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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value of Financial Instruments [Abstract] |
Carrying And Estimated Fair Values Of Financial Instruments |
| As of June 30, 2023 |  | As of December 31, 2022 |
| Carrying |  | Fair |  | Carrying |  | Fair |
| Value |  | Value |  | Value |  | Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities | $ | 100,890 |  | $ | 100,890 |  | $ | 99,736 |  | $ | 99,736 |
Trading securities |  | 2,943 |  |  | 2,943 |  |  | 3,498 |  |  | 3,498 |
Equity securities |  | 403 |  |  | 403 |  |  | 427 |  |  | 427 |
Mortgage loans on real estate |  | 18,460 |  |  | 16,810 |  |  | 18,301 |  |  | 16,553 |
Derivative investments |  | 5,155 |  |  | 5,155 |  |  | 3,594 |  |  | 3,594 |
Other investments |  | 4,193 |  |  | 4,193 |  |  | 3,739 |  |  | 3,739 |
Cash and invested cash |  | 3,768 |  |  | 3,768 |  |  | 3,343 |  |  | 3,343 |
MRB assets |  | 3,906 |  |  | 3,906 |  |  | 2,807 |  |  | 2,807 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs |  | 2 |  |  | 2 |  |  | 12 |  |  | 12 |
Reinsurance-related embedded derivatives |  | 368 |  |  | 368 |  |  | 416 |  |  | 416 |
Indexed annuity ceded embedded derivatives |  | 603 |  |  | 603 |  |  | 525 |  |  | 525 |
Separate account assets |  | 153,246 |  |  | 153,246 |  |  | 143,536 |  |  | 143,536 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances: |  |  |  |  |  |  |  |  |  |  |  |
Account balances of certain investment contracts |  | (43,457 | ) |  | (32,106 | ) |  | (43,578 | ) |  | (34,274 | )
Indexed annuity and IUL contracts embedded derivatives |  | (7,510 | ) |  | (7,510 | ) |  | (4,783 | ) |  | (4,783 | )
MRB liabilities |  | (1,548 | ) |  | (1,548 | ) |  | (2,078 | ) |  | (2,078 | )
Short-term debt |  | (500 | ) |  | (497 | ) |  | (500 | ) |  | (496 | )
Long-term debt |  | (5,954 | ) |  | (4,830 | ) |  | (5,955 | ) |  | (5,005 | )
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs |  | (293 | ) |  | (293 | ) |  | (205 | ) |  | (205 | )
Derivative liabilities |  | (372 | ) |  | (372 | ) |  | (210 | ) |  | (210 | )
Remaining guaranteed interest and similar contracts |  | (482 | ) |  | (482 | ) |  | (574 | ) |  | (574 | )
Schedule of Mortgage Loans With Election Of Fair Value Option |
| As of |  | As of |  |
| June 30, |  | December 31, |  |
| 2023 |  | 2022 |  |
Fair value | $ | 404 |  | $ | 487 |  |
Aggregate contractual principal |  | 432 |  |  | 514 |  |
Fair Value Of Assets And Liabilities On A Recurring Basis |
|  | As of June 30, 2023 |
|  | Quoted |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Prices |  |  |  |  |  |  |  |  |  |  |  |  |
|  | in Active |  |  |  |  |  |  |  |  |  |  |  |  |
| Markets for | Significant | Significant |  |  |  |
|  | Identical |  | Observable | Unobservable |  | Total |
|  | Assets |  |  | Inputs |  |  | Inputs |  |  | Fair |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | - |  |  | $ | 76,941 |  |  | $ | 2,366 |  |  | $ | 79,307 |
U.S. government bonds |  |  | 349 |  |  |  | 22 |  |  |  | - |  |  |  | 371 |
State and municipal bonds |  |  | - |  |  |  | 5,038 |  |  |  | 36 |  |  |  | 5,074 |
Foreign government bonds |  |  | - |  |  |  | 281 |  |  |  | - |  |  |  | 281 |
RMBS |  |  | - |  |  |  | 2,009 |  |  |  | 6 |  |  |  | 2,015 |
CMBS |  |  | - |  |  |  | 1,684 |  |  |  | - |  |  |  | 1,684 |
ABS |  |  | - |  |  |  | 10,585 |  |  |  | 1,208 |  |  |  | 11,793 |
Hybrid and redeemable preferred securities |  |  | 45 |  |  |  | 260 |  |  |  | 60 |  |  |  | 365 |
Trading securities |  |  | - |  |  |  | 2,592 |  |  |  | 351 |  |  |  | 2,943 |
Equity securities |  |  | 1 |  |  |  | 277 |  |  |  | 125 |  |  |  | 403 |
Mortgage loans on real estate |  |  | - |  |  |  | - |  |  |  | 404 |  |  |  | 404 |
Derivative investments (1) |  |  | - |  |  |  | 9,489 |  |  |  | 591 |  |  |  | 10,080 |
Other investments – short-term investments |  |  | - |  |  |  | 139 |  |  |  | - |  |  |  | 139 |
Cash and invested cash |  |  | - |  |  |  | 3,768 |  |  |  | - |  |  |  | 3,768 |
