Fair Value Measurement - Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 2 – Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets and liabilities, quoted market prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs.


	June 30, 2022
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	593,874	$	0	$		$	593,874
Obligations of U.S. states and their political subdivisions	0		554,010		0				554,010
Foreign government bonds	0		268,309		135				268,444
U.S. corporate public securities	0		5,328,017		0				5,328,017
U.S. corporate private securities	0		2,112,731		172,992				2,285,723
Foreign corporate public securities	0		1,081,970		7,093				1,089,063
Foreign corporate private securities	0		2,496,890		137,793				2,634,683
Asset-backed securities(2)	0		860,209		34,344				894,553
Commercial mortgage-backed securities	0		605,744		88,944				694,688
Residential mortgage-backed securities	0		95,901		0				95,901
Subtotal	0		13,997,655		441,301				14,438,956
Fixed maturities, trading	0		1,814,999		0				1,814,999

Equity securities	184,148		15,337		29,783				229,268
Short-term investments	0		139,109		2,772				141,881
Cash equivalents	0		917,443		0				917,443
Other invested assets(3)	36,359		7,318,937		0		(7,317,530)		37,766
Other assets	0		0		75,858				75,858
Reinsurance recoverables	0		0		555,053				555,053
Receivables from parent and affiliates	0		150,946		0				150,946
Subtotal excluding separate account assets	220,507		24,354,426		1,104,767		(7,317,530)		18,362,170
Separate account assets(4)(5)	68,279		113,591,798		0				113,660,077
Total assets	$	288,786	$	137,946,224	$	1,104,767	$	(7,317,530)	$	132,022,247
Future policy benefits(6)	$	0	$	0	$	5,706,968	$		$	5,706,968
Policyholders' account balances	0		0		3,427,667				3,427,667
Payables to parent and affiliates	0		14,467,750		0		(14,424,444)		43,306
Other liabilities	36,235		(24,189)		0		(3,797)		8,249
Total liabilities	$	36,235	$	14,443,561	$	9,134,635	$	(14,428,241)	$	9,186,190


	December 31, 2021
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	333,940	$	0	$		$	333,940
Obligations of U.S. states and their political subdivisions	0		630,521		0				630,521
Foreign government bonds	0		350,321		150				350,471
U.S. corporate public securities	0		5,131,872		0				5,131,872
U.S. corporate private securities	0		1,873,370		131,505				2,004,875
Foreign corporate public securities	0		921,008		8,894				929,902
Foreign corporate private securities	0		2,508,676		245,235				2,753,911
Asset-backed securities(2)	0		484,861		62,449				547,310
Commercial mortgage-backed securities	0		463,689		111,495				575,184
Residential mortgage-backed securities	0		20,180		0				20,180
Subtotal	0		12,718,438		559,728				13,278,166
Fixed maturities, trading	0		3,302,392		0				3,302,392

Equity securities	58,160		40,635		12,472				111,267
Short-term investments	9,997		135,440		0				145,437
Cash equivalents	13,999		422,633		0				436,632
Other invested assets(3)	246,097		6,840,437		0		(6,818,009)		268,525
Other assets	0		0		72,937				72,937
Reinsurance recoverables	0		0		931,207				931,207
Receivables from parent and affiliates	0		162,045		0				162,045
Subtotal excluding separate account assets	328,253		23,622,020		1,576,344		(6,818,009)		18,708,608
Separate account assets(4)(5)	52,100		144,059,558		0				144,111,658
Total assets	$	380,353	$	167,681,578	$	1,576,344	$	(6,818,009)	$	162,820,266
Future policy benefits(6)	$	0	$	0	$	9,047,956	$		$	9,047,956
Policyholders' account balances	0		0		3,245,773				3,245,773
Payables to parent and affiliates	0		12,563,253		0		(12,563,253)		0
Other liabilities	10,730		12,624		0		(4,829)		18,525
Total liabilities	$	10,730	$	12,575,877	$	12,293,729	$	(12,568,082)	$	12,312,254

(3)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. As June 30, 2022 and December 31, 2021, the fair values of such investments were $76 million and $79 million, respectively.

(4)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Unaudited Interim Consolidated Statements of Financial Position.

(5)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate owned life insurance fund, for which fair value is measured at NAV per share (or its equivalent). At June 30, 2022 and December 31, 2021, the fair value of such investments was $5,132 million and $5,686 million, respectively.

(6)As of June 30, 2022, the net embedded derivative liability position of $5,707 million includes $714 million of embedded derivatives in an asset position and $6,421 million of embedded derivatives in a liability position. As of December 31, 2021, the net embedded derivative liability position of $9,048 million includes $610 million of embedded derivatives in an asset position and $9,658 million of embedded derivatives in a liability position.


