Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Summary of Significant Inputs Used by Third-Party Pricing Services for Certain Fair Value Measurements of Fixed Maturity Securities that Classified as Level 2

The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of September 30, 2022:

(Amounts in millions)	Fair value		Primary methodologies	Significant inputs
U.S. government, agencies and government-sponsored enterprises	$	3,307	Price quotes from trading desk, broker feeds	Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread
State and political subdivisions	$	2,476	Multi-dimensional attribute- based modeling systems, third- party pricing vendors	Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes
Non-U.S. government	$	620	Matrix pricing, spread priced to benchmark curves, price quotes from market makers	Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
U.S. corporate	$	23,111	Multi-dimensional attribute- based modeling systems, broker quotes, price quotes from market makers, OAS-based models	Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports
Non-U.S. corporate	$	6,225	Multi-dimensional attribute- based modeling systems, OAS- based models, price quotes from market makers	Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
Residential mortgage-backed	$	1,044	OAS-based models, single factor binomial models, internally priced	Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports
Commercial mortgage-backed	$	1,977	Multi-dimensional attribute- based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model	Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports
Other asset-backed	$	2,077	Multi-dimensional attribute- based modeling systems, spread matrix priced to swap curves, price quotes from market makers	Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports

Assets by Class of Instrument that are Measured at Fair Value on Recurring Basis

The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:

	September 30, 2022
(Amounts in millions)	Total		Level 1		Level 2		Level 3		NAV (1)
Assets
Investments:
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises	$	3,307	$	—	$	3,307	$	—	$	—
State and political subdivisions		2,532		—		2,476		56		—
Non-U.S. government		622		—		620		2		—
U.S. corporate:
Utilities		3,803		—		3,035		768		—
Energy		2,206		—		2,091		115		—
Finance and insurance		7,059		—		6,430		629		—
Consumer—non-cyclical		4,365		—		4,283		82		—
Technology and communications		2,873		—		2,849		24		—
Industrial		1,161		—		1,129		32		—
Capital goods		2,131		—		2,094		37		—
Consumer—cyclical		1,584		—		1,471		113		—
Transportation		1,050		—		997		53		—
Other		330		—		137		193		—
Total U.S. corporate		26,562		—		24,516		2,046		—
Non-U.S. corporate:
Utilities		721		—		446		275		—
Energy		983		—		861		122		—
Finance and insurance		1,958		—		1,835		123		—
Consumer—non-cyclical		557		—		483		74		—
Technology and communications		874		—		849		25		—
Industrial		791		—		745		46		—
Capital goods		532		—		440		92		—
Consumer—cyclical		275		—		200		75		—
Transportation		370		—		349		21		—
Other		886		—		865		21		—
Total non-U.S. corporate		7,947		—		7,073		874		—
Residential mortgage-backed		1,069		—		1,044		25		—
Commercial mortgage-backed		1,989		—		1,977		12		—
Other asset-backed		2,187		—		2,077		110		—
Total fixed maturity securities		46,215		—		43,090		3,125		—
Equity securities		274		189		50		35		—
Limited partnerships		1,707		—		—		24		1,683
Other invested assets:
Derivative assets:
Interest rate swaps		25		—		25		—		—
Foreign currency swaps		32		—		32		—		—
Equity index options		38		—		—		38		—
Total derivative assets		95		—		57		38		—
Short-term investments		2		—		2		—		—
Total other invested assets		97		—		59		38		—
Reinsurance recoverable (2)		18		—		—		18		—
Separate account assets		4,298		4,298		—		—		—
Total assets	$	52,609	$	4,487	$	43,199	$	3,240	$	1,683

(1)  Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.

