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Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 are summarized below (dollars in millions):
June 30, 2024: |  |  |  | Fair Value Measurements Using:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: (1) |  |  |  |  |  |  |  |
Fixed maturity securities available-for-sale: |  |  |  |  |  |  |  |
Corporate |  | $ | 46,131 |  |  | $ | — |  |  | $ | 40,630 |  |  | $ | 5,501 |
Canadian government |  | 4,780 |  |  | — |  |  | 4,780 |  |  | — |
Japanese government |  | 4,463 |  |  | — |  |  | 4,463 |  |  | — |
ABS |  | 5,143 |  |  | — |  |  | 3,679 |  |  | 1,464 |
CMBS |  | 2,120 |  |  | — |  |  | 2,088 |  |  | 32 |
RMBS |  | 1,212 |  |  | — |  |  | 1,211 |  |  | 1 |
U.S. government |  | 1,428 |  |  | 1,337 |  |  | 85 |  |  | 6 |
State and political subdivisions |  | 1,042 |  |  | — |  |  | 1,021 |  |  | 21 |
Other foreign government |  | 4,172 |  |  | — |  |  | 4,141 |  |  | 31 |
Total fixed maturity securities available-for-sale |  | 70,491 |  |  | 1,337 |  |  | 62,098 |  |  | 7,056 |
Equity securities |  | 144 |  |  | 70 |  |  | — |  |  | 74 |
Funds withheld at interest – embedded derivatives |  | (274) |  |  | — |  |  | — |  |  | (274) |
Funds withheld at interest |  | 55 |  |  | — |  |  | — |  |  | 55 |
Cash equivalents |  | 3,030 |  |  | 3,025 |  |  | 5 |  |  | — |
Short-term investments |  | 304 |  |  | 129 |  |  | 160 |  |  | 15 |
Other invested assets: |  |  |  |  |  |  |  |
Derivatives |  | 66 |  |  | — |  |  | 66 |  |  | — |
Other |  | 19 |  |  | — |  |  | 19 |  |  | — |
Total other invested assets |  | 85 |  |  | — |  |  | 85 |  |  | — |
Total |  | $ | 73,835 |  |  | $ | 4,561 |  |  | $ | 62,348 |  |  | $ | 6,926 |
Liabilities: |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities – embedded derivatives |  | $ | 386 |  |  | $ | — |  |  | $ | — |  |  | $ | 386 |
Funds withheld at interest – embedded derivatives |  | (206) |  |  | — |  |  | — |  |  | (206) |
Derivatives – other liabilities |  | 430 |  |  | — |  |  | 430 |  |  | — |
Total |  | $ | 610 |  |  | $ | — |  |  | $ | 430 |  |  | $ | 180 |
(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of June 30, 2024, the fair value of such investments was $911 million.
December 31, 2023: |  |  |  | Fair Value Measurements Using:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: (1) |  |  |  |  |  |  |  |
Fixed maturity securities available-for-sale: |  |  |  |  |  |  |  |
Corporate |  | $ | 38,755 |  |  | $ | — |  |  | $ | 33,822 |  |  | $ | 4,933 |
Canadian government |  | 3,917 |  |  | — |  |  | 3,917 |  |  | — |
Japanese government |  | 3,131 |  |  | — |  |  | 3,131 |  |  | — |
ABS |  | 4,429 |  |  | — |  |  | 3,064 |  |  | 1,365 |
CMBS |  | 1,773 |  |  | — |  |  | 1,714 |  |  | 59 |
RMBS |  | 1,079 |  |  | — |  |  | 1,078 |  |  | 1 |
U.S. government |  | 2,520 |  |  | 2,426 |  |  | 87 |  |  | 7 |
State and political subdivisions |  | 1,114 |  |  | — |  |  | 1,095 |  |  | 19 |
Other foreign government |  | 3,749 |  |  | — |  |  | 3,714 |  |  | 35 |
Total fixed maturity securities available-for-sale |  | 60,467 |  |  | 2,426 |  |  | 51,622 |  |  | 6,419 |
Equity securities |  | 139 |  |  | 69 |  |  | — |  |  | 70 |
Funds withheld at interest – embedded derivatives |  | (377) |  |  | — |  |  | — |  |  | (377) |
Funds withheld at interest |  | 54 |  |  | — |  |  | — |  |  | 54 |
Cash equivalents |  | 1,335 |  |  | 1,322 |  |  | 13 |  |  | — |
Short-term investments |  | 187 |  |  | 90 |  |  | 95 |  |  | 2 |
Other invested assets: |  |  |  |  |  |  |  |
Derivatives |  | 97 |  |  | — |  |  | 97 |  |  | — |
