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Fair Value of Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated:
| As of December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
| (in millions)
Fixed maturities, available-for-sale: |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 0 |  |  | $ | 21,796 |  |  | $ | 0 |  |  | $ |  | $ | 21,796 |
Obligations of U.S. states and their political subdivisions | 0 |  |  | 8,451 |  |  | 7 |  |  |  |  | 8,458 |
Foreign government bonds | 0 |  |  | 70,182 |  |  | 8 |  |  |  |  | 70,190 |
U.S. corporate public securities | 0 |  |  | 98,097 |  |  | 75 |  |  |  |  | 98,172 |
U.S. corporate private securities(2) | 0 |  |  | 38,199 |  |  | 2,821 |  |  |  |  | 41,020 |
Foreign corporate public securities | 0 |  |  | 19,576 |  |  | 67 |  |  |  |  | 19,643 |
Foreign corporate private securities | 0 |  |  | 30,447 |  |  | 1,843 |  |  |  |  | 32,290 |
Asset-backed securities(3) | 0 |  |  | 12,236 |  |  | 359 |  |  |  |  | 12,595 |
Commercial mortgage-backed securities | 0 |  |  | 8,954 |  |  | 938 |  |  |  |  | 9,892 |
Residential mortgage-backed securities | 0 |  |  | 2,265 |  |  | 0 |  |  |  |  | 2,265 |
Subtotal | 0 |  |  | 310,203 |  |  | 6,118 |  |  |  |  | 316,321 |
Assets supporting experience-rated contractholder liabilities: |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | 0 |  |  | 206 |  |  | 0 |  |  |  |  | 206 |
Foreign government bonds | 0 |  |  | 604 |  |  | 0 |  |  |  |  | 604 |
Corporate securities | 0 |  |  | 79 |  |  | 0 |  |  |  |  | 79 |
Equity securities | 1,004 |  |  | 1,275 |  |  | 0 |  |  |  |  | 2,279 |
Subtotal | 1,004 |  |  | 2,164 |  |  | 0 |  |  |  |  | 3,168 |
Market risk benefit assets | 0 |  |  | 0 |  |  | 1,981 |  |  |  |  | 1,981 |
Fixed maturities, trading | 0 |  |  | 9,361 |  |  | 429 |  |  |  |  | 9,790 |
Equity securities(4) | 5,953 |  |  | 1,538 |  |  | 512 |  |  |  |  | 8,003 |
Commercial mortgage and other loans | 0 |  |  | 519 |  |  | 0 |  |  |  |  | 519 |
Other invested assets(5) | 27 |  |  | 14,234 |  |  | 846 |  |  | (13,158) |  |  | 1,949 |
Short-term investments | 125 |  |  | 3,746 |  |  | 29 |  |  |  |  | 3,900 |
Cash equivalents | 2,240 |  |  | 8,058 |  |  | 4 |  |  |  |  | 10,302 |
Reinsurance recoverables and deposit receivables | 0 |  |  | (75) |  |  | 224 |  |  |  |  | 149 |
Other assets | 0 |  |  | 0 |  |  | 11 |  |  |  |  | 11 |
Separate account assets(6)(7) | 8,925 |  |  | 161,793 |  |  | 1,094 |  |  |  |  | 171,812 |
Total assets | $ | 18,274 |  |  | $ | 511,541 |  |  | $ | 11,248 |  |  | $ | (13,158) |  |  | $ | 527,905 |
Market risk benefit liabilities | $ | 0 |  |  | $ | 0 |  |  | $ | 5,467 |  |  | $ |  | $ | 5,467 |
Policyholders’ account balances | 0 |  |  | 0 |  |  | 7,752 |  |  |  |  | 7,752 |
Reinsurance and funds withheld payables | 0 |  |  | 490 |  |  | 0 |  |  |  |  | 490 |
Other liabilities | 35 |  |  | 27,112 |  |  | 1 |  |  | (22,973) |  |  | 4,175 |
Notes issued by consolidated VIEs | 0 |  |  | 0 |  |  | 778 |  |  |  |  | 778 |
Total liabilities | $ | 35 |  |  | $ | 27,602 |  |  | $ | 13,998 |  |  | $ | (22,973) |  |  | $ | 18,662 |
| As of December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
| (in millions)
Fixed maturities, available-for-sale: |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 0 |  |  | $ | 26,069 |  |  | $ | 0 |  |  | $ |  | $ | 26,069 |
Obligations of U.S. states and their political subdivisions | 0 |  |  | 9,682 |  |  | 7 |  |  |  |  | 9,689 |
Foreign government bonds | 0 |  |  | 73,218 |  |  | 8 |  |  |  |  | 73,226 |
U.S. corporate public securities | 0 |  |  | 87,521 |  |  | 65 |  |  |  |  | 87,586 |
U.S. corporate private securities(2) | 0 |  |  | 34,487 |  |  | 2,392 |  |  |  |  | 36,879 |
Foreign corporate public securities | 0 |  |  | 20,621 |  |  | 66 |  |  |  |  | 20,687 |
Foreign corporate private securities | 0 |  |  | 26,325 |  |  | 1,335 |  |  |  |  | 27,660 |
Asset-backed securities(3) | 0 |  |  | 12,582 |  |  | 269 |  |  |  |  | 12,851 |
Commercial mortgage-backed securities | 0 |  |  | 9,644 |  |  | 1,011 |  |  |  |  | 10,655 |
Residential mortgage-backed securities | 0 |  |  | 2,408 |  |  | 9 |  |  |  |  | 2,417 |
Subtotal | 0 |  |  | 302,557 |  |  | 5,162 |  |  |  |  | 307,719 |
Assets supporting experience-rated contractholder liabilities: |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | 0 |  |  | 189 |  |  | 0 |  |  |  |  | 189 |
Foreign government bonds | 0 |  |  | 668 |  |  | 0 |  |  |  |  | 668 |
Corporate securities | 0 |  |  | 88 |  |  | 0 |  |  |  |  | 88 |
Equity securities | 780 |  |  | 1,119 |  |  | 0 |  |  |  |  | 1,899 |
Subtotal | 780 |  |  | 2,064 |  |  | 0 |  |  |  |  | 2,844 |
Market risk benefit assets | 0 |  |  | 0 |  |  | 800 |  |  |  |  | 800 |
Fixed maturities, trading | 0 |  |  | 5,647 |  |  | 304 |  |  |  |  | 5,951 |
Equity securities | 4,338 |  |  | 2,185 |  |  | 627 |  |  |  |  | 7,150 |
Commercial mortgage and other loans | 0 |  |  | 137 |  |  | 0 |  |  |  |  | 137 |
Other invested assets(5) | 15 |  |  | 16,241 |  |  | 539 |  |  | (14,802) |  |  | 1,993 |
Short-term investments | 341 |  |  | 3,428 |  |  | 18 |  |  |  |  | 3,787 |
Cash equivalents | 544 |  |  | 6,930 |  |  | 0 |  |  |  |  | 7,474 |
Reinsurance recoverables and deposit receivables | 0 |  |  | (103) |  |  | 141 |  |  |  |  | 38 |
Other assets(8) | 0 |  |  | 0 |  |  | 11 |  |  |  |  | 11 |
Separate account assets(6)(7) | 8,310 |  |  | 162,414 |  |  | 1,081 |  |  |  |  | 171,805 |
Total assets | $ | 14,328 |  |  | $ | 501,500 |  |  | $ | 8,683 |  |  | $ | (14,802) |  |  | $ | 509,709 |
Market risk benefit liabilities | $ | 0 |  |  | $ | 0 |  |  | $ | 5,864 |  |  | $ |  | $ | 5,864 |
Policyholders’ account balances | 0 |  |  | 0 |  |  | 3,492 |  |  |  |  | 3,492 |
Reinsurance and funds withheld payables | 0 |  |  | (31) |  |  | 0 |  |  |  |  | (31) |
Other liabilities(8) | 26 |  |  | 26,327 |  |  | 1 |  |  | (23,298) |  |  | 3,056 |
Notes issued by consolidated VIEs | 0 |  |  | 0 |  |  | 0 |  |  |  |  | 0 |
Total liabilities | $ | 26 |  |  | $ | 26,296 |  |  | $ | 9,357 |  |  | $ | (23,298) |  |  | $ | 12,381 |
__________ (1)“Netting” amounts represent cash collateral of $(9,815) million and $(8,496) million as of December 31, 2023 and 2022, respectively. (2)Excludes notes with fair value of $12,370 million (carrying amount of $12,370 million) and $8,040 million (carrying amount of $8,040 million) as of December 31, 2023 and 2022, respectively, which have been offset with the associated debt under a netting agreement. (3)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types. (4)Equity securities excluded from the fair value hierarchy include a fund for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of December 31, 2023, the fair value of this investment was $239 million. (5)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at NAV per share (or its equivalent) as a practical expedient. As of December 31, 2023 and 2022, the fair values of such investments were $4,125 million and $3,689 million, respectively. (6)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and other invested assets. As of December 31, 2023 and 2022, the fair value of such investments were $27,076 million and $25,874 million, respectively. (7)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Consolidated Statements of Financial Position. (8)Prior period amounts have been reclassified to conform to current period presentation.
