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Fair Value of Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities that are measured at fair value on a recurring and non-recurring basis
Assets and liabilities measured at fair value
March 31, 2021
($ in millions)Quoted prices in active markets for identical assets (Level 1)Significant other observable inputs (Level 2)Significant unobservable inputs (Level 3)Counterparty and cash collateral nettingTotal
Assets     
Fixed income securities:     
U.S. government and agencies$3,074 $36 $—  $3,110 
Municipal— 7,482 18  7,500 
Corporate - public— 18,818 43  18,861 
Corporate - privately placed— 9,037 105 9,142 
Foreign government— 985 —  985 
ABS— 864 79 943 
MBS— 30 23 53 
Total fixed income securities3,074 37,252 268  40,594 
Equity securities2,318 426 410 
 
3,154 
Short-term investments3,530 2,487 —  6,017 
Other investments— 39 3 $(17)25 
Other assets1 — —  1 
Assets held for sale6,380 25,319 170 (7)31,862 
Total recurring basis assets15,303 65,523 851 (24)81,653 
Total assets at fair value$15,303 $65,523 $851 $(24)$81,653 
% of total assets at fair value18.7 %80.3 %1.0 %— %100.0 %
Investments reported at NAV1,363 
Assets held for sale at NAV562 
Total$83,578 
Liabilities     
Other liabilities$(1)$(21)$— $13 $(9)
Liabilities held for sale— (97)(463)4 (556)
Total recurring basis liabilities(1)(118)(463)17 (565)
Total liabilities at fair value$(1)$(118)$(463)$17 $(565)
% of total liabilities at fair value0.2 %20.9 %81.9 %(3.0)%100.0 %
Assets and liabilities measured at fair value
December 31, 2020
($ in millions)Quoted prices in active markets for identical assets (Level 1)Significant other observable inputs (Level 2)Significant unobservable inputs (Level 3)Counterparty and cash collateral nettingTotal
Assets     
Fixed income securities:     
U.S. government and agencies$2,061 $45 $—  $2,106 
Municipal— 7,562 17  7,579 
Corporate - public— 21,885 67  21,952 
Corporate - privately placed— 9,002 63 9,065 
Foreign government— 958 —  958 
ABS— 794 52 846 
MBS— 32 27 59 
Total fixed income securities2,061 40,278 226  42,565 
Equity securities2,468 396 304 
 
