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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Carrying Amount and Fair Value of Financial Instruments | The carrying amount and fair value of financial instruments are shown below:
|  | September 30, 2024 |  | December 31, 2023
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
|  | (Dollars in millions)
Financial assets: |  |  |  |  |  |  |  |
Available-for-sale fixed maturity securities |  | $ | 45,683 |  |  | $ | 45,683 |  |  | $ | 12,877 |  |  | $ | 12,877 |
Equity securities (1) |  | 1,522 |  |  | 1,522 |  |  | 1,404 |  |  | 1,404 |
Mortgage loans on real estate, net of allowance |  | 11,866 |  |  | 11,783 |  |  | 5,658 |  |  | 5,405 |
Private loans, net of allowance |  | 2,725 |  |  | 2,725 |  |  | 194 |  |  | 194 |
Policy loans |  | 277 |  |  | 277 |  |  | 390 |  |  | 390 |
Short-term investments |  | 3,674 |  |  | 3,674 |  |  | 2,397 |  |  | 2,397 |
Real estate partnerships (4) |  | 974 |  |  | 974 |  |  | — |  |  | — |
Other invested assets: |  |  |  |  |  |  |  |
Derivative assets |  | 1,886 |  |  | 1,886 |  |  | 227 |  |  | 227 |
Collaterals received on derivatives (excluding excess collateral) |  | (1,825) |  |  | (1,825) |  |  | (226) |  |  | (226) |
Separately managed accounts |  | 98 |  |  | 98 |  |  | 105 |  |  | 105 |
Other (2) |  | 983 |  |  | 983 |  |  | 14 |  |  | 14 |
Cash and cash equivalents |  | 13,873 |  |  | 13,873 |  |  | 3,192 |  |  | 3,192 |
Reinsurance recoverables and deposit assets |  | 14,527 |  |  | 13,463 |  |  | — |  |  | — |
Other assets - market risk benefits |  | 758 |  |  | 758 |  |  | 34 |  |  | 34 |
Separate account assets (3) |  | 1,302 |  |  | 1,302 |  |  | 1,189 |  |  | 1,189 |
Total financial assets |  | $ | 98,323 |  |  | $ | 97,176 |  |  | $ | 27,455 |  |  | $ | 27,202 |
Financial liabilities: |  |  |  |  |  |  |  |
Policyholders’ account balances – embedded derivative |  | $ | 1,771 |  |  | $ | 1,771 |  |  | $ | 873 |  |  | $ | 873 |
Market risk benefits |  | 3,725 |  |  | 3,725 |  |  | 34 |  |  | 34 |
Other liabilities: |  |  |  |  |  |  |  |
Derivative liabilities |  | 26 |  |  | 26 |  |  | — |  |  | — |
Funds withheld for reinsurance liabilities |  | 278 |  |  | 278 |  |  | — |  |  | — |
Notes payable |  | 179 |  |  | 179 |  |  | 174 |  |  | 174 |
Long term borrowings |  | 2,959 |  |  | 2,991 |  |  | 1,493 |  |  | 1,493 |
Separate account liabilities (3) |  | 1,302 |  |  | 1,302 |  |  | 1,189 |  |  | 1,189 |
Total financial liabilities |  | $ | 10,240 |  |  | $ | 10,272 |  |  | $ | 3,763 |  |  | $ | 3,763 |
(1)Balance as of September 30, 2024 and December 31, 2023 includes $0 million and $424 million, respectively, of private equity measured at cost less impairment, if any, as their fair values were not readily determinable and were therefore not subject to fair value hierarchy. (2)Balance includes $427 million and $14 million of other invested assets not subject to fair value hierarchy as of September 30, 2024 and December 31, 2023, respectively. (3)Balance includes $22 million and $26 million of assets, and corresponding liabilities, that are not subject to fair value hierarchy as of September 30, 2024 and December 31, 2023, respectively. (4)Balance as of September 30, 2024 and December 31, 2023 represents only real estate partnerships in which the company has elected fair value option under ASC 825.