Fair Value Inputs, Assets and Liabilities, Quantitative Information | The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities:
| As of December 31, 2023
| Fair Value |  | Valuation Techniques |  | Unobservable Inputs |  | Minimum |  | Maximum |  | Weighted Average |  | Impact of Increase in Input on Fair Value(1)
| (in millions) |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities(2)(3) | $ | 1,311 |  |  | Discounted cash flow |  | Discount rate |  | 0.57% |  | 20% |  | 8.65% |  | Decrease
|  |  | Market comparables |  | EBITDA multiples(4) |  | 5.5X |  | 8.8X |  | 7.4X |  | Increase
|  |  | Liquidation |  | Liquidation value |  | 3.55% |  | 68.00% |  | 57.63% |  | Increase
Commercial mortgage-backed securities | $ | 938 |  |  | Discounted cash flow |  | Liquidity premium |  | 0.60% |  | 0.75% |  | 0.70% |  | Decrease
Market risk benefit assets(7) | $ | 1,981 |  |  | Discounted cash flow |  | Lapse rate(9) |  | 1% |  | 20% |  |  |  | Increase
|  |  |  |  | Spread over SOFR(10) |  | 0.41% |  | 1.82% |  |  |  | Increase
|  |  |  |  | Utilization rate(11) |  | 38% |  | 95% |  |  |  | Decrease
|  |  |  |  | Withdrawal rate |  | See table footnote (12) below.
|  |  |  |  | Mortality rate(13) |  | 0% |  | 15% |  |  |  | Increase
|  |  |  |  | Equity volatility curve |  | 15% |  | 25% |  |  |  | Decrease
Equity securities | $ | 246 |  |  | Discounted cash flow(5) |  | Discount rate |  | 0.16% |  | 20% |  |  |  | Decrease
|  |  | Market comparables |  | EBITDA multiples(4) |  | 1.0X |  | 10.0X |  | 6.3X |  | Increase
|  |  | Net Asset Value |  | Share price |  | $3 |  | $1,714 |  | $733 |  | Increase
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Market risk benefit liabilities(7) | $ | 5,467 |  |  | Discounted cash flow |  | Lapse rate(9) |  | 1% |  | 20% |  |  |  | Decrease
|  |  |  |  | Spread over SOFR(10) |  | 0.41% |  | 1.82% |  |  |  | Decrease
|  |  |  |  | Utilization rate(11) |  | 38% |  | 95% |  |  |  | Increase
|  |  |  |  | Withdrawal rate |  | See table footnote (12) below.
|  |  |  |  | Mortality rate(13) |  | 0% |  | 15% |  |  |  | Decrease
|  |  |  |  | Equity volatility curve |  | 15% |  | 25% |  |  |  | Increase
Policyholders’ account balances(8) | $ | 7,752 |  |  | Discounted cash flow |  | Lapse rate(9) |  | 1% |  | 80% |  |  |  | Decrease
|  |  |  |  | Spread over SOFR(10) |  | 0.41% |  | 1.85% |  |  |  | Decrease
|  |  |  |  | Mortality rate(13) |  | 0% |  | 23% |  |  |  | Decrease
|  |  |  |  | Equity volatility curve |  | 6% |  | 25% |  |  |  | Increase
|  |  |  |  | Option Budget(14) |  | (1)% |  | 7% |  |  |  | Increase
| As of December 31, 2022
| Fair Value |  | Valuation Techniques |  | Unobservable Inputs |  | Minimum |  | Maximum |  | Weighted Average |  | Impact of Increase in Input on Fair Value(1)
| (in millions) |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities(2)(3) | $ | 3,128 |  |  | Discounted cash flow |  | Discount rate |  | 0.61% |  | 20% |  | 8.09% |  | Decrease
|  |  | Market comparables |  | EBITDA multiples(4) |  | 2.2X |  | 23.5X |  | 8.3X |  | Increase
|  |  | Liquidation |  | Liquidation value |  | 8.16% |  | 8.25% |  | 8.21% |  | Increase
Market risk benefit assets(7) | $ | 800 |  |  | Discounted cash flow |  | Lapse rate(9) |  | 1% |  | 20% |  |  |  | Increase
|  |  |  |  | Spread over SOFR(10) |  | 0.50% |  | 2.20% |  |  |  | Increase
|  |  |  |  | Utilization rate(11) |  | 38% |  | 95% |  |  |  | Decrease
|  |  |  |  | Withdrawal rate |  | See table footnote (12) below.
|  |  |  |  | Mortality rate(13) |  | 0% |  | 15% |  |  |  | Increase
|  |  |  |  | Equity volatility curve |  | 18% |  | 26% |  |  |  | Decrease
Equity securities | $ | 290 |  |  | Discounted cash flow(5) |  | Discount rate |  | 0.16% |  | 20% |  |  |  | Decrease
|  |  | Market comparables |  | EBITDA multiples(4) |  | 1.0X |  | 7.5X |  | 4.0X |  | Increase
|  |  | Net Asset Value |  | Share price |  | $6 |  | $1,708 |  | $22 |  | Increase
Separate account assets-commercial mortgage loans(6) | $ | 74 |  |  | Discounted cash flow |  | Spread |  | 1.25% |  | 2.10% |  | 1.44% |  | Decrease
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Market risk benefit liabilities(7) | $ | 5,864 |  |  | Discounted cash flow |  | Lapse rate(9) |  | 1% |  | 20% |  |  |  | Decrease
|  |  |  |  | Spread over SOFR(10) |  | 0.50% |  | 2.20% |  |  |  | Decrease
|  |  |  |  | Utilization rate(11) |  | 38% |  | 95% |  |  |  | Increase
|  |  |  |  | Withdrawal rate |  | See table footnote (12) below.