	June 30, 2022
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum		Maximum		Weighted Average		Impact of Increase in Input on Fair Value(1)
	(in thousands)
Assets:
Corporate securities(2)	$	237,632	Discounted cash flow	Discount rate	10.26	%	20	%	12.67	%	Decrease
			Market Comparables	EBITDA multiples(3)	1.8	X	18.5	X	7.5	X	Increase

Reinsurance recoverables	$	555,053	Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(4)	$	5,706,968	Discounted cash flow	Lapse rate(6)	1	%	20	%			Decrease
				Spread over SOFR(7)	0.51	%	2.14	%			Decrease
				Utilization rate(8)	38	%	95	%			Increase
				Withdrawal rate	See table footnote (9) below.
				Mortality rate(10)	0	%	15	%			Decrease
				Equity volatility curve	18	%	28	%			Increase
Policyholders' account balances(5)	$	3,427,667	Discounted cash flow	Lapse rate(6)	1	%	80	%			Decrease
				Spread over SOFR(7)	0.24	%	2.14	%			Decrease

				Mortality rate(10)	0	%	23	%			Decrease
				Equity volatility curve	6	%	36	%			Increase


	December 31, 2021
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum		Maximum		Weighted Average		Impact of Increase in Input on Fair Value(1)
	(in thousands)
Assets:
Corporate securities(2)	$	312,139	Discounted cash flow	Discount rate	1.65	%	20	%	4.57	%	Decrease
			Market Comparables	EBITDA multiples(3)	4.9X		19.2X		9.0X		Increase
			Liquidation	Liquidation value	62.58	%	62.58	%	62.58	%	Increase
Reinsurance recoverables	$	931,207	Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(4)	$	9,047,956	Discounted cash flow	Lapse rate(6)	1	%	20	%			Decrease
				Spread over LIBOR(7)	0.03	%	1.13	%			Decrease
				Utilization rate(8)	39	%	96	%			Increase
				Withdrawal rate	See table footnote (9) below.
				Mortality rate(10)	0	%	15	%			Decrease
				Equity volatility curve	16	%	25	%			Increase
Policyholders' account balances(5)	$	3,245,773	Discounted cash flow	Lapse rate(6)	1	%	42	%			Decrease
				Spread over LIBOR(7)	0.03	%	1.13	%			Decrease
				Mortality rate(10)	0	%	23	%			Decrease
				Equity volatility curve	6	%	31	%			Increase

(4)Future policy benefits primarily represent general account liabilities for the living benefit features of the Company’s variable annuity contracts which are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(5)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(6)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these embedded derivatives.

(7)The spread over the Secured Overnight Financing Rate (“SOFR”) swap curve and the London Inter-Bank Offered Rate (“LIBOR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR or LIBOR, as applicable) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of June 30, 2022 and December 31, 2021, respectively. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.

(8)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.

(9)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of June 30, 2022 and December 31, 2021, the minimum withdrawal rate assumption is 77% and 76%, respectively. As of June 30, 2022 and December 31, 2021, the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.

(10)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 45 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table.

Interrelationships Between Unobservable Inputs – In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another, or multiple, inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows:

Corporate Securities – The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term, and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increases, credit spreads widen, which results in a decrease in fair value.

Future Policy Benefits – The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent that more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.

Changes in Level 3 Assets and Liabilities – The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.


	Three Months Ended June 30, 2022
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other(2)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(3)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. government	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Foreign government	140		(5)		0		0		0		0		0		0		0		135		(5)
Corporate securities(4)	385,358		(12,845)		83,901		(11,217)		0		(21,195)		0		0		(106,124)		317,878		(10,577)
Structured securities(5)	112,116		(10,352)		33,490		0		0		(571)		0		0		(11,395)		123,288		(10,305)
Other assets:
Fixed maturities, trading	0		0		0		0		0		0		0		0		0		0		0
Equity securities	11,463		(1,111)		10,000		(230)		0		0		9,661		0		0		29,783		(1,129)

Short-term investments	0		5		2,766		0		0		(54)		0		55		0		2,772		0

Other assets	75,201		8,050		(6,574)		0		0		(819)		0		0		0		75,858		7,231
Reinsurance recoverables	700,700		(179,685)		34,038		0		0		0		0		0		0		555,053		(174,545)

Liabilities:
Future policy benefits	(6,964,587)		1,510,153		0		0		(252,534)		0		0		0		0		(5,706,968)		1,460,746
Policyholders' account balances(6)	(3,260,195)		71,103		0		0		0		(238,575)		0		0		0		(3,427,667)		(341,035)


