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FAIR VALUE DISCLOSURES (Tables) | 9 Months Ended
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Sep. 30, 2022
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 summarized below. Fair Value Measurements as of September 30, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
Assets |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |
Fixed maturities, AFS: |  |  |  |  |  |  |
Corporate (1) | $ | — |  |  | $ | 42,635 |  |  | $ | 1,911 |  |  | $ | 44,546 |
U.S. Treasury, government and agency | — |  |  | 6,030 |  |  | — |  |  | 6,030 |
States and political subdivisions | — |  |  | 555 |  |  | 29 |  |  | 584 |
Foreign governments | — |  |  | 926 |  |  | — |  |  | 926 |
Residential mortgage-backed (2) | — |  |  | 476 |  |  | — |  |  | 476 |
Asset-backed (3) | — |  |  | 8,735 |  |  | 10 |  |  | 8,745 |
Commercial mortgage-backed | — |  |  | 3,218 |  |  | 32 |  |  | 3,250 |
Redeemable preferred stock | — |  |  | 43 |  |  | — |  |  | 43 |
Total fixed maturities, AFS | — |  |  | 62,618 |  |  | 1,982 |  |  | 64,600 |
Fixed maturities, at fair value using the fair value option | — |  |  | 1,174 |  |  | 374 |  |  | 1,548 |
Other equity investments (7) | 270 |  |  | 487 |  |  | 12 |  |  | 769 |
Trading securities | 276 |  |  | 303 |  |  | 52 |  |  | 631 |
Other invested assets: |  |  |  |  |  |  |
Short-term investments | — |  |  | 374 |  |  | — |  |  | 374 |
Assets of consolidated VIEs/VOEs | 86 |  |  | 390 |  |  | 5 |  |  | 481 |
Swaps | — |  |  | (286) |  |  | — |  |  | (286) |
Credit default swaps | — |  |  | 12 |  |  | — |  |  | 12 |
Futures | 8 |  |  | — |  |  | — |  |  | 8 |
Options | — |  |  | 2,310 |  |  | — |  |  | 2,310 |
Total other invested assets | 94 |  |  | 2,800 |  |  | 5 |  |  | 2,899 |
Cash equivalents | 2,199 |  |  | 561 |  |  | — |  |  | 2,760 |
Segregated securities | — |  |  | 1,335 |  |  | — |  |  | 1,335 |
Amounts due from reinsurer (6) | — |  |  | — |  |  | 4,312 |  |  | 4,312 |
GMIB reinsurance contracts asset | — |  |  | — |  |  | 1,289 |  |  | 1,289 |
Separate Accounts assets (4) | 106,565 |  |  | 2,374 |  |  | 1 |  |  | 108,940 |
Total Assets | $ | 109,404 |  |  | $ | 71,652 |  |  | $ | 8,027 |  |  | $ | 189,083 |
Liabilities |  |  |  |  |  |  |
Notes issued by consolidated VIE’s, at fair value using the fair value option (5) | $ | — |  |  | $ | 1,398 |  |  | $ | — |  |  | $ | 1,398 |
GMxB derivative features’ liability | — |  |  | — |  |  | 5,825 |  |  | 5,825 |
SCS, SIO, MSO and IUL indexed features’ liability | — |  |  | 2,086 |  |  | — |  |  | 2,086 |
Liabilities of consolidated VIEs and VOEs | 17 |  |  | 5 |  |  | — |  |  | 22 |
Contingent payment arrangements | — |  |  | — |  |  | 273 |  |  | 273 |
Total Liabilities | $ | 17 |  |  | $ | 3,489 |  |  | $ | 6,098 |  |  | $ | 9,604 |
______________ (1)Corporate fixed maturities includes both public and private issues. (2)Includes publicly traded agency pass-through securities and collateralized obligations. (3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types. (4)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of September 30, 2022, the fair value of such investments was $452 million. (5)Includes CLO short-term debt of $248 million, which is inclusive as fair valued within Notes issued by consolidated VIE’s, at fair value using the fair value option. Accrued interest payable of $15 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis. (6)This represents GMIB NLG ceded reserves related to the Venerable Transaction. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction. (7)Includes short position equity securities of $23 million that are reported in other liabilities. Fair Value Measurements as of December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
Assets |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |
