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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Carrying Amounts of Assets and Liabilities and Estimated at Fair Value on Recurring Basis
The carrying amounts and estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows (in millions):
December 31, 2021
Level 1Level 2Level 3Fair ValueCarrying Amount
Assets
Cash and cash equivalents $4,360 $— $— $4,360 $4,360 
Fixed maturity securities, available-for-sale:
Asset-backed securities— 4,736 3,959 8,695 8,695 
Commercial mortgage-backed securities— 2,944 35 2,979 2,979 
Corporates37 15,322 1,135 16,494 16,494 
Hybrids132 780 — 912 912 
Municipals— 1,458 43 1,501 1,501 
Residential mortgage-backed securities— 731 — 731 731 
U.S. Government394 — — 394 394 
Foreign Governments— 266 18 284 284 
Equity securities1,206 — 9 1,215 1,215 
Preferred securities506 893 2 1,401 1,401 
Derivative investments— 816 — 816 816 
Short term investments168 2 321 491 491 
Other long-term investments— — 78 78 78 
Total financial assets at fair value$6,803 $27,948 $5,600 $40,351 $40,351 
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds— — 3,883 3,883 3,883 
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities— 73 — 73 73 
Total financial liabilities at fair value$— $73 $3,883 $3,956 $3,956 
December 31, 2020
Level 1Level 2Level 3Fair ValueCarrying Amount
Assets
Cash and cash equivalents $2,719 $— $— $2,719 $2,719 
Fixed maturity securities, available-for-sale:
Asset-backed securities— 4,916 1,350 6,266 6,266 
Commercial mortgage-backed securities— 2,803 26 2,829 2,829 
Corporates25 13,421 1,289 14,735 14,735 
Hybrids175 815 4 994 994 
Municipals— 1,360 43 1,403 1,403 
Residential mortgage-backed securities— 342 483 825 825 
U.S. Government342 — — 342 342 
Foreign Governments— 176 17 193 193 
Equity securities791 — 5 796 796 
Preferred securities490 851 — 1,341 1,341 
Subscription agreements (1)— 199 — 199 199 
Derivative investments— 548 — 548 548 
Short term investments769 — — 769 769 
Other long-term investments— — 50 50 50 
Total financial assets at fair value$5,311 $25,431 $3,267 $34,009 $34,009 
Liabilities
Fair value of future policy benefits— — 5 5 5 
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds— — 3,404 3,404 3,404 
Reinsurance related embedded derivatives, included in other liabilities— 101 — 101 101 
Total financial liabilities at fair value$— $101 $3,409 $3,510 $3,510 
(1) Included within equity securities in the accompanying Consolidated Balance Sheets as of December 31, 2020.
The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the accompanying Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.
December 31, 2021
(in millions)
Level 1Level 2Level 3Total Estimated Fair ValueCarrying Amount
Assets
FHLB common stock$— $72 $— $72 $72 
Commercial mortgage loans— — 2,265 2,265 2,168 
Residential mortgage loans— — 1,549 1,549 1,581 
Policy loans— — 39 39 39 
Other invested assets— — 57 57 57 
Company-owned life insurance— — 333 333 333 
Trade and notes receivables, net of allowance— — 557 557 557 
Total$— $72 $4,800 $4,872 $4,807 
Liabilities
Investment contracts, included in contractholder funds$— $— $27,448 $27,448 $31,529 
Debt— 3,218 — 3,218 3,096 
Total$— $3,218 $27,448 $30,666 $34,625 
Schedule of Unobservable Inputs Used for Level Three Fair Value Measurements of Financial Instruments on Recurring Basis
Fair Value atValuation TechniqueUnobservable Input(s)Range (Weighted average)
December 31, 2021
(in millions)December 31, 2021
Assets
Asset-backed securities$3,844 Broker-quotedOffered quotes
52.56% - 260.7% (97.06%)
Asset-backed securities115 Third-Party ValuationOffered quotes
93.02% - 108.45% (104.95%)
Commercial mortgage-backed securities24 Broker-quotedOffered quotes
126.70% - 126.70% (126.70%)
Commercial mortgage-backed securities11 Third Party ValuationOffered quotes
97.91% -97.91% (97.91%)
Corporates380 Broker-quotedOffered quotes
0.00% - 109.69% (100.91%)
Corporates741 Third-Party ValuationOffered quotes
85.71% - 119.57% (107.72%)
