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Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
11. Fair Value of Financial Instruments
The carrying amount and fair value of financial instruments are shown below:
June 30, 2024December 31, 2023
Carrying Amount
Fair Value
Carrying Amount
Fair Value
(Dollars in millions)
Financial assets:
Available-for-sale fixed maturity securities$46,480 $46,480 $12,877 $12,877 
Equity securities
1,200 1,200 1,404 1,404 
Mortgage loans on real estate, net of allowance12,042 11,812 5,658 5,405 
Private loans, net of allowance1,724 1,729 194 194 
Policy loans401 401 390 390 
Short-term investments1,945 1,945 2,397 2,397 
Other invested assets:
Derivative assets1,610 1,610 227 227 
Collaterals received on derivatives (excluding excess collateral)(1,587)(1,587)(226)(226)
Separately managed accounts89 89 105 105 
Other (1)
832 832 14 14 
Cash and cash equivalents
13,895 13,895 3,192 3,192 
Reinsurance recoverables and deposit assets
15,261 14,196 — — 
Other assets - market risk benefits704 704 34 34 
Separate account assets (2)1,266 1,266 1,189 1,189 
Total financial assets$95,862 $94,572 $27,455 $27,202 
Financial liabilities:
Policyholders' account balances, excluding embedded derivative$76,797 $76,797 $14,097 $14,097 
Policyholders’ account balances – embedded derivative1,196 1,196 873 873 
Market risk benefits3,276 3,276 34 34 
Other liabilities:
Funds withheld liabilities 79 79 — — 
Notes payable657 657 174 174 
Long term borrowings2,476 2,458 1,493 1,493 
Separate account liabilities (2)1,266 1,266 1,189 1,189 
Total financial liabilities$85,747 $85,729 $17,860 $17,860 
(1)Balance includes $407 million and $14 million other invested assets not subject to fair value hierarchy as of June 30, 2024 and December 31, 2023, respectively.
(2)Balance includes $32 million and $26 million of assets, and corresponding liabilities, that are not subject to fair value hierarchy as of June 30, 2024 and December 31, 2023, respectively.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability. A fair value hierarchy is used to determine fair value based on a hypothetical transaction as of the measurement date from the perspective of a market participant. The Company has evaluated the types of securities in its investment portfolio to determine an appropriate hierarchy level based upon trading activity and the observability of market inputs. The classification of assets or liabilities within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are defined as follows:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 - Quoted prices in markets that are not active or inputs that are observable directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities other than quoted prices in Level 1; quoted prices in markets that are not active; or other inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities
Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models and third-party evaluation, as well as instruments for which the determination of fair value requires significant management judgment or estimation
Valuation Techniques for Financial Instruments Recorded at Fair Value
Available-for-sale Fixed Maturity Securities and Equity Options — The Company utilizes pricing services to estimate fair value measurements. The fair value for available-for-sale fixed maturity securities that are disclosed as Level 1 measurements are based on unadjusted quoted market prices for identical assets that are readily available in an active market. The estimates of fair value for most available-for-sale fixed maturity securities, including municipal bonds, provided by the pricing service are disclosed as Level 2 measurements as the estimates are based on observable market information rather than market quotes. The pricing service utilizes market quotations for available-for-sale fixed maturity securities that have quoted prices in active markets. Since available-for-sale fixed maturity securities generally do not trade on a daily basis, the pricing service prepares estimates of fair value measurements for these securities using its proprietary pricing applications, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. Additionally, an option adjusted spread model is used to develop prepayment and interest rate scenarios.
The pricing service evaluates each asset class based on relevant market information, credit information, perceived market movements and sector news. The market inputs utilized in the pricing evaluation, listed in the approximate order of priority, include: benchmark yields, reported trades, pricing source quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and economic events. The extent of the use of each market input depends on asset class and the market conditions. Depending on the security, the priority of the use of inputs may change or some market inputs may not be relevant. For some securities, additional inputs may be necessary.
