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Fair Value (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level:

December 31, 2022
(In millions)Level 1Level 2Level 3NAVTotal
Assets
Asset Management
Cash and cash equivalents1
$1,201 $— $— $— $1,201 
Restricted cash and cash equivalents2
1,048 — — — 1,048 
Cash and cash equivalents of VIEs110 — — — 110 
U.S. Treasury securities3
709 — — — 709 
Investments, at fair value190 39 1,083 
4
1,320 
Investments of VIEs— 1,537 727 105 2,369 
Due from related parties5
— — 43 — 43 
Derivative assets6
— — 15 — 15 
Total Assets – Asset Management
3,258 1,576 1,868 113 6,815 
Retirement Services
AFS Securities
U.S. government and agencies2,570 — — 2,577 
U.S. state, municipal and political subdivisions— 927 — — 927 
Foreign governments— 906 — 907 
Corporate— 59,236 1,665 — 60,901 
CLO— 16,493 — — 16,493 
ABS— 5,660 4,867 — 10,527 
CMBS— 4,158 — — 4,158 
RMBS— 5,682 232 — 5,914 
Total AFS securities2,570 93,069 6,765 — 102,404 
Trading securities23 1,519 53 — 1,595 
Equity securities150 845 92 — 1,087 
Mortgage loans— — 27,454 — 27,454 
Funds withheld at interest – embedded derivative— — (4,847)— (4,847)
Derivative assets42 3,267 — — 3,309 
Short-term investments29 455 36 — 520 
Other investments— 170 441 — 611 
Cash and cash equivalents7,779 — — — 7,779 
Restricted cash and cash equivalents628 — — — 628 
Investments in related parties
AFS securities
Corporate— 170 812 — 982 
CLO— 2,776 303 — 3,079 
ABS— 218 5,542 — 5,760 
Total AFS securities – related parties— 3,164 6,657 — 9,821 
Trading securities— — 878 — 878 
Equity securities— — 279 — 279 
Mortgage loans— — 1,302 — 1,302 
Investment funds— — 959 — 959 
Funds withheld at interest – embedded derivative— — (1,425)— (1,425)
Other investments— — 303 — 303 
Reinsurance recoverable— — 1,388 — 1,388 
December 31, 2022
(In millions)Level 1Level 2Level 3NAVTotal
Assets of consolidated VIEs
Trading securities436 622 — 1,063 
Mortgage loans— — 2,055 — 2,055 
Investment funds— — 2,471 10,009 12,480 
Other investments— 99 — 101 
Cash and cash equivalents362 — — — 362 
Total Assets – Retirement Services
11,588 102,927 45,582 10,009 170,106 
Total Assets$14,846 $104,503 $47,450 $10,122 $176,921 
Liabilities
Asset Management
Contingent consideration obligations7
$— $— $86 $— $86 
Other liabilities8
— — — 
Derivative liabilities6
— 57 — — 57 
Total Liabilities – Asset Management
57 86 — 145 
Retirement Services
Interest sensitive contract liabilities
Embedded derivative— — 5,841 — 5,841 
Universal life benefits— — 829 — 829 
Future policy benefits
AmerUs closed block— — 1,164 — 1,164 
ILICO closed block and life benefits— — 548 — 548 
Derivative liabilities38 1,607 — 1,646 
Other liabilities— (77)142 — 65 
Total Liabilities – Retirement Services
38 1,530 8,525 — 10,093 
Total Liabilities$40 $1,587 $8,611 $— $10,238 
(Concluded)
December 31, 2021
(In millions)Level 1Level 2Level 3NAVTotal
Assets – Asset Management
Cash and cash equivalents1
$917 $— $— $— $917 
Restricted cash and cash equivalents2
708 — — — 708 
Cash and cash equivalents of VIEs463 — — — 463 
U.S. Treasury securities3
1,687 — — — 1,687 
Investment in Athene Holding4,548 — — — 4,548 
Other investments49 46 946 
4
— 1,041 
Investments of VIEs1,055 13,188 488 14,737 
Due from related parties5
— — 48 — 48 
Derivative assets6
— — — 
Total Assets$8,378 $1,109 $14,182 $488 $24,157 
Liabilities – Asset Management
Debt of VIEs, at fair value$— $446 $7,497 $— $7,943 
Other liabilities of VIEs, at fair value— 31 35 
Contingent consideration obligations7
— — 126 — 126 
Other liabilities8
48 — — — 48 
Derivative liabilities6
— — — 
Total Liabilities$48 $451 $7,654 $$8,154 
1 Cash and cash equivalents as of December 31, 2021 includes $2 million of cash and cash equivalents held by consolidated SPACs. Refer to note 17 for further information.
2 Restricted cash and cash equivalents as of December 31, 2022 and December 31, 2021 includes $1.0 billion and $690 million, respectively, of restricted cash and cash equivalents held by consolidated SPACs. Refer to note 17 for further information.
3 U.S. Treasury securities as of December 31, 2021 includes $1.2 billion of U.S. Treasury securities held by consolidated SPACs. Refer to note 17 for further information.
4 Investments as of December 31, 2022 and December 31, 2021 excludes $198 million and $176 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments.
5 Due from related parties represents a receivable from a fund.
6 Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the consolidated statements of financial condition.
7 As of December 31, 2022, other liabilities includes $31 million of contingent obligations, related to the Griffin Capital acquisition, classified as Level 3. As of December 31, 2022 and December 31, 2021, profit sharing payable includes $55 million and $126 million, respectively, related to contingent obligations classified as Level 3.
8 Other liabilities as of December 31, 2022 includes the publicly traded warrants of APSG II. Other liabilities as of December 31, 2021 includes the publicly traded warrants of APSG I and APSG II.
Summary of Valuation Techniques and Quantitative Inputs and Assumptions used for Financial Assets and Liabilities
The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3:

