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Investments (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments [Abstract] |
Net Investment Income | Net investment income is as follows:
| Three Months Ended |  | Nine Months Ended |
| September 30, |  | September 30, |
| 2021 |  | 2020 |  | 2021 |  | 2020 |
(In millions) |  |  |  |  |  |  |  |
Fixed maturity securities |  | $ | 425 |  |  | $ | 432 |  |  | $ | 1,278 |  |  | $ | 1,300 |
Limited partnership investments |  |  | 89 |  |  |  | 71 |  |  |  | 285 |  |  |  | 26 |
Short term investments |  |  | 1 |  |  |  | 2 |  |  |  | 1 |  |  |  | 11 |
Equity securities |  |  | 4 |  |  |  | 18 |  |  |  | 53 |  |  |  | 24 |
Income (loss) from trading portfolio (a) |  |  | (30 | ) |  |  | 22 |  |  |  | 46 |  |  |  |  |
Other |  |  | 12 |  |  |  | 14 |  |  |  | 42 |  |  |  | 44 |
Total investment income |  |  | 501 |  |  |  | 559 |  |  |  | 1,705 |  |  |  | 1,405 |
Investment expenses |  |  | (18 | ) |  |  | (19 | ) |  |  | (56 | ) |  |  | (58 | )
Net investment income |  | $ | 483 |  |  | $ | 540 |  |  | $ | 1,649 |  |  | $ | 1,347 |
(a) | Net investment income recognized due to the change in fair value on securities still held as of September 30, 2021 and 2020 was $(55) and $11 for the three months ended September 30, 2021 and 2020 and $(9) and $13 for the nine months ended September 30, 2021 and 2020.
Investment Gains (Losses) | Investment gains (losses) are as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |
Gross gains |  | $ | 50 |  |  | $ | 44 |  |  | $ | 159 |  |  | $ | 175 |
Gross losses |  |  | (28 | ) |  |  | (18 | ) |  |  | (68 | ) |  |  | (207 | )
Investment gains (losses) on fixed maturity securities |  |  | 22 |  |  |  | 26 |  |  |  | 91 |  |  |  | (32 | )
Equity securities |  |  | (2 | ) |  |  | 25 |  |  |  | 17 |  |  |  | (45 | )
Derivative instruments |  |  | 2 |  |  |  | (2 | ) |  |  | 7 |  |  |  | (7 | )
Short term investments and other |  |  |  |  |  |  | (3 | ) |  |  | 2 |  |  |  | (17 | )
Altium Packaging (see Note 2) |  |  |  |  |  |  |  |  |  |  | 555 |  |  |  |  |
Diamond Offshore (see Note 2) |  |  |  |  |  |  |  |  |  |  | (15 | ) |  |  | (1,211 | )
Investment gains (losses) (a) |  | $ | 22 |  |  | $ | 46 |  |  | $ | 657 |  |  | $ | (1,312 | )
(a) | During the three and nine months ended September 30, 2021, $2 of investment losses and $15 of investment gains were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2021. During the three and nine months ended September 30, 2020, $25 of investment gains and $44 of investment losses were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2020.
Allowance for Credit Losses | The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivables on available-for-sale fixed maturity securities totaled $387 million, $371 million and $390 million as of September 30, 2021, December 31, 2020 and September 30, 2020 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.
|  | Corporate and |  |  | Asset- |  |  |  |
Three months ended September 30, 2021 |  | Other Bonds |  |  | backed |  |  | Total |
(In millions) |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |
Balance as of July 1, 2021 |  | $ | 24 |  |  | $ | 21 |  |  | $ | 45 |
Additions to the allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Securities for which credit losses were not previously recorded |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities accounted for as PCD assets |  |  | 2 |  |  |  |  |  |  |  | 2 |
Reductions to the allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Securities sold during the period (realized) |  |  |  |  |  |  |  |  |  |  |  |
Write-offs charged against the allowance |  |  | 16 |  |  |  |  |  |  |  | 16 |
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period |  |  |  |  |  |  |  |  |  |  |  |
Total allowance for credit losses |  | $ | 10 |  |  | $ | 21 |  |  | $ | 31 |
Three months ended September 30, 2020 |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |
Balance as of July 1, 2020 |  | $ | 39 |  |  | $ | 12 |  |  | $ | 51 |
Additions to the allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Securities for which credit losses were not previously recorded |  |  | 4 |  |  |  |  |  |  |  | 4 |
Available-for-sale securities accounted for as PCD assets |  |  | 1 |  |  |  |  |  |  |  | 1 |