Corporates 14 Discounted Cash FlowDiscount Rate
44.00% - 100.00%
 (62.00%)
Municipals43 Third-Party ValuationOffered quotes
135.09% - 135.09% (135.09%)
Foreign governments18 Third-Party ValuationOffered quotes
107.23% - 116.44% (110.11%)
Short-term321 Broker-quotedOffered quotes
100.00% - 100.00% (100.00%)
Preferred securities2 Income-ApproachYield
2.43%
Equity securities3 Broker Quoted Offered quotes
$6.23 - $6.23
($6.23)
Equity securities2 Black Scholes model Risk Free Rate
1.00% - 1.00% (1.00%)
 Strike Price
$1.50 - $1.50 ($1.50)
 Volatility
81.00% - 81.00% (81.00%)
 Dividend Yield
0.00% - 0.00% (0.00%)
Equity securities4 Discounted Cash Flow Discount rate
12.70% - 12.70% (12.70%)
Market Comparable Company Analysis EBITDA multiple
5.9x - 5.9x (5.9x)
Other long-term investments:
Available-for-sale embedded derivative34 Black Scholes modelMarket value of fund
100.00%
Credit Linked Note23 Broker-quotedOffered quotes
100.00%
Investment in affiliate21 Market Comparable Company AnalysisEBITDA multiple
8x - 8x
Total financial assets at fair value$5,600 
Liabilities
Future policy benefits — Discounted cash flowNon-performance spread
0.50%
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds3,883 Discounted cash flowMarket value of option
0.00% - 38.72% (3.16%)
Swap rates
0.05% - 1.94% (1.00%)
Mortality multiplier
100.00% - 100.00% (100.00%)
Surrender rates
0.25% - 70.00% (6.26%)
Partial withdrawals
2.00% - 23.26% (2.72%)
Non-performance spread
0.43% - 1.01% (0.68%)
Option cost
0.07% - 4.97% (1.83%)
Total financial liabilities at fair value$3,883 
Fair Value atValuation TechniqueUnobservable Input(s)Range (Weighted average)
December 31, 2020
(in millions)December 31, 2020
Assets
Asset-backed securities$1,175 Broker-quotedOffered quotes
85% - 126.15% (103.96%)
Asset-backed securities175 Third-Party ValuationOffered quotes
0.00% - 107.25% (79.87%)
Commercial mortgage-backed securities26 Broker-quotedOffered quotes
131.59% - 131.59% (131.59%)
Corporates388 Broker-quotedOffered quotes
75.20% - 114.68% ( 103.36%)
Corporates901 Third-Party ValuationOffered quotes
88.42% - 125.83% (109.47%)
Hybrids4 Third-Party ValuationOffered quotes
112.06% - 112.06% ( 112.06%)
Municipals43 Third-Party ValuationOffered quotes
133.53% - 133.53% (133.53%)
Residential mortgage-backed securities483 Broker-quotedOffered quotes
112.58% - 112.58% (112.58%)
Foreign governments17 Third-Party ValuationOffered quotes
107.87% - 113.80% (109.72%)
Preferred securities1 Income-ApproachYield 2.61%
Equity securities1 Black Scholes model Risk Free Rate
0.29% - 0.29% (0.29%)
 Strike Price
$1.50 - $1.50 ($1.50)
 Volatility
1.00% - 1.00% (1.00%)
 Dividend Yield
0.00% - 0.00% (0.00%)
Equity securities3 Discounted Cash Flow Discount rate
10.60% - 10.60% (10.60%)
Market Comparable Company Analysis EBITDA multiple
6.6x - 6.6x (6.6x)
Other long-term assets:
Available-for-sale embedded derivative27 Black Scholes modelMarket value of fund
100.00%
Credit Linked Note23 Broker-quotedOffered quotes
100.00%
Total financial assets at fair value$3,267 
Liabilities
Future policy benefits $5 Discounted cash flowNon-performance spread
0.00%
Risk margin to reflect uncertainty0.50%
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds3,404 Discounted cash flowMarket value of option
0.00% - 67.65% (2.25%)
Treasury rates
0.08% - 1.65% (0.87%)
Mortality multiplier
100.00% - 100.00% (100.00%)
Surrender rates
0.25% - 55.00% (5.24%)
Partial withdrawals
2.00% - 3.50% (2.58%)
Non-performance spread
0.74% - 0.74% (0.74%)
Option cost
0.05% - 16.61% (2.25%)
Total financial liabilities at fair value$3,409 
Changes in Fair Value of Financial Instruments - Assets
The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the years ended December 31, 2021 and 2020, respectively. F&G related activity for the year ended December 31, 2020 in the table below is comprised of the period from June 1, 2020 through December 31, 2020 only. This summary excludes any impact of amortization of VOBA, DAC and DSI. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.
