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Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Schedule Of Fair Value Assets and Liabilities Measured on Recurring Basis Table Text Block
Assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 are summarized below (dollars in millions):
June 30, 2021: Fair Value Measurements Using:
 Total    Level 1        Level 2    Level 3    
Assets:
Fixed maturity securities – available-for-sale:
Corporate$37,004 $— $33,796 $3,208 
Canadian government4,903 — 4,903 — 
RMBS1,377 — 1,375 2 
ABS3,482 — 2,896 586 
CMBS1,869 — 1,804 65 
U.S. government1,318 1,198 107 13 
State and political subdivisions1,344 — 1,336 8 
Other foreign government6,990 — 6,949 41 
Total fixed maturity securities – available-for-sale58,287 1,198 53,166 3,923 
Equity securities147 84 — 63 
Funds withheld at interest – embedded derivatives and other206 — — 206 
Cash equivalents1,167 1,152 15 — 
Short-term investments166 1 165 — 
Other invested assets:
Derivatives146 — 146 — 
FVO contractholder-directed unit-linked investments54 — 54 — 
Other53 — 53 — 
Total other invested assets (1)
253 — 253 — 
Total$60,226 $2,435 $53,599 $4,192 
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives$880 $— $— $880 
Other liabilities:
Derivatives44 — 44 — 
Total$924 $— $44 $880 
(1)Other invested assets included in the fair value hierarchy exclude limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of June 30, 2021, the fair value of such investments was $493 million.
December 31, 2020: Fair Value Measurements Using:
 TotalLevel 1Level 2Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate$36,208 $— $33,179 $3,029 
Canadian government5,140 — 5,140 — 
RMBS1,817 — 1,814 3 
ABS3,092 — 2,896 196 
CMBS1,868 — 1,813 55 
U.S. government1,437 1,312 111 14 
State and political subdivisions1,390 — 1,381 9 
Other foreign government5,783 — 5,766 17 
Total fixed maturity securities – available-for-sale56,735 1,312 52,100 3,323 
Equity securities132 79 — 53 
Funds withheld at interest – embedded derivatives and other114 — — 114 
Cash equivalents1,478 1,478 — — 
Short-term investments197 32 150 15 
Other invested assets:
Derivatives140 — 140 — 
FVO contractholder-directed unit-linked investments289 224 65 — 
Total other invested assets429 224 205 — 
Total$59,085 $3,125 $52,455 $3,505 
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives$907 $— $— $907 
Other liabilities:
Derivatives49 — 49 — 
Total$956 $— $49 $907 
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block]
The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of June 30, 2021 and December 31, 2020 (dollars in millions):
Estimated Fair Value      Valuation TechniqueUnobservable InputsRange (Weighted Average) 
June 30, 2021December 31, 2020June 30, 2021December 31, 2020
Assets:
Corporate$45 $37 Market comparable securitiesLiquidity premium
1%
0-1% (1%)
EBITDA Multiple
5.0x-7.0x (5.9x)
5.2x-11.2x (7.1x)
ABS78 87 Market comparable securitiesLiquidity premium
1-18% (5%)
1-18% (1%)
U.S. government13 14 Market comparable securitiesLiquidity premium
0-1% (1%)
0-1% (1%)
Equity securities10 10 Market comparable securitiesEBITDA Multiple
6.3x-10.6x (7.9x)
6.9x-10.6x (7.9x)
Funds withheld at interest – embedded derivatives124 58 Total return swapMortality
0-100% (3%)
0-100%  (3%)
Lapse
0-35% (16%)
0-35%  (13%)
Withdrawal
0-5% (3%)
0-5%  (3%)
CVA
0-5% (0%)
0-5%  (1%)
Crediting rate
1-4% (2%)
2-4%  (2%)
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives – indexed annuities726 752 Discounted cash flowMortality
0-100% (3%)
0-100% (3%)
Lapse
0-35% (16%)
0-35% (13%)
Withdrawal
0-5% (3%)
0-5% (3%)
Option budget projection
1-4% (2%)
2-4% (2%)
Interest-sensitive contract liabilities – embedded derivatives – variable annuities154 155 Discounted cash flowMortality
0-100% (2%)
0-100% (2%)
Lapse
0-25% (4%)
0-25% (4%)
Withdrawal
0-7% (5%)
0-7% (5%)
CVA
0-5% (1%)
0-5% (1%)
Long-term volatility
0-27% (14%)
0-27% (13%)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in millions):
For the three months ended June 30, 2021:Fixed maturity securities – available-for-saleFunds 
withheld at interest – embedded derivatives & other		Interest-sensitive contract 
liabilities – embedded derivatives
 CorporateForeign govtStructured securitiesU.S. and local govtEquity securitiesShort-term investments
Fair value, beginning of period$3,101 $16 $388 $22 $54 $11 $176 $(857)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses2 — — — — — (1)— 
Investment related gains (losses), net2 — — — 10 — 16 (17)
Interest credited— — — — — — — (13)
Included in other comprehensive income49 — 5 — — — — — 
Other revenues— — — — — — — — 
Purchases(1)
317 25 262 — — — 16 (13)
Sales(1)
(19)— (2)— (1)— — — 
Settlements(1)
(269)— (24)(1)— (10)(1)20 
Transfers into Level 325 — 24 — — — — — 
Transfers out of Level 3— — — — — (1)— — 
Fair value, end of period$3,208 $41 $653 $21 $63 $— $206 $(880)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses$1 $— $— $— $— $— $(1)$— 
Investment related gains (losses), net— — — — 9 — 16 (19)
Other revenues— — — — — — — — 
Interest credited— — — — — — — (33)
Included in other comprehensive income51 — 5 — — — — — 
