XML 46 R29.htm IDEA: XBRL DOCUMENT v3.22.2
Fair Value of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 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 nettingTotal
Assets     
Fixed income securities:     
U.S. government and agencies$8,721 $24 $—  $8,745 
Municipal— 5,893 18  5,911 
Corporate - public— 15,814 77  15,891 
Corporate - privately placed— 8,128 73 8,201 
Foreign government— 972 —  972 
ABS— 1,544 18 1,562 
Total fixed income securities8,721 32,375 186  41,282 
Equity securities3,963 346 372 
 
4,681 
Short-term investments1,208 3,168 8  4,384 
Other investments— 106 2 $(53)55 
Other assets3 — 108  111 
Total recurring basis assets13,895 35,995 676 (53)50,513 
Non-recurring basis
— — 32  32 
Total assets at fair value$13,895 $35,995 $708 $(53)$50,545 
% of total assets at fair value27.5 %71.2 %1.4 %(0.1)%100.0 %
Investments reported at NAV1,395 
Total$51,940 
Liabilities     
Other liabilities$(39)$(27)$— $6 $(60)
Total recurring basis liabilities(39)(27)— 6 (60)
Total liabilities at fair value$(39)$(27)$— $6 $(60)
% of total liabilities at fair value65.0 %45.0 %— %(10.0)%100.0 %
Assets and liabilities measured at fair value
December 31, 2021
($ 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 nettingTotal
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 securities6,247 35,745 144  42,136 
Equity securities6,312 400 349 
 
