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Fair Value of Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2017
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 on a recurring and non-recurring basis
|  | As of December 31, 2017
($ 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 |  | Balance as of December 31, 2017
Assets |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 3,079 |  |  | $ | 537 |  |  | $ | — |  |  |  |  | $ | 3,616 |
Municipal |  | — |  |  | 8,227 |  |  | 101 |  |  |  |  | 8,328 |
Corporate - public |  | — |  |  | 31,963 |  |  | 108 |  |  |  |  | 32,071 |
Corporate - privately placed |  | — |  |  | 11,731 |  |  | 224 |  |  |  |  | 11,955 |
Foreign government |  | — |  |  | 1,021 |  |  | — |  |  |  |  | 1,021 |
ABS - CDO |  | — |  |  | 480 |  |  | 99 |  |  |  |  | 579 |
ABS - consumer and other |  | — |  |  | 645 |  |  | 48 |  |  |  |  | 693 |
RMBS |  | — |  |  | 578 |  |  | — |  |  |  |  | 578 |
CMBS |  | — |  |  | 102 |  |  | 26 |  |  |  |  | 128 |
Redeemable preferred stock |  | — |  |  | 23 |  |  | — |  |  |  |  | 23 |
Total fixed income securities |  | 3,079 |  |  | 55,307 |  |  | 606 |  |  |  |  | 58,992 |
Equity securities |  | 6,032 |  |  | 379 |  |  | 210 |  |  |  |  | 6,621 |
Short-term investments |  | 264 |  |  | 1,660 |  |  | 20 |  |  |  |  | 1,944 |
Other investments: Free-standing derivatives |  | — |  |  | 132 |  |  | 1 |  |  | (6 | ) |  | 127 |
Separate account assets |  | 3,444 |  |  | — |  |  | — |  |  |  |  | 3,444 |
Other assets |  | — |  |  | — |  |  | — |  |  |  |  | — |
Total recurring basis assets |  | 12,819 |  |  | 57,478 |  |  | 837 |  |  | (6 | ) |  | 71,128 |
Non-recurring basis (1) |  | — |  |  | — |  |  | 3 |  |  |  |  | 3 |
Total assets at fair value |  | $ | 12,819 |  |  | $ | 57,478 |  |  | $ | 840 |  |  | $ | (6 | ) |  | $ | 71,131 |
% of total assets at fair value |  | 18.0 | % |  | 80.8 | % |  | 1.2 | % |  | — | % |  | 100.0 | %
Liabilities |  |  |  |  |  |  |  |  |  |
Contractholder funds: Derivatives embedded in life and annuity contracts |  | $ | — |  |  | $ | — |  |  | $ | (286 | ) |  |  |  | $ | (286 | )
Other liabilities: Free-standing derivatives |  | (1 | ) |  | (83 | ) |  | — |  |  | $ | 14 |  |  | (70 | )
Total liabilities at fair value |  | $ | (1 | ) |  | $ | (83 | ) |  | $ | (286 | ) |  | $ | 14 |  |  | $ | (356 | )
% of total liabilities at fair value |  | 0.3 | % |  | 23.3 | % |  | 80.3 | % |  | (3.9 | )% |  | 100.0 | %
(1) | Includes $3 million of limited partnership interests written-down to fair value in connection with recognizing other-than-temporary impairments.
