Fair Value (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | (In millions) | Total | | NAV | | Level 1 | | Level 2 | | Level 3 | Assets | | | | | | | | | | AFS securities | | | | | | | | | | U.S. government and agencies | $ | 36 |
| | $ | — |
| | $ | 36 |
| | $ | — |
| | $ | — |
| U.S. state, municipal and political subdivisions | 1,541 |
| | — |
| | — |
| | 1,501 |
| | 40 |
| Foreign governments | 327 |
| | — |
| | — |
| | 327 |
| | — |
| Corporate | 47,228 |
| | — |
| | — |
| | 46,503 |
| | 725 |
| CLO | 7,349 |
| | — |
| | — |
| | 7,228 |
| | 121 |
| ABS | 5,118 |
| | — |
| | — |
| | 3,744 |
| | 1,374 |
| CMBS | 2,400 |
| | — |
| | — |
| | 2,354 |
| | 46 |
| RMBS | 7,375 |
| | — |
| | — |
| | 7,375 |
| | — |
| Total AFS securities | 71,374 |
| | — |
| | 36 |
| | 69,032 |
| | 2,306 |
| Trading securities | | | | | | | | | | U.S. government and agencies | 11 |
| | — |
| | 8 |
| | 3 |
| | — |
| U.S. state, municipal and political subdivisions | 135 |
| | — |
| | — |
| | 135 |
| | — |
| Corporate | 1,456 |
| | — |
| | — |
| | 1,456 |
| | — |
| CLO | 6 |
| | — |
| | — |
| | — |
| | 6 |
| ABS | 92 |
| | — |
| | — |
| | 92 |
| | — |
| CMBS | 51 |
| | — |
| | — |
| | 51 |
| | — |
| RMBS | 303 |
| | — |
| | — |
| | 251 |
| | 52 |
| Total trading securities | 2,054 |
| | — |
| | 8 |
| | 1,988 |
| | 58 |
| Equity securities | 247 |
| | — |
| | 43 |
| | 201 |
| | 3 |
| Mortgage loans | 27 |
| | — |
| | — |
| | — |
| | 27 |
| Investment funds | 154 |
| | 132 |
| | — |
| | — |
| | 22 |
| Funds withheld at interest – embedded derivative | 801 |
| | — |
| | — |
| | — |
| | 801 |
| Derivative assets | 2,888 |
| | — |
| | 10 |
| | 2,878 |
| | — |
| Short-term investments | 406 |
| | — |
| | 46 |
| | 319 |
| | 41 |
| Other investments | 93 |
| | — |
| | — |
| | 93 |
| | — |
| Cash and cash equivalents | 4,237 |
| | — |
| | 4,237 |
| | — |
| | — |
| Restricted cash | 402 |
| | — |
| | 402 |
| | — |
| | — |
| Investments in related parties | | | | | | | | | | AFS securities | | | | | | | | | | Corporate | 19 |
| | — |
| | — |
| | 19 |
| | — |
| CLO | 936 |
| | — |
| | — |
| | 936 |
| | — |
| ABS | 2,849 |
| | — |
| | — |
| | 525 |
| | 2,324 |
| Total AFS securities – related party | 3,804 |
| | — |
| | — |
| | 1,480 |
| | 2,324 |
| Trading securities |
|
| | | | | | | | | CLO | 74 |
| | — |
| | — |
| | 36 |
| | 38 |
| ABS | 711 |
| | — |
| | — |
| | — |
| | 711 |
| Total trading securities – related party | 785 |
| | — |
| | — |
| | 36 |
| | 749 |
| Equity securities | 58 |
| | — |
| | — |
| | — |
| | 58 |
| Investment funds | 252 |
| | 120 |
| | — |
| | — |
| | 132 |
| Funds withheld at interest – embedded derivative | 594 |
| | — |
| | — |
| | — |
| | 594 |
| Reinsurance recoverable | 1,821 |
| | — |
| | — |
| | — |
| | 1,821 |
| Assets of consolidated VIEs | | | | | | | | | | Trading securities | 16 |
| | — |
| | — |
| | — |
| | 16 |
| Equity securities | 6 |
| | — |
| | — |
| | — |
| | 6 |
| Investment funds | 567 |
| | 567 |
| | — |
| | — |
| | — |
| Cash and cash equivalents | 3 |
| | — |
| | 3 |
| | — |
| | — |
| Total assets measured at fair value | $ | 90,589 |
| | $ | 819 |
| | $ | 4,785 |
| | $ | 76,027 |
| | $ | 8,958 |
| | | | | | | | | | (Continued) |
|
| | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | (In millions) | Total | | NAV | | Level 1 | | Level 2 | | Level 3 | Liabilities | | | | | | | | | | Interest sensitive contract liabilities | | | | | | | | | | Embedded derivative | $ | 10,942 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 10,942 |
| Universal life benefits | 1,050 |
| | — |
| | — |
| | — |
| | 1,050 |
| Future policy benefits | | | | | | | | | | AmerUs Closed Block | 1,546 |
| | — |
| | — |
| | — |
| | 1,546 |
| ILICO Closed Block and life benefits | 755 |
| | — |
| | — |
| | — |
| | 755 |
| Derivative liabilities | 97 |
| | — |
| | 1 |
| | 93 |
| | 3 |
| Funds withheld liability – embedded derivative | 31 |
| | — |
| | — |
| | 31 |
| | — |
| Total liabilities measured at fair value | $ | 14,421 |
| | $ | — |
| | $ | 1 |
| | $ | 124 |
| | $ | 14,296 |
| | | | | | | | | | | | | | | | | | | | (Concluded) |
|
| | | | | | | | | | | | | | | | | | | | | | December 31, 2018 | (In millions) | Total | | NAV | | Level 1 | | Level 2 | | Level 3 | Assets | | | | | | | | | | AFS securities | | | | | | | | | | U.S. government and agencies | $ | 57 |
| | $ | — |
| | $ | 54 |
| | $ | 3 |
| | $ | — |
| U.S. state, municipal and political subdivisions | 1,293 |
| | — |
| | — |
| | 1,293 |
| | — |
| Foreign governments | 161 |
| | — |
| | — |
| | 161 |
| | — |
| Corporate | 37,097 |
| | — |
| | — |
| | 36,199 |
| | 898 |
| CLO | 5,361 |
| | — |
| | — |
| | 5,254 |
| | 107 |
| ABS | 4,920 |
