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Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Schedule Of Fair Value Assets and Liabilities Measured on Recurring Basis Table Text Block | Assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 are summarized below (dollars in millions):
September 30, 2020: |  |  |  | Fair Value Measurements Using:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |
Fixed maturity securities – available-for-sale: |  |  |  |  |  |  |  |
Corporate |  | $ | 34,259 |  |  | $ | — |  |  | $ | 31,732 |  |  | $ | 2,527 |
Canadian government |  | 4,897 |  |  | — |  |  | 4,897 |  |  | — |
RMBS |  | 2,027 |  |  | — |  |  | 2,023 |  |  | 4 |
ABS |  | 2,922 |  |  | — |  |  | 2,772 |  |  | 150 |
CMBS |  | 1,930 |  |  | — |  |  | 1,878 |  |  | 52 |
U.S. government |  | 1,630 |  |  | 1,520 |  |  | 95 |  |  | 15 |
State and political subdivisions |  | 1,383 |  |  | — |  |  | 1,374 |  |  | 9 |
Other foreign government |  | 5,604 |  |  | — |  |  | 5,587 |  |  | 17 |
Total fixed maturity securities – available-for-sale |  | 54,652 |  |  | 1,520 |  |  | 50,358 |  |  | 2,774 |
Equity securities |  | 135 |  |  | 75 |  |  | — |  |  | 60 |
Funds withheld at interest – embedded derivatives |  | 7 |  |  | — |  |  | — |  |  | 7 |
Cash equivalents |  | 1,835 |  |  | 1,825 |  |  | 10 |  |  | — |
Short-term investments |  | 101 |  |  | 20 |  |  | 75 |  |  | 6 |
Other invested assets: |  |  |  |  |  |  |  |
Derivatives |  | 174 |  |  | — |  |  | 174 |  |  | — |
FVO contractholder-directed unit-linked investments |  | 258 |  |  | 201 |  |  | 57 |  |  | — |
Other |  | 4 |  |  | — |  |  | 4 |  |  | — |
Total other invested assets |  | 436 |  |  | 201 |  |  | 235 |  |  | — |
Total |  | $ | 57,166 |  |  | $ | 3,641 |  |  | $ | 50,678 |  |  | $ | 2,847 |
Liabilities: |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities – embedded derivatives |  | $ | 980 |  |  | $ | — |  |  | $ | — |  |  | $ | 980 |
Other liabilities: |  |  |  |  |  |  |  |
Derivatives |  | 58 |  |  | — |  |  | 58 |  |  | — |
Total |  | $ | 1,038 |  |  | $ | — |  |  | $ | 58 |  |  | $ | 980 |
December 31, 2019: |  |  |  | Fair Value Measurements Using:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |  |
Fixed maturity securities – available-for-sale: |  |  |  |  |  |  |  |
Corporate |  | $ | 31,393 |  |  | $ | — |  |  | $ | 29,207 |  |  | $ | 2,186 |
Canadian government |  | 4,612 |  |  | — |  |  | 3,908 |  |  | 704 |
RMBS |  | 2,398 |  |  | — |  |  | 2,349 |  |  | 49 |
ABS |  | 2,978 |  |  | — |  |  | 2,865 |  |  | 113 |
CMBS |  | 1,899 |  |  | — |  |  | 1,853 |  |  | 46 |
U.S. government |  | 2,152 |  |  | 2,030 |  |  | 106 |  |  | 16 |
State and political subdivisions |  | 1,164 |  |  | — |  |  | 1,155 |  |  | 9 |
Other foreign government |  | 4,525 |  |  | — |  |  | 4,509 |  |  | 16 |
Total fixed maturity securities – available-for-sale |  | 51,121 |  |  | 2,030 |  |  | 45,952 |  |  | 3,139 |
Equity securities |  | 320 |  |  | 243 |  |  | — |  |  | 77 |
Funds withheld at interest – embedded derivatives |  | 121 |  |  | — |  |  | — |  |  | 121 |
Cash equivalents |  | 274 |  |  | 274 |  |  | — |  |  | — |
Short-term investments |  | 32 |  |  | 4 |  |  | 26 |  |  | 2 |
Other invested assets: |  |  |  |  |  |  |  |
Derivatives |  | 117 |  |  | — |  |  | 117 |  |  | — |
FVO contractholder-directed unit-linked investments |  | 260 |  |  | 207 |  |  | 53 |  |  | — |
Other |  | — |  |  | — |  |  | — |  |  | — |
Total other invested assets |  | 377 |  |  | 207 |  |  | 170 |  |  | — |
Total |  | $ | 52,245 |  |  | $ | 2,758 |  |  | $ | 46,148 |  |  | $ | 3,339 |
Liabilities: |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities – embedded derivatives |  | $ | 930 |  |  | $ | — |  |  | $ | — |  |  | $ | 930 |
