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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of March 31, 2022
| Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis |  |  |  |
Fixed maturities, AFS |  |  |  |
Asset backed securities ("ABS") | $ | 942 |  | $ | — |  | $ | 923 |  | $ | 19 |
Collateralized loan obligations ("CLOs") | 2,971 |  | — |  | 2,757 |  | 214 |
Commercial mortgage-backed securities ("CMBS") | 3,722 |  | — |  | 3,486 |  | 236 |
Corporate | 17,618 |  | — |  | 16,103 |  | 1,515 |
Foreign government/government agencies | 784 |  | — |  | 780 |  | 4 |
Municipal | 7,594 |  | — |  | 7,594 |  | — |
Residential mortgage-backed securities ("RMBS") | 3,936 |  | — |  | 3,635 |  | 301 |
U.S. Treasuries | 2,666 |  | 829 |  | 1,837 |  | — |
Total fixed maturities | 40,233 |  | 829 |  | 37,115 |  | 2,289 |
Fixed maturities, FVO | 288 |  | — |  | 114 |  | 174 |
Equity securities, at fair value | 1,910 |  | 1,343 |  | 510 |  | 57 |
Derivative assets |  |  |  |
Credit derivatives | 2 |  | — |  | 2 |  | — |
Foreign exchange derivatives | 9 |  | — |  | 9 |  | — |
Interest rate derivatives | 1 |  | — |  | 1 |  | — |
Commodity derivatives | (4) |  | — |  | — |  | (4) |
Total derivative assets [1] | 8 |  | — |  | 12 |  | (4) |
Short-term investments | 3,937 |  | 2,222 |  | 1,683 |  | 32 |
Total assets accounted for at fair value on a recurring basis | $ | 46,376 |  | $ | 4,394 |  | $ | 39,434 |  | $ | 2,548 |
Liabilities accounted for at fair value on a recurring basis |  |  |  |
Derivative liabilities |  |  |  |
Credit derivatives | $ | (2) |  | $ | — |  | $ | (2) |  | $ | — |
Foreign exchange derivatives | 6 |  | — |  | 6 |  | — |
Interest rate derivatives | (30) |  | — |  | (30) |  | — |
Commodity derivatives | 4 |  | — |  | — |  | 4 |
Total derivative liabilities [2] | (22) |  | — |  | (26) |  | 4 |
Total liabilities accounted for at fair value on a recurring basis | $ | (22) |  | $ | — |  | $ | (26) |  | $ | 4 |
Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2021
| Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis |  |  |  |
Fixed maturities, AFS |  |  |  |
ABS | $ | 1,135 |  | $ | — |  | $ | 1,135 |  | $ | — |
CLOs | 3,025 |  | — |  | 2,768 |  | 257 |
CMBS | 4,119 |  | — |  | 3,923 |  | 196 |
Corporate | 18,707 |  | — |  | 17,089 |  | 1,618 |
Foreign government/government agencies | 910 |  | — |  | 905 |  | 5 |
Municipal | 8,257 |  | — |  | 8,257 |  | — |
RMBS | 3,643 |  | — |  | 3,315 |  | 328 |
U.S. Treasuries | 3,051 |  | 882 |  | 2,169 |  | — |
Total fixed maturities | 42,847 |  | 882 |  | 39,561 |  | 2,404 |
Fixed maturities, FVO | 160 |  | — |  | — |  | 160 |
Equity securities, at fair value | 2,094 |  | 1,453 |  | 577 |  | 64 |
Derivative assets |  |  |  |
Credit derivatives | 2 |  | — |  | 2 |  | — |
Foreign exchange derivatives | 6 |  | — |  | 5 |  | 1 |
Interest rate derivatives | (1) |  | — |  | (1) |  | — |
Total derivative assets [1] | 7 |  | — |  | 6 |  | 1 |
Short-term investments | 3,697 |  | 1,627 |  | 1,990 |  | 80 |
Total assets accounted for at fair value on a recurring basis | $ | 48,805 |  | $ | 3,962 |  | $ | 42,134 |  | $ | 2,709 |
Liabilities accounted for at fair value on a recurring basis |  |  |  |
Derivative liabilities |  |  |  |
Credit derivatives | $ | (4) |  | $ | — |  | $ | (4) |  | $ | — |
Foreign exchange derivatives | — |  | — |  | 1 |  | (1) |
Interest rate derivatives | (45) |  | — |  | (45) |  | — |
Total derivative liabilities [2] | (49) |  | — |  | (48) |  | (1) |
Total liabilities accounted for at fair value on a recurring basis | $ | (49) |  | $ | — |  | $ | (48) |  | $ | (1) |
[1]Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 2 to this table for derivative liabilities. [2]Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law.
