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Fair Value of Assets and Liabilities (Tables)

12 Months Ended

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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