — 224 
Corporate1,515 1 (99)264 (62)(14)21 (17)1,609 
Foreign Govt./Govt. Agencies4 (1)(1)— — — 3 — 5 
RMBS301 — (4)— (30)— — (137)130 
Total fixed maturities, AFS2,289 — (115)292 (117)(14)24 (227)2,132 
Fixed maturities, FVO174 (13)— 35 (3)— — — 193 
Equity securities, at fair value57 2 — 2 (1)— — — 60 
Short-term investments32 — — 32 (4)— — — 60 
Total Assets$2,552 $(11)$(115)$361 $(125)$(14)$24 $(227)$2,445 
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
 Six Months Ended June 30, 2022
Total realized/unrealized gains (losses)
Fair value as of January 1, 2022Included in net income [1]Included in OCI [2]Purchases SettlementsSalesTransfers into Level 3 [3]Transfers out of Level 3 [3]Fair value as of June 30, 2022
Assets
Fixed Maturities, AFS
ABS$— $— $— $19 $— $— $— $(19)$— 
CLO257 — (2)82 (40)— — (133)164 
CMBS196 — (15)46 (3)— — — 224 
Corporate1,618 (1)(158)323 (132)(21)21 (41)1,609 
Foreign Govt./Govt. Agencies5 (1)(1)— — (1)3 — 5 
RMBS328 — (10)137 (64)— — (261)130 
Total Fixed Maturities, AFS2,404 (2)(186)607 (239)(22)24 (454)2,132 
Fixed maturities, FVO160 (11)— 55 (11)— — — 193 
Equity Securities, at fair value64 9 — 2 (15)— — — 60 
Short-term investments80 — — 36 (6)— — (50)60 
Total Assets$2,708 $(4)$(186)$700 $(271)$(22)$24 $(504)$2,445 
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
 Three Months Ended June 30, 2021
Total realized/unrealized gains (losses)
Fair value as of March 31, 2021Included in net income [1]Included in OCI [2]Purchases SettlementsSalesTransfers into Level 3 [3]Transfers out of Level 3 [3]Fair value as of June 30, 2021
Assets
Fixed Maturities, AFS
ABS$6 $— $— $13 $— $— $— $(5)$14 
CLO426 — — 119 (30)— — (140)375 
CMBS61 — 2 38 (1)— 5 (19)86 
Corporate944 1 2 176 (69)(37)124 — 1,141 
RMBS481 — (1)29 (57)(10)— (140)302 
Total Fixed Maturities, AFS1,918 1 3 375 (157)(47)129 (304)1,918 
Equity Securities, at fair value70 2 — 3 (1)— — — 74 
Short-term investments16 — — 2 — — — — 18 
Total Assets$2,004 $3 $3 $380 $(158)$(47)$129 $(304)$2,010 
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
 Six Months Ended June 30, 2021
Total realized/unrealized gains (losses)
Fair value as of January 1, 2021Included in net income [1]Included in OCI [2]PurchasesSettlementsSalesTransfers into Level 3 [3]Transfers out of Level 3 [3]Fair value as of June 30, 2021
Assets
Fixed Maturities, AFS
ABS$— $— $— $19 $— $— $— $(5)$14 
CLO360 — — 259 (45)— — (199)375 
CMBS77 — 2 39 (3)— 5 (34)86 
Corporate881 6 (11)249 (76)(44)172 (36)1,141 
Foreign Govt./Govt. Agencies6 — — — — (6)— — — 
RMBS381 — (2)180 (103)(14)— (140)302 
Total Fixed Maturities, AFS1,705 6 (11)746 (227)(64)177 (414)1,918 
Equity Securities, at fair value70 2 — 3 (1)— — — 74 
Short-term investments30 — — 2 (14)— — — 18 
Total Assets$1,805 $8 $(11)$751 $(242)$(64)$177 $(414)$2,010 
[1]Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes.
[2]All amounts are before income taxes.
[3]Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
Changes in Unrealized Gains (Losses) for Financial Instruments Classified as
Level 3 Still Held at End of Period
Three Months Ended June 30,Six Months Ended June 30,
20222021202220212022202120222021
Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]Changes in Unrealized Gain/(Loss) included in OCI [3]Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets
Fixed Maturities, AFS
CLO$— $— $(1)$— $— $— $(2)$— 
CMBS— — (10)2 — — (15)2 
Corporate1 — (99)2 (1)— (157)(8)
Foreign Govt./Govt. Agencies(1)— (1)— (1)— (1)— 
RMBS— — (4)(1)— — (10)(2)
Total Fixed Maturities, AFS— — (115)3 (2)— (185)(8)
Fixed maturities, FVO(13)— — — (11)— — — 
Equity Securities, at fair value1 2 — — 1 2 — — 
Total Assets$(12)$2 $(115)$3 $(12)$2 $(185)$(8)
[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
June 30, 2022December 31, 2021
Fair Value Hierarchy LevelCarrying Amount [1]Fair ValueFair Value Hierarchy LevelCarrying Amount [1]Fair Value
Assets
Mortgage loansLevel 3$5,852 $5,506 Level 3$5,383 $5,576 
Liabilities
Other policyholder funds and benefits payableLevel 3$664 $665 Level 3$687 $689 
Senior notes [2]Level 2$3,856 $3,630 Level 2$3,854 $4,725 
Junior subordinated debentures [2]Level 2$499 $395 Level 2$1,090 $1,086 
[1]As of June 30, 2022 and December 31, 2021, the carrying amount of mortgage loans is net of ACL of $36 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.