Fixed maturities, AFS: |  |  |  |  |  |  |
Corporate (1) | $ | — |  |  | $ | 51,007 |  |  | $ | 1,504 |  |  | $ | 52,511 |
U.S. Treasury, government and agency | — |  |  | 15,385 |  |  | — |  |  | 15,385 |
States and political subdivisions | — |  |  | 627 |  |  | 35 |  |  | 662 |
Foreign governments | — |  |  | 1,152 |  |  | — |  |  | 1,152 |
Residential mortgage-backed (2) | — |  |  | 98 |  |  | — |  |  | 98 |
Asset-backed (3) | — |  |  | 5,926 |  |  | 8 |  |  | 5,934 |
Commercial mortgage-backed (2) | — |  |  | 2,401 |  |  | 20 |  |  | 2,421 |
Redeemable preferred stock | — |  |  | 53 |  |  | — |  |  | 53 |
Total fixed maturities, AFS | — |  |  | 76,649 |  |  | 1,567 |  |  | 78,216 |
Fixed maturities, at fair value using the fair value option |  |  | 1,440 |  |  | 201 |  |  | 1,641 |
Other equity investments | 322 |  |  | 457 |  |  | 5 |  |  | 784 |
Trading securities | 340 |  |  | 226 |  |  | 65 |  |  | 631 |
Other invested assets: |  |  |  |  |  |  |
Short-term investments | — |  |  | 30 |  |  | — |  |  | 30 |
Assets of consolidated VIEs/VOEs | 166 |  |  | 450 |  |  | 11 |  |  | 627 |
Swaps | — |  |  | (473) |  |  | — |  |  | (473) |
Credit default swaps | — |  |  | (1) |  |  | — |  |  | (1) |
Futures | (1) |  |  | — |  |  | — |  |  | (1) |
Options | — |  |  | 6,959 |  |  | — |  |  | 6,959 |
Swaptions | — |  |  | — |  |  | — |  |  | — |
Total other invested assets | 165 |  |  | 6,965 |  |  | 11 |  |  | 7,141 |
Cash equivalents | 3,275 |  |  | 293 |  |  | — |  |  | 3,568 |
Segregated securities | — |  |  | 1,504 |  |  | — |  |  | 1,504 |
Amounts due from reinsurer | — |  |  | — |  |  | 5,813 |  |  | 5,813 |
GMIB reinsurance contracts asset | — |  |  | — |  |  | 1,848 |  |  | 1,848 |
Separate Accounts assets (4) | 144,124 |  |  | 2,572 |  |  | 1 |  |  | 146,697 |
Total Assets | $ | 148,226 |  |  | $ | 90,106 |  |  | $ | 9,511 |  |  | $ | 247,843 |
Liabilities |  |  |  |  |  |  |
Notes issued by consolidated VIE’s, at fair value using the fair value option (5) | $ | — |  |  | $ | 1,277 |  |  | $ | — |  |  | $ | 1,277 |
GMxB derivative features’ liability | — |  |  | — |  |  | 8,525 |  |  | 8,525 |
SCS, SIO, MSO and IUL indexed features’ liability | — |  |  | 6,773 |  |  | — |  |  | 6,773 |
Liabilities of consolidated VIEs and VOEs | 16 |  |  | 2 |  |  | — |  |  | 18 |
Contingent payment arrangements | — |  |  | — |  |  | 38 |  |  | 38 |
Total Liabilities | $ | 16 |  |  | $ | 8,052 |  |  | $ | 8,563 |  |  | $ | 16,631 |
______________ (1)Corporate fixed maturities includes both public and private issues. (2)Includes publicly traded agency pass-through securities and collateralized obligations. (3)Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans. (4)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate and commercial mortgages. As of December 31, 2021, the fair value of such investments was $404 million. (5)Includes CLO short-term debt of $92 million, which is inclusive as fair valued within Notes issued by consolidated VIE’s, at fair value using the fair value option Accrued interest payable of $6 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.