	Three Months Ended June 30, 2022
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(3)
	Realized investment gains (losses), net(1)		Other income (loss)		Included in other comprehensive income (loss)		Net investment income			Realized investment gains (losses), net		Other income (loss)		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(1,909)	$	0	$	(21,240)	$	(53)		$	631	$	0	$	(21,518)
Other assets:
Fixed maturities, trading	0		0		0		0			0		0		0
Equity securities	0		(1,111)		0		0			0		(1,129)		0

Short-term investments	0		0		0		5			0		0		0

Other assets	8,050		0		0		0			7,231		0		0
Reinsurance recoverables	(179,685)		0		0		0			(174,545)		0		0

Liabilities:
Future policy benefits	1,510,153		0		0		0			1,460,746		0		0
Policyholders' account balances	71,103		0		0		0			(341,035)		0		0


	Six Months Ended June 30, 2022
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other(2)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(3)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. government	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Foreign government	150		(15)		0		0		0		0		0		0		0		135		(15)
Corporate securities(4)	385,634		(49,220)		133,311		(12,388)		0		(33,335)		0		0		(106,124)		317,878		(47,042)
Structured securities(5)	173,944		(22,328)		33,490		0		0		(1,073)		0		0		(60,745)		123,288		(22,280)
Other assets:
Fixed maturities, trading	0		0		0		0		0		0		0		0		0		0		0
Equity securities	12,472		(2,120)		10,000		(230)		0		0		9,661		0		0		29,783		(2,138)

Short-term investments	0		5		2,766		0		0		(54)		0		55		0		2,772		0
Other assets	72,937		4,337		1,241		0		0		(2,657)		0		0		0		75,858		1,679
Reinsurance recoverables	931,207		(445,494)		69,340		0		0		0		0		0		0		555,053		(430,193)

Liabilities:
Future policy benefits	(9,047,956)		3,856,540		0		0		(515,552)		0		0		0		0		(5,706,968)		3,702,735
Policyholders' account balances(6)	(3,245,773)		(29,550)		0		0		0		(391,366)		239,022		0		0		(3,427,667)		(492,251)


	Six Months Ended June 30, 2022
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(3)
	Realized investment gains (losses), net(1)		Other income (loss)		Included in other comprehensive income (loss)		Net investment income			Realized investment gains (losses), net		Other income (loss)		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(16,812)	$	0	$	(55,081)	$	330		$	(14,380)	$	0	$	(54,957)
Other assets:
Fixed maturities, trading	0		0		0		0			0		0		0
Equity securities	0		(2,120)		0		0			0		(2,138)		0

Short-term investments	0		0		0		5			0		0		0

Other assets	4,337		0		0		0			1,679		0		0
Reinsurance recoverables	(445,494)		0		0		0			(430,193)		0		0

Liabilities:
Future policy benefits	3,856,540		0		0		0			3,702,735		0		0
Policyholders' account balances	(29,550)		0		0		0			(492,251)		0		0


	Three Months Ended June 30, 2021
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(3)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. government	$	55,000	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	55,000	$	0
Foreign government	157		(1)		0		0		0		0		0		0		0		156		(1)
Corporate securities(4)	165,491		5,050		23		0		0		(2,208)		0		2,474		0		170,830		5,000
Structured securities(5)	2,134		2		25,450		0		0		(407)		0		0		0		27,179		1
Other assets:
Fixed maturities, trading	767		34		0		0		0		0		0		0		0		801		33
Equity securities	7,678		327		0		0		0		0		0		0		0		8,005		327

Short-term investments	0		0		0		0		0		0		0		0		0		0		0
Other assets	0		0		0		0		0		0		0		0		0		0		0
Reinsurance recoverables	7,447,863		1,550,027		277,633		0		0		0		0		0		0		9,275,523		1,638,970

Liabilities:
Future policy benefits	(7,435,081)		(1,552,781)		0		0		(275,654)		0		0		0		0		(9,263,516)		(1,640,666)
Policyholders' account balances(6)	(1,031,525)		(146,924)		0		0		0		21,839		0		0		0		(1,156,610)		(128,815)


	Three Months Ended June 30, 2021
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(3)
	Realized investment gains (losses), net(1)		Other income (loss)		Included in other comprehensive income (loss)		Net investment income			Realized investment gains (losses), net		Other income (loss)		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	2,316	$	0	$	2,708	$	27		$	2,300	$	0	$	2,700
Other assets:
Fixed maturities, trading	0		34		0		0			0		33		0
Equity securities	0		327		0		0			0		327		0
Other assets	0		0		0		0			0		0		0

