Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2021 and 2020 are summarized below (dollars in millions):

December 31, 2021:			Fair Value Measurements Using:
	Total		Level 1		Level 2		Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate	$	38,103	$	—	$	34,215	$	3,888
Canadian government	4,944		—		4,944		—
RMBS	1,050		—		1,049		1
ABS	4,005		—		2,908		1,097
CMBS	1,849		—		1,768		81
U.S. government	2,105		1,993		100		12
State and political subdivisions	1,323		—		1,290		33
Other foreign government	7,370		—		7,337		33
Total fixed maturity securities – available-for-sale	60,749		1,993		53,611		5,145
Equity securities	151		101		—		50
Funds withheld at interest – embedded derivatives	104		—		—		104
Funds withheld at interest	83		—		—		83
Cash equivalents	1,138		1,138		—		—
Short-term investments	64		—		36		28
Other invested assets:
Derivatives	175		—		175		—
FVO contractholder-directed unit-linked investments	52		—		52		—
Total other invested assets (1)	227		—		227		—
Total	$	62,516	$	3,232	$	53,874	$	5,410
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives	$	855	$	—	$	—	$	855
Other liabilities:
Funds withheld at interest – embedded derivatives	(61)		—		—		(61)
Derivatives	39		—		39		—
Total	$	833	$	—	$	39	$	794

(1)Other invested assets included in the fair value hierarchy exclude limited partnership interests that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2021, the fair value of such investments was $581 million.

December 31, 2020:			Fair Value Measurements Using:
	Total		Level 1		Level 2		Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate	$	36,208	$	—	$	33,179	$	3,029
Canadian government	5,140		—		5,140		—
RMBS	1,817		—		1,814		3
ABS	3,092		—		2,896		196
CMBS	1,868		—		1,813		55
U.S. government	1,437		1,312		111		14
State and political subdivisions	1,390		—		1,381		9
Other foreign government	5,783		—		5,766		17
Total fixed maturity securities – available-for-sale	56,735		1,312		52,100		3,323
Equity securities	132		79		—		53
Funds withheld at interest – embedded derivatives	58		—		—		58
Funds withheld at interest	56		—		—		56
Cash equivalents	1,478		1,478		—		—
Short-term investments	197		32		150		15
Other invested assets:
Derivatives	140		—		140		—
FVO contractholder-directed unit-linked investments	289		224		65		—
Total other invested assets	429		224		205		—
Total	$	59,085	$	3,125	$	52,455	$	3,505
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives	$	907	$	—	$	—	$	907
Other liabilities:
Funds withheld at interest – embedded derivatives	—		—		—		—
Derivatives	49		—		49		—
Total	$	956	$	—	$	49	$	907

Fair Value Measurement Inputs and Valuation Techniques [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 December 31, 2021 and 2020 (dollars in millions):

	Estimated Fair Value				Valuation	Unobservable	Range (Weighted Average)
Assets:	2021		2020		Technique	Input	2021	2020
Corporate	$	49	$	37	Market comparable securities	Liquidity premium	0-1% (1%)	0-1% (1%)
						EBITDA Multiple	5.2x-7.0x (6.4x)	5.2x-11.2x (7.1x)
ABS	205		87		Market comparable securities	Liquidity premium	2-18% (4%)	1-18% (1%)
U.S. government	12		14		Market comparable securities	Liquidity premium	0-1% (1%)	0-1% (1%)
Equity securities	5		10		Market comparable securities	EBITDA Multiple	6.9x-10.6x (8.0x)	6.9x-10.6x (7.9x)
Funds withheld at interest – embedded derivatives	182		58		Total return swap	Mortality	0-100%  (3%)	0-100% (3%)
						Lapse	0-35%  (18%)	0-35% (13%)
						Withdrawal	0-5%  (4%)	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 annuities	693		752		Discounted cash flow	Mortality	0-100% (2%)	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 annuities	162		155		Discounted cash flow	Mortality	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]