Other liabilities: |  |  |  |  |  |  |  |
Derivatives |  | 53 |  |  | — |  |  | 53 |  |  | — |
Total |  | $ | 983 |  |  | $ | — |  |  | $ | 53 |  |  | $ | 930 |
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of September 30, 2020 and December 31, 2019 (dollars in millions):
| Estimated Fair Value |  | Valuation Technique |  | Unobservable Inputs |  | Range (Weighted Average)
September 30, 2020 |  | December 31, 2019 |  |  |  | September 30, 2020 |  | December 31, 2019
Assets: |  |  |  |  |  |  |  |  |  |  |
Corporate | $ | 57 |  |  | $ | 1,070 |  |  | Market comparable securities |  | Liquidity premium |  | 0-1% (1%) |  |  | 0-2% (1%) |
|  |  |  |  |  |  | EBITDA Multiple |  | 5.2x-7.0x (6.4x) |  |  | 5.2x-7.1x (6.7x) |
ABS | 80 |  |  | 101 |  |  | Market comparable securities |  | Liquidity premium |  | 1-18% (1%) |  |  | 0-4% (1%) |
U.S. government | 15 |  |  | 16 |  |  | Market comparable securities |  | Liquidity premium |  | 0-1% (1%) |  |  | 0-1% (1%) |
Other foreign government | — |  |  | 16 |  |  | Market comparable securities |  | Liquidity premium |  | — |  |  | 0-1% (1%) |
Equity securities | 11 |  |  | 32 |  |  | Market comparable securities |  | Liquidity premium |  | — |  |  | 4 | %
|  |  |  |  |  |  | EBITDA Multiple |  | 6.9x-10.6x (7.9x) |  |  | 6.9x-9.3x (7.8x) |
Funds withheld at interest – embedded derivatives | 7 |  |  | 121 |  |  | Total return swap |  | Mortality |  | 0-100% (3%) |  |  | 0-100% (2%) |
|  |  |  |  |  |  | Lapse |  | 0-35% (13%) |  |  | 0-35% (13%) |
|  |  |  |  |  |  | Withdrawal |  | 0-5% (3%) |  |  | 0-5% (3%) |
|  |  |  |  |  |  | CVA |  | 0-5% (1%) |  |  | 0-5% (1%) |
|  |  |  |  |  |  | Crediting rate |  | 2-4% (2%) |  |  | 2-4% (2%) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities – embedded derivatives – indexed annuities | 767 |  |  | 768 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (3%) |  |  | 0-100% (2%) |
|  |  |  |  |  |  | Lapse |  | 0-35% (13%) |  |  | 0-35% (10%) |
|  |  |  |  |  |  | Withdrawal |  | 0-5% (3%) |  |  | 0-5% (3%) |
|  |  |  |  |  |  | Option budget projection |  | 2-4% (2%) |  |  | 2-4% (2%) |
Interest-sensitive contract liabilities – embedded derivatives – variable annuities | 213 |  |  | 163 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (2%) |  |  | 0-100% (1%) |
|  |  |  |  |  |  | Lapse |  | 0-25% (4%) |  |  | 0-25% (5%) |
|  |  |  |  |  |  | Withdrawal |  | 0-7% (5%) |  |  | 0-7% (5%) |
|  |  |  |  |  |  | CVA |  | 0-5% (1%) |  |  | 0-5% (1%) |
|  |  |  |  |  |  | Long-term volatility |  | 0-27% (13%) |  |  | 0-27% (12%) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in millions):
For the three months ended September 30, 2020: |  | Fixed maturity securities – available-for-sale |  |  |  |  |  | Funds withheld at interest – embedded derivatives |  | Other assets and liabilities, net – longevity and mortality swaps |  | Interest-sensitive contract liabilities – embedded derivatives
|  | Corporate |  | Foreign govt |  | Structured securities |  | U.S. and local govt |  | Equity securities |  | Short-term investments |  |  |
Fair value, beginning of period |  | $ | 2,308 |  |  | $ | 17 |  |  | $ | 153 |  |  | $ | 24 |  |  | $ | 62 |  |  | $ | 5 |  |  | $ | (109 | ) |  | $ | — |  |  | $ | (930 | )
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment related gains (losses), net |  | 3 |  |  | — |  |  | — |  |  | — |  |  | (2 | ) |  | — |  |  | 116 |  |  | — |  |  | (28 | )
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (29 | )
Included in other comprehensive income |  | (9 | ) |  | — |  |  | (2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchases(1) |  | 341 |  |  | — |  |  | 63 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | (9 | )