| | — |
| | — |
| | 3,305 |
| | 1,615 |
| CMBS | 2,357 |
| | — |
| | — |
| | 2,170 |
| | 187 |
| RMBS | 8,019 |
| | — |
| | — |
| | 7,963 |
| | 56 |
| Total AFS securities | 59,265 |
| | — |
| | 54 |
| | 56,348 |
| | 2,863 |
| Trading securities | | | | | | | | | | U.S. government and agencies | 5 |
| | — |
| | 3 |
| | 2 |
| | — |
| U.S. state, municipal and political subdivisions | 126 |
| | — |
| | — |
| | 126 |
| | — |
| Corporate | 1,287 |
| | — |
| | — |
| | 1,287 |
| | — |
| CLO | 9 |
| | — |
| | — |
| | 8 |
| | 1 |
| ABS | 87 |
| | — |
| | — |
| | 87 |
| | — |
| CMBS | 49 |
| | — |
| | — |
| | 49 |
| | — |
| RMBS | 386 |
| | — |
| | — |
| | 252 |
| | 134 |
| Total trading securities | 1,949 |
| | — |
| | 3 |
| | 1,811 |
| | 135 |
| Equity securities | 216 |
| | — |
| | 40 |
| | 173 |
| | 3 |
| Mortgage loans | 32 |
| | — |
| | — |
| | — |
| | 32 |
| Investment funds | 182 |
| | 153 |
| | — |
| | — |
| | 29 |
| Funds withheld at interest – embedded derivative | 57 |
| | — |
| | — |
| | — |
| | 57 |
| Derivative assets | 1,043 |
| | — |
| | 9 |
| | 1,034 |
| | — |
| Short-term investments | 191 |
| | — |
| | 66 |
| | 125 |
| | — |
| Other investments | 52 |
| | — |
| | — |
| | 52 |
| | — |
| Cash and cash equivalents | 2,911 |
| | — |
| | 2,911 |
| | — |
| | — |
| Restricted cash | 492 |
| | — |
| | 492 |
| | — |
| | — |
| | | | | | | | | | (Continued) |
|
| | | | | | | | | | | | | | | | | | | | | | December 31, 2018 | (In millions) | Total | | NAV | | Level 1 | | Level 2 | | Level 3 | Investments in related parties | | | | | | | | | | AFS securities | | | | | | | | | | CLO | 562 |
| | — |
| | — |
| | 562 |
| | — |
| ABS | 875 |
| | — |
| | — |
| | 547 |
| | 328 |
| Total AFS securities – related party | 1,437 |
| | — |
| | — |
| | 1,109 |
| | 328 |
| Trading securities | | | | | | | | | | CLO | 100 |
| | — |
| | — |
| | 22 |
| | 78 |
| ABS | 149 |
| | — |
| | — |
| | — |
| | 149 |
| Total trading securities – related party | 249 |
| | — |
| | — |
| | 22 |
| | 227 |
| Equity securities | 120 |
| | — |
| | — |
| | — |
| | 120 |
| Investment funds | 201 |
| | 96 |
| | — |
| | — |
| | 105 |
| Funds withheld at interest – embedded derivative | (110 | ) | | — |
| | — |
| | — |
| | (110 | ) | Reinsurance recoverable | 1,676 |
| | — |
| | — |
| | — |
| | 1,676 |
| Assets of consolidated VIEs | | | | | | | | | | Trading securities | 35 |
| | — |
| | — |
| | — |
| | 35 |
| Equity securities | 50 |
| | — |
| | 37 |
| | — |
| | 13 |
| Investment funds | 567 |
| | 552 |
| | — |
| | — |
| | 15 |
| Cash and cash equivalents | 2 |
| | — |
| | 2 |
| | — |
| | — |
| Total assets measured at fair value | $ | 70,617 |
| | $ | 801 |
| | $ | 3,614 |
| | $ | 60,674 |
| | $ | 5,528 |
| Liabilities | | | | | | | | | | Interest sensitive contract liabilities | | | | | | | | | | Embedded derivative | $ | 7,969 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 7,969 |
| Universal life benefits | 932 |
| | — |
| | — |
| | — |
| | 932 |
| Future policy benefits | | | | | | | | | | AmerUs Closed Block | 1,443 |
| | — |
| | — |
| | — |
| | 1,443 |
| ILICO Closed Block and life benefits | 730 |
| | — |
| | — |
| | — |
| | 730 |
| Derivative liabilities | 85 |
| | — |
| | 3 |
| | 78 |
| | 4 |
| Funds withheld liability – embedded derivative | (1 | ) | | — |
| | — |
| | (1 | ) | | — |
| Total liabilities measured at fair value | $ | 11,158 |
| | $ | — |
| | $ | 3 |
| | $ | 77 |
| | $ | 11,078 |
| | | | | | | | | | | | | | | | | | | | (Concluded) |
|
|
| Summary of Fair Value Option |
The following represents the gains (losses) recorded for instruments for which we have elected the fair value option, including related parties and consolidated VIEs: | | | | | | | | | | | | | | Years ended December 31, | (In millions) | 2019 | | 2018 | | 2017 | Trading securities | $ | 152 |
| | $ | (255 | ) | | $ | 30 |
| Mortgage loans | — |
| | — |
| | (1 | ) | Investment funds | (3 | ) | | 37 |
| | 35 |
| Future policy benefits | (103 | ) | | 182 |
| | (19 | ) | Total gains (losses) | $ | 46 |
| | $ | (36 | ) | | $ | 45 |
|
The following summarizes information for fair value option mortgage loans: | | | | | | | | | | December 31, | (In millions) | 2019 | | 2018 | Unpaid principal balance | $ | 25 |
| | $ | 30 |
| Mark to fair value | 2 |
| | 2 |
| Fair value | $ | 27 |
| | $ | 32 |
|
|
| Reconciliation of Level 3 Assets Measured on a Recurring Basis |
The following is a reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2019 | | | | Total realized and unrealized gains (losses) | | | | Transfers | | | | | (In millions) | Beginning balance | | Included in income | | Included in OCI | | Net purchases, issuances, sales and settlements | | In | | Out | | Ending balance | | Total gains (losses) included in earnings1 | Assets | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | U.S. state, municipal and political subdivisions | $ | — |
