XML 72 R61.htm IDEA: XBRL DOCUMENT v3.23.3
Fair Value of Financial Instruments - Changes to Fair Value of Financial Instruments Level 3 (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Fixed maturity securities available-for-sale:        
Assets, Total Gains (Losses) Included in Earnings $ (44) $ (3)    
Assets, Total Gains (Losses) Included in AOCI 49 (127)    
Assets, Purchases 848 1,671    
Assets, Sales (46) (3)    
Assets, Settlements (300) (270)    
Assets, Net transfer In (Out) of Level 3 (145) (79)    
Change in Unrealized Included in OCI 50 (141)    
Liabilities        
Liabilities, Total Gains (Losses) Included in Earnings (780) (283) $ (198)  
Liabilities, Total Gains (Losses) Included in AOCI 0 0 0  
Liabilities, Purchases 576 138 765  
Liabilities, Sales 0 0 0  
Liabilities, Settlements (45) (21) (110)  
Liabilities, Net transfer In (Out) of Level 3 $ 0 0 0  
Change in Unrealized Gains (Losses) Included in OCI   $ 0 $ 0  
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Recognized gains and losses, net Recognized gains and losses, net Recognized gains and losses, net Recognized gains and losses, net
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] Unrealized (loss) gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates) Unrealized (loss) gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates) Unrealized (loss) gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates) Unrealized (loss) gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates)
Level 3        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period $ 8,759 $ 6,315 $ 8,286 $ 5,641
Balance at End of Period 9,121 7,539 9,121 7,539
Liabilities        
Balance at Beginning of Period 4,134 3,233 3,397 4,352
Balance at End of Period 3,850 3,017 3,850 3,017
FIA/ IUL embedded derivatives, included in contractholder funds        
Liabilities        
Balance at Beginning of Period 3,821 2,941 3,115 3,883
Liabilities, Total Gains (Losses) Included in Earnings (796) (283) (214) (1,442)
Liabilities, Total Gains (Losses) Included in AOCI 0 0 0 0
Liabilities, Purchases 576 138 765 410
Liabilities, Sales 0 0 0 0
Liabilities, Settlements (45) (21) (110) (76)
Liabilities, Net transfer In (Out) of Level 3 0 0 0 0
Balance at End of Period 3,556 2,775 3,556 2,775
Change in Unrealized Gains (Losses) Included in OCI 0 0 0 0
Interest Rate Swap        
Liabilities        
Balance at Beginning of Period 0   0  
Liabilities, Total Gains (Losses) Included in Earnings 16   16  
Liabilities, Total Gains (Losses) Included in AOCI 0    
Liabilities, Purchases 0   0  
Liabilities, Sales 0   0  
Liabilities, Settlements 0   0  
Liabilities, Net transfer In (Out) of Level 3 0   0  
Balance at End of Period 16   16  
Change in Unrealized Gains (Losses) Included in OCI 0   0  
Asset-backed securities        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period 6,510 4,677 6,263 3,959
Assets, Total Gains (Losses) Included in Earnings (45) 0 (56) 1
Assets, Total Gains (Losses) Included in AOCI 75 (71) 108 (343)
Assets, Purchases 536 1,530 1,331 2,757
Assets, Sales (27) 0 (125) (39)
Assets, Settlements (171) (123) (557) (401)
Assets, Net transfer In (Out) of Level 3 (121) (61) (207) 18
Balance at End of Period 6,757 5,952 6,757 5,952
Change in Unrealized Included in OCI 75 (80) 107 (371)
Commercial mortgage-backed securities        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period 17 37 37 35
Assets, Total Gains (Losses) Included in Earnings 0 0 0 0
