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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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:

			December 31, 2023
			Level 1						Level 2						Level 3						NAV						Fair Value
Assets			(In millions)
Cash and cash equivalents			$	2,767					$	—					$	—					$	—					$	2,767
Fixed maturity securities, available-for-sale:
Asset-backed securities			—						7,220						7,122						—						14,342
Commercial mortgage-backed securities			—						4,457						18						—						4,475
Corporates			25						15,892						1,979						—						17,896
Hybrids			95						523						—						—						618
Municipals			—						1,562						49						—						1,611
Residential mortgage-backed securities			—						2,426						3						—						2,429
U.S. Government			662						16						—						—						678
Foreign Governments			—						308						16						—						324
Equity securities			692						—						15						59						766
Preferred securities			214						399						8						—						621
Derivative investments			—						740						57						—						797
Investments in unconsolidated affiliates			—						—						285						—						285
Short term investments			2,111						8						—						—						2,119
Reinsurance related embedded derivative, included in other assets			—						152						—						—						152
Other long-term investments			—						—						37						—						37
Market risk benefits asset			—						—						88						—						88
Total financial assets at fair value			$	6,566					$	33,703					$	9,677					$	59					$	50,005
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds			—						—						4,258						—						4,258
Market risk benefits liability			—						—						403						—						403
Derivative instruments - futures contracts			1						—						—												1
Total financial liabilities at fair value			$	1					$	—					$	4,661					$	—					$	4,662

			December 31, 2022
			Level 1						Level 2						Level 3						NAV						Fair Value
Assets			(In millions)
Cash and cash equivalents			$	2,286					$	—					$	—					$	—					$	2,286
Fixed maturity securities, available-for-sale:
Asset-backed securities			—						5,204						6,263						—						11,467
Commercial mortgage-backed securities			—						3,026						37						—						3,063
Corporates			40						12,857						1,440						—						14,337
Hybrids			93						638						—						—						731
Municipals			—						1,431						29						—						1,460
Residential mortgage-backed securities			—						1,225						302						—						1,527
U.S. Government			260						11						—						—						271
Foreign Governments			—						223						16						—						239
Equity securities			621						—						10						47						678
Preferred securities			320						582						1						—						903
Derivative investments			—						244						—						—						244
Investment in unconsolidated affiliates			—						—						23						—						23
Reinsurance related embedded derivative, included in other assets			—						279						—						—						279
Short term investments			2,590						—						—						—						2,590
Market risk benefits asset			—						—						117						—						117
Other long-term investments			—						—						48						—						48
Total financial assets at fair value			$	6,210					$	25,720					$	8,286					$	47					$	40,263
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds			—						—						3,115						—						3,115
Market risk benefits liability			—						—						282						—						282
Total financial liabilities at fair value			$	—					$	—					$	3,397					$	—					$	3,397

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, 2023
			(in millions)
			Level 1						Level 2						Level 3						NAV						Total Estimated Fair Value						Carrying Amount
Assets
FHLB common stock			$	—					$	138					$	—					$	—					$	138					$	138
Commercial mortgage loans			—						—						2,253						—						2,253						2,538
Residential mortgage loans			—						—						2,545						—						2,545						2,798
Investments in unconsolidated affiliates			—						—						7						2,779						2,786						2,786
Policy loans			—						—						71						—						71						71
Other invested assets			17						—						—						42						59						59
Company-owned life insurance			—						—						397						—						397						397
Trade and notes receivables, net of allowance			—						—						442						—						442						442
Total			$	17					$	138					$	5,715					$	2,821					$	8,691					$	9,229
Liabilities
Investment contracts, included in contractholder funds			$	—					$	—					$	40,229					$	—					$	40,229					$	44,540
Debt			—						3,568						—						—						3,568						3,887
Total			$	—					$	3,568					$	40,229					$	—					$	43,797					$	48,427

			December 31, 2022
			(in millions)
			Level 1						Level 2						Level 3						NAV						Total Estimated Fair Value						Carrying Amount
Assets
FHLB common stock			$	—					$	99					$	—					$	—					$	99					$	99
Commercial mortgage loans			—						—						2,083						—						2,083						2,406
Residential mortgage loans			—						—						1,892						—						1,892						2,148
Investments in unconsolidated affiliates			—						—						5						2,427						2,432						2,432
Policy loans			—						—						52						—						52						52
Other invested assets			93						—						16						—						109						109
Company-owned life insurance			—						—						363						—						363						363
Trade and notes receivables, net of allowance			—						—						467						—						467						467
Total			$	93					$	99					$	4,878					$	2,427					$	7,497					$	8,076
Liabilities
Investment contracts, included in contractholder funds			$	—					$	—					$	34,464					$	—					$	34,464					$	38,412
Debt			—						2,776						—						—						2,776						3,238
Total			$	—					$	2,776					$	34,464					$	—					$	37,240					$	41,650