| | $ | — |
| | $ | — |
| | $ | 40 |
| | $ | — |
| | $ | — |
| | $ | 40 |
| | $ | — |
| Corporate | 898 |
| | 14 |
| | 12 |
| | (61 | ) | | 5 |
| | (143 | ) | | 725 |
| | — |
| CLO | 107 |
| | — |
| | 3 |
| | 50 |
| | — |
| | (39 | ) | | 121 |
| | — |
| ABS | 1,615 |
| | 7 |
| | 32 |
| | 120 |
| | 30 |
| | (430 | ) | | 1,374 |
| | — |
| CMBS | 187 |
| | 2 |
| | 7 |
| | (131 | ) | | — |
| | (19 | ) | | 46 |
| | — |
| RMBS | 56 |
| | 2 |
| | 2 |
| | (13 | ) | | — |
| | (47 | ) | | — |
| | — |
| Trading securities | | | | | | | | | | | | | | | | CLO | 1 |
| | — |
| | — |
| | — |
| | 5 |
| | — |
| | 6 |
| | 6 |
| RMBS | 134 |
| | (21 | ) | | — |
| | 10 |
| | 4 |
| | (75 | ) | | 52 |
| | 1 |
| Equity securities | 3 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 3 |
| | — |
| Mortgage loans | 32 |
| | — |
| | — |
| | (5 | ) | | — |
| | — |
| | 27 |
| | — |
| Investment funds | 29 |
| | (3 | ) | | — |
| | (4 | ) | | — |
| | — |
| | 22 |
| | (3 | ) | Funds withheld at interest – embedded derivative | 57 |
| | 744 |
| | — |
| | — |
| | — |
| | — |
| | 801 |
| | — |
| Short-term investments | — |
| | — |
| | — |
| | 41 |
| | — |
| | — |
| | 41 |
| | — |
| Investments in related parties | | | | | | | | | | | | | | | | AFS securities, ABS | 328 |
| | 2 |
| | 22 |
| | 2,076 |
| | — |
| | (104 | ) | | 2,324 |
| | — |
| Trading securities | | | | | | | | | | | | | | | | CLO | 78 |
| | (7 | ) | | — |
| | (14 | ) | | 17 |
| | (36 | ) | | 38 |
| | 2 |
| ABS | 149 |
| | (14 | ) | | — |
| | 473 |
| | 103 |
| | — |
| | 711 |
| | (6 | ) | Equity securities | 120 |
| | — |
| | — |
| | (62 | ) | | — |
| | — |
| | 58 |
| | — |
| Investment funds | 105 |
| | 8 |
| | — |
| | 19 |
| | — |
| | — |
| | 132 |
| | 8 |
| Funds withheld at interest – embedded derivative | (110 | ) | | 704 |
| | — |
| | — |
| | — |
| | — |
| | 594 |
| | — |
| Reinsurance recoverable | 1,676 |
| | 145 |
| | — |
| | — |
| | — |
| | — |
| | 1,821 |
| | — |
| Investments of consolidated VIEs | | | | | | | | | | | | | | | | Trading securities | 35 |
| | — |
| | — |
| | (44 | ) | | 25 |
| | — |
| | 16 |
| | 1 |
| Equity securities | 13 |
| | (2 | ) | | — |
| | (5 | ) | | — |
| | — |
| | 6 |
| | (1 | ) | Investment funds | 15 |
| | (1 | ) | | — |
| | — |
| | — |
| | (14 | ) | | — |
| | (1 | ) | Total Level 3 assets | $ | 5,528 |
| | $ | 1,580 |
| | $ | 78 |
| | $ | 2,490 |
| | $ | 189 |
| | $ | (907 | ) | | $ | 8,958 |
| | $ | 7 |
| | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | Interest sensitive contract liabilities | | | | | | | | | | | | | | | | Embedded derivative | $ | (7,969 | ) | | $ | (2,526 | ) | | $ | — |
| | $ | (447 | ) | | $ | — |
| | $ | — |
| | $ | (10,942 | ) | | $ | — |
| Universal life benefits | (932 | ) | | (118 | ) | | — |
| | — |
| | — |
| | — |
| | (1,050 | ) | | — |
| Future policy benefits | | | | | | | | | | | | | | | | AmerUs Closed Block | (1,443 | ) | | (103 | ) | | — |
| | — |
| | — |
| | — |
| | (1,546 | ) | | — |
| ILICO Closed Block and life benefits | (730 | ) | | (25 | ) | | — |
| | — |
| | — |
| | — |
| | (755 | ) | | — |
| Derivative liabilities | (4 | ) | | 1 |
| | — |
| | — |
| | — |
| | — |
| | (3 | ) | | 1 |
| Total Level 3 liabilities | $ | (11,078 | ) | | $ | (2,771 | ) | | $ | — |
| | $ | (447 | ) | | $ | — |
| | $ | — |
| | $ | (14,296 | ) | | $ | 1 |
| | | | | | | | | | | | | | | | | 1 Related to instruments held at end of period. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2018 | | | | Total realized and unrealized gains (losses) | | | | Transfers | | | | | (In millions) | Beginning balance | | Included in income | | Included in OCI | | Net purchases, issuances, sales and settlements | | In | | Out | | Ending balance | | Total gains (losses) included in earnings1 | Assets | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | Corporate | $ | 578 |
| | $ | (16 | ) | | $ | (6 | ) | | $ | 249 |
| | $ | 97 |
| | $ | (4 | ) | | $ | 898 |
| | $ | — |
| CLO | 64 |
| | 2 |
| | (2 | ) | | 36 |
| | 7 |
| | — |
| | 107 |
| | — |
| ABS | 1,457 |
| | 8 |
| | (11 | ) | | 252 |
| | — |
| | (91 | ) | | 1,615 |
| | — |
| CMBS | 137 |
| | 1 |
| | — |
| | 132 |
| | 15 |
| | (98 | ) | | 187 |
| | — |
| RMBS | 301 |
| | 4 |
| | (11 | ) | | 21 |
| | — |
| | (259 | ) | | 56 |
| | — |
| Trading securities | | | | | | | | | | | | | | | | U.S. state, municipal and political subdivisions | 17 |
| | 1 |
| | — |
| | — |
| | — |
| | (18 | ) | | — |
| | 1 |
| CLO | 17 |
| | (9 | ) | | — |
| | — |
| | — |
| | (7 | ) | | 1 |