|  |  |  |  | Mortality rate(13) |  | 0% |  | 15% |  |  |  | Decrease
|  |  |  |  | Equity volatility curve |  | 18% |  | 26% |  |  |  | Increase
Policyholders’ account balances(8) | $ | 3,492 |  |  | Discounted cash flow |  | Lapse rate(9) |  | 1% |  | 80% |  |  |  | Decrease
|  |  |  |  | Spread over SOFR(10) |  | 0.17% |  | 1.93% |  |  |  | Decrease
|  |  |  |  | Mortality rate(13) |  | 0% |  | 23% |  |  |  | Decrease
|  |  |  |  | Equity volatility curve |  | 6% |  | 30% |  |  |  | Increase
|  |  |  |  | Option Budget(14) |  | (2)% |  | 6% |  |  |  | Increase
__________ (1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table. (2)Includes assets classified as fixed maturities available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities, trading. (3)Excludes notes which have been offset with the associated debt under a netting agreement. (4)Represents multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments. (5)Includes certain investments where enterprise value is less than the amount needed to support senior and subordinated claims. These investments typically use a range of discount rates (10% to 20%), therefore presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (6)Changes in the fair value of separate account assets are borne by customers and thus are offset by changes in separate account liabilities on the Company’s Consolidated Statements of Financial Position. As a result, changes in value associated with these investments are not reflected in the Company’s Consolidated Statements of Operations. (7)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (8)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (9)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances. (10)The spread over the SOFR swap curve and the LIBOR swap curve represents the premium added to the proxy for the risk-free rate (SOFR or LIBOR, as applicable) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of December 31, 2023 and 2022, respectively. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company (“AuguStar”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 15 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for AuguStar, which may differ from the Company’s; however, the NPR spreads for AuguStar were developed using a methodology similar to that of the Company. (11)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration, and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits. (12)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of December 31, 2023 and 2022, the minimum withdrawal rate assumption is 81% and 77%, respectively. As of December 31, 2023 and 2022, the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%. (13)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age and duration. A mortality improvement assumption is also incorporated into the overall mortality table. (14)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 14). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
| December 31, 2023(7)(8)
| Fair Value, beginning of period | Total realized and unrealized gains (losses) | Purchases | Sales | Issuances | Settlements | Other(1) | Transfers into Level 3 | Transfers out of Level 3 | Fair Value, end of period | Unrealized gains (losses) for assets still held(2)
| (in millions)
Fixed maturities, available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. states | $ | 7 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 7 |  | $ | 0 |
Foreign government | 8 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 8 |  | 0 |
Corporate securities(3) | 3,858 |  | 26 |  | 1,864 |  | (211) |  | 0 |  | (988) |  | 26 |  | 418 |  | (187) |  | 4,806 |  | 19 |
Structured securities(4) | 1,289 |  | (47) |  | 587 |  | (6) |  | 0 |  | (38) |  | (81) |  | 113 |  | (520) |  | 1,297 |  | (56) |
Other assets: |  |  |  |  |  |  |  |  |  |  |
Fixed maturities, trading | 304 |  | 11 |  | 129 |  | (39) |  | 0 |  | (23) |  | 88 |  | 17 |  | (58) |  | 429 |  | 5 |
Equity securities | 627 |  | 26 |  | 45 |  | (75) |  | 0 |  | (36) |  | (41) |  | 3 |  | (37) |  | 512 |  | 12 |
Other invested assets | 539 |  | (38) |  | 361 |  | (16) |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 846 |  | (38) |
Short-term investments | 18 |  | 5 |  | 49 |  | 0 |  | 0 |  | (43) |  | 0 |  | 0 |  | 0 |  | 29 |  | 0 |
Cash equivalents | 0 |  | 0 |  | 4 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 4 |  | 0 |
Reinsurance recoverables and deposit receivables | 141 |  | (40) |  | 146 |  | 0 |  | 0 |  | (23) |  | 0 |  | 0 |  | 0 |  | 224 |  | (63) |
Other assets | 11 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 11 |  | 0 |
Separate account assets(5) | 1,081 |  | 55 |  | 450 |  | (368) |  | 0 |  | (68) |  | 0 |  | 50 |  | (106) |  | 1,094 |  | 42 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Policyholders’ account balances(6) | (3,492) |  | (2,601) |  | 0 |  | 0 |  | (1,664) |  | 0 |  | 5 |  | 0 |  | 0 |  | (7,752) |  | (322) |
Other liabilities | (1) |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | (1) |  | 0 |
Notes issued by consolidated VIEs | 0 |  | 9 |  | 0 |  | 0 |  | 0 |  | 0 |  | (787) |  | 0 |  | 0 |  | (778) |  | 9 |
| December 31, 2023(7)
| Total realized and unrealized gains (losses) |  | Unrealized gains (losses) for assets still held(2)
| Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses) | Net investment income |  | Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses)
| (in millions)
Fixed maturities, available-for-sale | $ | (25) |  | $ | 0 |  | $ | 0 |  | $ | (5) |  | $ | 9 |  |  | $ | (7) |  | $ | 0 |  | $ | 0 |  | $ | (30) |
Assets supporting experience-rated contractholder liabilities | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Other assets: |  |  |  |  |  |  |  |  |  |
Fixed maturities, trading | 0 |  | 9 |  | 0 |  | 0 |  | 2 |  |  | 0 |  | 5 |  | 0 |  | 0 |
Equity securities | (1) |  | 27 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 12 |  | 0 |  | 0 |
Other invested assets | (4) |  | (34) |  | 0 |  | 0 |  | 0 |  |  | (4) |  | (34) |  | 0 |  | 0 |
Short-term investments | 3 |  | 0 |  | 0 |  | 0 |  | 2 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Cash equivalents | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Reinsurance recoverables and deposit receivables | (40) |  | 0 |  | 0 |  | 0 |  | 0 |  |  | (63) |  | 0 |  | 0 |  | 0 |
Other assets | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Separate account assets(5) | 0 |  | 0 |  | 55 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 42 |  | 0 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Policyholders’ account balances | (2,601) |  | 0 |  | 0 |  | 0 |  | 0 |  |  | (322) |  | 0 |  | 0 |  | 0 |
