Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 1,673	$ 2,314
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $46,101 and $44,524; allowance for expected credit losses of $61 at March 31, 2020)	46,134	46,505
Fixed maturities, trading at fair value	96	113
Equity securities, at fair value	1,559	1,937
Investments accounted for using the equity method	1,763	1,688
Mortgage loans	1,346	1,329
Policy loans	161	164
Equity index call options	209	924
Real estate and other investments	280	278
Total cash and investments	53,221	55,252
Recoverables from reinsurers	3,387	3,415
Prepaid reinsurance premiums	708	678
Agents’ balances and premiums receivable	1,302	1,335
Deferred policy acquisition costs	1,573	1,037
Assets of managed investment entities	67,643	70,130
Other receivables	981	975
Variable annuity assets (separate accounts)	497	628
Other assets	1,741	1,867
Goodwill	207	207
Total assets	67,643	70,130
Liabilities and Equity:
Unpaid losses and loss adjustment expenses	10,106	10,232
Unearned premiums	2,808	2,830
Annuity benefits accumulated	40,463	40,406
Life, accident and health reserves	607	612
Payable to reinsurers	779	814
Liabilities of managed investment entities	62,596	63,861
Long-term debt	1,473	1,473
Variable annuity liabilities (separate accounts)	497	628
Other liabilities	1,998	2,295
Total liabilities	62,596	63,861
Temporary equity
Redeemable noncontrolling interests	0	0
Shareholders’ equity:
Common Stock, no par value — 200,000,000 shares authorized — 89,827,336 and 90,303,686 shares outstanding	90	90
Capital surplus	1,309	1,307
Retained earnings	3,616	4,009
Accumulated other comprehensive income, net of tax	32	863
Total shareholders’ equity	5,047	6,269
Noncontrolling interests	0	0
Total equity	5,047	6,269
Total liabilities and equity	67,643	70,130
Variable interest entity, primary beneficiary
Investments:
Assets of managed investment entities	4,026	4,736
Total assets	4,026	4,736
Liabilities and Equity:
Liabilities of managed investment entities	3,865	4,571
Total liabilities	$ 3,865	$ 4,571

The sum of the known and estimated amounts payable as of the balance sheet date to traditional life insurance policyholders, and under disability and accident insurance contracts, that relate to insured events which can be viewed as either (a) the present value of future benefits to be paid to or on behalf of policyholders and expenses less the present value of future net premiums payable under the insurance contracts or (b) the accumulated amount of net premiums already collected less the accumulated amount of benefits and expenses already paid to or on behalf of policyholders. This sum also includes amounts payable to universal life insurance policyholders for which the liability is equal to the account value.

No definition available.