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FAIR VALUE DISCLOSURES (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of 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 June 30, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
Assets: |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |
Fixed maturities, AFS: |  |  |  |  |  |  |
Corporate (1) | $ | — |  |  | $ | 42,006 |  |  | $ | 2,037 |  |  | $ | 44,043 |
U.S. Treasury, government and agency | — |  |  | 5,895 |  |  | — |  |  | 5,895 |
States and political subdivisions | — |  |  | 526 |  |  | 27 |  |  | 553 |
Foreign governments | — |  |  | 768 |  |  | — |  |  | 768 |
Residential mortgage-backed (2) | — |  |  | 1,290 |  |  | — |  |  | 1,290 |
Asset-backed (3) | — |  |  | 9,469 |  |  | — |  |  | 9,469 |
Commercial mortgage-backed | — |  |  | 3,255 |  |  | 34 |  |  | 3,289 |
Redeemable preferred stock | — |  |  | 44 |  |  | — |  |  | 44 |
Total fixed maturities, AFS | — |  |  | 63,253 |  |  | 2,098 |  |  | 65,351 |
Fixed maturities, at fair value using the fair value option | — |  |  | 1,357 |  |  | 217 |  |  | 1,574 |
Other equity investments (4) | 239 |  |  | 471 |  |  | 53 |  |  | 763 |
Trading securities | 308 |  |  | 509 |  |  | 56 |  |  | 873 |
Other invested assets: |  |  |  |  |  |  |
Short-term investments | — |  |  | 776 |  |  | — |  |  | 776 |
Assets of consolidated VIEs/VOEs | 70 |  |  | 253 |  |  | 52 |  |  | 375 |
Swaps | — |  |  | (370) |  |  | — |  |  | (370) |
Credit default swaps | — |  |  | 3 |  |  | — |  |  | 3 |
Futures | 1 |  |  | — |  |  | — |  |  | 1 |
Options | — |  |  | 8,454 |  |  | — |  |  | 8,454 |
Total other invested assets | 71 |  |  | 9,116 |  |  | 52 |  |  | 9,239 |
Cash equivalents | 4,388 |  |  | 1,637 |  |  | — |  |  | 6,025 |
Segregated securities | — |  |  | 879 |  |  | — |  |  | 879 |
Purchased market risk benefits | — |  |  | — |  |  | 9,931 |  |  | 9,931 |
Assets for market risk benefits | — |  |  | — |  |  | 777 |  |  | 777 |
Separate Accounts assets (5) | 120,781 |  |  | 2,542 |  |  | 1 |  |  | 123,324 |
Total Assets | $ | 125,787 |  |  | $ | 79,764 |  |  | $ | 13,185 |  |  | $ | 218,736 |
Liabilities: |  |  |  |  |  |  |
Notes issued by consolidated VIE’s, at fair value using the fair value option (6) | $ | — |  |  | $ | 1,461 |  |  | $ | — |  |  | $ | 1,461 |
SCS, SIO, MSO and IUL indexed features’ liability | — |  |  | 8,895 |  |  | — |  |  | 8,895 |
Liabilities of consolidated VIEs and VOEs | 1 |  |  | 2 |  |  | — |  |  | 3 |
Liabilities for market risk benefits | — |  |  | — |  |  | 13,642 |  |  | 13,642 |
Contingent payment arrangements | — |  |  | — |  |  | 250 |  |  | 250 |
Total Liabilities | $ | 1 |  |  | $ | 10,358 |  |  | $ | 13,892 |  |  | $ | 24,251 |
______________ (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)Includes short position equity securities of $14 million that are reported in other liabilities. (5)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 June 30, 2023, the fair value of such investments was $402 million. (6)Accrued interest payable of $23 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. Fair Value Measurements as of December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
Assets: |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |
Fixed maturities, AFS: |  |  |  |  |  |  |
Corporate (1) | $ | — |  |  | $ | 41,450 |  |  | $ | 2,121 |  |  | $ | 43,571 |
U.S. Treasury, government and agency | — |  |  | 5,837 |  |  | — |  |  | 5,837 |
States and political subdivisions | — |  |  | 499 |  |  | 28 |  |  | 527 |
Foreign governments | — |  |  | 836 |  |  | — |  |  | 836 |
Residential mortgage-backed (2) | — |  |  | 788 |  |  | 34 |  |  | 822 |
Asset-backed (3) | — |  |  | 8,490 |  |  | — |  |  | 8,490 |
Commercial mortgage-backed (2) | — |  |  | 3,203 |  |  | 32 |  |  | 3,235 |
Redeemable preferred stock | — |  |  | 43 |  |  | — |  |  | 43 |
Total fixed maturities, AFS | — |  |  | 61,146 |  |  | 2,215 |  |  | 63,361 |
Fixed maturities, at fair value using the fair value option | — |  |  | 1,284 |  |  | 224 |  |  | 1,508 |
Other equity investments (4) | 214 |  |  | 497 |  |  | 12 |  |  | 723 |
Trading securities | 290 |  |  | 332 |  |  | 55 |  |  | 677 |
Other invested assets: |  |  |  |  |  |  |
Short-term investments | — |  |  | 943 |  |  | — |  |  | 943 |
Assets of consolidated VIEs/VOEs | 131 |  |  | 393 |  |  | 5 |  |  | 529 |
Swaps | — |  |  | (425) |  |  | — |  |  | (425) |
Credit default swaps | — |  |  | 9 |  |  | — |  |  | 9 |
Futures | 2 |  |  | — |  |  | — |  |  | 2 |
Options | — |  |  | 4,171 |  |  | — |  |  | 4,171 |
Total other invested assets | 133 |  |  | 5,091 |  |  | 5 |  |  | 5,229 |
Cash equivalents | 2,386 |  |  | 501 |  |  | — |  |  | 2,887 |
Segregated securities | — |  |  | 1,522 |  |  | — |  |  | 1,522 |
Purchased market risk benefits | — |  |  | — |  |  | 10,423 |  |  | 10,423 |
Assets for market risk benefits | — |  |  | — |  |  | 490 |  |  | 490 |
Separate Accounts assets (5) | 111,744 |  |  | 2,436 |  |  | 1 |  |  | 114,181 |
Total Assets | $ | 114,767 |  |  | $ | 72,809 |  |  | $ | 13,425 |  |  | $ | 201,001 |
Liabilities: |  |  |  |  |  |  |
Notes issued by consolidated VIE’s, at fair value using the fair value option (6) | $ | — |  |  | $ | 1,374 |  |  | $ | — |  |  | $ | 1,374 |
SCS, SIO, MSO and IUL indexed features’ liability | — |  |  | 4,164 |  |  | — |  |  | 4,164 |
Liabilities of consolidated VIEs and VOEs | 15 |  |  | 7 |  |  | — |  |  | 22 |
Liabilities for market risk benefits | — |  |  | — |  |  | 15,766 |  |  | 15,766 |
Contingent payment arrangements | — |  |  | — |  |  | 247 |  |  | 247 |
Total Liabilities | $ | 15 |  |  | $ | 5,545 |  |  | $ | 16,013 |  |  | $ | 21,573 |
______________ (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)Includes short position equity securities of $12 million that are reported in other liabilities. (5)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, 2022, the fair value of such investments was $456 million. (6)Includes CLO short-term debt of $239 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.