3,168 
Short-term investments6,549 223 35 
 
6,807 
Other investments— 29 — $(9)20 
Other assets1 — —  1 
Assets held for sale6,488 23,103 267 (6)29,852 
Total recurring basis assets17,567 64,029 832 (15)82,413 
Total assets at fair value$17,567 $64,029 $832 $(15)$82,413 
% of total assets at fair value21.3 %77.7 %1.0 %— %100.0 %
Investments reported at NAV1,062 
Assets held for sale at NAV762 
Total$84,237 
Liabilities     
Other liabilities$— $(34)$— $18 $(16)
Liabilities held for sale— (119)(516)9 (626)
Total recurring basis liabilities— (153)(516)27 (642)
Total liabilities at fair value$— $(153)$(516)$27 $(642)
% of total liabilities at fair value— %23.8 %80.4 %(4.2)%100.0 %
Summary of quantitative information about the significant unobservable inputs
Quantitative information about the significant unobservable inputs used in Level 3 fair value measurements (1)
($ in millions)Fair valueValuation
technique		Unobservable
input		RangeWeighted
average
March 31, 2021     
Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options$(435)Stochastic cash flow modelProjected option cost
1.0 - 4.2%
2.83%
December 31, 2020     
Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options$(483)Stochastic cash flow modelProjected option cost
1.0 - 4.2%
2.80%
(1)These were included in the liabilities held for sale as of March 31, 2021 and December 31, 2020.
Schedule of the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis
Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended March 31, 2021
Balance as of
 December 31, 2020		Total gains (losses) included in: Transfers Transfers to (from) held for saleBalance as of March 31, 2021
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesIssuesSettlements
Assets
Fixed income securities:
Municipal$17 $— $— $— $— $— $3 $— $— $(2)$18 
Corporate - public67 1 (3)— — (6)17 (33)— — 43 
Corporate - privately placed63 — (1)10 (7)13 27 — — — 105 
ABS52 — — — (32)— 59 — — — 79 
MBS27 — — — — — — (4)— — 23 
Total fixed income securities226 1 (4)10 (39)7 106 (37)— (2)268 
Equity securities304 16 — — — 92 5 (7)— — 410 
Short-term investments35 — — — — — — — — (35)— 
Other investments— — — — — — 3 — — — 3 
Assets held for sale267 1 — 3 (8)(99)11 (3)— (2)170 
Total recurring Level 3 assets832 18 (4)13 (47)— 125 (47)— (39)851 
Liabilities
Liabilities held for sale(516)55 — — — — — — (8)6 (463)
Total recurring Level 3 liabilities$(516)$55 $— $— $— $— $— $— $(8)$6 $(463)
Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended March 31, 2020
Balance as of
 December 31, 2019		Total gains (losses) included in: Transfers Balance
 as of March 31, 2020
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesIssuesSettlements
Assets
Fixed income securities:
Municipal$22 $— $(1)$— $— $— $(1)$— $(1)$19 
Corporate - public36 — — — — — — — — 36 
Corporate - privately placed32 — — — — 1 — — — 33 
ABS49 — — 26 (49)33 — — (27)32 
MBS35 — — — — — — — — 35 
Total fixed income securities174 — (1)26 (49)34 (1)— (28)155 
Equity securities255 (17)— — — 1 — — — 239 
Short-term investments25 — — — — 25 — — — 50 
Assets held for sale284 (12)(1)— (25)— (10)— (3)233 
Total recurring Level 3 assets738 (29)(2)26 (74)60 (11)— (31)677 
Liabilities
Liabilities held for sale(462)48 — — — — — (8)5 (417)
Total recurring Level 3 liabilities$(462)$48 $— $— $— $— $— $(8)$5 $(417)
Total Level 3 gains (losses) included in net income
Three months ended March 31,
($ in millions)20212020
Net investment income$(1)$(14)
Realized capital gains (losses)18 (3)
Schedule of gains and losses included in net income for Level 3 assets and liabilities still held at the balance sheet date
Valuation changes included in net income and OCI for Level 3 assets and liabilities held as of March 31,
($ in millions)Three months ended March 31,
20212020
Assets  
Fixed income securities:  
Corporate - public$1 $— 
Corporate - privately placed— — 
Total fixed income securities1 — 
Equity securities$16 $(17)
Assets held for sale1 (12)
Total recurring Level 3 assets$18 $(29)
Liabilities  
Liabilities held for sale$55 $48 
Total recurring Level 3 liabilities55 48 
Total included in net income$73 $19 
Components of net income
Net investment income$(1)$(14)
Realized capital gains (losses)18 (3)
Assets
Municipal$— $(1)
Corporate - public(3)— 
Corporate - privately placed(1)— 
Assets held for sale— (1)
Changes in unrealized net capital gains and losses reported in OCI$(4)$(2)
Schedule of carrying values and fair value estimates of financial instruments not carried at fair value
Financial instruments not carried at fair value
($ in millions)March 31, 2021December 31, 2020
Financial assetsFair value levelAmortized cost, net
Fair
value
Amortized cost, net
Fair
value
Mortgage loansLevel 3$902 $948 $746 $792 
Bank loansLevel 31,260 1,286 772 803 
Agent loansLevel 3607 606 — — 
Assets held for saleLevel 33,278 3,484 4,206 4,440 
Financial liabilitiesFair value level
Carrying value (1)
Fair
value
Carrying value (1)
Fair
value
Contractholder funds on investment contractsLevel 3$33 $35 $— $— 
Long-term debtLevel 27,577 9,046 7,825 9,489 
Liability for collateralLevel 21,096 1,096 914 914 
Liabilities held for sale (2)
Level 38,099 8,950 8,130 9,424 
(1)Represents the amounts reported on the Condensed Consolidated Statements of Financial Position.
(2)Includes certain liabilities for collateral measured at Level 2 fair value as of March 31, 2021 and December 31, 2020.