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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Assets and liabilities measured at fair value
Assets and liabilities of continuing operations measured and carried at fair value in the financial statements are summarized below (in millions):
Level 1Level 2Level 3Total
June 30, 2021
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. Government and government agencies$218 $3 $— $221 
States, municipalities and political subdivisions— 2,024 36 2,060 
Foreign government— 208 — 208 
Residential MBS— 770 28 798 
Commercial MBS— 130 — 130 
Collateralized loan obligations— 1,378 6 1,384 
Other asset-backed securities— 2,044 315 2,359 
Corporate and other4 2,348 220 2,572 
Total AFS fixed maturities222 8,905 605 9,732 
Trading fixed maturities— 26 — 26 
Equity securities672 48 245 965 
Assets of managed investment entities (“MIE”)269 4,802 15 5,086 
Total assets of continuing operations accounted for at fair value$1,163 $13,781 $865 $15,809 
Liabilities:
Liabilities of managed investment entities$266 $4,749 $14 $5,029 
Total liabilities of continuing operations accounted for at fair value$266 $4,749 $14 $5,029 
December 31, 2020
Assets:
Available for sale fixed maturities:
U.S. Government and government agencies$195 $3 $— $198 
States, municipalities and political subdivisions— 2,273 39 2,312 
Foreign government— 176 — 176 
Residential MBS— 877 38 915 
Commercial MBS— 90 2 92 
Collateralized loan obligations— 1,046 16 1,062 
Other asset-backed securities— 1,742 305 2,047 
Corporate and other4 2,140 138 2,282 
Total AFS fixed maturities199 8,347 538 9,084 
Trading fixed maturities— 24 — 24 
Equity securities665 48 176 889 
Assets of managed investment entities217 4,733 21 4,971 
Total assets of continuing operations accounted for at fair value$1,081 $13,152 $735 $14,968 
Liabilities:
Liabilities of managed investment entities$215 $4,678 $21 $4,914 
Total liabilities of continuing operations accounted for at fair value$215 $4,678 $21 $4,914 
Changes in balances of Level 3 financial assets
Changes in balances of Level 3 financial assets and liabilities carried at fair value during the second quarter and first six months of 2021 and 2020 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period.
Total realized/unrealized
gains (losses) included in
Balance at March 31, 2021Net
earnings (loss)		OCIPurchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Sale of annuity businessBalance at June 30, 2021
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— $— 
State and municipal39 — — — (3)— — — 36 
Residential MBS27 — — — (1)3 (1)— 28 
Commercial MBS— — — — — — — — — 
Collateralized loan obligations6 — — — — — — — 6 
Other asset-backed securities
326 — 1 38 (49)— (1)— 315 
Corporate and other204 (2)— 22 (2)1 (3)— 220 
Total AFS fixed maturities602 (2)1 60 (55)4 (5)— 605 
Equity securities227 18 — 12 (5)— (7)— 245 
Assets of MIE14 (1)— 1 — 1 — — 15 
Assets of discontinued annuity operations2,806 15 21 13 (136)— — (2,719)— 
Total Level 3 assets$3,649 $30 $22 $86 $(196)$5 $(12)$(2,719)$865 
Liabilities of discontinued annuity operations$(3,954)$(183)$— $(72)$66 $— $— $4,143 $— 
Total Level 3 liabilities (*)$(3,954)$(183)$— $(72)$66 $— $— $4,143 $— 

Total realized/unrealized
gains (losses) included in
Balance at March 31, 2020Net
earnings (loss)		OCIPurchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2020
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal41 — 1 — (1)— — 41 
Residential MBS44 — 1 — (1)— (2)42 
Commercial MBS6 — — — — — — 6 
Collateralized loan obligations44 (1)3 — — 9 — 55 
Other asset-backed securities
238 1 1 39 (6)20 — 293 
Corporate and other172 — 2 8 (4)— — 178 
Total AFS fixed maturities
545 — 8 47 (12)29 (2)615 
Equity securities155 1 — 8 — — — 164 
Assets of MIE16 (1)— — — 2 — 17 
Assets of discontinued annuity operations2,797 (2)64 208 (38)125 (110)3,044 
Total Level 3 assets$3,513 $(2)$72 $263 $(50)$156 $(112)$3,840 
Liabilities of discontinued annuity operations$(3,099)$(601)$— $(46)$71 $— $— $(3,675)
Total Level 3 liabilities (*)$(3,099)$(601)$— $(46)$71 $— $— $(3,675)
(*)As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets.