Reconciliation of Assets and Liabilities at Level 3 | The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses) for the three and nine months ended September 30, 2022 and 2021, respectively.
| Corporate |  | State and Political Subdivisions |  | Asset-backed |  | CMBS |  | Trading Securities, at Fair Value |  |  |  |  |  |  |  |  |  |  |  | Fixed maturities, at FVO
Balance, July 1, 2022 | $ | 1,767 |  |  | $ | 30 |  |  | $ | 18 |  |  | $ | 25 |  |  | $ | 52 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 423 |
Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | (20) |
Investment gains (losses), net | (3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |
Subtotal | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | (20) |
Other comprehensive income (loss) | (71) |  |  | (1) |  |  | 1 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |
Purchases | 218 |  |  | — |  |  | (3) |  |  | 7 |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | 6 |
Sales | (34) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | 17 |
Activity related to consolidated VIEs/VOEs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |
Transfers into Level 3 (1) | 25 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | (84) |
Transfers out of Level 3 (1) | 8 |  |  | — |  |  | (6) |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | 32 |
Balance, September 30, 2022 | $ | 1,911 |  |  | $ | 29 |  |  | $ | 10 |  |  | $ | 32 |  |  | $ | 52 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 374 |
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  | $ | (20) |
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) | $ | (70) |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |
Balance, July 1, 2021 | $ | 1,261 |  |  | $ | 37 |  |  | $ | 128 |  |  | $ | 10 |  |  | $ | 39 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 148 |
Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | (7) |
Investment gains (losses), net | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |
Subtotal | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | (7) |
Other comprehensive income (loss) | 4 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |
Purchases | 262 |  |  | — |  |  | (121) |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | 62 |
Sales | (71) |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | (17) |
Activity related to consolidated VIEs/VOEs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |
Transfers into Level 3 (1) | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | (14) |
Transfers out of Level 3 (1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | 10 |
Balance, September 30, 2021 | $ | 1,453 |  |  | $ | 36 |  |  | $ | 5 |  |  | $ | 10 |  |  | $ | 39 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 182 |
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9 |
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) | $ | 4 |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |
_____
| Corporate |  | State and Political Subdivisions |  | Asset-backed |  | CMBS |  | Trading Securities, at Fair Value |  |  |  |  |  |  |  |  |  |  |  | Fixed maturities, at FVO
Balance, January 1, 2022 | $ | 1,504 |  |  | $ | 35 |  |  | $ | 8 |  |  | $ | 20 |  |  | $ | 65 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 201 |
Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | (20) |
Investment gains (losses), net | (3) |  |  | — |  |  | — |  |  | — |  |  | (13) |  |  |  |  |  |  |  |  |  |  |  |  | — |
Subtotal | — |  |  | — |  |  | — |  |  | — |  |  | (13) |  |  |  |  |  |  |  |  |  |  |  |  | (20) |
Other comprehensive income (loss) | (152) |  |  | (5) |  |  | — |  |  | (2) |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |
Purchases | 777 |  |  | — |  |  | 9 |  |  | 14 |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | 159 |
Sales | (195) |  |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | (36) |
Activity related to consolidated VIEs/VOEs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |
Transfers into Level 3 (1) | 90 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | 101 |
Transfers out of Level 3 (1) | (113) |  |  | — |  |  | (6) |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | (31) |
Balance, September 30, 2022 | $ | 1,911 |  |  | $ | 29 |  |  | $ | 10 |  |  | $ | 32 |  |  | $ | 52 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 374 |
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (13) |  |  |  |  |  |  |  |  |  |  |  |  | $ | (9) |
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) | $ | (149) |  |  | $ | (5) |  |  | $ | — |  |  | $ | (2) |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |
Balance, January 1, 2021 | $ | 1,702 |  |  | $ | 39 |  |  | $ | 20 |  |  | $ | — |  |  | $ | 39 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 80 |
Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | 4 |
Investment gains (losses), net | (14) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |
Subtotal | (10) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | 4 |
Other comprehensive income (loss) | 30 |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |
Purchases | 721 |  |  | — |  |  | 3 |  |  | 10 |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | 192 |
Sales | (277) |  |  | (1) |  |  | (18) |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | (26) |
Activity related to consolidated VIEs/VOEs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | — |
Transfers into Level 3 (1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | 1 |
Transfers out of Level 3 (1) | (713) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | (69) |
Balance, September 30, 2021 | $ | 1,453 |  |  | $ | 36 |  |  | $ | 5 |  |  | $ | 10 |  |  | $ | 39 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 182 |
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4 |
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) | $ | 30 |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |
________ (1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2)For instruments held as of September 30, 2022 or September 30, 2021, amounts are included in net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.
