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Fair Values of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2019
Fair Value Disclosures [Abstract] |
Schedule of balances of assets and liabilities measured at fair value on a recurring basis | The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:
| September 30, 2019 |
Level 1 |  | Level 2 |  | Level 3 |  | Total
(in millions)
Assets |  |  |  |  |  |  |  |
Cash equivalents | $ | 349 |  |  | $ | 4,266 |  |  | $ | — |  |  | $ | 4,615 |  |
Available-for-Sale securities: |  |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 11,714 |  |  | 794 |  |  | 12,508 |  |
Residential mortgage backed securities | — |  |  | 7,958 |  |  | 154 |  |  | 8,112 |  |
Commercial mortgage backed securities | — |  |  | 5,275 |  |  | — |  |  | 5,275 |  |
Asset backed securities | — |  |  | 1,660 |  |  | 20 |  |  | 1,680 |  |
State and municipal obligations | — |  |  | 1,428 |  |  | — |  |  | 1,428 |  |
U.S. government and agency obligations | 1,693 |  |  | — |  |  | — |  |  | 1,693 |  |
Foreign government bonds and obligations | — |  |  | 271 |  |  | — |  |  | 271 |  |
Total Available-for-Sale securities | 1,693 |  |  | 28,306 |  |  | 968 |  |  | 30,967 |  |
Equity securities | 1 |  |  | — |  |  | — |  |  | 1 |  |
Investments at net asset value (“NAV”) |  |  |  |  |  |  | 6 |  | (1)
Trading and other securities | 11 |  |  | 30 |  |  | — |  |  | 41 |  |
Separate account assets at NAV |  |  |  |  |  |  | 84,067 |  | (1)
Investments and cash equivalents segregated for regulatory purposes | 13 |  |  | — |  |  | — |  |  | 13 |  |
Other assets: |  |  |  |  |  |  |  |
Interest rate derivative contracts | — |  |  | 1,970 |  |  | — |  |  | 1,970 |  |
Equity derivative contracts | 137 |  |  | 2,103 |  |  | — |  |  | 2,240 |  |
Credit derivative contracts | — |  |  | 10 |  |  | — |  |  | 10 |  |
Foreign exchange derivative contracts | — |  |  | 52 |  |  | — |  |  | 52 |  |
Total other assets | 137 |  |  | 4,135 |  |  | — |  |  | 4,272 |  |
Total assets at fair value | $ | 2,204 |  |  | $ | 36,737 |  |  | $ | 968 |  |  | $ | 123,982 |  |
Liabilities |  |  |  |  |  |  |  |
Policyholder account balances, future policy benefits and claims: |  |  |  |  |  |  |  |
Indexed annuity embedded derivatives | $ | — |  |  | $ | 3 |  |  | $ | 37 |  |  | $ | 40 |  |
IUL embedded derivatives | — |  |  | — |  |  | 822 |  |  | 822 |  |
GMWB and GMAB embedded derivatives | — |  |  | — |  |  | 1,452 |  |  | 1,452 |  | (2)
Total policyholder account balances, future policy benefits and claims | — |  |  | 3 |  |  | 2,311 |  |  | 2,314 |  | (3)
Customer deposits | — |  |  | 13 |  |  | — |  |  | 13 |  |
Other liabilities: |  |  |  |  |  |  |  |
Interest rate derivative contracts | — |  |  | 521 |  |  | — |  |  | 521 |  |
Equity derivative contracts | 19 |  |  | 2,811 |  |  | — |  |  | 2,830 |  |
Foreign exchange derivative contracts | 1 |  |  | 33 |  |  | — |  |  | 34 |  |
Other | 6 |  |  | 6 |  |  | 26 |  |  | 38 |  |
Total other liabilities | 26 |  |  | 3,371 |  |  | 26 |  |  | 3,423 |  |
Total liabilities at fair value | $ | 26 |  |  | $ | 3,387 |  |  | $ | 2,337 |  |  | $ | 5,750 |  |
| December 31, 2018 |
Level 1 |  | Level 2 |  | Level 3 |  | Total
(in millions)
Assets |  |  |  |  |  |  |  |
Cash equivalents | $ | 155 |  |  | $ | 2,350 |  |  | $ | — |  |  | $ | 2,505 |  |
Available-for-Sale securities: |  |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 13,153 |  |  | 913 |  |  | 14,066 |  |