| | (6 | ) | ABS | 77 |
| | (6 | ) | | — |
| | — |
| | — |
| | (71 | ) | | — |
| | (2 | ) | RMBS | 342 |
| | (65 | ) | | — |
| | — |
| | — |
| | (143 | ) | | 134 |
| | 5 |
| Equity securities | 8 |
| | 2 |
| | — |
| | (7 | ) | | — |
| | — |
| | 3 |
| | 2 |
| Mortgage loans | 41 |
| | — |
| | — |
| | (9 | ) | | — |
| | — |
| | 32 |
| | — |
| Investment funds | 41 |
| | (3 | ) | | — |
| | (9 | ) | | — |
| | — |
| | 29 |
| | (3 | ) | Funds withheld at interest – embedded derivative | 312 |
| | (255 | ) | | — |
| | — |
| | — |
| | — |
| | 57 |
| | — |
| Investments in related parties | | | | | | | | | | | | | | | | AFS securities, ABS | 4 |
| | — |
| | (2 | ) | | 326 |
| | — |
| | — |
| | 328 |
| | — |
| Trading securities | | | | | | | | | | | | | | | | CLO | 105 |
| | (13 | ) | | — |
| | (18 | ) | | 25 |
| | (21 | ) | | 78 |
| | (5 | ) | ABS | — |
| | — |
| | — |
| | — |
| | 149 |
| | — |
| | 149 |
| | — |
| Equity securities | — |
| | — |
| | — |
| | 120 |
| | — |
| | — |
| | 120 |
| | — |
| Investment funds | — |
| | (3 | ) | | — |
| | 108 |
| | — |
| | — |
| | 105 |
| | (3 | ) | Funds withheld at interest – embedded derivative | — |
| | (110 | ) | | — |
| | — |
| | — |
| | — |
| | (110 | ) | | — |
| Reinsurance recoverable | 1,824 |
| | (148 | ) | | — |
| | — |
| | — |
| | — |
| | 1,676 |
| | — |
| Investments of consolidated VIEs | | | | | | | | | | | | | | | | Trading securities | 48 |
| | — |
| | — |
| | (13 | ) | | — |
| | — |
| | 35 |
| | — |
| Equity securities | 28 |
| | (12 | ) | | — |
| | (3 | ) | | — |
| | — |
| | 13 |
| | — |
| Investment funds | 21 |
| | (3 | ) | | — |
| | (3 | ) | | — |
| | — |
| | 15 |
| | — |
| Total Level 3 assets | $ | 5,422 |
| | $ | (625 | ) | | $ | (32 | ) | | $ | 1,182 |
| | $ | 293 |
| | $ | (712 | ) | | $ | 5,528 |
| | $ | (11 | ) | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | Interest sensitive contract liabilities | | | | | | | | | | | | | | | | Embedded derivative | $ | (7,411 | ) | | $ | 923 |
| | $ | — |
| | $ | (1,481 | ) | | $ | — |
| | $ | — |
| | $ | (7,969 | ) | | $ | — |
| Universal life benefits | (1,005 | ) | | 73 |
| | — |
| | — |
| | — |
| | — |
| | (932 | ) | | — |
| Future policy benefits | | | | | | | | | | | | | | | | AmerUs Closed Block | (1,625 | ) | | 182 |
| | — |
| | — |
| | — |
| | — |
| | (1,443 | ) | | — |
| ILICO Closed Block and life benefits | (803 | ) | | 73 |
| | — |
| | — |
| | — |
| | — |
| | (730 | ) | | — |
| Derivative liabilities | (5 | ) | | 1 |
| | — |
| | — |
| | — |
| | — |
| | (4 | ) | | 1 |
| Total Level 3 liabilities | $ | (10,849 | ) | | $ | 1,252 |
| | $ | — |
| | $ | (1,481 | ) | | $ | — |
| | $ | — |
| | $ | (11,078 | ) | | $ | 1 |
| | | | | | | | | | | | | | | | | 1 Related to instruments held at end of period. |
The following represents the gross components of purchases, issuances, sales and settlements, net, shown above: | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2019 | (In millions) | Purchases | | Issuances | | Sales | | Settlements | | Net purchases, issuances, sales and settlements | Assets | | | | | | | | | | AFS securities | | | | | | | | | | U.S. state, municipal and political subdivisions | $ | 40 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 40 |
| Corporate | 116 |
| | — |
| | (3 | ) | | (174 | ) | | (61 | ) | CLO | 94 |
| | — |
| | — |
| | (44 | ) | | 50 |
| ABS | 409 |
| | — |
| | (172 | ) | | (117 | ) | | 120 |
| CMBS | — |
| | — |
| | (4 | ) | | (127 | ) | | (131 | ) | RMBS | 1 |
| | — |
| | — |
| | (14 | ) | | (13 | ) | Trading securities, RMBS | 10 |
| | — |
| | — |
| | — |
| | 10 |
| Mortgage loans | — |
| | — |
| | — |
| | (5 | ) | | (5 | ) | Investment funds | — |
| | — |
| | (4 | ) | | — |
| | (4 | ) | Short-term investments | 74 |
| | — |
| | — |
| | (33 | ) | | 41 |
| Investments in related parties | | | | | | | | | | AFS securities, ABS | 2,207 |
| | — |
| | — |
| | (131 | ) | | 2,076 |
| Trading securities | | | | | | | | | | CLO | — |
| | — |
| | (14 | ) | | — |
| | (14 | ) | ABS | 511 |
| | — |
| | — |
| | (38 | ) | | 473 |
| Equity securities | 75 |
| | — |
| | — |
| | (137 | ) | | (62 | ) | Investment funds | 20 |
| | — |
| | (1 | ) | | — |
| | 19 |
| Investments of consolidated VIEs | | | | | | | | | | Trading securities | — |
| | — |
| | (44 | ) | | — |
| | (44 | ) | Equity securities | — |
| | — |
| | (5 | ) | | — |
| | (5 | ) | Total Level 3 assets | $ | 3,557 |
| | $ | — |
| | $ | (247 | ) | | $ | (820 | ) | | $ | 2,490 |
| | | | | | | | | | | Liabilities | | | | | | | | | | Interest sensitive contract liabilities – embedded derivative | $ | — |
| | $ | (937 | ) | | $ | — |
| | $ | 490 |
| | $ | (447 | ) | Total Level 3 liabilities | $ | — |