Year ended December 31, 2021
(in millions)
Balance at Beginning
of Period		Total Gains (Losses)PurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Incl in OCI
Included in
Earnings		Included in
AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities$1,350 $(1)$(8)$3,417 $(97)$(595)$(107)$3,959 $4 
Commercial mortgage-backed securities26 — (3)12 — — — 35 1 
Corporates1,289 8 (40)161 (23)(247)(13)1,135 23 
Hybrids4 — — — — (4)— — — 
Municipals43 — — — — — — 43 7 
Residential mortgage-backed securities483 — (1)14 — (102)(394)— 22 
Foreign Governments17 — 1 — — — — 18 2 
Short-term— — 2 820 — (501)— 321 — 
Preferred securities1 (1)1 1 — — — 2 — 
Equity securities4 2 — 3 — — — 9 — 
Other long-term assets:
Available-for-sale embedded derivative27 7 — — — — — 34 — 
Credit linked note23 — — — — — — 23 — 
Investment in affiliate— — — 21 — — — 21 — 
Total assets at Level 3 fair value$3,267 $15 $(48)$4,449 $(120)$(1,449)$(514)$5,600 $59 
Liabilities
Future policy benefits$5 $— $— $— $(4)$(1)$— $— $— 
FIA/ IUL embedded derivatives, included in contractholder funds3,404 479 — — — — — 3,883 — 
Total liabilities at Level 3 fair value$3,409 $479 $— $— $(4)$(1)$— $3,883 $— 
(a) The net transfers out of Level 3 during the year ended December 31, 2021 were to Level 2.
Year ended December 31, 2020
(in millions)
Balance at Beginning
of Period		F&G AcquisitionTotal Gains (Losses)PurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Incl in OCI
Included in
Earnings		Included in
AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities$— $854 $(1)$21 $633 $(1)$(133)$(23)$1,350 $10 
Commercial mortgage-backed securities— 26 — — — — — — 26 — 
Corporates17 1,238 (3)59 110 — (87)(45)1,289 43 
Hybrids— 4 — — — — — — 4 — 
Municipals— 38 — 5 — — — — 43 5 
Residential mortgage-backed securities— 534 — 7 11 — (62)(7)483 — 
Foreign Governments— 16 — 1 — — — — 17 1 
Preferred securities— 1 — — — — — — 1 — 
Equity securities1 — 1 — 2 — — — 4 — 
Other long-term assets:
Available-for-sale embedded derivative— 20 7 — — — — — 27 — 
Credit linked note— 23 — — — — — — 23 — 
Other long-term investment120 — (61)— — — — (59)— — 
Total assets at Level 3 fair value$138 $2,754 $(57)$93 $756 $(1)$(282)$(134)$3,267 $59 
Liabilities
Future policy benefits$— $5 $— $— $— $— $— $— $5 $— 
FIA/ IUL embedded derivatives, included in contractholder funds— 2,852 552 — — — — — 3,404 — 
Total liabilities at Level 3 fair value$— $2,857 $552 $— $— $— $— $— $3,409 $— 
(a) The net transfers out of Level 3 during the year ended December 31, 2020 were to Level 2, except for the net transfers out related to our other long-term investment, which was to Level 1.