The Company has reviewed the inputs and methodology used and the techniques applied by the pricing service to produce quotes that represent the fair value of a specific security. The review confirms that the pricing service is utilizing information from observable transactions or a technique that represents a market participant’s assumptions. The Company does not adjust quotes received from the pricing service. The pricing service utilized by The Company has indicated that they will only produce an estimate of fair value if there is objectively verifiable information available.
The Company holds a small amount of private placement debt and available-for-sale fixed maturity securities that have characteristics that make them unsuitable for matrix pricing. For these securities, a quote from an independent pricing source (typically a market maker) is obtained. Due to the disclaimers on the quotes that indicate the price is indicative only, the Company includes these fair value estimates in Level 3.
For securities priced using a quote from an independent pricing source, such as the equity-indexed options and certain available-for-sale fixed maturity securities, the Company uses a market-based fair value analysis to validate the reasonableness of prices received. Price variances above a certain threshold are analyzed further to determine if any pricing issue exists. This analysis is performed quarterly.
Equity Securities — For publicly-traded equity securities, prices are received from a nationally recognized pricing service that are based on observable market transactions, and these securities are classified as Level 1 measurements. For certain preferred stock, current market quotes in active markets are unavailable. In these instances, an estimated fair value is received from the pricing service. The service utilizes similar methodologies to price preferred stocks as it does for available-for-sale fixed maturity securities. If applicable, these estimates would be disclosed as Level 2 measurements. The Company tests the accuracy of the information provided by reference to other services annually. For certain private equity without readily determinable fair values, fair value estimates are unavailable and are not disclosed.
Short-term Investments — Short-term investments are primarily commercial paper rated A2 or P2 or better by Standard & Poor’s and Moody’s, respectively. Commercial paper is carried at amortized cost which approximates fair value. These investments are classified as Level 2 measurements.
Real estate and Real Estate Partnerships — The fair values of residential real estate investments held through consolidation of investment company VIEs are initially recorded based on the cost to purchase the properties and subsequently recorded at fair value on a recurring basis and falls within Level 3 of the fair value hierarchy. The fair value of the residential real estate properties was determined using broker price opinions (BPOs). A BPO is an appraisal methodology commonly used in the industry to estimate net proceeds from the sale of a home. The significant inputs into the valuation include market comparable home sales, age and size of the home, location and property conditions.
Two of our consolidated variable interest entities, which are fair valued on a recurring basis, invest in limited liability companies that invest in operating entities which hold multifamily real estate properties. The fair value of the limited liability companies was obtained from a third party and is based on the fair value of the underlying real estate held by the various operating entities. The real estate is initially calculated based on the cost to purchase the properties and subsequently calculated based on a discounted cash flow methodology.
Investment Funds — We own an investment in an infrastructure limited liability company through a consolidated VIE that is measured at fair value on a recurring basis. We initially recorded the investment at the cost to purchase the investment and subsequently recorded based on a discounted cash flow methodology. We own one consolidated limited partnership fund, which is measured using NAV as a practical expedient. This investment is a closed-end fund that invests in infrastructure credit assets. Redemptions are not allowed until the funds’ termination date and liquidations begin.
Cash and Cash Equivalents — Amounts reported in the Consolidated Statements of Financial Position for these instruments are reported at their historical cost which approximates fair value due to the nature of the assets assigned to this category.
Other Invested Assets – The Company holds interest in an investment company limited partnership, which invests in residual interest investments, and is a consolidated VIE. The investment was initially recorded at cost and will subsequently be recorded at fair value using discounted cash flow methodology and falls within Level 3 of the fair value hierarchy.
Separate Account Assets and Liabilities — The separate account assets included on the quantitative disclosures fair value hierarchy table are comprised of short-term investments, equity securities, and available-for-sale fixed maturity. Equity securities are classified as Level 1 measurements. Short-term investments and available-for-sale fixed maturity securities are classified as Level 2 measurements. These classifications for separate account assets reflect the same fair value level methodologies as listed above as they are derived from the same vendors and follow the same process.
The separate account assets also include cash and cash equivalents, investment funds, accrued investment income, and receivables for securities. These are not included in the quantitative disclosures of fair value hierarchy table.