For the year ended December 31, 2021:	Fixed maturity securities – available-for-sale												Funds  withheld at interest –embedded derivatives, net(1)		Funds  withheld at interest		Interest-sensitive contract  liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Short-term investments
Fair value, beginning of period	$	3,029	$	17	$	254	$	23	$	53	$	15	$	58	$	56	$	(907)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	5		—		1		—		—		—		—		(4)		—
Investment related gains (losses), net	(5)		—		—		—		13		—		107		—		(7)
Interest credited	—		—		—		—		—		—		—		—		10
Included in other comprehensive income	(28)		(4)		(6)		—		—		—		—		(1)		—
Other revenues	—		—		—		—		—		—		—		—		—
Purchases(2)	1,506		25		1,038		—		9		31		—		36		(34)
Sales(2)	(53)		—		(6)		—		(25)		(3)		—		—		—
Settlements(2)	(587)		(5)		(186)		(3)		—		(10)		—		(4)		83
Transfers into Level 3	29		—		84		25		—		—		—		—		—
Transfers out of Level 3	(8)		—		—		—		—		(5)		—		—		—
Fair value, end of period	$	3,888	$	33	$	1,179	$	45	$	50	$	28	$	165	$	83	$	(855)
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	$	4	$	—	$	1	$	—	$	—	$	—	$	—	$	(4)	$	—
Investment related gains (losses), net	(7)		—		—		—		7		—		107		—		(15)
Other revenues	—		—		—		—		—		—		—		—		—
Interest credited	—		—		—		—		—		—		—		—		(72)
Included in other comprehensive income	(24)		(4)		(6)		—		—		—		—		(1)		—

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(2)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.

For the year ended December 31, 2020:	Fixed maturity securities – available-for-sale												Funds  withheld at interest –embedded derivatives		Funds  withheld at interest		Interest-sensitive contract  liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Short-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 expenses	2		—		—		—		—		—		—		(4)		—
Investment related gains (losses), net	(22)		—		—		—		(13)		—		(63)		—		8
Interest credited	—		—		—		—		—		—		—		—		(30)
Included in other comprehensive income	28		1		(7)		1		—		—		—		—		—
Other revenues	—		—		—		—		—		—		—		—		—
Purchases(1)	1,193		—		149		—		3		17		—		60		(32)
Sales(1)	(182)		—		(5)		—		—		—		—		—		—
Settlements(1)	(229)		—		(59)		(3)		—		(3)		—		—		77
Transfers into Level 3	57		—		38		—		—		—		—		—		—
Transfers out of Level 3	(4)		(704)		(70)		—		(14)		(1)		—		—		—
Fair value, end of period	$	3,029	$	17	$	254	$	23	$	53	$	15	$	58	$	56	$	(907)
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	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(4)	$	—
Investment related gains (losses), net	(23)		—		—		—		(13)		—		(63)		—		(2)
Other revenues	—		—		—		—		—		—		—		—		—
Interest credited	—		—		—		—		—		—		—		—		(107)
Included in other comprehensive income	(34)		1		(8)		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.

For the year ended December 31, 2019:	Fixed maturity securities – available-for-sale												Funds  withheld at interest –embedded derivatives		Other assets – longevity and mortality swaps		Interest-sensitive contract  liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Short-term investments
Fair value, beginning of period	$	1,331	$	533	$	103	$	28	$	33	$	2	$	110	$	48	$	(945)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	1		15		—		—		—		—		—		—		—
Investment related gains (losses), net	(11)		—		—		—		12		—		11		—		5
Interest credited	—		—		—		—		—		—		—		—		(57)
Included in other comprehensive income	48		162		4		1		—		(1)		—		(2)		—
Other revenues	—		—		—		—		—		—		—		12		—
Purchases(1)	1,050		10		85		—		33		30		—		—		(17)
Sales(1)	(81)		—		(1)		—		(1)		(1)		—		—		—
Settlements(1)	(194)		—		(63)		(4)		—		(1)		—		(58)		84
Transfers into Level 3	43		—		86		—		—		—		—		—		—
Transfers out of Level 3	(1)		—		(6)		—		—		(27)		—		—		—
Fair value, end of period	$	2,186	$	720	$	208	$	25	$	77	$	2	$	121	$	—	$	(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	$	2	$	15	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Investment related gains (losses), net	(11)		—		—		—		12		—		11		—		(3)
Other revenues	—		—		—		—		—		—		—		—		—
Interest credited	—		—		—		—		—		—		—		—		(140)