Other |  | 22 |  |  | — |  |  | 22 |  |  | — |
Total other invested assets |  | 119 |  |  | — |  |  | 119 |  |  | — |
Total |  | $ | 61,924 |  |  | $ | 3,907 |  |  | $ | 51,849 |  |  | $ | 6,168 |
Liabilities: |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities – embedded derivatives |  | $ | 415 |  |  | $ | — |  |  | $ | — |  |  | $ | 415 |
Funds withheld at interest – embedded derivatives |  | (206) |  |  | — |  |  | — |  |  | (206) |
Derivatives – other liabilities |  | 197 |  |  | — |  |  | 197 |  |  | — |
Total |  | $ | 406 |  |  | $ | — |  |  | $ | 197 |  |  | $ | 209 |
(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2023, the fair value of such investments was $856 million.
Fair Value Measurement Inputs and Valuation Techniques [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 June 30, 2024 and December 31, 2023 (dollars in millions):
| Estimated Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average)
June 30, 2024 |  | December 31, 2023 |  |  |  | June 30, 2024 |  | December 31, 2023
Assets: |  |  |  |  |  |  |  |  |  |  |
Corporate | $ | 117 |  |  | $ | 91 |  |  | Market comparable securities |  | Liquidity premium |  | 0-2% (1%) |  | 0-2% (1%)
|  |  |  |  |  |  | EBITDA Multiple |  | 6.7x-11.0x (9.0x) |  | 6.0x-8.5x (7.1x)
ABS | 288 |  |  | 268 |  |  | Market comparable securities |  | Liquidity premium |  | 0-9% (2%) |  | 0-18% (2%)
U.S. government | 6 |  |  | 7 |  |  | Market comparable securities |  | Liquidity premium |  | 0-1% (1%) |  | 0-1% (1%)
Equity securities | 33 |  |  | 31 |  |  | Market comparable securities |  | Liquidity premium |  | 4% |  | 4%
|  |  |  |  |  |  | EBITDA Multiple |  | 6.9x-12.4x (10.1x) |  | 8.4x-12.3x (10.1x)
Funds withheld at interest – embedded derivatives | 7 |  |  | (50) |  |  | Total return swap |  | Mortality |  | 0-100% (3%) |  | 0-100% (3%)
|  |  |  |  |  |  | Lapse |  | 0-35% (20%) |  | 0-35% (18%)
|  |  |  |  |  |  | Withdrawal |  | 0-10% (4%) |  | 0-5% (4%)
|  |  |  |  |  |  | CVA |  | 0-5% (0%) |  | 0-5% (0%)
|  |  |  |  |  |  | Crediting rate |  | 1-4% (2%) |  | 1-4% (2%)
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities – embedded derivatives – indexed annuities | 386 |  |  | 415 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (3%) |  | 0-100% (3%)
|  |  |  |  |  |  | Lapse |  | 0-35% (19%) |  | 0-35% (17%)
|  |  |  |  |  |  | Withdrawal |  | 0-10% (4%) |  | 0-5% (4%)
|  |  |  |  |  |  | Option budget projection |  | 1-4% (2%) |  | 1-4% (2%)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
For the three months ended June 30, 2024: |  | Fixed maturity securities available-for-sale |  |  |  |  |  |  |  | Funds withheld at interest –embedded derivatives, net (1) |  | Funds withheld at interest |  |  |  | Interest-sensitive contract liabilities – embedded derivatives
|  | Corporate |  | Foreign govt |  | Structured securities |  | U.S. and local govt |  | Equity securities |  | Cash equivalents |  | Short-term investments |  |  |  |
Fair value, beginning of period |  | $ | 5,079 |  |  | $ | 33 |  |  | $ | 1,398 |  |  | $ | 27 |  |  | $ | 69 |  |  | $ | — |  |  | $ | 10 |  |  | $ | (94) |  |  | $ | 55 |  |  |  |  | $ | (398) |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | 4 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Investment related gains (losses), net |  | (24) |  |  | — |  |  | 1 |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 8 |
Included in other comprehensive income (loss) |  | (28) |  |  | (2) |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Purchases (2) |  | 764 |  |  | — |  |  | 142 |  |  | — |  |  | 9 |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  |  |  | (23) |