(2)  Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

	December 31, 2021
(Amounts in millions)	Total		Level 1		Level 2		Level 3		NAV (1)
Assets
Investments:
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises	$	4,552	$	—	$	4,552	$	—	$	—
State and political subdivisions		3,450		—		3,368		82		—
Non-U.S. government		835		—		833		2		—
U.S. corporate:
Utilities		5,104		—		4,154		950		—
Energy		2,934		—		2,858		76		—
Finance and insurance		8,991		—		8,306		685		—
Consumer—non-cyclical		6,159		—		6,055		104		—
Technology and communications		3,808		—		3,779		29		—
Industrial		1,494		—		1,457		37		—
Capital goods		2,745		—		2,700		45		—
Consumer—cyclical		1,899		—		1,762		137		—
Transportation		1,371		—		1,307		64		—
Other		419		—		165		254		—
Total U.S. corporate		34,924		—		32,543		2,381		—
Non-U.S. corporate:
Utilities		928		—		583		345		—
Energy		1,383		—		1,238		145		—
Finance and insurance		2,432		—		2,272		160		—
Consumer—non-cyclical		743		—		680		63		—
Technology and communications		1,250		—		1,222		28		—
Industrial		1,047		—		954		93		—
Capital goods		705		—		532		173		—
Consumer—cyclical		341		—		265		76		—
Transportation		489		—		436		53		—
Other		1,217		—		1,191		26		—
Total non-U.S. corporate		10,535		—		9,373		1,162		—
Residential mortgage-backed		1,440		—		1,413		27		—
Commercial mortgage-backed		2,584		—		2,568		16		—
Other asset-backed		2,160		—		2,022		138		—
Total fixed maturity securities		60,480		—		56,672		3,808		—
Equity securities		198		101		60		37		—
Limited partnerships		1,462		—		—		26		1,436
Other invested assets:
Derivative assets:
Interest rate swaps		364		—		364		—		—
Foreign currency swaps		6		—		6		—		—
Equity index options		42		—		—		42		—
Other foreign currency contracts		2		—		2		—		—
Total derivative assets		414		—		372		42		—
Short-term investments		26		—		26		—		—
Total other invested assets		440		—		398		42		—
Reinsurance recoverable (2)		19		—		—		19		—
Separate account assets		6,066		6,066		—		—		—
Total assets	$	68,665	$	6,167	$	57,130	$	3,932	$	1,436

(1)  Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.

(2)  Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

Assets Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value

The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:

	Beginning balance as of July 1 2022,		Total realized and unrealized gains (losses)																					Ending balance as of September 30, 2022		Total gains (losses) attributable to assets still held
(Amounts in millions)			Included in net income			Included in OCI			Purchases		Sales			Issuances		Settlements			Transfer into Level 3 (1)		Transfer out of Level 3 (1)					Included in net income			Included in OCI
Fixed maturity securities:
State and political subdivisions	$	63	$	—		$	(7	)	$	—	$	—		$	—	$	—		$	—	$	—		$	56	$	—		$	(8	)
Non-U.S. government		3		—			—			—		(1	)		—		—			—		—			2		—			—
U.S. corporate:
Utilities		810		—			(59	)		23		—			—		(6	)		—		—			768		—			(58	)
Energy		122		—			(6	)		—		—			—		(1	)		—		—			115		—			(6	)
Finance and insurance		654		—			(32	)		16		—			—		(9	)		—		—			629		—			(33	)
Consumer—non-cyclical		86		—			(3	)		—		—			—		(1	)		—		—			82		—			(3	)
Technology and communications		25		—			(1	)		—		—			—		—			—		—			24		—			(1	)
Industrial		33		—			(1	)		—		—			—		—			—		—			32		—			—
Capital goods		38		—			(1	)		—		—			—		—			—		—			37		—			(2	)
Consumer—cyclical		119		—			(5	)		—		—			—		(1	)		—		—			113		—			(5	)
Transportation		56		—			(2	)		—		—			—		(1	)		—		—			53		—			(2	)
Other		207		—			(6	)		—		(7	)		—		(1	)		—		—			193		—			(7	)
Total U.S. corporate		2,150		—			(116	)		39		(7	)		—		(20	)		—		—			2,046		—			(117	)
Non-U.S. corporate:
Utilities		309		—			(16	)		—		—			—		(18	)		—		—			275		—			(17	)
Energy		133		—			(4	)		—		—			—		(7	)		—		—			122		—			(3	)
Finance and insurance		132		2			(11	)		—		—			—		—			—		—			123		2			(12	)
Consumer—non-cyclical		67		—			(2	)		9		—			—		—			—		—			74		—			(2	)
Technology and communications		26		—			(1	)		—		—			—		—			—		—			25		—			(1	)
Industrial		69		—			(3	)		—		—			—		(20	)		—		—			46		—			(3	)
Capital goods		115		—			(4	)		—		—			—		(19	)		—		—			92		—			(3	)
Consumer—cyclical		79		—			(4	)		—		—			—		—			—		—			75		—			(4	)
Transportation		21		—			—			—		—			—		—			—		—			21		—			(1	)
Other		22		—			(1	)		—		—			—		—			—		—			21		—			(1	)
Total non-U.S. corporate		973		2			(46	)		9		—			—		(64	)		—		—			874		2			(47	)
Residential mortgage-backed		30		—			(1	)		—		—			—		—			—		(4	)		25		—			—
Commercial mortgage-backed		14		—			(3	)		—		—			—		—			1		—			12		—			(2	)
Other asset-backed		129		—			(5	)		26		—			—		(2	)		—		(38	)		110		—			(4	)
Total fixed maturity securities		3,362		2			(178	)		74		(8	)		—		(86	)		1		(42	)		3,125		2			(178	)
Equity securities		35		—			—			—		—			—		—			—		—			35		—			—
Limited partnerships		23		1			—			—		—			—		—			—		—			24		1			—
Other invested assets:
Derivative assets:
Equity index options		30		5			—			3		—			—		—			—		—			38		(5	)		—
Total derivative assets		30		5			—			3		—			—		—			—		—			38		(5	)		—
Total other invested assets		30		5			—			3		—			—		—			—		—			38		(5	)		—
Reinsurance recoverable (2)		19		(1	)		—			—		—			—		—			—		—			18		(1	)		—
Total Level 3 assets	$	3,469	$	7		$	(178	)	$	77	$	(8	)	$	—	$	(86	)	$	1	$	(42	)	$	3,240	$	(3	)	$	(178	)