Short-term investments	0		0		0		0			0		0		0

Reinsurance recoverables	1,550,027		0		0		0			1,638,970		0		0

Liabilities:
Future policy benefits	(1,552,781)		0		0		0			(1,640,666)		0		0
Policyholders' account balances	(146,924)		0		0		0			(128,815)		0		0


	Six Months Ended June 30, 2021
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(3)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. government	$	55,000	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	55,000	$	0
Foreign government	163		(7)		0		0		0		0		0		0		0		156		(8)
Corporate securities(4)	174,776		(7,032)		2,342		0		0		(4,373)		0		5,117		0		170,830		(7,101)
Structured securities(5)	2,065		(13)		25,950		0		0		(823)		0		0		0		27,179		(13)
Other assets:
Fixed maturities, trading	755		46		0		0		0		0		0		0		0		801		46
Equity securities	7,889		116		0		0		0		0		0		0		0		8,005		116

Short-term investments	0		0		0		0		0		0		0		0		0		0		0
Other assets	0		0		0		0		0		0		0		0		0		0		0
Reinsurance recoverables	13,239,539		(4,519,882)		555,866		0		0		0		0		0		0		9,275,523		(4,201,349)

Liabilities:
Future policy benefits	(13,227,814)		4,516,201		0		0		(551,903)		0		0		0		0		(9,263,516)		4,197,669
Policyholders' account balances(6)	(1,155,274)		(36,667)		0		0		0		35,331		0		0		0		(1,156,610)		(325)


	Six Months Ended June 30, 2021
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(3)
	Realized investment gains (losses), net(1)		Other income (loss)		Included in other comprehensive income (loss)		Net investment income			Realized investment gains (losses), net		Other income (loss)		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	1,808	$	0	$	(8,910)	$	50		$	1,799	$	0	$	(8,921)
Other assets:
Fixed maturities, trading	0		46		0		0			0		46		0
Equity securities	0		116		0		0			0		116		0


Short-term investments	0		0		0		0			0		0		0
Other assets	0		0		0		0			0		0		0
Reinsurance recoverables	(4,519,882)		0		0		0			(4,201,349)		0		0

Liabilities:
Future policy benefits	4,516,201		0		0		0			4,197,669		0		0
Policyholders' account balances	(36,667)		0		0		0			(325)		0		0

Nonrecurring Fair Value Measurements - The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3).

The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.


	June 30, 2022
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	2,852,215	$	2,852,215	$	3,066,931
Policy loans	0		0		489,592		489,592		489,592
Short-term investments	129,000		0		0		129,000		129,000

Cash and cash equivalents	872,309		0		0		872,309		872,309
Accrued investment income	0		161,703		0		161,703		161,703
Reinsurance recoverables	0		0		26,248		26,248		27,938
Receivables from parent and affiliates	0		46,958		0		46,958		46,958
Other assets	0		43,201		480,772		523,973		523,973
Total assets	$	1,001,309	$	251,862	$	3,848,827	$	5,101,998	$	5,318,404
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	1,285,380	$	2,619,853	$	3,905,233	$	3,920,807

Cash collateral for loaned securities	0		150,666		0		150,666		150,666

Long-term debt to affiliates	0		297,877		0		297,877		315,807
Payables to parent and affiliates	0		28,796		0		28,796		28,796
Other liabilities	0		813,143		33,250		846,393		846,393
Total liabilities	$	0	$	2,575,862	$	2,653,103	$	5,228,965	$	5,262,469


	December 31, 2021
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	2,883,710	$	2,883,710	$	2,832,560
Policy loans	0		0		1,327,485		1,327,485		1,327,485
Short-term investments	37,000		0		0		37,000		37,000
Cash and cash equivalents	297,299		185,000		0		482,299		482,299
Accrued investment income	0		160,027		0		160,027		160,027
Reinsurance recoverables	0		0		29,931		29,931		28,883
Receivables from parent and affiliates	0		116,086		0		116,086		116,086
Other assets	0		134,598		434,383		568,981		568,981
Total assets	$	334,299	$	595,711	$	4,675,509	$	5,605,519	$	5,553,321
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	1,356,850	$	2,590,487	$	3,947,337	$	3,941,822

Cash collateral for loaned securities	0		3,004		0		3,004		3,004

Long-term debt to affiliates	0		319,225		0		319,225		320,362
Payables to parent and affiliates	0		31,775		0		31,775		31,775
Other liabilities	0		864,788		34,091		898,879		898,879
Total liabilities	$	0	$	2,575,642	$	2,624,578	$	5,200,220	$	5,195,842

(1) Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.