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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2016
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are presented in the following tables:
September 30, 2016 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other bonds |  |  |  |  |  | $ | 19,555 |  |  | $ | 261 |  |  | $ | 19,816 |
States, municipalities and political subdivisions |  |  |  |  |  |  | 13,500 |  |  |  | 1 |  |  |  | 13,501 |
Asset-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed |  |  |  |  |  |  | 5,286 |  |  |  | 79 |  |  |  | 5,365 |
Commercial mortgage-backed |  |  |  |  |  |  | 2,120 |  |  |  | 24 |  |  |  | 2,144 |
Other asset-backed |  |  |  |  |  |  | 916 |  |  |  | 43 |  |  |  | 959 |
Total asset-backed |  |  |  |  |  |  | 8,322 |  |  |  | 146 |  |  |  | 8,468 |
U.S. Treasury and obligations of government-sponsored enterprises |  | $ | 76 |  |  |  |  |  |  |  |  |  |  |  | 76 |
Foreign government |  |  |  |  |  |  | 438 |  |  |  |  |  |  |  | 438 |
Redeemable preferred stock |  |  | 20 |  |  |  |  |  |  |  |  |  |  |  | 20 |
Fixed maturities available-for-sale |  |  | 96 |  |  |  | 41,815 |  |  |  | 408 |  |  |  | 42,319 |
Fixed maturities trading |  |  |  |  |  |  | 569 |  |  |  | 6 |  |  |  | 575 |
Total fixed maturities |  | $ | 96 |  |  | $ | 42,384 |  |  | $ | 414 |  |  | $ | 42,894 |
Equity securities available-for-sale |  | $ | 97 |  |  |  |  |  |  | $ | 19 |  |  | $ | 116 |
Equity securities trading |  |  | 469 |  |  |  |  |  |  |  | 1 |  |  |  | 470 |
Total equity securities |  | $ | 566 |  |  | $ | - |  |  | $ | 20 |  |  | $ | 586 |
Short term investments |  | $ | 3,902 |  |  | $ | 911 |  |  |  |  |  |  | $ | 4,813 |
Other invested assets |  |  | 54 |  |  |  | 5 |  |  |  |  |  |  |  | 59 |
Life settlement contracts |  |  |  |  |  |  |  |  |  | $ | 67 |  |  |  | 67 |
Payable to brokers |  |  | (215 | ) |  |  |  |  |  |  |  |  |  |  | (215) |
December 31, 2015 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other bonds |  |  |  |  |  | $ | 17,601 |  |  | $ | 168 |  |  | $ | 17,769 |
States, municipalities and political subdivisions |  |  |  |  |  |  | 13,172 |  |  |  | 2 |  |  |  | 13,174 |
Asset-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed |  |  |  |  |  |  | 4,938 |  |  |  | 134 |  |  |  | 5,072 |
Commercial mortgage-backed |  |  |  |  |  |  | 2,175 |  |  |  | 22 |  |  |  | 2,197 |
Other asset-backed |  |  |  |  |  |  | 868 |  |  |  | 53 |  |  |  | 921 |
Total asset-backed |  |  |  |  |  |  | 7,981 |  |  |  | 209 |  |  |  | 8,190 |
U.S. Treasury and obligations of government-sponsored enterprises |  | $ | 66 |  |  |  | 1 |  |  |  |  |  |  |  | 67 |
Foreign government |  |  |  |  |  |  | 346 |  |  |  |  |  |  |  | 346 |
Redeemable preferred stock |  |  | 35 |  |  |  |  |  |  |  |  |  |  |  | 35 |
Fixed maturities available-for-sale |  |  | 101 |  |  |  | 39,101 |  |  |  | 379 |  |  |  | 39,581 |
Fixed maturities trading |  |  |  |  |  |  | 35 |  |  |  | 85 |  |  |  | 120 |
Total fixed maturities |  | $ | 101 |  |  | $ | 39,136 |  |  | $ | 464 |  |  | $ | 39,701 |
Equity securities available-for-sale |  | $ | 177 |  |  |  |  |  |  | $ | 20 |  |  | $ | 197 |
Equity securities trading |  |  | 554 |  |  |  |  |  |  |  | 1 |  |  |  | 555 |
Total equity securities |  | $ | 731 |  |  | $ | - |  |  | $ | 21 |  |  | $ | 752 |
Short term investments |  | $ | 3,600 |  |  | $ | 1,134 |  |  |  |  |  |  | $ | 4,734 |
Other invested assets |  |  | 102 |  |  |  | 44 |  |  |  |  |  |  |  | 146 |
Receivables |  |  |  |  |  |  | 9 |  |  | $ | 3 |  |  |  | 12 |
Life settlement contracts |  |  |  |  |  |  |  |  |  |  | 74 |  |  |  | 74 |