Other liabilities | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Notes issued by consolidated VIEs | 0 |  | 9 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 9 |  | 0 |  | 0 |
| December 31, 2022(7)(8)
| Fair Value, beginning of period | Total realized and unrealized gains (losses) | Purchases | Sales | Issuances | Settlements | Other(1) | Transfers into Level 3 | Transfers out of Level 3 | Fair Value, end of period | Unrealized gains (losses) for assets still held(2)
| (in millions)
Fixed maturities, available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. states | $ | 8 |  | $ | (1) |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 7 |  | $ | (1) |
Foreign government | 10 |  | (1) |  | 0 |  | (1) |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 8 |  | (1) |
Corporate securities(3) | 5,316 |  | (532) |  | 1,574 |  | (219) |  | 20 |  | (874) |  | 85 |  | 125 |  | (1,637) |  | 3,858 |  | (544) |
Structured securities(4) | 1,986 |  | (330) |  | 705 |  | (23) |  | 0 |  | (363) |  | (9) |  | 7 |  | (684) |  | 1,289 |  | (337) |
Other assets: |  |  |  |  |  |  |  |  |  |  |
Fixed maturities, trading | 421 |  | (16) |  | 45 |  | (48) |  | 0 |  | (81) |  | (3) |  | 1 |  | (15) |  | 304 |  | (17) |
Equity securities | 799 |  | (18) |  | 52 |  | (244) |  | 0 |  | (7) |  | (27) |  | 73 |  | (1) |  | 627 |  | (39) |
Other invested assets | 493 |  | 12 |  | 98 |  | (52) |  | 0 |  | (11) |  | (1) |  | 0 |  | 0 |  | 539 |  | 12 |
Short-term investments | 330 |  | (5) |  | 28 |  | 0 |  | 0 |  | (340) |  | 6 |  | 0 |  | (1) |  | 18 |  | (6) |
Cash equivalents | 70 |  | (1) |  | 7 |  | 0 |  | 0 |  | (73) |  | (3) |  | 0 |  | 0 |  | 0 |  | (2) |
Reinsurance recoverables and deposit receivables | 72 |  | 44 |  | 51 |  | 0 |  | 0 |  | (4) |  | (22) |  | 0 |  | 0 |  | 141 |  | 48 |
Other assets(9) | (18) |  | 67 |  | 12 |  | 0 |  | 0 |  | (8) |  | (42) |  | 0 |  | 0 |  | 11 |  | 0 |
Separate account assets(5) | 1,283 |  | (215) |  | 254 |  | (192) |  | 0 |  | (67) |  | 0 |  | 94 |  | (76) |  | 1,081 |  | (211) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Policyholders’ account balances(6) | (1,436) |  | (66) |  | 0 |  | 0 |  | (1,078) |  | 0 |  | (912) |  | 0 |  | 0 |  | (3,492) |  | 67 |
Other liabilities | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | (1) |  | 0 |  | (1) |  | 0 |
Notes issued by consolidated VIEs | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
| December 31, 2022(7)
| Total realized and unrealized gains (losses) |  | Unrealized gains (losses) for assets still held(2)
| Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses) | Net investment income |  | Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses)
| (in millions) |
Fixed maturities, available-for-sale | $ | (89) |  | $ | 0 |  | $ | 0 |  | $ | (783) |  | $ | 8 |  |  | $ | (101) |  | $ | 0 |  | $ | 0 |  | $ | (782) |
Assets supporting experience-rated contractholder liabilities | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Other assets: |  |  |  |  |  |  |  |  |  |
Fixed maturities, trading | 0 |  | (16) |  | 0 |  | 0 |  | 0 |  |  | 0 |  | (17) |  | 0 |  | 0 |
Equity securities | 0 |  | (18) |  | 0 |  | 0 |  | 0 |  |  | 0 |  | (39) |  | 0 |  | 0 |
Other invested assets | (12) |  | 24 |  | 0 |  | 0 |  | 0 |  |  | (12) |  | 24 |  | 0 |  | 0 |
Short-term investments | (5) |  | 0 |  | 0 |  | 0 |  | 0 |  |  | (6) |  | 0 |  | 0 |  | 0 |
Cash equivalents | (1) |  | 0 |  | 0 |  | 0 |  | 0 |  |  | (2) |  | 0 |  | 0 |  | 0 |
Reinsurance recoverables and deposit receivables | 44 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 48 |  | 0 |  | 0 |  | 0 |
Other assets(9) | 0 |  | 0 |  | 0 |  | 67 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Separate account assets(5) | 0 |  | 0 |  | (215) |  | 0 |  | 0 |  |  | 0 |  | 0 |  | (211) |  | 0 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Policyholders’ account balances | (66) |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 67 |  | 0 |  | 0 |  | 0 |
Other liabilities | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Notes issued by consolidated VIEs | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
| December 31, 2021(7)
| Total realized and unrealized gains (losses) |  | Unrealized gains (losses) for assets still held(2)
| Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses) | Net investment income |  | Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses)
| (in millions) |
Fixed maturities, available-for-sale | $ | 45 |  | $ | 0 |  | $ | 0 |  | $ | (163) |  | $ | 4 |  |  | $ | (43) |  | $ | 0 |  | $ | 0 |  | $ | (153) |
Assets supporting experience-rated contractholder liabilities | 0 |  | (6) |  | 0 |  | 0 |  | 7 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Other assets: |  |  |  |  |  |  |  |  |  |
Fixed maturities, trading | 0 |  | 36 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 34 |  | 0 |  | 0 |
Equity securities | 0 |  | 117 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 145 |  | 0 |  | 0 |
Other invested assets | 7 |  | 32 |  | 0 |  | 0 |  | 0 |  |  | 6 |  | 34 |  | 0 |  | 0 |
Short-term investments | 0 |  | 0 |  | 0 |  | 0 |  | 1 |  |  | (1) |  | 0 |  | 0 |  | 0 |
Cash equivalents | (1) |  | 0 |  | 0 |  | 0 |  | 0 |  |  | (1) |  | 0 |  | 0 |  | 0 |
Reinsurance recoverables and deposit receivables | 72 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 71 |  | 0 |  | 0 |  | 0 |
Other assets(9) | (55) |  | 0 |  | 0 |  | 39 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Separate account assets(5) | 0 |  | 0 |  | 326 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 199 |  | 0 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Policyholders’ account balances | (1,174) |  | 0 |  | 0 |  | 0 |  | 0 |  |  | (10) |  | 0 |  | 0 |  | 0 |
Other liabilities | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Notes issued by consolidated VIEs | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
__________ (1)“Other” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities. (2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts. (3)Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities. (4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities. (5)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Consolidated Statements of Financial Position. (6)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward. (7)Effective January 1, 2021, Future policy benefits and Reinsurance recoverables previously included in “Changes in Level 3 Assets and Liabilities” are now reported as Market Risk Benefits. See Note 14 for additional information. (8)Excludes MRB assets of $1,981 million and $800 million and MRB liabilities of $5,467 million and $5,864 million as of December 31, 2023 and 2022, respectively. See Note 14 for additional information. (9)Prior period amounts have been reclassified to conform to current period presentation.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 14). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
| December 31, 2023(7)(8)