For the six months ended June 30, 2021:Fixed maturity securities – available-for-saleFunds 
withheld at interest – embedded derivatives & other		Interest-sensitive contract 
liabilities – embedded derivatives
 CorporateForeign govtStructured securitiesU.S. and local govtEquity securitiesShort-term investments
Fair value, beginning of period$3,029 $17 $254 $23 $53 $15 $114 $(907)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses3 — — — — — (6)— 
Investment related gains (losses), net1 — — — 11 — 66 1 
Interest credited— — — — — — — 1 
Included in other comprehensive income(33)(1)4 — — — 1 — 
Other revenues— — — — — — — — 
Purchases(1)
540 25 428 — — — 32 (17)
Sales(1)
(20)— (2)— (1)— — — 
Settlements(1)
(341)— (85)(2)— (10)(1)42 
Transfers into Level 329 — 54 — — — — — 
Transfers out of Level 3— — — — — (5)— — 
Fair value, end of period$3,208 $41 $653 $21 $63 $— $206 $(880)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses$2 $— $— $— $— $— $(6)$— 
Investment related gains (losses), net(1)— — — 10 — 66 (3)
Other revenues— — — — — — — — 
Interest credited— — — — — — — (41)
Included in other comprehensive income(31)(1)4 — — — 1 — 
For the three months ended June 30, 2020:Fixed maturity securities – available-for-saleFunds 
withheld at interest – embedded derivatives		Interest-sensitive contract 
liabilities – embedded derivatives
 CorporateForeign govtStructured securitiesU.S. and local govtEquity securitiesShort-term investments
Fair value, beginning of period$2,197 $15 $144 $25 $56 $1 $(109)$(1,042)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses— — — — — — — — 
Investment related gains (losses), net(14)— — — 3 — 1 106 
Interest credited— — — — — — — (7)
Included in other comprehensive income112 2 17 — — — — — 
Other revenues— — — — — — — — 
Purchases(1)
79 — 15 — 3 5 — (8)
Sales(1)
(18)— (3)— — — — — 
Settlements(1)
(44)— (18)(1)— (1)— 21 
Transfers into Level 3— — — — — — — — 
Transfers out of Level 3(4)— (2)— — — — — 
Fair value, end of period$2,308 $17 $153 $24 $62 $5 $(108)$(930)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses$— $— $— $— $— $— $— $— 
Investment related gains (losses), net(15)— — — 3 — 1 103 
Other revenues— — — — — — — — 
Interest credited— — — — — — — (27)
Included in other comprehensive income111 2 16 — — — — — 
For the six months ended June 30, 2020:Fixed maturity securities – available-for-saleFunds 
withheld at interest – embedded derivatives		Interest-sensitive contract 
liabilities – embedded derivatives
 CorporateForeign govtStructured securitiesU.S. and local govtEquity securitiesShort-term investments
Fair value, beginning of period$2,186 $720 $208 $25 $77 $2 $121 $(930)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses1 — — — — — — — 
Investment related gains (losses), net(25)— — — (4)— (229)(22)
Interest credited— — — — — — — (1)
Included in other comprehensive income(3)1 (10)1 — — — — 
Other revenues— — — — — — — — 
Purchases(1)
310 — 24 — 3 5 — (19)
Sales(1)
(62)— (4)— — — — — 
Settlements(1)
(96)— (31)(2)— (1)— 42 
Transfers into Level 31 — 21 — — — — — 
Transfers out of Level 3(4)(704)(55)— (14)(1)— — 
Fair value, end of period$2,308 $17 $153 $24 $62 $5 $(108)$(930)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses$— $— $— $— $— $— $— $— 
Investment related gains (losses), net(26)— — — (4)— (229)(27)
Other revenues— — — — — — — — 
Interest credited— — — — — — — (43)
Included in other comprehensive income(29)1 (11)1 — — — — 
(1)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block] The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of June 30, 2021 and December 31, 2020 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2020 Annual Report. This table excludes any payables or receivables for collateral under repurchase or reverse repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid.
June 30, 2021:
Carrying Value (1)    
Estimated 
Fair Value		Fair Value Measurement Using:
Level 1Level 2Level 3NAV
Assets:
Mortgage loans on real estate$6,481 $6,744 $— $— $6,744 $— 
Policy loans1,254 1,254 — 1,254 — — 
Funds withheld at interest6,825 7,169 — — 7,169 — 
Cash and cash equivalents2,087 2,087 2,087 — — — 
Short-term investments18 18 18 — — — 
Other invested assets1,133 1,141 6 84 1,051 — 
Accrued investment income525 525 — 525 — — 
Liabilities:
Interest-sensitive contract liabilities$21,274 $22,983 $— $— $22,983 $— 
Long-term debt3,173 3,455 — — 3,455 — 
Collateral finance and securitization notes323 292 — — 292 — 
December 31, 2020:
Carrying Value (1)    
Estimated
Fair Value		Fair Value Measurement Using:
Level 1Level 2Level 3NAV
Assets:
Mortgage loans on real estate$5,787 $6,167 $— $— $6,167 $— 
Policy loans1,258 1,258 — 1,258 — — 
Funds withheld at interest5,292 5,676 — — 5,676 — 
Cash and cash equivalents1,930 1,930 1,930 — — — 
Short-term investments30 30 30 — — — 
Other invested assets1,482 1,601 5 89 1,018 489 
Accrued investment income511 511 — 511 — — 
Liabilities:
Interest-sensitive contract liabilities$18,106 $19,683 $— $— $19,683 $— 
Long-term debt3,573 3,901 — — 3,901 — 
Collateral finance and securitization notes388 351 — — 351 — 
(1)Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.