MRB assets |  |  | - |  |  |  | - |  |  |  | 3,906 |  |  |  | 3,906 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 2 |
Reinsurance-related embedded derivatives |  |  | - |  |  |  | 368 |  |  |  | - |  |  |  | 368 |
Indexed annuity ceded embedded derivatives |  |  | - |  |  |  | - |  |  |  | 603 |  |  |  | 603 |
Separate account assets |  |  | 417 |  |  |  | 152,829 |  |  |  | - |  |  |  | 153,246 |
Total assets |  | $ | 812 |  |  | $ | 266,282 |  |  | $ | 9,658 |  |  | $ | 276,752 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances – indexed annuity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and IUL contracts embedded derivatives |  | $ | - |  |  | $ | - |  |  | $ | (7,510 | ) |  | $ | (7,510 | )
MRB liabilities |  |  | - |  |  |  | - |  |  |  | (1,548 | ) |  |  | (1,548 | )
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs |  |  | - |  |  |  | - |  |  |  | (293 | ) |  |  | (293 | )
Derivative liabilities (1) |  |  | - |  |  |  | (4,737 | ) |  |  | (560 | ) |  |  | (5,297 | )
Total liabilities |  | $ | - |  |  | $ | (4,737 | ) |  | $ | (9,911 | ) |  | $ | (14,648 | )
‎
|  | As of December 31, 2022 |
|  | Quoted |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Prices |  |  |  |  |  |  |  |  |  |  |  |  |
|  | in Active |  |  |  |  |  |  |  |  |  |  |  |  |
| Markets for | Significant | Significant |  |  |  |
|  | Identical |  | Observable | Unobservable |  | Total |
|  | Assets |  |  | Inputs |  |  | Inputs |  |  | Fair |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | - |  |  | $ | 76,728 |  |  | $ | 2,295 |  |  | $ | 79,023 |
U.S. government bonds |  |  | 359 |  |  |  | 20 |  |  |  | - |  |  |  | 379 |
State and municipal bonds |  |  | - |  |  |  | 5,035 |  |  |  | 35 |  |  |  | 5,070 |
Foreign government bonds |  |  | - |  |  |  | 318 |  |  |  | - |  |  |  | 318 |
RMBS |  |  | - |  |  |  | 2,008 |  |  |  | 1 |  |  |  | 2,009 |
CMBS |  |  | - |  |  |  | 1,674 |  |  |  | - |  |  |  | 1,674 |
ABS |  |  | - |  |  |  | 9,787 |  |  |  | 1,117 |  |  |  | 10,904 |
Hybrid and redeemable preferred securities |  |  | 41 |  |  |  | 269 |  |  |  | 49 |  |  |  | 359 |
Trading securities |  |  | - |  |  |  | 2,917 |  |  |  | 581 |  |  |  | 3,498 |
Equity securities |  |  | - |  |  |  | 274 |  |  |  | 153 |  |  |  | 427 |
Mortgage loans on real estate |  |  | - |  |  |  | - |  |  |  | 487 |  |  |  | 487 |
Derivative investments (1) |  |  | - |  |  |  | 6,048 |  |  |  | 605 |  |  |  | 6,653 |
Other investments – short-term investments |  |  | - |  |  |  | 75 |  |  |  | - |  |  |  | 75 |
Cash and invested cash |  |  | - |  |  |  | 3,343 |  |  |  | - |  |  |  | 3,343 |
MRB assets |  |  | - |  |  |  | - |  |  |  | 2,807 |  |  |  | 2,807 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | 12 |
Reinsurance-related embedded derivatives |  |  | - |  |  |  | 416 |  |  |  | - |  |  |  | 416 |
Indexed annuity ceded embedded derivatives |  |  | - |  |  |  | - |  |  |  | 525 |  |  |  | 525 |
Separate account assets |  |  | 412 |  |  |  | 143,124 |  |  |  | - |  |  |  | 143,536 |
Total assets |  | $ | 812 |  |  | $ | 252,036 |  |  | $ | 8,667 |  |  | $ | 261,515 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances – indexed annuity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and IUL contracts embedded derivatives |  | $ | - |  |  | $ | - |  |  | $ | (4,783 | ) |  | $ | (4,783 | )
MRB liabilities |  |  | - |  |  |  | - |  |  |  | (2,078 | ) |  |  | (2,078 | )
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs |  |  | - |  |  |  | - |  |  |  | (205 | ) |  |  | (205 | )
Derivative liabilities (1) |  |  | - |  |  |  | (2,666 | ) |  |  | (603 | ) |  |  | (3,269 | )
Total liabilities |  | $ | - |  |  | $ | (2,666 | ) |  | $ | (7,669 | ) |  | $ | (10,335 | )
(1)Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty. ‎
Fair Value Measured On A Recurring Basis Reconciliation | The summary schedule excludes changes to MRB assets and MRB liabilities as these balances are rolled forward in Note 9.