Assets and liabilities measured at fair value on a recurring and non-recurring basis
|  | As of December 31, 2016
($ 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 |  | Balance as of December 31, 2016
Assets |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 2,918 |  |  | $ | 719 |  |  | $ | — |  |  |  |  | $ | 3,637 |
Municipal |  | — |  |  | 7,208 |  |  | 125 |  |  |  |  | 7,333 |
Corporate - public |  | — |  |  | 31,414 |  |  | 78 |  |  |  |  | 31,492 |
Corporate - privately placed |  | — |  |  | 11,846 |  |  | 263 |  |  |  |  | 12,109 |
Foreign government |  | — |  |  | 1,075 |  |  | — |  |  |  |  | 1,075 |
ABS - CDO |  | — |  |  | 650 |  |  | 27 |  |  |  |  | 677 |
ABS - consumer and other |  | — |  |  | 452 |  |  | 42 |  |  |  |  | 494 |
RMBS |  | — |  |  | 727 |  |  | 1 |  |  |  |  | 728 |
CMBS |  | — |  |  | 248 |  |  | 22 |  |  |  |  | 270 |
Redeemable preferred stock |  | — |  |  | 24 |  |  | — |  |  |  |  | 24 |
Total fixed income securities |  | 2,918 |  |  | 54,363 |  |  | 558 |  |  |  |  | 57,839 |
Equity securities |  | 5,247 |  |  | 256 |  |  | 163 |  |  |  |  | 5,666 |
Short-term investments |  | 850 |  |  | 3,423 |  |  | 15 |  |  |  |  | 4,288 |
Other investments: Free-standing derivatives |  | — |  |  | 119 |  |  | 1 |  |  | (9 | ) |  | 111 |
Separate account assets |  | 3,393 |  |  | — |  |  | — |  |  |  |  | 3,393 |
Other assets |  | — |  |  | — |  |  | 1 |  |  |  |  | 1 |
Total recurring basis assets |  | 12,408 |  |  | 58,161 |  |  | 738 |  |  | (9 | ) |  | 71,298 |
Non-recurring basis (1) |  | — |  |  | — |  |  | 24 |  |  |  |  | 24 |
Total assets at fair value |  | $ | 12,408 |  |  | $ | 58,161 |  |  | $ | 762 |  |  | $ | (9 | ) |  | $ | 71,322 |
% of total assets at fair value |  | 17.4 | % |  | 81.5 | % |  | 1.1 | % |  | — | % |  | 100.0 | %
Liabilities |  |  |  |  |  |  |  |  |  |
Contractholder funds: Derivatives embedded in life and annuity contracts |  | $ | — |  |  | $ | — |  |  | $ | (290 | ) |  |  |  | $ | (290 | )
Other liabilities: Free-standing derivatives |  | (1 | ) |  | (68 | ) |  | (3 | ) |  | $ | 28 |  |  | (44 | )
Total liabilities at fair value |  | $ | (1 | ) |  | $ | (68 | ) |  | $ | (293 | ) |  | $ | 28 |  |  | $ | (334 | )
% of total liabilities at fair value |  | 0.3 | % |  | 20.4 | % |  | 87.7 | % |  | (8.4 | )% |  | 100.0 | %
(1) | Includes $24 million of limited partnership interests written-down to fair value in connection with recognizing other-than-temporary impairments.
Summary of quantitative information about the significant unobservable inputs |
Quantitative information about the significant unobservable inputs used in Level 3 fair value measurements
($ in millions) |  | Fair value |  | Valuation technique |  | Unobservable input |  | Range |  | Weighted average
December 31, 2017 |  |  |  |  |  |  |  |  |  |
Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options |  | $ | (252 | ) |  | Stochastic cash flow model |  | Projected option cost |  | 1.0 - 2.2% |  | 1.74%
December 31, 2016 |  |  |  |  |  |  |  |  |  |
Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options |  | $ | (247 | ) |  | Stochastic cash flow model |  | Projected option cost |  | 1.0 - 2.2% |  | 1.75%
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 on a recurring basis during the period
|  |  |  | December 31, 2017 |
|  | Balance as of December 31, 2016 |  | Total gains (losses) included in: |  | Transfers into Level 3 |  | Transfers out of Level 3 |
($ in millions) |  |  | Net income (1) |  | OCI |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
Municipal |  | $ | 125 |  |  | $ | (1 | ) |  | $ | 7 |  |  | $ | — |  |  | $ | (6 | ) |
Corporate - public |  | 78 |  |  | — |  |  | — |  |  | 4 |  |  | (30 | ) |
Corporate - privately placed |  | 263 |  |  | 8 |  |  | (2 | ) |  | 30 |  |  | (49 | ) |
ABS - CDO |  | 27 |  |  | — |  |  | 6 |  |  | 60 |  |  | (190 | ) |
ABS - consumer and other |  | 42 |  |  | — |  |  | — |  |  | — |  |  | (90 | ) |
RMBS |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |
CMBS |  | 22 |  |  | — |  |  | — |  |  | — |  |  | — |  |
Total fixed income securities |  | 558 |  |  | 7 |  |  | 11 |  |  | 94 |  |  | (365 | ) |
Equity securities |  | 163 |  |  | 13 |  |  | 4 |  |  | — |  |  | (4 | ) |
Short-term investments |  | 15 |  |  | — |  |  | — |  |  | — |  |  | — |  |
Free-standing derivatives, net |  | (2 | ) |  | 3 |  |  | — |  |  | — |  |  | — |  |
Other assets |  | 1 |  |  | (1 | ) |  | — |  |  | — |  |  | — |  |