| Other Equity Investments (7) |  | GMIB Reinsurance Contract Asset |  | Amounts Due from Reinsurers |  | Separate Accounts Assets |  | GMxB Derivative Features Liability |  | Contingent Payment Arrangement
Balance, July 1, 2022 | $ | 67 |  |  | $ | 1,498 |  |  | $ | 4,681 |  |  | $ | 1 |  |  | $ | (6,180) |  |  | $ | (42) |
Realized and unrealized gains (losses), included in Net income (loss) as: |  |  |  |  |  |  |  |  |  |  |
Investment gains (losses), reported in net investment income | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net derivative gains (losses) (1) | — |  |  | (196) |  |  | (364) |  |  | — |  |  | 429 |  |  | — |
Total realized and unrealized gains (losses) | (1) |  |  | (196) |  |  | (364) |  |  | — |  |  | 429 |  |  | — |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchases (2) | (49) |  |  | 10 |  |  | 28 |  |  | — |  |  | (111) |  |  | (228) |
Sales (3) | — |  |  | (23) |  |  | (33) |  |  | — |  |  | 37 |  |  | — |
Activity related to consolidated VIEs/VOEs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |
Transfers into Level 3 (4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 (4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, September 30, 2022 | $ | 17 |  |  | $ | 1,289 |  |  | $ | 4,312 |  |  | $ | 1 |  |  | $ | (5,825) |  |  | $ | (273) |
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (6) | $ | (1) |  |  | $ | (196) |  |  | $ | (364) |  |  | $ | — |  |  | $ | 428 |  |  | $ | — |
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (6) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Balance, July 1, 2021 | $ | 103 |  |  | $ | 2,026 |  |  | $ | 5,510 |  |  | $ | 1 |  |  | $ | (8,455) |  |  | $ | (38) |
Realized and unrealized gains (losses), included in Net income (loss) as: |  |  |  |  |  |  |  |  |  |  |
Investment gains (losses), reported in net investment income | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net derivative gains (losses) (1) (5) | — |  |  | (84) |  |  | 344 |  |  | — |  |  | (395) |  |  | — |
Total realized and unrealized gains (losses) | 1 |  |  | (84) |  |  | 344 |  |  | — |  |  | (395) |  |  | — |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchases (2) | 1 |  |  | 11 |  |  | 31 |  |  | (1) |  |  | (108) |  |  | 1 |
Sales (3) | (91) |  |  | (16) |  |  | (16) |  |  | — |  |  | 20 |  |  | — |
Activity related to consolidated VIEs/VOEs | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |
Transfers into Level 3 (4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 (4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, September 30, 2021 | $ | 15 |  |  | $ | 1,937 |  |  | $ | 5,869 |  |  | $ | — |  |  | $ | (8,938) |  |  | $ | (38) |
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (6) | $ | 1 |  |  | $ | (84) |  |  | $ | 344 |  |  | $ | — |  |  | $ | (395) |  |  | $ | — |
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (6) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| Other Equity Investments (7) |  | GMIB Reinsurance Contract Asset |  | Amounts Due from Reinsurers |  | Separate Accounts Assets |  | GMxB Derivative Features Liability |  | Contingent Payment Arrangement
Balance, January 1, 2022 | $ | 16 |  |  | $ | 1,848 |  |  | $ | 5,815 |  |  | $ | 1 |  |  | $ | (8,525) |  |  | $ | (38) |
Realized and unrealized gains (losses), included in Net income (loss) as: |  |  |  |  |  |  |  |  |  |  |
Investment gains (losses), reported in net investment income | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net derivative gains (losses) (1) | — |  |  | (535) |  |  | (1,506) |  |  | — |  |  | 2,943 |  |  | — |
Total realized and unrealized gains (losses) | (1) |  |  | (535) |  |  | (1,506) |  |  | — |  |  | 2,943 |  |  | — |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchases (2) | 8 |  |  | 31 |  |  | 89 |  |  | — |  |  | (347) |  |  | (230) |
Sales (3) | — |  |  | (55) |  |  | (86) |  |  | — |  |  | 104 |  |  | — |
Activity related to consolidated VIEs/VOEs | (3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5) |