Residential mortgage backed securities | — |  |  | 6,193 |  |  | 136 |  |  | 6,329 |  |
Commercial mortgage backed securities | — |  |  | 4,857 |  |  | 20 |  |  | 4,877 |  |
Asset backed securities | — |  |  | 1,392 |  |  | 6 |  |  | 1,398 |  |
State and municipal obligations | — |  |  | 2,345 |  |  | — |  |  | 2,345 |  |
U.S. government and agency obligations | 1,745 |  |  | — |  |  | — |  |  | 1,745 |  |
Foreign government bonds and obligations | — |  |  | 298 |  |  | — |  |  | 298 |  |
Total Available-for-Sale securities | 1,745 |  |  | 28,238 |  |  | 1,075 |  |  | 31,058 |  |
Equity securities | — |  |  | 1 |  |  | — |  |  | 1 |  |
Investments at NAV |  |  |  |  |  |  | 6 |  | (1)
Trading and other securities | 36 |  |  | 38 |  |  | — |  |  | 74 |  |
Separate account assets at NAV |  |  |  |  |  |  | 77,925 |  | (1)
Investments and cash equivalents segregated for regulatory purposes | 301 |  |  | — |  |  | — |  |  | 301 |  |
Other assets: |  |  |  |  |  |  |  |
Interest rate derivative contracts | — |  |  | 796 |  |  | — |  |  | 796 |  |
Equity derivative contracts | 191 |  |  | 1,527 |  |  | — |  |  | 1,718 |  |
Foreign exchange derivative contracts | 5 |  |  | 55 |  |  | — |  |  | 60 |  |
Total other assets | 196 |  |  | 2,378 |  |  | — |  |  | 2,574 |  |
Total assets at fair value | $ | 2,433 |  |  | $ | 33,005 |  |  | $ | 1,075 |  |  | $ | 114,444 |  |
Liabilities |  |  |  |  |  |  |  |
Policyholder account balances, future policy benefits and claims: |  |  |  |  |  |  |  |
Indexed annuity embedded derivatives | $ | — |  |  | $ | 3 |  |  | $ | 14 |  |  | $ | 17 |  |
IUL embedded derivatives | — |  |  | — |  |  | 628 |  |  | 628 |  |
GMWB and GMAB embedded derivatives | — |  |  | — |  |  | 328 |  |  | 328 |  | (4)
Total policyholder account balances, future policy benefits and claims | — |  |  | 3 |  |  | 970 |  |  | 973 |  | (5)
Customer deposits | — |  |  | 6 |  |  | — |  |  | 6 |  |
Other liabilities: |  |  |  |  |  |  |  |
Interest rate derivative contracts | — |  |  | 424 |  |  | — |  |  | 424 |  |
Equity derivative contracts | 78 |  |  | 2,076 |  |  | — |  |  | 2,154 |  |
Credit derivative contracts | — |  |  | 18 |  |  | — |  |  | 18 |  |
Foreign exchange derivative contracts | 4 |  |  | 31 |  |  | — |  |  | 35 |  |
Other | 13 |  |  | 6 |  |  | 30 |  |  | 49 |  |
Total other liabilities | 95 |  |  | 2,555 |  |  | 30 |  |  | 2,680 |  |
Total liabilities at fair value | $ | 95 |  |  | $ | 2,564 |  |  | $ | 1,000 |  |  | $ | 3,659 |  |
(1) Amounts are comprised of certain financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. (2) The fair value of the GMWB and GMAB embedded derivatives included $1.6 billion of individual contracts in a liability position and $107 million of individual contracts in an asset position as of September 30, 2019.
(3) | The Company’s adjustment for nonperformance risk resulted in a $(704) million cumulative increase (decrease) to the embedded derivatives as of September 30, 2019.
(4) | The fair value of the GMWB and GMAB embedded derivatives included $646 million of individual contracts in a liability position and $318 million of individual contracts in an asset position as of December 31, 2018.
(5) | The Company’s adjustment for nonperformance risk resulted in a $(726) million cumulative increase (decrease) to the embedded derivatives as of December 31, 2018.