Total realized/unrealized
gains (losses) included in
Balance at December 31, 2020Net
earnings (loss)		OCIPurchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Sale of annuity businessBalance at June 30, 2021
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— $— 
State and municipal39 — — — (3)— — — 36 
Residential MBS38 (3)— 6 (1)6 (18)— 28 
Commercial MBS2 — — — — — (2)— — 
Collateralized loan obligations16 1 (1)— (1)— (9)— 6 
Other asset-backed securities
305 — 1 90 (72)14 (23)— 315 
Corporate and other138 (1)(1)106 (20)3 (5)— 220 
Total AFS fixed maturities538 (3)(1)202 (97)23 (57)— 605 
Equity securities176 71 — 24 (19)— (7)— 245 
Assets of MIE21 3 — 2 — 1 (12)— 15 
Assets of discontinued annuity operations2,971 85 (21)209 (328)32 (229)(2,719)— 
Total Level 3 assets$3,706 $156 $(22)$437 $(444)$56 $(305)$(2,719)$865 
Liabilities of discontinued annuity operations$(3,933)$(222)$— $(146)$158 $— $— $4,143 $— 
Total Level 3 liabilities (*)$(3,933)$(222)$— $(146)$158 $— $— $4,143 $— 

Total realized/unrealized
gains (losses) included in
Balance at December 31, 2019Net
earnings (loss)		Other
comprehensive
income (loss)		Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2020
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal40 — 2 — (1)— — 41 
Residential MBS45 1 (1)— (2)1 (2)42 
Commercial MBS6 — — — — — — 6 
Collateralized loan obligations1 (1)3 — — 52 — 55 
Other asset-backed securities
256 (5)1 61 (47)27 — 293 
Corporate and other223 (1)(1)32 (11)2 (66)178 
Total AFS fixed maturities
571 (6)4 93 (61)82 (68)615 
Equity securities161 (17)— 11 — 9 — 164 
Assets of MIE17 (2)— — — 2 — 17 
Assets of discontinued annuity operations3,092 (20)20 361 (212)258 (455)3,044 
Total Level 3 assets$3,841 $(45)$24 $465 $(273)$351 $(523)$3,840 
Liabilities of discontinued annuity operations$(3,730)$46 $— $(124)$133 $— $— $(3,675)
Total Level 3 liabilities (*)$(3,730)$46 $— $(124)$133 $— $— $(3,675)
(*)As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets.
Changes in balances of Level 3 financial liabilities
Changes in balances of Level 3 financial assets and liabilities carried at fair value during the second quarter and first six months of 2021 and 2020 are presented below (in millions). The transfers into and out of Level 3 were due to changes in the availability of market observable inputs. All transfers are reflected in the table at fair value as of the end of the reporting period.
Total realized/unrealized
gains (losses) included in
Balance at March 31, 2021Net
earnings (loss)		OCIPurchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Sale of annuity businessBalance at June 30, 2021
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— $— 
State and municipal39 — — — (3)— — — 36 
Residential MBS27 — — — (1)3 (1)— 28 
Commercial MBS— — — — — — — — — 
Collateralized loan obligations6 — — — — — — — 6 
Other asset-backed securities
326 — 1 38 (49)— (1)— 315 
Corporate and other204 (2)— 22 (2)1 (3)— 220 
Total AFS fixed maturities602 (2)1 60 (55)4 (5)— 605 
Equity securities227 18 — 12 (5)— (7)— 245 
Assets of MIE14 (1)— 1 — 1 — — 15 
Assets of discontinued annuity operations2,806 15 21 13 (136)— — (2,719)— 
Total Level 3 assets$3,649 $30 $22 $86 $(196)$5 $(12)$(2,719)$865 
Liabilities of discontinued annuity operations$(3,954)$(183)$— $(72)$66 $— $— $4,143 $— 
Total Level 3 liabilities (*)$(3,954)$(183)$— $(72)$66 $— $— $4,143 $— 

Total realized/unrealized
gains (losses) included in
Balance at March 31, 2020Net
earnings (loss)		OCIPurchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2020
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal41 — 1 — (1)— — 41 
Residential MBS44 — 1 — (1)— (2)42 
Commercial MBS6 — — — — — — 6 
Collateralized loan obligations44 (1)3 — — 9 — 55 
Other asset-backed securities
238 1 1 39 (6)20 — 293 
Corporate and other172 — 2 8 (4)— — 178 
Total AFS fixed maturities
545 — 8 47 (12)29 (2)615 
Equity securities155 1 — 8 — — — 164 
Assets of MIE16 (1)— — — 2 — 17 
Assets of discontinued annuity operations2,797 (2)64 208 (38)125 (110)3,044 
Total Level 3 assets$3,513 $(2)$72 $263 $(50)$156 $(112)$3,840 
Liabilities of discontinued annuity operations$(3,099)$(601)$— $(46)$71 $— $— $(3,675)
Total Level 3 liabilities (*)$(3,099)$(601)$— $(46)$71 $— $— $(3,675)
(*)As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets.
