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v3.19.2

Fair Value Measurements - Assets and liabilities measured and carried at fair value in the financial statements (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018
--- | --- | ---
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | $ 44,710 | $ 41,997
Trading fixed maturities |  | 106 | 105
Equity securities |  | 1,985 | 1,814
Equity index call options |  | 712 | 184
Assets of managed investment entities (“MIE”) |  | 4,781 | 4,700
Variable annuity assets (separate accounts) | [1] | 616 | 557
Total assets accounted for at fair value |  | 52,964 | 49,373
Liabilities: |  |  |
Liabilities of managed investment entities |  | 4,590 | 4,512
Total liabilities accounted for at fair value |  | 8,143 | 7,281
Annuity benefits accumulated |  |  |
Liabilities: |  |  |
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities |  | 3,541 | 2,720
Other liabilities — derivatives |  |  |
Liabilities: |  |  |
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities |  | 12 | 49
Fixed maturities |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 44,710 | 41,997
Trading fixed maturities |  | 106 | 105
U.S. Government and government agencies |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 228 | 233
States, municipalities and political subdivisions |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 6,996 | 6,939
Foreign government |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 149 | 142
Residential MBS |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 2,667 | 2,744
Commercial MBS |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 974 | 920
Collateralized loan obligations |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 4,333 | 4,278
Other asset-backed securities |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 5,944 | 5,533
Corporate and other |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 23,419 | 21,208
Equity securities |  |  |
Assets: |  |  |
Equity securities |  | 1,985 | 1,814
Other assets |  |  |
Assets: |  |  |
Equity index call options |  | 54 | 16
Level 1 |  |  |
Assets: |  |  |
Assets of managed investment entities (“MIE”) |  | 225 | 203
Variable annuity assets (separate accounts) | [1] | 0 | 0
Total assets accounted for at fair value |  | 1,933 | 1,791
Liabilities: |  |  |
Liabilities of managed investment entities |  | 216 | 195
Total liabilities accounted for at fair value |  | 216 | 195
Level 1 | Annuity benefits accumulated |  |  |
Liabilities: |  |  |
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities |  | 0 | 0
Level 1 | Other liabilities — derivatives |  |  |
Liabilities: |  |  |
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities |  | 0 | 0
Level 1 | Fixed maturities |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 172 | 169
Trading fixed maturities |  | 4 | 9
Level 1 | U.S. Government and government agencies |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 143 | 141
Level 1 | States, municipalities and political subdivisions |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 0 | 0
Level 1 | Foreign government |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 0 | 0
Level 1 | Residential MBS |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 0 | 0
Level 1 | Commercial MBS |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 0 | 0
Level 1 | Collateralized loan obligations |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 0 | 0
Level 1 | Other asset-backed securities |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 0 | 0
Level 1 | Corporate and other |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 29 | 28
Level 1 | Equity securities |  |  |
Assets: |  |  |
Equity securities |  | 1,532 | 1,410
Level 1 | Other assets |  |  |
Assets: |  |  |
Equity index call options |  | 0 | 0
Level 2 |  |  |
Assets: |  |  |
Assets of managed investment entities (“MIE”) |  | 4,537 | 4,476
Variable annuity assets (separate accounts) | [1] | 616 | 557
Total assets accounted for at fair value |  | 47,925 | 44,061
Liabilities: |  |  |
Liabilities of managed investment entities |  | 4,356 | 4,297
Total liabilities accounted for at fair value |  | 4,368 | 4,346
Level 2 | Annuity benefits accumulated |  |  |
Liabilities: |  |  |
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities |  | 0 | 0
Level 2 | Other liabilities — derivatives |  |  |
Liabilities: |  |  |
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities |  | 12 | 49
Level 2 | Fixed maturities |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 41,828 | 38,664
Trading fixed maturities |  | 102 | 96
Level 2 | U.S. Government and government agencies |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 77 | 83
Level 2 | States, municipalities and political subdivisions |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 6,914 | 6,880
Level 2 | Foreign government |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 149 | 142
Level 2 | Residential MBS |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 2,528 | 2,547
Level 2 | Commercial MBS |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 924 | 864
Level 2 | Collateralized loan obligations |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 4,283 | 4,162
Level 2 | Other asset-backed securities |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 5,577 | 4,802
Level 2 | Corporate and other |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 21,376 | 19,184
Level 2 | Equity securities |  |  |
Assets: |  |  |
Equity securities |  | 76 | 68
Level 2 | Other assets |  |  |
Assets: |  |  |
Equity index call options |  | 54 | 16
Level 3 |  |  |
Assets: |  |  |
Assets of managed investment entities (“MIE”) |  | 19 | 21
Variable annuity assets (separate accounts) | [1] | 0 | 0
Total assets accounted for at fair value |  | 3,106 | 3,521
Liabilities: |  |  |
Liabilities of managed investment entities |  | 18 | 20
Total liabilities accounted for at fair value |  | 3,559 | 2,740
Level 3 | Annuity benefits accumulated |  |  |
Liabilities: |  |  |
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities |  | 3,541 | 2,720
Level 3 | Other liabilities — derivatives |  |  |
Liabilities: |  |  |
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities |  | 0 | 0
Level 3 | Fixed maturities |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 2,710 | 3,164
Trading fixed maturities |  | 0 | 0
Level 3 | U.S. Government and government agencies |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 8 | 9
Level 3 | States, municipalities and political subdivisions |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 82 | 59
Level 3 | Foreign government |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 0 | 0
Level 3 | Residential MBS |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 139 | 197
Level 3 | Commercial MBS |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 50 | 56
Level 3 | Collateralized loan obligations |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 50 | 116
Level 3 | Other asset-backed securities |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 367 | 731
Level 3 | Corporate and other |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 2,014 | 1,996
Level 3 | Equity securities |  |  |
Assets: |  |  |
Equity securities |  | 377 | 336
Level 3 | Other assets |  |  |
Assets: |  |  |
Equity index call options |  | 0 | 0
Equity index call options | Equity index call options |  |  |
Assets: |  |  |
Equity index call options |  | 712 | 184
Equity index call options | Level 1 | Equity index call options |  |  |
Assets: |  |  |
Equity index call options |  | 0 | 0
Equity index call options | Level 2 | Equity index call options |  |  |
Assets: |  |  |
Equity index call options |  | 712 | 184
Equity index call options | Level 3 | Equity index call options |  |  |
Assets: |  |  |
Equity index call options |  | $ 0 | $ 0
[1] | Variable annuity liabilities equal the fair value of variable annuity assets.

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