Total recurring Level 3 assets |  | $ | 735 |  |  | $ | 22 |  |  | $ | 15 |  |  | $ | 94 |  |  | $ | (369 | ) |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Contractholder funds: Derivatives embedded in life and annuity contracts |  | $ | (290 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Total recurring Level 3 liabilities |  | $ | (290 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
|  | Purchases |  | Sales |  | Issues |  | Settlements |  | Balance as of December 31, 2017 |
Assets |  |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
Municipal |  | $ | 8 |  |  | $ | (29 | ) |  | $ | — |  |  | $ | (3 | ) |  | $ | 101 |  |
Corporate - public |  | 60 |  |  | — |  |  | — |  |  | (4 | ) |  | 108 |  |
Corporate - privately placed |  | 44 |  |  | (30 | ) |  | — |  |  | (40 | ) |  | 224 |  |
ABS - CDO |  | 219 |  |  | — |  |  | — |  |  | (23 | ) |  | 99 |  |
ABS - consumer and other |  | 103 |  |  | — |  |  | — |  |  | (7 | ) |  | 48 |  |
RMBS |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | — |  |
CMBS |  | 6 |  |  | — |  |  | — |  |  | (2 | ) |  | 26 |  |
Total fixed income securities |  | 440 |  |  | (59 | ) |  | — |  |  | (80 | ) |  | 606 |  |
Equity securities |  | 48 |  |  | (14 | ) |  | — |  |  | — |  |  | 210 |  |
Short-term investments |  | 45 |  |  | (40 | ) |  | — |  |  | — |  |  | 20 |  |
Free-standing derivatives, net |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  | (2 | )
Other assets |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Total recurring Level 3 assets |  | $ | 533 |  |  | $ | (113 | ) |  | $ | — |  |  | $ | (80 | ) |  | $ | 837 |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Contractholder funds: Derivatives embedded in life and annuity contracts |  | $ | — |  |  | $ | — |  |  | $ | (2 | ) |  | $ | 6 |  |  | $ | (286 | ) |
Total recurring Level 3 liabilities |  | $ | — |  |  | $ | — |  |  | $ | (2 | ) |  | $ | 6 |  |  | $ | (286 | ) |
(1) | The effect to net income totals $22 million and is reported in the Consolidated Statements of Operations as follows: $4 million in realized capital gains and losses, $19 million in net investment income, $(10) million in interest credited to contractholder funds and $9 million in life contract benefits.
(2) | Comprises $1 million of assets.
Rollforward of level 3 assets and liabilities held at fair value on a recurring basis during the period
|  |  |  | December 31, 2016 |
|  | Balance as of December 31, 2015 |  | Total gains (losses) included in: |  | Transfers into Level 3 |  | Transfers out of Level 3 |
($ in millions) |  |  | Net income (1) |  | OCI |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4 | ) |
Municipal |  | 161 |  |  | 12 |  |  | (10 | ) |  | 6 |  |  | (23 | ) |
Corporate - public |  | 46 |  |  | — |  |  | — |  |  | 41 |  |  | (43 | ) |
Corporate - privately placed |  | 502 |  |  | 15 |  |  | 18 |  |  | 16 |  |  | (398 | ) |
ABS - CDO |  | 61 |  |  | 1 |  |  | 6 |  |  | 10 |  |  | (43 | ) |
ABS - consumer and other |  | 50 |  |  | — |  |  | (3 | ) |  | 3 |  |  | (35 | ) |
RMBS |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |
CMBS |  | 20 |  |  | — |  |  | — |  |  | — |  |  | (1 | ) |
Total fixed income securities |  | 846 |  |  | 29 |  |  | 11 |  |  | 76 |  |  | (547 | ) |
Equity securities |  | 133 |  |  | (32 | ) |  | 12 |  |  | — |  |  | (12 | ) |
Short-term investments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Free-standing derivatives, net |  | (7 | ) |  | 6 |  |  | — |  |  | — |  |  | — |  |
Other assets |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |
Total recurring Level 3 assets |  | $ | 973 |  |  | $ | 3 |  |  | $ | 23 |  |  | $ | 76 |  |  | $ | (559 | ) |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Contractholder funds: Derivatives embedded in life and annuity contracts |  | $ | (299 | ) |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Total recurring Level 3 liabilities |  | $ | (299 | ) |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
|  | Purchases |  | Sales |  | Issues |  | Settlements |  | Balance as of December 31, 2016 |
Assets |  |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1 | ) |  | $ | — |  |
Municipal |  | 22 |  |  | (40 | ) |  | — |  |  | (3 | ) |  | 125 |  |
Corporate - public |  | 47 |  |  | (11 | ) |  | — |  |  | (2 | ) |  | 78 |  |
Corporate - privately placed |  | 181 |  |  | (15 | ) |  | — |  |  | (56 | ) |  | 263 |  |
ABS - CDO |  | 40 |  |  | (3 | ) |  | — |  |  | (45 | ) |  | 27 |  |
ABS - consumer and other |  | 35 |  |  | (5 | ) |  | — |  |  | (3 | ) |  | 42 |  |
RMBS |  | — |  |  | (1 | ) |  | — |  |  | — |  |  | 1 |  |
CMBS |  | 5 |  |  | — |  |  | — |  |  | (2 | ) |  | 22 |  |
Total fixed income securities |  | 330 |  |  | (75 | ) |  | — |  |  | (112 | ) |  | 558 |  |
Equity securities |  | 65 |  |  | (4 | ) |  | — |  |  | 1 |  |  | 163 |  |
