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Fair Value
 6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value
4. Fair Value
Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable:
 
●
 Level 1 – Quoted prices for identical instruments in active markets.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
●
 Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
●
 Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, the Company seeks to price securities using third party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs the Company believes market participants would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted by the Company.
The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include: (i) the review of pricing service methodologies or broker pricing qualifications, (ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, (iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria, (iv) detailed analysis, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities and (v) pricing validation, where prices received are compared to prices independently estimated by the Company.
 
 
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2019
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
(In millions)
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds and other
 
$
152
 
 
$
21,630
 
 
$
338
 
 
$
22,120
 
States, municipalities and political subdivisions
 
 
 
 
 
10,703
 
 
 
 
 
 
10,703
 
Asset-backed
 
 
 
 
 
8,623
 
 
 
193
 
 
 
8,816
 
Fixed maturities
available-for-sale
 
 
152
 
 
 
40,956
 
 
 
531
 
 
 
41,639
 
Fixed maturities trading
 
 
 
 
 
20
 
 
 
4
 
 
 
24
 
Total fixed maturities
 
$
152
 
 
$
40,976
 
 
$
535
 
 
$
41,663
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
$
715
 
 
$
629
 
 
$
23
 
 
$
1,367
 
Short term and other
 
 
3,469
 
 
 
1,123
 
 
 
 
 
 
4,592
 
Payable to brokers
 
 
(114
)
 
 
(9
)
 
 
 
 
 
(123
)
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds and other
 
$
196
 
 
$
19,392
 
 
$
222
 
 
$
19,810
 
States, municipalities and political subdivisions
 
 
 
 
 
10,748
 
 
 
 
 
 
10,748
 
Asset-backed
 
 
 
 
 
8,787
 
 
 
197
 
 
 
8,984
 
Fixed maturities
available-for-sale
 
 
196
 
 
 
38,927
 
 
 
419
 
 
 
39,542
 
Fixed maturities trading
 
 
 
 
 
151
 
 
 
6
 
 
 
157
 
Total fixed maturities
 
$
196
 
 
$
39,078
 
 
$
425
 
 
$
39,699
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
$
704
 
 
$
570
 
 
$
19
 
 
$
1,293
 
Short term and other
 
 
2,647
 
 
 
1,111
 
 
 
 
 
 
3,758
 
Receivables
 
 
 
 
 
11
 
 
 
 
 
 
11
 
Payable to brokers
 
 
(23
)
 
 
 
 
 
 
 
 
(23
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2019 and 2018:
                                                                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gains
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
(Losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized
 
 
Recognized in
 
 
 
 
Net Realized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gains
 
 
Other
 
  
 
 
 
Investment Gains
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Losses)
 
 
Comprehensive
 
  
 
 
 
(Losses) and Net Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recognized in
 
 
Income (Loss)
 
  
 
 
 
in Unrealized Investment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
 
 
on Level 3
 
  
 
 
 
Gains (Losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) on Level 3
 
 
Assets and
 
  
 
 
 
Included in
 
 
 
 
 
 
 
 
 
 
Transfers
 
 
Transfers
 
 
 
 
Assets and
 
 
Liabilities
 
 
Balance,
 
 
Net Income
 
 
Included in
 
 
 
 
 
 
 
 
into
 
 
out of
 
 
Balance,
 
 
Liabilities Held
 
 
Held at
 
2019
 
April 1
 
 
(Loss)
 
 
OCI
 
 
Purchases
 
 
Sales
 
 
Settlements
 
 
Level 3
 
 
Level 3
 
 
June 30
 
 
at June 30
 
 
June 30
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds and other
 
$
253
 
 
 
 
 
$
12
 
 
$
76
 
 
 
         
 
 
$
(2
)
 
 
 
 
$
 
   (1
)
 
$
   
338
 
 
 
 
 
 
$
    10
    
Asset-backed
 
 
184
 
 
 
 
 
 
4
 
 
 
 
 
 
 
 
 
(4
)
 
$
40
 
 
 
(31
)
 
 
 
193
 
 
 
 
 
 
 
5
 
Fixed maturities
available-for-sale
 
  
 437
 
 
$
-
 
 
 
16
 
 
 
76
 
 
$
-
 
 
 
(6
)
 
 
40
 
 
 
(32
)
 
 
531
 
 
$
 
-
 
 
 
15
 
Fixed maturities trading
 
 
5
 
 
 
(1
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
 
 
 
(1
)
 
 
 
Total fixed maturities
 
$
442
 
 
$
(1
) 
 
$
16
 
 
$
76
 
 
$
-
 
 
$
(6
)
 
$
40
 
 
$
(32
)
 
$
535
 
 
$
(1
)
 
$
15
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
$
21
 
 
 
         
 
 
 
 
 
$
2
 
 
 
         
 
 
 
 
 
 
 
 
 
 
 
$
23
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
                                                                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gains
 
 
 
 
Net Realized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Losses)
 
  
 
 
 
Investment Gains
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recognized in
 
  
 
 
 
(Losses) and Net Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
 
  
 
 
 
in Unrealized Investment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) on Level
 
