Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 1,515	$ 2,338
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $41,837 and $37,038)	41,997	38,379
Fixed maturities, trading at fair value	105	348
Equity securities, at fair value	1,814	1,662
Investments accounted for using the equity method	1,374	999
Mortgage loans	1,068	1,125
Policy loans	174	184
Equity index call options	184	701
Real estate and other investments	267	312
Total cash and investments	48,498	46,048
Recoverables from reinsurers	3,349	3,369
Prepaid reinsurance premiums	610	600
Agents’ balances and premiums receivable	1,234	1,146
Deferred policy acquisition costs	1,682	1,216
Assets of managed investment entities	4,700	4,902
Other receivables	1,090	1,030
Variable annuity assets (separate accounts)	557	644
Other assets	1,529	1,504
Goodwill	207	199
Total assets	63,456	60,658
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	9,741	9,678
Unearned premiums	2,595	2,410
Annuity benefits accumulated	36,616	33,316
Life, accident and health reserves	635	658
Payable to reinsurers	752	743
Liabilities of managed investment entities	4,512	4,687
Long-term debt	1,302	1,301
Variable annuity liabilities (separate accounts)	557	644
Other liabilities	1,774	1,887
Total liabilities	58,484	55,324
Redeemable noncontrolling interests	0	3
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 89,291,724 and 88,275,460 shares outstanding	89	88
Capital surplus	1,245	1,181
Retained earnings	3,588	3,248
Accumulated other comprehensive income, net of tax	48	813
Total shareholders’ equity	4,970	5,330
Noncontrolling interests	2	1
Total equity	4,972	5,331
Total liabilities and equity	$ 63,456	$ 60,658