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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2024
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.
March 31, 2024
Fair Value HierarchyTotal Estimated
Fair Value
Level 1Level 2Level 3
(In millions)
Assets
Fixed maturity securities:
U.S. corporate$— $34,995 $942 $35,937 
Foreign corporate— 11,434 325 11,759 
U.S. government and agency3,167 4,466 — 7,633 
RMBS— 7,442 20 7,462 
CMBS— 6,411 43 6,454 
ABS— 6,046 419 6,465 
State and political subdivision— 3,761 — 3,761 
Foreign government— 982 21 1,003 
Total fixed maturity securities3,167 75,537 1,770 80,474 
Equity securities51 10 25 86 
Short-term investments709 638 — 1,347 
Derivative assets: (1)
Interest rate— 259 — 259 
Foreign currency exchange rate— 478 6 484 
Credit— 24 5 29 
Equity market— 3,073 — 3,073 
Total derivative assets— 3,834 11 3,845 
Embedded derivatives on index-linked annuities (2)
— — 22 22 
Market risk benefit assets— — 839 839 
Separate account assets14 90,318 — 90,332 
Total assets$3,941 $170,337 $2,667 $176,945 
Liabilities
Market risk benefit liabilities$— $— $8,964 $8,964 
Derivative liabilities: (1)
Interest rate— 2,738 — 2,738 
Foreign currency exchange rate— 31 — 31 
Credit— 1 — 1 
Equity market— 2,603 — 2,603 
Total derivative liabilities— 5,373 — 5,373 
Embedded derivatives on index-linked annuities (2)— — 9,963 9,963 
Total liabilities$— $5,373 $18,927 $24,300 
December 31, 2023
Fair Value HierarchyTotal Estimated
Fair Value
Level 1Level 2Level 3
(In millions)
Assets
Fixed maturity securities:
U.S. corporate$— $34,760 $995 $35,755 
Foreign corporate— 11,340 325 11,665 
U.S. government and agency3,786 4,633 — 8,419 
RMBS— 7,415 15 7,430 
CMBS— 6,371 39 6,410 
ABS— 6,080 326 6,406 
State and political subdivision— 3,874 — 3,874 
Foreign government— 996 36 1,032 
Total fixed maturity securities3,786 75,469 1,736 80,991 
Equity securities55 22 25 102 
Short-term investments614 555 — 1,169 
Derivative assets: (1)
Interest rate— 245 — 245 
Foreign currency exchange rate— 437 12 449 
Credit— 21 6 27 
Equity market— 2,993 — 2,993 
Total derivative assets— 3,696 18 3,714 
Embedded derivatives on index-linked annuities (2)
— — — — 
Market risk benefit assets— — 656 656 
Separate account assets20 88,251 — 88,271 
Total assets$4,475 $167,993 $2,435 $174,903 
Liabilities
Market risk benefit liabilities$— $— $10,323 $10,323 
Derivative liabilities: (1)
Interest rate— 2,209 — 2,209 
Foreign currency exchange rate— 55 — 55 
Credit— — — — 
Equity market— 2,824 — 2,824 
Total derivative liabilities— 5,088 — 5,088 
Embedded derivatives on index-linked annuities (2)— — 8,186 8,186 
Total liabilities$— $5,088 $18,509 $23,597 
_______________
(1)Derivative assets are reported in other invested assets and derivative liabilities are reported in other liabilities. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets.
(2)Embedded derivative assets on index-linked annuities are reported in premiums and other receivables. Embedded derivative liabilities on index-linked annuities are reported in policyholder account balances.
Fair Value Measurement Inputs and Valuation Techniques
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:
March 31, 2024December 31, 2023Impact of
Increase in Input
on Estimated
Fair Value
Valuation TechniquesSignificant
Unobservable Inputs		RangeRange
Market Risk Benefits
Variable annuity guaranteed minimum benefits•Option pricing techniques•Mortality rates0.04%-12.90%0.04%-12.90%Decrease (1)
•Lapse rates1.00%-22.80%1.00%-22.80%Decrease (2)
•Utilization rates0.00%-25.00%0.00%-25.00%Increase (3)
•Withdrawal rates0.00%-10.00%0.00%-10.00%(4)
•Long-term equity volatilities11.72%-23.10%12.59%-22.50%Increase (5)
•Nonperformance risk spread0.53%-1.37%0.76%-1.63%Decrease (6)
Embedded Derivatives
Index-linked annuity crediting rates•Option pricing techniques•Mortality rates0.03%-9.24%0.03%-9.24%Decrease (1)
•Lapse rates1.00%-62.30%1.00%-62.30%Decrease (2)
•Withdrawal rates0.50%-9.00%0.50%-9.00%(4)
•Nonperformance risk spread0.26%-1.67%0.45%-1.74%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. Mortality rate assumptions are set based on company experience and include an assumption for mortality improvement.