| | $ | (937 | ) | | $ | — |
| | $ | 490 |
| | $ | (447 | ) |
|
| Reconciliation of Level 3 Liabilities Measured on a Recurring Basis |
The following is a reconciliation for all Level 3 assets and liabilities measured at fair value on a recurring basis | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2019 | | | | Total realized and unrealized gains (losses) | | | | Transfers | | | | | (In millions) | Beginning balance | | Included in income | | Included in OCI | | Net purchases, issuances, sales and settlements | | In | | Out | | Ending balance | | Total gains (losses) included in earnings1 | Assets | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | U.S. state, municipal and political subdivisions | $ | — |
| | $ | — |
| | $ | — |
| | $ | 40 |
| | $ | — |
| | $ | — |
| | $ | 40 |
| | $ | — |
| Corporate | 898 |
| | 14 |
| | 12 |
| | (61 | ) | | 5 |
| | (143 | ) | | 725 |
| | — |
| CLO | 107 |
| | — |
| | 3 |
| | 50 |
| | — |
| | (39 | ) | | 121 |
| | — |
| ABS | 1,615 |
| | 7 |
| | 32 |
| | 120 |
| | 30 |
| | (430 | ) | | 1,374 |
| | — |
| CMBS | 187 |
| | 2 |
| | 7 |
| | (131 | ) | | — |
| | (19 | ) | | 46 |
| | — |
| RMBS | 56 |
| | 2 |
| | 2 |
| | (13 | ) | | — |
| | (47 | ) | | — |
| | — |
| Trading securities | | | | | | | | | | | | | | | | CLO | 1 |
| | — |
| | — |
| | — |
| | 5 |
| | — |
| | 6 |
| | 6 |
| RMBS | 134 |
| | (21 | ) | | — |
| | 10 |
| | 4 |
| | (75 | ) | | 52 |
| | 1 |
| Equity securities | 3 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 3 |
| | — |
| Mortgage loans | 32 |
| | — |
| | — |
| | (5 | ) | | — |
| | — |
| | 27 |
| | — |
| Investment funds | 29 |
| | (3 | ) | | — |
| | (4 | ) | | — |
| | — |
| | 22 |
| | (3 | ) | Funds withheld at interest – embedded derivative | 57 |
| | 744 |
| | — |
| | — |
| | — |
| | — |
| | 801 |
| | — |
| Short-term investments | — |
| | — |
| | — |
| | 41 |
| | — |
| | — |
| | 41 |
| | — |
| Investments in related parties | | | | | | | | | | | | | | | | AFS securities, ABS | 328 |
| | 2 |
| | 22 |
| | 2,076 |
| | — |
| | (104 | ) | | 2,324 |
| | — |
| Trading securities | | | | | | | | | | | | | | | | CLO | 78 |
| | (7 | ) | | — |
| | (14 | ) | | 17 |
| | (36 | ) | | 38 |
| | 2 |
| ABS | 149 |
| | (14 | ) | | — |
| | 473 |
| | 103 |
| | — |
| | 711 |
| | (6 | ) | Equity securities | 120 |
| | — |
| | — |
| | (62 | ) | | — |
| | — |
| | 58 |
| | — |
| Investment funds | 105 |
| | 8 |
| | — |
| | 19 |
| | — |
| | — |
| | 132 |
| | 8 |
| Funds withheld at interest – embedded derivative | (110 | ) | | 704 |
| | — |
| | — |
| | — |
| | — |
| | 594 |
| | — |
| Reinsurance recoverable | 1,676 |
| | 145 |
| | — |
| | — |
| | — |
| | — |
| | 1,821 |
| | — |
| Investments of consolidated VIEs | | | | | | | | | | | | | | | | Trading securities | 35 |
| | — |
| | — |
| | (44 | ) | | 25 |
| | — |
| | 16 |
| | 1 |
| Equity securities | 13 |
| | (2 | ) | | — |
| | (5 | ) | | — |
| | — |
| | 6 |
| | (1 | ) | Investment funds | 15 |
| | (1 | ) | | — |
| | — |
| | — |
| | (14 | ) | | — |
| | (1 | ) | Total Level 3 assets | $ | 5,528 |
| | $ | 1,580 |
| | $ | 78 |
| | $ | 2,490 |
| | $ | 189 |
| | $ | (907 | ) | | $ | 8,958 |
| | $ | 7 |
| | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | Interest sensitive contract liabilities | | | | | | | | | | | | | | | | Embedded derivative | $ | (7,969 | ) | | $ | (2,526 | ) | | $ | — |
| | $ | (447 | ) | | $ | — |
| | $ | — |
| | $ | (10,942 | ) | | $ | — |
| Universal life benefits | (932 | ) | | (118 | ) | | — |
| | — |
| | — |
| | — |
| | (1,050 | ) | | — |
| Future policy benefits | | | | | | | | | | | | | | | | AmerUs Closed Block | (1,443 | ) | | (103 | ) | | — |
| | — |
| | — |
| | — |
| | (1,546 | ) | | — |
| ILICO Closed Block and life benefits | (730 | ) | | (25 | ) | | — |
| | — |
| | — |
| | — |
| | (755 | ) | | — |
| Derivative liabilities | (4 | ) | | 1 |
| | — |
| | — |
| | — |
| | — |
| | (3 | ) | | 1 |
| Total Level 3 liabilities | $ | (11,078 | ) | | $ | (2,771 | ) | | $ | — |
| | $ | (447 | ) | | $ | — |
| | $ | — |
| | $ | (14,296 | ) | | $ | 1 |
| | | | | | | | | | | | | | | | | 1 Related to instruments held at end of period. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2018 | | | | Total realized and unrealized gains (losses) | | | | Transfers | | | | | (In millions) | Beginning balance | | Included in income | | Included in OCI | | Net purchases, issuances, sales and settlements | | In | | Out | | Ending balance | | Total gains (losses) included in earnings1 | Assets | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | Corporate | $ | 578 |
| | $ | (16 | ) | | $ | (6 | ) | | $ | 249 |
| | $ | 97 |
| | $ | (4 | ) | | $ | 898 |
| | $ | — |
| CLO | 64 |
| | 2 |
| | (2 | ) | | 36 |