7,061 
Short-term investments1,140 2,864 5 
 
4,009 
Other investments— 34 2 $(22)14 
Other assets1 — 65  66 
Total recurring basis assets13,700 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 value25.7 %73.2 %1.1 %— %100.0 %
Investments reported at NAV1,531 
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 $(8)
% of total liabilities at fair value37.5 %150.0 %— %(87.5)%100.0 %
Quantitative information about the significant unobservable inputs used in Level 3 fair value measurements (1)
June 30, 2021
($ in millions)Fair valueValuation
technique		Unobservable
input		RangeWeighted
average
Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options$(466)Stochastic cash flow modelProjected option cost
1.0 - 4.2%
2.87%
(1) These were included in the liabilities held for sale as of June 30, 2021.
Schedule of the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis
Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended June 30, 2022
Balance as of
 March 31, 2022		Total gains (losses) included in: Transfers Balance as of
 June 30, 2022
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesIssuesSettlements
Assets
Fixed income securities:
Municipal$17 $— $1 $— $— $1 $— $— $(1)$18 
Corporate - public49 — (1)— (35)71 (5)— (2)77 
Corporate - privately placed130 19 (3)— (51)2 (24)— — 73 
ABS19 — — — — — — — (1)18 
Total fixed income securities215 19 (3)— (86)74 (29)— (4)186 
Equity securities373 4 — — — — (5)— — 372 
Short-term investments11 — — — — 17 — — (20)8 
Other investments2 — — — — — — — — 2 
Other assets77 31 — — — — — — — 108 
Total recurring Level 3 assets678 54 (3)— (86)91 (34)— (24)676 
Liabilities
Total recurring Level 3 liabilities$— $— $— $— $— $— $— $— $— $— 
Rollforward of Level 3 assets and liabilities held at fair value during the six month period ended June 30, 2022
Balance as of
 December 31, 2021		Total gains (losses) included in: Transfers Balance as of
 June 30, 2022
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesIssuesSettlements
Assets
Fixed income securities:
Municipal$18 $— $1 $— $— $1 $— $— $(2)$18 
Corporate - public20 — (3)— — 71 (9)— (2)77 
Corporate - privately placed66 19 (2)— — 14 (24)— — 73 
ABS40 1 — — (28)7 — — (2)18 
Total fixed income securities144 20 (4)— (28)93 (33)— (6)186 
Equity securities349 29 — — — 2 (8)— — 372 
Short-term investments5 — — — — 23 — — (20)8 
Other investments2 — — — — — — — — 2 
Other assets 65 43 — — — — — — — 108 
Total recurring Level 3 assets565 92 (4)— (28)118 (41)— (26)676 
Liabilities
Total recurring Level 3 liabilities$— $— $— $— $— $— $— $— $— $— 
Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended June 30, 2021
Balance as of
 March 31, 2021		Total gains (losses) included in: Transfers Transfers to (from) held for saleBalance as of
 June 30, 2021
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesIssuesSettlements
Assets
Fixed income securities:
Municipal$18 $— $— $— $— $— $— $— $— $— $18 
Corporate - public43 — 1 — (3)— — (21)— — 20 
Corporate - privately placed105 — 2 — (27)1 23 (20)— — 84 
ABS102 — — — (25)— — (4)— (40)33 
Total fixed income securities268 — 3 — (55)1 23 (45)— (40)155 
Equity securities410 8 — — — 8 6 (27)— — 405 
Short-term investments— — — — — — — — — — — 
Other investments3 — — — — — — — — — 3 
Assets held for sale170 1 — — — (9)7 (3)— (2)164 
Total recurring Level 3 assets851 9 3 — (55)— 36 (75)— (42)727 
Liabilities
Liabilities held for sale(463)(24)— — — — — — (8)5 (490)
Total recurring Level 3 liabilities$(463)$(24)$— $— $— $— $— $— $(8)$5 $(490)
Rollforward of Level 3 assets and liabilities held at fair value during the six month period ended June 30, 2021
Balance as of
 December 31, 2020		Total gains (losses) included in: Transfers Transfers to (from) held for saleBalance as of
 June 30, 2021
($ in millions)Net incomeOCIInto Level 3Out of Level 3PurchasesSalesIssuesSettlements
Assets
Fixed income securities:
Municipal$17 $— $1 $— $— $— $3 $— $— $(3)$18 
Corporate - public67 — (2)— — (6)14 (53)— — 20 
Corporate - privately placed63 1 — 10 — 14 16 (20)— — 84 
ABS79 — — — (32)— 34 (8)— (40)33 
Total fixed income securities226 1 (1)10 (32)8 67 (81)— (43)155 
Equity securities304 25 — — — 100 10 (34)— — 405 
Short-term investments35 — — — — — — — — (35)— 
Other investments— — — — — — 3 — — — 3 
Assets held for sale267 1 1 3 (1)(108)11 (7)— (3)164 
Total recurring Level 3 assets832 27 — 13 (33)— 91 (122)— (81)727 
Liabilities
Liabilities held for sale(516)31 — — — — — — (16)11 (490)
Total recurring Level 3 liabilities$(516)$31 $— $— $— $— $— $— $(16)$11 $(490)
Total Level 3 gains (losses) included in net income
Three months ended June 30,Six months ended June 30,
($ in millions)2022202120222021
Net investment income$4 $(5)$13 $(6)
Net gains (losses) on investments and derivatives50 13 79 32 
Schedule of gains and losses included in net income for Level 3 assets and liabilities still held at the balance sheet date
Valuation changes included in net income and OCI for Level 3 assets and liabilities held as of June 30,
($ in millions)Three months ended June 30,Six months ended June 30,
2022202120222021
Assets    
Equity securities$4 $5 $29 $22 
Other assets31 — 44 — 
Assets held for sale— 1 — 1 
Total recurring Level 3 assets$35 $6 $73 $23 
Liabilities    
Liabilities held for sale$— $(24)$— $31 
Total recurring Level 3 liabilities— (24)— 31 
Total included in net income$35 $(18)$73 $54 
Components of net income
Net investment income$4 $(5)$13 $(6)
Net gains (losses) on investments and derivatives31 10 60 28 
Total included in net income$35 $5 $73 $22 
Assets
Municipal$1 $— $1 $1 
Corporate - public(1)1 (3)(2)
Corporate - privately placed(3)2 (2)— 
Assets held for sale— — — 1 
Changes in unrealized net capital gains and losses reported in OCI$(3)$3 $(4)$— 
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)June 30, 2022December 31, 2021
Financial assetsFair value levelAmortized cost, net
Fair
value
Amortized cost, net
Fair
value
Mortgage loansLevel 3$848 $821 $821 $853 
Bank loansLevel 3868 847 1,574 1,634 
Financial liabilitiesFair value level
Carrying value (1)
Fair
value
Carrying value (1)
Fair
value
Contractholder funds on investment contractsLevel 3$53 $53 $55 $55 
Long-term debtLevel 27,970 7,711 7,976 9,150 
Liability for collateralLevel 22,032 2,032 1,444 1,444 
(1)Represents the amounts reported on the Condensed Consolidated Statements of Financial Position.