  
 
 
 
Gains (Losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 Assets and
 
  
 
 
 
Included in
 
 
 
 
 
 
 
 
 
 
Transfers
 
 
Transfers
 
 
 
 
Liabilities
 
 
Balance,
 
 
Net Income
 
 
Included in
 
 
 
 
 
 
 
 
into
 
 
out of
 
 
Balance,
 
 
Held at
 
2018
 
April 1
 
 
(Loss)
 
 
OCI
 
 
Purchases
 
 
Sales
 
 
Settlements
 
 
Level 3
 
 
Level 3
 
 
June 30
 
 
June 30
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds and other
 
$
100
 
 
 
 
 
$
(1
)
 
$
2
 
 
$
(5
)
 
$
(2
)
 
 
 
 
 
 
 
$
94
 
 
 
 
States, municipalities and political subdivisions
 
 
1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1
 
 
 
 
Asset-backed
 
 
279
 
 
 
 
 
 
(1
)
 
 
41
 
 
 
 
 
 
(6
)
 
$
13
 
 
$
(53
)
 
 
273
 
 
 
 
Fixed maturities
available-for-sale
 
 
380
 
 
$
-  
 
 
 
(2
)
 
 
43
 
 
 
(5
)
 
 
(8
)
 
 
13
 
 
 
(53
)
 
 
368
 
 
$
-  
 
Fixed maturities trading
 
 
7
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
 
 
 
 
Total fixed maturities
 
$
387
 
 
$
-  
 
 
$
(2
)
 
$
43
 
 
$
(5
)
 
$
(8
)
 
$
13
 
 
$
(53
)
 
$
375
 
 
$
-  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
$
20
 
 
$
(1
)
 
 
 
 
 
 
 
$
(1
)
 
 
 
 
 
 
 
 
 
 
$
18
 
 
$
(1
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                                         
 
   
   
   
   
   
   
   
   
   
   
Unrealized
 
 
   
   
   
   
   
   
   
   
   
   
Gains
 
 
   
   
   
   
   
   
   
   
   
 
    
(Losses)
 
 
   
   
   
   
   
   
   
   
   
Unrealized
    
Recognized in
 
 
   
Net Realized
   
   
   
   
   
   
   
Gains 
(Losses)
   
Other
   
 
   
Investment Gains
   
   
   
   
   
   
   
Recognized in
   
Comprehensive
   
 
   
(Losses) and Net Change
   
   
   
   
   
   
   
Net Income
   
Income (Loss)
   
 
   
in Unrealized Investment
   
   
   
   
   
   
   
(Loss) on Level
   
on Level 3
   
 
   
Gains (Losses)
   
   
   
   
   
   
   
3 Assets and
   
Assets and
   
 
   
Included in
   
   
   
   
   
Transfers
   
Transfers
   
   
Liabilities
   
Liabilities
 
 
Balance,
   
Net Income
   
Included in
   
   
   
   
into
   
out of
   
Balance,
   
Held at
   
Held at
 
2019
 
January 1
 
 
(Loss)
 
 
OCI
 
 
Purchases
 
 
Sales
 
 
Settlements
 
 
Level 3
 
 
Level 3
 
 
June 30
 
 
June 30
 
 
June 30
 
(In millions)
 
   
   
   
   
   
   
   
   
   
   
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
   
     
     
     
     
     
     
     
     
     
     
 
Corporate  bonds and other
 
$
222
     
 
    
$
20
    
$
132
      
 
    
$
(4
)
    
 
    
$
(32
)
  
$
338
      
   
$
17
  
Asset-backed
   
197
     
     
7
      
20
      
     
(8
)
  
$
45
      
(68
)
    
193
      
     
8
  
Fixed maturities available-for-sale                   
   
419
   
$
-
      
27
      
152
    
$
-
      
(12
)
    
45
      
(100
)
    
531
    
$
-
      
25
  
Fixed maturities trading
   
6
     
(2
)
 
    
     
     
     
     
     
     
4
      
(2
)
    
 
Total fixed maturities
 
$
425
   
$
(2
)
  
$
27
    
$
152
    
$
-
    
$
(12
)
  
$
45
    
$
(100
)
  
$
535
    
$
(2
)
  
$
25
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
$
19
 
 
$
2
 
 
 
 
 
$
2
 
 
 
         
 
 
 
 
 
 
 
 
 
 
 
$
23
 
 
$
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gains
 
 
 
 
Net Realized
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Losses)
 
  
 
 
 
Investment Gains
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recognized in
 
  
 
 
 
(Losses) and Net Change
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
 
  
 
 
 
in Unrealized Investment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) on Level
 
  
 
 
 
Gains (Losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 Assets and
 
  
 
 
 
Included in
 
 
 
 
 
 
 
 
 
 
Transfers
 
 
Transfers
 
 
 
 
Liabilities
 
 
Balance,
 
 
Net Income
 
 
Included in
 
 
 
 
 
 
 
 
into
 
 
out of
 
 
Balance,
 
 
Held at
 
2018
 
 
January 1
 
 
(Loss)
 