Sales (2) |  | (63) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  |  |  | — |
Settlements (2) |  | (232) |  |  | — |  |  | (99) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 27 |
Transfers into Level 3 |  | 1 |  |  | — |  |  | 51 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Transfers out of Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  |  |  | — |
Fair value, end of period |  | $ | 5,501 |  |  | $ | 31 |  |  | $ | 1,497 |  |  | $ | 27 |  |  | $ | 74 |  |  | $ | — |  |  | $ | 15 |  |  | $ | (68) |  |  | $ | 55 |  |  |  |  | $ | (386) |
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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 2 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |
Investment related gains (losses), net |  | (18) |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 18 |
Included in other comprehensive income (loss) |  | (27) |  |  | (2) |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward. (2)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.
For the six months ended June 30, 2024: |  | Fixed maturity securities available-for-sale |  |  |  |  |  |  |  | Funds withheld at interest –embedded derivatives, net (1) |  | Funds withheld at interest |  |  |  | Interest-sensitive contract liabilities – embedded derivatives
|  | Corporate |  | Foreign govt |  | Structured securities |  | U.S. and local govt |  | Equity securities |  | Cash equivalents |  | Short-term investments |  |  |  |
Fair value, beginning of period |  | $ | 4,933 |  |  | $ | 35 |  |  | $ | 1,425 |  |  | $ | 26 |  |  | $ | 70 |  |  | $ | — |  |  | $ | 2 |  |  | $ | (171) |  |  | $ | 54 |  |  |  |  | $ | (415) |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | 6 |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  |  |  | — |
Investment related gains (losses), net |  | (48) |  |  | — |  |  | (1) |  |  | — |  |  | (7) |  |  | — |  |  | — |  |  | 103 |  |  | — |  |  |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (12) |
Included in other comprehensive income (loss) |  | (17) |  |  | (4) |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  |  |  | — |
Purchases (2) |  | 1,192 |  |  | — |  |  | 188 |  |  | — |  |  | 11 |  |  | — |  |  | 15 |  |  | — |  |  | 1 |  |  |  |  | (11) |
Sales (2) |  | (182) |  |  | — |  |  | (23) |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  |  |  | — |
Settlements (2) |  | (350) |  |  | — |  |  | (159) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  |  |  | 52 |
Transfers into Level 3 |  | 1 |  |  | — |  |  | 81 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Transfers out of Level 3 |  | (34) |  |  | — |  |  | (21) |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  |  |  | — |
Fair value, end of period |  | $ | 5,501 |  |  | $ | 31 |  |  | $ | 1,497 |  |  | $ | 27 |  |  | $ | 74 |  |  | $ | — |  |  | $ | 15 |  |  | $ | (68) |  |  | $ | 55 |  |  |  |  | $ | (386) |
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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 3 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  |  |  | $ | — |
Investment related gains (losses), net |  | (45) |  |  | — |  |  | (3) |  |  | — |  |  | (7) |  |  | — |  |  | — |  |  | 103 |  |  | — |  |  |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 64 |
Included in other comprehensive income (loss) |  | (15) |  |  | (4) |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  |  |  | — |
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward. (2)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.