| For the Three Months Ended June 30, 2023 |
|  |  |  |  |  |  | Gains | Issuances, | Transfers |  |  |  |
|  |  |  | Items |  | (Losses) |  | Sales, |  | Into or |  |  |  |
|  |  |  | Included |  | in | Maturities, | Out |  |  |  |
| Beginning |  | in |  | OCI | Settlements, | of |  | Ending |
| Fair |  | Net |  | and |  | Calls, |  | Level 3, |  | Fair |
| Value |  | Income |  | Other (1) |  | Net |  | Net |  | Value |
Investments: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 2,355 |  | $ | 4 |  | $ | (12 | ) | $ | (5 | ) | $ | 24 |  | $ | 2,366 |
State and municipal bonds |  | 36 |  |  | - |  |  | 1 |  |  | (1 | ) |  | - |  |  | 36 |
RMBS |  | 1 |  |  | - |  |  | - |  |  | 5 |  |  | - |  |  | 6 |
CMBS |  | - |  |  | - |  |  | - |  |  | (4 | ) |  | 4 |  |  | - |
ABS |  | 1,100 |  |  | - |  |  | (6 | ) |  | 152 |  |  | (38 | ) |  | 1,208 |
Hybrid and redeemable preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  | 59 |  |  | - |  |  | (3 | ) |  | - |  |  | 4 |  |  | 60 |
Trading securities |  | 458 |  |  | (2 | ) |  | - |  |  | (105 | ) |  | - |  |  | 351 |
Equity securities |  | 137 |  |  | (13 | ) |  | - |  |  | 1 |  |  | - |  |  | 125 |
Mortgage loans on real estate |  | 490 |  |  | (4 | ) |  | 2 |  |  | (84 | ) |  | - |  |  | 404 |
Derivative investments |  | 1 |  |  | (1 | ) |  | - |  |  | - |  |  | 31 |  |  | 31 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs (3) |  | 6 |  |  | (4 | ) |  | - |  |  | - |  |  | - |  |  | 2 |
Indexed annuity ceded embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives (4) |  | 565 |  |  | 4 |  |  | - |  |  | 34 |  |  | - |  |  | 603 |
Policyholder account balances – indexed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
annuity and IUL contracts embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives (4) |  | (5,796 | ) |  | (1,558 | ) |  | - |  |  | (156 | ) |  | - |  |  | (7,510 | )
Other liabilities – ceded MRBs (3) |  | (252 | ) |  | (41 | ) |  | - |  |  | - |  |  | - |  |  | (293 | )
Total, net | $ | (840 | ) | $ | (1,615 | ) | $ | (18 | ) | $ | (163 | ) | $ | 25 |  | $ | (2,611 | )
‎
| For the Three Months Ended June 30, 2022 |
|  |  |  |  |  |  | Gains | Issuances, | Transfers |  |  |  |
|  |  |  | Items |  | (Losses) |  | Sales, |  | Into or |  |  |  |
|  |  |  | Included |  | in | Maturities, | Out |  |  |  |
| Beginning |  | in |  | OCI | Settlements, | of |  | Ending |
| Fair |  | Net |  | and |  | Calls, |  | Level 3, |  | Fair |
| Value |  | Income |  | Other (1) |  | Net |  | Net |  | Value |
Investments: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 5,860 |  | $ | - |  | $ | (657 | ) | $ | 293 |  | $ | (20 | ) | $ | 5,476 |
Foreign government bonds |  | 40 |  |  | - |  |  | (3 | ) |  | - |  |  | - |  |  | 37 |
RMBS |  | 13 |  |  | - |  |  | - |  |  | - |  |  | (12 | ) |  | 1 |
CMBS |  | 17 |  |  | - |  |  | - |  |  | - |  |  | (17 | ) |  | - |
ABS |  | 988 |  |  | - |  |  | (33 | ) |  | 266 |  |  | (68 | ) |  | 1,153 |
Hybrid and redeemable preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  | 98 |  |  | - |  |  | 6 |  |  | - |  |  | - |  |  | 104 |
Trading securities |  | 797 |  |  | (29 | ) |  | - |  |  | (148 | ) |  | - |  |  | 620 |
Equity securities |  | 104 |  |  | 15 |  |  | - |  |  | 26 |  |  | - |  |  | 145 |
Mortgage loans on real estate |  | 537 |  |  | (12 | ) |  | (5 | ) |  | 8 |  |  | - |  |  | 528 |
Derivative investments |  | 3 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs (3) |  | 21 |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | 23 |
Indexed annuity ceded embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives (4) |  | 493 |  |  | (113 | ) |  | - |  |  | 60 |  |  | - |  |  | 440 |
Policyholder account balances – indexed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
annuity and IUL contracts embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives (4) |  | (5,574 | ) |  | 2,290 |  |  | - |  |  | (82 | ) |  | - |  |  | (3,366 | )
Other liabilities – ceded MRBs (3) |  | (51 | ) |  | (64 | ) |  | - |  |  | - |  |  | - |  |  | (115 | )
Total, net | $ | 3,346 |  | $ | 2,089 |  | $ | (692 | ) | $ | 423 |  | $ | (117 | ) | $ | 5,049 |
‎
| For the Six Months Ended June 30, 2023 |
|  |  |  |  |  |  | Gains | Issuances, | Transfers |  |  |  |
|  |  |  | Items |  | (Losses) | Sales, | Into or |  |  |  |