Schedule of Unobservable Inputs Used for Level Three Fair Value Measurements of Financial Instruments on Recurring Basis

Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of December 31, 2023 and December 31, 2022, excluding assets and liabilities for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are as follows:

			Fair Value at						Valuation Technique						Unobservable Input(s)						Range (Weighted average)
			December 31, 2023
			(in millions)																		December 31, 2023
Assets
Asset-backed securities			$	57					Third-Party Valuation						Discount Rate						5.09% - 6.95% (6.00%)
Corporates			787						Third-Party Valuation						Discount Rate						0.00% - 12.87% (6.91%)
Corporates			8						Discounted Cash Flow						Discount Rate						44.00% - 100.00%  (75.20%)
Municipals			32						Third-Party Valuation						Discount Rate						6.25% - 6.25% (6.25%)
Residential mortgage-backed securities			3						Third-Party Valuation						Discount Rate						5.46%-5.46% (5.46%)
Foreign Governments			16						Third-Party Valuation						Discount Rate						6.94% - 7.68%  (7.45%)
Investment in unconsolidated affiliates			285						Market Comparable Company Analysis						EBITDA Multiple						4.4x - 31.8x (23.2x)
Preferred securities			1						Discounted Cash Flow						Discount rate						100.00%
Equity securities			7						Discounted Cash Flow						Discount rate						11.50% - 11.50% (11.50%)
Other long-term investments:
Available-for-sale embedded derivative			28						Black Scholes Model						Market Value of Fund						100.00%
Market risk benefits asset			88						Discounted Cash Flow						Mortality						100.00% - 100.00% (100.00%)
															Surrender Rates						0.25% - 10.00% (5.22%)
															Partial Withdrawal Rates						—% - 23.26% (2.50%)
															Non-Performance Spread						0.38% - 1.10% (0.96%)
															GMWB Utilization						50.00% - 60.00% (50.81%)
Total financial assets at fair value (a)			$	1,312
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds			$	4,258					Discounted Cash Flow						Market Value of Option						0.00% - 18.93% (2.63%)
															Swap rates						3.84% - 5.26% (4.55%)
															Mortality Multiplier						100.00% - 100.00% (100.00%)
															Surrender Rates						0.25% - 70.00% (6.83%)
															Partial Withdrawals						2.00% - 34.48% (2.74%)
															Non-Performance Spread						0.38% - 1.10% (0.96%)
															Option cost						0.07% - 5.48% (2.38%)
Market risk benefits liability			403						Discounted Cash Flow						Mortality						100.00% - 100.00% (100.00%)
															Surrender Rates						0.25% - 10.00% (5.22%)
															Partial Withdrawal Rates						—% - 23.26% (2.50%)
															Non-Performance Spread						0.38% - 1.10% (0.96%)
															GMWB Utilization						50.00% - 60.00% (50.81%)
Total financial liabilities at fair value			$	4,661

(a) Excludes $$8,365 million of assets for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services)

			Fair Value at						Valuation Technique						Unobservable Input(s)						Range (Weighted average)
			December 31, 2022
			(In millions)																		December 31, 2022
Assets
Asset-backed securities			$	91					Third-Party Valuation						Discount Rate						5.23% - 8.98% (6.07%)
Corporates			796						Third-Party Valuation						Discount Rate						4.75% - 12.45% (7.22%)
Corporates			12						Discounted Cash Flow						Discount Rate						44.00% - 100.00% (77.02%)
Municipals			29						Third-Party Evaluation						Discount Rate						7.62% - 7.62% (7.62%)
Foreign governments			16						Third-Party Evaluation						Discount Rate						5.99% - 6.28% (6.19%)
Investment in unconsolidated affiliates			23						Market Comparable Company Analysis						EBITDA multiple						5x-5.50x
Preferred Securities			1						Discounted Cash Flow						Discount rate						100.00%
Equity securities			4						Discounted Cash Flow						Discount Rate						11.10% - 11.10% (11.10%)
Other long-term investments:
Available-for-sale embedded derivative			23						Black Scholes model						Market value of fund						100.00%
Market risk benefits asset			117						Discounted Cash Flow						Mortality						100.00% - 100.00% (100.00%)
															Surrender Rates						0.25% - 10.00% (4.69%)
															Partial Withdrawal Rates						2.00% - 21.74% (2.49%)
															Non-Performance Spread						0.48% - 1.44% (1.30%)
															GMWB Utilization						50.00% - 60.00% (50.94%)
Total financial assets at fair value (a)			$	1,112
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds			$	3,115					Discounted cash flow						Market value of option						0.00% - 23.90% (0.87%)
															Swap rates						3.88% - 4.73% (4.31%)
															Mortality multiplier						100.00% - 100.00% (100.00%)
															Surrender rates						0.25% - 70.00% (6.57%)
															Partial withdrawals						2.00% - 29.41% (2.73%)
															Non-performance spread						0.48% - 1.44% (1.30%)
															Option cost						0.07% - 4.97% (1.89%)
Market risk benefits liability			282						Discounted Cash Flow						Mortality						100.00% - 100.00% (100.00%)
															Surrender rates						0.25% - 10.00% (4.69%)
															Partial withdrawal rates						2.00% - 21.74%  (2.49%)
															Non-performance spread						0.48% - 1.44% (1.30%)
															GMWB utilization						50.00% - 60.00% (50.94%)
Total financial liabilities at fair value			$	3,397