Short-term investments |  | 15 |  |  | — |  |  | — |  |  | — |  |  | 15 |  |
Free-standing derivatives, net |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | (2 | ) | (2)
Other assets |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |
Total recurring Level 3 assets |  | $ | 410 |  |  | $ | (79 | ) |  | $ | — |  |  | $ | (112 | ) |  | $ | 735 |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Contractholder funds: Derivatives embedded in life and annuity contracts |  | $ | — |  |  | $ | — |  |  | $ | (3 | ) |  | $ | 7 |  |  | $ | (290 | ) |
Total recurring Level 3 liabilities |  | $ | — |  |  | $ | — |  |  | $ | (3 | ) |  | $ | 7 |  |  | $ | (290 | ) |
(1) | The effect to net income totals $8 million and is reported in the Consolidated Statements of Operations as follows: $(9) million in realized capital gains and losses, $12 million in net investment income, $(4) million in interest credited to contractholder funds and $9 million in life contract benefits.
(2) | Comprises $1 million of assets and $3 million of liabilities.
Rollforward of level 3 assets and liabilities held at fair value on a recurring basis during the period
|  |  |  | December 31, 2015 |
|  |  |  | Total gains (losses) included in: |  |  |  |  |
($ in millions) |  | Balance as of December 31, 2014 |  | Net income (1) |  | OCI |  | Transfers into Level 3 |  | Transfers out of Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Municipal |  | 270 |  |  | (4 | ) |  | (7 | ) |  | 3 |  |  | (2 | ) |
Corporate - public |  | 214 |  |  | — |  |  | — |  |  | — |  |  | (175 | ) |
Corporate - privately placed |  | 677 |  |  | 13 |  |  | (20 | ) |  | 13 |  |  | (106 | ) |
ABS - CDO |  | 104 |  |  | (1 | ) |  | 4 |  |  | 43 |  |  | (52 | ) |
ABS - consumer and other |  | 92 |  |  | (1 | ) |  | — |  |  | — |  |  | (98 | ) |
RMBS |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |
CMBS |  | 23 |  |  | — |  |  | — |  |  | — |  |  | — |  |
Total fixed income securities |  | 1,387 |  |  | 7 |  |  | (23 | ) |  | 59 |  |  | (433 | ) |
Equity securities |  | 83 |  |  | (3 | ) |  | (5 | ) |  | — |  |  | — |  |
Short-term investments |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |
Free-standing derivatives, net |  | (7 | ) |  | 1 |  |  | — |  |  | — |  |  | — |  |
Other assets |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |
Total recurring Level 3 assets |  | $ | 1,469 |  |  | $ | 5 |  |  | $ | (28 | ) |  | $ | 59 |  |  | $ | (433 | ) |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Contractholder funds: Derivatives embedded in life and annuity contracts |  | $ | (323 | ) |  | $ | 19 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Total recurring Level 3 liabilities |  | $ | (323 | ) |  | $ | 19 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
|  | Purchases |  | Sales |  | Issues |  | Settlements |  | Balance as of December 31, 2015 |
Assets |  |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1 | ) |  | $ | 5 |  |
Municipal |  | — |  |  | (91 | ) |  | — |  |  | (8 | ) |  | 161 |  |
Corporate - public |  | 11 |  |  | — |  |  | — |  |  | (4 | ) |  | 46 |  |
Corporate - privately placed |  | 79 |  |  | (74 | ) |  | — |  |  | (80 | ) |  | 502 |  |
ABS - CDO |  | — |  |  | (2 | ) |  | — |  |  | (35 | ) |  | 61 |  |
ABS - consumer and other |  | 70 |  |  | (5 | ) |  | — |  |  | (8 | ) |  | 50 |  |
RMBS |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |
CMBS |  | 12 |  |  | — |  |  | — |  |  | (15 | ) |  | 20 |  |
Total fixed income securities |  | 172 |  |  | (172 | ) |  | — |  |  | (151 | ) |  | 846 |  |
Equity securities |  | 69 |  |  | (11 | ) |  | — |  |  | — |  |  | 133 |  |
Short-term investments |  | 35 |  |  | (40 | ) |  | — |  |  | — |  |  | — |  |
Free-standing derivatives, net |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | (7 | ) | (2)
Other assets |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |
Total recurring Level 3 assets |  | $ | 276 |  |  | $ | (223 | ) |  | $ | — |  |  | $ | (152 | ) |  | $ | 973 |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Contractholder funds: Derivatives embedded in life and annuity contracts |  | $ | — |  |  | $ | — |  |  | $ | (2 | ) |  | $ | 7 |  |  | $ | (299 | ) |
Total recurring Level 3 liabilities |  | $ | — |  |  | $ | — |  |  | $ | (2 | ) |  | $ | 7 |  |  | $ | (299 | ) |
(1) | The effect to net income totals $24 million and is reported in the Consolidated Statements of Operations as follows: $(8) million in realized capital gains and losses, $13 million in net investment income, $26 million in interest credited to contractholder funds and $(7) million in life contract benefits.
