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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of June 30, 2021:
 Measurement
Category		Level 1Level 2Level 3Total
 (Dollars In Millions)
Assets:    
Fixed maturity securities - AFS    
Residential mortgage-backed securities4$— $7,038 $— $7,038 
Commercial mortgage-backed securities4— 2,314 32 2,346 
Other asset-backed securities4— 1,061 451 1,512 
U.S. government-related securities4458 466 — 924 
State, municipals, and political subdivisions4— 4,249 — 4,249 
Other government-related securities4— 744 — 744 
Corporate securities4— 51,846 1,553 53,399 
Redeemable preferred stocks4222 70 — 292 
Total fixed maturity securities - AFS680 67,788 2,036 70,504 
Fixed maturity securities - trading    
Residential mortgage-backed securities3— 161 — 161 
Commercial mortgage-backed securities3— 220 — 220 
Other asset-backed securities3— 83 97 180 
U.S. government-related securities328 6 — 34 
State, municipals, and political subdivisions3— 288 — 288 
Other government-related securities3— 40 16 56 
Corporate securities3— 1,835 11 1,846 
Redeemable preferred stocks38 — — 8 
Total fixed maturity securities - trading36 2,633 124 2,793 
Total fixed maturity securities716 70,421 2,160 73,297 
Equity securities3562 — 112 674 
Other long-term investments(1)
3 & 465 1,229 307 1,601 
Short-term investments3526 159 — 685 
Total investments1,869 71,809 2,579 76,257 
Cash3377 — — 377 
Assets related to separate accounts    
Variable annuity313,214 — — 13,214 
Variable universal life31,739 — — 1,739 
Total assets measured at fair value on a recurring basis$17,199 $71,809 $2,579 $91,587 
Liabilities:    
Annuity account balances(2)
3$— $— $65 $65 
Other liabilities(1)
3 & 425 947 2,016 2,988 
Total liabilities measured at fair value on a recurring basis$25 $947 $2,081 $3,053 
Measurement category 3 represents fair value through net income (loss) and 4 represents fair value through other comprehensive income (loss).
(1) Includes certain freestanding and embedded derivatives.
(2) Represents liabilities related to fixed indexed annuities.
The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2020:
 Measurement
Category		Level 1Level 2Level 3Total
 (Dollars In Millions)
Assets:    
Fixed maturity securities - AFS    
Residential mortgage-backed securities4$— $6,668 $— $6,668 
Commercial mortgage-backed securities4— 2,502 32 2,534 
Other asset-backed securities4— 1,143 435 1,578 
U.S. government-related securities41,015 500 — 1,515 
State, municipals, and political subdivisions4— 4,420 — 4,420 
Other government-related securities4— 717 — 717 
Corporate securities4— 50,675 1,432 52,107 
Redeemable preferred stocks4125 69 — 194 
Total fixed maturity securities - AFS1,140 66,694 1,899 69,733 
Fixed maturity securities - trading    
Residential mortgage-backed securities3— 209 — 209 
Commercial mortgage-backed securities3— 214 — 214 
Other asset-backed securities3— 91 72 163 
U.S. government-related securities379 12 — 91 
State, municipals, and political subdivisions3— 282 — 282 
Other government-related securities3— 30 — 30 
Corporate securities3— 1,843 17 1,860 
Redeemable preferred stocks313 — — 13 
Total fixed maturity securities - trading92 2,681 89 2,862 
Total fixed maturity securities1,232 69,375 1,988 72,595 
Equity securities3566 — 101 667 
Other long-term investments(1)
3 & 452 1,285 299 1,636 
Short-term investments3403 59 — 462 
Total investments2,253 70,719 2,388 75,360 
Cash3656 — — 656 
Assets related to separate accounts    
Variable annuity312,378 — — 12,378 
Variable universal life31,287 — — 1,287 
Total assets measured at fair value on a recurring basis$16,574 $70,719 $2,388 $89,681 
Liabilities:    
Annuity account balances(2)
3$— $— $67 $67 
Other liabilities(1)
3 & 414 867 2,238 3,119 
Total liabilities measured at fair value on a recurring basis$14 $867 $2,305 $3,186 
Measurement category 3 represents fair value through net income (loss) and 4 represents fair value through other comprehensive income (loss).
(1) Includes certain freestanding and embedded derivatives.
(2) Represents liabilities related to fixed indexed annuities.