Summary of changes in Level 3 assets and liabilities measured at fair value on a recurring basis | The following tables provide a summary of changes in Level 3 assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:
| Available-for-Sale Securities |
Corporate Debt Securities |  | Residential Mortgage Backed Securities |  | Asset Backed Securities |  | Total
(in millions) |
Balance, July 1, 2019 | $ | 809 |  |  | $ | 448 |  |  | $ | 24 |  |  | $ | 1,281 |  |
Total gains (losses) included in: |  |  |  |  |  |  |  |
Net income | (1 | ) |  | — |  |  | — |  |  | (1 | ) | (1)
Other comprehensive income (loss) | 4 |  |  | — |  |  | — |  |  | 4 |  |
Purchases | 21 |  |  | 60 |  |  | — |  |  | 81 |  |
Settlements | (39 | ) |  | (6 | ) |  | — |  |  | (45 | ) |
Transfers into Level 3 | — |  |  | — |  |  | 14 |  |  | 14 |  |
Transfers out of Level 3 | — |  |  | (348 | ) |  | (18 | ) |  | (366 | ) |
Balance, September 30, 2019 | $ | 794 |  |  | $ | 154 |  |  | $ | 20 |  |  | $ | 968 |  |
Changes in unrealized gains (losses) relating to assets held at September 30, 2019 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
| Policyholder Account Balances, Future Policy Benefits and Claims |  | Other Liabilities |
Indexed Annuity Embedded Derivatives |  | IUL Embedded Derivatives |  | GMWB and GMAB Embedded Derivatives |  | Total
(in millions) |
Balance, July 1, 2019 | $ | 31 |  |  | $ | 819 |  |  | $ | 696 |  |  | $ | 1,546 |  |  | $ | 31 |  |
Total (gains) losses included in: |  |  |  |  |  |  |  |  |  |
Net income | — |  |  | (5 | ) | (2) | 663 |  | (3) | 658 |  |  | (5 | ) | (4)
Issues | 6 |  |  | 25 |  |  | 96 |  |  | 127 |  |  | — |  |
Settlements | — |  |  | (17 | ) |  | (3 | ) |  | (20 | ) |  | — |  |
Balance, September 30, 2019 | $ | 37 |  |  | $ | 822 |  |  | $ | 1,452 |  |  | $ | 2,311 |  |  | $ | 26 |  |
Changes in unrealized (gains) losses relating to liabilities held at September 30, 2019 | $ | — |  |  | $ | (5 | ) | (2) | $ | 660 |  | (3) | $ | 655 |  |  | $ | — |  |
| Available-for-Sale Securities |  | Other Derivatives Contracts |
Corporate Debt Securities |  | Residential Mortgage Backed Securities |  | Commercial Mortgage Backed Securities |  | Asset Backed Securities |  | Total
(in millions)
Balance, July 1, 2018 | $ | 1,040 |  |  | $ | 120 |  |  | $ | 52 |  |  | $ | 31 |  |  | $ | 1,243 |  |  | $ | 2 |  |
Total gains (losses) included in: |  |  |  |  |  |  |  |  |  |  |  |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2 | ) | (3)
Other comprehensive income (loss) | (2 | ) |  | — |  |  | — |  |  | 1 |  |  | (1 | ) |  | — |  |
Purchases | — |  |  | 20 |  |  | — |  |  | — |  |  | 20 |  |  | — |  |
Settlements | (46 | ) |  | (5 | ) |  | — |  |  | (1 | ) |  | (52 | ) |  | — |  |
Transfers out of Level 3 | — |  |  | (26 | ) |  | (52 | ) |  | (22 | ) |  | (100 | ) |  | — |  |
Balance, September 30, 2018 | $ | 992 |  |  | $ | 109 |  |  | $ | — |  |  | $ | 9 |  |  | $ | 1,110 |  |  | $ | — |  |
Changes in unrealized gains (losses) relating to assets held at September 30, 2018 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2 | ) | (3)
| Policyholder Account Balances, Future Policy Benefits and Claims |  | Other Liabilities |
Indexed Annuity Embedded Derivatives |  | IUL Embedded Derivatives |  | GMWB and GMAB Embedded Derivatives |  | Total
(in millions) |
Balance, July 1, 2018 | $ | 8 |  |  | $ | 620 |  |  | $ | (425 | ) |  | $ | 203 |  |  | $ | 29 |  |
Total (gains) losses included in: |  |  |  |  |  |  |  |  |  |
Net income | — |  |  | 55 |  | (2) | (344 | ) | (3) | (289 | ) |  | — |  |
Issues | 3 |  |  | 24 |  |  | 90 |  |  | 117 |  |  | — |  |
Settlements | — |  |  | (15 | ) |  | (7 | ) |  | (22 | ) |  | — |  |