|  |  |  | Included |  | in | Maturities, | Out |  |  |  |
| Beginning |  | in |  | OCI | Settlements, | of |  | Ending |
| Fair |  | Net |  | and |  | Calls, |  | Level 3, |  | Fair |
| Value |  | Income |  | Other (1) |  | Net |  | Net |  | Value |
Investments: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 2,295 |  | $ | 5 |  | $ | 1 |  | $ | 25 |  | $ | 40 |  | $ | 2,366 |
State and municipal bonds |  | 35 |  |  | - |  |  | 2 |  |  | (1 | ) |  | - |  |  | 36 |
RMBS |  | 1 |  |  | - |  |  | - |  |  | 5 |  |  | - |  |  | 6 |
CMBS |  | - |  |  | - |  |  | - |  |  | (4 | ) |  | 4 |  |  | - |
ABS |  | 1,117 |  |  | - |  |  | 2 |  |  | 320 |  |  | (231 | ) |  | 1,208 |
Hybrid and redeemable preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  | 49 |  |  | - |  |  | (3 | ) |  | (2 | ) |  | 16 |  |  | 60 |
Trading securities |  | 581 |  |  | 2 |  |  | - |  |  | (232 | ) |  | - |  |  | 351 |
Equity securities |  | 153 |  |  | (29 | ) |  | - |  |  | 1 |  |  | - |  |  | 125 |
Mortgage loans on real estate |  | 487 |  |  | (2 | ) |  | 5 |  |  | (86 | ) |  | - |  |  | 404 |
Derivative investments |  | 2 |  |  | (2 | ) |  | - |  |  | - |  |  | 31 |  |  | 31 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs (3) |  | 12 |  |  | (10 | ) |  | - |  |  | - |  |  | - |  |  | 2 |
Indexed annuity ceded embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives (4) |  | 525 |  |  | 11 |  |  | - |  |  | 67 |  |  | - |  |  | 603 |
Policyholder account balances – indexed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
annuity and IUL contracts embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives (4) |  | (4,783 | ) |  | (2,277 | ) |  | - |  |  | (450 | ) |  | - |  |  | (7,510 | )
Other liabilities – ceded MRBs (3) |  | (205 | ) |  | (88 | ) |  | - |  |  | - |  |  | - |  |  | (293 | )
Total, net | $ | 269 |  | $ | (2,390 | ) | $ | 7 |  | $ | (357 | ) | $ | (140 | ) | $ | (2,611 | )
‎
| For the Six Months Ended June 30, 2022 |
|  |  |  |  |  |  | Gains | Issuances, | Transfers |  |  |  |
|  |  |  | Items |  | (Losses) | Sales, | Into or |  |  |  |
|  |  |  | Included |  | in | Maturities, | Out |  |  |  |
| Beginning |  | in |  | OCI | Settlements, | of |  | Ending |
| Fair |  | Net |  | and |  | Calls, |  | Level 3, |  | Fair |
| Value |  | Income |  | Other (1) |  | Net |  | Net |  | Value |
Investments: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 5,720 |  | $ | 1 |  | $ | (1,010 | ) | $ | 651 |  | $ | 114 |  | $ | 5,476 |
Foreign government bonds |  | 41 |  |  | - |  |  | (4 | ) |  | - |  |  | - |  |  | 37 |
RMBS |  | 4 |  |  | - |  |  | - |  |  | 12 |  |  | (15 | ) |  | 1 |
CMBS |  | - |  |  | - |  |  | - |  |  | 17 |  |  | (17 | ) |  | - |
ABS |  | 870 |  |  | - |  |  | (60 | ) |  | 453 |  |  | (110 | ) |  | 1,153 |
Hybrid and redeemable preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  | 93 |  |  | - |  |  | 11 |  |  | - |  |  | - |  |  | 104 |
Trading securities |  | 828 |  |  | (58 | ) |  | - |  |  | (146 | ) |  | (4 | ) |  | 620 |
Equity securities |  | 95 |  |  | 32 |  |  | - |  |  | 18 |  |  | - |  |  | 145 |
Mortgage loans on real estate |  | 739 |  |  | (15 | ) |  | (6 | ) |  | (190 | ) |  | - |  |  | 528 |
Derivative investments |  | 21 |  |  | 3 |  |  | (6 | ) |  | - |  |  | (15 | ) |  | 3 |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs (3) |  | 95 |  |  | (72 | ) |  | - |  |  | - |  |  | - |  |  | 23 |
Indexed annuity ceded embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives (4) |  | 528 |  |  | (166 | ) |  | - |  |  | 78 |  |  | - |  |  | 440 |
Policyholder account balances – indexed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
annuity and IUL contracts embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives (4) |  | (6,131 | ) |  | 2,849 |  |  | - |  |  | (84 | ) |  | - |  |  | (3,366 | )
Other liabilities – ceded MRBs (3) |  | (17 | ) |  | (98 | ) |  | - |  |  | - |  |  | - |  |  | (115 | )
Total, net | $ | 2,886 |  | $ | 2,476 |  | $ | (1,075 | ) | $ | 809 |  | $ | (47 | ) | $ | 5,049 |
(1)The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 6). (2)Amortization and accretion of premiums and discounts are included in net investment income on the Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). (3)Gains (losses) from the changes in fair value are included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). (4)Gains (losses) from the changes in fair value are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). ‎