Assets, Total Gains (Losses) Included in AOCI 0 0 1 (5)
Assets, Purchases 10 0 22 0
Assets, Sales 0 0 0 0
Assets, Settlements 0 0 0 0
Assets, Net transfer In (Out) of Level 3 0 0 (33) 7
Balance at End of Period 27 37 27 37
Change in Unrealized Included in OCI 0 0 1 (4)
Corporates        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period 1,628 1,374 1,440 1,135
Assets, Total Gains (Losses) Included in Earnings 0 0 (1) 0
Assets, Total Gains (Losses) Included in AOCI (21) (53) (77) (190)
Assets, Purchases 162 135 423 521
Assets, Sales 0 0 (1) 0
Assets, Settlements (24) (147) (43) (178)
Assets, Net transfer In (Out) of Level 3 (1) (9) 3 12
Balance at End of Period 1,744 1,300 1,744 1,300
Change in Unrealized Included in OCI (21) (57) (77) (191)
Municipals        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period 49 33 29 43
Assets, Total Gains (Losses) Included in Earnings 0 0 0 0
Assets, Total Gains (Losses) Included in AOCI (2) (3) 18 (13)
Assets, Purchases 0 0 0 0
Assets, Sales 0 0 0 0
Assets, Settlements 0 0 0 0
Assets, Net transfer In (Out) of Level 3 0 0 0 0
Balance at End of Period 47 30 47 30
Change in Unrealized Included in OCI (2) (4) 18 (13)
Residential mortgage-backed securities        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period 28 9 302 0
Assets, Total Gains (Losses) Included in Earnings 0 0 1 0
Assets, Total Gains (Losses) Included in AOCI (1) 0 7 0
Assets, Purchases 0 5 32 14
Assets, Sales 0 0 0 0
Assets, Settlements (1) 0 (9) 0
Assets, Net transfer In (Out) of Level 3 (23) (9) (330) (9)
Balance at End of Period 3 5 3 5
Change in Unrealized Included in OCI (1) 0 7 0
Foreign Governments        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period 16 16 16 18
Assets, Total Gains (Losses) Included in Earnings 0 0 0 0
Assets, Total Gains (Losses) Included in AOCI 0 0 0 (2)
Assets, Purchases 0 0 0 0
Assets, Sales 0 0 0 0
Assets, Settlements 0 0 0 0
Assets, Net transfer In (Out) of Level 3 0 0 0 0
Balance at End of Period 16 16 16 16
Change in Unrealized Included in OCI 0 0 0 (1)
Investment in unconsolidated affiliates        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period 197 21 23 21
Assets, Total Gains (Losses) Included in Earnings 0 0 0 0
Assets, Total Gains (Losses) Included in AOCI 0 0 0 0
Assets, Purchases 75 0 249 0
Assets, Sales 0 0 0 0
Assets, Settlements 0 0 0 0
Assets, Net transfer In (Out) of Level 3 0 0 0 0
Balance at End of Period 272 21 272 21
Change in Unrealized Included in OCI 0 0 0  
Short term investments        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period 126 0 0 321
Assets, Total Gains (Losses) Included in Earnings 0 0 0 0
Assets, Total Gains (Losses) Included in AOCI 0 0 0 (1)
Assets, Purchases 65 0 191 20
Assets, Sales (19) 0 (19) 0
Assets, Settlements (103) 0 (103) 0
Assets, Net transfer In (Out) of Level 3 0 0 0 (340)
Balance at End of Period 69 0 69 0
Change in Unrealized Included in OCI 0 0 0 (1)
Preferred securities        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period 7 1 1 2
Assets, Total Gains (Losses) Included in Earnings 0 0 0 0
Assets, Total Gains (Losses) Included in AOCI 1 0 1 (1)
Assets, Purchases 0 0 0 0
Assets, Sales 0 0 0 0
Assets, Settlements 0 0 0 0
Assets, Net transfer In (Out) of Level 3 0 0 6 0
Balance at End of Period 8 1 8 1
Change in Unrealized Included in OCI 1 0 1 (1)
Equity securities        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period 14 10 10 9
