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Fair Value of Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2020
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, 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 netting |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 5,022 |  |  | $ | 377 |  |  | $ | — |  |  |  |  |  | $ | 5,399 |
Municipal |  | — |  |  | 8,651 |  |  | 58 |  |  |  |  |  | 8,709 |
Corporate - public |  | — |  |  | 31,621 |  |  | 60 |  |  |  |  |  | 31,681 |
Corporate - privately placed |  | — |  |  | 11,866 |  |  | 88 |  |  |  |  | 11,954 |
Foreign government |  | — |  |  | 911 |  |  | — |  |  |  |  |  | 911 |
ABS |  | — |  |  | 797 |  |  | 39 |  |  |  |  | 836 |
MBS |  | — |  |  | 327 |  |  | 40 |  |  |  |  | 367 |
Total fixed income securities |  | 5,022 |  |  | 54,550 |  |  | 285 |  |  |  |  |  | 59,857 |
Equity securities |  | 3,069 |  |  | 290 |  |  | 342 |  |  |  |  |  | 3,701 |
Short-term investments |  | 4,687 |  |  | 934 |  |  | 50 |  |  |  |  |  | 5,671 |
Other investments: Free-standing derivatives |  | — |  |  | 77 |  |  | — |  |  | $ | (53 | ) |  | 24 |
Separate account assets |  | 2,434 |  |  | — |  |  | — |  |  |  |  |  | 2,434 |
Total recurring basis assets |  | 15,212 |  |  | 55,851 |  |  | 677 |  |  | (53 | ) |  | 71,687 |
Non-recurring basis (1) |  | — |  |  | — |  |  | 3 |  |  |  |  |  | 3 |
Total assets at fair value |  | $ | 15,212 |  |  | $ | 55,851 |  |  | $ | 680 |  |  | $ | (53 | ) |  | $ | 71,690 |
% of total assets at fair value |  | 21.2 | % |  | 77.9 | % |  | 1.0 | % |  | (0.1 | )% |  | 100.0 | %
Investments reported at NAV |  |  |  |  |  |  |  |  |  | 1,717 |
Total |  |  |  |  |  |  |  |  |  | $ | 73,407 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contractholder funds: Derivatives embedded in life and annuity contracts |  | $ | — |  |  | $ | — |  |  | $ | (417 | ) |  |  |  |  | $ | (417 | )
Other liabilities: Free-standing derivatives |  | (3 | ) |  | (19 | ) |  | — |  |  | $ | 12 |  |  | (10 | )
Total recurring basis liabilities |  | $ | (3 | ) |  | $ | (19 | ) |  | $ | (417 | ) |  | $ | 12 |  |  | $ | (427 | )
% of total liabilities at fair value |  | 0.7 | % |  | 4.4 | % |  | 97.7 | % |  | (2.8 | )% |  | 100.0 | %
(1) | Includes $3 million of bank loans.
Assets and liabilities measured at fair value
|  | December 31, 2019
($ 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 |  | $ | 4,689 |  |  | $ | 397 |  |  | $ | — |  |  |  |  |  | $ | 5,086 |
Municipal |  | — |  |  | 8,558 |  |  | 62 |  |  |  |  |  | 8,620 |
Corporate - public |  | — |  |  | 30,819 |  |  | 61 |  |  |  |  |  | 30,880 |
Corporate - privately placed |  | — |  |  | 12,084 |  |  | 114 |  |  |  |  | 12,198 |
Foreign government |  | — |  |  | 979 |  |  | — |  |  |  |  |  | 979 |
ABS |  | — |  |  | 797 |  |  | 65 |  |  |  |  | 862 |
MBS |  | — |  |  | 379 |  |  | 40 |  |  |  |  | 419 |
Total fixed income securities |  | 4,689 |  |  | 54,013 |  |  | 342 |  |  |  |  |  | 59,044 |
Equity securities |  | 7,407 |  |  | 384 |  |  | 371 |  |  |  |  |  | 8,162 |
Short-term investments |  | 1,940 |  |  | 2,291 |  |  | 25 |  |  |  |  |  | 4,256 |
Other investments: Free-standing derivatives |  | — |  |  | 180 |  |  | — |  |  | $ | (40 | ) |  | 140 |
Separate account assets |  | 3,044 |  |  | — |  |  | — |  |  |  |  |  | 3,044 |
Other assets |  | 1 |  |  | — |  |  | — |  |  |  |  |  | 1 |
Total recurring basis assets |  | 17,081 |  |  | 56,868 |  |  | 738 |  |  | (40 | ) |  | 74,647 |
Total assets at fair value |  | $ | 17,081 |  |  | $ | 56,868 |  |  | $ | 738 |  |  | $ | (40 | ) |  | $ | 74,647 |
% of total assets at fair value |  | 22.9 | % |  | 76.2 | % |  | 1.0 | % |  | (0.1 | )% |  | 100.0 | %
Investments reported at NAV |  |  |  |  |  |  |  |  |  | 1,814 |
Total |  |  |  |  |  |  |  |  |  | $ | 76,461 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contractholder funds: Derivatives embedded in life and annuity contracts |  | $ | — |  |  | $ | — |  |  | $ | (462 | ) |  |  |  |  | $ | (462 | )