For the three months ended June 30, 2023: |  | Fixed maturity securities available-for-sale |  |  |  |  |  |  |  | Funds withheld at interest –embedded derivatives, net (1) |  | Funds withheld at interest |  |  |  | Interest-sensitive contract liabilities – embedded derivatives
|  | Corporate |  | Foreign govt |  | Structured securities |  | U.S. and local govt |  | Equity securities |  | Cash equivalents |  | Short-term investments |  |  |  |
Fair value, beginning of period |  | $ | 4,613 |  |  | $ | 37 |  |  | $ | 1,461 |  |  | $ | 28 |  |  | $ | 68 |  |  | $ | 1 |  |  | $ | 7 |  |  | $ | 29 |  |  | $ | 53 |  |  |  |  | $ | (495) |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | 1 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  |  |  | — |
Investment related gains (losses), net |  | 1 |  |  | — |  |  | (2) |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | (20) |  |  | — |  |  |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (5) |
Included in other comprehensive income (loss) |  | (64) |  |  | (2) |  |  | 11 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  |  |  | — |
Purchases (2) |  | 192 |  |  | — |  |  | 17 |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  |  |  | 9 |
Sales (2) |  | (32) |  |  | — |  |  | (4) |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Settlements (2) |  | (59) |  |  | — |  |  | (60) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  |  |  | 19 |
Transfers into Level 3 |  | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  |  |  | — |
Transfers out of Level 3 |  | (6) |  |  | — |  |  | (28) |  |  | — |  |  | — |  |  | (1) |  |  | (7) |  |  | — |  |  | — |  |  |  |  | — |
Fair value, end of period |  | $ | 4,654 |  |  | $ | 35 |  |  | $ | 1,397 |  |  | $ | 29 |  |  | $ | 68 |  |  | $ | — |  |  | $ | 6 |  |  | $ | 9 |  |  | $ | 53 |  |  |  |  | $ | (472) |
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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 1 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  |  |  | $ | — |
Investment related gains (losses), net |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | (20) |  |  | — |  |  |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (23) |
Included in other comprehensive income (loss) |  | (65) |  |  | (2) |  |  | 10 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  |  |  | — |
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward. (2)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.
For the six months ended June 30, 2023: |  | Fixed maturity securities available-for-sale |  |  |  |  |  |  |  |  | Funds withheld at interest –embedded derivatives, net (1) |  | Funds withheld at interest |  |  |  | Interest-sensitive contract liabilities – embedded derivatives
|  | Corporate |  | Foreign govt |  | Structured securities |  | U.S. and local govt |  | Equity securities |  | Cash equivalents |  |  | Short-term investments |  |  |  |
Fair value, beginning of period |  | $ | 4,299 |  |  | $ | 35 |  |  | $ | 1,353 |  |  | $ | 35 |  |  | $ | 66 |  |  | $ | — |  |  |  | $ | 13 |  |  | $ | (8) |  |  | $ | 54 |  |  |  |  | $ | (530) |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | 2 |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | (3) |  |  |  |  | — |
Investment related gains (losses), net |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (2) |  |  | — |  |  |  | (1) |  |  | 17 |  |  | — |  |  |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  |  |  | 11 |
Included in other comprehensive income (loss) |  | (9) |  |  | — |  |  | 44 |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | 3 |  |  |  |  | — |
Purchases (2) |  | 510 |  |  | — |  |  | 115 |  |  | — |  |  | 8 |  |  | 1 |  |  |  | 1 |  |  | — |  |  | 1 |  |  |  |  | 10 |
Sales (2) |  | (32) |  |  | — |  |  | (4) |  |  | — |  |  | (4) |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Settlements (2) |  | (118) |  |  | — |  |  | (122) |  |  | (1) |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | (2) |  |  |  |  | 37 |
Transfers into Level 3 |  | 8 |  |  | — |  |  | 64 |  |  | — |  |  | — |  |  | — |  |  |  | 6 |  |  | — |  |  | — |  |  |  |  | — |
Transfers out of Level 3 |  | (6) |  |  | — |  |  | (55) |  |  | (5) |  |  | — |  |  | (1) |  |  |  | (13) |  |  | — |  |  | — |  |  |  |  | — |
Fair value, end of period |  | $ | 4,654 |  |  | $ | 35 |  |  | $ | 1,397 |  |  | $ | 29 |  |  | $ | 68 |  |  | $ | — |  |  |  | $ | 6 |  |  | $ | 9 |  |  | $ | 53 |  |  |  |  | $ | (472) |
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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 2 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | $ | — |  |  | $ | — |  |  | $ | (3) |  |  |  |  | $ | — |
Investment related gains (losses), net |  | (2) |  |  | — |  |  | (2) |  |  | — |  |  | (2) |  |  | — |  |  |  | (1) |  |  | 17 |  |  | — |  |  |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  |  |  | (25) |
Included in other comprehensive income (loss) |  | (13) |  |  | — |  |  | 43 |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | 3 |  |  |  |  | — |
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward. (2)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 values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of June 30, 2024 and December 31, 2023 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 13 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2023 Annual Report. This table excludes any payables or receivables for collateral under repurchase/reverse 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.
