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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023
			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")			$	3,130		$	—		$	3,084		$	46
Collateralized loan obligations ("CLO")			3,043			—			2,946			97
Commercial mortgage-backed securities ("CMBS")			3,124			—			2,898			226
Corporate			16,651			—			14,996			1,655
Foreign government/government agencies			567			—			567			—
Municipal			5,686			—			5,686			—
Residential mortgage-backed securities ("RMBS")			3,827			—			3,763			64
U.S. Treasuries			1,934			49			1,885			—
Total fixed maturities, AFS			37,962			49			35,825			2,088
Fixed maturities, FVO			332			—			159			173
Equity securities, at fair value			878			356			464			58
Derivative assets
Credit derivatives			(58)			—			(58)			—
Foreign exchange derivatives			9			—			9			—
Interest rate derivatives			4			—			4			—
Total derivative assets [1]			(45)			—			(45)			—
Short-term investments			3,300			1,187			1,928			185
Total assets accounted for at fair value on a recurring basis			$	42,427		$	1,592		$	38,331		$	2,504
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives			$	(1)		$	—		$	(1)		$	—
Foreign exchange derivatives			31			—			31			—
Total derivative liabilities [2]			30			—			30			—
Total liabilities accounted for at fair value on a recurring basis			$	30		$	—		$	30		$	—

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 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
ABS			$	1,941		$	—		$	1,911		$	30
CLO			2,941			—			2,826			115
CMBS			3,368			—			3,146			222
Corporate			15,233			—			13,644			1,589
Foreign government/government agencies			547			—			547			—
Municipal			6,296			—			6,296			—
RMBS			3,708			—			3,613			95
U.S. Treasuries			2,197			—			2,197			—
Total fixed maturities, AFS			36,231			—			34,180			2,051
Fixed maturities, FVO			333			—			155			178
Equity securities, at fair value			1,801			1,261			479			61
Derivative assets
Credit derivatives			2			—			2			—
Foreign exchange derivatives			32			—			32			—
Total derivative assets [1]			34			—			34			—
Short-term investments			3,859			1,429			2,237			193
Total assets accounted for at fair value on a recurring basis			$	42,258		$	2,690		$	37,085		$	2,483
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives			$	(2)		$	—		$	(2)		$	—
Foreign exchange derivatives			21			—			21			—
Interest rate derivatives			(6)			—			(6)			—
Total derivative liabilities [2]			13			—			13			—
Total liabilities accounted for at fair value on a recurring basis			$	13		$	—		$	13		$	—

[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 September 30, 2023

CLO [3]

$

82

Discounted cash flows

Spread

286 bps

288 bps

287 bps

Decrease

CMBS [3]

$

224

Discounted cash flows

Spread (encompasses prepayment, default risk and loss severity)

368 bps

1,904 bps

513 bps

Decrease

Corporate [4]

$

1,610

Discounted cash flows

Spread

20 bps

878 bps

352 bps

Decrease

RMBS [3]

$

43

Discounted cash flows

Spread [6]

45 bps

267 bps

132 bps

Decrease

Constant prepayment rate [6]

1%

7%

4%

Decrease [5]

Constant default rate [6]

1%

5%

2%

Decrease

Loss severity [6]

10%

76%

41%

Decrease

Short-term investments [3]

$

152

Discounted cash flows

Spread

244 bps

526 bps

248 bps

Decrease

As of December 31, 2022

CLO

$

115

Discounted cash flows

Spread

337 bps

337 bps

337 bps

Decrease

CMBS [3]

$

219

Discounted cash flows

Spread (encompasses prepayment, default risk and loss severity)

419 bps

1,307 bps

527 bps

Decrease

Corporate [4]

$

1,541

Discounted cash flows

Spread

77 bps

642 bps

360 bps

Decrease

RMBS [3]

$

65

Discounted cash flows

Spread [6]

62 bps

249 bps

160 bps

Decrease

Constant prepayment rate [6]

1%

10%

7%

Decrease [5]

Constant default rate [6]

1%

4%

2%

Decrease

Loss severity [6]

10%

100%

38%

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 September 30, 2023
									Total realized/unrealized gains (losses)
						Fair value as of June 30, 2023			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 September 30, 2023
Assets
Fixed maturities, AFS
			ABS			$	—		$	—		$	—		$	46		$	—		$	—		$	—		$	—		$	46
			CLO			85			—			—			15			(3)			—			—			—			97
			CMBS			238			—			1			—			(14)			—			1			—			226
			Corporate			1,622			(4)			(24)			113			(69)			(1)			19			(1)			1,655
			RMBS			69			—			—			21			(7)			—			—			(19)			64
Total fixed maturities, AFS						2,014			(4)			(23)			195			(93)			(1)			20			(20)			2,088
Fixed maturities, FVO						163			13			—			—			(3)			—			—			—			173
Equity securities, at fair value						59			—			—			—			(1)			—			—			—			58
Short-term investments						186			—			—			2			(3)			—			—			—			185
Total Assets						$	2,422		$	9		$	(23)		$	197		$	(100)		$	(1)		$	20		$	(20)		$	2,504