Schedule of Fair Value Hierarchy Measurements of Financial Instruments | 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)
September 30, 2024 |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |
Available-for-sale fixed maturity securities: |  |  |  |  |  |  |  |
U.S. treasury and government |  | $ | 78 |  |  | $ | 77 |  |  | $ | 1 |  |  | $ | — |
U.S. states and political subdivisions |  | 3,383 |  |  | — |  |  | 3,323 |  |  | 60 |
Foreign governments |  | 429 |  |  | — |  |  | 429 |  |  | — |
Corporate debt securities |  | 31,473 |  |  | — |  |  | 28,292 |  |  | 3,181 |
Residential mortgage-backed securities |  | 1,120 |  |  | — |  |  | 1,096 |  |  | 24 |
Commercial mortgage-backed securities |  | 2,792 |  |  | — |  |  | 2,773 |  |  | 19 |
Collateralized debt securities |  | 6,408 |  |  | — |  |  | 3,351 |  |  | 3,057 |
Total fixed maturity, available-for-sale |  | 45,683 |  |  | 77 |  |  | 39,265 |  |  | 6,341 |
Equity securities: |  |  |  |  |  |  |  |
Common stock |  | 1,246 |  |  | 554 |  |  | 2 |  |  | 690 |
Preferred stock |  | 272 |  |  | 26 |  |  | 174 |  |  | 72 |
Private equity and other |  | 4 |  |  | — |  |  | — |  |  | 4 |
Total equity securities |  | 1,522 |  |  | 580 |  |  | 176 |  |  | 766 |
Real estate at fair value (1) |  | 1,282 |  |  | — |  |  | — |  |  | 1,282 |
Real estate partnerships at fair value (1) |  | 1,014 |  |  | — |  |  | — |  |  | 1,014 |
Investment funds (1)(2) |  | 115 |  |  | — |  |  | — |  |  | 115 |
Short-term investments |  | 3,675 |  |  | 2,306 |  |  | 566 |  |  | 803 |
Other invested assets: |  |  |  |  |  |  |  |
Derivative assets |  | 1,886 |  |  | — |  |  | 1,621 |  |  | 265 |
Collaterals received on derivatives (excluding excess collateral) |  | (1,825) |  |  | (1,825) |  |  | — |  |  | — |
Separately managed accounts |  | 98 |  |  | — |  |  | — |  |  | 98 |
Other |  | 556 |  |  | — |  |  | — |  |  | 556 |
Cash and cash equivalents |  | 13,873 |  |  | 13,873 |  |  | — |  |  | — |
Other assets – market risk benefit assets |  | 758 |  |  | — |  |  | — |  |  | 758 |
Separate account assets (3) |  | 1,280 |  |  | 201 |  |  | 1,079 |  |  | — |
Total financial assets |  | $ | 69,917 |  |  | $ | 15,212 |  |  | $ | 42,707 |  |  | $ | 11,998 |
Financial liabilities |  |  |  |  |  |  |  |
Policyholders’ account balances – embedded derivative |  | $ | 1,771 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,771 |
Market risk benefits |  | 3,725 |  |  | — |  |  | — |  |  | 3,725 |
Funds withheld for reinsurance liabilities – embedded derivatives |  | 278 |  |  | — |  |  | — |  |  | 278 |
Other liabilities – derivative liabilities |  | 26 |  |  | — |  |  | 26 |  |  | — |
Separate account liabilities (3) |  | 1,280 |  |  | 201 |  |  | 1,079 |  |  | — |
Total financial liabilities |  | $ | 7,080 |  |  | $ | 201 |  |  | $ | 1,105 |  |  | $ | 5,774 |
(1)Balances represent financial assets that are fair valued in accordance with ASC 825 as well as financial assets that are fair valued as a result of consolidation of investment company VIE in accordance with ASC 946. (2)Balance excludes $397 million of investments measured at estimated fair value using NAV as a practical expedient. (3)Balance includes $22 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 subdivisions |  | 578 |  |  | — |  |  | 578 |  |  | — |
Foreign governments |  | 9 |  |  | — |  |  | 9 |  |  | — |
Corporate debt securities |  | 10,784 |  |  | — |  |  | 8,570 |  |  | 2,214 |
Residential mortgage-backed securities |  | 127 |  |  | — |  |  | 127 |  |  | — |
Commercial mortgage-backed securities |  | — |  |  | — |  |  | — |  |  | — |
Collateralized debt securities |  | 1,317 |  |  | — |  |  | 416 |  |  | 901 |