Reductions to the allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Securities sold during the period (realized) |  |  | 9 |  |  |  |  |  |  |  | 9 |
Write-offs charged against the allowance |  |  |  |  |  |  |  |  |  |  |  |
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period |  |  | (1 | ) |  |  | 1 |  |  |  |  |
Total allowance for credit losses |  | $ | 34 |  |  | $ | 13 |  |  | $ | 47 |
|  | Corporate and |  |  | Asset- |  |  |  |
Nine months ended September 30, 2021 |  | Other Bonds |  |  | backed |  |  | Total |
(In millions) |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |
Balance as of January 1, 2021 |  | $ | 23 |  |  | $ | 17 |  |  | $ | 40 |
Additions to the allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Securities for which credit losses were not previously recorded |  |  | 14 |  |  |  |  |  |  |  | 14 |
Available-for-sale securities accounted for as PCD assets |  |  | 4 |  |  |  | 4 |  |  |  | 8 |
Reductions to the allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Securities sold during the period (realized) |  |  | 6 |  |  |  |  |  |  |  | 6 |
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis |  |  |  |  |  |  |  |  |  |  |  |
Write-offs charged against the allowance |  |  | 16 |  |  |  |  |  |  |  | 16 |
Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period |  |  | (9 | ) |  |  |  |  |  |  | (9 | )
Total allowance for credit losses |  | $ | 10 |  |  | $ | 21 |  |  | $ | 31 |
Nine months ended September 30, 2020 |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |
Balance as of January 1, 2020 |  | $ | - |  |  | $ | - |  |  | $ | - |
Additions to the allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Impact of adopting ASC 326 |  |  | 6 |  |  |  |  |  |  |  | 6 |
Securities for which credit losses were not previously recorded |  |  | 62 |  |  |  | 12 |  |  |  | 74 |
Available-for-sale securities accounted for as PCD assets |  |  | 3 |  |  |  |  |  |  |  | 3 |
Reductions to the allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |
Securities sold during the period (realized) |  |  | 15 |  |  |  |  |  |  |  | 15 |
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis |  |  | 1 |  |  |  |  |  |  |  | 1 |
Write-offs charged against the allowance |  |  |  |  |  |  |  |  |  |  |  |
Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period |  |  | (21 | ) |  |  | 1 |  |  |  | (20 | )
Total allowance for credit losses |  | $ | 34 |  |  | $ | 13 |  |  | $ | 47 |
Available-for-Sale Impairment Losses Recognized in Earnings | The components of available-for-sale impairment losses recognized in earnings by asset type are presented in the following table. The table includes losses on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other bonds |  |  |  |  |  | $ | 4 |  |  | $ | 5 |  |  | $ | 94 |
Asset-backed |  | $ | 11 |  |  |  | 1 |  |  |  | 11 |  |  |  | 14 |
Impairment losses recognized in earnings |  | $ | 11 |  |  | $ | 5 |  |  | $ | 16 |  |  | $ | 108 |
Amortized Cost and Fair Values of Fixed Maturity Securities | The amortized cost and fair values of fixed maturity securities are as follows:
|  | Cost or |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for Credit |  |  | Estimated |
September 30, 2021 |  | Cost |  |  | Gains |  |  | Losses |  |  | Losses |  |  | Fair Value |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other bonds |  | $ | 21,608 |  |  | $ | 2,967 |  |  | $ | 42 |  |  | $ | 10 |  |  | $ | 24,523 |
States, municipalities and political subdivisions |  |  | 10,384 |  |  |  | 1,610 |  |  |  | 15 |  |  |  |  |  |  |  | 11,979 |
Asset-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed |  |  | 3,176 |  |  |  | 89 |  |  |  | 6 |  |  |  |  |  |  |  | 3,259 |
Commercial mortgage-backed |  |  | 2,064 |  |  |  | 85 |  |  |  | 16 |  |  |  | 17 |  |  |  | 2,116 |
Other asset-backed |  |  | 2,429 |  |  |  | 76 |  |  |  | 4 |  |  |  | 4 |  |  |  | 2,497 |
Total asset-backed |  |  | 7,669 |  |  |  | 250 |  |  |  | 26 |  |  |  | 21 |  |  |  | 7,872 |
U.S. Treasury and obligations of government-sponsored enterprises |  |  | 139 |  |  |  | 1 |  |  |  | 4 |  |  |  |  |  |  |  | 136 |
Foreign government |  |  | 521 |  |  |  | 19 |  |  |  | 2 |  |  |  |  |  |  |  | 538 |
Redeemable preferred stock |  |  | 12 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12 |
Fixed maturities available-for-sale |  |  | 40,333 |  |  |  | 4,847 |  |  |  | 89 |  |  |  | 31 |  |  |  | 45,060 |