Payable to brokers |  |  | (196 | ) |  |  |  |  |  |  |  |  |  |  | (196)
Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2016 and 2015:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gains |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Losses) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Recognized in |
|  |  |  |  | Net Realized Gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Net Income |
|  |  |  |  | (Losses) and Net Change |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | on Level |
|  |  |  |  | in Unrealized Gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3 Assets and |
|  |  |  |  | (Losses) |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  | Transfers |  |  |  |  |  | Liabilities |
|  | Balance, |  |  | Included in |  |  | Included in |  |  |  |  |  |  |  |  |  |  |  | into |  |  | out of |  |  | Balance, |  |  | Held at |
2016 |  | July 1 |  |  | Net Income |  |  | OCI |  |  | Purchases |  |  | Sales |  |  | Settlements |  |  | Level 3 |  |  | Level 3 |  |  | September 30 |  |  | September 30 |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other bonds |  | $ | 242 |  |  | $ | 1 |  |  | $ | 7 |  |  | $ | 16 |  |  |  |  |  |  | $ | (5) |  |  |  |  |  |  |  |  |  |  | $ | 261 |  |  |  |  |
States, municipalities and political subdivisions |  |  | 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1) |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  |  |  |
Asset-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed |  |  | 134 |  |  |  |  |  |  |  | (1 | ) |  |  | 5 |  |  |  |  |  |  |  | (1) |  |  |  |  |  |  | $ | (58 | ) |  |  | 79 |  |  |  |  |
Commercial mortgage- backed |  |  | 11 |  |  |  |  |  |  |  |  |  |  |  | 23 |  |  |  |  |  |  |  | (8) |  |  |  |  |  |  |  | (2 | ) |  |  | 24 |  |  |  |  |
Other asset-backed |  |  | 45 |  |  |  |  |  |  |  |  |  |  |  | 34 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (36 | ) |  |  | 43 |  |  |  |  |
Total asset-backed |  |  | 190 |  |  |  | - |  |  |  | (1 | ) |  |  | 62 |  |  | $ | - |  |  |  | (9) |  |  | $ | - |  |  |  | (96 | ) |  |  | 146 |  |  | $ | - |
Fixed maturities available-for-sale |  |  | 434 |  |  |  | 1 |  |  |  | 6 |  |  |  | 78 |  |  |  |  |  |  |  | (15) |  |  |  |  |  |  |  | (96 | ) |  |  | 408 |  |  |  |  |
Fixed maturities trading |  |  | 6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6 |  |  |  | (1) |
Total fixed maturities |  | $ | 440 |  |  | $ | 1 |  |  | $ | 6 |  |  | $ | 78 |  |  | $ | - |  |  | $ | (15) |  |  | $ | - |  |  | $ | (96 | ) |  | $ | 414 |  |  | $ | (1) |
Equity securities available-for-sale |  | $ | 19 |  |  | $ | (1 | ) |  | $ | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 19 |  |  | $ | (2) |
Equity securities trading |  |  | 2 |  |  |  |  |  |  |  |  |  |  | $ | (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  |  | (1) |
Total equity securities |  | $ | 21 |  |  | $ | (1 | ) |  | $ | 1 |  |  | $ | (1) |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 20 |  |  | $ | (3) |
Life settlement contracts |  | $ | 67 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 67 |  |  |  |  |
Derivative financial instruments, net |  |  | 1 |  |  | $ | (1 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  |  |
|  |  |  |  | Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses) |  |  |  |  |  |  |  |  |  |  |  | Transfers into Level 3 |  |  | Transfers out of Level 3 |  |  | Balance, September 30 |  |  | Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities |
2015 |  | Balance, July 1 |  |  | Included in Net Income |  |  | Included in OCI |  |  | Purchases |  |  | Sales |  |  | Settlements |  |  |  |  |  | Held at September 30 |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other bonds |  | $ | 141 |  |  |  |  |  |  |  |  |  |  | $ | 27 |  |  | $ | (1 | ) |  | $ | (11 | ) |  |  |  |  |  | $ | (3 | ) |  | $ | 153 |  |  |  |  |