| Fair Value, beginning of period | Total realized and unrealized gains (losses) | Purchases | Sales | Issuances | Settlements | Other(1) | Transfers into Level 3 | Transfers out of Level 3 | Fair Value, end of period | Unrealized gains (losses) for assets still held(2)
| (in millions)
Fixed maturities, available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. states | $ | 7 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 7 |  | $ | 0 |
Foreign government | 8 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 8 |  | 0 |
Corporate securities(3) | 3,858 |  | 26 |  | 1,864 |  | (211) |  | 0 |  | (988) |  | 26 |  | 418 |  | (187) |  | 4,806 |  | 19 |
Structured securities(4) | 1,289 |  | (47) |  | 587 |  | (6) |  | 0 |  | (38) |  | (81) |  | 113 |  | (520) |  | 1,297 |  | (56) |
Other assets: |  |  |  |  |  |  |  |  |  |  |
Fixed maturities, trading | 304 |  | 11 |  | 129 |  | (39) |  | 0 |  | (23) |  | 88 |  | 17 |  | (58) |  | 429 |  | 5 |
Equity securities | 627 |  | 26 |  | 45 |  | (75) |  | 0 |  | (36) |  | (41) |  | 3 |  | (37) |  | 512 |  | 12 |
Other invested assets | 539 |  | (38) |  | 361 |  | (16) |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 846 |  | (38) |
Short-term investments | 18 |  | 5 |  | 49 |  | 0 |  | 0 |  | (43) |  | 0 |  | 0 |  | 0 |  | 29 |  | 0 |
Cash equivalents | 0 |  | 0 |  | 4 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 4 |  | 0 |
Reinsurance recoverables and deposit receivables | 141 |  | (40) |  | 146 |  | 0 |  | 0 |  | (23) |  | 0 |  | 0 |  | 0 |  | 224 |  | (63) |
Other assets | 11 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 11 |  | 0 |
Separate account assets(5) | 1,081 |  | 55 |  | 450 |  | (368) |  | 0 |  | (68) |  | 0 |  | 50 |  | (106) |  | 1,094 |  | 42 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Policyholders’ account balances(6) | (3,492) |  | (2,601) |  | 0 |  | 0 |  | (1,664) |  | 0 |  | 5 |  | 0 |  | 0 |  | (7,752) |  | (322) |
Other liabilities | (1) |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | (1) |  | 0 |
Notes issued by consolidated VIEs | 0 |  | 9 |  | 0 |  | 0 |  | 0 |  | 0 |  | (787) |  | 0 |  | 0 |  | (778) |  | 9 |
| December 31, 2023(7)
| Total realized and unrealized gains (losses) |  | Unrealized gains (losses) for assets still held(2)
| Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses) | Net investment income |  | Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses)
| (in millions)
Fixed maturities, available-for-sale | $ | (25) |  | $ | 0 |  | $ | 0 |  | $ | (5) |  | $ | 9 |  |  | $ | (7) |  | $ | 0 |  | $ | 0 |  | $ | (30) |
Assets supporting experience-rated contractholder liabilities | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Other assets: |  |  |  |  |  |  |  |  |  |
Fixed maturities, trading | 0 |  | 9 |  | 0 |  | 0 |  | 2 |  |  | 0 |  | 5 |  | 0 |  | 0 |
Equity securities | (1) |  | 27 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 12 |  | 0 |  | 0 |
Other invested assets | (4) |  | (34) |  | 0 |  | 0 |  | 0 |  |  | (4) |  | (34) |  | 0 |  | 0 |
Short-term investments | 3 |  | 0 |  | 0 |  | 0 |  | 2 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Cash equivalents | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Reinsurance recoverables and deposit receivables | (40) |  | 0 |  | 0 |  | 0 |  | 0 |  |  | (63) |  | 0 |  | 0 |  | 0 |
Other assets | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Separate account assets(5) | 0 |  | 0 |  | 55 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 42 |  | 0 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Policyholders’ account balances | (2,601) |  | 0 |  | 0 |  | 0 |  | 0 |  |  | (322) |  | 0 |  | 0 |  | 0 |
Other liabilities | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Notes issued by consolidated VIEs | 0 |  | 9 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 9 |  | 0 |  | 0 |
| December 31, 2022(7)(8)
| Fair Value, beginning of period | Total realized and unrealized gains (losses) | Purchases | Sales | Issuances | Settlements | Other(1) | Transfers into Level 3 | Transfers out of Level 3 | Fair Value, end of period | Unrealized gains (losses) for assets still held(2)
| (in millions)
Fixed maturities, available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. states | $ | 8 |  | $ | (1) |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 7 |  | $ | (1) |
Foreign government | 10 |  | (1) |  | 0 |  | (1) |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 8 |  | (1) |
Corporate securities(3) | 5,316 |  | (532) |  | 1,574 |  | (219) |  | 20 |  | (874) |  | 85 |  | 125 |  | (1,637) |  | 3,858 |  | (544) |
Structured securities(4) | 1,986 |  | (330) |  | 705 |  | (23) |  | 0 |  | (363) |  | (9) |  | 7 |  | (684) |  | 1,289 |  | (337) |
Other assets: |  |  |  |  |  |  |  |  |  |  |
Fixed maturities, trading | 421 |  | (16) |  | 45 |  | (48) |  | 0 |  | (81) |  | (3) |  | 1 |  | (15) |  | 304 |  | (17) |
Equity securities | 799 |  | (18) |  | 52 |  | (244) |  | 0 |  | (7) |  | (27) |  | 73 |  | (1) |  | 627 |  | (39) |
Other invested assets | 493 |  | 12 |  | 98 |  | (52) |  | 0 |  | (11) |  | (1) |  | 0 |  | 0 |  | 539 |  | 12 |
Short-term investments | 330 |  | (5) |  | 28 |  | 0 |  | 0 |  | (340) |  | 6 |  | 0 |  | (1) |  | 18 |  | (6) |
Cash equivalents | 70 |  | (1) |  | 7 |  | 0 |  | 0 |  | (73) |  | (3) |  | 0 |  | 0 |  | 0 |  | (2) |
Reinsurance recoverables and deposit receivables | 72 |  | 44 |  | 51 |  | 0 |  | 0 |  | (4) |  | (22) |  | 0 |  | 0 |  | 141 |  | 48 |
Other assets(9) | (18) |  | 67 |  | 12 |  | 0 |  | 0 |  | (8) |  | (42) |  | 0 |  | 0 |  | 11 |  | 0 |
Separate account assets(5) | 1,283 |  | (215) |  | 254 |  | (192) |  | 0 |  | (67) |  | 0 |  | 94 |  | (76) |  | 1,081 |  | (211) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Policyholders’ account balances(6) | (1,436) |  | (66) |  | 0 |  | 0 |  | (1,078) |  | 0 |  | (912) |  | 0 |  | 0 |  | (3,492) |  | 67 |
Other liabilities | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | (1) |  | 0 |  | (1) |  | 0 |
Notes issued by consolidated VIEs | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
| December 31, 2022(7)
| Total realized and unrealized gains (losses) |  | Unrealized gains (losses) for assets still held(2)
| Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses) | Net investment income |  | Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses)
| (in millions) |
Fixed maturities, available-for-sale | $ | (89) |  | $ | 0 |  | $ | 0 |  | $ | (783) |  | $ | 8 |  |  | $ | (101) |  | $ | 0 |  | $ | 0 |  | $ | (782) |