December 31, 2022
Fair Value
(In millions)
Valuation TechniqueUnobservable InputsRangesWeighted Average
Financial Assets
Asset Management
Investments$526 Embedded valueN/AN/AN/A
128Discounted cash flowDiscount rate8.9% – 52.8%28.7%
1
429Adjusted transaction valueN/AN/AN/A
Due from related parties43Discounted cash flowDiscount rate15.0%15.0%
Derivative assets15Option modelVolatility rate60.0%60.0%
Investments of consolidated VIEs
Equity securities458Dividend discount modelDiscount rate12.1%12.1%
Bank loans244Discounted cash flowDiscount rate6.4% – 32.7%8.0%
1
Adjusted transaction valueN/AN/AN/A
Bonds25Discounted cash flowDiscount rate7.9%7.9%
Retirement Services
AFS, trading and equity securities10,671 Discounted cash flowDiscount rate
2.2% – 18.8%
6.8%
1
Mortgage loans2
30,811 Discounted cash flowDiscount rate
1.5% – 22.1%
6.3%
1
Investment funds2
506 Discounted cash flowDiscount rate6.4%6.4%
873 Discounted cash flow /
Guideline public equity
Discount rate /
P/E
16.5% / 9x
16.5% / 9x
529 Net tangible asset valuesImplied multiple
1.26x
1.26x
563 Reported net asset valueReported net asset valueN/AN/A
959 Embedded valueN/AN/AN/A
Financial Liabilities
Asset Management
Contingent consideration obligation86 Discounted cash flowDiscount rate20.0% – 25.0%22.7%
1
Option modelVolatility rate29.8% – 39.6%34.7%
1
Retirement Services
Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives5,841 Discounted cash flowNonperformance risk
0.1% – 1.7%
1.0%
3
Option budget
0.5% – 5.3%
1.9%
4
Surrender rate
5.1% – 11.5%
8.1%
5
1 Unobservable inputs were weighted based on the fair value of the investments included in the range.
2 Includes those of consolidated VIEs.
3 The nonperformance risk weighted average is based on the projected excess benefits of reserves used in the calculation of the embedded derivative.
4 The option budget weighted average is calculated based on the indexed account values.
5 The surrender rate weighted average is calculated based on projected account values.
 December 31, 2021
Fair Value
(In millions)
Valuation TechniquesUnobservable InputsRanges
Weighted Average1
Financial Assets
Other investments$516 Embedded valueN/AN/AN/A
170 Discounted cash flowDiscount rate14.0% - 52.8%26.4%
260 Adjusted transaction valueN/AN/AN/A
Due from related parties48 Discounted cash flowDiscount rate16.0%16.0%
Investments of consolidated VIEs:
Equity securities4,145 Discounted cash flowDiscount rate3.0% - 19.0%10.4%
Dividend discount modelDiscount rate13.7%13.7%
Market comparable companiesNTAV multiple1.25x1.25x
Adjusted transaction valuePurchase multiple1.25x1.25x
Adjusted transaction valueN/AN/AN/A
Bank loans4,570 Discounted cash flowDiscount rate1.8% - 15.6%4.3%
Adjusted transaction valueN/AN/AN/A
Profit participating notes2,849 Discounted cash flowDiscount rate8.7% - 12.5%12.4%
Adjusted transaction valueN/AN/AN/A
Real estate512 Discounted cash flowCapitalization rate4.0% - 5.8%5.3%
Discounted cash flowDiscount rate5.0% - 12.5%7.3%
Discounted cash flowTerminal capitalization rate8.3%8.3%
Direct capitalizationCapitalization rate5.5% - 8.5%6.2%
Direct capitalizationTerminal capitalization rate6.0% - 12.0%6.9%
Bonds51 Discounted cash flowDiscount rate4.0% - 7.0%6.1%
Third party pricingN/AN/AN/A
Other equity investments1,061 Discounted cash flowDiscount rate11.8% -12.5%12.1%
Adjusted transaction valueN/AN/AN/A
Financial Liabilities
Liabilities of Consolidated VIEs:
Secured loans4,312 Discounted cash flowDiscount rate1.4% - 10.0%2.8%
Subordinated notes3,164 Discounted cash flowDiscount rate4.5% - 11.9%5.8%
Participating equity21 Discounted cash flowDiscount rate15.0%15.0%