(2) | Comprises $1 million of assets and $8 million of liabilities.
Schedule of gains and losses included in net income for Level 3 assets and liabilities still held at the balance sheet date |
Change in unrealized gains and losses included in net income for level 3 assets and liabilities held as of
|  | December 31,
($ in millions) |  | 2017 |  | 2016 |  | 2015
Assets |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |
Municipal |  | $ | (3 | ) |  | $ | 2 |  |  | $ | (12 | )
Corporate |  | 1 |  |  | 2 |  |  | 11 |
ABS |  | — |  |  | — |  |  | 2 |
Total fixed income securities |  | (2 | ) |  | 4 |  |  | 1 |
Equity securities |  | 13 |  |  | (32 | ) |  | (4 | )
Free-standing derivatives, net |  | — |  |  | 5 |  |  | 1 |
Other assets |  | (1 | ) |  | — |  |  | — |
Total recurring Level 3 assets |  | $ | 10 |  |  | $ | (23 | ) |  | $ | (2 | )
Liabilities |  |  |  |  |  |
Contractholder funds: Derivatives embedded in life and annuity contracts |  | $ | — |  |  | $ | 5 |  |  | $ | 19 |
Total recurring Level 3 liabilities |  | $ | — |  |  | $ | 5 |  |  | $ | 19 |
Schedule of carrying values and fair value estimates of financial instruments not carried at fair value |
Carrying values and fair value estimates of financial instruments not carried at fair value
|  | As of December 31, 2017 |  | As of December 31, 2016
($ in millions) |  | Carrying value |  | Fair value |  | Carrying value |  | Fair value
Contractholder funds on investment contracts |  | $ | 10,367 |  |  | $ | 11,071 |  |  | $ | 11,313 |  |  | $ | 12,009 |
Long-term debt |  | 6,350 |  |  | 7,199 |  |  | 6,347 |  |  | 6,920 |
Liability for collateral |  | 1,124 |  |  | 1,124 |  |  | 1,129 |  |  | 1,129 |
Carrying values and fair value estimates of financial instruments not carried at fair value
|  | As of December 31, 2017 |  | As of December 31, 2016
($ in millions) |  | Carrying value |  | Fair value |  | Carrying value |  | Fair value
Mortgage loans |  | $ | 4,534 |  |  | $ | 4,732 |  |  | $ | 4,486 |  |  | $ | 4,514 |
Cost method limited partnerships (1) |  | 1,327 |  |  | 1,569 |  |  | 1,282 |  |  | 1,493 |
Bank loans |  | 1,702 |  |  | 1,704 |  |  | 1,669 |  |  | 1,677 |
Agent loans |  | 538 |  |  | 536 |  |  | 467 |  |  | 467 |
(1) | Beginning January 1, 2018, due to the adoption of the new accounting standard for the recognition and measurement of financial assets and liabilities, cost method limited partnerships (excluding limited partnership interests accounted for on a cost recovery basis) will be measured at fair value with changes in fair value recognized in net income. The existing carrying value of these investments will increase to fair value with the offsetting adjustment recognized in retained income through a cumulative effect adjustment. See Note 2 for additional details on the new accounting standard.

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- Definition This element represents, for the fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (net); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs). + References No definition available. + Details
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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=66048111&loc=SL7498348-110258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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