Total fixed maturity, available-for-sale |  | 12,877 |  |  | 62 |  |  | 9,700 |  |  | 3,115 |
Equity securities: |  |  |  |  |  |  |  |
Common stock |  | 1,307 |  |  | 314 |  |  | — |  |  | 993 |
Preferred stock |  | 97 |  |  | 22 |  |  | — |  |  | 75 |
Private equity and other |  | — |  |  | — |  |  | — |  |  | — |
Total equity securities |  | 1,404 |  |  | 336 |  |  | — |  |  | 1,068 |
Real estate at fair value |  | — |  |  | — |  |  | — |  |  | — |
Real estate partnerships at fair value |  | — |  |  | — |  |  | — |  |  | — |
Investment funds |  | — |  |  | — |  |  | — |  |  | — |
Short-term investments |  | 2,397 |  |  | 1,100 |  |  | — |  |  | 1,297 |
Other invested assets: |  |  |  |  |  |  |  |
Derivative assets |  | 227 |  |  | — |  |  | — |  |  | 227 |
Collaterals received on derivatives (excluding excess collateral) |  | (226) |  |  | — |  |  | — |  |  | (226) |
Separately managed accounts |  | 105 |  |  | — |  |  | — |  |  | 105 |
Other |  | — |  |  | — |  |  | — |  |  | — |
Cash and cash equivalents |  | 3,192 |  |  | 3,192 |  |  | — |  |  | — |
Other assets – market risk benefit assets |  | 34 |  |  | — |  |  | — |  |  | 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 for reinsurance liabilities – embedded derivatives |  | — |  |  | — |  |  | — |  |  | — |
Other liabilities – derivative liabilities |  | — |  |  | — |  |  | — |  |  | — |
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.
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments Not Recorded at Fair Value on a Recurring Basis | The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis are shown below:
|  | Carrying Amount |  | Fair Value |  | Fair Value Hierarchy Level
|  |  |  | Level 1 |  | Level 2 |  | Level 3
|  | (Dollars in millions)
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
Mortgage loans on real estate, net of allowance |  | $ | 11,866 |  |  | $ | 11,783 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,783 |
Private loans, net of allowance |  | 2,725 |  |  | 2,725 |  |  | — |  |  | — |  |  | 2,725 |
Policy loans |  | 277 |  |  | 277 |  |  | — |  |  | 1 |  |  | 276 |
Deposit assets, included in reinsurance recoverables and deposit assets |  | 14,527 |  |  | 13,463 |  |  | — |  |  | — |  |  | 13,463 |
Other invested assets |  | 427 |  |  | 427 |  |  | — |  |  | 403 |  |  | 24 |
Total financial assets |  | $ | 29,822 |  |  | $ | 28,675 |  |  |  |  |  |  |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Policyholders' account balances – investment contracts, excluding embedded derivative |  | $ | 78,107 |  |  | $ | 78,107 |  |  | $ | — |  |  | $ | — |  |  | $ | 78,107 |
Long term borrowings |  | 2,959 |  |  | 2,991 |  |  | — |  |  | — |  |  | 2,991 |
Notes payable |  | 179 |  |  | 179 |  |  | — |  |  | — |  |  | 179 |
Total financial liabilities |  | $ | 81,245 |  |  | $ | 81,277 |  |  |  |  |  |  |
|  | Carrying Amount |  | Fair Value |  | Fair 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 allowance |  | 194 |  |  | 194 |  |  | — |  |  | — |  |  | 194 |
Policy loans |  | 390 |  |  | 390 |  |  | — |  |  | — |  |  | 390 |
Deposit assets, included in reinsurance recoverables and deposit assets |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other invested assets |  | 14 |  |  | 14 |  |  | — |  |  | — |  |  | 14 |
Total financial assets |  | $ | 6,256 |  |  | $ | 6,003 |  |  |  |  |  |  |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Policyholders' account balances – investment contracts, excluding embedded derivative |  | $ | 14,097 |  |  | $ | 14,097 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,097 |
Long term borrowings |  | 1,493 |  |  | 1,493 |  |  | — |  |  | — |  |  | 1,493 |