Total realized/unrealized
gains (losses) included in
Balance at December 31, 2020Net
earnings (loss)		OCIPurchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Sale of annuity businessBalance at June 30, 2021
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— $— 
State and municipal39 — — — (3)— — — 36 
Residential MBS38 (3)— 6 (1)6 (18)— 28 
Commercial MBS2 — — — — — (2)— — 
Collateralized loan obligations16 1 (1)— (1)— (9)— 6 
Other asset-backed securities
305 — 1 90 (72)14 (23)— 315 
Corporate and other138 (1)(1)106 (20)3 (5)— 220 
Total AFS fixed maturities538 (3)(1)202 (97)23 (57)— 605 
Equity securities176 71 — 24 (19)— (7)— 245 
Assets of MIE21 3 — 2 — 1 (12)— 15 
Assets of discontinued annuity operations2,971 85 (21)209 (328)32 (229)(2,719)— 
Total Level 3 assets$3,706 $156 $(22)$437 $(444)$56 $(305)$(2,719)$865 
Liabilities of discontinued annuity operations$(3,933)$(222)$— $(146)$158 $— $— $4,143 $— 
Total Level 3 liabilities (*)$(3,933)$(222)$— $(146)$158 $— $— $4,143 $— 

Total realized/unrealized
gains (losses) included in
Balance at December 31, 2019Net
earnings (loss)		Other
comprehensive
income (loss)		Purchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2020
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal40 — 2 — (1)— — 41 
Residential MBS45 1 (1)— (2)1 (2)42 
Commercial MBS6 — — — — — — 6 
Collateralized loan obligations1 (1)3 — — 52 — 55 
Other asset-backed securities
256 (5)1 61 (47)27 — 293 
Corporate and other223 (1)(1)32 (11)2 (66)178 
Total AFS fixed maturities
571 (6)4 93 (61)82 (68)615 
Equity securities161 (17)— 11 — 9 — 164 
Assets of MIE17 (2)— — — 2 — 17 
Assets of discontinued annuity operations3,092 (20)20 361 (212)258 (455)3,044 
Total Level 3 assets$3,841 $(45)$24 $465 $(273)$351 $(523)$3,840 
Liabilities of discontinued annuity operations$(3,730)$46 $— $(124)$133 $— $— $(3,675)
Total Level 3 liabilities (*)$(3,730)$46 $— $(124)$133 $— $— $(3,675)
(*)As previously discussed, these tables exclude the portion of MIE liabilities allocated to Level 3, which are derived from the fair value of the MIE assets.
Fair value of financial instruments The carrying value and fair value of financial instruments of continuing operations that are not carried at fair value in the financial statements are summarized below (in millions):
CarryingFair Value
ValueTotalLevel 1Level 2Level 3
June 30, 2021
Financial assets:
Cash and cash equivalents$3,365 $3,365 $3,365 $— $— 
Mortgage loans461 479 — — 479 
Total financial assets not accounted for at fair value
$3,826 $3,844 $3,365 $— $479 
Long-term debt$1,963 $2,294 $— $2,291 $3 
Total financial liabilities not accounted for at fair value
$1,963 $2,294 $— $2,291 $3 
December 31, 2020
Financial assets:
Cash and cash equivalents$1,665 $1,665 $1,665 $— $— 
Mortgage loans377 382 — — 382 
Total financial assets not accounted for at fair value
$2,042 $2,047 $1,665 $— $382 
Long-term debt$1,963 $2,325 $— $2,322 $3 
Total financial liabilities not accounted for at fair value
$1,963 $2,325 $— $2,322 $3