Other liabilities: Free-standing derivatives |  | — |  |  | (84 | ) |  | — |  |  | $ | 12 |  |  | (72 | )
Total recurring basis liabilities |  | $ | — |  |  | $ | (84 | ) |  | $ | (462 | ) |  | $ | 12 |  |  | $ | (534 | )
% of total liabilities at fair value |  | — | % |  | 15.7 | % |  | 86.5 | % |  | (2.2 | )% |  | 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
($ in millions) |  | Fair value |  | Valuation technique |  | Unobservable input |  | Range |  | Weighted average
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options |  | $ | (361 | ) |  | Stochastic cash flow model |  | Projected option cost |  | 1.0 - 4.2% |  | 2.71%
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Derivatives embedded in life and annuity contracts – Equity-indexed and forward starting options |  | $ | (430 | ) |  | Stochastic cash flow model |  | Projected option cost |  | 1.0 - 4.2% |  | 2.67%
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, 2020
|  | Balance as of December 31, 2019 |  | Total gains (losses) included in: |  | Transfers |  |  |  |  |  |  |  |  |  | Balance as of March 31, 2020
($ in millions) |  |  | Net income |  | OCI |  | Into Level 3 |  | Out of Level 3 |  | Purchases |  | Sales |  | Issues |  | Settlements |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal |  | $ | 62 |  |  | $ | 1 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2 | ) |  | $ | — |  |  | $ | (2 | ) |  | $ | 58 |
Corporate - public |  | 61 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | 60 |
Corporate - privately placed |  | 114 |  |  | — |  |  | (1 | ) |  | — |  |  | (25 | ) |  | 1 |  |  | — |  |  | — |  |  | (1 | ) |  | 88 |
ABS |  | 65 |  |  | — |  |  | — |  |  | 26 |  |  | (49 | ) |  | 33 |  |  | (9 | ) |  | — |  |  | (27 | ) |  | 39 |
MBS |  | 40 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 40 |
Total fixed income securities |  | 342 |  |  | 1 |  |  | (2 | ) |  | 26 |  |  | (74 | ) |  | 34 |  |  | (11 | ) |  | — |  |  | (31 | ) |  | 285 |
Equity securities |  | 371 |  |  | (30 | ) |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 342 |
Short-term investments |  | 25 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25 |  |  | — |  |  | — |  |  | — |  |  | 50 |
Total recurring Level 3 assets |  | 738 |  |  | (29 | ) |  | (2 | ) |  | 26 |  |  | (74 | ) |  | 60 |  |  | (11 | ) |  | — |  |  | (31 | ) |  | 677 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contractholder funds: Derivatives embedded in life and annuity contracts |  | (462 | ) |  | 48 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8 | ) |  | 5 |  |  | (417 | )
Total recurring Level 3 liabilities |  | $ | (462 | ) |  | $ | 48 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (8 | ) |  | $ | 5 |  |  | $ | (417 | )
Total Level 3 gains (losses) included in net income for the three months ended March 31, 2020
|  | Net investment income |  | Realized capital gains (losses) |  | Life contract benefits |  | Interest credited to contractholder funds |  | Total
Components of net income |  | $ | (23 | ) |  | $ | (6 | ) |  | $ | (24 | ) |  | $ | 72 |  |  | $ | 19 |
Rollforward of Level 3 assets and liabilities held at fair value during the three month period ended March 31, 2019
|  | Balance as of December 31, 2018 |  | Total gains (losses) included in: |  | Transfers |  |  |  |  |  |  |  |  |  | Balance as of March 31, 2019
($ in millions) |  |  | Net income |  | OCI |  | Into Level 3 |  | Out of Level 3 |  | Purchases |  | Sales |  | Issues |  | Settlements |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal |  | $ | 70 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2 | ) |  | $ | — |  |  | $ | (1 | ) |  | $ | 68 |
Corporate - public |  | 70 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 20 |  |  | — |  |  | — |  |  | (1 | ) |  | 90 |