(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.

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

For the year ended December 31, 2021:	Fixed maturity securities – available-for-sale												Funds  withheld at interest –embedded derivatives, net(1)		Funds  withheld at interest		Interest-sensitive contract  liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Short-term investments
Fair value, beginning of period	$	3,029	$	17	$	254	$	23	$	53	$	15	$	58	$	56	$	(907)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	5		—		1		—		—		—		—		(4)		—
Investment related gains (losses), net	(5)		—		—		—		13		—		107		—		(7)
Interest credited	—		—		—		—		—		—		—		—		10
Included in other comprehensive income	(28)		(4)		(6)		—		—		—		—		(1)		—
Other revenues	—		—		—		—		—		—		—		—		—
Purchases(2)	1,506		25		1,038		—		9		31		—		36		(34)
Sales(2)	(53)		—		(6)		—		(25)		(3)		—		—		—
Settlements(2)	(587)		(5)		(186)		(3)		—		(10)		—		(4)		83
Transfers into Level 3	29		—		84		25		—		—		—		—		—
Transfers out of Level 3	(8)		—		—		—		—		(5)		—		—		—
Fair value, end of period	$	3,888	$	33	$	1,179	$	45	$	50	$	28	$	165	$	83	$	(855)
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	$	4	$	—	$	1	$	—	$	—	$	—	$	—	$	(4)	$	—
Investment related gains (losses), net	(7)		—		—		—		7		—		107		—		(15)
Other revenues	—		—		—		—		—		—		—		—		—
Interest credited	—		—		—		—		—		—		—		—		(72)
Included in other comprehensive income	(24)		(4)		(6)		—		—		—		—		(1)		—

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(2)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.

For the year ended December 31, 2020:	Fixed maturity securities – available-for-sale												Funds  withheld at interest –embedded derivatives		Funds  withheld at interest		Interest-sensitive contract  liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Short-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 expenses	2		—		—		—		—		—		—		(4)		—
Investment related gains (losses), net	(22)		—		—		—		(13)		—		(63)		—		8
Interest credited	—		—		—		—		—		—		—		—		(30)
Included in other comprehensive income	28		1		(7)		1		—		—		—		—		—
Other revenues	—		—		—		—		—		—		—		—		—
Purchases(1)	1,193		—		149		—		3		17		—		60		(32)
Sales(1)	(182)		—		(5)		—		—		—		—		—		—
Settlements(1)	(229)		—		(59)		(3)		—		(3)		—		—		77
Transfers into Level 3	57		—		38		—		—		—		—		—		—
Transfers out of Level 3	(4)		(704)		(70)		—		(14)		(1)		—		—		—
Fair value, end of period	$	3,029	$	17	$	254	$	23	$	53	$	15	$	58	$	56	$	(907)
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	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(4)	$	—
Investment related gains (losses), net	(23)		—		—		—		(13)		—		(63)		—		(2)
Other revenues	—		—		—		—		—		—		—		—		—
Interest credited	—		—		—		—		—		—		—		—		(107)
Included in other comprehensive income	(34)		1		(8)		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.