(1)  The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.

(2)  Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

			Total realized and																					Total gains (losses)
	Beginning balance as of July 1, 2021		unrealized gains																			Ending balance as of September 30, 2021		attributable to
			(losses)																					assets still held
			Included in net income		Included in OCI												Transfer		Transfer					Included
																	into		out of					in net			Included
(Amounts in millions)								Purchases		Sales		Issuances		Settlements			Level 3 (1)		Level 3 (1)					income			in OCI
Fixed maturity securities:
State and political subdivisions	$	75	$	1	$	3		$	—	$	—	$	—	$	—		$	—	$	—		$	79	$	1		$	3
Non-U.S. government		—		—		—			2		—		—		—			—		—			2		—			—
U.S. corporate:
Utilities		842		—		(5	)		46		—		—		(3	)		—		—			880		—			(5	)
Energy		77		—		—			50		—		—		(3	)		8		—			132		—			—
Finance and insurance		661		—		(5	)		72		—		—		(20	)		—		(31	)		677		—			(4	)
Consumer—non-cyclical		109		—		(1	)		—		—		—		—			—		(3	)		105		—			—
Technology and communications		30		—		(1	)		—		—		—		—			—		—			29		—			(1	)
Industrial		20		—		—			—		—		—		—			—		—			20		—			—
Capital goods		59		—		—			—		—		—		(10	)		—		—			49		—			—
Consumer—cyclical		139		—		—			—		—		—		(2	)		—		—			137		—			—
Transportation		67		—		—			—		—		—		(2	)		—		—			65		—			—
Other		198		—		—			—		—		—		(23	)		—		(1	)		174		—			—
Total U.S. corporate		2,202		—		(12	)		168		—		—		(63	)		8		(35	)		2,268		—			(10	)
Non-U.S. corporate:
Utilities		348		—		(4	)		—		—		—		—			—		—			344		—			(3	)
Energy		152		—		(1	)		—		—		—		(5	)		—		—			146		—			(1	)
Finance and insurance		202		1		—			1		—		—		(10	)		—		(33	)		161		1			(1	)
Consumer—non-cyclical		74		1		(1	)		—		—		—		(13	)		3		—			64		—			—
Technology and communications		28		—		—			—		—		—		—			—		—			28		—			—
Industrial		94		1		(2	)		—		—		—		(14	)		—		—			79		—			—
Capital goods		181		—		3			19		—		—		—			—		—			203		—			2
Consumer—cyclical		147		—		—			—		—		—		—			—		(72	)		75		—			—
Transportation		83		3		(2	)		—		—		—		(30	)		—		—			54		—			(1	)
Other		53		6		(2	)		—		—		—		(30	)		—		—			27		—			—
Total non-U.S. corporate		1,362		12		(9	)		20		—		—		(102	)		3		(105	)		1,181		1			(4	)
Residential mortgage-backed		13		—		—			—		—		—		(1	)		10		—			22		—			—
Commercial mortgage-backed		20		—		(1	)		1		—		—		—			—		—			20		—			—
Other asset-backed		88		—		—			36		—		—		(6	)		—		—			118		—			—
Total fixed maturity securities		3,760		13		(19	)		227		—		—		(172	)		21		(140	)		3,690		2			(11	)
Equity securities		38		—		—			—		—		—		(1	)		—		—			37		—			—
Limited partnerships		26		—		—			—		—		—		—			—		—			26		—			—
Other invested assets:
Derivative assets:
Equity index options		47		—		—			5		—		—		(19	)		—		—			33		(1	)		—
Total derivative assets		47		—		—			5		—		—		(19	)		—		—			33		(1	)		—
Total other invested assets		47		—		—			5		—		—		(19	)		—		—			33		(1	)		—
Reinsurance recoverable (2)		18		1		—			—		—		—		—			—		—			19		1			—
Total Level 3 assets	$	3,889	$	14	$	(19	)	$	232	$	—	$	—	$	(192	)	$	21	$	(140	)	$	3,805	$	2		$	(11	)

(1)  The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.