Fixed maturities trading |  |  | 9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9 |
Total fixed maturity securities |  | $ | 40,342 |  |  | $ | 4,847 |  |  | $ | 89 |  |  | $ | 31 |  |  | $ | 45,069 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other bonds |  | $ | 20,792 |  |  | $ | 3,578 |  |  | $ | 22 |  |  | $ | 23 |  |  | $ | 24,325 |
States, municipalities and political subdivisions |  |  | 9,729 |  |  |  | 1,863 |  |  |  |  |  |  |  |  |  |  |  | 11,592 |
Asset-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed |  |  | 3,442 |  |  |  | 146 |  |  |  | 1 |  |  |  |  |  |  |  | 3,587 |
Commercial mortgage-backed |  |  | 1,933 |  |  |  | 93 |  |  |  | 42 |  |  |  | 17 |  |  |  | 1,967 |
Other asset-backed |  |  | 2,179 |  |  |  | 81 |  |  |  | 9 |  |  |  |  |  |  |  | 2,251 |
Total asset-backed |  |  | 7,554 |  |  |  | 320 |  |  |  | 52 |  |  |  | 17 |  |  |  | 7,805 |
U.S. Treasury and obligations of government-sponsored enterprises |  |  | 339 |  |  |  | 2 |  |  |  | 3 |  |  |  |  |  |  |  | 338 |
Foreign government |  |  | 512 |  |  |  | 32 |  |  |  |  |  |  |  |  |  |  |  | 544 |
Fixed maturities available-for-sale |  |  | 38,926 |  |  |  | 5,795 |  |  |  | 77 |  |  |  | 40 |  |  |  | 44,604 |
Fixed maturities trading |  |  | 37 |  |  |  | 5 |  |  |  |  |  |  |  |  |  |  |  | 42 |
Total fixed maturity securities |  | $ | 38,963 |  |  | $ | 5,800 |  |  | $ | 77 |  |  | $ | 40 |  |  | $ | 44,646 |
Available-for-Sale Securities in Gross Unrealized Loss Position | The available-for-sale securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:
|  | Less than |  |  | 12 Months |  |  |  |
|  | 12 Months |  |  | or Longer |  |  | Total |
|  |  |  |  | Gross |  |  |  |  |  | Gross |  |  |  |  |  | Gross |
|  | Estimated |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |
September 30, 2021 |  | Fair Value |  |  | Losses |  |  | Fair Value |  |  | Losses |  |  | Fair Value |  |  | Losses |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other bonds |  | $ | 1,853 |  |  | $ | 37 |  |  | $ | 88 |  |  | $ | 5 |  |  | $ | 1,941 |  |  | $ | 42 |
States, municipalities and political subdivisions |  |  | 885 |  |  |  | 15 |  |  |  |  |  |  |  |  |  |  |  | 885 |  |  |  | 15 |
Asset-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed |  |  | 1,295 |  |  |  | 6 |  |  |  |  |  |  |  |  |  |  |  | 1,295 |  |  |  | 6 |
Commercial mortgage-backed |  |  | 317 |  |  |  | 4 |  |  |  | 194 |  |  |  | 12 |  |  |  | 511 |  |  |  | 16 |
Other asset-backed |  |  | 439 |  |  |  | 3 |  |  |  | 58 |  |  |  | 1 |  |  |  | 497 |  |  |  | 4 |
Total asset-backed |  |  | 2,051 |  |  |  | 13 |  |  |  | 252 |  |  |  | 13 |  |  |  | 2,303 |  |  |  | 26 |
U.S. Treasury and obligations of government-sponsored enterprises |  |  | 65 |  |  |  | 4 |  |  |  | 1 |  |  |  |  |  |  |  | 66 |  |  |  | 4 |
Foreign government |  |  | 73 |  |  |  | 2 |  |  |  |  |  |  |  |  |  |  |  | 73 |  |  |  | 2 |
Total fixed maturity securities |  | $ | 4,927 |  |  | $ | 71 |  |  | $ | 341 |  |  | $ | 18 |  |  | $ | 5,268 |  |  | $ | 89 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate and other bonds |  | $ | 609 |  |  | $ | 21 |  |  | $ | 12 |  |  | $ | 1 |  |  | $ | 621 |  |  | $ | 22 |
States, municipalities and political subdivisions |  |  | 33 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 33 |  |  |  |  |
Asset-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed |  |  | 71 |  |  |  | 1 |  |  |  | 11 |  |  |  |  |  |  |  | 82 |  |  |  | 1 |
Commercial mortgage-backed |  |  | 533 |  |  |  | 40 |  |  |  | 28 |  |  |  | 2 |  |  |  | 561 |  |  |  | 42 |
Other asset-backed |  |  | 344 |  |  |  | 9 |  |  |  | 13 |  |  |  |  |  |  |  | 357 |  |  |  | 9 |
Total asset-backed |  |  | 948 |  |  |  | 50 |  |  |  | 52 |  |  |  | 2 |  |  |  | 1,000 |  |  |  | 52 |
U.S. Treasury and obligations of government-sponsored enterprises |  |  | 63 |  |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  | 63 |  |  |  | 3 |
Foreign government |  |  | 13 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13 |  |  |  |  |
Total fixed maturity securities |  | $ | 1,666 |  |  | $ | 74 |  |  | $ | 64 |  |  | $ | 3 |  |  | $ | 1,730 |  |  | $ | 77 |
Available-for-Sale Fixed Maturity Securities by Contractual Maturity | The following table presents available-for-sale fixed maturity securities by contractual maturity.