Schedule Of Investment Holdings Movements |
| For the Three Months Ended June 30, 2023 |
| Issuances |  | Sales |  | Maturities | Settlements | Calls |  | Total |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 268 |  | $ | (2 | ) | $ | (26 | ) | $ | (234 | ) | $ | (11 | ) | $ | (5 | )
State and municipal bonds |  | - |  |  | (1 | ) |  | - |  |  | - |  |  | - |  |  | (1 | )
RMBS |  | 5 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 5 |
CMBS |  | - |  |  | - |  |  | - |  |  | (4 | ) |  | - |  |  | (4 | )
ABS |  | 216 |  |  | - |  |  | - |  |  | (64 | ) |  | - |  |  | 152 |
Trading securities |  | - |  |  | (102 | ) |  | - |  |  | (3 | ) |  | - |  |  | (105 | )
Equity securities |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |
Mortgage loans on real estate |  | 3 |  |  | - |  |  | - |  |  | (87 | ) |  | - |  |  | (84 | )
Other assets – indexed annuity ceded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
embedded derivatives |  | 34 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 34 |
Policyholder account balances – indexed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
annuity and IUL contracts embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives |  | (316 | ) |  | - |  |  | - |  |  | 160 |  |  | - |  |  | (156 | )
Total, net | $ | 211 |  | $ | (105 | ) | $ | (26 | ) | $ | (232 | ) | $ | (11 | ) | $ | (163 | )
| For the Three Months Ended June 30, 2022 |
| Issuances |  | Sales |  | Maturities | Settlements | Calls |  | Total |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 426 |  | $ | - |  | $ | (4 | ) | $ | (86 | ) | $ | (43 | ) | $ | 293 |
ABS |  | 305 |  |  | - |  |  | - |  |  | (39 | ) |  | - |  |  | 266 |
Trading securities |  | 92 |  |  | (88 | ) |  | - |  |  | (152 | ) |  | - |  |  | (148 | )
Equity securities |  | 26 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 26 |
Mortgage loans on real estate |  | 9 |  |  | - |  |  | - |  |  | (1 | ) |  | - |  |  | 8 |
Other assets – indexed annuity ceded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
embedded derivatives |  | 20 |  |  | - |  |  | - |  |  | 40 |  |  | - |  |  | 60 |
Policyholder account balances – indexed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
annuity and IUL contracts embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives |  | (100 | ) |  | - |  |  | - |  |  | 18 |  |  | - |  |  | (82 | )
Total, net | $ | 778 |  | $ | (88 | ) | $ | (4 | ) | $ | (220 | ) | $ | (43 | ) | $ | 423 |
‎
| For the Six Months Ended June 30, 2023 |
| Issuances |  | Sales |  | Maturities | Settlements | Calls |  | Total |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 409 |  | $ | (37 | ) | $ | (34 | ) | $ | (302 | ) | $ | (11 | ) | $ | 25 |
State and municipal bonds |  | - |  |  | (1 | ) |  | - |  |  | - |  |  | - |  |  | (1 | )
RMBS |  | 5 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 5 |
CMBS |  | - |  |  | - |  |  | - |  |  | (4 | ) |  | - |  |  | (4 | )
ABS |  | 457 |  |  | (2 | ) |  | - |  |  | (135 | ) |  | - |  |  | 320 |
Hybrid and redeemable preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  | - |  |  | - |  |  | - |  |  | - |  |  | (2 | ) |  | (2 | )
Trading securities |  | - |  |  | (155 | ) |  | - |  |  | (77 | ) |  | - |  |  | (232 | )
Equity securities |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |
Mortgage loans on real estate |  | 4 |  |  | - |  |  | - |  |  | (90 | ) |  | - |  |  | (86 | )
Other assets – indexed annuity ceded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
embedded derivatives |  | 84 |  |  | - |  |  | - |  |  | (17 | ) |  | - |  |  | 67 |
Policyholder account balances – indexed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
annuity and IUL contracts embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives |  | (615 | ) |  | - |  |  | - |  |  | 165 |  |  | - |  |  | (450 | )
Total, net | $ | 345 |  | $ | (195 | ) | $ | (34 | ) | $ | (460 | ) | $ | (13 | ) | $ | (357 | )
| For the Six Months Ended June 30, 2022 |
| Issuances |  | Sales |  | Maturities | Settlements | Calls |  | Total |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 853 |  | $ | - |  | $ | (25 | ) | $ | (129 | ) | $ | (48 | ) | $ | 651 |