Schedule of 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 six months ended June 30, 2023 and 2022, respectively. Not included below are the changes in balances related to market risk benefits and purchased market risk benefits level 3 assets and liabilities, which are included in Note 9 of the Notes to these Consolidated Financial Statements.
| Three Months Ended June 30, 2023
| Corporate |  | State and Political Subdivisions |  | Asset-backed |  | CMBS |  | RMBS |  | Trading Securities, at Fair Value |  | Fixed maturities, at FVO
| (in millions)
Balance, beginning of period | $ | 1,950 |  |  | $ | 28 |  |  | $ | 12 |  |  | $ | 34 |  |  | $ | — |  |  | $ | 55 |  |  | $ | 196 |
Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) as: |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4) |
Investment gains (losses), net | (8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |
Subtotal | (7) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6) |
Other comprehensive income (loss) | (8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchases | 205 |  |  | — |  |  | (12) |  |  | — |  |  | — |  |  | 1 |  |  | 62 |
Sales | (71) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (35) |
Activity related to consolidated VIEs/VOEs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers into Level 3 (1) | 11 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 51 |
Transfers out of Level 3 (1) | (43) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (51) |
Balance, end of period | $ | 2,037 |  |  | $ | 27 |  |  | $ | — |  |  | $ | 34 |  |  | $ | — |  |  | $ | 56 |  |  | $ | 217 |
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) | $ | (8) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| Three Months Ended June 30, 2022
| Corporate |  | State and Political Subdivisions |  | Asset-backed |  | CMBS |  | RMBS |  | Trading Securities, at Fair Value |  | Fixed maturities, at FVO
| (in millions)
Balance, beginning of period | $ | 1,683 |  |  | $ | 32 |  |  | $ | 332 |  |  | $ | 238 |  |  | $ | — |  |  | $ | 52 |  |  | $ | 342 |
Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) as: |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |
Investment gains (losses), net | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Subtotal | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |
Other comprehensive income (loss) | (50) |  |  | (2) |  |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  | — |
Purchases | 327 |  |  | — |  |  | (313) |  |  | (212) |  |  | — |  |  | — |  |  | 64 |
Sales | (74) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (24) |
Activity related to consolidated VIEs/VOEs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers into Level 3 (1) | (5) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |
Transfers out of Level 3 (1) | (114) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 40 |
Balance, end of period | $ | 1,767 |  |  | $ | 30 |  |  | $ | 18 |  |  | $ | 25 |  |  | $ | — |  |  | $ | 52 |  |  | $ | 423 |
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) | $ | (50) |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
______ (1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2)For instruments held as of June 30, 2023 and June 30, 2022, 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.
| Three Months Ended June 30, 2023 |  | Three Months Ended June 30, 2022
| Other Equity Investments (3) |  | Separate Accounts Assets |  | Contingent Payment Arrangement |  | Other Equity Investments (3) |  | Separate Accounts Assets |  | Contingent Payment Arrangement
| (in millions)
Balance, beginning of period | $ | 15 |  |  | $ | 1 |  |  | $ | (248) |  |  | $ | 11 |  |  | $ | — |  |  | $ | (37) |
Realized and unrealized gains (losses), included in Net income (loss) as: |  |  |  |  |  |  |  |  |  |  |
Investment gains (losses), reported in net investment income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net derivative gains (losses) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total realized and unrealized gains (losses) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchases | 44 |  |  | — |  |  | — |  |  | 57 |  |  | — |  |  | (3) |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Settlements | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | — |
Activity related to consolidated VIEs/VOEs | 47 |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (2) |
Transfers into Level 3 (1) | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 (1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | 105 |  |  | $ | 1 |  |  | $ | (250) |  |  | $ | 67 |  |  | $ | 1 |  |  | $ | (42) |
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
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) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
______ (1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2)For instruments held as of June 30, 2023 and June 30, 2022, 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. (3)Other Equity Investments include other invested assets.