States, municipalities and political subdivisions |  |  | 85 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (24 | ) |  |  | 61 |  |  |  |  |
Asset-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed |  |  | 207 |  |  | $ | 2 |  |  | $ | (2 | ) |  |  | 4 |  |  |  |  |  |  |  | (7 | ) |  |  |  |  |  |  |  |  |  |  | 204 |  |  |  |  |
Commercial mortgage-backed |  |  | 87 |  |  |  | 5 |  |  |  | (4 | ) |  |  | 8 |  |  |  |  |  |  |  | (15 | ) |  |  |  |  |  |  | (10 | ) |  |  | 71 |  |  |  |  |
Other asset-backed |  |  | 490 |  |  |  |  |  |  |  | (6 | ) |  |  | 43 |  |  |  | (20 | ) |  |  | (32 | ) |  |  |  |  |  |  | (4 | ) |  |  | 471 |  |  |  |  |
Total asset-backed |  |  | 784 |  |  |  | 7 |  |  |  | (12 | ) |  |  | 55 |  |  |  | (20 | ) |  |  | (54 | ) |  | $ | - |  |  |  | (14 | ) |  |  | 746 |  |  | $ | - |
Fixed maturities available-for-sale |  |  | 1,010 |  |  |  | 7 |  |  |  | (12 | ) |  |  | 82 |  |  |  | (21 | ) |  |  | (65 | ) |  |  |  |  |  |  | (41 | ) |  |  | 960 |  |  |  |  |
Fixed maturities trading |  |  | 89 |  |  |  | (2 | ) |  |  |  |  |  |  |  |  |  |  | (1 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 86 |  |  | $ | (2) |
Total fixed maturities |  | $ | 1,099 |  |  | $ | 5 |  |  | $ | (12 | ) |  | $ | 82 |  |  | $ | (22 | ) |  | $ | (65 | ) |  | $ | - |  |  | $ | (41 | ) |  | $ | 1,046 |  |  | $ | (2) |
Equity securities available-for-sale |  | $ | 16 |  |  |  |  |  |  | $ | (1 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 15 |  |  |  |  |
Equity securities trading |  |  | 1 |  |  | $ | 1 |  |  |  |  |  |  |  |  |  |  | $ | (2 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  | $ | 1 |
Total equity securities |  | $ | 17 |  |  | $ | 1 |  |  | $ | (1 | ) |  | $ | - |  |  | $ | (2 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 15 |  |  | $ | 1 |
Life settlement contracts |  | $ | 75 |  |  | $ | 5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (6 | ) |  |  |  |  |  |  |  |  |  | $ | 74 |  |  | $ | 2 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gains |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Losses) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Recognized in |
|  |  |  |  | Net Realized Gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Net Income |
|  |  |  |  | (Losses) and Net Change |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | on Level |
|  |  |  |  | in Unrealized Gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3 Assets and |
|  |  |  |  | (Losses) |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  | Transfers |  |  |  |  |  | Liabilities |
|  | Balance, |  |  | Included in |  |  | Included in |  |  |  |  |  |  |  |  |  |  |  | into |  |  | out of |  |  | Balance, |  |  | Held at |
2016 |  | January 1 |  |  | Net Income |  |  | OCI |  |  | Purchases |  |  | Sales |  |  | Settlements |  |  | Level 3 |  |  | Level 3 |  |  | September 30 |  |  | September 30 |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other bonds |  | $ | 168 |  |  | $ | 1 |  |  | $ | 14 |  |  | $ | 163 |  |  | $ | (36 | ) |  | $ | (15) |  |  |  |  |  |  | $ | (34) |  |  | $ | 261 |  |  |  |  |
States, municipalities and political subdivisions |  |  | 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1) |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  |  |  |
Asset-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed |  |  | 134 |  |  |  | 2 |  |  |  | (2) |  |  |  | 15 |  |  |  |  |  |  |  | (10) |  |  |  |  |  |  |  | (60) |  |  |  | 79 |  |  |  |  |