| | 7 |
| | — |
| | 107 |
| | — |
| ABS | 1,457 |
| | 8 |
| | (11 | ) | | 252 |
| | — |
| | (91 | ) | | 1,615 |
| | — |
| CMBS | 137 |
| | 1 |
| | — |
| | 132 |
| | 15 |
| | (98 | ) | | 187 |
| | — |
| RMBS | 301 |
| | 4 |
| | (11 | ) | | 21 |
| | — |
| | (259 | ) | | 56 |
| | — |
| Trading securities | | | | | | | | | | | | | | | | U.S. state, municipal and political subdivisions | 17 |
| | 1 |
| | — |
| | — |
| | — |
| | (18 | ) | | — |
| | 1 |
| CLO | 17 |
| | (9 | ) | | — |
| | — |
| | — |
| | (7 | ) | | 1 |
| | (6 | ) | ABS | 77 |
| | (6 | ) | | — |
| | — |
| | — |
| | (71 | ) | | — |
| | (2 | ) | RMBS | 342 |
| | (65 | ) | | — |
| | — |
| | — |
| | (143 | ) | | 134 |
| | 5 |
| Equity securities | 8 |
| | 2 |
| | — |
| | (7 | ) | | — |
| | — |
| | 3 |
| | 2 |
| Mortgage loans | 41 |
| | — |
| | — |
| | (9 | ) | | — |
| | — |
| | 32 |
| | — |
| Investment funds | 41 |
| | (3 | ) | | — |
| | (9 | ) | | — |
| | — |
| | 29 |
| | (3 | ) | Funds withheld at interest – embedded derivative | 312 |
| | (255 | ) | | — |
| | — |
| | — |
| | — |
| | 57 |
| | — |
| Investments in related parties | | | | | | | | | | | | | | | | AFS securities, ABS | 4 |
| | — |
| | (2 | ) | | 326 |
| | — |
| | — |
| | 328 |
| | — |
| Trading securities | | | | | | | | | | | | | | | | CLO | 105 |
| | (13 | ) | | — |
| | (18 | ) | | 25 |
| | (21 | ) | | 78 |
| | (5 | ) | ABS | — |
| | — |
| | — |
| | — |
| | 149 |
| | — |
| | 149 |
| | — |
| Equity securities | — |
| | — |
| | — |
| | 120 |
| | — |
| | — |
| | 120 |
| | — |
| Investment funds | — |
| | (3 | ) | | — |
| | 108 |
| | — |
| | — |
| | 105 |
| | (3 | ) | Funds withheld at interest – embedded derivative | — |
| | (110 | ) | | — |
| | — |
| | — |
| | — |
| | (110 | ) | | — |
| Reinsurance recoverable | 1,824 |
| | (148 | ) | | — |
| | — |
| | — |
| | — |
| | 1,676 |
| | — |
| Investments of consolidated VIEs | | | | | | | | | | | | | | | | Trading securities | 48 |
| | — |
| | — |
| | (13 | ) | | — |
| | — |
| | 35 |
| | — |
| Equity securities | 28 |
| | (12 | ) | | — |
| | (3 | ) | | — |
| | — |
| | 13 |
| | — |
| Investment funds | 21 |
| | (3 | ) | | — |
| | (3 | ) | | — |
| | — |
| | 15 |
| | — |
| Total Level 3 assets | $ | 5,422 |
| | $ | (625 | ) | | $ | (32 | ) | | $ | 1,182 |
| | $ | 293 |
| | $ | (712 | ) | | $ | 5,528 |
| | $ | (11 | ) | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | Interest sensitive contract liabilities | | | | | | | | | | | | | | | | Embedded derivative | $ | (7,411 | ) | | $ | 923 |
| | $ | — |
| | $ | (1,481 | ) | | $ | — |
| | $ | — |
| | $ | (7,969 | ) | | $ | — |
| Universal life benefits | (1,005 | ) | | 73 |
| | — |
| | — |
| | — |
| | — |
| | (932 | ) | | — |
| Future policy benefits | | | | | | | | | | | | | | | | AmerUs Closed Block | (1,625 | ) | | 182 |
| | — |
| | — |
| | — |
| | — |
| | (1,443 | ) | | — |
| ILICO Closed Block and life benefits | (803 | ) | | 73 |
| | — |
| | — |
| | — |
| | — |
| | (730 | ) | | — |
| Derivative liabilities | (5 | ) | | 1 |
| | — |
| | — |
| | — |
| | — |
| | (4 | ) | | 1 |
| Total Level 3 liabilities | $ | (10,849 | ) | | $ | 1,252 |
| | $ | — |
| | $ | (1,481 | ) | | $ | — |
| | $ | — |
| | $ | (11,078 | ) | | $ | 1 |
| | | | | | | | | | | | | | | | | 1 Related to instruments held at end of period. |
The following represents the gross components of purchases, issuances, sales and settlements, net, shown above: | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2019 | (In millions) | Purchases | | Issuances | | Sales | | Settlements | | Net purchases, issuances, sales and settlements | Assets | | | | | | | | | | AFS securities | | | | | | | | | | U.S. state, municipal and political subdivisions | $ | 40 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 40 |
| Corporate | 116 |
| | — |
| | (3 | ) | | (174 | ) | | (61 | ) | CLO | 94 |
| | — |
| | — |
| | (44 | ) | | 50 |
| ABS | 409 |
| | — |
| | (172 | ) | | (117 | ) | | 120 |
| CMBS | — |
| | — |
| | (4 | ) | | (127 | ) | | (131 | ) | RMBS | 1 |
| | — |
| | — |
| | (14 | ) | | (13 | ) | Trading securities, RMBS | 10 |
| | — |
| | — |
| | — |
| | 10 |
| Mortgage loans | — |
| | — |
| | — |
| | (5 | ) | | (5 | ) | Investment funds | — |
| | — |
| | (4 | ) | | — |
| | (4 | ) | Short-term investments | 74 |
| | — |
| | — |
| | (33 | ) | | 41 |
| Investments in related parties | | | | | | | | | | AFS securities, ABS | 2,207 |
| | — |
| | — |
| | (131 | ) | | 2,076 |
| Trading securities | | | | | | | | | | CLO | — |
| | — |
| | (14 | ) | | — |
| | (14 | ) | ABS | 511 |
| | — |
| | — |
| | (38 | ) | | 473 |
| Equity securities | 75 |
| | — |
| | — |
| | (137 | ) | | (62 | ) | Investment funds | 20 |
| | — |
| | (1 | ) | | — |
