Fair Value Measurements (excluding Consolidated Investment Entities) (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company's hierarchy for its assets and liabilities from continuing operations, including amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction, measured at fair value on a recurring basis as of December 31, 2020:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	1,134		$	337		$	—		$	1,471
U.S. Government agencies and authorities	—			102			—			102
State, municipalities and political subdivisions	—			1,346			—			1,346
U.S. corporate public securities	—			16,294			93			16,387
U.S. corporate private securities	—			4,546			1,900			6,446
Foreign corporate public securities and foreign governments(1)	—			4,736			—			4,736
Foreign corporate private securities(1)	—			4,189			457			4,646
Residential mortgage-backed securities	—			5,583			43			5,626
Commercial mortgage-backed securities	—			4,131			—			4,131
Other asset-backed securities	—			2,077			61			2,138
Total fixed maturities, including securities pledged	1,134			43,341			2,554			47,029
Equity securities	70			—			172			242
Derivatives:
Interest rate contracts	7			140			48			195
Foreign exchange contracts	—			4			—			4
Equity contracts	—			15			1			16
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,903			109			—			2,012
Assets held in separate accounts	84,329			6,001			222			90,552
Total assets	$	87,443		$	49,610		$	2,997		$	140,050
Percentage of Level to total	63		%	35		%	2		%	100		%
Liabilities:
Derivatives:
Guaranteed benefit derivatives(2)	—			—			99			99
Other derivatives:
Interest rate contracts	—			280			48			328
Foreign exchange contracts	—			46			—			46
Equity contracts	—			12			—			12
Credit contracts	—			1			—			1
Embedded derivative on reinsurance	—			163			—			163
Total liabilities	$	—		$	502		$	147		$	649

(1) Primarily U.S. dollar denominated.

(2) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs.

The following table presents the Company's hierarchy for its assets and liabilities related to businesses held for sale measured at fair value on a recurring basis as of December 31, 2020:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	650		$	371		$	—		$	1,021
U.S. Government agencies and authorities	—			174			—			174
State, municipalities and political subdivisions	—			453			—			453
U.S. corporate public securities	—			6,719			28			6,747
U.S. corporate private securities	—			704			449			1,153
Foreign corporate public securities and foreign governments(1)	—			1,623			3			1,626
Foreign corporate private securities(1)	—			559			101			660
Residential mortgage-backed securities	—			514			—			514
Commercial mortgage-backed securities	—			1,050			—			1,050
Other asset-backed securities	—			598			7			605
Total fixed maturities, including securities pledged	650			12,765			588			14,003
Equity securities	2			—			3			5
Derivatives:
Interest rate contracts	—			1			47			48
Foreign exchange contracts	—			1			—			1
Equity contracts	—			99			295			394
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	418			4			—			422
Assets held in separate accounts	1,625			—			—			1,625
Total assets	$	2,695		$	12,870		$	933		$	16,498
Percentage of Level to total	16		%	78		%	6		%	100		%
Liabilities:
Derivatives:
Guaranteed benefit derivatives - IUL	$	—		$	—		$	308		$	308
Other derivatives:
Interest rate contracts	—			4			47			51
Foreign exchange contracts	—			4			—			4
Equity contracts	—			62			—			62
Credit contracts	—			—			—			—
Embedded derivative on reinsurance	—			98			—			98
Total liabilities	$	—		$	168		$	355		$	523

(1) Primarily U.S. dollar denominated.