Commercial mortgage-backed |  |  | 22 |  |  |  |  |  |  |  |  |  |  |  | 32 |  |  |  |  |  |  |  | (17) |  |  | $ | 3 |  |  |  | (16) |  |  |  | 24 |  |  |  |  |
Other asset-backed |  |  | 53 |  |  |  |  |  |  |  | 2 |  |  |  | 69 |  |  |  | (25 | ) |  |  | (1) |  |  |  | 2 |  |  |  | (57) |  |  |  | 43 |  |  |  |  |
Total asset-backed |  |  | 209 |  |  |  | 2 |  |  |  | - |  |  |  | 116 |  |  |  | (25 | ) |  |  | (28) |  |  |  | 5 |  |  |  | (133) |  |  |  | 146 |  |  | $ | - |
Fixed maturities available-for-sale |  |  | 379 |  |  |  | 3 |  |  |  | 14 |  |  |  | 279 |  |  |  | (61 | ) |  |  | (44) |  |  |  | 5 |  |  |  | (167) |  |  |  | 408 |  |  |  |  |
Fixed maturities trading |  |  | 85 |  |  |  | 5 |  |  |  |  |  |  |  | 2 |  |  |  | (86 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6 |  |  |  | 3 |
Total fixed maturities |  | $ | 464 |  |  | $ | 8 |  |  | $ | 14 |  |  | $ | 281 |  |  | $ | (147 | ) |  | $ | (44) |  |  | $ | 5 |  |  | $ | (167) |  |  | $ | 414 |  |  | $ | 3 |
Equity securities available-for-sale |  | $ | 20 |  |  | $ | (1 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 19 |  |  | $ | (2) |
Equity securities trading |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | $ | (1 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  |  |  |
Total equity securities |  | $ | 21 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | (1 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 20 |  |  | $ | (2) |
Life settlement contracts |  | $ | 74 |  |  | $ | 10 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (17) |  |  |  |  |  |  |  |  |  |  | $ | 67 |  |  | $ | 2 |
Derivative financial instruments, net |  |  | 3 |  |  |  | (4 | ) |  |  |  |  |  |  |  |  |  | $ | (2 | ) |  |  |  |  |  | $ | 3 |  |  |  |  |  |  |  | - |  |  |  | (3) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gains |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Losses) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Recognized in |
|  |  |  |  | Net Realized Gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Net Income |
|  |  |  |  | (Losses) and Net Change |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | on Level |
|  |  |  |  | in Unrealized Gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3 Assets and |
|  |  |  |  | (Losses) |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  | Transfers |  |  |  |  |  | Liabilities |
|  | Balance, |  |  | Included in |  |  | Included in |  |  |  |  |  |  |  |  |  |  |  | into |  |  | out of |  |  | Balance, |  |  | Held at |
2015 |  | January 1 |  |  | Net Income |  |  | OCI |  |  | Purchases |  |  | Sales |  |  | Settlements |  |  | Level 3 |  |  | Level 3 |  |  | September 30 |  |  | September 30 |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other bonds |  | $ | 162 |  |  | $ | (1 | ) |  | $ | (1 | ) |  | $ | 39 |  |  | $ | (13 | ) |  | $ | (32) |  |  | $ | 37 |  |  | $ | (38 | ) |  | $ | 153 |  |  |  |  |
States, municipalities and political subdivisions |  |  | 94 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10) |  |  |  |  |  |  |  | (24 | ) |  |  | 61 |  |  |  |  |
Asset-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed |  |  | 189 |  |  |  | 4 |  |  |  | (4 | ) |  |  | 76 |  |  |  |  |  |  |  | (28) |  |  |  |  |  |  |  | (33 | ) |  |  | 204 |  |  |  |  |
Commercial mortgage-backed |  |  | 83 |  |  |  | 7 |  |  |  | (4 | ) |  |  | 23 |  |  |  |  |  |  |  | (17) |  |  |  | 17 |  |  |  | (38 | ) |  |  | 71 |  |  |  |  |
Other asset-backed |  |  | 655 |  |  |  | 3 |  |  |  | 4 |  |  |  | 125 |  |  |  | (254 | ) |  |  | (52) |  |  |  |  |  |  |  | (10 | ) |  |  | 471 |  |  | $ | (1) |