RMBS |  | 12 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 12 |
CMBS |  | 17 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 17 |
ABS |  | 555 |  |  | - |  |  | - |  |  | (95 | ) |  | (7 | ) |  | 453 |
Trading securities |  | 271 |  |  | (220 | ) |  | - |  |  | (197 | ) |  | - |  |  | (146 | )
Equity securities |  | 26 |  |  | (8 | ) |  | - |  |  | - |  |  | - |  |  | 18 |
Mortgage loans on real estate |  | 12 |  |  | - |  |  | - |  |  | (202 | ) |  | - |  |  | (190 | )
Other assets – indexed annuity ceded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
embedded derivatives |  | 38 |  |  | - |  |  | - |  |  | 40 |  |  | - |  |  | 78 |
Policyholder account balances – indexed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
annuity and IUL contracts embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives |  | (228 | ) |  | - |  |  | - |  |  | 144 |  |  | - |  |  | (84 | )
Total, net | $ | 1,556 |  | $ | (228 | ) | $ | (25 | ) | $ | (439 | ) | $ | (55 | ) | $ | 809 |
‎
Changes In Unrealized Gains (Losses) Within Level 3 Financial Instruments Carried At Fair Value And Still Held |
| For the Three |  | For the Six |  |
| Months Ended |  | Months Ended |  |
| June 30, |  | June 30, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Trading securities (1) | $ | (5 | ) | $ | (28 | ) | $ | 1 |  | $ | (58 | ) |
Equity securities (1) |  | (13 | ) |  | 16 |  |  | (29 | ) |  | 34 |  |
Mortgage loans on real estate (1) |  | (5 | ) |  | (12 | ) |  | (3 | ) |  | (15 | ) |
Derivative investments (1) |  | - |  |  | 1 |  |  | (2 | ) |  | 3 |  |
MRBs (2) |  | 2,007 |  |  | (492 | ) |  | 1,369 |  |  | 859 |  |
Embedded derivatives – indexed annuity |  |  |  |  |  |  |  |  |  |  |  |  |
and IUL contracts (1) |  | (55 | ) |  | (26 | ) |  | (208 | ) |  | 58 |  |
Total, net | $ | 1,929 |  | $ | (541 | ) | $ | 1,128 |  | $ | 881 |  |
(1)Included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). (2)Included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
Changes in Unrealized Gains (Losses) Included in OCI |
| For the Three |  | For the Six |  |
| Months Ended |  | Months Ended |  |
| June 30, |  | June 30, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | (15 | ) | $ | (658 | ) | $ | (2 | ) | $ | (1,012 | ) |
State and municipal bonds |  | 1 |  |  | - |  |  | 1 |  |  | - |  |
Foreign government bonds |  | - |  |  | (3 | ) |  | - |  |  | (5 | ) |
ABS |  | (7 | ) |  | (34 | ) |  | 1 |  |  | (62 | ) |
Hybrid and redeemable preferred |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  | (2 | ) |  | 6 |  |  | (2 | ) |  | 11 |  |
Mortgage loans on real estate |  | 2 |  |  | (5 | ) |  | 4 |  |  | (6 | ) |
Total, net | $ | (21 | ) | $ | (694 | ) | $ | 2 |  | $ | (1,074 | ) |
Components Of The Transfers In And Out Of Level 3 |
| For the Three |  | For the Three |
| Months Ended |  | Months Ended |
| June 30, 2023 |  | June 30, 2022 |
| Transfers |  | Transfers |  |  |  |  | Transfers |  | Transfers |  |  |  |
| Into |  | Out of |  |  |  |  | Into |  | Out of |  |  |  |
| Level 3 |  | Level 3 |  | Total |  | Level 3 |  | Level 3 |  | Total |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 100 |  | $ | (76 | ) | $ | 24 |  | $ | 32 |  | $ | (52 | ) | $ | (20 | )
RMBS |  | - |  |  | - |  |  | - |  |  | - |  |  | (12 | ) |  | (12 | )
CMBS |  | 4 |  |  | - |  |  | 4 |  |  | - |  |  | (17 | ) |  | (17 | )
ABS |  | 2 |  |  | (40 | ) |  | (38 | ) |  | 1 |  |  | (69 | ) |  | (68 | )
Hybrid and redeemable preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  | 4 |  |  | - |  |  | 4 |  |  | - |  |  | - |  |  | - |
Derivative investments |  | 31 |  |  | - |  |  | 31 |  |  | - |  |  | - |  |  | - |
Total, net | $ | 141 |  | $ | (116 | ) | $ | 25 |  | $ | 33 |  | $ | (150 | ) | $ | (117 | )
| For the Six |  | For the Six |
| Months Ended |  | Months Ended |
| June 30, 2023 |  | June 30, 2022 |
| Transfers |  | Transfers |  |  |  |  | Transfers |  | Transfers |  |  |  |
| Into |  | Out of |  |  |  |  | Into |  | Out of |  |  |  |
| Level 3 |  | Level 3 |  | Total |  | Level 3 |  | Level 3 |  | Total |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 159 |  | $ | (119 | ) | $ | 40 |  | $ | 228 |  | $ | (114 | ) | $ | 114 |