The following table presents the Company's hierarchy for its assets and liabilities from continuing operations, including amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction, measured at fair value on a recurring basis as of December 31, 2019:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	1,083		$	299		$	—		$	1,382
U.S. Government agencies and authorities	—			95			—			95
State, municipalities and political subdivisions	—			1,323			—			1,323
U.S. corporate public securities	—			14,864			74			14,938
U.S. corporate private securities	—			4,578			1,457			6,035
Foreign corporate public securities and foreign governments(1)	—			4,341			—			4,341
Foreign corporate private securities(1)	—			4,503			328			4,831
Residential mortgage-backed securities	—			5,181			23			5,204
Commercial mortgage-backed securities	—			3,574			—			3,574
Other asset-backed securities	—			1,977			78			2,055
Total fixed maturities, including securities pledged	1,083			40,735			1,960			43,778
Equity securities	68			—			128			196
Derivatives:
Interest rate contracts	2			243			49			294
Foreign exchange contracts	—			12			—			12
Equity contracts	—			10			—			10
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	2,613			31			—			2,644
Assets held in separate accounts	75,405			6,149			116			81,670
Total assets	$	79,171		$	47,180		$	2,253		$	128,604
Percentage of Level to total	61		%	37		%	2		%	100		%
Liabilities:
Derivatives:
Guaranteed benefit derivatives(2)	$	—		$	—		$	60		$	60
Other derivatives:
Interest rate contracts	—			322			49			371
Foreign exchange contracts	—			22			—			22
Equity contracts	—			8			—			8
Credit contracts	—			2			—			2
Embedded derivative on reinsurance	—			100			—			100
Total liabilities	$	—		$	454		$	109		$	563

(1) Primarily U.S. dollar denominated.

(2) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs.

The following table presents the Company's hierarchy for its assets and liabilities related to businesses held for sale measured at fair value on a recurring basis as of December 31, 2019:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	472		$	314		$	—		$	786
U.S. Government agencies and authorities	—			161			—			161
State, municipalities and political subdivisions	—			439			—			439
U.S. corporate public securities	—			5,949			32			5,981
U.S. corporate private securities	—			596			316			912
Foreign corporate public securities and foreign governments(1)	—			1,490			7			1,497
Foreign corporate private securities(1)	—			438			80			518
Residential mortgage-backed securities	—			588			—			588
Commercial mortgage-backed securities	—			995			—			995
Other asset-backed securities	—			587			6			593
Total fixed maturities, including securities pledged	472			11,557			441			12,470
Equity securities	2			—			33			35
Derivatives:
Interest rate contracts	—			—			49			49
Foreign exchange contracts	—			1			—			1
Equity contracts	—			52			202			254
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	533			—			—			533
Assets held in separate accounts	1,485			—			—			1,485
Total assets	$	2,492		$	11,610		$	725		$	14,827
Percentage of Level to total	17		%	78		%	5		%	100		%
Liabilities:
Derivatives:
Guaranteed benefit derivatives - IUL	$	—		$	—		$	217		$	217
Other derivatives:
Interest rate contracts	—			7			49			56
Foreign exchange contracts	—			1			—			1
Equity contracts	—			20			—			20
Embedded derivative on reinsurance	—			75			—			75
Total liabilities	$	—		$	103		$	266		$	369

(1) Primarily U.S. dollar denominated.

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities from continuing operations, including amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction, and transfers in and out of Level 3 for the period indicated:

	Year Ended December 31, 2020
	Fair Value as of January 1		Total Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of December 31		Change In Unrealized Gains (Losses) Included in Earnings(3)		Change In Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities	$	74	$	—	$	6	$	—	$	—	$	(9)	$	(18)	$	40	$	—	$	93	$	—	$	6
U.S. corporate private securities	1,457		—		53		375		—		(16)		(160)		465		(274)		1,900		—		53
Foreign corporate public securities and foreign governments(1)	—		—		—		—		—		—		—		—		—		—		—		—
Foreign corporate private securities(1)	328		(19)		(24)		254		—		(15)		(12)		7		(62)		457		(4)		(24)
Residential mortgage-backed securities	23		(10)		—		37		—		—		—		—		(7)		43		(10)		—
Commercial mortgage-backed securities	—		—		—		—		—		—		—		—		—		—		—		—
Other asset-backed securities	78		—		1		6		—		—		(24)		—		—		61		—		1
Total fixed maturities including securities pledged	1,960		(29)		36		672		—		(40)		(214)		512		(343)		2,554		(14)		36
Equity securities	128		8		—		39		—		—		(3)		—		—		172		8		—
Derivatives:
Guaranteed benefit derivatives(2)(5)	(60)		(34)		—		—		(6)		—		1		—		—		(99)		—		—
Other derivatives, net	—		—		—		1		—		—		—		—		—		1		—		—
Assets held in separate accounts(4)	116		—		—		160		—		(2)		—		3		(55)		222		—		—

(1) Primarily U.S. dollar denominated.