Transfers into Level 3 (4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 (4) | (3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, September 30, 2022 | $ | 17 |  |  | $ | 1,289 |  |  | $ | 4,312 |  |  | $ | 1 |  |  | $ | (5,825) |  |  | $ | (273) |
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (6) | $ | (1) |  |  | $ | (535) |  |  | $ | (1,506) |  |  | $ | — |  |  | $ | 2,943 |  |  | $ | — |
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (6) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Balance, January 1, 2021 | $ | 84 |  |  | $ | 2,488 |  |  | $ | — |  |  | $ | 1 |  |  | $ | (11,131) |  |  | $ | (28) |
Realized and unrealized gains (losses), included in Net income (loss) as: |  |  |  |  |  |  |  |  |  |  |
Investment gains (losses), reported in net investment income | 20 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net derivative gains (losses) (1) (5) | — |  |  | (542) |  |  | 586 |  |  | — |  |  | 2,340 |  |  | — |
Total realized and unrealized gains (losses) | 20 |  |  | (542) |  |  | 586 |  |  | — |  |  | 2,340 |  |  | — |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchases (2) | 4 |  |  | 32 |  |  | 41 |  |  | — |  |  | (348) |  |  | (7) |
Sales (3) | (92) |  |  | (41) |  |  | (17) |  |  | — |  |  | 61 |  |  | — |
Other | — |  |  | — |  |  | 5,259 |  |  | — |  |  | — |  |  | — |
Activity related to consolidated VIEs/VOEs | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |
Transfers into Level 3 (4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 (4) | — |  |  | — |  |  | — |  |  | (1) |  |  | 140 |  |  | — |
Balance, September 30, 2021 | $ | 15 |  |  | $ | 1,937 |  |  | $ | 5,869 |  |  | $ | — |  |  | $ | (8,938) |  |  | $ | (38) |
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (6) | $ | 2 |  |  | $ | (542) |  |  | $ | 586 |  |  | $ | — |  |  | $ | 2,340 |  |  | $ | — |
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (6) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
______________ (1)For the three and nine months ended September 30, 2022 and 2021, the Company’s non-performance risk impact of $(41) million , $(92) million, $837 million and $(72) million for the GMxB Derivative Features Liability, $8 million ,$5 million, $(66) million and $6 million for the GMIB Reinsurance Contract Asset, and $(16) million, $(19) million, $(93) million and $(7) million for the Amounts due from Reinsurers is recorded through Net derivative gains (losses), respectively. (2)For the GMIB reinsurance contract asset, Amounts Due from Reinsurers and GMxB derivative features liability, represents attributed fee. (3)For the GMIB reinsurance contract asset and Amounts Due from Reinsurers, represents recoveries from reinsurers and for GMxB derivative features liability represents benefits paid. (4)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (5)For the nine months ended September 30, 2021, GMxB Derivative Features Liability excludes settlement fees on CS Life reinsurance contract of $45 million. (6)For instruments held as of September 30, 2022 or September 30, 2021, amounts are included in net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income. (7)Other Equity Investments include other invested assets.
Quantitative Information About Level 3 Fair Value Measurement | The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities as of September 30, 2022 and December 31, 2021, respectively. Quantitative Information about Level 3 Fair Value Measurements as of September 30, 2022
| Fair Value |  | Valuation Technique |  | Significant Unobservable Input |  | Range |  | Weighted Average (2)
| (in millions) |  |
Assets: |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Fixed maturities, AFS: |  |  |  |  |  |  |  |  |
Corporate | $ | 241 |  |  | Matrix pricing model |  | Spread over Benchmark |  | 20 bps - 797 bps |  | 174 bps
| 917 |  |  | Market comparable companies |  | EBITDA multiples Discount rate Cash flow multiples Loan to value |  | 5.7x - 38.5x 5.5% - 41.5% 0.5x - 12.0x 0.0% - 46.7% |  | 14.1x 8.3% 6.4x 26.3%
Trading Securities, at Fair Value | 52 |  |  | Discounted Cash Flow |  | Earnings multiple Discount factor Discount years |  | 7.3x 10.0% 11 |  |
