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Investments (Tables)

9 Months Ended

Sep. 30, 2022

Financing Receivable, Credit Quality Indicator [Line Items]

Reconciliation Of Available-For-Sale Securities From Cost Basis To Fair Value



	As of September 30, 2022
							Allowance
	Amortized		Gross Unrealized				for Credit		Fair
	Cost		Gains		Losses		Losses		Value
Fixed maturity AFS securities:
Corporate bonds	$	89,112	$	611	$	12,270	$	7	$	77,446
U.S. government bonds		410		6		32		-		384
State and municipal bonds		5,412		188		511		-		5,089
Foreign government bonds		377		16		55		-		338
RMBS		2,244		28		219		5		2,048
CMBS		1,789		-		240		-		1,549
ABS		11,341		34		1,023		5		10,347
Hybrid and redeemable preferred securities		373		29		30		1		371
Total fixed maturity AFS securities	$	111,058	$	912	$	14,380	$	18	$	97,572



	As of December 31, 2021
							Allowance
	Amortized		Gross Unrealized				for Credit		Fair
	Cost		Gains		Losses		Losses		Value
Fixed maturity AFS securities:
Corporate bonds	$	86,373	$	12,113	$	349	$	17	$	98,120
U.S. government bonds		375		60		2		-		433
State and municipal bonds		5,322		1,311		12		-		6,621
Foreign government bonds		373		64		5		-		432
RMBS		2,334		196		4		1		2,525
CMBS		1,552		61		14		-		1,599
ABS		8,439		127		54		-		8,512
Hybrid and redeemable preferred securities		409		107		11		1		504
Total fixed maturity AFS securities	$	105,177	$	14,039	$	451	$	19	$	118,746

Available-For-Sale Securities By Contractual Maturities



	Amortized		Fair
	Cost		Value
Due in one year or less	$	3,138	$	3,105
Due after one year through five years		17,300		16,361
Due after five years through ten years		18,948		16,779
Due after ten years		56,298		47,383
Subtotal		95,684		83,628
Structured securities (RMBS, CMBS, ABS)		15,374		13,944
Total fixed maturity AFS securities	$	111,058	$	97,572

Fair Value And Gross Unrealized Losses In A Continuous Unrealized Loss Position



	As of September 30, 2022
	Less Than or Equal					Greater Than
	to Twelve Months					Twelve Months					Total
			Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value			Losses		Value			Losses		Value			Losses ⁽¹⁾
Fixed maturity AFS securities:
Corporate bonds	$	63,882		$	10,929	$	3,620		$	1,341	$	67,502		$	12,270
U.S. government bonds		269			26		22			6		291			32
State and municipal bonds		2,024			471		106			40		2,130			511
Foreign government bonds		130			27		76			28		206			55
RMBS		1,630			211		35			8		1,665			219
CMBS		1,317			178		222			62		1,539			240
ABS		8,291			845		1,596			178		9,887			1,023
Hybrid and redeemable
preferred securities		96			6		67			24		163			30
Total fixed maturity AFS securities	$	77,639		$	12,693	$	5,744		$	1,687	$	83,383		$	14,380

Total number of fixed maturity AFS securities in an unrealized loss position															8,129



	As of December 31, 2021
	Less Than or Equal					Greater Than
	to Twelve Months					Twelve Months					Total
				Gross					Gross					Gross
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value			Losses		Value			Losses		Value			Losses ⁽¹⁾
Fixed maturity AFS securities:
Corporate bonds	$	10,796		$	234	$	1,567		$	115	$	12,363		$	349
U.S. government bonds		6			-		26			2		32			2
State and municipal bonds		522			11		24			1		546			12
Foreign government bonds		61			3		56			2		117			5
RMBS		262			3		22			1		284			4
CMBS		446			12		37			2		483			14
ABS		4,646			49		165			5		4,811			54
Hybrid and redeemable
preferred securities		47			1		76			10		123			11
Total fixed maturity AFS securities	$	16,786		$	313	$	1,973		$	138	$	18,759		$	451