Balance, September 30, 2018 | $ | 11 |  |  | $ | 684 |  |  | $ | (686 | ) |  | $ | 9 |  |  | $ | 29 |  |
Changes in unrealized (gains) losses relating to liabilities held at September 30, 2018 | $ | — |  |  | $ | 55 |  | (2) | $ | (347 | ) | (3) | $ | (292 | ) |  | $ | — |  |
| Available-for-Sale Securities |
Corporate Debt Securities |  | Residential Mortgage Backed Securities |  | Commercial Mortgage Backed Securities |  | Asset Backed Securities |  | Total
(in millions) |
Balance, January 1, 2019 | $ | 913 |  |  | $ | 136 |  |  | $ | 20 |  |  | $ | 6 |  |  | $ | 1,075 |  |
Total gains (losses) included in: |  |  |  |  |  |  |  |  |  |
Net income | (1 | ) |  | — |  |  | — |  |  | — |  |  | (1 | ) | (1)
Other comprehensive income (loss) | 32 |  |  | — |  |  | — |  |  | — |  |  | 32 |  |
Purchases | 35 |  |  | 477 |  |  | — |  |  | 18 |  |  | 530 |  |
Settlements | (185 | ) |  | (12 | ) |  | — |  |  | — |  |  | (197 | ) |
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | 14 |  |  | 14 |  |
Transfers out of Level 3 | — |  |  | (447 | ) |  | (20 | ) |  | (18 | ) |  | (485 | ) |
Balance, September 30, 2019 | $ | 794 |  |  | $ | 154 |  |  | $ | — |  |  | $ | 20 |  |  | $ | 968 |  |
Changes in unrealized gains (losses) relating to assets held at September 30, 2019 | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1 | ) | (1)
| Policyholder Account Balances, Future Policy Benefits and Claims |  | Other Liabilities |
Indexed Annuity Embedded Derivatives |  | IUL Embedded Derivatives |  | GMWB and GMAB Embedded Derivatives |  | Total
(in millions) |
Balance, January 1, 2019 | $ | 14 |  |  | $ | 628 |  |  | $ | 328 |  |  | $ | 970 |  |  | $ | 30 |  |
Total (gains) losses included in: |  |  |  |  |  |  |  |  |  |
Net income | 3 |  | (2) | 153 |  | (2) | 866 |  | (3) | 1,022 |  |  | (4 | ) | (4)
Issues | 20 |  |  | 92 |  |  | 266 |  |  | 378 |  |  | — |  |
Settlements | — |  |  | (51 | ) |  | (8 | ) |  | (59 | ) |  | — |  |
Balance, September 30, 2019 | $ | 37 |  |  | $ | 822 |  |  | $ | 1,452 |  |  | $ | 2,311 |  |  | $ | 26 |  |
Changes in unrealized (gains) losses relating to liabilities held at September 30, 2019 | $ | — |  |  | $ | 153 |  | (2) | $ | 859 |  | (3) | $ | 1,012 |  |  | $ | — |  |
| Available-for-Sale Securities |  | Other Derivatives Contracts |
Corporate Debt Securities |  | Residential Mortgage Backed Securities |  | Commercial Mortgage Backed Securities |  | Asset Backed Securities |  | Total
(in millions) |
Balance, January 1, 2018 | $ | 1,139 |  |  | $ | 155 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 1,301 |  |  | $ | — |  |
Total gains (losses) included in: |  |  |  |  |  |  |  |  |  |  |  |
Net income | (1 | ) |  | — |  |  | — |  |  | — |  |  | (1 | ) | (1) | (3 | ) | (3)
Other comprehensive income (loss) | (28 | ) |  | 1 |  |  | — |  |  | 1 |  |  | (26 | ) |  | — |  |
Purchases | 15 |  |  | 20 |  |  | 52 |  |  | 32 |  |  | 119 |  |  | 3 |  |
Settlements | (133 | ) |  | (24 | ) |  | — |  |  | (1 | ) |  | (158 | ) |  | — |  |
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |
Transfers out of Level 3 | — |  |  | (43 | ) |  | (52 | ) |  | (32 | ) |  | (127 | ) |  | — |  |
Balance, September 30, 2018 | $ | 992 |  |  | $ | 109 |  |  | $ | — |  |  | $ | 9 |  |  | $ | 1,110 |  |  | $ | — |  |
Changes in unrealized gains (losses) relating to assets held at September 30, 2018 | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1 | ) | (1) | $ | (3 | ) | (3)
| Policyholder Account Balances, Future Policy Benefits and Claims |  | Other Liabilities |
Indexed Annuity Embedded Derivatives |  | IUL Embedded Derivatives |  | GMWB and GMAB Embedded Derivatives |  | Total
(in millions) |