Notes payable |  | 174 |  |  | 174 |  |  | — |  |  | — |  |  | 174 |
Total financial liabilities |  | $ | 15,764 |  |  | $ | 15,764 |  |  |  |  |  |  |
Schedule of Fair Value Assets Measured on Recurring Basis | 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 September 30, 2024
| Assets |  | Liabilities
| Invested Assets (1) |  | Derivative Assets |  |  |  |  |  | Policyholders’ Account Balances – Embedded Derivative |  |  |  | Funds Withheld for Reinsurance Liabilities - Embedded Derivative |  |
| (Dollars in millions)
Balance, beginning of period | $ | 9,598 |  |  | $ | 254 |  |  |  |  |  |  | $ | 1,196 |  |  |  |  | $ | 79 |  |  |
Acquisitions from business combination | — |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Fair value changes in net income | 177 |  |  | 41 |  |  |  |  |  |  | 533 |  |  |  |  | 199 |  |  |
Fair value changes in other comprehensive income | (61) |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Purchases | 1,697 |  |  | 37 |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Sales | (298) |  |  | (67) |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Settlements or maturities | — |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Premiums less benefits | — |  |  | — |  |  |  |  |  |  | 42 |  |  |  |  | — |  |  |
Transfers into Level 3 | 65 |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Transfers out of Level 3 | (203) |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Balance, end of period | $ | 10,975 |  |  | $ | 265 |  |  |  |  |  |  | $ | 1,771 |  |  |  |  | $ | 278 |  |  |
| Three Months Ended September 30, 2023
| Assets |  |  |  | Liabilities
| Invested Assets (1) |  | Derivative Assets |  |  |  |  |  | Policyholders’ Account Balances – Embedded Derivative |  |  |  | Funds Withheld for Reinsurance Liabilities - Embedded Derivative |  |
| (Dollars in millions)
Balance, beginning of period | $ | 4,620 |  |  | $ | 215 |  |  |  |  |  |  | $ | 809 |  |  |  |  | $ | — |  |  |
Acquisitions from business combination | — |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Fair value changes in net income | — |  |  | (32) |  |  |  |  |  |  | 23 |  |  |  |  | — |  |  |
Fair value changes in other comprehensive income | (382) |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Purchases | 653 |  |  | 38 |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Sales | (1,058) |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Settlements or maturities | (12) |  |  | (45) |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Premiums less benefits | — |  |  | — |  |  |  |  |  |  | (7) |  |  |  |  | — |  |  |
Transfers into Level 3 | — |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Transfers out of Level 3 | — |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Balance, end of period | $ | 3,821 |  |  | $ | 176 |  |  |  |  |  |  | $ | 825 |  |  |  |  | $ | — |  |  |
| Nine Months Ended September 30, 2024
| Assets |  | Liabilities
| Invested Assets (1) |  | Derivative Assets |  |  |  |  |  | Policyholders’ Account Balances – Embedded Derivative |  |  |  | Funds Withheld for Reinsurance Liabilities - Embedded Derivative |  |
| (Dollars in millions)
Balance, beginning of year | $ | 5,585 |  |  | $ | 227 |  |  |  |  |  |  | $ | 872 |  |  |  |  | $ | — |  |  |
Acquisitions from business combination | 4,288 |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Fair value changes in net income | 189 |  |  | 122 |  |  |  |  |  |  | 858 |  |  |  |  | 278 |  |  |
Fair value changes in other comprehensive income | 121 |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Purchases | 5,042 |  |  | 111 |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Sales | (4,083) |  |  | (67) |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Settlements or maturities | (2) |  |  | (128) |  |  |  |  |  |  | (30) |  |  |  |  | — |  |  |
