XML 140 R126.htm IDEA: XBRL DOCUMENT v3.24.0.1
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Unrealized gains (losses) for assets/liabilities still held:      
Market risk benefit assets $ 1,981 $ 800 [1] $ 944
Market risk benefit liabilities 5,467 5,864 [1] 10,175
Fair Value, Measurements, Recurring      
Unrealized gains (losses) for assets/liabilities still held:      
Market risk benefit assets 1,981 800  
Market risk benefit liabilities 5,467 5,864  
Equity securities      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 627 799  
Purchases 45 52  
Sales (75) (244)  
Issuances 0 0  
Settlements (36) (7)  
Other (41) (27)  
Transfers into Level 3 3 73  
Transfers out of Level 3 (37) (1)  
Fair Value, end of period 512 627 799
Total gains (losses) (realized/unrealized):      
Included in earnings 26 (18)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 12 (39)  
Equity securities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (1) 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Equity securities | Other Income      
Total gains (losses) (realized/unrealized):      
Included in earnings 27 (18) 117
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 12 (39) 145
Equity securities | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Equity securities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Equity securities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Assets supporting experience-rated contractholder liabilities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Assets supporting experience-rated contractholder liabilities | Other Income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 (6)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Assets supporting experience-rated contractholder liabilities | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Assets supporting experience-rated contractholder liabilities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Assets supporting experience-rated contractholder liabilities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 7
Other invested assets      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 539 493  
Purchases 361 98  
Sales (16) (52)  
Issuances 0 0  
Settlements 0 (11)  
Other 0 (1)  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 846 539 493
Total gains (losses) (realized/unrealized):      
Included in earnings (38) 12  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (38) 12  
Other invested assets | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (4) (12) 7
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (4) (12) 6
Other invested assets | Other Income      
Total gains (losses) (realized/unrealized):      
Included in earnings (34) 24 32
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (34) 24 34
Other invested assets | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other invested assets | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other invested assets | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Short-term investments      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 18 330  
Purchases 49 28  
Sales 0 0  
Issuances 0 0  
Settlements (43) (340)  
Other 0 6  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 (1)  
Fair Value, end of period 29 18 330
Total gains (losses) (realized/unrealized):      
Included in earnings 5 (5)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 (6)  
Short-term investments | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 3 (5) 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 (6) (1)
Short-term investments | Other Income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Short-term investments | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Short-term investments | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Short-term investments | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 2 0 1
Cash equivalents      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0 70  
Purchases 4 7  
Sales 0 0  
Issuances 0 0  
Settlements 0 (73)  
Other 0 (3)  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 4 0 70
Total gains (losses) (realized/unrealized):      
Included in earnings 0 (1)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 (2)  
Cash equivalents | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 (1) (1)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 (2) (1)
Cash equivalents | Other Income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Cash equivalents | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Cash equivalents | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Cash equivalents | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Reinsurance recoverables and deposit receivables      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 141 72  
Purchases 146 51  
Sales 0 0  
Issuances 0 0  
Settlements (23) (4)  
Other 0 (22)  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 224 141 72
Total gains (losses) (realized/unrealized):      
Included in earnings (40) 44  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (63) 48  
Reinsurance recoverables and deposit receivables | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (40) 44 72
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (63) 48 71
Reinsurance recoverables and deposit receivables | Other Income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Reinsurance recoverables and deposit receivables | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Reinsurance recoverables and deposit receivables | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Reinsurance recoverables and deposit receivables | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Other assets      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 11 (18)  
Purchases 0 12  
Sales 0 0  
Issuances 0 0  
Settlements 0 (8)  
Other 0 (42)  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 11 11 (18)
Total gains (losses) (realized/unrealized):      
Included in earnings 0 67  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Other assets | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 (55)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other assets | Other Income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other assets | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other assets | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 67 39
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other assets | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Separate accounts assets      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 1,081 1,283  
Purchases 450 254  
Sales (368) (192)  
Issuances 0 0  
Settlements (68) (67)  
Other 0 0  
Transfers into Level 3 50 94  
Transfers out of Level 3 (106) (76)  
Fair Value, end of period 1,094 1,081 1,283