(2)  Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

			Total realized and																							Total gains (losses)
	Beginning balance as of January 1, 2022		unrealized gains																					Ending balance as of September 30, 2022		attributable to
			(losses)																							assets still held
			Included in net income			Included in OCI													Transfer		Transfer					Included
																			into		out of					in net			Included
(Amounts in millions)									Purchases		Sales			Issuances		Settlements			Level 3 (1)		Level 3 (1)					income			in OCI
Fixed maturity securities:
State and political subdivisions	$	82	$	2		$	(28	)	$	—	$	—		$	—	$	—		$	—	$	—		$	56	$	2		$	(29	)
Non-U.S. government		2		—			—			2		(2	)		—		—			—		—			2		—			—
U.S. corporate:
Utilities		950		—			(224	)		58		—			—		(7	)		2		(11	)		768		—			(223	)
Energy		76		—			(21	)		—		—			—		(8	)		68		—			115		—			(21	)
Finance and insurance		685		—			(155	)		167		—			—		(12	)		—		(56	)		629		—			(149	)
Consumer—non-cyclical		104		—			(14	)		—		—			—		(8	)		—		—			82		—			(14	)
Technology and communications		29		—			(5	)		—		—			—		—			—		—			24		—			(5	)
Industrial		37		—			(5	)		—		—			—		—			—		—			32		—			(4	)
Capital goods		45		—			(8	)		—		—			—		—			—		—			37		—			(8	)
Consumer—cyclical		137		—			(20	)		—		—			—		(4	)		—		—			113		—			(20	)
Transportation		64		—			(8	)		5		—			—		(4	)		—		(4	)		53		—			(8	)
Other		254		—			(29	)		—		(7	)		—		(8	)		—		(17	)		193		—			(29	)
Total U.S. corporate		2,381		—			(489	)		230		(7	)		—		(51	)		70		(88	)		2,046		—			(481	)
Non-U.S. corporate:
Utilities		345		—			(62	)		10		—			—		(18	)		—		—			275		—			(62	)
Energy		145		—			(18	)		3		—			—		(8	)		—		—			122		—			(18	)
Finance and insurance		160		4			(41	)		—		—			—		—			—		—			123		4			(42	)
Consumer—non-cyclical		63		—			(9	)		9		—			—		—			11		—			74		—			(9	)
Technology and communications		28		—			(3	)		—		—			—		—			—		—			25		—			(3	)
Industrial		93		—			(13	)		—		—			—		(20	)		—		(14	)		46		—			(12	)
Capital goods		173		—			(19	)		—		(10	)		—		(52	)		—		—			92		—			(18	)
Consumer—cyclical		76		—			(18	)		—		—			—		—			17		—			75		—			(18	)
Transportation		53		—			(3	)		—		—			—		(29	)		—		—			21		—			(4	)
Other		26		—			(5	)		—		—			—		—			—		—			21		—			(4	)
Total non-U.S. corporate		1,162		4			(191	)		22		(10	)		—		(127	)		28		(14	)		874		4			(190	)
Residential mortgage-backed		27		—			(4	)		13		—			—		(2	)		4		(13	)		25		—			(2	)
Commercial mortgage-backed		16		—			(5	)		—		—			—		—			1		—			12		—			(5	)
Other asset-backed		138		—			(17	)		72		(6	)		—		(5	)		—		(72	)		110		—			(14	)
Total fixed maturity securities		3,808		6			(734	)		339		(25	)		—		(185	)		103		(187	)		3,125		6			(721	)
Equity securities		37		—			—			—		(1	)		—		—			—		(1	)		35		—			—
Limited partnerships		26		(2	)		—			—		—			—		—			—		—			24		(2	)		—
Other invested assets:
Derivative assets:
Equity index options		42		(2	)		—			11		—			—		(13	)		—		—			38		14			—
Total derivative assets		42		(2	)		—			11		—			—		(13	)		—		—			38		14			—
Total other invested assets		42		(2	)		—			11		—			—		(13	)		—		—			38		14			—
Reinsurance recoverable (2)		19		(1	)		—			—		—			—		—			—		—			18		(1	)		—
Total Level 3 assets	$	3,932	$	1		$	(734	)	$	350	$	(26	)	$	—	$	(198	)	$	103	$	(188	)	$	3,240	$	17		$	(721	)

(1)  The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.