For the year ended December 31, 2019:	Fixed maturity securities – available-for-sale												Funds  withheld at interest –embedded derivatives		Other assets – longevity and mortality swaps		Interest-sensitive contract  liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Short-term investments
Fair value, beginning of period	$	1,331	$	533	$	103	$	28	$	33	$	2	$	110	$	48	$	(945)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses	1		15		—		—		—		—		—		—		—
Investment related gains (losses), net	(11)		—		—		—		12		—		11		—		5
Interest credited	—		—		—		—		—		—		—		—		(57)
Included in other comprehensive income	48		162		4		1		—		(1)		—		(2)		—
Other revenues	—		—		—		—		—		—		—		12		—
Purchases(1)	1,050		10		85		—		33		30		—		—		(17)
Sales(1)	(81)		—		(1)		—		(1)		(1)		—		—		—
Settlements(1)	(194)		—		(63)		(4)		—		(1)		—		(58)		84
Transfers into Level 3	43		—		86		—		—		—		—		—		—
Transfers out of Level 3	(1)		—		(6)		—		—		(27)		—		—		—
Fair value, end of period	$	2,186	$	720	$	208	$	25	$	77	$	2	$	121	$	—	$	(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	$	2	$	15	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Investment related gains (losses), net	(11)		—		—		—		12		—		11		—		(3)
Other revenues	—		—		—		—		—		—		—		—		—
Interest credited	—		—		—		—		—		—		—		—		(140)

(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.

Fair Value Assets Measured On Nonrecurring Basis [Text Block]

Nonrecurring Fair Value Measurements

The Company has certain assets subject to measurement at fair value on a nonrecurring basis, in periods subsequent to their initial recognition if they are determined to be impaired. For the year ended December 31, 2021, the Company did not have any material assets that were measured at fair value due to impairment. The following table presents information for assets measured at an estimated fair value on a nonrecurring basis as of December 31, 2020, and still held at the reporting date (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3).

	Carrying Value After Measurement		Net Investment Gains (Losses)
	At December 31,		Years ended December 31,
(dollars in millions)	2020		2020
Limited partnership interests(1)	$	20	$	(17)

(1)Impairments on these investments were recognized at estimated fair value determined using the net asset values of the Company’s ownership interest as provided in the financial statements of the investees. The market for these investments has limited activity and price transparency.

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 December 31, 2021 and 2020 (dollars in millions). 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.

			Estimated Fair		Fair Value Measurement Using:
December 31, 2021:	Carrying Value (1)		Value		Level 1		Level 2		Level 3		NAV
Assets:
Mortgage loans on real estate	$	6,283	$	6,580	$	—	$	—	$	6,580	$	—
Policy loans	1,234		1,234		—		1,234		—		—
Funds withheld at interest	6,747		7,075		—		—		7,075		—
Cash and cash equivalents	1,810		1,810		1,810		—		—		—
Short-term investments	23		23		23		—		—		—
Other invested assets	910		907		6		70		831		—
Accrued investment income	533		533		—		533		—		—
Liabilities:
Interest-sensitive contract liabilities	$	18,625	$	19,540	$	—	$	—	$	19,540	$	—
Other liabilities – funds withheld at interest	1,658		1,657						1,657		—
Long-term debt	3,667		3,886		—		—		3,886		—
Collateral finance and securitization notes	180		153		—		—		153		—
December 31, 2020:
Assets:
Mortgage loans on real estate	$	5,787	$	6,167	$	—	$	—	$	6,167	$	—
Policy loans	1,258		1,258		—		1,258		—		—
Funds withheld at interest	5,292		5,676		—		—		5,676		—
Cash and cash equivalents	1,930		1,930		1,930		—		—		—
Short-term investments	30		30		30		—		—		—
Other invested assets	1,482		1,601		5		89		1,018		489
Accrued investment income	511		511		—		511		—		—
Liabilities:
Interest-sensitive contract liabilities	$	18,106	$	19,683	$	—	$	—	$	19,683	$	—
Long-term debt	3,573		3,901		—		—		3,901		—
Collateral finance and securitization notes	388		351		—		—		351		—

 

(1)Carrying values presented herein may differ from those in the Company’s consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.