RMBS |  | - |  |  | - |  |  | - |  |  | - |  |  | (15 | ) |  | (15 | )
CMBS |  | 4 |  |  | - |  |  | 4 |  |  | - |  |  | (17 | ) |  | (17 | )
ABS |  | 2 |  |  | (233 | ) |  | (231 | ) |  | 1 |  |  | (111 | ) |  | (110 | )
Hybrid and redeemable preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  | 16 |  |  | - |  |  | 16 |  |  |  |  |  | - |  |  | - |
Trading securities |  | - |  |  | - |  |  | - |  |  | - |  |  | (4 | ) |  | (4 | )
Derivative investments |  | 31 |  |  | - |  |  | 31 |  |  | - |  |  | (15 | ) |  | (15 | )
Total, net | $ | 212 |  | $ | (352 | ) | $ | (140 | ) | $ | 229 |  | $ | (276 | ) | $ | (47 | )
Fair Value Inputs Quantitative Information |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Weighted
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Average
| Fair |  | Valuation |  | Significant |  | Assumption or |  | Input
| Value |  | Technique |  | Unobservable Inputs |  | Input Ranges |  | Range (1)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
trading securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 233 |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | (0.2) | % |  | - | 3.7 | % |  | 2.1 | % |
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  | 36 |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 0.5 | % |  | - | 1.9 | % |  | 1.9 | % |
ABS |  | 13 |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 1.9 | % |  | - | 1.9 | % |  | 1.9 | % |
Hybrid and redeemable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
preferred securities |  | 7 |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 1.3 | % |  | - | 1.5 | % |  | 1.4 | % |
Equity securities |  | 4 |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 4.5 | % |  | - | 4.5 | % |  | 4.5 | % |
MRB assets |  | 3,906 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets – ceded MRBs |  | 2 |  | Discounted cash flow |  | Lapse (3) |  | 1 | % |  | - | 30 | % |  | (10) |  |
|  |  |  |  |  |  | Utilization of GLB withdrawals (4) | 85 | % |  | - | 100 | % |  | 94 | % |
|  |  |  |  |  |  | Claims utilization factor (5) |  | 60 | % |  | - | 100 | % |  | (10) |  |
|  |  |  |  |  |  | Premiums utilization factor (5) |  | 80 | % |  | - | 115 | % |  | (10) |  |
|  |  |  |  |  |  | Non-performance risk (6) |  | 0.69 | % |  | - | 2.82 | % |  | 2.27 | % |
|  |  |  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  |  | (10) |  |
|  |  |  |  |  |  | Volatility (8) |  | 1 | % |  | - | 28 | % |  | 14.82 | % |
Other assets – indexed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
annuity ceded embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives |  | 603 |  | Discounted cash flow |  | Lapse (3) |  | 0 | % |  | - | 9 | % |  | (10) |  |
|  |  |  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  |  | (10) |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
balances – indexed annuity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
contracts embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives | $ | (7,451 | ) | Discounted cash flow |  | Lapse (3) |  | 0 | % |  | - | 9 | % |  | (10) |  |
|  |  |  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  |  | (10) |  |
MRB liabilities |  | (1,548 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities – ceded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MRBs |  | (293 | ) | Discounted cash flow |  | Lapse (3) |  | 1 | % |  | - | 30 | % |  | (10) |  |
|  |  |  |  |  |  | Utilization of GLB withdrawals (4) | 85 | % |  | - | 100 | % |  | 94 | % |
|  |  |  |  |  |  | Claims utilization factor (5) |  | 60 | % |  | - | 100 | % |  | (10) |  |
|  |  |  |  |  |  | Premiums utilization factor (5) |  | 80 | % |  | - | 115 | % |  | (10) |  |
|  |  |  |  |  |  | Non-performance risk (6) |  | 0.69 | % |  | - | 2.82 | % |  | 2.27 | % |
|  |  |  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  |  | (10) |  |
|  |  |  |  |  |  | Volatility (8) |  | 1 | % |  | - | 28 | % |  | 14.82 | % |
The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2022:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Weighted
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Average
| Fair |  | Valuation |  | Significant |  | Assumption or |  | Input
| Value |  | Technique |  | Unobservable Inputs |  | Input Ranges |  | Range (1)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
