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Fair Value Measurements - The carrying value and fair value of financial instruments (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019
--- | --- | ---
Financial assets: |  |
Mortgage loans | $ 1,482 | $ 1,329
Policy loans | 154 | 164
Financial liabilities: |  |
Long-term debt | 2,108 | 1,473
Level 1 |  |
Financial assets: |  |
Cash and cash equivalents | 3,747 | 2,314
Mortgage loans | 0 | 0
Policy loans | 0 | 0
Total financial assets not accounted for at fair value | 3,747 | 2,314
Financial liabilities: |  |
Annuity benefits accumulated | 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 | 0 | 0
Long-term debt | 2,394 | 1,619
Total financial liabilities not accounted for at fair value | 2,394 | 1,619
Level 3 |  |
Financial assets: |  |
Cash and cash equivalents | 0 | 0
Mortgage loans | 1,507 | 1,346
Policy loans | 154 | 164
Total financial assets not accounted for at fair value | 1,661 | 1,510
Financial liabilities: |  |
Annuity benefits accumulated | 42,938 | 40,182
Long-term debt | 3 | 3
Total financial liabilities not accounted for at fair value | 42,941 | 40,185
Carrying Value |  |
Financial assets: |  |
Cash and cash equivalents | 3,747 | 2,314
Mortgage loans | 1,482 | 1,329
Policy loans | 154 | 164
Total financial assets not accounted for at fair value | 5,383 | 3,807
Financial liabilities: |  |
Annuity benefits accumulated | 41,082 | 40,159
Long-term debt | 2,108 | 1,473
Total financial liabilities not accounted for at fair value | 43,190 | 41,632
Fair Value |  |
Financial assets: |  |
Cash and cash equivalents | 3,747 | 2,314
Mortgage loans | 1,507 | 1,346
Policy loans | 154 | 164
Total financial assets not accounted for at fair value | 5,408 | 3,824
Financial liabilities: |  |
Annuity benefits accumulated | 42,938 | 40,182
Long-term debt | 2,397 | 1,622
Total financial liabilities not accounted for at fair value | $ 45,335 | $ 41,804

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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=120400017&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=120398452&loc=d3e534808-122878 + Details
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