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Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018
--- | --- | ---
Financial assets: |  |  |
Mortgage loans |  | $ 1,073 | $ 1,068
Policy loans |  | 170 | 174
Financial liabilities: |  |  |
Long-term debt |  | 1,423 | 1,302
Level 1 |  |  |
Financial assets: |  |  |
Cash and cash equivalents |  | 2,374 | 1,515
Mortgage loans |  | 0 | 0
Policy loans |  | 0 | 0
Total financial assets not accounted for at fair value |  | 2,374 | 1,515
Financial liabilities: |  |  |
Annuity benefits accumulated | [1] | 0 | 0
Long-term debt |  | 0 | 0
Total financial liabilities not accounted for at fair value |  | 0 | 0
Level 2 |  |  |
Financial assets: |  |  |
Cash and cash equivalents |  | 0 | 0
Mortgage loans |  | 0 | 0
Policy loans |  | 0 | 0
Total financial assets not accounted for at fair value |  | 0 | 0
Financial liabilities: |  |  |
Annuity benefits accumulated | [1] | 0 | 0
Long-term debt |  | 1,479 | 1,228
Total financial liabilities not accounted for at fair value |  | 1,479 | 1,228
Level 3 |  |  |
Financial assets: |  |  |
Cash and cash equivalents |  | 0 | 0
Mortgage loans |  | 1,080 | 1,056
Policy loans |  | 170 | 174
Total financial assets not accounted for at fair value |  | 1,250 | 1,230
Financial liabilities: |  |  |
Annuity benefits accumulated | [1] | 38,634 | 34,765
Long-term debt |  | 3 | 3
Total financial liabilities not accounted for at fair value |  | 38,637 | 34,768
Carrying Value |  |  |
Financial assets: |  |  |
Cash and cash equivalents |  | 2,374 | 1,515
Mortgage loans |  | 1,073 | 1,068
Policy loans |  | 170 | 174
Total financial assets not accounted for at fair value |  | 3,617 | 2,757
Financial liabilities: |  |  |
Annuity benefits accumulated | [1] | 38,806 | 36,384
Long-term debt |  | 1,423 | 1,302
Total financial liabilities not accounted for at fair value |  | 40,229 | 37,686
Fair Value |  |  |
Financial assets: |  |  |
Cash and cash equivalents |  | 2,374 | 1,515
Mortgage loans |  | 1,080 | 1,056
Policy loans |  | 170 | 174
Total financial assets not accounted for at fair value |  | 3,624 | 2,745
Financial liabilities: |  |  |
Annuity benefits accumulated | [1] | 38,634 | 34,765
Long-term debt |  | 1,482 | 1,231
Total financial liabilities not accounted for at fair value |  | $ 40,116 | $ 35,996
[1] | Excludes $238 million and $232 million of life contingent annuities in the payout phase at June 30, 2019 and December 31, 2018, respectively.

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- Definition Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. + References No definition available. + Details
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- Definition Amount before allowance of loans made to policy and contract holders using their life insurance contracts' cash value or separate accounts as collateral. Includes deferred interest and fees, undisbursed portion of loan balance, unamortized costs and premiums over and discounts from face amounts. Excludes loans and leases covered under loss sharing agreements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.1(e)) -URI http://asc.fasb.org/extlink&oid=119400593&loc=d3e572229-122910 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.7(a)(7)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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