trading securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 204 |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | (0.2) | % |  | - | 4.2 | % |  | 2.1 | % |
State and municipal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds |  | 35 |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 1.2 | % |  | - | 2.4 | % |  | 2.3 | % |
ABS |  | 15 |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 1.4 | % |  | - | 1.4 | % |  | 1.4 | % |
Hybrid and redeemable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
preferred securities |  | 3 |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 1.5 | % |  | - | 1.5 | % |  | 1.5 | % |
Equity securities |  | 4 |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 4.5 | % |  | - | 4.5 | % |  | 4.5 | % |
MRB assets |  | 2,807 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets – ceded MRBs |  | 12 |  | Discounted cash flow |  | Lapse (3) |  | 1 | % |  | - | 30 | % |  | (10) |  |
|  |  |  |  |  |  | Utilization of GLB withdrawals (4) | 85 | % |  | - | 100 | % |  | 94 | % |
|  |  |  |  |  |  | Claims utilization factor (5) |  | 60 | % |  | - | 100 | % |  | (10) |  |
|  |  |  |  |  |  | Premiums utilization factor (5) |  | 80 | % |  | - | 115 | % |  | (10) |  |
|  |  |  |  |  |  | Non-performance risk (6) |  | 0.35 | % |  | - | 2.41 | % |  | 1.73 | % |
|  |  |  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  |  | (10) |  |
|  |  |  |  |  |  | Volatility (8) |  | 1 | % |  | - | 28 | % |  | 14.47 | % |
Other assets – indexed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
annuity ceded embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives |  | 525 |  | Discounted cash flow |  | Lapse (3) |  | 0 | % |  | - | 9 | % |  | (10) |  |
|  |  |  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  |  | (10) |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
balances – indexed annuity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
contracts embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives | $ | (4,845 | ) | Discounted cash flow |  | Lapse (3) |  | 0 | % |  | - | 9 | % |  | (10) |  |
|  |  |  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  |  | (10) |  |
MRB liabilities |  | (2,078 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities – ceded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MRBs |  | (205 | ) | Discounted cash flow |  | Lapse (3) |  | 1 | % |  | - | 30 | % |  | (10) |  |
|  |  |  |  |  |  | Utilization of GLB withdrawals (4) | 85 | % |  | - | 100 | % |  | 94 | % |
|  |  |  |  |  |  | Claims utilization factor (5) |  | 60 | % |  | - | 100 | % |  | (10) |  |
|  |  |  |  |  |  | Premiums utilization factor (5) |  | 80 | % |  | - | 115 | % |  | (10) |  |
|  |  |  |  |  |  | Non-performance risk (6) |  | 0.35 | % |  | - | 2.41 | % |  | 1.73 | % |
|  |  |  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  |  | (10) |  |
|  |  |  |  |  |  | Volatility (8) |  | 1 | % |  | - | 28 | % |  | 14.47 | % |
(1)Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted. (2)The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment. (3)The lapse input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapses during the surrender charge period. (4)The utilization of GLB withdrawals input represents the estimated percentage of policyholders that utilize the GLB withdrawal riders. (5)The utilization factors are applied to the present value of claims or premiums, as appropriate, in the MRB calculation to estimate the impact of inefficient GLB withdrawal behavior, including taking less than or more than the maximum GLB withdrawal. (6)The non-performance risk input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The non-performance risk input was weighted by the absolute value of the sensitivity of the reserve to the non-performance risk assumption. (7)The mortality input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die. (8)The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account value assigned to each index. (9)The mortality is based on a combination of company and industry experience, adjusted for improvement factors. (10)A weighted average input range is not a meaningful measurement for lapse, utilization factors or mortality.

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