(2)  Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

			Total realized and																							Total gains (losses)
	Beginning balance as of January 1, 2021		unrealized gains																					Ending balance as of September 30, 2021		attributable to
			(losses)																							assets still held
			Included in net income			Included in OCI													Transfer		Transfer					Included
																			into		out of					in net			Included
(Amounts in millions)									Purchases		Sales			Issuances		Settlements			Level 3 (1)		Level 3 (1)					income			in OCI
Fixed maturity securities:
State and political subdivisions	$	66	$	3		$	10		$	—	$	—		$	—	$	—		$	—	$	—		$	79	$	3		$	10
Non-U.S. government		—		—			—			2		—			—		—			—		—			2		—			—
U.S. corporate:
Utilities		842		—			(12	)		62		—			—		(17	)		18		(13	)		880		—			(11	)
Energy		128		—			4			50		—			—		(6	)		8		(52	)		132		—			—
Finance and insurance		607		—			(10	)		145		—			—		(45	)		17		(37	)		677		—			(9	)
Consumer—non-cyclical		109		—			(2	)		—		—			—		(2	)		3		(3	)		105		—			(2	)
Technology and communications		47		—			(1	)		12		—			—		—			4		(33	)		29		—			(2	)
Industrial		40		—			—			—		—			—		(20	)		—		—			20		—			—
Capital goods		60		—			(1	)		—		—			—		(10	)		—		—			49		—			(1	)
Consumer—cyclical		150		—			(1	)		—		—			—		(4	)		—		(8	)		137		—			(1	)
Transportation		70		—			—			—		—			—		(5	)		—		—			65		—			—
Other		219		—			(2	)		—		—			—		(29	)		6		(20	)		174		—			—
Total U.S. corporate		2,272		—			(25	)		269		—			—		(138	)		56		(166	)		2,268		—			(26	)
Non-U.S. corporate:
Utilities		352		—			(6	)		30		—			—		(8	)		—		(24	)		344		—			(6	)
Energy		245		—			7			—		—			—		(27	)		—		(79	)		146		—			3
Finance and insurance		305		2			1			1		(2	)		—		(62	)		—		(84	)		161		3			(12	)
Consumer—non-cyclical		67		1			(2	)		8		—			—		(13	)		3		—			64		—			(1	)
Technology and communications		28		—			—			—		—			—		—			—		—			28		—			—
Industrial		95		1			(3	)		—		—			—		(14	)		—		—			79		—			(1	)
Capital goods		178		—			1			24		—			—		—			—		—			203		—			1
Consumer—cyclical		146		—			—			16		—			—		—			—		(87	)		75		—			—
Transportation		109		3			(2	)		—		—			—		(49	)		—		(7	)		54		—			—
Other		83		6			(3	)		—		—			—		(44	)		—		(15	)		27		—			(1	)
Total non-U.S. corporate		1,608		13			(7	)		79		(2	)		—		(217	)		3		(296	)		1,181		3			(17	)
Residential mortgage-backed		14		—			—			—		—			—		(2	)		10		—			22		—			—
Commercial mortgage-backed		20		—			(1	)		1		—			—		—			—		—			20		—			(1	)
Other asset-backed		109		—			1			39		—			—		(15	)		2		(18	)		118		—			1
Total fixed maturity securities		4,089		16			(22	)		390		(2	)		—		(372	)		71		(480	)		3,690		6			(33	)
Equity securities		51		—			—			—		(8	)		—		(6	)		—		—			37		—			—
Limited partnerships		17		1			—			8		—			—		—			—		—			26		1			—
Other invested assets:
Derivative assets:
Equity index options		63		9			—			15		—			—		(54	)		—		—			33		3			—
Total derivative assets		63		9			—			15		—			—		(54	)		—		—			33		3			—
Total other invested assets		63		9			—			15		—			—		(54	)		—		—			33		3			—
Reinsurance recoverable (2)		26		(8	)		—			—		—			1		—			—		—			19		(8	)		—
Total Level 3 assets	$	4,246	$	18		$	(22	)	$	413	$	(10	)	$	1	$	(432	)	$	71	$	(480	)	$	3,805	$	2		$	(33	)

(1)  The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.

(2)  Represents embedded derivatives associated with the reinsured portion of our GMWB liabilities.