|  | September 30, 2021 |  |  | December 31, 2020 |
|  | Cost or |  |  | Estimated |  |  | Cost or |  |  | Estimated |
|  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |  |  | Cost |  |  | Value |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 1,648 |  |  | $ | 1,656 |  |  | $ | 1,456 |  |  | $ | 1,458 |
Due after one year through five years |  |  | 10,776 |  |  |  | 11,517 |  |  |  | 12,304 |  |  |  | 13,098 |
Due after five years through ten years |  |  | 13,628 |  |  |  | 14,794 |  |  |  | 12,319 |  |  |  | 13,878 |
Due after ten years |  |  | 14,281 |  |  |  | 17,093 |  |  |  | 12,847 |  |  |  | 16,170 |
Total |  | $ | 40,333 |  |  | $ | 45,060 |  |  | $ | 38,926 |  |  | $ | 44,604 |
Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination | The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios.
|  | Mortgage Loans Amortized Cost Basis by Origination Year (a) |
As of September 30, 2021 |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | Prior |  |  | Total |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DSCR ≥1.6x |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV less than 55% |  | $ | 8 |  |  | $ | 75 |  |  | $ | 16 |  |  | $ | 37 |  |  | $ | 116 |  |  | $ | 203 |  |  | $ | 455 |
LTV 55% to 65% |  |  |  |  |  |  | 38 |  |  |  | 15 |  |  |  | 18 |  |  |  |  |  |  |  | 1 |  |  |  | 72 |
LTV greater than 65% |  |  | 17 |  |  |  |  |  |  |  | 14 |  |  |  | 7 |  |  |  |  |  |  |  | 23 |  |  |  | 61 |
DSCR 1.2x - 1.6x |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV less than 55% |  |  | 13 |  |  |  | 15 |  |  |  | 95 |  |  |  |  |  |  |  | 5 |  |  |  | 58 |  |  |  | 186 |
LTV 55% to 65% |  |  | 25 |  |  |  |  |  |  |  |  |  |  |  | 24 |  |  |  | 10 |  |  |  | 4 |  |  |  | 63 |
LTV greater than 65% |  |  |  |  |  |  | 24 |  |  |  | 9 |  |  |  |  |  |  |  | 8 |  |  |  |  |  |  |  | 41 |
DSCR ≤1.2x |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LTV less than 55% |  |  |  |  |  |  |  |  |  |  | 35 |  |  |  |  |  |  |  | 30 |  |  |  |  |  |  |  | 65 |
LTV 55% to 65% |  |  |  |  |  |  |  |  |  |  | 42 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 42 |
LTV greater than 65% |  |  |  |  |  |  | 9 |  |  |  | 56 |  |  |  |  |  |  |  |  |  |  |  | 7 |  |  |  | 72 |
Total |  | $ | 63 |  |  | $ | 161 |  |  | $ | 282 |  |  | $ | 86 |  |  | $ | 169 |  |  | $ | 296 |  |  | $ | 1,057 |
(a) | The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.
Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments | A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.
|  | September 30, 2021 |  |  | December 31, 2020 |
|  | Contractual/ |  |  |  |  |  |  |  |  | Contractual/ |  |  |  |  |  |  |
|  | Notional |  |  | Estimated Fair Value |  |  | Notional |  |  | Estimated Fair Value |
|  | Amount |  |  | Asset |  |  | (Liability) |  |  | Amount |  |  | Asset |  |  | (Liability) |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With hedge designation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 675 |  |  |  |  |  |  | $ | (26 | )
Without hedge designation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options – purchased |  | $ | 1 |  |  |  |  |  |  |  |  |  |  |  | 135 |  |  | $ | 3 |  |  |  |  |
Interest rate swaps |  |  | 100 |  |  |  |  |  |  | $ | (1 | ) |  |  | 100 |  |  |  |  |  |  |  | (3 | )
Embedded derivative on funds withheld liability |  |  | 272 |  |  |  |  |  |  |  | (11 | ) |  |  | 190 |  |  |  |  |  |  |  | (19 | )

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