(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Consolidated Statements of Operations.

(3) For financial instruments still held as of December 31 amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Consolidated Statements of Comprehensive Income.

(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

(5) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs.

The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities related to businesses held for sale and transfers in and out of Level 3 for the period indicated:

	Year Ended December 31, 2020
	Fair Value as of January 1		Total Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of December 31		Change In Unrealized Gains (Losses) Included in Earnings(3)		Change In Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities	$	32	$	—	$	1	$	—	$	—	$	—	$	(5)	$	—	$	—	$	28	$	—	$	—
U.S. corporate private securities	316		1		7		154		—		(27)		(21)		95		(76)		449		—		8
Foreign corporate public securities and foreign governments(1)	7		—		(4)		—		—		—		—		—		—		3		—		(4)
Foreign corporate private securities(1)	80		(3)		(4)		49		—		—		(1)		3		(23)		101		—		(4)
Residential mortgage-backed securities	—		—		—		—		—		—		—		—		—		—		—		—
Commercial mortgage-backed securities	—		—		—		—		—		—		—		—		—		—		—		—
Other asset-backed securities	6		—		—		3		—		—		(2)		—		—		7		—		—
Total fixed maturities including securities pledged	441		(2)		—		206		—		(27)		(29)		98		(99)		588		—		—
Equity securities	33		(1)		—		2		—		(30)		(1)		—		—		3		(2)		—
Derivatives:
Guaranteed benefit derivatives - IUL(2)	(217)		(95)		—		—		(70)		—		74		—		—		(308)		—		—
Other derivatives, net	202		85		—		58		—		—		(50)		—		—		295		93		—

(1) Primarily U.S. dollar denominated.

(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis.

(3) For financial instruments still held as of December 31 amounts are included in Income (loss) from discontinued operations, net of tax in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Consolidated Statements of Comprehensive Income.

The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities from continuing operations, including amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction, and transfers in and out of Level 3 for the period indicated:

	Year Ended December 31, 2019
	Fair Value as of January 1		Total Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of December 31		Change In Unrealized Gains (Losses) Included in Earnings(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities	$	34	$	(1)	$	5	$	5	$	—	$	—	$	(7)	$	38	$	—	$	74	$	(1)
U.S. corporate private securities	1,134		—		90		342		—		(23)		(86)		11		(11)		1,457		—
Foreign corporate public securities and foreign governments(1)	—		—		—		—		—		—		—		—		—		—		—
Foreign corporate private securities(1)	217		(24)		46		169		—		(80)		—		—		—		328		2
Residential mortgage-backed securities	28		(11)		1		13		—		(6)		—		—		(2)		23		(7)
Commercial mortgage-backed securities	14		—		—		—		—		—		—		—		(14)		—		—
Other asset-backed securities	127		—		1		8		—		—		(3)		—		(55)		78		—
Total fixed maturities including securities pledged	1,554		(36)		143		537		—		(109)		(96)		49		(82)		1,960		(6)
Equity securities	103		(17)		—		42		—		—		—		—		—		128		(17)
Derivatives:
Guaranteed benefit derivatives(2)(5)	(44)		(6)		—		—		(9)		—		(1)		—		—		(60)		—
Other derivatives, net	—		—		—		—		—		—		—		—		—		—		—
Assets held in separate accounts(4)	62		4		—		78		—		(1)		—		3		(30)		116		—

(1) Primarily U.S. dollar denominated.

(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis.

(3) For financial instruments still held as of December 31 amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations.

(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

(5) Includes GMWBL, GMWB, FIA, Stabilizer, and MCGs.

