Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
($ 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 netting			Total
Assets
Fixed income securities:
U.S. government and agencies	$	6,459		$	26		$	—					$	6,485
Municipal	—			5,681			17						5,698
Corporate - public	—			15,459			49						15,508
Corporate - privately placed	—			9,698			130						9,828
Foreign government	—			1,053			—						1,053
ABS	—			2,154			19						2,173
Total fixed income securities	6,459			34,071			215						40,745
Equity securities	4,575			367			373						5,315
Short-term investments	1,130			3,203			11						4,344
Other investments	—			34			2			$	(27)		9
Other assets	4			—			77						81
Total recurring basis assets	12,168			37,675			678			(27)			50,494
Non-recurring basis	—			—			32						32
Total assets at fair value	$	12,168		$	37,675		$	710		$	(27)		$	50,526
% of total assets at fair value	24.1		%	74.6		%	1.4		%	(0.1)		%	100.0		%
Investments reported at NAV													1,490
Total													$	52,016
Liabilities
Other liabilities	$	(13)		$	(28)		$	—		$	7		$	(34)
Total recurring basis liabilities	(13)			(28)			—			7			(34)
Total liabilities at fair value	$	(13)		$	(28)		$	—		$	7		$	(34)
% of total liabilities at fair value	38.2		%	82.4		%	—		%	(20.6)		%	100.0		%

Assets and liabilities measured at fair value
	December 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 netting			Total
Assets
Fixed income securities:
U.S. government and agencies	$	6,247		$	26		$	—					$	6,273
Municipal	—			6,375			18						6,393
Corporate - public	—			16,569			20						16,589
Corporate - privately placed	—			10,675			66						10,741
Foreign government	—			985			—						985
ABS	—			1,115			40						1,155
Total fixed income securities	6,247			35,745			144						42,136
Equity securities	6,312			400			349						7,061
Short-term investments	1,140			2,864			5						4,009
Other investments	—			34			2			$	(22)		14
Other assets	1			—			65						66
Total recurring basis assets	13,700			39,043			565			(22)			53,286
Non-recurring basis	—			—			32						32
Total assets at fair value	$	13,700		$	39,043		$	597		$	(22)		$	53,318
% of total assets at fair value	25.7		%	73.2		%	1.1		%	—		%	100.0		%
Investments reported at NAV													1,531
Total													$	54,849
Liabilities
Other liabilities	$	(3)		$	(12)		$	—		$	7		$	(8)
Total recurring basis liabilities	(3)			(12)			—			7			(8)
Total liabilities at fair value	$	(3)		$	(12)		$	—		$	7		$	(8)
% of total liabilities at fair value	37.5		%	150.0		%	—		%	(87.5)		%	100.0		%

Quantitative information about the significant unobservable inputs used in Level 3 fair value measurements (1)
	March 31, 2021
($ in millions)	Fair value	Valuation technique	Unobservable input	Range	Weighted average
Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options	$(435)	Stochastic cash flow model	Projected option cost	1.0 - 4.2%	2.83%

Summary of quantitative information about the significant unobservable inputs

These were included in the liabilities held for sale as of March 31, 2021

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, 2022
	Balance as of  December 31, 2021		Total gains (losses) included in:				Transfers												Balance as of  March 31, 2022
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	18	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(1)	$	17
Corporate - public	20		—		(2)		—		—		35		(4)		—		—		49
Corporate - privately placed	66		—		1		—		—		63		—		—		—		130
ABS	40		1		—		—		(28)		7		—		—		(1)		19
Total fixed income securities	144		1		(1)		—		(28)		105		(4)		—		(2)		215
Equity securities	349		25		—		—		—		2		(3)		—		—		373
Short-term investments	5		—		—		—		—		6		—		—		—		11
Other investments	2		—		—		—		—		—		—		—		—		2
Other assets	65		12		—		—		—		—		—		—		—		77
Total recurring Level 3 assets	565		38		(1)		—		(28)		113		(7)		—		(2)		678
Liabilities
Total recurring Level 3 liabilities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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 sale										Balance as of March 31, 2021
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3				Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	17	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	—	$	(2)	$	18
Corporate - public	67		1		(3)		—		—		(6)		17		(33)		—		—		43
Corporate - privately placed	63		—		(1)		10		(7)		13		27		—		—		—		105
ABS	79		—		—		—		(32)		—		59		(4)		—		—		102
Total fixed income securities	226		1		(4)		10		(39)		7		106		(37)		—		(2)		268
Equity securities	304		16		—		—		—		92		5		(7)		—		—		410
Short-term investments	35		—		—		—		—		—		—		—		—		(35)		—
Other investments	—		—		—		—		—		—		3		—		—		—		3
Assets held for sale	267		1		—		3		(8)		(99)		11		(3)		—		(2)		170
Total recurring Level 3 assets	832		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)

Total Level 3 gains (losses) included in net income
	Three months ended March 31,
($ in millions)	2022		2021
Net investment income	$	9	$	(1)
Net gains (losses) on investments and derivatives	29		18

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,
	2022		2021
Assets
Fixed income securities	$	—	$	1
Equity securities	25		16
Other assets	12		—
Assets held for sale	—		1
Total recurring Level 3 assets	$	37	$	18
Liabilities
Liabilities held for sale	$	—	$	55
Total recurring Level 3 liabilities	—		55
Total included in net income	$	37	$	73
Components of net income
Net investment income	$	9	$	(1)
Net gains (losses) on investments and derivatives	28		18
Total included in net income	$	37	$	17
Assets
Corporate - public	$	(2)	$	(3)
Corporate - privately placed	1		(1)
Changes in unrealized net capital gains and losses reported in OCI	$	(1)	$	(4)

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, 2022				December 31, 2021
Financial assets	Fair value level	Amortized cost, net		Fair value		Amortized cost, net		Fair value
Mortgage loans	Level 3	$	855	$	847	$	821	$	853
Bank loans	Level 3	1,520		1,567		1,574		1,634
Financial liabilities	Fair value level	Carrying value (1)		Fair value		Carrying value (1)		Fair value
Contractholder funds on investment contracts	Level 3	$	54	$	54	$	55	$	55
Long-term debt	Level 2	7,973		8,424		7,976		9,150
Liability for collateral	Level 2	1,504		1,504		1,444		1,444

(1)Represents the amounts reported on the Condensed Consolidated Statements of Financial Position.