Assets supporting experience-rated contractholder liabilities | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Other assets: |  |  |  |  |  |  |  |  |  |
Fixed maturities, trading | 0 |  | (16) |  | 0 |  | 0 |  | 0 |  |  | 0 |  | (17) |  | 0 |  | 0 |
Equity securities | 0 |  | (18) |  | 0 |  | 0 |  | 0 |  |  | 0 |  | (39) |  | 0 |  | 0 |
Other invested assets | (12) |  | 24 |  | 0 |  | 0 |  | 0 |  |  | (12) |  | 24 |  | 0 |  | 0 |
Short-term investments | (5) |  | 0 |  | 0 |  | 0 |  | 0 |  |  | (6) |  | 0 |  | 0 |  | 0 |
Cash equivalents | (1) |  | 0 |  | 0 |  | 0 |  | 0 |  |  | (2) |  | 0 |  | 0 |  | 0 |
Reinsurance recoverables and deposit receivables | 44 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 48 |  | 0 |  | 0 |  | 0 |
Other assets(9) | 0 |  | 0 |  | 0 |  | 67 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Separate account assets(5) | 0 |  | 0 |  | (215) |  | 0 |  | 0 |  |  | 0 |  | 0 |  | (211) |  | 0 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Policyholders’ account balances | (66) |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 67 |  | 0 |  | 0 |  | 0 |
Other liabilities | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Notes issued by consolidated VIEs | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
| December 31, 2021(7)
| Total realized and unrealized gains (losses) |  | Unrealized gains (losses) for assets still held(2)
| Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses) | Net investment income |  | Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses)
| (in millions) |
Fixed maturities, available-for-sale | $ | 45 |  | $ | 0 |  | $ | 0 |  | $ | (163) |  | $ | 4 |  |  | $ | (43) |  | $ | 0 |  | $ | 0 |  | $ | (153) |
Assets supporting experience-rated contractholder liabilities | 0 |  | (6) |  | 0 |  | 0 |  | 7 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Other assets: |  |  |  |  |  |  |  |  |  |
Fixed maturities, trading | 0 |  | 36 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 34 |  | 0 |  | 0 |
Equity securities | 0 |  | 117 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 145 |  | 0 |  | 0 |
Other invested assets | 7 |  | 32 |  | 0 |  | 0 |  | 0 |  |  | 6 |  | 34 |  | 0 |  | 0 |
Short-term investments | 0 |  | 0 |  | 0 |  | 0 |  | 1 |  |  | (1) |  | 0 |  | 0 |  | 0 |
Cash equivalents | (1) |  | 0 |  | 0 |  | 0 |  | 0 |  |  | (1) |  | 0 |  | 0 |  | 0 |
Reinsurance recoverables and deposit receivables | 72 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 71 |  | 0 |  | 0 |  | 0 |
Other assets(9) | (55) |  | 0 |  | 0 |  | 39 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Separate account assets(5) | 0 |  | 0 |  | 326 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 199 |  | 0 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Policyholders’ account balances | (1,174) |  | 0 |  | 0 |  | 0 |  | 0 |  |  | (10) |  | 0 |  | 0 |  | 0 |
Other liabilities | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
Notes issued by consolidated VIEs | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |
__________ (1)“Other” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities. (2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts. (3)Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities. (4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities. (5)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Consolidated Statements of Financial Position. (6)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward. (7)Effective January 1, 2021, Future policy benefits and Reinsurance recoverables previously included in “Changes in Level 3 Assets and Liabilities” are now reported as Market Risk Benefits. See Note 14 for additional information. (8)Excludes MRB assets of $1,981 million and $800 million and MRB liabilities of $5,467 million and $5,864 million as of December 31, 2023 and 2022, respectively. See Note 14 for additional information. (9)Prior period amounts have been reclassified to conform to current period presentation.
Fair Value Assets and Liabilities Measured on Recurring Basis, Derivatives | The following tables present the balances of certain derivative assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, by the primary underlying risks they are used to manage. These tables include NPR and exclude embedded derivatives. The derivative assets and liabilities shown below are included in “Other invested assets” or “Other liabilities” in the tables contained within the sections “—Assets and Liabilities by Hierarchy Level” and “—Changes in Level 3 Assets and Liabilities,” above.
|  | As of December 31, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
|  | (in millions)
Derivative Assets: |  |  |  |  |  |  |  |  |  |
Interest Rate |  | $ | 7 |  |  | $ | 8,990 |  |  | $ | 1 |  |  | $ |  | $ | 8,998 |
Currency |  | 0 |  |  | 1,008 |  |  | 0 |  |  |  |  | 1,008 |
Credit |  | 0 |  |  | 64 |  |  | 0 |  |  |  |  | 64 |
Currency/Interest Rate |  | 0 |  |  | 2,454 |  |  | 0 |  |  |  |  | 2,454 |
Equity |  | 19 |  |  | 1,718 |  |  | 0 |  |  |  |  | 1,737 |
Other |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  | 0 |
Netting(1) |  |  |  |  |  |  |  | (13,158) |  |  | (13,158) |
Total derivative assets |  | $ | 26 |  |  | $ | 14,234 |  |  | $ | 1 |  |  | $ | (13,158) |  |  | $ | 1,103 |
Derivative Liabilities: |  |  |  |  |  |  |  |  |  |
Interest Rate |  | $ | 26 |  |  | $ | 22,960 |  |  | $ | 1 |  |  | $ |  | $ | 22,987 |
Currency |  | 0 |  |  | 1,149 |  |  | 0 |  |  |  |  | 1,149 |
Credit |  | 0 |  |  | 0 |  | 0 |  |  |  |  | 0
Currency/Interest Rate |  | 0 |  |  | 840 |  |  | 0 |  |  |  |  | 840 |
Equity |  | 10 |  |  | 2,168 |  |  | 0 |  |  |  |  | 2,178 |
Other |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  | 0 |
Netting(1) |  |  |  |  |  |  |  | (22,973) |  |  | (22,973) |
Total derivative liabilities |  | $ | 36 |  |  | $ | 27,117 |  |  | $ | 1 |  |  | $ | (22,973) |  |  | $ | 4,181 |
|  | As of December 31, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
|  | (in millions)
Derivative Assets: |  |  |  |  |  |  |  |  |  |
Interest Rate |  | $ | 13 |  |  | $ | 9,408 |  |  | $ | 1 |  |  | $ |  | $ | 9,422 |
Currency |  | 0 |  |  | 1,711 |  |  | 0 |  |  |  |  | 1,711 |
Credit |  | 0 |  |  | 27 |  |  | 0 |  |  |  |  | 27 |
Currency/Interest Rate |  | 0 |  |  | 4,282 |  |  | 0 |  |  |  |  | 4,282 |
Equity |  | 1 |  |  | 814 |  |  | 0 |  |  |  |  | 815 |
Other |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  | 0 |
Netting(1) |  |  |  |  |  |  |  | (14,802) |  |  | (14,802) |
Total derivative assets |  | $ | 14 |  |  | $ | 16,242 |  |  | $ | 1 |  |  | $ | (14,802) |  |  | $ | 1,455 |
Derivative Liabilities: |  |  |  |  |  |  |  |  |  |
Interest Rate |  | $ | 24 |  |  | $ | 21,806 |  |  | $ | 1 |  |  | $ |  | $ | 21,831 |