| | 19 |
| Investments of consolidated VIEs | | | | | | | | | | Trading securities | — |
| | — |
| | (44 | ) | | — |
| | (44 | ) | Equity securities | — |
| | — |
| | (5 | ) | | — |
| | (5 | ) | Total Level 3 assets | $ | 3,557 |
| | $ | — |
| | $ | (247 | ) | | $ | (820 | ) | | $ | 2,490 |
| | | | | | | | | | | Liabilities | | | | | | | | | | Interest sensitive contract liabilities – embedded derivative | $ | — |
| | $ | (937 | ) | | $ | — |
| | $ | 490 |
| | $ | (447 | ) | Total Level 3 liabilities | $ | — |
| | $ | (937 | ) | | $ | — |
| | $ | 490 |
| | $ | (447 | ) |
|
| Gross Components of Purchases, Sales, Issuances and Settlements, net |
| | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2019 | (In millions) | Purchases | | Issuances | | Sales | | Settlements | | Net purchases, issuances, sales and settlements | Assets | | | | | | | | | | AFS securities | | | | | | | | | | U.S. state, municipal and political subdivisions | $ | 40 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 40 |
| Corporate | 116 |
| | — |
| | (3 | ) | | (174 | ) | | (61 | ) | CLO | 94 |
| | — |
| | — |
| | (44 | ) | | 50 |
| ABS | 409 |
| | — |
| | (172 | ) | | (117 | ) | | 120 |
| CMBS | — |
| | — |
| | (4 | ) | | (127 | ) | | (131 | ) | RMBS | 1 |
| | — |
| | — |
| | (14 | ) | | (13 | ) | Trading securities, RMBS | 10 |
| | — |
| | — |
| | — |
| | 10 |
| Mortgage loans | — |
| | — |
| | — |
| | (5 | ) | | (5 | ) | Investment funds | — |
| | — |
| | (4 | ) | | — |
| | (4 | ) | Short-term investments | 74 |
| | — |
| | — |
| | (33 | ) | | 41 |
| Investments in related parties | | | | | | | | | | AFS securities, ABS | 2,207 |
| | — |
| | — |
| | (131 | ) | | 2,076 |
| Trading securities | | | | | | | | | | CLO | — |
| | — |
| | (14 | ) | | — |
| | (14 | ) | ABS | 511 |
| | — |
| | — |
| | (38 | ) | | 473 |
| Equity securities | 75 |
| | — |
| | — |
| | (137 | ) | | (62 | ) | Investment funds | 20 |
| | — |
| | (1 | ) | | — |
| | 19 |
| Investments of consolidated VIEs | | | | | | | | | | Trading securities | — |
| | — |
| | (44 | ) | | — |
| | (44 | ) | Equity securities | — |
| | — |
| | (5 | ) | | — |
| | (5 | ) | Total Level 3 assets | $ | 3,557 |
| | $ | — |
| | $ | (247 | ) | | $ | (820 | ) | | $ | 2,490 |
| | | | | | | | | | | Liabilities | | | | | | | | | | Interest sensitive contract liabilities – embedded derivative | $ | — |
| | $ | (937 | ) | | $ | — |
| | $ | 490 |
| | $ | (447 | ) | Total Level 3 liabilities | $ | — |
| | $ | (937 | ) | | $ | — |
| | $ | 490 |
| | $ | (447 | ) |
| | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2018 | (In millions) | Purchases | | Issuances | | Sales | | Settlements | | Net purchases, issuances, sales and settlements | Assets | | | | | | | | | | AFS securities | | | | | | | | | | Corporate | $ | 351 |
| | $ | — |
| | $ | (29 | ) | | $ | (73 | ) | | $ | 249 |
| CLO | 67 |
| | — |
| | — |
| | (31 | ) | | 36 |
| ABS | 599 |
| | — |
| | (35 | ) | | (312 | ) | | 252 |
| CMBS | 151 |
| | — |
| | (3 | ) | | (16 | ) | | 132 |
| RMBS | 56 |
| | — |
| | — |
| | (35 | ) | | 21 |
| Trading securities, CLO | 7 |
| | — |
| | (7 | ) | | — |
| | — |
| Equity securities | 1 |
| | — |
| | (8 | ) | | — |
| | (7 | ) | Mortgage loans | — |
| | — |
| | — |
| | (9 | ) | | (9 | ) | Investment funds | — |
| | — |
| | — |
| | (9 | ) | | (9 | ) | Investments in related parties | | | | | | | | | | AFS securities, ABS | 326 |
| | — |
| | — |
| | — |
| | 326 |
| Trading securities, CLO | 30 |
| | — |
| | (48 | ) | | — |
| | (18 | ) | Equity securities | 120 |
| | — |
| | — |
| | — |
| | 120 |
| Investment funds | 108 |
| | — |
| | — |
| | — |
| | 108 |
| Investments of consolidated VIEs | | | | | | | | | | Trading securities | — |
| | — |
| | (13 | ) | | — |
| | (13 | ) | Equity securities | 1 |
| | — |
| | (4 | ) | | — |
| | (3 | ) | Investment funds | 14 |
| | — |
| | (17 | ) | | — |
| | (3 | ) | Total Level 3 assets | $ | 1,831 |
| | $ | — |
| | $ | (164 | ) | | $ | (485 | ) | | $ | 1,182 |
| | | | | | | | | | | Liabilities | | | | | | | | | | Interest sensitive contract liabilities – embedded derivative | $ | — |
| | $ | (1,888 | ) | | $ | — |
| | $ | 407 |
| | $ | (1,481 | ) | Total Level 3 liabilities | $ | — |
| | $ | (1,888 | ) | | $ | — |
| | $ | 407 |
| | $ | (1,481 | ) |
|
| Summary of the Unobservable Inputs for the Embedded Derivative of Fixed Indexed Annuities |
The following summarizes the unobservable inputs for the embedded derivatives of fixed indexed annuities: | | | | | | | | | | | | | | | | | | | December 31, 2019 | (In millions, except for percentages) | | Fair value | | Valuation technique | | Unobservable inputs | | Input/range of