The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities related to businesses held for sale and transfers in and out of Level 3 for the period indicated:

	Year Ended December 31, 2019
	Fair Value as of January 1		Total Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3(3)		Transfers out of Level 3(3)		Fair Value as of December 31		Change In Unrealized Gains (Losses) Included in Earnings(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities	$	10	$	—	$	2	$	—	$	—	$	—	$	(1)	$	22	$	(1)	$	32	$	—
U.S. corporate private securities	259		—		23		50		—		(2)		(15)		1		—		316		—
Foreign corporate public securities and foreign governments(1)	11		—		(4)		—		—		—		—		—		—		7		—
Foreign corporate private securities(1)	34		(4)		11		52		—		(13)		—		—		—		80		—
Residential mortgage-backed securities	—		—		—		—		—		—		—		—		—		—		—
Commercial mortgage-backed securities	—		—		—		—		—		—		—		—		—		—		—
Other asset-backed securities	11		—		—		—		—		—		—		—		(5)		6		—
Total fixed maturities including securities pledged	325		(4)		32		102		—		(15)		(16)		23		(6)		441		—
Equity securities	25		1		—		7		—		—		—		—		—		33		1
Derivatives:
Guaranteed benefit derivatives - IUL(2)	(82)		(134)		—		—		(56)		—		55		—		—		(217)		—
Other derivatives, net	83		111		—		45		—		—		(37)		—		—		202		119

(1) Primarily U.S. dollar denominated.

(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis.

(3) For financial instruments still held as of December 31 amounts are included in Income (loss) from discontinued operations, net of tax in the Consolidated Statements of Operations.

Fair Value Inputs, Liabilities, Quantitative Information

The following table presents the unobservable inputs for IUL for businesses held for sale as of the dates indicated:

	December 31, 2020				December 31, 2019
Unobservable Input	Range(1)		Weighted Average(2)		Range(1)
Nonperformance risk	0.16% to 0.38%		0.21	%	0.22% to 0.42%
Actuarial Assumptions:
Lapses	2% to 10%		6	%	2% to 10%
Mortality	—	(2)	—		—	(2)

(1)    Represents the range of reasonable assumptions that management has used in its fair value calculations.

(2) Unobservable inputs were weighted by the relative fair value of the instruments. For credit contracts, the average represents the arithmetic average of the inputs and is not weighted by the relative fair value or notional amount.

Fair Value, by Balance Sheet Grouping

The carrying values and estimated fair values of the Company's financial instruments from continuing operations, including amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction, as of the dates indicated:

	December 31, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	47,029	$	47,029	$	43,778	$	43,778
Equity securities	242		242		196		196
Mortgage loans on real estate	6,830		7,316		6,878		7,262
Policy loans	718		718		776		776
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements	2,012		2,012		2,644		2,644
Derivatives	215		215		316		316
Other investments	285		368		320		456
Assets held in separate accounts	90,552		90,552		81,670		81,670
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)	$	35,545	$	45,576	$	33,916	$	41,035
Funding agreements with fixed maturities	796		795		877		877
Supplementary contracts, immediate annuities and other	912		800		821		872
Derivatives:
Guaranteed benefit derivatives(2)	99		99		60		60
Other derivatives	387		387		403		403
Short-term debt	1		1		1		1
Long-term debt	3,044		3,043		3,042		3,418
Embedded derivative on reinsurance	163		163		100		100

(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above.

(2) Includes GMWBL, GMWB, FIA, Stabilizer and MCG.

The carrying values and estimated fair values of the Company's financial instruments related to businesses held for sale as of the dates indicated:

	December 31, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	14,003	$	14,003	$	12,470	$	12,470
Equity securities	5		5		35		35
Mortgage loans on real estate	1,242		1,372		1,319		1,405
Policy loans	999		999		1,005		1,005
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements	422		422		533		533
Derivatives	443		443		305		305
Other investments	368		368		42		42
Assets held in separate accounts	1,625		1,625		1,485		1,485
Liabilities:
Investment contract liabilities:
Funding agreements with fixed maturities	$	1,010	$	1,009	$	927	$	923
Supplementary contracts, immediate annuities and other	119		98		97		104
Notes Payable	219		266		252		320
Derivatives:
Guaranteed benefit derivatives - IUL	308		308		217		217
Embedded derivative on reinsurance	98		98		75		75