Gains and Losses Included in Net Income (Loss) from Assets Measured at Fair Value

The following table presents the gains and losses included in net income from assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the periods indicated:

	Three months ended September 30,					Nine months ended September 30,
(Amounts in millions)	2022			2021		2022			2021
Total realized and unrealized gains (losses) included in net income:
Net investment income	$	2		$	13	$	6		$	16
Net investment gains (losses)		5			1		(5	)		2
Total	$	7		$	14	$	1		$	18
Total gains (losses) included in net income attributable to assets still held:
Net investment income	$	2		$	2	$	6		$	6
Net investment gains (losses)		(5	)		—		11			(4	)
Total	$	(3	)	$	2	$	17		$	2

Summary of Significant Unobservable Inputs Used for Certain Asset Fair Value Measurements

The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of September 30, 2022:

(Amounts in millions)	Valuation technique		Fair value		Unobservable input		Range		Weighted-average (1)
Fixed maturity securities:
U.S. corporate:
Utilities		Internal models	$	740		Credit spreads		62bps - 304bps		183bps
Energy		Internal models		44		Credit spreads		153bps - 324bps		230bps
Finance and insurance		Internal models		623		Credit spreads		66bps - 316bps		226bps
Consumer—non-cyclical		Internal models		82		Credit spreads		67bps - 324bps		167bps
Technology and communications		Internal models		24		Credit spreads		120bps - 202bps		169bps
Industrial		Internal models		32		Credit spreads		151bps - 280bps		209bps
Capital goods		Internal models		37		Credit spreads		82bps - 269bps		180bps
Consumer—cyclical		Internal models		113		Credit spreads		103bps - 251bps		180bps
Transportation		Internal models		44		Credit spreads		40bps - 208bps		138bps
Other		Internal models		145		Credit spreads		108bps - 226bps		134bps
Total U.S. corporate		Internal models	$	1,884		Credit spreads		40bps - 324bps		193bps
Non-U.S. corporate:
Utilities		Internal models	$	275		Credit spreads		84bps - 288bps		166bps
Energy		Internal models		114		Credit spreads		108bps - 280bps		185bps
Finance and insurance		Internal models		122		Credit spreads		131bps - 230bps		192bps
Consumer—non-cyclical		Internal models		71		Credit spreads		67bps - 242bps		152bps
Technology and communications		Internal models		25		Credit spreads		108bps - 153bps		140bps
Industrial		Internal models		46		Credit spreads		82bps - 226bps		171bps
Capital goods		Internal models		92		Credit spreads		67bps - 324bps		203bps
Consumer—cyclical		Internal models		48		Credit spreads		151bps - 226bps		190bps
Transportation		Internal models		20		Credit spreads		151bps - 226bps		165bps
Other		Internal models		21		Credit spreads		95bps - 172bps		146bps
Total non-U.S. corporate		Internal models	$	834		Credit spreads		67bps - 324bps		176bps
Derivative assets:
Equity index options		Discounted cash flows	$	38		Equity index volatility		6% - 31%		23	%

(1)  Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities and by notional for derivative assets.

Liabilities by Class of Instrument that are Measured at Fair Value on Recurring Basis

The following tables set forth our liabilities by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:

	September 30, 2022
(Amounts in millions)	Total		Level 1		Level 2		Level 3
Liabilities
Policyholder account balances:
GMWB embedded derivatives(1)	$	259	$	—	$	—	$	259
Fixed index annuity embedded derivatives		219		—		—		219
Indexed universal life embedded derivatives		15		—		—		15
Total policyholder account balances		493		—		—		493
Derivative liabilities:
Interest rate swaps		460		—		460		—
Total derivative liabilities		460		—		460		—
Total liabilities	$	953	$	—	$	460	$	493

(1) Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

	December 31, 2021
(Amounts in millions)	Total		Level 1		Level 2		Level 3
Liabilities
Policyholder account balances:
GMWB embedded derivatives(1)	$	271	$	—	$	—	$	271
Fixed index annuity embedded derivatives		294		—		—		294
Indexed universal life embedded derivatives		25		—		—		25
Total policyholder account balances		590		—		—		590
Derivative liabilities:
Interest rate swaps		26		—		26		—
Total derivative liabilities		26		—		26		—
Total liabilities	$	616	$	—	$	26	$	590

(1) Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

Liabilities Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value

The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:

 