Balance, January 1, 2018 | $ | — |  |  | $ | 601 |  |  | $ | (49 | ) |  | $ | 552 |  |  | $ | 28 |  |
Total (gains) losses included in: |  |  |  |  |  |  |  |  |  |
Net income | — |  |  | 56 |  | (2) | (875 | ) | (3) | (819 | ) |  | 1 |  | (4)
Issues | 11 |  |  | 65 |  |  | 257 |  |  | 333 |  |  | — |  |
Settlements | — |  |  | (38 | ) |  | (19 | ) |  | (57 | ) |  | — |  |
Balance, September 30, 2018 | $ | 11 |  |  | $ | 684 |  |  | $ | (686 | ) |  | $ | 9 |  |  | $ | 29 |  |
Changes in unrealized (gains) losses relating to liabilities held at September 30, 2018 | $ | — |  |  | $ | 56 |  | (2) | $ | (868 | ) | (3) | $ | (812 | ) |  | $ | — |  |
(1) Included in net investment income in the Consolidated Statements of Operations. (2) Included in interest credited to fixed accounts in the Consolidated Statements of Operations. (3) Included in benefits, claims, losses and settlement expenses in the Consolidated Statements of Operations. (4) Included in general and administrative expense in the Consolidated Statements of Operations.
Signficant unobservable inputs used in the fair value measurements [Table Text Block] | The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:
| September 30, 2019
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average
(in millions)
Corporate debt securities (private placements) | $ | 794 |  | Discounted cash flow | Yield/spread to U.S. Treasuries | 0.8 | % | – | 3.1% | 1.3 | %
Asset backed securities | $ | 6 |  | Discounted cash flow | Annual short-term default rate | 2.8% |
|  |  | Annual long-term default rate | 2.5 | % | – | 3.0% | 2.6 | %
|  |  | Discount rate | 11.0% |
|  |  | Constant prepayment rate | 5.0 | % | – | 10.0% | 10.0 | %
|  |  | Loss recovery | 36.4 | % | – | 63.6% | 63.6 | %
IUL embedded derivatives | $ | 822 |  | Discounted cash flow | Nonperformance risk (1) | 78 bps |
Indexed annuity embedded derivatives | $ | 37 |  | Discounted cash flow | Surrender rate | 0.0 | % | – | 50.0% |
|  |  |  | Nonperformance risk (1) | 78 bps |
GMWB and GMAB embedded derivatives | $ | 1,452 |  | Discounted cash flow | Utilization of guaranteed withdrawals (2) | 0.0 | % | – | 36.0% |
|  |  |  | Surrender rate | 0.1 | % | – | 73.5% |
|  |  |  | Market volatility (3) | 3.9 | % | – | 16.1% |
|  |  |  | Nonperformance risk (1) | 78 bps |
Contingent consideration liabilities | $ | 26 |  | Discounted cash flow | Discount rate | 9.0% |
| December 31, 2018
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average
(in millions)
Corporate debt securities (private placements) | $ | 912 |  | Discounted cash flow | Yield/spread to U.S. Treasuries | 1.0 | % | – | 3.6% | 1.5 | %
Asset backed securities | $ | 6 |  | Discounted cash flow | Annual short-term default rate | 2.3% |
|  |  | Annual long-term default rate | 2.5 | % | – | 3.0% | 2.9 | %
|  |  | Discount rate | 11.5% |
|  |  | Constant prepayment rate | 5.0 | % | – | 10.0% | 10.0 | %
|  |  | Loss recovery | 36.4 | % | – | 63.6% | 63.6 | %
IUL embedded derivatives | $ | 628 |  | Discounted cash flow | Nonperformance risk (1) | 119 bps |
Indexed annuity embedded derivatives | $ | 14 |  | Discounted cash flow | Surrender rate | 0.0 | % | – | 50.0% |
|  |  | Nonperformance risk (1) | 119 bps |
GMWB and GMAB embedded derivatives | $ | 328 |  | Discounted cash flow | Utilization of guaranteed withdrawals (2) | 0.0 | % | – | 36.0% |
|  |  | Surrender rate | 0.1 | % | – | 73.4% |
|  |  |  | Market volatility (3) | 4.0 | % | – | 16.1% |
|  |  |  | Nonperformance risk (1) | 119 bps |
Contingent consideration liabilities | $ | 30 |  | Discounted cash flow | Discount rate | 9.0% |
(1) | The nonperformance risk is the spread added to the observable interest rates used in the valuation of the embedded derivatives.
