Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Fair Value, Assets and Liabilities Measured on 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 September 30, 2021:


	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	508		$	179		$	—		$	687
U.S. Government agencies and authorities	—			21			—			21
State, municipalities and political subdivisions	—			767			—			767
U.S. corporate public securities	—			8,549			23			8,572
U.S. corporate private securities	—			2,462			1,373			3,835
Foreign corporate public securities and foreign governments(1)	—			2,646			15			2,661
Foreign corporate private securities (1)	—			2,481			293			2,774
Residential mortgage-backed securities	—			3,393			40			3,433
Commercial mortgage-backed securities	—			2,804			9			2,813
Other asset-backed securities	—			1,405			35			1,440
Total fixed maturities, including securities pledged	508			24,707			1,788			27,003
Fixed maturities, trading	—			—			4			4
Equity securities	28			—			145			173
Derivatives:
Interest rate contracts	—			108			—			108
Foreign exchange contracts	—			12			—			12

Credit contracts	—			1			—			1

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,247			7			—			1,254
Assets held in separate accounts	87,671			5,469			312			93,452
Total assets	$	89,454		$	30,304		$	2,249		$	122,007
Percentage of Level to Total	73		%	25		%	2		%	100		%
Liabilities:
Derivatives:
Guaranteed benefit derivatives:
FIA	$	—		$	—		$	10		$	10
Stabilizer and MCGs	—			—			15			15
Other derivatives:
Interest rate contracts	7			166			—			173
Foreign exchange contracts	—			15			—			15
Equity contracts	—			—			—			—
Credit contracts	—			—			—			—

Total liabilities	$	7		$	181		$	25		$	213

(1) Primarily U.S. dollar denominated.

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:


	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	548		$	173		$	—		$	721
U.S. Government agencies and authorities	—			19			—			19
State, municipalities and political subdivisions	—			814			—			814
U.S. corporate public securities	—			9,099			57			9,156
U.S. corporate private securities	—			3,093			1,286			4,379
Foreign corporate public securities and foreign governments(1)	—			2,951			—			2,951
Foreign corporate private securities (1)	—			3,008			295			3,303
Residential mortgage-backed securities	—			4,204			33			4,237
Commercial mortgage-backed securities	—			2,893			—			2,893
Other asset-backed securities	—			1,483			37			1,520
Total fixed maturities, including securities pledged	548			27,737			1,708			29,993
Equity securities	17			—			99			116
Derivatives:
Interest rate contracts	7			130			—			137
Foreign exchange contracts	—			3			—			3
Equity contracts	—			5			—			5


Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	610			16			—			626
Assets held in separate accounts	81,096			6,001			222			87,319
Total assets	$	82,278		$	33,892		$	2,029		$	118,199
Percentage of Level to total	69		%	29		%	2		%	100		%
Liabilities:
Derivatives:
Guaranteed benefit derivatives:
FIA	$	—		$	—		$	10		$	10
Stabilizer and MCGs	—			—			53			53
Other derivatives:
Interest rate contracts	—			171			—			171
Foreign exchange contracts	—			39			—			39
Equity contracts	—			5			—			5
Credit contracts	—			1			—			1

Total liabilities	$	—		$	216		$	63		$	279

(1) Primarily U.S. dollar denominated.