June 30, 2024: |  | Carrying Value (1) |  | Estimated Fair Value |  | Fair Value Measurement Using:
Level 1 |  | Level 2 |  | Level 3 |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans |  | $ | 7,984 |  |  | $ | 7,582 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,582 |  |  |
Policy loans |  | 1,171 |  |  | 1,171 |  |  | — |  |  | 1,171 |  |  | — |  |  |
Funds withheld at interest |  | 5,776 |  |  | 5,386 |  |  | — |  |  | — |  |  | 5,386 |  |  |
Limited partnerships – cost method |  | 55 |  |  | 58 |  |  | — |  |  | — |  |  | 58 |  |  |
Cash and cash equivalents |  | 1,566 |  |  | 1,566 |  |  | 1,566 |  |  | — |  |  | — |  |  |
Short-term investments |  | 31 |  |  | 31 |  |  | 31 |  |  | — |  |  | — |  |  |
Other invested assets |  | 1,033 |  |  | 843 |  |  | 3 |  |  | 72 |  |  | 768 |  |  |
Accrued investment income |  | 881 |  |  | 881 |  |  | — |  |  | 881 |  |  | — |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities (2) |  | $ | 21,822 |  |  | $ | 21,366 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,366 |  |  |
Funds withheld at interest |  | 4,530 |  |  | 4,276 |  |  | — |  |  | — |  |  | 4,276 |  |  |
Long-term debt |  | 5,067 |  |  | 4,865 |  |  | — |  |  | — |  |  | 4,865 |  |  |
December 31, 2023: |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans |  | $ | 7,377 |  |  | $ | 6,975 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,975 |  |  |
Policy loans |  | 1,206 |  |  | 1,206 |  |  | — |  |  | 1,206 |  |  | — |  |  |
Funds withheld at interest |  | 6,005 |  |  | 5,547 |  |  | — |  |  | — |  |  | 5,547 |  |  |
Limited partnerships – cost method |  | 71 |  |  | 73 |  |  | — |  |  | — |  |  | 73 |  |  |
Cash and cash equivalents |  | 1,635 |  |  | 1,635 |  |  | 1,635 |  |  | — |  |  | — |  |  |
Short-term investments |  | 35 |  |  | 35 |  |  | 35 |  |  | — |  |  | — |  |  |
Other invested assets |  | 1,019 |  |  | 841 |  |  | 4 |  |  | 63 |  |  | 774 |  |  |
Accrued investment income |  | 759 |  |  | 759 |  |  | — |  |  | 759 |  |  | — |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities (2) |  | $ | 21,797 |  |  | $ | 21,665 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,665 |  |  |
Funds withheld at interest |  | 4,689 |  |  | 4,400 |  |  | — |  |  | — |  |  | 4,400 |  |  |
Long-term debt |  | 4,427 |  |  | 4,243 |  |  | — |  |  | — |  |  | 4,243 |  |  |
(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. (2)Carrying values and estimated fair values presented herein include a reinsurance recoverable of $2.1 billion and $2.2 billion as of June 30, 2024 and December 31, 2023, respectively.

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