(2) | The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year.
(3) Market volatility is implied volatility of fund of funds and managed volatility funds.
Schedule of carrying value and the estimated fair value of financial instruments that are not reported at fair value | The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:
| September 30, 2019 |
Carrying Value |  | Fair Value
Level 1 |  | Level 2 |  | Level 3 |  | Total
(in millions)
Financial Assets |  |  |  |  |  |  |  |  |  |
Mortgage loans, net | $ | 2,704 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,799 |  |  | $ | 2,799 |  |
Policy loans | 864 |  |  | — |  |  | — |  |  | 808 |  |  | 808 |  |
Receivables | 3,154 |  |  | 86 |  |  | 931 |  |  | 2,240 |  |  | 3,257 |  |
Restricted and segregated cash | 2,161 |  |  | 2,161 |  |  | — |  |  | — |  |  | 2,161 |  |
Other investments and assets | 671 |  |  | — |  |  | 622 |  |  | 47 |  |  | 669 |  |
Financial Liabilities |  |  |  |  |  |  |  |  |  |
Policyholder account balances, future policy benefits and claims | $ | 9,230 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,265 |  |  | $ | 10,265 |  |
Investment certificate reserves | 7,731 |  |  | — |  |  | — |  |  | 7,716 |  |  | 7,716 |  |
Banking and brokerage deposits | 5,711 |  |  | 5,711 |  |  | — |  |  | — |  |  | 5,711 |  |
Separate account liabilities — investment contracts | 4,958 |  |  | — |  |  | 4,958 |  |  | — |  |  | 4,958 |  |
Debt and other liabilities | 3,373 |  |  | 96 |  |  | 3,370 |  |  | 28 |  |  | 3,494 |  |
| December 31, 2018 |
Carrying Value |  | Fair Value
Level 1 |  | Level 2 |  | Level 3 |  | Total
(in millions)
Financial Assets |  |  |  |  |  |  |  |  |  |
Mortgage loans, net | $ | 2,696 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,661 |  |  | $ | 2,661 |  |
Policy loans | 861 |  |  | — |  |  | — |  |  | 810 |  |  | 810 |  |
Receivables | 1,677 |  |  | 179 |  |  | 965 |  |  | 489 |  |  | 1,633 |  |
Restricted and segregated cash | 2,609 |  |  | 2,609 |  |  | — |  |  | — |  |  | 2,609 |  |
Other investments and assets | 572 |  |  | — |  |  | 491 |  |  | 60 |  |  | 551 |  |
Financial Liabilities |  |  |  |  |  |  |  |  |  |
Policyholder account balances, future policy benefits and claims | $ | 9,609 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,672 |  |  | $ | 9,672 |  |
Investment certificate reserves | 7,886 |  |  | — |  |  | — |  |  | 7,845 |  |  | 7,845 |  |
Brokerage deposits | 3,660 |  |  | 3,660 |  |  | — |  |  | — |  |  | 3,660 |  |
Separate account liabilities — investment contracts | 4,843 |  |  | — |  |  | 4,843 |  |  | — |  |  | 4,843 |  | (1)
Debt and other liabilities | 3,296 |  |  | 188 |  |  | 3,059 |  |  | 57 |  |  | 3,304 |  |
(1) The fair value of separate account liabilities - investment contracts as of December 31, 2018 was previously incorrectly omitted from the fair value hierarchy based on use of NAV per share as a practical expedient.

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- Definition Tabular disclosure of 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 (losses) during the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains (losses) recognized in other comprehensive income (loss), and a description of where those gains (losses) included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset and liability. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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://www.xbrl.org/2003/role/disclosureRef -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 + Details
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