Market Risk Benefits - MRBs are valued using stochastic models that incorporate a spread reflecting our non-performance risk. The key assumptions for calculating the fair value of the MRBs are market assumptions such as equity market returns, interest rate levels, market volatility and correlations and policyholder behavior assumptions such as lapse, mortality, utilization and withdrawal patterns. Risk margins are included in the policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment. MRBs are classified as Level 3 fair value measurements as the fair value is based on unobservable inputs. The following significant unobservable inputs are used for measuring the fair value:
(1)Utilization – The utilization assumption represents the percentage of policyholders who will elect to receive lifetime income benefit payments in a given year. The range and weighted average of this assumption can vary from year to year depending on the characteristics of policies in a given cohort within the rate.
(2)Option budget – The option budget assumption represents the expected cost of annual call options we will purchase in the future.
(3)Nonperformance risk – The nonperformance risk assumption impacts the discount rate used in the discounted future cash flow valuation and includes our own credit risk based on the current market credit spreads for debt-like instruments we have issued and are available in the market. Additionally, the nonperformance risk assumption includes the counterparty credit risk used in the fair value measurement of ceded market risk benefits which is determined using the current market credit spreads based on the counterparty credit rating.
(4)Mortality rates – The mortality rate assumptions are set based on a combination of company and industry experience, adjusted for improvement factors. Mortality rates vary by age and by demographic characteristics such as gender.
(5)Lapse rates – The lapse rate assumptions represent the expected rate of full surrenders which are set based on product type or feature and whether a policy is subject to surrender charges.
Derivative Assets/Derivative Liabilities
Equity-index options — Equity index options are valued using industry accepted valuation models and are adjusted for the nonperformance risk of each counterparty net of any collateral held. Inputs include market volatility and risk free interest rates and are used in income valuation techniques in arriving at a fair value for each option contract. The nonperformance risk for each counterparty is based upon its credit default swap rate. We have no performance obligations related to the call options purchased to fund our fixed index annuity policy liabilities.
Policyholders’ Account Balances – Embedded Derivatives —The fair value of the embedded derivative component of our fixed index annuity policyholder account balance reserve is estimated at each valuation date by (i) projecting policy contract values and minimum guaranteed contract values over the expected lives of the contracts and (ii) discounting the excess of the projected contract value amounts at the applicable risk free interest rates adjusted for our nonperformance risk related to those liabilities.
The following significant unobservable inputs are used for measuring the fair value:
(1)Option budget
(2)Lapse rates
(3)Nonperformance risk
The fair value of our fixed index annuities embedded derivatives is net of coinsurance ceded of $1.1 billion as of June 30, 2024. Change in fair value, net for each period in our embedded derivatives is included in Change in fair value of embedded derivatives in the Consolidated Statements of Operations.
Funds Withheld Liabilities — We estimate the fair value of the embedded derivative based on the fair value of the assets supporting the funds withheld payable under modified coinsurance and funds withheld coinsurance reinsurance agreements. The fair value of the embedded derivative is classified as Level 3 based on valuation methods used for the assets held supporting the reinsurance agreements.
Separately Managed Accounts — The separately managed account manager uses the mid-point of a range from a third-party to price these securities. Discounted cash flows (yield analysis) and market transactions approach are used in the valuation. They use discount rates which is considered an unobservable input.