Corporate - privately placed |  | 90 |  |  | (2 | ) |  | 2 |  |  | 15 |  |  | — |  |  | — |  |  | (13 | ) |  | — |  |  | (2 | ) |  | 90 |
ABS |  | 69 |  |  | — |  |  | — |  |  | — |  |  | (47 | ) |  | 78 |  |  | (10 | ) |  | — |  |  | (3 | ) |  | 87 |
MBS |  | 26 |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | 35 |
Total fixed income securities |  | 325 |  |  | (2 | ) |  | 4 |  |  | 18 |  |  | (47 | ) |  | 104 |  |  | (25 | ) |  | — |  |  | (7 | ) |  | 370 |
Equity securities |  | 341 |  |  | 28 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | (68 | ) |  | — |  |  | — |  |  | 303 |
Short-term investments |  | 30 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | 40 |
Free-standing derivatives, net |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Total recurring Level 3 assets |  | 697 |  |  | 26 |  |  | 4 |  |  | 18 |  |  | (47 | ) |  | 116 |  |  | (93 | ) |  | — |  |  | (7 | ) |  | 714 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contractholder funds: Derivatives embedded in life and annuity contracts |  | (224 | ) |  | (28 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | (251 | )
Total recurring Level 3 liabilities |  | $ | (224 | ) |  | $ | (28 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | (251 | )
Total Level 3 gains (losses) included in net income for the three months ended March 31, 2019
|  | Net investment income |  | Realized capital gains (losses) |  | Life contract benefits |  | Interest credited to contractholder funds |  | Total
Components of net income |  | $ | — |  |  | $ | 26 |  |  | $ | 8 |  |  | $ | (36 | ) |  | $ | (2 | )
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,
| 2020 |  | 2019
Assets |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |
Municipal |  | $ | 1 |  |  | $ | — |
Equity securities |  | $ | (30 | ) |  | $ | 4 |
Free-standing derivatives, net |  | — |  |  | — |
Total recurring Level 3 assets |  | $ | (29 | ) |  | $ | 4 |
Liabilities |  |  |  |  |  |
Contractholder funds: Derivatives embedded in life and annuity contracts |  | $ | 48 |  |  | $ | (28 | )
Total recurring Level 3 liabilities |  | 48 |  |  | (28 | )
Total included in net income |  | $ | 19 |  |  | $ | (24 | )
Components of net income |  |  |  |
Net investment income |  | $ | (23 | ) |  | $ | — |
Realized capital gains (losses) |  | (6 | ) |  | 4 |
Life contract benefits |  | (24 | ) |  | 8 |
Interest credited to contractholder funds |  | 72 |  |  | (36 | )
Total included in net income |  | $ | 19 |  |  | $ | (24 | )
Assets |  |  |  |
Municipal |  | $ | (1 | ) |  |
Corporate - privately placed |  | (1 | ) |  |
Total recurring Level 3 assets |  | $ | (2 | ) |  |
Changes in unrealized net capital gains and losses reported in OCI (1) |  | $ | (2 | ) |  |
(1) Effective January 1, 2020, the Company adopted the fair value accounting standard that prospectively requires the disclosure of valuation changes reported in OCI.
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, 2020 |  | December 31, 2019
Financial assets |  | Fair value level |  | Amortized cost, net |  | Fair value |  | Amortized cost, net |  | Fair value
Mortgage loans |  | Level 3 |  | $ | 4,759 |  |  | $ | 4,875 |  |  | $ | 4,817 |  |  | $ | 5,012 |
Bank loans |  | Level 3 |  | 1,117 |  |  | 1,042 |  |  | 1,204 |  |  | 1,185 |
Agent loans |  | Level 3 |  | 671 |  |  | 686 |  |  | 666 |  |  | 664 |
Financial liabilities |  | Fair value level |  | Carrying value (1) |  | Fair value |  | Carrying value (1) |  | Fair value
Contractholder funds on investment contracts |  | Level 3 |  | $ | 8,190 |  |  | $ | 8,755 |  |  | $ | 8,438 |  |  | $ | 9,158 |
Long-term debt |  | Level 2 |  | 6,633 |  |  | 7,568 |  |  | 6,631 |  |  | 7,738 |
Liability for collateral |  | Level 2 |  | 1,291 |  |  | 1,291 |  |  | 1,829 |  |  | 1,829 |
(1) Represents the amounts reported on the Condensed Consolidated Statements of Financial Position.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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