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FAIR VALUE DISCLOSURES (Tables)
 9 Months Ended
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 securities276 303 52 631 
Other invested assets:
Short-term investments— 374 — 374 
Assets of consolidated VIEs/VOEs86 390 5 481 
Swaps— (286)— (286)
Credit default swaps
— 12 — 12 
Futures8 — — 8 
Options— 2,310 — 2,310 
Total other invested assets94 2,800 5 2,899 
Cash equivalents2,199 561 — 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 VOEs17 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 option1,440 201 1,641 
Other equity investments322 457 5 784 
Trading securities340 226 65 631 
Other invested assets:

Short-term investments— 30 — 30 
Assets of consolidated VIEs/VOEs166 450 11 627 
Swaps— (473)— (473)
Credit default swaps
— (1)— (1)
Futures(1)— — (1)
Options— 6,959 — 6,959 
Swaptions— — — — 
Total other invested assets165 6,965 11 7,141 
Cash equivalents3,275 293 — 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 VOEs16 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.

CorporateState and Political SubdivisionsAsset-backedCMBSTrading Securities, at Fair ValueFixed 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 — — — 
Purchases218 — (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)— — — — 
Purchases262 — (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 $(1)$— $— $— $— 
_____
CorporateState and Political SubdivisionsAsset-backedCMBSTrading Securities, at Fair ValueFixed 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)— — 
Purchases777 — 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)— — — — 
Purchases721 — 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 AssetAmounts Due from ReinsurersSeparate Accounts AssetsGMxB Derivative Features LiabilityContingent 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 income1 — — — — — 
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/VOEs1 — — — — (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 AssetAmounts Due from ReinsurersSeparate Accounts AssetsGMxB Derivative Features LiabilityContingent 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 income20 — — — — — 
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 Value52 Discounted Cash Flow
Earnings multiple
Discount factor
Discount years
7.3x
10.0%
11
Other equity investments4 Market comparable companies
Revenue multiple
0.5x - 9.9x
2.8x
GMIB reinsurance contract asset1,289 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 Reinsurers4,312 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 Payable273 Discounted cash flow
Expected revenue growth rates
Discount rate
2.0% - 83.9%
1.9% - 10.4%
11.5%
4.5%
GMIB NLG5,817 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/GMWB73 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 Value65 Discounted cash flow
Earnings multiple
Discounts factor
Discount years
7.3x
10.00%
11
Other equity investments4 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 asset1,848 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 Reinsurers5,813 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 Payable38 Discounted cash flow
Expected revenue growth rates
Discount rate
2.0% - 83.9%
1.9% - 10.4%
11.9%
7.0%
GMIB NLG8,503 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/GMWB99 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 excludes 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.