The fair value hierarchy measurements for assets and liabilities measured at fair value on a recurring basis are shown below:
Assets and Liabilities Carried at Fair Value by Hierarchy Level
Total
Fair Value
Level 1
Level 2
Level 3
(Dollars in millions)
June 30, 2024
Financial assets
Available-for-sale fixed maturity securities:
U.S. treasury and government$83 $83 $— $— 
U.S. states and political subdivisions3,299 — 3,047 252 
Foreign governments453 — 453 — 
Corporate debt securities31,949 — 29,035 2,914 
Residential mortgage-backed securities1,079 — 1,057 22 
Commercial mortgage-backed securities2,766 — 2,743 23 
Collateralized debt securities6,851 — 3,775 3,076 
Total fixed maturity, available-for-sale46,480 83 40,110 6,287 
Equity securities:
Common stock1,081 384 2 695 
Preferred stock114 23 — 91 
Private equity and other5 — — 5 
Total equity securities1,200 407 2 791 
Real estate at fair value (1)
1,279 — — 1,279 
Real estate partnerships at fair value (1)39 — — 39 
Investment funds (fair value option) (1)(2)111 — — 111 
Short-term investments1,945 823 544 578 
Other invested assets:
Derivative assets1,610 — 1,356 254 
Collaterals received on derivatives (excluding excess collateral)(1,587)(1,587)— — 
Separately managed accounts89 — — 89 
Other425 — — 425 
Cash and cash equivalents13,895 13,895 — — 
Other assets - market risk benefit assets704 — — 704 
Separate account assets (3)1,234 200 1,034 — 
Total financial assets$67,424 $13,821 $43,046 $10,557 
Financial liabilities
Policyholders’ account balances – embedded derivative$1,196 $— $— $1,196 
Market risk benefits3,276 — — 3,276 
Funds withheld liabilities - embedded derivatives79 — — 79 
Separate account liabilities (3)1,234 200 1,034 — 
Total financial liabilities $5,785 $200 $1,034 $4,551 
(1)Balances represent financial assets that are fair valued as a result of consolidation of investment company VIE in accordance with ASC 946.
(2)Balance excludes $360 million of investments measured at estimated fair value using NAV as a practical expedient.
(3)Balance includes $32 million of assets, and corresponding liabilities, that are not subject to fair value hierarchy.
Assets and Liabilities Carried at Fair Value by Hierarchy Level
Total
Fair Value
Level 1
Level 2
Level 3
(Dollars in millions)
December 31, 2023
Financial assets
Available-for-sale fixed maturity securities:
U.S. treasury and government$62 $62 $— $— 
U.S. states and political subdivisions578 — 578 — 
Foreign governments9 — 9 — 
Corporate debt securities10,784 — 8,570 2,214 
Residential mortgage-backed securities127 — 127 — 
Commercial mortgage-backed securities— — — — 
Collateralized debt securities1,317 — 416 901 
Total fixed maturity, available-for-sale12,877 62 9,700 3,115 
Equity securities:
Common stock1,307 314 — 993 
Preferred stock97 22 — 75 
Private equity and other— — — — 
Total equity securities1,404 336 — 1,068 
Real estate at fair value
— — — — 
Real estate partnerships at fair value— — — — 
Investment funds (fair value option)— — — — 
Short-term investments2,397 1,100 — 1,297 
Other invested assets:
Derivative assets227 — — 227 
Collaterals received on derivatives (excluding excess collateral)(226)— — (226)
Separately managed accounts105 — — 105 
Other
— — — — 
Cash and cash equivalents3,192 3,192 — — 
Other assets - market risk benefit assets34 — — 34 
Separate account assets (1)1,163 406 757 — 
Total financial assets$21,173 $5,096 $10,457 $5,620 
Financial liabilities
Policyholders’ account balances – embedded derivative
$873 $— $— $873 
Market risk benefits
34 — — 34 
Funds withheld liabilities - embedded derivatives— — — — 
Separate account liabilities (1)1,163 406 757 — 
Total financial liabilities$2,070 $406 $757 $907 
(1)Balance includes $26 million of assets, and corresponding liabilities, that are not subject to fair value hierarchy.
Fair Value Information About Financial Instruments Not Recorded at Fair Value
Information about fair value estimates for financial instruments not measured at fair value is discussed below:
Mortgage Loans — The fair value of mortgage loans is estimated using discounted cash flow analyses on a loan-by-loan basis by applying a discount rate to expected cash flows from future installment and balloon payments. The discount rate takes into account general market trends and specific credit risk trends for the individual loan. Factors used to arrive at the discount rate include inputs from spreads based on U.S. Treasury notes and the loan’s credit quality, region, property-type, lien priority, payment type and current status.
Private Loans — The fair value of private loans is estimated using discounted cash flow analyses on a loan-by-loan basis by applying a discount rate to expected cash flows from future installment and balloon payments. The discount rate takes into account general market trends and specific credit risk trends for the individual loan. For certain of our collateral loans, we have concluded the carrying value approximates fair value.