Other liabilities31 Discounted cash flowDiscount rate3.7% - 9.3%6.3%
Contingent consideration obligation126 Discounted cash flowDiscount rate18.5%18.5%
1 Unobservable inputs were weighted based on the fair value of the investments included in the range.
Schedule of Gross Components of Purchases, Issuances, Sales and Settlements, Net and Net Transfers In (Out)
The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis:
Year ended December 31, 2022
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets – Asset Management
Investments and derivative assets$946 $20 $— $109 $23 $1,098 $56 $— 
Investments of Consolidated VIEs13,188 252 — (13)(12,700)727 17 — 
Total Level 3 assets – Asset Management
$14,134 $272 $— $96 $(12,677)$1,825 $73 $— 
Assets – Retirement Services
AFS securities
Foreign governments$$(1)$— $— $— $$— $— 
Corporate1,339 (16)(123)364 101 1,665 — (119)
CLO14 (2)— (9)(3)— — — 
ABS3,619 (183)788 642 4,867 — (216)
CMBS43 — (17)— (26)— — — 
Year ended December 31, 2022
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
RMBS— — 295 (66)232 — 
Trading securities69 (9)— (10)53 (5)— 
Equity securities429 26 — (4)(359)92 22 — 
Mortgage loans21,154 (2,761)— 9,061 — 27,454 (2,747)— 
Investment funds18 — — (19)— — — 
Funds withheld at interest – embedded derivative— (4,847)— — — (4,847)— — 
Short-term investments29 — — — 36 — — 
Other investments— (91)— 36 496 441 (91)— 
Investments in related parties
AFS securities
Corporate670 (3)(16)202 (41)812 — (16)
CLO202 — (29)130 — 303 — (29)
ABS6,445 16 (256)(715)52 5,542 (11)(259)
Trading securities1,771 — (1,084)188 878 — 
Equity securities284 (2)— (15)12 279 — — 
Mortgage loans1,369 (225)— 158 — 1,302 (225)— 
Investment funds2,855 78 — 57 (2,031)959 119 — 
Short-term investments— — — 53 (53)— — — 
Funds withheld at interest – embedded derivative— (1,425)— — — (1,425)— — 
Other investments— 14 — 15 274 303 14 — 
Reinsurance recoverable1,991 (603)— — — 1,388 — — 
Assets of consolidated VIEs
Trading securities— 49 — 530 43 622 11 — 
Mortgage loans2,152 (227)— (31)161 2,055 (226)— 
Investment funds1,297 72 — 1,862 (760)2,471 58 — 
Other investments— (17)— 31 85 99 (24)— 
Total Level 3 assets – Retirement Services
$45,752 $(9,969)$(621)$11,721 $(1,301)$45,582 $(3,104)$(635)
Liabilities – Asset Management
Contingent consideration obligations$126 $(63)$— $23 $— $86 $— $— 
Debt and other liabilities of consolidated VIEs7,528 (28)— (442)(7,058)— — — 
Total Level 3 liabilities – Asset Management
$7,654 $(91)$— $(419)$(7,058)$86 $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative$(7,559)$2,934 $— $(1,216)$— $(5,841)$— $— 
Universal life benefits(1,235)406 — — — (829)— — 
Future policy benefits— 
AmerUs Closed Block(1,520)356 — — — (1,164)— — 
ILICO Closed Block and life benefits(742)194 — — — (548)— — 
Derivative liabilities(3)— — — (1)— — 
Other liabilities— (37)— (105)— (142)— — 
Total Level 3 liabilities – Retirement Services
$(11,059)$3,855 $— $(1,321)$— $(8,525)$— $— 
1 Related to instruments held at end of period.
Year ended December 31, 2021
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets – Asset Management
Investments of Consolidated VIEs$10,963 $448 $— $2,235 $(458)$13,188 $308 $— 
Other Investments370 88 — 489 (1)946 82 — 
Total Level 3 assets – Asset Management
$11,333 $536 $— $2,724 $(459)$14,134 $390 $— 
Liabilities – Asset Management
Contingent consideration obligations$120 $27 $— $(21)$— $126 $— $— 
Debt and other liabilities of consolidated VIEs7,100 42 — 386 — 7,528 45 — 
Total Level 3 liabilities – Asset Management
$7,220 $69 $— $365 $— $7,654 $45 $— 
1 Related to instruments held at end of period.