			Total realized and																					Total (gains) losses
	Beginning balance as of July 1,		unrealized (gains)																			Ending balance as of September 30,		attributable to
			losses																					liabilities still held
			Included in net														Transfer		Transfer					Included
						Included											into		out of					in net			Included
(Amounts in millions)	2022		(income)			in OCI		Purchases		Sales		Issuances		Settlements			Level 3		Level 3			2022		(income)			in OCI
Policyholder account balances:
GMWB embedded derivatives (1)	$	277	$	(23	)	$	—	$	—	$	—	$	5	$	—		$	—	$	—		$	259	$	(23	)	$	—
Fixed index annuity embedded derivatives		233		5			—		—		—		—		(18	)		—		(1	)		219		5			—
Indexed universal life embedded derivatives		16		(4	)		—		—		—		3		—			—		—			15		(4	)		—
Total policyholder account balances		526		(22	)		—		—		—		8		(18	)		—		(1	)		493		(22	)		—
Total Level 3 liabilities	$	526	$	(22	)	$	—	$	—	$	—	$	8	$	(18	)	$	—	$	(1	)	$	493	$	(22	)	$	—

(1)  Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

	Beginning balance as of July 1, 2021		Total realized and unrealized (gains)																		Ending balance as of September 30, 2021		Total (gains) losses attributable to
			losses																				liabilities still held
			Included in net (income)			Included in OCI											Transfer		Transfer				Included
																	into		out of				in net			Included
(Amounts in millions)								Purchases		Sales		Issuances		Settlements			Level 3		Level 3				(income)			in OCI
Policyholder account balances:
GMWB embedded derivatives (1)	$	275	$	5		$	—	$	—	$	—	$	6	$	—		$	—	$	—	$	286	$	5		$	—
Fixed index annuity embedded derivatives		339		3			—		—		—		—		(30	)		—		—		312		3			—
Indexed universal life embedded derivatives		24		(4	)		—		—		—		6		—			—		—		26		(4	)		—
Total policyholder account balances		638		4			—		—		—		12		(30	)		—		—		624		4			—
Total Level 3 liabilities	$	638	$	4		$	—	$	—	$	—	$	12	$	(30	)	$	—	$	—	$	624	$	4		$	—

(1)  Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

			Total realized and																					Total (gains) losses
	Beginning balance as of January 1, 2022		unrealized (gains)																			Ending balance as of September 30, 2022		attributable to
			losses																					liabilities still held
			Included in net (income)			Included in OCI											Transfer		Transfer					Included
																	into		out of					in net			Included
(Amounts in millions)								Purchases		Sales		Issuances		Settlements			Level 3		Level 3					(income)			in OCI
Policyholder account balances:
GMWB embedded derivatives (1)	$	271	$	(29	)	$	—	$	—	$	—	$	17	$	—		$	—	$	—		$	259	$	(22	)	$	—
Fixed index annuity embedded derivatives		294		(18	)		—		—		—		—		(55	)		—		(2	)		219		(18	)		—
Indexed universal life embedded derivatives		25		(23	)		—		—		—		13		—			—		—			15		(23	)		—
Total policyholder account balances		590		(70	)		—		—		—		30		(55	)		—		(2	)		493		(63	)		—
Total Level 3 liabilities	$	590	$	(70	)	$	—	$	—	$	—	$	30	$	(55	)	$	—	$	(2	)	$	493	$	(63	)	$	—

(1)  Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

			Total realized and																				Total (gains) losses
	Beginning balance as of January 1, 2021		unrealized (gains)																		Ending balance as of September 30, 2021		attributable to
			losses																				liabilities still held
			Included in net (income)			Included in OCI											Transfer		Transfer				Included
																	into		out of				in net			Included
(Amounts in millions)								Purchases		Sales		Issuances		Settlements			Level 3		Level 3				(income)			in OCI
Policyholder account balances:
GMWB embedded derivatives (1)	$	379	$	(111	)	$	—	$	—	$	—	$	18	$	—		$	—	$	—	$	286	$	(106	)	$	—
Fixed index annuity embedded derivatives		399		21			—		—		—		—		(108	)		—		—		312		21			—
Indexed universal life embedded derivatives		26		(17	)		—		—		—		17		—			—		—		26		(17	)		—
Total policyholder account balances		804		(107	)		—		—		—		35		(108	)		—		—		624		(102	)		—
Total Level 3 liabilities	$	804	$	(107	)	$	—	$	—	$	—	$	35	$	(108	)	$	—	$	—	$	624	$	(102	)	$	—

(1)  Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance.