| Six Months Ended June 30, 2023
| Corporate |  | State and Political Subdivisions |  | Asset-backed |  | CMBS |  | RMBS |  | Trading Securities, at Fair Value |  | Fixed maturities, at FVO
| (in millions)
Balance, beginning of period | $ | 2,121 |  |  | $ | 28 |  |  | $ | — |  |  | $ | 32 |  |  | $ | 34 |  |  | $ | 55 |  |  | $ | 224 |
Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) as: |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |
Investment gains (losses), net | (11) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |
Subtotal | (8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |
Other comprehensive income (loss) | 10 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchases | 376 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 1 |  |  | 74 |
Sales | (162) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (35) |
Activity related to consolidated VIEs/VOEs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers into Level 3 (1) | 11 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 107 |
Transfers out of Level 3 (1) | (311) |  |  | — |  |  | — |  |  | — |  |  | (34) |  |  | — |  |  | (150) |
Balance, end of period | $ | 2,037 |  |  | $ | 27 |  |  | $ | — |  |  | $ | 34 |  |  | $ | — |  |  | $ | 56 |  |  | $ | 217 |
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
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) | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |
| Six Months Ended June 30, 2022
| Corporate |  | State and Political Subdivisions |  | Asset-backed |  | CMBS |  | RMBS |  | Trading Securities, at Fair Value |  | Fixed maturities, at FVO
| (in millions)
Balance, beginning of period | $ | 1,504 |  |  | $ | 35 |  |  | $ | 8 |  |  | $ | 20 |  |  | $ | — |  |  | $ | 65 |  |  | $ | 201 |
Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) as: |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment gains (losses), net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (13) |  |  | — |
Subtotal | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (13) |  |  | — |
Other comprehensive income (loss) | (81) |  |  | (4) |  |  | (1) |  |  | (2) |  |  | — |  |  | — |  |  | — |
Purchases | 559 |  |  | — |  |  | 12 |  |  | 7 |  |  | — |  |  | — |  |  | 153 |
Sales | (161) |  |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | (53) |
Activity related to consolidated VIEs/VOEs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers into Level 3 (1) | 65 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 185 |
Transfers out of Level 3 (1) | (121) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (63) |
Balance, end of period | $ | 1,767 |  |  | $ | 30 |  |  | $ | 18 |  |  | $ | 25 |  |  | $ | — |  |  | $ | 52 |  |  | $ | 423 |
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (13) |  |  | $ | — |
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) | $ | (79) |  |  | $ | (4) |  |  | $ | (1) |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
______ (1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2)For instruments held as of June 30, 2023 and June 30, 2022, 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.
| Six Months Ended June 30, 2023 |  | Six Months Ended June 30, 2022
| Other Equity Investments (3) |  | Separate Accounts Assets |  | Contingent Payment Arrangement |  | Other Equity Investments (3) |  | Separate Accounts Assets |  | Contingent Payment Arrangement
| (in millions)
Balance, beginning of period | $ | 17 |  |  | $ | 1 |  |  | $ | (247) |  |  | $ | 16 |  |  | $ | 1 |  |  | $ | (38) |
Realized and unrealized gains (losses), included in Net income (loss) as: |  |  |  |  |  |  |  |  |  |  |
Investment gains (losses), reported in net investment income | (3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net derivative gains (losses) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total realized and unrealized gains (losses) | (3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchases | 44 |  |  | — |  |  |  |  | 57 |  |  | — |  |  | (2) |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | — |
Activity related to consolidated VIEs/VOEs | 47 |  |  | — |  |  | — |  |  | (3) |  |  | — |  |  | (2) |
Transfers into Level 3 (1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 (1) | — |  |  | — |  |  | — |  |  | (3) |  |  | — |  |  | — |
Balance, end of period | $ | 105 |  |  | $ | 1 |  |  | $ | (250) |  |  | $ | 67 |  |  | $ | 1 |  |  | $ | (42) |
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
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) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (2)For instruments held as of June 30, 2023 and June 30, 2022, 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. (3)Other Equity Investments include other invested assets.