Policy Loans — The carrying value of policy loans is the outstanding balance plus any accrued interest. Due to the collateralized nature of policy loans such that they cannot be separated from the policy contracts, the unpredictable timing of repayments and the fact that settlement is at outstanding value, as such the carrying value of policy loans approximates fair value.
Long Term Borrowings — Long term borrowings are carried at outstanding principal balance. The carrying value approximates fair value because the carrying value represents the amount owing and payable to the creditor at the reporting date. Fair values for subordinated debentures are estimated using discounted cash flow calculations principally on observable inputs including our incremental borrowing rates, which reflect our credit rating, for similar types of borrowings with maturities consistent with those remaining for the debt being valued.
Notes Payable — Notes payable are carried at outstanding principal balance. For a majority of the notes, the carrying value of the notes payable approximates fair value because the underlying interest rates approximate market rates at the reporting date.
Other Invested Assets — FHLB common stock is carried at cost which approximates fair value. The fair value of our COLI is equal to the cash surrender value of the policies.
Policyholder’s account balances & Reinsurance recoverables and deposit assets — The fair values of the policyholder account balances’ not involving significant mortality or morbidity risks, are stated at the cost we would incur to extinguish the liability (i.e., the cash surrender value) as these contracts are generally issued without an annuitization date. The deposit assets related to the ceded annuity benefit reserves have fair values determined in a similar fashion. For period-certain annuity benefit contracts, the fair value is determined by discounting the benefits at the interest rates currently in effect for newly issued immediate annuity contracts. All of the fair values presented within these categories fall within Level 3 of the fair value hierarchy as most of the inputs are unobservable market data.
The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis are shown below:
Carrying AmountFair ValueFair Value Hierarchy Level
Level 1
Level 2
Level 3
(Dollars in millions)
June 30, 2024
Financial assets
Mortgage loans on real estate, net of allowance$12,042 $11,812 $— $— $11,812 
Private loans, net of allowance1,724 1,729 — 846 883 
Policy loans401 401 — — 401 
Deposit assets, included in reinsurance recoverables and deposit assets15,261 14,196 — — 14,196 
Other invested assets407 407 — 403 4 
Total financial assets$29,835 $28,545 
Financial liabilities
Policyholders' account balances, excluding embedded derivative$76,797 $76,797 $— $— $76,797 
Long term borrowings 2,476 2,458 — — 2,458 
Notes payable657 657 — — 657 
Total financial liabilities$79,930 $79,912 
Carrying AmountFair ValueFair Value Hierarchy Level
Level 1
Level 2
Level 3
(Dollars in millions)
December 31, 2023
Financial assets
Mortgage loans on real estate, net of allowance$5,658 $5,405 $— $— $5,405 
Private loans, net of allowance194 194 — — 194 
Policy loans390 390 — — 390 
Deposit assets, included in reinsurance recoverables and deposit assets— — — — — 
Other invested assets14 14 — — 14 
Total financial assets$6,256 $6,003 
Financial liabilities
Policyholders' account balances, excluding embedded derivative$14,097 $14,097 $— $— $14,097 
Long term borrowings1,493 1,493 — — 1,493 
Notes payable174 174 — — 174 
Total financial liabilities$15,764 $15,764 
For financial assets and financial liabilities measured at fair value on a recurring basis using Level 3 inputs during the periods, reconciliations of the beginning and ending balances are shown below:
Three Months Ended June 30, 2024
AssetsLiabilities
Invested
Assets (1)
Derivative Assets
PAB – Embedded Derivative
Funds Withheld for Reinsurance Liabilities - Embedded Derivative
(Dollars in millions)
Balance, beginning of period
$5,199 $257 $904 $— 