Assets, Total Gains (Losses) Included in Earnings 1 0 1 0
Assets, Total Gains (Losses) Included in AOCI 0 0 0 0
Assets, Purchases 0 1 0 2
Assets, Sales 0 (1) 0 (1)
Assets, Settlements 0 0 0 0
Assets, Net transfer In (Out) of Level 3 0 0 4 0
Balance at End of Period 15 10 15 10
Change in Unrealized Included in OCI 0 0 0 0
Available-for-sale embedded derivative        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period 26 24 23 34
Assets, Total Gains (Losses) Included in Earnings 0 (2) 0 (12)
Assets, Total Gains (Losses) Included in AOCI (3) 0 0 0
Assets, Purchases 0 0 0 0
Assets, Sales 0 0 0 0
Assets, Settlements 0 0 0 0
Assets, Net transfer In (Out) of Level 3 0 0 0 0
Balance at End of Period 23 22 23 22
Change in Unrealized Included in OCI (3) 0 0 0
Credit linked note        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period 13 17 15 23
Assets, Total Gains (Losses) Included in Earnings 0 (1) 0 (1)
Assets, Total Gains (Losses) Included in AOCI 0 0 0 (3)
Assets, Purchases 0 0 0 0
Assets, Sales 0 (2) 0 (2)
Assets, Settlements (1) 0 (3) (3)
Assets, Net transfer In (Out) of Level 3 0 0 0 0
Balance at End of Period 12 14 12 14
Change in Unrealized Included in OCI 0 0 0 0
Secured borrowing receivable        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period 10 10 10 0
Assets, Total Gains (Losses) Included in Earnings 0 0 0 0
Assets, Total Gains (Losses) Included in AOCI 0 0 0 0
Assets, Purchases 0 0 0 0
Assets, Sales 0 0 0 0
Assets, Settlements 0 0 0 0
Assets, Net transfer In (Out) of Level 3 0 0 0 10
Balance at End of Period 10 10 10 10
Change in Unrealized Included in OCI 0 0 0 0
Subtotal Level 3 assets at fair value        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period     8,169 5,600
Assets, Total Gains (Losses) Included in Earnings     (55) (12)
Assets, Total Gains (Losses) Included in AOCI     58 (558)
Assets, Purchases     2,248 3,314
Assets, Sales     (145) (42)
Assets, Settlements     (715) (582)
Assets, Net transfer In (Out) of Level 3     (557) (302)
Balance at End of Period 9,003 7,418 9,003 7,418
Change in Unrealized Included in OCI     57 (582)
Subtotal Level 3 assets at fair value | Level 3        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period 8,641 6,229    
Balance at End of Period 9,003 7,418 9,003 7,418
Market risk benefits asset        
Fixed maturity securities available-for-sale:        
Balance at End of Period 118   118  
Market risk benefits asset | Level 3        
Fixed maturity securities available-for-sale:        
Balance at Beginning of Period 118 86 117 41
Balance at End of Period 118 121 118 121
Subtotal Level 3 liabilities at fair value        
Liabilities        
Balance at Beginning of Period     3,115 3,883
Liabilities, Total Gains (Losses) Included in Earnings       (1,442)
Liabilities, Total Gains (Losses) Included in AOCI       0
Liabilities, Purchases       410
Liabilities, Sales       0
Liabilities, Settlements       (76)
Liabilities, Net transfer In (Out) of Level 3       0
Balance at End of Period 3,572 2,775 3,572 2,775
Change in Unrealized Gains (Losses) Included in OCI 0     0
Subtotal Level 3 liabilities at fair value | Level 3        
Liabilities        
Balance at Beginning of Period 3,821 2,941    
Balance at End of Period 3,572 2,775 3,572 2,775
Market risk benefits liability | Level 3        
Liabilities        
Balance at Beginning of Period 313 292 282 469
Balance at End of Period $ 278 $ 242 $ 278 $ 242