Other equity investments | 4 |  |  | Market comparable companies |  | Revenue multiple |  | 0.5x - 9.9x |  | 2.8x
GMIB reinsurance contract asset | 1,289 |  |  | Discounted cash flow |  | Lapse rates Withdrawal Rates GMIB Utilization Rates Non-performance risk Volatility rates - Equity Mortality: Ages 0-40 Ages 41-60 Ages 61-115 |  | 0.38%-22.66% 0.14%-10.02% 0.04%-60.54% 101 bps - 167 bps 14%-35% 0.01%-0.17% 0.06%-0.52% 0.32%-40.00% |  | 2.92% 1.02% 5.61% 103 bps 25% 3.09% (same for all ages) (same for all ages)
Amount Due from Reinsurers | 4,312 |  |  | Discounted Cash Flow |  | Lapse rates Withdrawal Rates GMIB Utilization Rates Non-performance risk (bps) Volatility rates - Equity Mortality: Ages 0-40 Ages 41-60 Ages 61-115 |  | 0.38%-22.66% 0.14%-10.02% 0.04%-60.54% 63 bps 14%-35% 0.01%-0.17% 0.06%-0.52% 0.32%-40.00% |  | 1.93% 1.38% 8.27% 63 bps 25% 2.28% (same for all ages) (same for all ages)
Liabilities: |  |  |  |  |  |  |  |  |
| Fair Value |  | Valuation Technique |  | Significant Unobservable Input |  | Range |  | Weighted Average (2)
AB Contingent Consideration Payable | 273 |  |  | Discounted cash flow |  | Expected revenue growth rates Discount rate |  | 2.0% - 83.9% 1.9% - 10.4% |  | 11.5% 4.5%
GMIB NLG | 5,817 |  |  | Discounted cash flow |  | Non-performance risk Lapse rates Withdrawal rates Annuitization rates Mortality rates (1): Ages 0 - 40 Ages 41-60 Ages 61-115 |  | 186 bps 0.38%-28.79% 0.14%-10.02% 0.04%-100.00% 0.01%-0.18% 0.07%-0.56% 0.44%-43.60% |  | 186 bps 4.23% 1.27% 6.10% 1.71% (same for all ages) (same for all ages)
GWBL/GMWB | 73 |  |  | Discounted cash flow |  | Lapse rates Withdrawal Rates Utilization Rates Volatility rates - Equity Non-performance risk(bps) |  | 0.50%-22.66% 0.00%-8.00% 100% once starting 14%-35% 186 bps |  | 2.92% 1.02% 25%
GIB | (64) |  |  | Discounted cash flow |  | Lapse rates Withdrawal Rates Utilization Rates Volatility rates - Equity Non-performance risk(bps) |  | 0.50%-22.66% 0.26%-2.10% 0.04%-100.00% 14% - 35% 186 bps |  | 2.92% 1.02% 5.61% 25%
GMAB | (1) |  |  | Discounted cash flow |  | Lapse rates Volatility rates - Equity Non-performance risk(bps) |  | 0.50%-22.66% 14%-35% 186 bps |  | 2.92% 25%
______________ (1)Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives. (2)For lapses, withdrawals, and utilizations the rates were weighted by counts; for mortality weighted average rates are shown for all ages combined; and for withdrawals the weighted averages were based on an estimated split of partial withdrawal and dollar-for-dollar withdrawals. Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2021
| Fair Value |  | Valuation Technique |  | Significant Unobservable Input |  | Range |  | Weighted Average (2)
| (in millions) |  |
Assets: |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Fixed maturities, AFS: |  |  |  |  |  |  |  |  |
Corporate | $ | 258 |  |  | Matrix pricing model |  | Spread over benchmark |  | 20 bps - 270 bps |  | 144 bps
| 888 |  |  | Market comparable companies |  | EBITDA multiples Discount rate Cash flow multiples Loan to value |  | 4.9x - 62.3x 6.2% - 21.5% 0.5x-10.0x 3.1%-63.4% |  | 13.0x 9.1% 5.5x 30.8%
Trading Securities, at Fair Value | 65 |  |  | Discounted cash flow |  | Earnings multiple Discounts factor Discount years |  | 7.3x 10.00% 11 |  |
Other equity investments | 4 |  |  | Market comparable companies |  | Revenue multiple |  | 7.8x - 10.3x |  | 9.5x
| Fair Value |  | Valuation Technique |  | Significant Unobservable Input |  | Range |  | Weighted Average (2)
| (in millions) |  |
GMIB reinsurance contract asset | 1,848 |  |  | Discounted cash flow |  | Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity Mortality rates (1): Ages 0 - 40 Ages 41 - 60 Ages 60 - 115 |  | 57 bps - 93 bps 0.45% - 20.86% 0.27% - 8.66% 0.04% - 60.44% 11% - 31% 0.01% - 0.17% 0.06% - 0.53% 0.31% - 40.00% |  | 60 bps 2.65% 0.93% 5.27% 24% 2.79% (same for all ages) (same for all ages)