(a) Excludes $7,174 million of assets for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services)

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, 2023 and December 31, 2022, respectively. 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, 2023
			(in millions)
			Balance at Beginning of Period												Total Gains (Losses)												Purchases						Sales						Settlements						Net 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			$	6,263											$	(53)					$	186					$	1,830					$	(125)					$	(738)					$	(241)					$	7,122					$	185
Commercial mortgage-backed securities			37												—						2						22						—						—						(43)						18						2
Corporates			1,440												(2)						(21)						654						(1)						(94)						3						1,979						(20)
Hybrids			—												—						—						—						—						—						—						—						—
Municipals			29												—						20						—						—						—						—						49						20
Residential mortgage-backed securities			302												1						7						32						—						(9)						(330)						3						7
Foreign Governments			16												—						—						—						—						—						—						16						—
Investment in unconsolidated affiliates			23												13						—						249						—						—						—						285						—
Short-term			—												—						—						204						(19)						(185)						—						—						—
Derivative instruments			—												57						—						—						—						—						—						57						—
Preferred securities			1												—						—						—						—						—						7						8						1
Equity securities			10												1						1						—						—						—						3						15						—
Other long-term assets:
Available-for-sale embedded derivative			23												—						4						—						—						—						—						27						4
Credit linked note			15												—						—						—						—						(5)						—						10						—
Secured borrowing receivable			10												—						—						—						—						(10)						—						—						—
Subtotal Level 3 assets at fair value			$	8,169											$	17					$	199					$	2,991					$	(145)					$	(1,041)					$	(601)					$	9,589					$	199
Market risk benefits asset			$	117																																															$	88
Total Level 3 assets at fair value			$	8,286																																															$	9,677
Liabilities
FIA/ IUL embedded derivatives, included in contractholder funds			3,115												257						—						1,049						—						(163)						—						4,258						—
Subtotal Level 3 liabilities at fair value			$	3,115											$	257					$	—					$	1,049					$	—					$	(163)					$	—					$	4,258					$	—
Market Risk benefits liability			$	282																																															$	403
Total Level 3 liabilities at fair value			$	3,397																																															$	4,661

			Year ended December 31, 2022
			Balance at Beginning of Period						Total Gains (Losses)												Purchases						Sales						Settlements						Net 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			$	3,959					$	(6)					$	(393)					$	3,269					$	(39)					$	(541)					$	14					$	6,263					$	(426)
Commercial mortgage-backed securities			35						—						(5)						—						—						—						7						37						(4)
Corporates			1,135						1						(187)						714						(20)						(215)						12						1,440						(188)
Hybrids			—						—						—						—						—						—						—						—						—
Municipals			43						—						(14)						—						—						—						—						29						(13)
Residential mortgage-backed securities			—						—						—						316						—						—						(14)						302						—
Foreign Governments			18						—						(2)						—						—						—						—						16						(1)
Investment in unconsolidated affiliates			21						—						2						—						—						—						—						23						2
Short-term			321						—						(1)						20						—						—						(340)						—						(1)
Preferred securities			2						—						(1)						—						—						—						—						1						(1)
Equity securities			9						—						—						2						(1)						—						—						10						—
Other long-term assets:
Available-for-sale embedded derivative			34						(11)						—						—						—						—						—						23						—
Secured borrowing receivable			—						—						—						—						—						—						10						10						—
Credit linked note			23						(1)						(1)						—						(2)						(4)						—						15						—
Subtotal Level 3 assets at fair value			$	5,600					$	(17)					$	(602)					$	4,321					$	(62)					$	(760)					$	(311)					$	8,169					$	(632)
Market risk benefits asset			$	41																																									$	117
Total Level 3 assets at fair value			$	5,641																																									$	8,286
Liabilities
FIA embedded derivatives, included in contractholder funds			3,883						(1,382)						—						768						—						(154)						—						3,115						—
Subtotal Total liabilities at Level 3 fair value			$	3,883					$	(1,382)					$	—					$	768					$	—					$	(154)					$	—					$	3,115					$	—
Market risk benefits liability			$	469																																									$	282
Total Level 3 liabilities at fair value			$	4,352																																									$	3,397

(a) The net transfers out of Level 3 during the year ended December 31, 2022, were to Level 2.