Fair Value Inputs, Assets, Quantitative Information |
Significant Unobservable Inputs for Level 3 - Securities |  |
Assets accounted for at fair value on a recurring basis | Fair Value | Predominant Valuation Technique | Significant Unobservable Input | Minimum | Maximum | Weighted Average [1] | Impact of Increase in Input on Fair Value [2] |  |
As of March 31, 2022 |  |
CLOs [3] | $ | 160 |  | Discounted cash flows | Spread | 256 bps | 280 bps | 279 bps | Decrease |  |
CMBS [3] | $ | 233 |  | Discounted cash flows | Spread (encompasses prepayment, default risk and loss severity) | 255 bps | 533 bps | 342 bps | Decrease |  |
Corporate [4] | $ | 1,459 |  | Discounted cash flows | Spread | 88 bps | 1,833 bps | 315 bps | Decrease |  |
RMBS [3] | $ | 246 |  | Discounted cash flows | Spread [6] | 60 bps | 226 bps | 126 bps | Decrease |  |
|  |  | Constant prepayment rate [6] | 4% | 15% | 9% | Decrease [5] |  |
|  |  | Constant default rate [6] | 1% | 6% | 3% | Decrease |  |
|  |  | Loss severity [6] | —% | 100% | 58% | Decrease |  |
As of December 31, 2021 |  |
CLOs [3] | $ | 211 |  | Discounted cash flows | Spread | 234 bps | 258 bps | 257 bps | Decrease |  |
CMBS [3] | $ | 192 |  | Discounted cash flows | Spread (encompasses prepayment, default risk and loss severity) | 203 bps | 468 bps | 266 bps | Decrease |  |
Corporate [4] | $ | 1,532 |  | Discounted cash flows | Spread | 96 bps | 1,227 bps | 298 bps | Decrease |  |
RMBS [3] | $ | 266 |  | Discounted cash flows | Spread [6] | 48 bps | 229 bps | 89 bps | Decrease |  |
|  |  | Constant prepayment rate [6] | 2% | 16% | 7% | Decrease [5] |  |
|  |  | Constant default rate [6] | 1% | 6% | 3% | Decrease |  |
|  |  | Loss severity [6] | —% | 100% | 63% | Decrease |  |
[1]The weighted average is determined based on the fair value of the securities. [2]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [3]Excludes securities for which the Company bases fair value on broker quotations. [4]Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value. [5]Decrease for above market rate coupons and increase for below market rate coupons. [6]Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended March 31, 2022
| Total realized/unrealized gains (losses) |  |  |  |  |  |
|  | Fair value as of January 1, 2022 | Included in net income [1] | Included in OCI [2] | Purchases | Settlements | Sales | Transfers into Level 3 [3] | Transfers out of Level 3 [3] | Fair value as of March 31, 2022
Assets |  |  |  |  |  |  |  |  |
Fixed Maturities, AFS |  |  |  |  |  |  |  |  |
| ABS | $ | — |  | $ | — |  | $ | — |  | $ | 19 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 19 |
| CLOs | 257 |  | — |  | (1) |  | 54 |  | (17) |  | — |  | — |  | (79) |  | 214 |
| CMBS | 196 |  | — |  | (5) |  | 46 |  | (1) |  | — |  | — |  | — |  | 236 |
| Corporate | 1,618 |  | (2) |  | (59) |  | 59 |  | (70) |  | (7) |  | — |  | (24) |  | 1,515 |
| Foreign Govt./Govt. Agencies | 5 |  | — |  | — |  | — |  | — |  | (1) |  | — |  | — |  | 4 |
| RMBS | 328 |  | — |  | (6) |  | 137 |  | (34) |  | — |  | — |  | (124) |  | 301 |
Total Fixed Maturities, AFS | 2,404 |  | (2) |  | (71) |  | 315 |  | (122) |  | (8) |  | — |  | (227) |  | 2,289 |
Fixed maturities, FVO | 160 |  | 2 |  | — |  | 20 |  | (8) |  | — |  | — |  | — |  | 174 |
Equity Securities, at fair value | 64 |  | 7 |  | — |  | — |  | (14) |  | — |  | — |  | — |  | 57 |
Short-term investments | 80 |  | — |  | — |  | 4 |  | (2) |  | — |  | — |  | (50) |  | 32 |
Total Assets | $ | 2,708 |  | $ | 7 |  | $ | (71) |  | $ | 339 |  | $ | (146) |  | $ | (8) |  | $ | — |  | $ | (277) |  | $ | 2,552 |
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended March 31, 2021