Schedule of the Valuation Method for Material Financial Instruments Included in Level 3, as well as the Unobservable Inputs Used in the Valuation of the Financial Instruments The following tables present the valuation method for material AFS fixed maturity securities and embedded derivative financial instruments included in Level 3, as well as the unobservable inputs used in the valuation of those financial instruments as of June 30, 2021 and December 31, 2020:
June 30, 2021
Fair Value		Valuation
Technique		Unobservable
Input		Range
(Weighted Average)
 (Dollars In Millions)   
Assets:    
Commercial mortgage-backed securities$32 Discounted cash flowSpread over treasury
2.12% - 2.29% (2.23%)
Other asset-backed securities451 Liquidation Liquidation value
$97.00 - $99.75 ($98.77)
Discounted cash flowLiquidity premium
0.62% - 2.29% (1.63%)
Paydown Rate
8.97% - 13.12% (11.64%)
Corporate securities1,553 Discounted cash flowSpread over treasury
0.00% - 4.00% (1.48%)
Liabilities:(1)
    
Embedded derivatives - GLWB(2)
$521 Actuarial cash flow modelMortality
88% to 100% of
Ruark 2015 ALB Table

   LapsePL-RBA Predictive Model
   UtilizationPL-RBA Predictive Model
   Nonperformance risk
0.17% - 0.77%
Embedded derivative - FIA630 Actuarial cash flow modelExpenses
$207 per policy
   Withdrawal rate
0.4% - 2.4% prior to age 72, 100% of the RMD for ages 72+ or WB withdrawal rate. Assume underutilized RMD for non-WB policies ages 72-88.
   Mortality
88% to 100% of Ruark 2015 ALB table
   Lapse
0.2% - 50.0%, depending on duration/surrender charge period
Dynamically adjusted for WB moneyness and projected market rates vs credited rates
   Nonperformance risk
0.17% - 0.77%
Embedded derivative - IUL244 Actuarial cash flow modelMortality
36% - 161% of 2015
VBT Primary Tables
94% - 248% of duration 8 point in scale 2015 VBT Primary Tables, depending on type of business
   Lapse
0.375% - 10.0%, depending on
duration/distribution channel
and smoking class
   Nonperformance risk
0.17% - 0.77%
(1) Excludes modified coinsurance arrangements.
(2) Fair value is presented as a net liability.
December 31, 2020Fair ValueValuation
Technique		Unobservable
Input		Range
(Weighted Average)
 (Dollars In Millions)   
Assets:    
Commercial mortgage-backed securities$32 Discounted cash flowSpread over treasury
2.78% - 2.92% (2.87%)
Other asset-backed securities435 Liquidation Liquidation value
$95 - $97 ($96.19)
Discounted cash flowLiquidity premium
0.54% - 2.3% (1.63%)
Paydown Rate
8.79% - 12.49% (11.39%)
Corporate securities1,432 Discounted cash flowSpread over treasury
0.00% - 4.75% (1.89%)
Liabilities:(1)
    
Embedded derivatives - GLWB(2)
$822 Actuarial cash flow modelMortality
88% to 100% of
Ruark 2015 ALB Table
   LapsePL-RBA Predictive Model
   UtilizationPL-RBA Predictive Model
   Nonperformance risk
0.19% - 0.81%
Embedded derivative - FIA573 Actuarial cash flow modelExpenses
$207 per policy
   Withdrawal rate
0.4% - 2.4% prior to age 70 RMD for
ages 70+
or WB withdrawal rate
Assume underutilized RMD
for non-WB policies age 72-88
   Mortality
88% to 100% or Ruark 2015 ALB table
   Lapse
0.2% - 50.0%, depending on duration/surrender charge period
   Nonperformance risk
0.19% - 0.81%
Embedded derivative - IUL201 Actuarial cash flow modelMortality
36% - 161% of 2015
VBT Primary Tables
94% - 248% of duration
8 point in scale 2015
VBT Primary Tables,
depending on type of business
   Lapse
0.375% - 10%, depending on duration/distribution channel and smoking class
   Nonperformance risk
0.19% - 0.81%
(1) Excludes modified coinsurance arrangements.
(2) Fair value is presented as a net liability.
Schedule of Reconciliation of the Beginning and Ending Balances for Fair Value Measurements, for Which the Company Has Used Significant Unobservable Inputs (Level 3)
The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the three months ended June 30, 2021, for which the Company has used significant unobservable inputs (Level 3):
Total
Realized and Unrealized
Gains		Total
Realized and Unrealized
Losses		Total Gains (losses) included in Operations related to Instruments still held at
the 
Reporting
Date
Beginning
Balance		Included
in
Operations		Included
in
Other
Comprehensive
Income (Loss)		Included
in
Operations		Included
in
Other
Comprehensive
Income (Loss)		PurchasesSalesIssuancesSettlementsTransfers
in/out of
Level 3		OtherEnding
Balance
 (Dollars In Millions)
Assets:             
Fixed maturity securities AFS             
Commercial mortgage-backed securities$32 $— $— $— $— $— $— $— $— $— $— $32 $— 
Other asset-backed securities440 — — — 12 (2)— — — 1 451 — 
Corporate securities1,406 — 31 — — 152 (102)— — 66 — 1,553 — 
Total fixed maturity securities - available-for-sale1,878 — 31 — — 164 (104)— — 66 1 2,036 — 
Fixed maturity securities - trading             
Other asset-backed securities101 — 2 — — 2 (8)— — — — 97 — 
Other government-related securities16 — — — — — — — — — — 16 — 
Corporate securities11 — — — — — — — — 11 — 
Total fixed maturity securities - trading128 — 2 — — 2 (8)— — — — 124 — 
Total fixed maturity securities2,006 — 33 — — 166 (112)— — 66 1 2,160 — 
Equity securities123 — — — — 6 (17)— — — — 112 — 
Other long-term investments(1)
289 35 — (17)— — — — — — — 307 18 
Total investments2,418 35 33 (17)— 172 (129)— — 66 1 2,579 18 
Total assets measured at fair value on a recurring basis$2,418 $35 $33 $(17)$— $172 $(129)$— $— $66 $1 $2,579 $18 
Liabilities:             
Annuity account balances(2)
$66 $— $— $(1)$— $— $— $— $2 $— $— $65 $— 
Other liabilities(1)
1,686 16 — (346)— — — — — — — 2,016 (330)
Total liabilities measured at fair value on a recurring basis$1,752 $16 $— $(347)$— $— $— $— $2 $— $— $2,081 $(330)
(1) Represents certain freestanding and embedded derivatives.