Total asset-backed |  |  | 927 |  |  |  | 14 |  |  |  | (4 | ) |  |  | 224 |  |  |  | (254 | ) |  |  | (97) |  |  |  | 17 |  |  |  | (81 | ) |  |  | 746 |  |  |  | (1) |
Fixed maturities available-for-sale |  |  | 1,183 |  |  |  | 14 |  |  |  | (5 | ) |  |  | 263 |  |  |  | (267 | ) |  |  | (139) |  |  |  | 54 |  |  |  | (143 | ) |  |  | 960 |  |  |  | (1) |
Fixed maturities trading |  |  | 90 |  |  |  | (2 | ) |  |  |  |  |  |  |  |  |  |  | (2 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 86 |  |  |  | (2) |
Total fixed maturities |  | $ | 1,273 |  |  | $ | 12 |  |  | $ | (5 | ) |  | $ | 263 |  |  | $ | (269 | ) |  | $ | (139) |  |  | $ | 54 |  |  | $ | (143 | ) |  | $ | 1,046 |  |  | $ | (3) |
Equity securities available-for-sale |  | $ | 16 |  |  |  |  |  |  | $ | (1 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 15 |  |  |  |  |
Equity securities trading |  |  | 1 |  |  | $ | 1 |  |  |  |  |  |  |  |  |  |  | $ | (2 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  | $ | 1 |
Total equity securities |  | $ | 17 |  |  | $ | 1 |  |  | $ | (1 | ) |  | $ | - |  |  | $ | (2 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 15 |  |  | $ | 1 |
Life settlement contracts |  | $ | 82 |  |  | $ | 22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (30) |  |  |  |  |  |  |  |  |  |  | $ | 74 |  |  | $ | 1 |
Quantitative Information about Significant Unobservable Inputs Utilized by Company in Fair Value Measurements of Level 3 Assets | he following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available to the Company.
September 30, 2016 |  | Estimated Fair Value |  |  | Valuation Techniques |  | Unobservable Inputs |  | Range (Weighted Average) |
|  | (In millions) |  |  |  |  |  |  |  |
Fixed maturity securities |  | $ | 211 |  |  | Discounted cash flow |  | Credit spread |  |  | 2% – 40% (6%) |
Life settlement contracts |  |  | 67 |  |  | Discounted cash flow |  | Discount rate risk premium |  |  | 9% |
|  |  |  |  |  |  |  | Mortality assumption |  |  | 55% – 1,676% (162%) |
December 31, 2015 |  |  |  |  |  |  |  |  |  |
Fixed maturity securities |  | $ | 138 |  |  | Discounted cash flow |  | Credit spread |  |  | 3% – 184% (6%) |
Life settlement contracts |  |  | 74 |  |  | Discounted cash flow |  | Discount rate risk premium |  |  | 9% |
|  |  |  |  |  |  |  | Mortality assumption |  |  | 55% – 1,676% (164%) |
Carrying Amount, Estimated Fair Value and Level of Fair Value Hierarchy of Company's Financial Assets and Liabilities | The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short term debt and long term debt exclude capital lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items.
|  | Carrying |  |  | Estimated Fair Value |
September 30, 2016 |  | Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other invested assets, primarily mortgage loans |  | $ | 629 |  |  |  |  |  |  |  |  |  |  | $ | 654 |  |  | $ | 654 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short term debt |  |  | 185 |  |  |  |  |  |  | $ | 182 |  |  |  | 3 |  |  |  | 185 |
Long term debt |  |  | 10,722 |  |  |  |  |  |  |  | 10,428 |  |  |  | 646 |  |  |  | 11,074 |
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other invested assets, primarily mortgage loans |  | $ | 678 |  |  |  |  |  |  |  |  |  |  | $ | 688 |  |  | $ | 688 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short term debt |  |  | 1,038 |  |  |  |  |  |  | $ | 1,050 |  |  |  | 2 |  |  |  | 1,052 |
Long term debt |  |  | 9,507 |  |  |  |  |  |  |  | 8,538 |  |  |  | 595 |  |  |  | 9,133 |

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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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