The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:

Year ended December 31, 2022
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlements
Transfers In1
Transfers Out1
Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets$230 $— $(121)$— $109 $23 $— $23 
Investments of consolidated VIEs3,349 — (3,362)— (13)2,072 (14,772)(12,700)
Total Level 3 assets – Asset Management
$3,579 $— $(3,483)$— $96 $2,095 $(14,772)$(12,677)
Assets – Retirement Services
AFS securities
Corporate$685 $— $(177)$(144)$364 $393 $(292)$101 
CLO— — (12)(9)— (3)(3)
ABS3,306 — (1,791)(727)788 1,089 (447)642 
CMBS— — — — — — (26)(26)
RMBS296 — — (1)295 — (66)(66)
Trading securities— (9)(9)(10)56 (53)
Equity securities— — (4)— (4)41 (400)(359)
Mortgage loans12,367 — (198)(3,108)9,061 — — — 
Investment funds— — — — — — (19)(19)
Short-term investments59 — — (52)— — — 
Other investments48 — (12)— 36 496 — 496 
Investments in related parties
AFS securities
Corporate483 — (263)(18)202 53 (94)(41)
CLO130 — — — 130 — — — 
ABS2,889 — (94)(3,510)(715)1,916 (1,864)52 
Trading securities43 — (1,081)(46)(1,084)1,448 (1,260)188 
Equity securities195 — (119)(91)(15)125 (113)12 
Mortgage loans182 — — (24)158 — — — 
Investment funds91 — (34)— 57 — (2,031)(2,031)
Short-term investments53 — — — 53 — (53)(53)
Other investments31 — (16)— 15 274 — 274 
Year ended December 31, 2022
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlements
Transfers In1
Transfers Out1
Net Transfers In (Out)
Assets of consolidated VIEs
Trading securities531 — (1)— 530 430 (387)43 
Equity securities— — — — — 15 (15)— 
Mortgage loans176 — — (207)(31)384 (223)161 
Investment funds2,014 — (152)— 1,862 11,550 (12,310)(760)
Other investments33 — (2)— 31 2,018 (1,933)85 
Total Level 3 assets – Retirement Services
$23,623 $— $(3,953)$(7,949)$11,721 $20,288 $(21,589)$(1,301)
Liabilities - Asset Management
Contingent consideration obligations$— $36 $— $(13)$23 $— $— $— 
Debt and other liabilities of consolidated VIEs— — — (442)(442)1,568 (8,626)(7,058)
Total Level 3 liabilities – Asset Management
$— $36 $— $(455)$(419)$1,568 $(8,626)$(7,058)
Liabilities – Retirement Services
Interest sensitive contract liabilities
Interest sensitive contract liabilities - Embedded derivative$— $(1,722)$— $506 $(1,216)$— $— $— 
Other liabilities— — — (105)(105)— — — 
Total Level 3 liabilities – Retirement Services
$— $(1,722)$— $401 $(1,321)$— $— $— 
1 Transfers in and out are primarily assets of VIEs with changes in consolidation at Athene in 2022.