Amount Due from Reinsurers | 5,813 |  |  | Discounted Cash Flow |  | Lapse rates Withdrawal Rates GMIB Utilization Rates Non-performance risk (bps) Volatility rates - Equity Mortality: Ages 0-40 Ages 41-60 Ages 61-115 |  | 0.45%-20.86% 0.27%-8.66% 0.04%-60.44% 37 bps 11%-31% 0.01%-0.17% 0.06%-0.53% 0.31%-40.00% |  | 1.70% 1.18% 7.20% 37 bps 24% 2.17% (same for all ages) (same for all ages)
Liabilities: |  |  |  |  |  |  |  |  |
AB Contingent Consideration Payable | 38 |  |  | Discounted cash flow |  | Expected revenue growth rates Discount rate |  | 2.0% - 83.9% 1.9% - 10.4% |  | 11.9% 7.0%
GMIB NLG | 8,503 |  |  | Discounted cash flow |  | Non-performance risk Lapse rates Withdrawal rates Annuitization rates Mortality rates (1): Ages 0 - 40 Ages 41 - 60 Ages 60 - 115 |  | 111 bps 1.04% - 23.57% 0.27% - 8.66% 0.03% -100.00% 0.01% - 0.19% 0.07% - 0.57% 0.44% - 43.60% |  | 111 bps 3.55% 1.04% 5.24% 1.62% (same for all ages) (same for all ages)
GWBL/GMWB | 99 |  |  | Discounted cash flow |  | Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity |  | 111 bps 0.60%-20.86% 0.00%-8.00% 100% once starting 11%-31% |  | 2.65% 0.93% 24%
GIB | (75) |  |  | Discounted cash flow |  | Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity |  | 111 bps 0.60%-20.86% 0.13%-8.66% 0.04%-100.00% 11%-31% |  | 2.65% 0.93% 5.27% 24%
GMAB | (3) |  |  | Discounted cash flow |  | Non-performance risk Lapse rates Volatility rates - Equity |  | 111 bps 0.60%-20.86% 11%-31% |  | 2.65% 24%
______________ (1)Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives. (2)For lapses, withdrawals, and utilizations the rates were weighted by counts; for mortality weighted average rates are shown for all ages combined; and for withdrawals the weighted averages were based on an estimated split of partial withdrawal and dollar-for-dollar withdrawals.
Fair Value Disclosure Financial Instruments Not Carried At Fair Value | The carrying values and fair values as of September 30, 2022 and December 31, 2021 for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements are presented in the table below. Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed
| Carrying Value |  | Fair Value
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
September 30, 2022: |  |  |  |  |  |  |  |  |
Mortgage loans on real estate | $ | 15,688 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,946 |  |  | $ | 13,946 |
Policy loans | $ | 4,018 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,963 |  |  | $ | 4,963 |
Policyholders’ liabilities: Investment contracts | $ | 2,023 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,838 |  |  | $ | 1,838 |
FHLB funding agreements | $ | 7,830 |  |  | $ | — |  |  | $ | 7,709 |  |  | $ | — |  |  | $ | 7,709 |
FABN funding agreements | $ | 6,613 |  |  | $ | — |  |  | $ | 5,914 |  |  | $ | — |  |  | $ | 5,914 |
Short-term and long-term debt (1) | $ | 3,840 |  |  | $ | — |  |  | $ | 3,559 |  |  | $ | — |  |  | $ | 3,559 |
Separate Accounts liabilities | $ | 9,806 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,806 |  |  | $ | 9,806 |
December 31, 2021: |  |  |  |  |  |  |  |  |
Mortgage loans on real estate | $ | 14,033 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,308 |  |  | $ | 14,308 |
Policy loans | $ | 4,024 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,050 |  |  | $ | 5,050 |
Policyholders’ liabilities: Investment contracts | $ | 2,035 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,103 |  |  | $ | 2,103 |
FHLB funding agreements | $ | 6,647 |  |  | $ | — |  |  | $ | 6,679 |  |  | $ | — |  |  | $ | 6,679 |
FABN funding agreements | $ | 6,689 |  |  | $ | — |  |  | $ | 6,626 |  |  | $ | — |  |  | $ | 6,626 |
Short-term and long-term debt (1) | $ | 3,839 |  |  | $ | — |  |  | $ | 4,544 |  |  | $ | — |  |  | $ | 4,544 |
Separate Accounts liabilities | $ | 11,620 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,620 |  |  | $ | 11,620 |
_____________ (1)As of September 30, 2022 and December 31, 2021 e xcludes CLO short-term debt of $248 million and $92 million, which is inclusive as fair valued within Notes issued by consolidated VIE’s, at fair value using the fair value option.

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