Total number of fixed maturity AFS securities in an unrealized loss position															2,597

⁽¹⁾As of September 30, 2022, and December 31, 2021, we recognized $8 million of gross unrealized losses in other comprehensive income (loss) (“OCI”) for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

Schedule Of Available-For-Sale Securities Whose Value Is Below Amortized Cost



	As of September 30, 2022
			Gross			Number
	Fair		Unrealized			of
	Value		Losses		Securities⁽¹⁾
Less than six months	$	19,010	$	7,186			2,166
Six months or greater, but less than nine months		477		326			79
Nine months or greater, but less than twelve months		1		-			2
Twelve months or greater		1		-			13
Total	$	19,489	$	7,512			2,260


	As of December 31, 2021
			Gross			Number
	Fair		Unrealized			of
	Value		Losses		Securities ⁽¹⁾
Less than six months	$	12	$	3			6
Twelve months or greater		58		8			24
Total	$	70	$	11			30

⁽¹⁾We may reflect a security in more than one aging category based on various purchase dates.

Changes In Allowance For Credit Losses On AFS



	For the Three
	Months Ended
	September 30, 2022
	Corporate
	Bonds		RMBS		Other		Total
Balance as of beginning-of-period	$	7	$	3	$	2	$	12
Additions from purchases of PCD debt securities ⁽¹⁾		-		-		-		-
Additions for securities for which credit losses were not
previously recognized		-		2		1		3
Additions (reductions) for securities for which credit losses
were previously recognized		-		-		3		3
Balance as of end-of-period ⁽²⁾	$	7	$	5	$	6	$	18


	For the Nine
	Months Ended
	September 30, 2022
	Corporate
	Bonds			RMBS		Other		Total
Balance as of beginning-of-year	$	17		$	1	$	1	$	19
Additions from purchases of PCD debt securities ⁽¹⁾		-			-		-		-
Additions for securities for which credit losses were not
previously recognized		2			2		1		5
Additions (reductions) for securities for which credit losses
were previously recognized		1			2		4		7
Reductions for securities disposed		(1	)		-		-		(1	)
Reductions for securities charged-off		(12	)		-		-		(12	)
Balance as of end-of-period ⁽²⁾	$	7		$	5	$	6	$	18



	For the Three
	Months Ended
	September 30, 2021
	Corporate
	Bonds		RMBS		Other		Total
Balance as of beginning-of-period	$	8	$	1	$	-	$	9
Additions from purchases of PCD debt securities ⁽¹⁾		-		-		-		-
Additions for securities for which credit losses were not
previously recognized		8		-		-		8
Balance as of end-of-period ⁽²⁾	$	16	$	1	$	-	$	17


	For the Nine
	Months Ended
	September 30, 2021
	Corporate
	Bonds			RMBS		Other		Total
Balance as of beginning-of-year	$	12		$	1	$	-	$	13
Additions from purchases of PCD debt securities ⁽¹⁾		-			-		-		-
Additions for securities for which credit losses were not
previously recognized		8			-		-		8
Additions (reductions) for securities for which credit losses
were previously recognized		2			-		-		2
Reductions for securities charged-off		(6	)		-		-		(6	)
Balance as of end-of-period ⁽²⁾	$	16		$	1	$	-	$	17

⁽¹⁾Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.

⁽²⁾As of September 30, 2022 and 2021, accrued investment income on fixed maturity AFS securities totaled $1.1 billion and was excluded from the estimate of credit losses.

Composition Of Current And Past Due Mortgage Loans On Real Estate



	As of September 30, 2022									As of December 31, 2021
	Commercial			Residential			Total			Commercial			Residential			Total
Current	$	16,894		$	1,214		$	18,108		$	17,167		$	837		$	18,004
30 to 59 days past due		-			12			12			15			21			36
60 to 89 days past due		-			5			5			-			5			5
90 or more days past due		-			28			28			-			29			29
Allowance for credit losses		(80	)		(11	)		(91	)		(79	)		(17	)		(96	)
Unamortized premium (discount)		(9	)		34			25			(11	)		27			16
Mark-to-market gains (losses) ⁽¹⁾		(21	)		-			(21	)		(3	)		-			(3	)
Total carrying value	$	16,784		$	1,282		$	18,066		$	17,089		$	902		$	17,991

⁽¹⁾Represents the mark-to-market on certain mortgage loans on real estate for which we have elected the fair value option. See Note 14 for additional information.