Year ended December 31, 2021
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlementsTransfers InTransfers OutNet Transfers In (Out)
Assets – Asset Management
Investments$492 $— $(3)$— $489 $$(2)$(1)
Investments of consolidated VIEs3,680 — (1,445)— 2,235 45 (503)(458)
Total Level 3 assets – Asset Management
$4,172 $— $(1,448)$— $2,724 $46 $(505)$(459)
Liabilities - Asset Management
Contingent consideration obligations$— $— $— $(21)$(21)$— $— $— 
Debt and other liabilities of consolidated VIEs— 706 — (320)386 — — — 
Total Level 3 liabilities – Asset Management
$— $706 $— $(341)$365 $— $— $— 
Schedule of Gross Components of Purchases, Issuances, Sales and Settlements, Net and Net Transfers In (Out)
Year ended December 31, 2022
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets – Asset Management
Investments and derivative assets$946 $20 $— $109 $23 $1,098 $56 $— 
Investments of Consolidated VIEs13,188 252 — (13)(12,700)727 17 — 
Total Level 3 assets – Asset Management
$14,134 $272 $— $96 $(12,677)$1,825 $73 $— 
Assets – Retirement Services
AFS securities
Foreign governments$$(1)$— $— $— $$— $— 
Corporate1,339 (16)(123)364 101 1,665 — (119)
CLO14 (2)— (9)(3)— — — 
ABS3,619 (183)788 642 4,867 — (216)
CMBS43 — (17)— (26)— — — 
Year ended December 31, 2022
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
RMBS— — 295 (66)232 — 
Trading securities69 (9)— (10)53 (5)— 
Equity securities429 26 — (4)(359)92 22 — 
Mortgage loans21,154 (2,761)— 9,061 — 27,454 (2,747)— 
Investment funds18 — — (19)— — — 
Funds withheld at interest – embedded derivative— (4,847)— — — (4,847)— — 
Short-term investments29 — — — 36 — — 
Other investments— (91)— 36 496 441 (91)— 
Investments in related parties
AFS securities
Corporate670 (3)(16)202 (41)812 — (16)
CLO202 — (29)130 — 303 — (29)
ABS6,445 16 (256)(715)52 5,542 (11)(259)
Trading securities1,771 — (1,084)188 878 — 
Equity securities284 (2)— (15)12 279 — — 
Mortgage loans1,369 (225)— 158 — 1,302 (225)— 
Investment funds2,855 78 — 57 (2,031)959 119 — 
Short-term investments— — — 53 (53)— — — 
Funds withheld at interest – embedded derivative— (1,425)— — — (1,425)— — 
Other investments— 14 — 15 274 303 14 — 
Reinsurance recoverable1,991 (603)— — — 1,388 — — 
Assets of consolidated VIEs
Trading securities— 49 — 530 43 622 11 — 
Mortgage loans2,152 (227)— (31)161 2,055 (226)— 
Investment funds1,297 72 — 1,862 (760)2,471 58 — 
Other investments— (17)— 31 85 99 (24)— 
Total Level 3 assets – Retirement Services
$45,752 $(9,969)$(621)$11,721 $(1,301)$45,582 $(3,104)$(635)
Liabilities – Asset Management
Contingent consideration obligations$126 $(63)$— $23 $— $86 $— $— 
Debt and other liabilities of consolidated VIEs7,528 (28)— (442)(7,058)— — — 
Total Level 3 liabilities – Asset Management
$7,654 $(91)$— $(419)$(7,058)$86 $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative$(7,559)$2,934 $— $(1,216)$— $(5,841)$— $— 
Universal life benefits(1,235)406 — — — (829)— — 
Future policy benefits— 
AmerUs Closed Block(1,520)356 — — — (1,164)— — 
ILICO Closed Block and life benefits(742)194 — — — (548)— — 
Derivative liabilities(3)— — — (1)— — 
Other liabilities— (37)— (105)— (142)— — 
Total Level 3 liabilities – Retirement Services
$(11,059)$3,855 $— $(1,321)$— $(8,525)$— $— 
1 Related to instruments held at end of period.
Year ended December 31, 2021
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets – Asset Management
Investments of Consolidated VIEs$10,963 $448 $— $2,235 $(458)$13,188 $308 $— 
Other Investments370 88 — 489 (1)946 82 — 
Total Level 3 assets – Asset Management
$11,333 $536 $— $2,724 $(459)$14,134 $390 $— 
Liabilities – Asset Management
Contingent consideration obligations$120 $27 $— $(21)$— $126 $— $— 
Debt and other liabilities of consolidated VIEs7,100 42 — 386 — 7,528 45 — 
Total Level 3 liabilities – Asset Management
$7,220 $69 $— $365 $— $7,654 $45 $— 
1 Related to instruments held at end of period.