inputs | | Impact of an increase in the input on fair value | Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives | | $ | 10,942 |
| | Option budget method | | Nonperformance risk | | 0.2 | % | – | 1.1% | | Decrease | | | | | | | Option budget | | 0.7 | % | – | 3.7% | | Increase | | | | | | | Surrender rate | | 3.5 | % | – | 8.1% | | Decrease |
| | | | | | | | | | | | | | | | | | | December 31, 2018 | (In millions, except for percentages) | | Fair value | | Valuation technique | | Unobservable inputs | | Input/range of
inputs | | Impact of an increase in the input on fair value | Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives | | $ | 7,969 |
| | Option budget method | | Nonperformance risk | | 0.3 | % | – | 1.5% | | Decrease | | | | | | | Option budget | | 0.7 | % | – | 3.7% | | Increase | | | | | | | Surrender rate | | 3.6 | % | – | 7.3% | | Decrease |
|
| Summary of Financial Instruments Not Carried at Fair Value on the Balance Sheet |
The following represents our financial instruments not carried at fair value on the consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | (In millions) | Carrying Value | | Fair Value | | NAV | | Level 1 | | Level 2 | | Level 3 | Financial assets | | | | | | | | | | | | Mortgage loans | $ | 14,279 |
| | $ | 14,719 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 14,719 |
| Investment funds | 577 |
| | 577 |
| | 577 |
| | — |
| | — |
| | — |
| Policy loans | 417 |
| | 417 |
| | — |
| | — |
| | 417 |
| | — |
| Funds withheld at interest | 14,380 |
| | 14,380 |
| | — |
| | — |
| | — |
| | 14,380 |
| Short-term investments | 190 |
| | 190 |
| | — |
| | — |
| | — |
| | 190 |
| Other investments | 65 |
| | 65 |
| | — |
| | — |
| | — |
| | 65 |
| Investments in related parties | | | | | | | | | | | | Mortgage loans | 653 |
| | 641 |
| | — |
| | — |
| | — |
| | 641 |
| Investment funds | 2,634 |
| | 2,634 |
| | 2,634 |
| | — |
| | — |
| | — |
| Funds withheld at interest | 12,626 |
| | 12,626 |
| | — |
| | — |
| | — |
| | 12,626 |
| Other investments | 487 |
| | 537 |
| | — |
| | — |
| | — |
| | 537 |
| Assets of consolidated VIEs | | | | | | | | | | | | Investment funds | 116 |
| | 116 |
| | 116 |
| | — |
| | — |
| | — |
| Total financial assets not carried at fair value | $ | 46,424 |
| | $ | 46,902 |
| | $ | 3,327 |
| | $ | — |
| | $ | 417 |
| | $ | 43,158 |
| | | | | | | | | | | | | Financial liabilities | | | | | | | | | | | | Interest sensitive contract liabilities | $ | 57,272 |
| | $ | 58,027 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 58,027 |
| Short-term debt | 475 |
| | 475 |
| | — |
| | — |
| | 475 |
| | — |
| Long-term debt | 992 |
| | 1,036 |
| | — |
| | — |
| | 1,036 |
| | — |
| Securities to repurchase | 512 |
| | 512 |
| | — |
| | — |
| | 512 |
| | — |
| Funds withheld liability | 377 |
| | 377 |
| | — |
| | — |
| | 377 |
| | — |
| Total financial liabilities not carried at fair value | $ | 59,628 |
| | $ | 60,427 |
| | $ | — |
| | $ | — |
| | $ | 2,400 |
| | $ | 58,027 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2018 | (In millions) | Carrying Value | | Fair Value | | NAV | | Level 1 | | Level 2 | | Level 3 | Financial assets | | | | | | | | | | | | Mortgage loans | $ | 10,308 |
| | $ | 10,424 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 10,424 |
| Investment funds | 521 |
| | 521 |
| | 521 |
| | — |
| | — |
| | — |
| Policy loans | 488 |
| | 488 |
| | — |
| | — |
| | 488 |
| | — |
| Funds withheld at interest | 14,966 |
| | 14,966 |
| | — |
| | — |
| | — |
| | 14,966 |
| Other investments | 70 |
| | 70 |
| | — |
| | — |
| | — |
| | 70 |
| Investments in related parties | | | | | | | | | | | | Mortgage loans | 291 |
| | 290 |
| | — |
| | — |
| | — |
| | 290 |
| Investment funds | 2,031 |
| | 2,031 |
| | 2,031 |
| | — |
| | — |
| | — |
| Funds withheld at interest | 13,687 |
| | 13,687 |
| | — |
| | — |
| | — |
| | 13,687 |
| Other investments | 386 |
| | 361 |
| | — |
| | — |
| | — |
| | 361 |
| Assets of consolidated VIEs | | | | | | | | | | | | Investment funds | 57 |
| | 57 |
| | 57 |
| | — |
| | — |
| | — |
| Total financial assets not carried at fair value | $ | 42,805 |
| | $ | 42,895 |
| | $ | 2,609 |
| | $ | — |
| | $ | 488 |
| | $ | 39,798 |
| | | | | | | | | | | | | Financial liabilities | | | | | | | | | | | | Interest sensitive contract liabilities | $ | 54,655 |
| | $ | 51,655 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 51,655 |
| Long-term debt | 991 |
| | 910 |
| | — |
| | — |
| | 910 |
| | — |
| Funds withheld liability | 722 |
| | 722 |
| | — |
| | — |
| | 722 |
| | — |
| Total financial liabilities not carried at fair value | $ | 56,368 |
| | $ | 53,287 |
| | $ | — |
| | $ | — |
| | $ | 1,632 |
| | $ | 51,655 |
|
|