Schedule Of Average Carrying Value Of Impaired Mortgage Loans On Real Estate



	For the Three				For the Nine
	Months Ended				Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Average aggregate carrying value for impaired mortgage loans on real estate	$	13	$	31	$	16	$	33
Interest income recognized on impaired mortgage loans on real estate		-		-		-		-
Interest income collected on impaired mortgage loans on real estate		-		-		-		-

Amortized Cost Of Mortgage Loans On Real Estate On Nonaccrual Status


	As of September 30, 2022				As of December 31, 2021
	Nonaccrual				Nonaccrual
	with no				with no
	Allowance				Allowance
	for Credit				for Credit
	Losses		Nonaccrual		Losses		Nonaccrual
Commercial mortgage loans on real estate	$	-	$	-	$	-	$	-
Residential mortgage loans on real estate		-		29		-		30
Total	$	-	$	29	$	-	$	30

Changes In Allowance For Credit Losses On Mortgage Loans On Real Estate


	For the Three
	Months Ended
	September 30, 2022
	Commercial		Residential		Total
Balance as of beginning-of-period	$	72	$	9	$	81
Additions (reductions) from provision for credit loss expense ⁽¹⁾		8		2		10
Additions from purchases of PCD mortgage loans on real estate		-		-		-
Balance as of end-of-period ⁽²⁾	$	80	$	11	$	91

‎



	For the Nine
	Months Ended
	September 30, 2022
	Commercial		Residential			Total
Balance as of beginning-of-year	$	79	$	17		$	96
Additions (reductions) from provision for credit loss expense ⁽¹⁾		1		(6	)		(5	)
Additions from purchases of PCD mortgage loans on real estate		-		-			-
Balance as of end-of-period ⁽²⁾	$	80	$	11		$	91


	For the Three
	Months Ended
	September 30, 2021
	Commercial			Residential		Total
Balance as of beginning-of-period	$	156		$	14	$	170
Additions (reductions) from provision for credit loss expense ⁽¹⁾		(41	)		2		(39	)
Additions from purchases of PCD mortgage loans on real estate		-			-		-
Balance as of end-of-period ⁽²⁾	$	115		$	16	$	131


	For the Nine
	Months Ended
	September 30, 2021
	Commercial			Residential			Total
Balance as of beginning-of-year	$	187		$	17		$	204
Additions (reductions) from provision for credit loss expense ⁽¹⁾		(72	)		(1	)		(73	)
Additions from purchases of PCD mortgage loans on real estate		-			-			-
Balance as of end-of-period ⁽²⁾	$	115		$	16		$	131

⁽¹⁾We recognized $1 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the three months ended September 30, 2022 and 2021. We recognized $(1) million and $4 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the nine months ended September 30, 2022 and 2021, respectively.

⁽²⁾Accrued investment income on mortgage loans on real estate totaled $50 million as of September 30, 2022 and 2021, and was excluded from the estimate of credit losses.

Credit Loss Expense Incurred



	For the Three						For the Nine
	Months Ended						Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds	$	-		$	(8	)	$	(2	)	$	(9	)
RMBS		(2	)		-			(4	)		-
ABS		(3	)		-			(5	)		-
Gross credit loss benefit (expense)		(5	)		(8	)		(11	)		(9	)
Associated amortization of DAC, VOBA, DSI and DFEL ⁽¹⁾		-			-			-			-
Net credit loss benefit (expense)	$	(5	)	$	(8	)	$	(11	)	$	(9	)

⁽¹⁾DAC, value of business acquired (“VOBA”), deferred sales inducements (“DSI”) and deferred front-end loads (“DFEL”).