The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:

Year ended December 31, 2022
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlements
Transfers In1
Transfers Out1
Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets$230 $— $(121)$— $109 $23 $— $23 
Investments of consolidated VIEs3,349 — (3,362)— (13)2,072 (14,772)(12,700)
Total Level 3 assets – Asset Management
$3,579 $— $(3,483)$— $96 $2,095 $(14,772)$(12,677)
Assets – Retirement Services
AFS securities
Corporate$685 $— $(177)$(144)$364 $393 $(292)$101 
CLO— — (12)(9)— (3)(3)
ABS3,306 — (1,791)(727)788 1,089 (447)642 
CMBS— — — — — — (26)(26)
RMBS296 — — (1)295 — (66)(66)
Trading securities— (9)(9)(10)56 (53)
Equity securities— — (4)— (4)41 (400)(359)
Mortgage loans12,367 — (198)(3,108)9,061 — — — 
Investment funds— — — — — — (19)(19)
Short-term investments59 — — (52)— — — 
Other investments48 — (12)— 36 496 — 496 
Investments in related parties
AFS securities
Corporate483 — (263)(18)202 53 (94)(41)
CLO130 — — — 130 — — — 
ABS2,889 — (94)(3,510)(715)1,916 (1,864)52 
Trading securities43 — (1,081)(46)(1,084)1,448 (1,260)188 
Equity securities195 — (119)(91)(15)125 (113)12 
Mortgage loans182 — — (24)158 — — — 
Investment funds91 — (34)— 57 — (2,031)(2,031)
Short-term investments53 — — — 53 — (53)(53)
Other investments31 — (16)— 15 274 — 274 
Year ended December 31, 2022
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlements
Transfers In1
Transfers Out1
Net Transfers In (Out)
Assets of consolidated VIEs
Trading securities531 — (1)— 530 430 (387)43 
Equity securities— — — — — 15 (15)— 
Mortgage loans176 — — (207)(31)384 (223)161 
Investment funds2,014 — (152)— 1,862 11,550 (12,310)(760)
Other investments33 — (2)— 31 2,018 (1,933)85 
Total Level 3 assets – Retirement Services
$23,623 $— $(3,953)$(7,949)$11,721 $20,288 $(21,589)$(1,301)
Liabilities - Asset Management
Contingent consideration obligations$— $36 $— $(13)$23 $— $— $— 
Debt and other liabilities of consolidated VIEs— — — (442)(442)1,568 (8,626)(7,058)
Total Level 3 liabilities – Asset Management
$— $36 $— $(455)$(419)$1,568 $(8,626)$(7,058)
Liabilities – Retirement Services
Interest sensitive contract liabilities
Interest sensitive contract liabilities - Embedded derivative$— $(1,722)$— $506 $(1,216)$— $— $— 
Other liabilities— — — (105)(105)— — — 
Total Level 3 liabilities – Retirement Services
$— $(1,722)$— $401 $(1,321)$— $— $— 
1 Transfers in and out are primarily assets of VIEs with changes in consolidation at Athene in 2022.