(2) Represents liabilities related to fixed indexed annuities.
The following table presents a reconciliation of the beginning and ending balances for fair value measurements for the six months ended June 30, 2021, for which the Company has used significant unobservable inputs (Level 3):
Total
Realized and Unrealized
Gains		Total
Realized and Unrealized
Losses		Total Gains (losses) included in Operations related to Instruments still held at
the 
Reporting
Date
Beginning
Balance		Included
 in
Operations		Included 
in
Other
Comprehensive
Income (Loss)		Included 
in
Operations		Included 
in
Other
Comprehensive
Income (Loss)		PurchasesSalesIssuancesSettlementsTransfers
in/out of
Level 3		OtherEnding
Balance
 (Dollars In Millions)
Assets:             
Fixed maturity securities AFS            
Commercial mortgage-backed securities$32 $— $— $— $— $— $— $— $— $— $— $32 — 
Other asset-backed securities435 — 5 — — 12 (1)— — — — 451 — 
Corporate securities1,432 — 4 — (19)162 (134)— — 108 — 1,553 — 
Total fixed maturity securities-AFS1,899 — 9 — (19)174 (135)— — 108 — 2,036 — 
Fixed maturity securities - trading            
Other asset-backed securities71 — 2 — — 11 (6)— — 19 — 97 — 
Other government-related securities— — — — — — — — — 16 — 16 — 
Corporate securities18 — — — — — (2)— — (5)— 11 — 
Total fixed maturity securities - trading89 — 2 — — 11 (8)— — 30 — 124 — 
Total fixed maturity securities1,988 — 11 — (19)185 (143)— — 138 — 2,160 — 
Equity securities101 — — — — 39 (23)— — (5)— 112 — 
Other long-term investments(1)
298 71 — (62)— — — — — — — 307 9 
Total investments2,387 71 11 (62)(19)224 (166)— — 133 — 2,579 9 
Total assets measured at fair value on a recurring basis$2,387 $71 $11 $(62)$(19)$224 $(166)$— $— $133 $— $2,579 $9 
Liabilities:             
Annuity account balances(2)
$67 $— $— $(2)$— $— $— $— $4 $— $— $65 $— 
Other liabilities(1)
2,239 587 — (364)— — — — — — — 2,016 223 
Total liabilities measured at fair value on a recurring basis$2,306 $587 $— $(366)$— $— $— $— $4 $— $— $2,081 $223 
(1) Represents certain freestanding and embedded derivatives.
(2) Represents liabilities related to fixed indexed annuities.
Schedule of the Carrying Amounts and Estimated Fair Value of the Company's Financial Instruments The carrying amounts and estimated fair values of the Company’s financial instruments as of the periods shown below are as follows:
As of
June 30, 2021December 31, 2020
Fair Value
Level		Carrying
Amounts		Fair ValuesCarrying
Amounts		Fair Values
  (Dollars In Millions)
Assets:     
Commercial mortgage loans(1)
3$10,288 $11,009 $10,006 $10,788 
Policy loans31,551 1,551 1,593 1,593 
  Other long-term investments(2)
21,223 1,306 1,186 1,283 
Liabilities:     
Stable value product account balances3$7,461 $7,585 $6,056 $6,231 
Future policy benefits and claims(3)
31,513 1,557 1,580 1,603 
Other policyholders’ funds(4)
3103 109 102 108 
Debt:(5)
     
Subordinated funding obligations
3$110 $116 $110 $121 
Except as noted below, fair values were estimated using quoted market prices.
(1) The carrying amount is net of allowance for credit losses.
(2) Other long-term investments represents a Modco receivable, which is related to invested assets such as fixed income and structured securities, which are legally owned by the ceding company. The fair value is determined in a manner consistent with other similar invested assets held by the Company.
(3) Single premium immediate annuity and structured annuities without life contingencies.
(4) Supplementary contracts without life contingencies.
(5) Excludes immaterial capital lease obligations.