Payables For Collateral On Investments



	As of September 30, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Collateral payable for derivative investments ⁽¹⁾	$	3,435	$	3,435	$	5,575	$	5,575
Securities pledged under securities lending agreements ⁽²⁾		300		289		241		235
Investments pledged for Federal Home Loan Bank of
Indianapolis⁽³⁾		3,130		3,911		3,130		4,876
Total payables for collateral on investments	$	6,865	$	7,635	$	8,946	$	10,686

⁽¹⁾We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash. This also includes interest payable on collateral. See Note 5 for additional information.

⁽²⁾Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.

⁽³⁾Our pledged investments for Federal Home Loan Bank (“FHLB”) of Indianapolis (“FHLBI”) are included in fixed maturity AFS securities and mortgage loans on real estate on our Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

Schedule Of Increase (Decrease) In Payables For Collateral On Investments



	For the Nine
	Months Ended
	September 30,
	2022			2021
Collateral payable for derivative investments	$	(2,140	)	$	1,973
Securities pledged under securities lending agreements		59			184
Total increase (decrease) in payables for collateral on investments	$	(2,081	)	$	2,157

Schedule Of Securities Pledged By Contractual Maturity



	As of September 30, 2022
	Overnight and Continuous		Up to 30 Days		30 - 90 ‎Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	298	$	-	$	-	$	-	$	298
Foreign government bonds		2		-		-		-		2
Total gross secured borrowings	$	300	$	-	$	-	$	-	$	300


	As of December 31, 2021
	Overnight and Continuous		Up to 30 Days		30 - 90 ‎Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	239	$	-	$	-	$	-	$	239
Foreign government bonds		1		-		-		-		1
Equity securities		1		-		-		-		1
Total gross secured borrowings	$	241	$	-	$	-	$	-	$	241

Commercial [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

Credit Quality Indicators For Mortgage Loans



	As of September 30, 2022
			Debt-			Debt-			Debt-
			Service			Service			Service
	Less		Coverage	65%		Coverage	Greater		Coverage
	than 65%		Ratio	to 75%		Ratio	than 75%		Ratio	Total
Origination Year
2022	$	1,338	2.16	$	76	1.51	$	1	1.57	$	1,415
2021		2,360	3.05		73	1.52		-	-		2,433
2020		1,296	2.99		18	1.54		-	-		1,314
2019		2,709	2.13		103	1.54		-	-		2,812
2018		2,171	2.13		145	1.54		14	0.54		2,330
2017 and prior		6,407	2.37		173	1.55		1	1.06		6,581
Total	$	16,281		$	588		$	16		$	16,885

‎



	As of December 31, 2021
			Debt-			Debt-			Debt-
			Service			Service			Service
	Less		Coverage	65%		Coverage	Greater		Coverage
	than 65%		Ratio	to 75%		Ratio	than 75%		Ratio	Total
Origination Year
2021	$	2,384	3.04	$	136	1.74	$	-	-	$	2,520
2020		1,358	3.03		144	2.06		-	-		1,502
2019		2,917	2.15		188	1.42		-	-		3,105
2018		2,274	2.13		172	1.59		15	1.02		2,461
2017		1,655	2.33		149	1.74		27	0.83		1,831
2016 and prior		5,554	2.41		171	1.76		27	1.08		5,752
Total	$	16,142		$	960		$	69		$	17,171

Residential [Member]

Financing Receivable, Credit Quality Indicator [Line Items]

Credit Quality Indicators For Mortgage Loans



	As of September 30, 2022
	Performing		Nonperforming			Total
Origination Year
2022	$	423		$	-	$	423
2021		542			5		547
2020		95			2		97
2019		134			18		152
2018		70			4		74
2017 and prior		-			-		-
Total	$	1,264		$	29	$	1,293



	As of December 31, 2021
	Performing		Nonperforming			Total
Origination Year
2021	$	467		$	2	$	469
2020		129			2		131
2019		189			21		210
2018		104			5		109
2017		-			-		-
2016 and prior		-			-		-
Total	$	889		$	30	$	919