Acquisitions from business combination4,288 — — — 
Fair value changes in net income12 24 287 79 
Net change included in interest sensitive contract benefits— — — — 
Fair value changes in other comprehensive income875 — — — 
Purchases1,302 39 — — 
Sales(2,048)— — — 
Settlements or maturities(2)(66)(30)— 
Premiums less benefits— — 35 — 
Transfers into Level 3112 — — — 
Transfers out of Level 3(139)— — — 
Balance, end of period
$9,599 $254 $1,196 $79 
Three Months Ended June 30, 2023
AssetsLiabilities
Invested
Assets (1)
Derivative Assets
PAB – Embedded Derivative
Funds Withheld for Reinsurance Liabilities - Embedded Derivative
(Dollars in millions)
Balance, beginning of period$4,419 $167 $784 $— 
Acquisitions from business combination— — — — 
Fair value changes in net income11 47 — — 
Net change included in interest sensitive contract benefits— — 51 — 
Fair value changes in other comprehensive income(1)— — — 
Purchases822 30 — — 
Sales(631)— — — 
Settlements or maturities— (29)— — 
Premiums less benefits— — (26)— 
Transfers into Level 3— — — — 
Transfers out of Level 3— — — — 
Balance, end of period$4,620 $215 $809 $— 
Six Months Ended June 30, 2024
AssetsLiabilities
Invested
Assets (1)
Derivative Assets
PAB – Embedded Derivative
Funds Withheld for Reinsurance Liabilities - Embedded Derivative
(Dollars in millions)
Balance, beginning of year
$5,585 $227 $873 $— 
Acquisitions from business combination4,288 — — — 
Fair value changes in net income12 81 287 79 
Net change included in interest sensitive contract benefits— — (38)— 
Fair value changes in other comprehensive income182 — — — 
Purchases3,346 74 — — 
Sales(3,785)— — — 
Settlements or maturities(2)(128)(30)— 
Premiums less benefits— — 104 — 
Transfers into Level 3112 — — — 
Transfers out of Level 3(139)— — — 
Balance, end of period$9,599 $254 $1,196 $79 
Six Months Ended June 30, 2023
AssetsLiabilities
Invested
Assets (1)
Derivative Assets
PAB – Embedded Derivative
Funds Withheld for Reinsurance Liabilities - Embedded Derivative
(Dollars in millions)
Balance, beginning of year$3,167 $121 $726 $— 
Acquisitions from business combination— — — — 
Fair value changes in net income97 72 — — 
Net change included in interest sensitive contract benefits— — 102 — 
Fair value changes in other comprehensive income(1)— — — 
Purchases2,235 60 — — 
Sales(878)— — — 
Settlements or maturities— (38)— — 
Premiums less benefits— — (19)— 
Transfers into Level 3— — — — 
Transfers out of Level 3— — — — 
Balance, end of period$4,620 $215 $809 $— 
(1)Balance includes derivative collaterals and separately managed accounts.
Transfers into and out of Level 3 during the three and six months ended June 30, 2024 were primarily the result of changes in observable pricing.
Quantitative Information about Level 3 Fair Value Measurements
The following table provides quantitative information about the significant unobservable inputs used for recurring fair value measurements categorized within Level 3, excluding investments where third party valuation inputs were not reasonably available.
June 30, 2024
Assets /
(Liabilities)
Measured at
Fair Value
Valuation
Techniques(s)
Unobservable
Input
Description
(Dollars in millions)
Assets:
Fixed maturity securities:
Corporate debt securities$83 
Discounted cash flow
Liquidity premium
Collateralized debt securities1,947 
Discounted cash flow
Discount rate
Weighted average lives
Real estate at fair value1,279 
Broker price opinion
Real estate partnerships at fair value39 
Discounted cash flow
Residual capitalization rate
Discount rate
Investment funds at fair value111 
Discounted cash flow
Discount rate
Other invested assets - other157 
Discounted cash flow
Discount rate
Weighted average lives
Separately managed accounts
89 
Discounted cash flows (yield analysis)
Discount rate
CVM
NCY EBITDA
Market transaction
December 31, 2023
Assets /
(Liabilities)
Measured at
Fair Value
Valuation
Techniques(s)
Unobservable
Input
Description
(Dollars in millions)
Assets:
Separately managed accounts
$105 
Discounted cash flows (yield analysis)
Discount rate
CVM
NCY EBITDA
Market transaction