Schedule of 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 June 30, 2023 and December 31, 2022, respectively. Quantitative Information about Level 3 Fair Value Measurements as of June 30, 2023
| Fair Value |  | Valuation Technique |  | Significant Unobservable Input |  | Range |  | Weighted Average (2)
| (Dollars in millions)
Assets: |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Fixed maturities, AFS: |  |  |  |  |  |  |  |  |
Corporate | $ | 366 |  |  | Matrix pricing model |  | Spread over Benchmark |  | 20 bps - 320 bps |  | 154 bps
| 1,074 |  |  | Market comparable companies |  | EBITDA multiples Discount rate Cash flow multiples Loan to value |  | 5.3x - 33.7x 8.9% - 22.7% 0.7x - 14.5x 0.0% - 64.0% |  | 14.1x 10.9% 6.6x 14.3%
Trading securities, at fair value | 55 |  |  | Discounted cash flow |  | Earnings multiple Discount factor Discount years |  | 8.3x 10.0% 7 |  |
Other equity investments | 2 |  |  | Discounted cash flow |  | Earnings Multiple |  | 6.8x - 14.7x |  | 8.0x
Purchased MRB asset (1) (2) (4) | 9,931 |  |  | 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 |  | 0.26%-26.23% 0.06%-10.93% 0.04%-66.66% 56 bps - 141 bps 11%-27% 0.01%-0.17% 0.06%-0.52% 0.32%-40.00% |  | 1.64% 0.45% 7.10% 60 bps 23% 2.91% (same for all ages) (same for all ages)
Liabilities: |  |  |  |  |  |  |  |  |
AB Contingent consideration payable | $ | 250 |  |  | Discounted cash flow |  | Expected revenue growth rates Discount rate |  | 2.0% - 83.9% 1.9% - 10.4% |  | 10.3% 4.6%
Direct MRB (1) (2) (3) (4) | 12,865 |  |  | Discounted cash flow |  | Non-performance risk Lapse rates Withdrawal rates Annuitization rates Mortality: Ages 0-40 Ages 41-60 Ages 61-115 |  | 192 bps 0.26%-35.42% 0.00%-10.93% 0.04%-100.00% 0.01%-0.17% 0.06%-0.52% 0.32%-40.00% |  | 192 bps 3.27% 0.68% 4.93% 2.39% (same for all ages) (same for all ages)
______________ (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)Lapses and pro-rata withdrawal rates were developed as a function of the policy account value. Dollar for dollar withdrawal rates were developed as a function of the dollar for dollar threshold, the dollar for dollar limit. Utilization rates were developed as a function of the benefit base. (3)MRB liabilities are shown net of MRB assets. Net amount is made up of $13.6 billion of MRB liabilities and $777 million of MRB assets. (4)Includes Legacy and Core products. Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2022
| Fair Value |  | Valuation Technique |  | Significant Unobservable Input |  | Range |  | Weighted Average (2)
| (Dollars in millions)
Assets: |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Fixed maturities, AFS: |  |  |  |  |  |  |  |  |
Corporate | $ | 417 |  |  | Matrix pricing model |  | Spread over benchmark |  | 20 bps - 797 bps |  | 205 bps
| 1,029 |  |  | Market comparable companies |  | EBITDA multiples Discount rate Cash flow multiples Loan to value |  | 5.3x - 35.8x 9.0% - 45.7% 0.0x-10.3x 0.0%-40.4% |  | 13.6x 11.9% 6.1x 12.0%
Trading securities, at fair value | 55 |  |  | Discounted cash flow |  | Earnings multiple Discounts factor Discount years |  | 8.3x 10.00% 7 |  |
Other equity investments | 4 |  |  | Market comparable companies |  | Revenue multiple |  | 0.5x - 10.8x |  | 2.4x
Purchased MRB asset (1) (2) (4) | 10,423 |  |  | 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 |  | 0.26% - 26.23% 0.06% - 10.93% 0.04% - 66.66% 54 bps - 124 bps 14% - 32% 0.01% - 0.17% 0.06% - 0.52% 0.32% - 40.00% |  | 1.58% 0.69% 7.39% 69 bps 24% 2.87% (same for all ages) (same for all ages)