Sales(1) |  | (70 | ) |  | — |  |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements(1) |  | (53 | ) |  | — |  |  | (8 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16 |
Transfers into Level 3 |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | — |  |  | — |  |  | (6 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 2,527 |  |  | $ | 17 |  |  | $ | 206 |  |  | $ | 24 |  |  | $ | 60 |  |  | $ | 6 |  |  | $ | 7 |  |  | $ | — |  |  | $ | (980 | )
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Investment related gains (losses), net |  | 3 |  |  | — |  |  | — |  |  | — |  |  | (2 | ) |  | — |  |  | 116 |  |  | — |  |  | (31 | )
Other revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (46 | )
Included in other comprehensive income |  | (8 | ) |  | — |  |  | (2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
For the nine months ended September 30, 2020: |  | Fixed maturity securities – available-for-sale |  |  |  |  |  | Funds withheld at interest – embedded derivatives |  | Other assets and liabilities, net – longevity and mortality swaps |  | Interest-sensitive contract liabilities – embedded derivatives
|  | Corporate |  | Foreign govt |  | Structured securities |  | U.S. and local govt |  | Equity securities |  | Short-term investments |  |  |
Fair value, beginning of period |  | $ | 2,186 |  |  | $ | 720 |  |  | $ | 208 |  |  | $ | 25 |  |  | $ | 77 |  |  | $ | 2 |  |  | $ | 121 |  |  | $ | — |  |  | $ | (930 | )
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment related gains (losses), net |  | (22 | ) |  | — |  |  | — |  |  | — |  |  | (6 | ) |  | — |  |  | (114 | ) |  | — |  |  | (50 | )
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (30 | )
Included in other comprehensive income |  | (12 | ) |  | 1 |  |  | (12 | ) |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchases(1) |  | 651 |  |  | — |  |  | 87 |  |  | — |  |  | 3 |  |  | 6 |  |  | — |  |  | — |  |  | (28 | )
Sales(1) |  | (132 | ) |  | — |  |  | (5 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements(1) |  | (149 | ) |  | — |  |  | (39 | ) |  | (2 | ) |  | — |  |  | (1 | ) |  | — |  |  | — |  |  | 58 |
Transfers into Level 3 |  | 8 |  |  | — |  |  | 28 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | (4 | ) |  | (704 | ) |  | (61 | ) |  | — |  |  | (14 | ) |  | (1 | ) |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 2,527 |  |  | $ | 17 |  |  | $ | 206 |  |  | $ | 24 |  |  | $ | 60 |  |  | $ | 6 |  |  | $ | 7 |  |  | $ | — |  |  | $ | (980 | )
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Investment related gains (losses), net |  | (23 | ) |  | — |  |  | — |  |  | — |  |  | (6 | ) |  | — |  |  | (114 | ) |  | — |  |  | 58 |
Other revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (89 | )
Included in other comprehensive income |  | (37 | ) |  | 1 |  |  | (13 | ) |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
For the three months ended September 30, 2019: |  | Fixed maturity securities – available-for-sale |  |  |  |  |  | Funds withheld at interest – embedded derivatives |  | Other assets and liabilities, net – longevity and mortality swaps |  | Interest-sensitive contract liabilities – embedded derivatives
|  | Corporate |  | Foreign govt |  | Structured securities |  | U.S. and local govt |  | Equity securities |  | Short-term investments |  |  |
Fair value, beginning of period |  | $ | 1,644 |  |  | $ | 687 |  |  | $ | 126 |  |  | $ | 27 |  |  | $ | 45 |  |  | $ | 28 |  |  | $ | 113 |  |  | $ | 51 |  |  | $ | (908 | )
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment related gains (losses), net |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 8 |  |  | — |  |  | (42 | )