 
OCI
 
 
Purchases
 
 
Sales
 
 
Settlements
 
 
Level 3
 
 
Level 3
 
 
June 30
 
 
June 30
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds and other
 
$
98
 
 
$
(1
)
 
$
(1
)
 
$
2
 
 
$
(5
)
 
$
(4
)
 
$
5
 
 
 
 
 
$
94
 
 
 
 
States, municipalities and political
subdivisions
 
 
1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1
 
 
 
 
Asset-backed
 
 
335
 
 
 
7
 
 
 
(6
)
 
 
71
 
 
 
(72
)
 
 
(12
)
 
 
13
 
 
$
(63
)
 
 
273
 
 
 
 
Fixed maturities available-for-sale
 
 
434
 
 
 
6
 
 
 
(7
)
 
 
73
 
 
 
(77
)
 
 
(16
)
 
 
18
 
 
 
(63
)
 
 
368
 
 
$
-
 
Fixed maturities trading
 
 
4
 
 
 
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
 
 
 
3
 
Total fixed maturities
 
$
438
 
 
$
9
 
 
$
(7
)
 
$
73
 
 
$
(77
)
 
$
(16
)
 
$
18
 
 
$
(63
)
 
$
375
 
 
$
3
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
$
22
 
 
$
(3
)
 
 
 
 
 
 
 
$
(1
)
 
 
 
 
 
 
 
 
 
 
$
18
 
 
$
(3
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Net investment gains and losses are reported in Net income as follows:
     
Major Category of Assets and Liabilities
 
Consolidated Condensed Statements of Income Line Items
  
 
 
Fixed maturity securities
available-for-sale
 
Investment gains (losses)
Fixed maturity securities trading
 
Net investment income
Equity securities
 
Investment gains (losses) and Net investment income
Other invested assets
 
Investment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolio
 
Net investment income
Derivative financial instruments, other
 
Investment gains (losses) and Operating revenues and other
Life settlement contracts
 
Operating revenues and other
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security. The availability of observable market information and quoted prices varies based on market conditions and trading volume.
Valuation Methodologies and Inputs
The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified.
Fixed Maturity Securities
Level 1 securities include highly liquid and exchange traded bonds, valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are primarily assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation, and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with inputs that are not market observable.
Equity Securities
Level 1 securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with inputs that are not market observable.
Derivative Financial Instruments
Exchange traded derivatives are valued using quoted market prices and are classified within Level 1 of the fair value hierarchy. Level 2 derivatives primarily include currency forwards valued using observable market forward rates.
Over-the-counter
derivatives, principally interest rate swaps, total return swaps, commodity swaps, equity warrants and options, are valued using inputs including broker/dealer quotes and are classified within Level 2 or Level 3 of the valuation hierarchy, depending on the amount of transparency as to whether these quotes are based on information that is observable in the marketplace.
Short Term and Other Invested Assets
Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds, treasury bills and exchange traded
open-end
funds valued using quoted market prices. Level 2 primarily includes commercial paper, for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short term investments as presented in the tables above differ from the amounts presented in the Consolidated Condensed Balance Sheets because certain short term investments, such as time deposits, are not measured at fair value.
Significant Unobservable Inputs
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available to the Company. The weighted average rate is calculated based on fair value.
                                 
June 30, 2019
 
Estimated
Fair Value
   
Valuation
Techniques
   
Unobservable
Inputs
   
Range
(Weighted
Average)
 
 
(In millions)
   
   
   
 
   
 
 
 
 
 
 
 
 
Fixed maturity securities
 
$
381
      
Discounted cash flow
     
Credit spread
     
1% – 5% (2%
)
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
   
   
   
 
   
 
 
 
 
 
 
 
 
Fixed maturity securities
  $
228
     
Discounted cash flow
     
Credit spread
     
1
% – 
12
% (
3
%
 )
 
 
 
 
 
 
 
 
 
 
 
 
For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.
Financial Assets and Liabilities Not Measured at Fair Value
The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short term debt and long term debt exclude capital lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items.
                                         
 
Carrying
 
 
Estimated Fair Value
 
June 30, 2019
 
Amount
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
(In millions)
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
Assets:
   
     
     
     
     
 
Other invested assets, primarily mortgage loans
 
$
916
     
     
   
$
936
   
$
936
 
                                         
Liabilities:
   
     
     
     
     
 
Short term debt
   
85
     
   
$
8
     
76
     
84
 
Long term debt
   
11,443
     
     
10,909
     
555
     
11,464
 
                               
December 31, 2018
 
   
   
   
   
 
  
 
 
 
 
 
 
 
 
 
 
Assets:
   
     
     
     
     
 
Other invested assets, primarily mortgage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
loans
  $
839
     
     
    $
827
    $
827
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
   
     
     
     
     
 
Short term debt
   
15
     
    $
14
     
     
14
 
Long term debt
   
11,345
     
     
10,111
     
653
     
10,764
 
 
 
 
 
 
 
 
 
 
 
 
 
The fair values of mortgage loans, included in Other invested assets, were based on the present value of the expected future cash flows discounted at the current interest rate for similar financial instruments, adjusted for specific loan risk.