Liabilities: |  |  |  |  |  |  |  |  |
AB Contingent consideration payable | $ | 247 |  |  | Discounted cash flow |  | Expected revenue growth rates Discount rate |  | 2.0% - 83.9% 1.9% - 10.4% |  | 11.5% 4.5%
Direct MRB (1) (2) (3) (4) | 15,276 |  |  | Discounted cash flow |  | Non-performance risk Lapse rates Withdrawal rates Annuitization rates Mortality: Ages 0-40 Ages 41-60 Ages 61-115 |  | 157 bps 0.26% - 35.42% 0.00% - 10.93% 0.04% - 100.00% 0.01% - 0.17% 0.06% - 0.52% 0.32% - 40.00% |  | 157 bps 3.01% 0.68% 5.53% 2.43% (same for all ages) (same for all ages)
______________ (1)Mortality rates vary by age and demographic characteristic such as gender and benefits elected with the policy. 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)Lapses and pro-rata withdrawal rates were developed as a function of the policy account value. Dollar for dollar withdrawal rates were developed as a function of the dollar for dollar threshold, the dollar for dollar limit. Utilization rates were developed as a function of the benefit base. (3)MRB liabilities are shown net of MRB assets. Net amount is made up of $15.8 billion of MRB liabilities and $490 million of MRB assets. (4)Includes Legacy and Core products.
Schedule of Fair Value Disclosure Financial Instruments Not Carried At Fair Value | The carrying values and fair values as of June 30, 2023 and December 31, 2022 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)
June 30, 2023: |  |  |  |  |  |  |  |  |
Mortgage loans on real estate | $ | 17,364 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,472 |  |  | $ | 15,472 |
Policy loans | $ | 4,061 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,379 |  |  | $ | 4,379 |
Policyholders’ liabilities: Investment contracts | $ | 1,783 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,632 |  |  | $ | 1,632 |
FHLB funding agreements | $ | 8,878 |  |  | $ | — |  |  | $ | 8,784 |  |  | $ | — |  |  | $ | 8,784 |
FABN funding agreements | $ | 6,747 |  |  | $ | — |  |  | $ | 6,163 |  |  | $ | — |  |  | $ | 6,163 |
Funding agreement-backed commercial paper (FABCP) | $ | 580 |  |  | $ | — |  |  | $ | 590 |  |  | $ | — |  |  | $ | 590 |
Short-term debt (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Long-term debt | $ | 3,819 |  |  | $ | — |  |  | $ | 3,562 |  |  | $ | — |  |  | $ | 3,562 |
Separate Accounts liabilities | $ | 10,813 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,813 |  |  | $ | 10,813 |
December 31, 2022: |  |  |  |  |  |  |  |  |
Mortgage loans on real estate | $ | 16,481 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,690 |  |  | $ | 14,690 |
Policy loans | $ | 4,033 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,349 |  |  | $ | 4,349 |
Policyholders’ liabilities: Investment contracts | $ | 1,916 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,750 |  |  | $ | 1,750 |
FHLB funding agreements | $ | 8,505 |  |  | $ | — |  |  | $ | 8,390 |  |  | $ | — |  |  | $ | 8,390 |
FABN funding agreements | $ | 7,095 |  |  | $ | — |  |  | $ | 6,384 |  |  | $ | — |  |  | $ | 6,384 |
Short-term debt (1) | $ | 520 |  |  | $ | — |  |  | $ | 518 |  |  | $ | — |  |  | $ | 518 |
Long-term debt | $ | 3,322 |  |  | $ | — |  |  | $ | 3,130 |  |  | $ | — |  |  | $ | 3,130 |
Separate Accounts liabilities | $ | 10,236 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,236 |  |  | $ | 10,236 |
_____________ (1)As of June 30, 2023 and December 31, 2022, excludes CLO short-term debt of $0 million and $239 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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