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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Assets and liabilities measured at fair value
Assets and liabilities measured and carried at fair value in the financial statements are summarized below (in millions):
Level 1Level 2Level 3Total
June 30, 2022
Assets:
Available for sale (“AFS”) fixed maturities:
U.S. Government and government agencies$215 $1 $— $216 
States, municipalities and political subdivisions— 1,401 1 1,402 
Foreign government— 246 — 246 
Residential MBS— 1,547 8 1,555 
Commercial MBS— 92 — 92 
Collateralized loan obligations— 1,605 2 1,607 
Other asset-backed securities— 1,945 313 2,258 
Corporate and other10 2,138 269 2,417 
Total AFS fixed maturities225 8,975 593 9,793 
Trading fixed maturities— 29 — 29 
Equity securities609 42 378 1,029 
Assets of managed investment entities (“MIE”)344 4,862 12 5,218 
Other assets — derivatives— 1 — 1 
Total assets accounted for at fair value$1,178 $13,909 $983 $16,070 
Liabilities:
Contingent consideration — acquisitions$— $— $23 $23 
Liabilities of managed investment entities339 4,783 11 5,133 
Other liabilities — derivatives— 13 — 13 
Total liabilities accounted for at fair value$339 $4,796 $34 $5,169 
December 31, 2021
Assets:
Available for sale fixed maturities:
U.S. Government and government agencies$215 $1 $— $216 
States, municipalities and political subdivisions— 1,791 41 1,832 
Foreign government— 246 — 246 
Residential MBS— 946 14 960 
Commercial MBS— 104 — 104 
Collateralized loan obligations— 1,643 — 1,643 
Other asset-backed securities— 2,398 278 2,676 
Corporate and other11 2,402 267 2,680 
Total AFS fixed maturities226 9,531 600 10,357 
Trading fixed maturities— 28 — 28 
Equity securities679 50 313 1,042 
Assets of managed investment entities390 4,893 13 5,296 
Total assets accounted for at fair value$1,295 $14,502 $926 $16,723 
Liabilities:
Contingent consideration — acquisitions$— $— $23 $23 
Liabilities of managed investment entities384 4,823 13 5,220 
Total liabilities accounted for at fair value$384 $4,823 $36 $5,243 
Changes in balances of Level 3 financial assets
Changes in balances of Level 3 financial assets and liabilities carried at fair value during the first six months of 2022 and 2021 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, 2022Net
earnings (loss)		OCIPurchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2022
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal33 — (1)— — — (31)1 
Residential MBS11 — — — — — (3)8 
Commercial MBS— — — — — — — — 
Collateralized loan obligations— — — — — 2 — 2 
Other asset-backed securities
337 — (7)10 (27)— — 313 
Corporate and other244 — (4)32 (3)— — 269 
Total AFS fixed maturities625 — (12)42 (30)2 (34)593 
Equity securities361 — — 21 (2)— (2)378 
Assets of MIE12 (1)— 1 — — — 12 
Total Level 3 assets$998 $(1)$(12)$64 $(32)$2 $(36)$983 
Contingent consideration — acquisitions$(23)$— $— $— $— $— $— $(23)
Total Level 3 liabilities$(23)$— $— $— $— $— $— $(23)
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 maturities
602 (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 December 31, 2021Net
earnings (loss)		OCIPurchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2022
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal41 — (3)— (1)— (36)1 
Residential MBS14 — — — (1)— (5)8 
Commercial MBS— — — — — — — — 
Collateralized loan obligations— — — — — 2 — 2 
Other asset-backed securities
278 2 (16)57 (42)34 — 313 
Corporate and other267 — (14)60 (10)— (34)269 
Total AFS fixed maturities600 2 (33)117 (54)36 (75)593 
Equity securities313 22 — 51 (5)3 (6)378 
Assets of MIE13 (2)— 1 — — — 12 
Total Level 3 assets$926 $22 $(33)$169 $(59)$39 $(81)$983 
Contingent consideration — acquisitions$(23)$— $— $— $— $— $— $(23)
Total Level 3 liabilities$(23)$— $— $— $— $— $— $(23)
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 maturities
538 (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 $— 
Changes in balances of Level 3 financial liabilities
Changes in balances of Level 3 financial assets and liabilities carried at fair value during the first six months of 2022 and 2021 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, 2022Net
earnings (loss)		OCIPurchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2022
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal33 — (1)— — — (31)1 
Residential MBS11 — — — — — (3)8 
Commercial MBS— — — — — — — — 
Collateralized loan obligations— — — — — 2 — 2 
Other asset-backed securities
337 — (7)10 (27)— — 313 
Corporate and other244 — (4)32 (3)— — 269 
Total AFS fixed maturities625 — (12)42 (30)2 (34)593 
Equity securities361 — — 21 (2)— (2)378 
Assets of MIE12 (1)— 1 — — — 12 
Total Level 3 assets$998 $(1)$(12)$64 $(32)$2 $(36)$983 
Contingent consideration — acquisitions$(23)$— $— $— $— $— $— $(23)
Total Level 3 liabilities$(23)$— $— $— $— $— $— $(23)
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 maturities
602 (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 December 31, 2021Net
earnings (loss)		OCIPurchases
and
issuances		Sales and
settlements		Transfer
into
Level 3		Transfer
out of
Level 3		Balance at June 30, 2022
AFS fixed maturities:
U.S. government agency
$— $— $— $— $— $— $— $— 
State and municipal41 — (3)— (1)— (36)1 
Residential MBS14 — — — (1)— (5)8 
Commercial MBS— — — — — — — — 
Collateralized loan obligations— — — — — 2 — 2 
Other asset-backed securities
278 2 (16)57 (42)34 — 313 
Corporate and other267 — (14)60 (10)— (34)269 
Total AFS fixed maturities600 2 (33)117 (54)36 (75)593 
Equity securities313 22 — 51 (5)3 (6)378 
Assets of MIE13 (2)— 1 — — — 12 
Total Level 3 assets$926 $22 $(33)$169 $(59)$39 $(81)$983 
Contingent consideration — acquisitions$(23)$— $— $— $— $— $— $(23)
Total Level 3 liabilities$(23)$— $— $— $— $— $— $(23)
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 maturities
538 (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 $— 
Fair value of financial instruments The carrying value and fair value of financial instruments that are not carried at fair value in the financial statements are summarized below (in millions):
CarryingFair Value
ValueTotalLevel 1Level 2Level 3
June 30, 2022
Financial assets:
Cash and cash equivalents$967 $967 $967 $— $— 
Mortgage loans692 650 — — 650 
Total financial assets not accounted for at fair value
$1,659 $1,617 $967 $— $650 
Long-term debt$1,542 $1,396 $— $1,393 $3 
Total financial liabilities not accounted for at fair value
$1,542 $1,396 $— $1,393 $3 
December 31, 2021
Financial assets:
Cash and cash equivalents$2,131 $2,131 $2,131 $— $— 
Mortgage loans520 533 — — 533 
Total financial assets not accounted for at fair value
$2,651 $2,664 $2,131 $— $533 
Long-term debt$1,964 $2,261 $— $2,258 $3 
Total financial liabilities not accounted for at fair value
$1,964 $2,261 $— $2,258 $3