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Fair Value (Tables)
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Recurring Fair Value Measurements
The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are presented in the tables below. Investments that do not have a readily determinable fair value and are measured at net asset value (or equivalent) as a practical expedient to estimated fair value are excluded from the fair value hierarchy.
September 30, 2021
Fair Value HierarchyTotal Estimated
Fair Value
Level 1Level 2Level 3
(In millions)
Assets
Fixed maturity securities:
U.S. corporate$— $37,812 $871 $38,683 
Foreign corporate— 11,272 422 11,694 
U.S. government and agency3,579 5,901 — 9,480 
RMBS— 9,491 26 9,517 
CMBS— 7,053 42 7,095 
State and political subdivision— 4,846 — 4,846 
ABS— 3,709 198 3,907 
Foreign government— 1,852 — 1,852 
Total fixed maturity securities3,579 81,936 1,559 87,074 
Equity securities26 61 3 90 
Short-term investments1,512 380 — 1,892 
Derivative assets: (1)
Interest rate— 745 — 745 
Foreign currency exchange rate— 317 10 327 
Credit— 26 13 39 
Equity market— 1,460 25 1,485 
Total derivative assets— 2,548 48 2,596 
Embedded derivatives within asset host contracts (2)— — 208 208 
Separate account assets46 112,315 — 112,361 
Total assets$5,163 $197,240 $1,818 $204,221 
Liabilities
Derivative liabilities: (1)
Interest rate$— $242 $— $242 
Foreign currency exchange rate— 47 — 47 
Credit— — 2 2 
Equity market— 1,429 7 1,436 
Total derivative liabilities— 1,718 9 1,727 
Embedded derivatives within liability host contracts (2)— — 7,804 7,804 
Total liabilities$— $1,718 $7,813 $9,531 
December 31, 2020
Fair Value HierarchyTotal Estimated
Fair Value
Level 1Level 2Level 3
(In millions)
Assets
Fixed maturity securities:
U.S. corporate$— $37,415 $491 $37,906 
Foreign corporate— 11,314 197 11,511 
U.S. government and agency2,217 6,421 — 8,638 
RMBS— 8,272 22 8,294 
CMBS— 6,785 5 6,790 
State and political subdivision— 4,640 — 4,640 
ABS— 2,844 40 2,884 
Foreign government— 1,832 — 1,832 
Total fixed maturity securities2,217 79,523 755 82,495 
Equity securities36 99 3 138 
Short-term investments2,782 460 — 3,242 
Derivative assets: (1)
Interest rate— 2,094 — 2,094 
Foreign currency exchange rate— 219 1 220 
Credit— 27 14 41 
Equity market— 1,213 14 1,227 
Total derivative assets— 3,553 29 3,582 
Embedded derivatives within asset host contracts (2)— — 283 283 
Separate account assets86 111,880 3 111,969 
Total assets$5,121 $195,515 $1,073 $201,709 
Liabilities
Derivative liabilities: (1)
Interest rate$— $200 $— $200 
Foreign currency exchange rate— 137 7 144 
Equity market— 1,660 20 1,680 
Total derivative liabilities— 1,997 27 2,024 
Embedded derivatives within liability host contracts (2)— — 7,157 7,157 
Total liabilities$— $1,997 $7,184 $9,181 
_______________
(1)Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets.
(2)Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables on the consolidated balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances on the consolidated balance sheets.
Fair Value Inputs, Quantitative Information
Certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were as follows at:
September 30, 2021December 31, 2020Impact of
Increase in Input
on Estimated
Fair Value
Valuation TechniquesSignificant
Unobservable Inputs		RangeRange
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits •Option pricing techniques•Mortality rates0.03%-12.62%0.03%-12.13%Decrease (1)
•Lapse rates0.30%-14.50%0.25%-15.00%Decrease (2)
•Utilization rates0.00%-25.00%0.00%-25.00%Increase (3)
•Withdrawal rates0.25%-10.00%0.25%-10.00%(4)
•Long-term equity volatilities16.44%-22.16%16.66%-22.21%Increase (5)
•Nonperformance risk spread(0.50)%-1.28%0.47%-1.97%Decrease (6)
_______________
(1)Mortality rates vary by age and by demographic characteristics such as gender. The range shown reflects the mortality rate for policyholders between 35 and 90 years old, which represents the majority of the business with living benefits. Mortality rate assumptions are set based on company experience and include an assumption for mortality improvement.
(2)The range shown reflects base lapse rates for major product categories for duration 1-20, which represents majority of business with living benefit riders. Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in-the-money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies.
(3)The utilization rate assumption estimates the percentage of contract holders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible in a given year. The range shown represents the floor and cap of the GMIB dynamic election rates across varying levels of in-the-money. For lifetime withdrawal guarantee riders, the assumption is that everyone will begin withdrawals once account value reaches zero which is equivalent to a 100% utilization rate. Utilization rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder.
(4)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.
(5)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.
(6)Nonperformance risk spread varies by duration. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.
Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation
The changes in assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3) were summarized as follows:
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities
Corporate (1)Structured SecuritiesState and
Political
Subdivision		Foreign
Government		Equity
Securities		Short-term
Investments		Net
Derivatives (2)		Net Embedded
Derivatives (3)		Separate
Account Assets (4)
(In millions)
Three Months Ended September 30, 2021
Balance, beginning of period
$889 $217 $— $12 $3 $— $20 $(7,715)$— 
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)
— — — — — — (6)74 — 
Total realized/unrealized gains (losses) included in AOCI
(8)— — — — — 3 — — 
Purchases (7)305 195 — — — — 22 — — 
Sales (7)(14)(5)— — — — — — — 
Issuances (7)— — — — — — — — — 
Settlements (7)— — — — — — — 45 — 
Transfers into Level 3 (8)227 8 — — — — — — — 
Transfers out of Level 3 (8)(106)(149)— (12)— — — — — 
Balance, end of period$1,293 $266 $— $— $3 $— $39 $(7,596)$— 
Three Months Ended September 30, 2020
Balance, beginning of period
$894 $173 $— $— $4 $— $20 $(5,326)$3 
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)
(1)— — — (1)— 5 (628)— 
Total realized/unrealized gains (losses) included in AOCI
7 1 — — — — (10)— — 
Purchases (7)199 11 — — — 10 — — — 
Sales (7)(64)(1)— — — — — — — 
Issuances (7)— — — — — — — — — 
Settlements (7)— — — — — — — (174)— 
Transfers into Level 3 (8)185 — — — — — — — — 
Transfers out of Level 3 (8)(142)(103)— — — — — — — 
Balance, end of period$1,078 $81 $— $— $3 $10 $15 $(6,128)$3 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2021 (9)
$— $— $— $— $— $— $(5)$258 $— 
Changes in unrealized gains (losses) included in OCI for the instruments still held at September 30, 2021 (9)
$(8)$— $— $— $— $— $3 $— $— 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2020 (9)
$— $— $— $— $— $— $5 $(668)$— 
Changes in unrealized gains (losses) included in OCI for the instruments still held at September 30, 2020 (9)
$8 $1 $— $— $— $— $(10)$— $— 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities
Corporate (1)Structured SecuritiesState and
Political
Subdivision		Foreign
Government		Equity
Securities		Short-term
Investments		Net
Derivatives (2)		Net Embedded
Derivatives (3)		Separate
Account Assets (4)
(In millions)
Nine Months Ended September 30, 2021
Balance, beginning of period
$688 $67 $— $— $3 $— $2 $(6,874)$3 
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)
— — — — — — 10 (505)— 
Total realized/unrealized gains (losses) included in AOCI
(9)— — — — — 12 — — 
Purchases (7)695 239 — — — — 20 — — 
Sales (7)(53)(21)— — — — (6)— — 
Issuances (7)— — — — — — — — — 
Settlements (7)— — — — — — — (217)— 
Transfers into Level 3 (8)174 14 — — — — — — — 
Transfers out of Level 3 (8)(202)(33)— — — — 1 — (3)
Balance, end of period$1,293 $266 $— $— $3 $— $39 $(7,596)$— 
Nine Months Ended September 30, 2020
Balance, beginning of period
$461 $117 $73 $— $8 $5 $16 $(4,031)$3 
Total realized/unrealized gains (losses) included in net income (loss) (5) (6)
(2)— — — — — 3 (1,590)— 
Total realized/unrealized gains (losses) included in AOCI
12 1 — — — — 10 — — 
Purchases (7)509 34 — — — 10 — — — 
Sales (7)(103)(2)— — — (5)(14)— — 
Issuances (7)— — — — — — — — — 
Settlements (7)— — — — — — — (507)— 
Transfers into Level 3 (8)285 9 — — — — — — — 
Transfers out of Level 3 (8)(84)(78)(73)— (5)— — — — 
Balance, end of period$1,078 $81 $— $— $3 $10 $15 $(6,128)$3 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2021 (9)
$— $— $— $— $— $— $(3)$(302)$— 
Changes in unrealized gains (losses) included in OCI for the instruments still held at September 30, 2021 (9)
$(9)$1 $— $— $— $— $12 $— $— 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2020 (9)
$(1)$— $— $— $— $— $(11)$(1,687)$— 
Changes in unrealized gains (losses) included in OCI for the instruments still held at September 30, 2020 (9)
$12 $2 $— $— $— $— $10 $— $— 
_______________
(1)Comprised of U.S. and foreign corporate securities.
(2)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.
(3)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(4)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contract holders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net investment gains (losses).
(5)Amortization of premium/accretion of discount is included within net investment income. Changes in the allowance for credit losses and direct write-offs are charged to net income (loss) on securities are included in net investment gains (losses). Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
(6)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.
(7)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.
(8)Gains and losses, in net income (loss) and OCI, are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.
(9)Changes in unrealized gains (losses) included in net income (loss) for fixed maturities are reported in either net investment income or net investment gains (losses). Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
Fair Value of Financial Instruments Carried at Other Than Fair Value
The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:
September 30, 2021
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans$18,267 $— $— $19,190 $19,190 
Policy loans$1,264 $— $506 $1,152 $1,658 
Other invested assets$71 $— $59 $12 $71 
Premiums, reinsurance and other receivables$3,471 $— $229 $4,109 $4,338 
Liabilities
Policyholder account balances$22,518 $— $— $24,215 $24,215 
Long-term debt$3,436 $— $3,910 $— $3,910 
Other liabilities$1,228 $— $511 $717 $1,228 
Separate account liabilities$1,373 $— $1,373 $— $1,373 
December 31, 2020
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans$15,808 $— $— $16,926 $16,926 
Policy loans$1,291 $— $512 $1,530 $2,042 
Other invested assets$51 $— $39 $12 $51 
Premiums, reinsurance and other receivables$3,277 $— $90 $3,975 $4,065 
Liabilities
Policyholder account balances$17,497 $— $— $19,100 $19,100 
Long-term debt$3,436 $— $3,858 $— $3,858 
Other liabilities$807 $— $163 $644 $807 
Separate account liabilities$1,334 $— $1,334 $— $1,334