Gains and Losses Included in Net (Income) from Liabilities Measured at Fair Value

The following table presents the gains and losses included in net (income) from liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related income statement line item in which these gains and losses were presented for the periods indicated:

	Three months ended					Nine months ended
	September 30,					September 30,
(Amounts in millions)	2022			2021		2022			2021
Total realized and unrealized (gains) losses included in net (income):
Net investment income	$	—		$	—	$	—		$	—
Net investment (gains) losses		(22	)		4		(70	)		(107	)
Total	$	(22	)	$	4	$	(70	)	$	(107	)
Total (gains) losses included in net (income) attributable to liabilities still held:
Net investment income	$	—		$	—	$	—		$	—
Net investment (gains) losses		(22	)		4		(63	)		(102	)
Total	$	(22	)	$	4	$	(63	)	$	(102	)

Summary of Significant Unobservable Inputs Used for Certain Liability Fair Value Measurements

The following table presents a summary of the significant unobservable inputs used for certain liability fair value measurements that are based on internal models and classified as Level 3 as of September 30, 2022:

(Amounts in millions)	Valuation technique	Fair value		Unobservable input	Range		Weighted-average (1)
Policyholder account balances:
				Withdrawal utilization rate		61% - 88%		77	%
				Lapse rate		2% - 9%		2	%
				Non-performance risk (credit spreads)		37bps - 83bps		70bps
GMWB embedded derivatives(2)	Stochastic cash flow model	$	259	Equity index volatility		21% - 30%		25	%
Fixed index annuity embedded derivatives	Option budget method	$	219	Expected future interest credited		—  % - 3%		1	%
Indexed universal life embedded derivatives	Option budget method	$	15	Expected future interest credited		2% - 14%		5	%

(1) Unobservable inputs weighted by the policyholder account balances associated with the instrument.

(2) Represents embedded derivatives associated with our GMWB liabilities, excluding the impact of reinsurance. The unobservable inputs associated with GMWB embedded derivatives are not interrelated and therefore, a directional change in one input will not affect the other inputs.

Fair Value Financial Instruments Not Required to be Carried at Fair Value

The following represents our estimated fair value of financial assets and liabilities that are not required to be carried at fair value as of the dates indicated:

	September 30, 2022
	Notional amount			Carrying amount		Fair value
(Amounts in millions)						Total		Level 1		Level 2		Level 3
Assets:
Commercial mortgage loans, net			(1)	$	7,063	$	6,499	$	—	$	—	$	6,499
Bank loan investments			(1)		453		440		—		—		440
Liabilities:
Long-term borrowings			(1)		1,622		1,276		—		1,276		—
Investment contracts			(1)		7,734		7,611		—		—		7,611
Other firm commitments:
Commitments to fund bank loan investments	$	91			—		—		—		—		—
Ordinary course of business lending commitments		49			—		—		—		—		—

(1) These financial instruments do not have notional amounts.

	December 31, 2021
	Notional amount			Carrying amount		Fair value
(Amounts in millions)						Total		Level 1		Level 2		Level 3
Assets:
Commercial mortgage loans, net			(1)	$	6,830	$	7,224	$	—	$	—	$	7,224
Bank loan investments			(1)		363		370		—		—		370
Liabilities:
Long-term borrowings			(1)		1,899		1,767		—		1,767		—
Investment contracts			(1)		8,657		9,352		—		—		9,352
Other firm commitments:
Commitments to fund bank loan investments	$	141			—		—		—		—		—
Ordinary course of business lending commitments		125			—		—		—		—		—

(1) These financial instruments do not have notional amounts.

Summary of carrying value of limited partnerships and commitments to fund

The following table presents the carrying value of limited partnerships and commitments to fund as of the dates indicated:

	September 30, 2022				December 31, 2021
(Amounts in millions)	Carrying value		Commitments to fund		Carrying value		Commitments to fund
Limited partnerships accounted for at NAV:
Private equity funds (1)	$	1,545	$	1,044	$	1,312	$	950
Real estate funds (2)		76		108		67		101
Infrastructure funds (3)		62		29		57		13
Total limited partnerships accounted for at NAV		1,683		1,181		1,436		1,064
Limited partnerships accounted for at fair value		24		1		26		1
Limited partnerships accounted for under equity method of accounting		488		150		437		120
Low-income housing tax credits (4)		—		—		1		—
Total	$	2,195	$	1,332	$	1,900	$	1,185

(1) This class employs various investment strategies such as leveraged buyout, growth equity, venture capital and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of various sizes across diverse industries globally, primarily concentrated in North America.

(2) This class invests in real estate in North America, Europe and Asia via direct property ownership, joint ventures, mortgages and investments in debt and equity instruments.

(3) This class invests in the debt or equity of cash flow generating assets diversified across a variety of industries, including transportation, energy infrastructure, renewable power, social infrastructure, power generation, water, telecommunications and other regulated entities globally.

(4) Relates to limited partnership investments that invest in affordable housing projects that qualify for the Low-Income Housing Tax Credit and are accounted for using the proportional amortization method.