Currency |  | 0 |  |  | 2,186 |  |  | 0 |  |  |  |  | 2,186 |
Credit |  | 0 |  |  | 57 |  |  | 0 |  |  |  |  | 57 |
Currency/Interest Rate |  | 0 |  |  | 503 |  |  | 0 |  |  |  |  | 503 |
Equity |  | 2 |  |  | 1,774 |  |  | 0 |  |  |  |  | 1,776 |
Other |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  | 0 |
Netting(1) |  |  |  |  |  |  |  | (23,298) |  |  | (23,298) |
Total derivative liabilities |  | $ | 26 |  |  | $ | 26,326 |  |  | $ | 1 |  |  | $ | (23,298) |  |  | $ | 3,055 |
__________ (1)“Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation, Derivatives | The following tables provide a summary of the changes in fair value of Level 3 derivative assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods:
| Year Ended December 31, 2023
| Fair Value, beginning of period | Total realized and unrealized gains (losses) (1) | Purchases | Sales | Issuances | Settlements |  | Other | Transfers into Level 3 (2) | Transfers out of Level 3 (2) | Fair Value, end of period | Unrealized gains (losses) for assets still held (1)
| (in millions)
Net Derivative - Equity | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |
Net Derivative - Interest Rate | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
| Year Ended December 31, 2022
| Fair Value, beginning of period | Total realized and unrealized gains (losses) (1) | Purchases | Sales | Issuances | Settlements |  | Other | Transfers into Level 3 (2) | Transfers out of Level 3 (2) | Fair Value, end of period | Unrealized gains (losses) for assets still held (1)
| (in millions)
Net Derivative - Equity | $ | 1 |  | $ | 1 |  | $ | 0 |  | $ | (2) |  | $ | 0 |  | $ | 0 |  |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 1 |
Net Derivative - Interest Rate | 1 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | (1) |  | 0 |  | 0 |  | 0 |
| Year Ended December 31, 2021
| Fair Value, beginning of period | Total realized and unrealized gains (losses) (1) | Purchases | Sales | Issuances | Settlements |  | Other | Transfers into Level 3 (2) | Transfers out of Level 3 (2) | Fair Value, end of period | Unrealized gains (losses) for assets still held (1)
| (in millions)
Net Derivative - Equity | $ | 0 |  | $ | 1 |  | $ | 1 |  | $ | 0 |  | $ | 0 |  | $ | (1) |  |  | $ | 0 |  | $ | 0 |  | $ | 0 |  | $ | 1 |  | $ | 1 |
Net Derivative - Interest Rate | 0 |  | 1 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | 0 |  | 0 |  | 0 |  | 1 |  | 1 |
__________ (1)Total realized and unrealized gains (losses) as well as unrealized gains (losses) for assets still held at the end of the period are recorded in “Realized investment gains (losses), net.” (2)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.
Fair Value Measurements, Nonrecurring | The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3).
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Gains (Losses): |  |  |  |  |
Commercial mortgage loans(1) | $ | (29) |  |  | $ | 0 |  |  | $ | 0 |
Mortgage servicing rights(2) | $ | 0 |  |  | $ | (1) |  |  | $ | 6 |
Investment real estate | $ | (17) |  |  | $ | (12) |  |  | $ | (15) |
Investment in JV/LP and Other | $ | (76) |  |  | $ | (129) |  |  | $ | 0 |
Goodwill(4) | $ | (177) |  |  | $ | (903) |  |  | $ | (1,060) |
| Year Ended December 31,
| 2023 |  | 2022
| (in millions)
Carrying value after measurement as of period end: |  |  |
Commercial mortgage loans(1) | $ | 34 |  |  | $ | 0 |
Mortgage servicing rights(2) | $ | 0 |  |  | $ | 77 |
Investment real estate(3) | $ | 113 |  |  | $ | 112 |
Investment in JV/LP and Other(3) | $ | 186 |  |  | $ | 64 |
Goodwill(4) | $ | 0 |  |  | $ | 177 |
__________ (1)Commercial mortgage loans are valued based on discounted cash flows utilizing market rates or the fair value of the underlying real estate collateral. (2)Mortgage servicing rights are valued using a discounted cash flow model. The model incorporates assumptions for servicing revenues, which are adjusted for expected prepayments, delinquency rates, escrow deposit income and estimated loan servicing expenses. The discount rates incorporated into the model are determined based on the estimated returns a market participant would require for this business including a liquidity and risk premium. This estimate includes available relevant data from any active market sales of mortgage servicing rights. (3)Reported carrying values for 2023 include values as of the measurement periods of June 30, 2023 for “Investment real estate” and June 30, 2023 and December 31, 2023 for “Investment in JV/LP.” Reported carrying values for 2022 include values as of the measurement periods of June 30, 2022 and September 30, 2022 for “Investment real estate” and June 30, 2022 for “Investment in JV/LP.” (4)The Company recognized a goodwill impairment charge for Assurance IQ in 2023, 2022, and 2021. The fair value was determined using weighting of an income approach based on discounted cash flow valuation techniques and a market approach based on forward market multiples of comparable publicly traded companies. The valuation in each year included unobservable inputs such as forecasted cash flows, discount rate applied, expected synergies and business growth rate assumptions under the income approach and forward market multiples of comparable peer companies and an implied control premium under the market approach. The inputs and assumptions applied are consistent with how a market participant would value Assurance IQ and the related goodwill. See Note 10 for additional information.
Fair Value, Option | The following tables present information regarding assets and liabilities where the fair value option has been elected:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Liabilities: |  |  |  |  |
Notes issued by consolidated VIEs: |  |  |  |  |
Changes in fair value | $ | (9) |  |  | $ | 0 |  |  | $ | 0 |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Commercial mortgage and other loans: |  |  |  |  |
Interest income | $ | 9 |  |  | $ | 23 |  |  | $ | 15 |
Notes issued by consolidated VIEs: |  |  |  |  |
Interest expense | $ | 11 |  |  | $ | 0 |  |  | $ | 0 |
| Year Ended December 31,
| 2023 |  | 2022
| (in millions)
Commercial mortgage and other loans(1): |  |  |
Fair value as of period end | $ | 519 |  |  | $ | 137 |
Aggregate contractual principal as of period end | $ | 512 |  |  | $ | 136 |
Other assets: |  |  |
Fair value as of period end | $ | 11 |  |  | $ | 11 |
Notes issued by consolidated VIEs: |  |  |
Fair value as of period end | $ | 778 |  |  | $ | 0 |
Aggregate contractual principal as of period end | $ | 787 |  |  | $ | 0 |
__________ (1)As of December 31, 2023, for loans for which the fair value option has been elected, none of the loans were 90 days or more past due.