Changes in Fair Value of Financial Instruments - Liabilities
The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the years ended December 31, 2021 and 2020, respectively. F&G related activity for the year ended December 31, 2020 in the table below is comprised of the period from June 1, 2020 through December 31, 2020 only. This summary excludes any impact of amortization of VOBA, DAC and DSI. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.
Year ended December 31, 2021
(in millions)
Balance at Beginning
of Period		Total Gains (Losses)PurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Incl in OCI
Included in
Earnings		Included in
AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities$1,350 $(1)$(8)$3,417 $(97)$(595)$(107)$3,959 $4 
Commercial mortgage-backed securities26 — (3)12 — — — 35 1 
Corporates1,289 8 (40)161 (23)(247)(13)1,135 23 
Hybrids4 — — — — (4)— — — 
Municipals43 — — — — — — 43 7 
Residential mortgage-backed securities483 — (1)14 — (102)(394)— 22 
Foreign Governments17 — 1 — — — — 18 2 
Short-term— — 2 820 — (501)— 321 — 
Preferred securities1 (1)1 1 — — — 2 — 
Equity securities4 2 — 3 — — — 9 — 
Other long-term assets:
Available-for-sale embedded derivative27 7 — — — — — 34 — 
Credit linked note23 — — — — — — 23 — 
Investment in affiliate— — — 21 — — — 21 — 
Total assets at Level 3 fair value$3,267 $15 $(48)$4,449 $(120)$(1,449)$(514)$5,600 $59 
Liabilities
Future policy benefits$5 $— $— $— $(4)$(1)$— $— $— 
FIA/ IUL embedded derivatives, included in contractholder funds3,404 479 — — — — — 3,883 — 
Total liabilities at Level 3 fair value$3,409 $479 $— $— $(4)$(1)$— $3,883 $— 
(a) The net transfers out of Level 3 during the year ended December 31, 2021 were to Level 2.
Year ended December 31, 2020
(in millions)
Balance at Beginning
of Period		F&G AcquisitionTotal Gains (Losses)PurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Incl in OCI
Included in
Earnings		Included in
AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities$— $854 $(1)$21 $633 $(1)$(133)$(23)$1,350 $10 
Commercial mortgage-backed securities— 26 — — — — — — 26 — 
Corporates17 1,238 (3)59 110 — (87)(45)1,289 43 
Hybrids— 4 — — — — — — 4 — 
Municipals— 38 — 5 — — — — 43 5 
Residential mortgage-backed securities— 534 — 7 11 — (62)(7)483 — 
Foreign Governments— 16 — 1 — — — — 17 1 
Preferred securities— 1 — — — — — — 1 — 
Equity securities1 — 1 — 2 — — — 4 — 
Other long-term assets:
Available-for-sale embedded derivative— 20 7 — — — — — 27 — 
Credit linked note— 23 — — — — — — 23 — 
Other long-term investment120 — (61)— — — — (59)— — 
Total assets at Level 3 fair value$138 $2,754 $(57)$93 $756 $(1)$(282)$(134)$3,267 $59 
Liabilities
Future policy benefits$— $5 $— $— $— $— $— $— $5 $— 
FIA/ IUL embedded derivatives, included in contractholder funds— 2,852 552 — — — — — 3,404 — 
Total liabilities at Level 3 fair value$— $2,857 $552 $— $— $— $— $— $3,409 $— 
(a) The net transfers out of Level 3 during the year ended December 31, 2020 were to Level 2, except for the net transfers out related to our other long-term investment, which was to Level 1.
Schedule of Equity Method Investments
The following table includes assets that have not been classified in the fair value hierarchy as the value of these investments are measured using the equity method of accounting or the net asset value ("NAV") per share practical expedient (in millions):
December 31, 2021December 31, 2020
Investments in unconsolidated affiliates (equity method of accounting)$136 $146 
Equity securities (NAV)48 — 
Investments in unconsolidated affiliates (NAV)2,350 1,148 
$2,534 $1,294