Year ended December 31, 2021
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlementsTransfers InTransfers OutNet Transfers In (Out)
Assets – Asset Management
Investments$492 $— $(3)$— $489 $$(2)$(1)
Investments of consolidated VIEs3,680 — (1,445)— 2,235 45 (503)(458)
Total Level 3 assets – Asset Management
$4,172 $— $(1,448)$— $2,724 $46 $(505)$(459)
Liabilities - Asset Management
Contingent consideration obligations$— $— $— $(21)$(21)$— $— $— 
Debt and other liabilities of consolidated VIEs— 706 — (320)386 — — — 
Total Level 3 liabilities – Asset Management
$— $706 $— $(341)$365 $— $— $— 
Schedule of Gain (Losses) Recorded for Financial Instruments Elected the Fair Value Option The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance:
(In millions)December 31, 2022
Commercial mortgage loans$21,061 
Commercial mortgage loans under development790 
Total commercial mortgage loans21,851 
Mark to fair value(1,743)
Commercial mortgage loans20,108 
Residential mortgage loans11,802 
Mark to fair value(1,099)
Residential mortgage loans10,703 
Mortgage loans$30,811 
The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs:
(In millions)Year ended December 31, 2022
Trading securities$(424)
Mortgage loans(3,213)
Investment funds114 
Future policy benefits356 
Other liabilities(37)
Total gains (losses)$(3,204)
The following summarizes information for fair value option mortgage loans, including related parties and VIEs:

(In millions)December 31, 2022
Unpaid principal balance$33,653 
Mark to fair value(2,842)
Fair value$30,811 

The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status:

(In millions)December 31, 2022
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status$74 
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status(55)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status$19 
Fair value of commercial mortgage loans 90 days or more past due$
Fair value of commercial mortgage loans in non-accrual status19 

The following represents the residential loan portfolio 90 days or more past due and/or in non-accrual status:

(In millions)December 31, 2022
Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status$522 
Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status(50)
Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status$472 
Fair value of residential mortgage loans 90 days or more past due1
$472 
Fair value of residential mortgage loans in non-accrual status360 
1 Includes $221 million of residential mortgage loans that are guaranteed by U.S. government-sponsored agencies.

The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio:

(In millions)Year ended December 31, 2022
Mortgage loans$(41)
Schedule of Financial Instruments Not Measured at Fair Value
The following represents Athene’s financial instruments not carried at fair value on the consolidated statements of financial condition:
December 31, 2022
(In millions)Carrying ValueFair ValueNAVLevel 1Level 2Level 3
Financial assets
Investment funds$79 $79 $79 $— $— $— 
Policy loans347 347 — — 347 — 
Funds withheld at interest37,727 37,727 — — — 37,727 
Short-term investments1,640 1,640 — — 1,614 26 
Other investments162 162 — — — 162 
Investments in related parties
Investment funds610 610 610 — — — 
Funds withheld at interest11,233 11,233 — — — 11,233 
Total financial assets not carried at fair value$51,798 $51,798 $689 $— $1,961 $49,148 
Financial liabilities
Interest sensitive contract liabilities$125,101 $111,608 $— $— $— $111,608 
Debt3,658 2,893 — — 2,893 — 
Securities to repurchase4,743 4,743 — — 4,743 — 
Funds withheld liability360 360 — — 360 — 
Total financial liabilities not carried at fair value$133,862 $119,604 $— $— $7,996 $111,608