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, 2023 and December 31, 2022, respectively. 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, 2023
			(in millions)
			Balance at Beginning of Period												Total Gains (Losses)												Purchases						Sales						Settlements						Net 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			$	6,263											$	(53)					$	186					$	1,830					$	(125)					$	(738)					$	(241)					$	7,122					$	185
Commercial mortgage-backed securities			37												—						2						22						—						—						(43)						18						2
Corporates			1,440												(2)						(21)						654						(1)						(94)						3						1,979						(20)
Hybrids			—												—						—						—						—						—						—						—						—
Municipals			29												—						20						—						—						—						—						49						20
Residential mortgage-backed securities			302												1						7						32						—						(9)						(330)						3						7
Foreign Governments			16												—						—						—						—						—						—						16						—
Investment in unconsolidated affiliates			23												13						—						249						—						—						—						285						—
Short-term			—												—						—						204						(19)						(185)						—						—						—
Derivative instruments			—												57						—						—						—						—						—						57						—
Preferred securities			1												—						—						—						—						—						7						8						1
Equity securities			10												1						1						—						—						—						3						15						—
Other long-term assets:
Available-for-sale embedded derivative			23												—						4						—						—						—						—						27						4
Credit linked note			15												—						—						—						—						(5)						—						10						—
Secured borrowing receivable			10												—						—						—						—						(10)						—						—						—
Subtotal Level 3 assets at fair value			$	8,169											$	17					$	199					$	2,991					$	(145)					$	(1,041)					$	(601)					$	9,589					$	199
Market risk benefits asset			$	117																																															$	88
Total Level 3 assets at fair value			$	8,286																																															$	9,677
Liabilities
FIA/ IUL embedded derivatives, included in contractholder funds			3,115												257						—						1,049						—						(163)						—						4,258						—
Subtotal Level 3 liabilities at fair value			$	3,115											$	257					$	—					$	1,049					$	—					$	(163)					$	—					$	4,258					$	—
Market Risk benefits liability			$	282																																															$	403
Total Level 3 liabilities at fair value			$	3,397																																															$	4,661

			Year ended December 31, 2022
			Balance at Beginning of Period						Total Gains (Losses)												Purchases						Sales						Settlements						Net 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			$	3,959					$	(6)					$	(393)					$	3,269					$	(39)					$	(541)					$	14					$	6,263					$	(426)
Commercial mortgage-backed securities			35						—						(5)						—						—						—						7						37						(4)
Corporates			1,135						1						(187)						714						(20)						(215)						12						1,440						(188)
Hybrids			—						—						—						—						—						—						—						—						—
Municipals			43						—						(14)						—						—						—						—						29						(13)
Residential mortgage-backed securities			—						—						—						316						—						—						(14)						302						—
Foreign Governments			18						—						(2)						—						—						—						—						16						(1)
Investment in unconsolidated affiliates			21						—						2						—						—						—						—						23						2
Short-term			321						—						(1)						20						—						—						(340)						—						(1)
Preferred securities			2						—						(1)						—						—						—						—						1						(1)
Equity securities			9						—						—						2						(1)						—						—						10						—
Other long-term assets:
Available-for-sale embedded derivative			34						(11)						—						—						—						—						—						23						—
Secured borrowing receivable			—						—						—						—						—						—						10						10						—
Credit linked note			23						(1)						(1)						—						(2)						(4)						—						15						—
Subtotal Level 3 assets at fair value			$	5,600					$	(17)					$	(602)					$	4,321					$	(62)					$	(760)					$	(311)					$	8,169					$	(632)
Market risk benefits asset			$	41																																									$	117
Total Level 3 assets at fair value			$	5,641																																									$	8,286
Liabilities
FIA embedded derivatives, included in contractholder funds			3,883						(1,382)						—						768						—						(154)						—						3,115						—
Subtotal Total liabilities at Level 3 fair value			$	3,883					$	(1,382)					$	—					$	768					$	—					$	(154)					$	—					$	3,115					$	—
Market risk benefits liability			$	469																																									$	282
Total Level 3 liabilities at fair value			$	4,352																																									$	3,397

(a) The net transfers out of Level 3 during the year ended December 31, 2022, were to Level 2.

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