Fair Value Disclosure Financial Instruments Not Carried at Fair Value | The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
| December 31, 2023
| Fair Value |  | Carrying Amount(1)
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Total
| (in millions)
Assets: |  |  |  |  |  |  |  |  |
Fixed maturities, held-to-maturity | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Commercial mortgage and other loans | 0 |  |  | 41 |  |  | 55,611 |  |  | 55,652 |  |  | 58,786 |
Policy loans | 8 |  |  | 0 |  |  | 10,039 |  |  | 10,047 |  |  | 10,047 |
Other invested assets | 0 |  |  | 97 |  |  | 0 |  |  | 97 |  |  | 97 |
Short-term investments | 1,092 |  |  | 13 |  |  | 0 |  |  | 1,105 |  |  | 1,105 |
Cash and cash equivalents | 8,709 |  |  | 408 |  |  | 0 |  |  | 9,117 |  |  | 9,117 |
Accrued investment income | 0 |  |  | 3,287 |  |  | 0 |  |  | 3,287 |  |  | 3,287 |
Reinsurance recoverables and deposit receivables | 0 |  |  | 5 |  |  | 5,171 |  |  | 5,176 |  |  | 5,176 |
Other assets | 43 |  |  | 3,059 |  |  | 0 |  |  | 3,102 |  |  | 3,102 |
Total assets | $ | 9,852 |  |  | $ | 6,910 |  |  | $ | 70,821 |  |  | $ | 87,583 |  |  | $ | 90,717 |
Liabilities: |  |  |  |  |  |  |  |  |
Policyholders’ account balances—investment contracts | $ | 0 |  |  | $ | 31,089 |  |  | $ | 37,794 |  |  | $ | 68,883 |  |  | $ | 72,604 |
Securities sold under agreements to repurchase | 0 |  |  | 6,056 |  |  | 0 |  |  | 6,056 |  |  | 6,056 |
Cash collateral for loaned securities | 0 |  |  | 6,477 |  |  | 0 |  |  | 6,477 |  |  | 6,477 |
Reinsurance and funds withheld payables(3) | 0 |  |  | 9,553 |  |  | (23) |  |  | 9,530 |  |  | 9,530 |
Short-term debt(4) | 0 |  |  | 535 |  |  | 83 |  |  | 618 |  |  | 618 |
Long-term debt(5) | 564 |  |  | 16,938 |  |  | 766 |  |  | 18,268 |  |  | 18,882 |
Notes issued by consolidated VIEs | 0 |  |  | 0 |  |  | 596 |  |  | 596 |  |  | 596 |
Other liabilities | 0 |  |  | 6,950 |  |  | 32 |  |  | 6,982 |  |  | 6,982 |
Separate account liabilities—investment contracts | 0 |  |  | 24,050 |  |  | 21,315 |  |  | 45,365 |  |  | 45,365 |
Total liabilities | $ | 564 |  |  | $ | 101,648 |  |  | $ | 60,563 |  |  | $ | 162,775 |  |  | $ | 167,110 |
| December 31, 2022
| Fair Value |  | Carrying Amount(1)
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Total
| (in millions)
Assets: |  |  |  |  |  |  |  |  |
Fixed maturities, held-to-maturity(2) | $ | 0 |  |  | $ | 1,455 |  |  | $ | 0 |  |  | $ | 1,455 |  |  | $ | 1,296 |
Commercial mortgage and other loans | 0 |  |  | 46 |  |  | 52,296 |  |  | 52,342 |  |  | 56,608 |
Policy loans | 5 |  |  | 0 |  |  | 10,041 |  |  | 10,046 |  |  | 10,046 |
Other invested assets | 0 |  |  | 102 |  |  | 0 |  |  | 102 |  |  | 102 |
Short-term investments | 715 |  |  | 89 |  |  | 0 |  |  | 804 |  |  | 804 |
Cash and cash equivalents | 9,388 |  |  | 389 |  |  | 0 |  |  | 9,777 |  |  | 9,777 |
Accrued investment income | 0 |  |  | 3,012 |  |  | 0 |  |  | 3,012 |  |  | 3,012 |
Reinsurance recoverables and deposit receivables | 0 |  |  | 7 |  |  | 754 |  |  | 761 |  |  | 761 |
Other assets(6) | 48 |  |  | 2,922 |  |  | 0 |  |  | 2,970 |  |  | 2,970 |
Total assets | $ | 10,156 |  |  | $ | 8,022 |  |  | $ | 63,091 |  |  | $ | 81,269 |  |  | $ | 85,376 |
Liabilities: |  |  |  |  |  |  |  |  |
Policyholders’ account balances—investment contracts | $ | 0 |  |  | $ | 31,665 |  |  | $ | 34,937 |  |  | $ | 66,602 |  |  | $ | 70,722 |
Securities sold under agreements to repurchase | 0 |  |  | 6,589 |  |  | 0 |  |  | 6,589 |  |  | 6,589 |
Cash collateral for loaned securities | 0 |  |  | 6,100 |  |  | 0 |  |  | 6,100 |  |  | 6,100 |
Reinsurance and funds withheld payables | 0 |  |  | 720 |  |  | (22) |  |  | 698 |  |  | 698 |
Short-term debt(4) | 0 |  |  | 613 |  |  | 164 |  |  | 777 |  |  | 775 |
Long-term debt(5) | 550 |  |  | 17,324 |  |  | 790 |  |  | 18,664 |  |  | 19,908 |
Notes issued by consolidated VIEs | 0 |  |  | 0 |  |  | 374 |  |  | 374 |  |  | 374 |
Other liabilities(6) | 0 |  |  | 7,250 |  |  | 33 |  |  | 7,283 |  |  | 7,283 |
Separate account liabilities—investment contracts | 0 |  |  | 27,735 |  |  | 25,270 |  |  | 53,005 |  |  | 53,005 |
Total liabilities | $ | 550 |  |  | $ | 97,996 |  |  | $ | 61,546 |  |  | $ | 160,092 |  |  | $ | 165,454 |
__________ (1)Carrying values presented herein differ from those in the Company’s Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments. (2)Excludes notes with fair value of $4,250 million (carrying amount of $4,250 million) as of December 31, 2022, which have been offset with the associated debt under a netting agreement. (3)Includes contracts reinsured through coinsurance with funds withheld agreement with Prismic Re with a fair value of $8,036 million (carrying amount of $8,036 million), a portion of which relates to insurance contracts as of December 31, 2023. See Note 15 for additional information regarding the reinsurance arrangement with Prismic Re. (4)Excludes debt with fair value of $2,000 million (carrying amount of $2,000 million) and $500 million (carrying amount of $500 million) as of December 31, 2023 and December 31, 2022, respectively, which have been offset with the associated notes under a netting agreement. (5)Excludes debt with fair value of $10,370 million (carrying amount of $10,370 million) and $11,790 million (carrying amount of $11,790 million) as of December 31, 2023 and December 31, 2022, respectively, which have been offset with the associated notes under a netting agreement. (6)Prior period amounts have been reclassified to conform to current period presentation.

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of information about asset and liability measured at fair value under fair value option. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-30 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-31 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-32 + Details
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- Definition Tabular disclosure of all information related to the key inputs and assumptions (including, at a minimum, but not limited to, and if applicable, quantitative information about discount rates, expected prepayments including the expected weighted-average life of prepayable financial assets, and anticipated credit losses) used in measuring the fair value of assets or liabilities that relate to the transferor's continuing involvement with transferred financial assets, as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481326/860-20-50-4 + 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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