| Total realized/unrealized gains (losses) |  |  |  |  |  |
|  | Fair value as of January 1, 2021 | Included in net income [1] | Included in OCI [2] | Purchases | Settlements | Sales | Transfers into Level 3 [3] | Transfers out of Level 3 [3] | Fair value as of March 31, 2021
Assets |  |  |  |  |  |  |  |  |
Fixed Maturities, AFS |  |  |  |  |  |  |  |  |
| ABS | $ | — |  | $ | — |  | $ | — |  | $ | 6 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 6 |
| CLOs | 360 |  | — |  | — |  | 140 |  | (15) |  | — |  | — |  | (59) |  | 426 |
| CMBS | 77 |  | — |  | — |  | 1 |  | (2) |  | — |  | — |  | (15) |  | 61 |
| Corporate | 881 |  | 5 |  | (13) |  | 73 |  | (7) |  | (7) |  | 48 |  | (36) |  | 944 |
| Foreign Govt./Govt. Agencies | 6 |  | — |  | — |  | — |  | — |  | (6) |  | — |  | — |  | — |
| RMBS | 381 |  | — |  | (1) |  | 151 |  | (46) |  | (4) |  | — |  | — |  | 481 |
Total Fixed Maturities, AFS | 1,705 |  | 5 |  | (14) |  | 371 |  | (70) |  | (17) |  | 48 |  | (110) |  | 1,918 |
Equity Securities, at fair value | 70 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 70 |
Short-term investments | 30 |  | — |  | — |  | — |  | (14) |  | — |  | — |  | — |  | 16 |
Total Assets | $ | 1,805 |  | $ | 5 |  | $ | (14) |  | $ | 371 |  | $ | (84) |  | $ | (17) |  | $ | 48 |  | $ | (110) |  | $ | 2,004 |
[1]Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes. [2]All amounts are before income taxes. [3]Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Level 3 Still Held at End of Period
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  |  | 2022 | 2021 | 2022 | 2021
|  |  |  |  | Changes in Unrealized Gain/(Loss) included in Net Income [1] [2] | Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets |  |  |  |  |  |  |  |  |
Fixed Maturities, AFS |  |  |  |  |  |  |  |  |
| CLOs |  |  |  |  |  | $ | — |  | $ | — |  | $ | (1) |  | $ | — |
| CMBS |  |  |  |  |  | — |  | — |  | (5) |  | — |
| Corporate |  |  |  |  |  | (2) |  | 5 |  | (59) |  | (13) |
| RMBS |  |  |  |  |  | — |  | — |  | (6) |  | (1) |
Total Fixed Maturities, AFS |  |  |  |  |  | (2) |  | 5 |  | (71) |  | (14) |
Fixed maturities, FVO |  |  |  |  |  | 2 |  | — |  | — |  | — |
Total Assets |  |  |  |  |  | $ | — |  | $ | 5 |  | $ | (71) |  | $ | (14) |
[1]All amounts in these rows are reported in net gains (losses). All amounts are before income taxes. [2]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. [3]Changes in unrealized gain (loss) on fixed maturities, AFS are reported in changes in net unrealized gain on securities in the Condensed Consolidated Statements of Comprehensive Income.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
Financial Assets and Liabilities Not Carried at Fair Value
| March 31, 2022 |  | December 31, 2021
| Fair Value Hierarchy Level | Carrying Amount [1] | Fair Value |  | Fair Value Hierarchy Level | Carrying Amount [1] | Fair Value
Assets |  |  |  |  |  |  |
Mortgage loans | Level 3 | $ | 5,699 |  | $ | 5,570 |  |  | Level 3 | $ | 5,383 |  | $ | 5,576 |
Liabilities |  |  |  |  |  |  |
Other policyholder funds and benefits payable | Level 3 | $ | 677 |  | $ | 678 |  |  | Level 3 | $ | 687 |  | $ | 689 |
Senior notes [2] | Level 2 | $ | 3,855 |  | $ | 4,099 |  |  | Level 2 | $ | 3,854 |  | $ | 4,725 |
Junior subordinated debentures [2] | Level 2 | $ | 1,090 |  | $ | 1,041 |  |  | Level 2 | $ | 1,090 |  | $ | 1,086 |
[1]As of March 31, 2022 and December 31, 2021, the carrying amount of mortgage loans is net of ACL of $31 and $29, respectively. [2]Included in long-term debt in the Condensed Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable.

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