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Consolidated and Nonconsolidated Investment Entities (Tables) | 6 Months Ended
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Jun. 30, 2024
Consolidated Investment Entities [Abstract] |
Fair Value, by Balance Sheet Grouping | The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:
| June 30, 2024 |  | December 31, 2023
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets: |  |  |  |  |  |  |
Fixed maturities, including securities pledged | $ | 27,472 |  |  | $ | 27,472 |  |  | $ | 28,611 |  |  | $ | 28,611 |
Equity securities | 240 |  |  | 240 |  |  | 236 |  |  | 236 |
Mortgage loans on real estate | 5,001 |  |  | 4,705 |  |  | 5,218 |  |  | 4,941 |
Policy loans | 345 |  |  | 345 |  |  | 352 |  |  | 352 |
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,194 |  |  | 2,194 |  |  | 2,165 |  |  | 2,165 |
Derivatives | 316 |  |  | 316 |  |  | 311 |  |  | 311 |
Embedded derivatives on reinsurance | 62 |  |  | 62 |  |  | 61 |  |  | 61 |
Other investments | 64 |  |  | 64 |  |  | 64 |  |  | 64 |
Assets held in separate accounts | 99,147 |  |  | 99,147 |  |  | 93,133 |  |  | 93,133 |
Liabilities: |  |  |  |  |  |  |
Investment contract liabilities: |  |  |  |  |  |  |
Funding agreements without fixed maturities and deferred annuities(1) | $ | 31,715 |  |  | $ | 33,354 |  |  | $ | 32,848 |  |  | $ | 34,856 |
Funding agreements with fixed maturities | 1,200 |  |  | 1,208 |  |  | 1,175 |  |  | 1,178 |
Supplementary contracts, immediate annuities and other | 594 |  |  | 531 |  |  | 628 |  |  | 571 |
Stabilizer and MCGs | 10 |  |  | 10 |  |  | 9 |  |  | 9 |
Derivatives | 316 |  |  | 316 |  |  | 371 |  |  | 371 |
Embedded derivative on reinsurance | 46 |  |  | 46 |  |  | 49 |  |  | 49 |
Short-term debt | 395 |  |  | 390 |  |  | 389 |  |  | 1 |
Long-term debt | 1,707 |  |  | 1,613 |  |  | 2,097 |  |  | 1,998 |
(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Stabilizer and MCGs section of the table above. The following table summarizes the fair value hierarchy levels of consolidated investment entities as of June 30, 2024:
| Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Assets |  |  |  |  |  |  |  |  |
VIEs |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 111 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 111 |
Corporate loans | — |  |  | 1,216 |  |  | — |  |  | — |  |  | 1,216 |
Limited partnerships/corporations | — |  |  | — |  |  | — |  |  | 2,991 |  |  | 2,991 |
VOE |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |
Other investments(1) | — |  |  | — |  |  | — |  |  | 49 |  |  | 49 |
Total assets | $ | 114 |  |  | $ | 1,216 |  |  | $ | — |  |  | $ | 3,040 |  |  | $ | 4,370 |
Liabilities |  |  |  |  |  |  |  |  |
VIEs |  |  |  |  |  |  |  |  |
CLO notes | $ | — |  |  | $ | 1,121 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,121 |
Total liabilities | $ | — |  |  | $ | 1,121 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,121 |
(1) VOE - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets.
The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2023:
| Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Assets |  |  |  |  |  |  |  |  |
VIEs |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 181 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 181 |
Corporate loans | — |  |  | 1,404 |  |  | — |  |  | — |  |  | 1,404 |
Limited partnerships/corporations | — |  |  | — |  |  | — |  |  | 2,861 |  |  | 2,861 |
Total assets | $ | 181 |  |  | $ | 1,404 |  |  | $ | — |  |  | $ | 2,861 |  |  | $ | 4,446 |
Liabilities |  |  |  |  |  |  |  |  |
VIEs |  |  |  |  |  |  |  |  |
CLO notes | $ | — |  |  | $ | 1,332 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,332 |
Total liabilities | $ | — |  |  | $ | 1,332 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,332 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Consolidated Investment Entities [Abstract] + References No definition available. + Details
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