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v3.20.1

Fair Value Measurements - Assets and liabilities measured and carried at fair value in the financial statements (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019
--- | --- | ---
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | $ 46,134 | $ 46,505
Trading fixed maturities |  | 96 | 113
Equity securities |  | 1,559 | 1,937
Equity index call options |  | 209 | 924
Assets of managed investment entities (“MIE”) |  | 4,026 | 4,736
Variable annuity assets (separate accounts) | [1] | 497 | 628
Total assets accounted for at fair value |  | 52,646 | 54,893
Liabilities: |  |  |
Liabilities of managed investment entities |  | 3,865 | 4,571
Total liabilities accounted for at fair value |  | 6,974 | 8,311
Annuity benefits accumulated |  |  |
Liabilities: |  |  |
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities |  | 3,099 | 3,730
Other liabilities — derivatives |  |  |
Liabilities: |  |  |
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities |  | 10 | 10
Fixed maturities |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 46,134 | 46,505
Trading fixed maturities |  | 96 | 113
U.S. Government and government agencies |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 205 | 209
States, municipalities and political subdivisions |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 6,906 | 6,963
Foreign government |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 170 | 172
Residential MBS |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 3,131 | 3,160
Commercial MBS |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 907 | 927
Collateralized loan obligations |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 4,138 | 4,280
Other asset-backed securities |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 6,758 | 7,128
Corporate and other |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 23,919 | 23,666
Equity securities |  |  |
Assets: |  |  |
Equity securities |  | 1,559 | 1,937
Other assets |  |  |
Assets: |  |  |
Equity index call options |  | 125 | 50
Level 1 |  |  |
Assets: |  |  |
Assets of managed investment entities (“MIE”) |  | 169 | 213
Variable annuity assets (separate accounts) | [1] | 0 | 0
Total assets accounted for at fair value |  | 1,409 | 1,828
Liabilities: |  |  |
Liabilities of managed investment entities |  | 162 | 206
Total liabilities accounted for at fair value |  | 162 | 206
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 |  | 183 | 180
Trading fixed maturities |  | 1 | 2
Level 1 | U.S. Government and government agencies |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 158 | 151
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 |  | 25 | 29
Level 1 | Equity securities |  |  |
Assets: |  |  |
Equity securities |  | 1,056 | 1,433
Level 1 | Other assets |  |  |
Assets: |  |  |
Equity index call options |  | 0 | 0
Level 2 |  |  |
Assets: |  |  |
Assets of managed investment entities (“MIE”) |  | 3,841 | 4,506
Variable annuity assets (separate accounts) | [1] | 497 | 628
Total assets accounted for at fair value |  | 47,724 | 49,224
Liabilities: |  |  |
Liabilities of managed investment entities |  | 3,688 | 4,349
Total liabilities accounted for at fair value |  | 3,698 | 4,359
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 |  | 10 | 10
Level 2 | Fixed maturities |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 42,890 | 42,938
Trading fixed maturities |  | 95 | 111
Level 2 | U.S. Government and government agencies |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 32 | 43
Level 2 | States, municipalities and political subdivisions |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 6,801 | 6,858
Level 2 | Foreign government |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 170 | 172
Level 2 | Residential MBS |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 2,968 | 2,987
Level 2 | Commercial MBS |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 875 | 892
Level 2 | Collateralized loan obligations |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 3,970 | 4,265
Level 2 | Other asset-backed securities |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 5,728 | 5,842
Level 2 | Corporate and other |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 22,346 | 21,879
Level 2 | Equity securities |  |  |
Assets: |  |  |
Equity securities |  | 67 | 67
Level 2 | Other assets |  |  |
Assets: |  |  |
Equity index call options |  | 125 | 50
Level 3 |  |  |
Assets: |  |  |
Assets of managed investment entities (“MIE”) |  | 16 | 17
Variable annuity assets (separate accounts) | [1] | 0 | 0
Total assets accounted for at fair value |  | 3,513 | 3,841
Liabilities: |  |  |
Liabilities of managed investment entities |  | 15 | 16
Total liabilities accounted for at fair value |  | 3,114 | 3,746
Level 3 | Annuity benefits accumulated |  |  |
Liabilities: |  |  |
Derivatives included in annuity benefits accumulated, long-term debt, and other liabilities |  | 3,099 | 3,730
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 |  | 3,061 | 3,387
Trading fixed maturities |  | 0 | 0
Level 3 | U.S. Government and government agencies |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 15 | 15
Level 3 | States, municipalities and political subdivisions |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 105 | 105
Level 3 | Foreign government |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 0 | 0
Level 3 | Residential MBS |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 163 | 173
Level 3 | Commercial MBS |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 32 | 35
Level 3 | Collateralized loan obligations |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 168 | 15
Level 3 | Other asset-backed securities |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 1,030 | 1,286
Level 3 | Corporate and other |  |  |
Assets: |  |  |
Available for sale (AFS) fixed maturities |  | 1,548 | 1,758
Level 3 | Equity securities |  |  |
Assets: |  |  |
Equity securities |  | 436 | 437
Level 3 | Other assets |  |  |
Assets: |  |  |
Equity index call options |  | 0 | 0
Equity index call options | Equity index call options |  |  |
Assets: |  |  |
Equity index call options |  | 209 | 924
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 |  | 209 | 924
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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