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Nine Months Ended September 30, 2023
									Total realized/unrealized gains (losses)
						Fair value as of January 1, 2023			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 September 30, 2023
Assets
Fixed Maturities, AFS
			ABS			$	30		$	—		$	—		$	82		$	—		$	—		$	—		$	(66)		$	46
			CLO			115			—			—			55			(33)			—			—			(40)			97
			CMBS			222			(2)			3			6			(15)			(5)			17			—			226
			Corporate			1,589			(5)			4			230			(150)			(10)			50			(53)			1,655
			RMBS			95			—			—			40			(22)			—			—			(49)			64
Total Fixed Maturities, AFS						2,051			(7)			7			413			(220)			(15)			67			(208)			2,088
Fixed maturities, FVO						178			—			—			—			(5)			—			—			—			173
Equity Securities, at fair value						61			(2)			—			1			(2)			—			—			—			58
Short-term investments						193			—			—			6			(14)			—			—			—			185
Total Assets						$	2,483		$	(9)		$	7		$	420		$	(241)		$	(15)		$	67		$	(208)		$	2,504

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Three Months Ended September 30, 2022
									Total realized/unrealized gains (losses)
						Fair value as of June 30, 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 September 30, 2022
Assets
Fixed Maturities, AFS
			CLO			$	164		$	—		$	—		$	31		$	(13)		$	—		$	—		$	(27)		$	155
			CMBS			224			—			(1)			4			(7)			—			—			—			220
			Corporate			1,609			(1)			(52)			75			(13)			(9)			24			(31)			1,602
			Foreign Govt./Govt. Agencies			5			1			—			—			—			(2)			—			—			4
			RMBS			130			—			(3)			—			(19)			—			—			—			108
Total Fixed Maturities, AFS						2,132			—			(56)			110			(52)			(11)			24			(58)			2,089
Fixed maturities, FVO						193			(4)			—			—			(3)			—			—			—			186
Equity Securities, at fair value						60			1			—			—			—			—			—			—			61
Short-term investments						60			—			—			36			(3)			—			—			—			93
Total Assets						$	2,445		$	(3)		$	(56)		$	146		$	(58)		$	(11)		$	24		$	(58)		$	2,429

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Nine Months Ended September 30, 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 September 30, 2022
Assets
Fixed Maturities, AFS
			ABS			$	—		$	—		$	—		$	19		$	—		$	—		$	—		$	(19)		$	—
			CLO			257			—			(2)			113			(53)			—			—			(160)			155
			CMBS			196			—			(16)			50			(10)			—			—			—			220
			Corporate			1,618			(2)			(210)			398			(145)			(30)			45			(72)			1,602
			Foreign Govt./Govt. Agencies			5			—			(1)			—			—			(3)			3			—			4
			RMBS			328			—			(13)			137			(83)			—			—			(261)			108
Total Fixed Maturities, AFS						2,404			(2)			(242)			717			(291)			(33)			48			(512)			2,089
Fixed maturities, FVO						160			(15)			—			55			(14)			—			—			—			186
Equity Securities, at fair value						64			10			—			2			(15)			—			—			—			61
Short-term investments						80			—			—			72			(9)			—			—			(50)			93
Total Assets						$	2,708		$	(7)		$	(242)		$	846		$	(329)		$	(33)		$	48		$	(562)		$	2,429

[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 September 30,															Nine Months Ended September 30,
						2023			2022			2023			2022						2023			2022			2023			2022
						Changes in Unrealized Gains (Losses) included in Net Income [1] [2]						Changes in Unrealized Gains (Losses) included in OCI [3]									Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]						Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets
Fixed Maturities, AFS
			CLO			$	—		$	—		$	—		$	—					$	—		$	—		$	1		$	(2)
			CMBS			—			—			—			(1)						—			—			2			(16)
			Corporate			(4)			(1)			(24)			(52)						(6)			(2)			2			(207)
			Foreign Govt./Govt. Agencies			—			1			—			—						—			—			—			(1)
			RMBS			—			—			—			(3)						—			—			—			(12)
Total Fixed Maturities, AFS						(4)			—			(24)			(56)						(6)			(2)			5			(238)
Fixed maturities, FVO						13			(4)			—			—						—			(15)			—			—
Equity Securities, at fair value						—			1			—			—						(1)			2			—			—
Total Assets						$	9		$	(3)		$	(24)		$	(56)					$	(7)		$	(15)		$	5		$	(238)

[1]All amounts in these rows are reported in net realized 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 gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain (loss) on fixed maturities 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
			September 30, 2023												December 31, 2022
			Fair Value Hierarchy Level			Carrying Amount [1]			Fair Value						Fair Value Hierarchy Level			Carrying Amount [1]			Fair Value
Assets
Mortgage loans			Level 3			$	6,016		$	5,309					Level 3			$	6,000		$	5,362
Liabilities
Other policyholder funds and benefits payable			Level 3			$	645		$	645					Level 3			$	658		$	658
Senior notes [2]			Level 2			$	3,862		$	3,193					Level 2			$	3,858		$	3,339
Junior subordinated debentures [2]			Level 2			$	499		$	425					Level 2			$	499		$	419

[1]As of September 30, 2023 and December 31, 2022, the carrying amount of mortgage loans is net of ACL of $46 and $36, 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.

X

- 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of the fair value measurement of assets 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 gains or losses recognized in other comprehensive income (loss), 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, 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

+ References

No definition available.

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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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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-Publisher FASB
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