Total gains (losses) (realized/unrealized):      
Included in earnings 55 (215)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 42 (211)  
Separate accounts assets | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Separate accounts assets | Other Income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Separate accounts assets | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 55 (215) 326
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 42 (211) 199
Separate accounts assets | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Separate accounts assets | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Policyholders’ account balances      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period (3,492) (1,436)  
Purchases 0 0  
Sales 0 0  
Issuances (1,664) (1,078)  
Settlements 0 0  
Other 5 (912)  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period (7,752) (3,492) (1,436)
Total gains (losses) (realized/unrealized):      
Included in earnings (2,601) (66)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (322) 67  
Policyholders’ account balances | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (2,601) (66) (1,174)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (322) 67 (10)
Policyholders’ account balances | Other Income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Policyholders’ account balances | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Policyholders’ account balances | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Policyholders’ account balances | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Other liabilities      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period (1) 0  
Purchases 0 0  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 (1)  
Transfers out of Level 3 0 0  
Fair Value, end of period (1) (1) 0
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Other liabilities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other liabilities | Other Income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other liabilities | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other liabilities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other liabilities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Notes issued by consolidated VIEs      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0 0  
Purchases 0 0  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other (787) 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period (778) 0 0
Total gains (losses) (realized/unrealized):      
Included in earnings 9 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 9 0  
Notes issued by consolidated VIEs | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Notes issued by consolidated VIEs | Other Income      
Total gains (losses) (realized/unrealized):      
Included in earnings 9 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 9 0 0
Notes issued by consolidated VIEs | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Notes issued by consolidated VIEs | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Notes issued by consolidated VIEs | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Fixed maturities, available-for-sale | Fixed Maturities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (25) (89) 45
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (7) (101) (43)
Fixed maturities, available-for-sale | Fixed Maturities | Other Income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Fixed maturities, available-for-sale | Fixed Maturities | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Fixed maturities, available-for-sale | Fixed Maturities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (5) (783) (163)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (30) (782) (153)
Fixed maturities, available-for-sale | Fixed Maturities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 9 8 4
Fixed maturities, available-for-sale | Fixed Maturities | U.S. states      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 7 8  
Purchases 0 0  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 7 7 8
Total gains (losses) (realized/unrealized):      
Included in earnings 0 (1)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 (1)  
Fixed maturities, available-for-sale | Fixed Maturities | Foreign government bonds      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 8 10  
Purchases 0 0  
Sales 0 (1)  
Issuances 0 0  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 8 8 10
Total gains (losses) (realized/unrealized):      
Included in earnings 0 (1)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 (1)  
Fixed maturities, available-for-sale | Fixed Maturities | Corporate securities      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 3,858 5,316  
Purchases 1,864 1,574  
Sales (211) (219)  
Issuances 0 20  
Settlements (988) (874)  
Other 26 85  
Transfers into Level 3 418 125  
Transfers out of Level 3 (187) (1,637)  
Fair Value, end of period 4,806 3,858 5,316
Total gains (losses) (realized/unrealized):      
Included in earnings 26 (532)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 19 (544)  
Fixed maturities, available-for-sale | Fixed Maturities | Structured securities      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 1,289 1,986  
Purchases 587 705  
Sales (6) (23)  
Issuances 0 0  
Settlements (38) (363)  
Other (81) (9)  
Transfers into Level 3 113 7  
Transfers out of Level 3 (520) (684)  
Fair Value, end of period 1,297 1,289 1,986
Total gains (losses) (realized/unrealized):      
Included in earnings (47) (330)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (56) (337)  
Fixed maturities, Trading | Fixed Maturities      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 304 421  
Purchases 129 45  
Sales (39) (48)  
Issuances 0 0  
Settlements (23) (81)  
Other 88 (3)  
Transfers into Level 3 17 1  
Transfers out of Level 3 (58) (15)  
Fair Value, end of period 429 304 421
Total gains (losses) (realized/unrealized):      
Included in earnings 11 (16)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 5 (17)  
Fixed maturities, Trading | Fixed Maturities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Fixed maturities, Trading | Fixed Maturities | Other Income      
Total gains (losses) (realized/unrealized):      
Included in earnings 9 (16) 36
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 5 (17) 34
Fixed maturities, Trading | Fixed Maturities | Interest credited to policyholders’ account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Fixed maturities, Trading | Fixed Maturities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Fixed maturities, Trading | Fixed Maturities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings $ 2 $ 0 $ 0
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.