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (45 | )
Included in other comprehensive income |  | 17 |  |  | 16 |  |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (2 | ) |  | — |
Other revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |
Purchases(1) |  | 214 |  |  | — |  |  | 11 |  |  | — |  |  | 1 |  |  | 2 |  |  | — |  |  | — |  |  | (17 | )
Sales(1) |  | (34 | ) |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | — |
Settlements(1) |  | (63 | ) |  | — |  |  | (20 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23 |
Transfers into Level 3 |  | 27 |  |  | — |  |  | 46 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | — |  |  | — |  |  | (6 | ) |  | — |  |  | — |  |  | (27 | ) |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 1,805 |  |  | $ | 707 |  |  | $ | 156 |  |  | $ | 27 |  |  | $ | 47 |  |  | $ | 3 |  |  | $ | 121 |  |  | $ | 51 |  |  | $ | (989 | )
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | $ | 1 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Investment related gains (losses), net |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 8 |  |  | — |  |  | 45 |
Other revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (68 | )
For the nine months ended September 30, 2019: |  | Fixed maturity securities – available-for-sale |  |  |  |  |  | Funds withheld at interest – embedded derivatives |  | Other assets and liabilities, net – longevity and mortality swaps |  | Interest-sensitive contract liabilities – embedded derivatives
|  | Corporate |  | Foreign govt |  | Structured securities |  | U.S. and local govt |  | Equity securities |  | Short-term investments |  |  |
Fair value, beginning of period |  | $ | 1,331 |  |  | $ | 533 |  |  | $ | 103 |  |  | $ | 28 |  |  | $ | 33 |  |  | $ | 2 |  |  | $ | 110 |  |  | $ | 47 |  |  | $ | (945 | )
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | — |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment related gains (losses), net |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 11 |  |  | — |  |  | (42 | )
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (50 | )
Included in other comprehensive income |  | 53 |  |  | 153 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | (2 | ) |  | — |
Other revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |
Purchases(1) |  | 605 |  |  | 10 |  |  | 54 |  |  | — |  |  | 7 |  |  | 30 |  |  | — |  |  | — |  |  | (13 | )
Sales(1) |  | (59 | ) |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | (1 | ) |  | — |  |  | — |  |  | — |
Settlements(1) |  | (167 | ) |  | — |  |  | (49 | ) |  | (2 | ) |  | — |  |  | (1 | ) |  | — |  |  | — |  |  | 61 |
Transfers into Level 3 |  | 43 |  |  | — |  |  | 53 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 |  | (1 | ) |  | — |  |  | (6 | ) |  | — |  |  | — |  |  | (27 | ) |  | — |  |  | — |  |  | — |
Fair value, end of period |  | $ | 1,805 |  |  | $ | 707 |  |  | $ | 156 |  |  | $ | 27 |  |  | $ | 47 |  |  | $ | 3 |  |  | $ | 121 |  |  | $ | 51 |  |  | $ | (989 | )
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment income, net of related expenses |  | $ | 1 |  |  | $ | 11 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Investment related gains (losses), net |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 11 |  |  | — |  |  | (48 | )
Other revenues |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (111 | )
(1) The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block] | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of September 30, 2020 and December 31, 2019 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2019 Annual Report. This table excludes any payables or receivables for collateral under repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid.
