Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

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 June 30, 2023:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	230		$	54		$	—		$	284
U.S. Government agencies and authorities	—			30			—			30
State, municipalities and political subdivisions	—			589			—			589
U.S. corporate public securities	—			5,767			13			5,780
U.S. corporate private securities	—			2,303			1,305			3,608
Foreign corporate public securities and foreign governments(1)	—			2,007			—			2,007
Foreign corporate private securities (1)	—			2,017			333			2,350
Residential mortgage-backed securities	—			2,581			49			2,630
Commercial mortgage-backed securities	—			2,471			—			2,471
Other asset-backed securities	—			1,370			32			1,402
Total fixed maturities, including securities pledged	230			19,189			1,732			21,151
Equity securities	13			—			114			127
Derivatives:
Interest rate contracts	—			302			—			302
Foreign exchange contracts	—			47			—			47
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,319			1			—			1,320
Assets held in separate accounts	80,223			5,502			344			86,069
Total assets	$	81,785		$	25,041		$	2,190		$	109,016
Percentage of Level to Total	75		%	23		%	2		%	100		%
Liabilities:
Stabilizer and MCGs	$	—		$	—		$	3		$	3
Derivatives:
Interest rate contracts	4			337			—			341
Foreign exchange contracts	—			3			—			3
Credit contracts	—			3			—			3
Total liabilities	$	4		$	343		$	3		$	350

(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, 2022:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	291		$	86		$	—		$	377
U.S. Government agencies and authorities	—			30			—			30
State, municipalities and political subdivisions	—			600			—			600
U.S. corporate public securities	—			5,925			13			5,938
U.S. corporate private securities	—			2,212			1,356			3,568
Foreign corporate public securities and foreign governments(1)	—			2,064			2			2,066
Foreign corporate private securities (1)	—			2,099			339			2,438
Residential mortgage-backed securities	—			2,873			20			2,893
Commercial mortgage-backed securities	—			2,599			—			2,599
Other asset-backed securities	—			1,258			52			1,310
Total fixed maturities, including securities pledged	291			19,746			1,782			21,819
Equity securities	16			—			117			133
Derivatives:
Interest rate contracts	1			261			—			262
Foreign exchange contracts	—			60			—			60
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,407			—			—			1,407
Assets held in separate accounts	72,065			5,227			347			77,639
Total assets	$	73,780		$	25,294		$	2,246		$	101,320
Percentage of Level to total	73		%	25		%	2		%	100		%
Liabilities:
Stabilizer and MCGs	$	—		$	—		$	6		$	6
Derivatives:
Interest rate contracts	2			325			—			327
Foreign exchange contracts	—			2			—			2
Credit contracts	—			2			—			2
Total liabilities	$	2		$	329		$	6		$	337

(1) Primarily U.S. dollar denominated.