Premiums less benefits | — |  |  | — |  |  |  |  |  |  | 71 |  |  |  |  | — |  |  |
Transfers into Level 3 | 177 |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Transfers out of Level 3 | (342) |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Balance, end of period | $ | 10,975 |  |  | $ | 265 |  |  |  |  |  |  | $ | 1,771 |  |  |  |  | $ | 278 |  |  |
| Nine Months Ended September 30, 2023
| Assets |  | Liabilities
| Invested Assets (1) |  | Derivative Assets |  |  |  |  |  | Policyholders’ Account Balances – 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 income | 97 |  |  | 40 |  |  |  |  |  |  | 125 |  |  |  |  | — |  |  |
Fair value changes in other comprehensive income | (383) |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Purchases | 2,888 |  |  | 98 |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Sales | (1,936) |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Settlements or maturities | (12) |  |  | (83) |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Premiums less benefits | — |  |  | — |  |  |  |  |  |  | (26) |  |  |  |  | — |  |  |
Transfers into Level 3 | — |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Transfers out of Level 3 | — |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Balance, end of period | $ | 3,821 |  |  | $ | 176 |  |  |  |  |  |  | $ | 825 |  |  |  |  | $ | — |  |  |
(1)Balance includes derivative collateral, separately managed accounts, and certain consolidated variable interest entities.
Schedule of Significant Unobservable Inputs | The following table provides 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.
|  |  | September 30, 2024 |  |  |  |  |  |
|  |  | Valuation Techniques(s) |  | Unobservable Input Description |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | Discounted cash flow |  | Discount rate |  |  |  |
|  |  |  |  | Weighted average lives |  |  |  |  |  |
Collateralized debt securities |  |  | Discounted cash flow |  | Discount rate |  |  |  |  |  |
|  |  |  |  | Weighted average lives |  |  |  |  |  |
Real estate and real estate partnerships: |  |  |  |  |  |  |  |  |  |  |
Fair value option under ASC 825 |  |  | Discounted cash flow |  | Discount rate |  |  |  |  |  |
|  |  |  |  | Terminal capitalization rate |  |  |  |  |  |
|  |  |  |  | Investment horizon (years) |  |  |  |  |  |
Investment company VIE under ASC 946 |  |  | Broker price opinion |  | Market comparable home sales |  |  |  |  |  |
|  |  |  |  | Age and size of home |  |  |  |  |  |
|  |  |  |  | Location and property condition |  |  |  |  |  |
Investment funds at fair value |  |  | Discounted cash flow |  | Discount rate |  |  |  |  |  |
Other invested assets - other |  |  | Discounted cash flow |  | Discount rate |  |  |  |  |  |
|  |  |  |  | Weighted average lives |  |  |  |  |  |
Separately managed accounts |  |  | Discounted cash flows (yield analysis) |  | Discount rate |  |  |  |  |  |
|  |  | CVM |  | NCY EBITDA |  |  |  |  |  |
|  |  | Market transaction |  |  |  |  |  |  |  |
|  |  | December 31, 2023 |  |  |  |  |  |
|  |  | Valuation Techniques(s) |  | Unobservable Input Description |  |  |  |
|  |  | (Dollars in millions) |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |
Separately managed accounts |  |  | Discounted cash flows (yield analysis) |  | Discount rate |  |  |  |  |  |
|  |  | CVM |  | NCY EBITDA |  |  |  |  |  |
|  |  | Market transaction |  |  |  |  |  |  |  |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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