September 30, 2020: |  | Carrying Value (1) |  | Estimated Fair Value |  | Fair Value Measurement Using:
Level 1 |  | Level 2 |  | Level 3 |  | NAV
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans on real estate |  | $ | 5,907 |  |  | $ | 6,354 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,354 |  |  | $ | — |
Policy loans |  | 1,259 |  |  | 1,259 |  |  | — |  |  | 1,259 |  |  | — |  |  | — |
Funds withheld at interest |  | 5,373 |  |  | 5,737 |  |  | — |  |  | — |  |  | 5,737 |  |  | — |
Cash and cash equivalents |  | 1,421 |  |  | 1,421 |  |  | 1,421 |  |  | — |  |  | — |  |  | — |
Short-term investments |  | 53 |  |  | 53 |  |  | 53 |  |  | — |  |  | — |  |  | — |
Other invested assets |  | 1,387 |  |  | 1,492 |  |  | 4 |  |  | 90 |  |  | 958 |  |  | 440 |
Accrued investment income |  | 547 |  |  | 547 |  |  | — |  |  | 547 |  |  | — |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities |  | $ | 17,983 |  |  | $ | 19,845 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,845 |  |  | $ | — |
Long-term debt |  | 3,573 |  |  | 3,816 |  |  | — |  |  | — |  |  | 3,816 |  |  | — |
Collateral finance and securitization notes |  | 408 |  |  | 368 |  |  | — |  |  | — |  |  | 368 |  |  | — |
December 31, 2019: |  | Carrying Value (1) |  | Estimated Fair Value |  | Fair Value Measurement Using:
Level 1 |  | Level 2 |  | Level 3 |  | NAV
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans on real estate |  | $ | 5,706 |  |  | $ | 5,935 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,935 |  |  | $ | — |
Policy loans |  | 1,319 |  |  | 1,319 |  |  | — |  |  | 1,319 |  |  | — |  |  | — |
Funds withheld at interest |  | 5,526 |  |  | 5,870 |  |  | — |  |  | — |  |  | 5,870 |  |  | — |
Cash and cash equivalents |  | 1,175 |  |  | 1,175 |  |  | 1,175 |  |  | — |  |  | — |  |  | — |
Short-term investments |  | 32 |  |  | 32 |  |  | 32 |  |  | — |  |  | — |  |  | — |
Other invested assets |  | 1,259 |  |  | 1,278 |  |  | 5 |  |  | 68 |  |  | 803 |  |  | 402 |
Accrued investment income |  | 493 |  |  | 493 |  |  | — |  |  | 493 |  |  | — |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities |  | $ | 19,163 |  |  | $ | 21,542 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,542 |  |  | $ | — |
Long-term debt |  | 2,981 |  |  | 3,179 |  |  | — |  |  | — |  |  | 3,179 |  |  | — |
Collateral finance and securitization notes |  | 598 |  |  | 551 |  |  | — |  |  | — |  |  | 551 |  |  | — |
(1) Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.

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