(2)The lapse rate range reflects base lapse rates for major product categories for duration 1-20. 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. For variable annuity guarantees, 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 for variable annuity guarantees estimates the percentage of contract holders with a guaranteed minimum income benefit (“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 variable annuity guaranteed minimum withdrawal benefits, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For variable annuity guaranteed minimum accumulation benefits 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 MRBs.
(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 MRB or 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 (excluding MRBs disclosed in Note 4) were summarized as follows:
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities
Corporate (1)Structured SecuritiesForeign
Government		Equity
Securities		Net
Derivatives (2)		Embedded Derivatives on Index-Linked Annuities
(In millions)
Three Months Ended March 31, 2024
Balance, beginning of period
$1,320 $380 $36 $25 $18 $(8,186)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)
(5)— — — (3)(1,886)
Total realized/unrealized gains (losses) included in AOCI
(8)— — — — — 
Purchases (5)
37 147 — — 2 — 
Sales (5)
(28)(5)— — — — 
Issuances (5)
— — — — — — 
Settlements (5)
— — — — — 131 
Transfers into Level 3 (6)
15 — — — — — 
Transfers out of Level 3 (6)
(64)(40)(15)— (6)— 
Balance, end of period$1,267 $482 $21 $25 $11 $(9,941)
Three Months Ended March 31, 2023
Balance, beginning of period
$1,787 $365 $38 $27 $35 $(3,932)
Total realized/unrealized gains (losses) included in net income (loss) (3) (4)
1 (1)— (2)— (1,090)
Total realized/unrealized gains (losses) included in AOCI
24 1 1 — (1)— 
Purchases (5)
142 19 — — — — 
Sales (5)
(13)(4)— — — — 
Issuances (5)
— — — — — — 
Settlements (5)
— — — — — (142)
Transfers into Level 3 (6)
19 1 — — — — 
Transfers out of Level 3 (6)
(24)(31)— — (1)— 
Balance, end of period$1,936 $350 $39 $25 $33 $(5,164)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2024 (7)
$(3)$— $— $— $(3)$(2,040)
Changes in unrealized gains (losses) included in OCI for the instruments still held as of March 31, 2024 (7)
$(19)$(2)$— $— $— $— 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at March 31, 2023 (7)
$1 $(1)$— $(2)$— $(1,166)
Changes in unrealized gains (losses) included in OCI for the instruments still held as of March 31, 2023 (7)
$23 $1 $1 $— $(1)$— 
_______________
(1)Comprised of U.S. and foreign corporate securities.
(2)Freestanding derivative assets and liabilities are reported net for purposes of the rollforward.
(3)Amortization of premium/accretion of discount is included in 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).
(4)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.
(5)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.
(6)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 out of Level 3 in the same period are excluded from the rollforward.
(7)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:
March 31, 2024
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans$22,670 $— $— $20,546 $20,546 
Policy loans$1,651 $— $834 $930 $1,764 
Other invested assets$256 $— $245 $11 $256 
Premiums, reinsurance and other receivables$8,188 $— $132 $8,246 $8,378 
Liabilities
Policyholder account balances$31,973 $— $— $31,377 $31,377 
Long-term debt$3,155 $— $2,775 $— $2,775 
Other liabilities$1,550 $— $874 $676 $1,550 
Separate account liabilities$1,245 $— $1,245 $— $1,245 
December 31, 2023
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans$22,508 $— $— $20,609 $20,609 
Policy loans$1,331 $— $518 $937 $1,455 
Other invested assets$257 $— $245 $12 $257 
Premiums, reinsurance and other receivables$7,577 $— $88 $7,636 $7,724 
Liabilities
Policyholder account balances$31,471 $— $— $30,606 $30,606 
Long-term debt$3,156 $— $2,769 $— $2,769 
Other liabilities$1,142 $— $463 $679 $1,142 
Separate account liabilities$1,150 $— $1,150 $— $1,150