Fair Value Measurements Level 3 (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Assets and (liabilities) carried at fair value by hierarchy level

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of September 30, 2017
	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
Asset-backed-securities ("ABS")	$	2,305		$	—	$	2,249		$	56
Collateralized debt obligations ("CDOs")	2,395			—		2,207			188
Commercial mortgage-backed securities ("CMBS")	5,120			—		5,027			93
Corporate	25,746			—		24,707			1,039
Foreign government/government agencies	1,365			—		1,332			33
Bonds of municipalities and political subdivisions ("municipal bonds")	12,435			—		12,349			86
Residential mortgage-backed securities ("RMBS")	4,205			—		2,255			1,950
U.S. Treasuries	4,098			338		3,760			—
Total fixed maturities	57,669			338		53,886			3,445
Fixed maturities, FVO	82			—		82			—
Equity securities, trading [1]	11			11		—			—
Equity securities, AFS	1,112			840		155			117
Derivative assets
Credit derivatives	8			—		8			—
Foreign exchange derivatives	(4		)	—		(4		)	—
Interest rate derivatives	2			—		2			—
Guaranteed minimum withdrawal benefit ("GMWB") hedging instruments	39			—		(1		)	40
Macro hedge program	158			—		—			158
Total derivative assets [2]	203			—		5			198
Short-term investments	3,756			1,922		1,834			—
Reinsurance recoverable for GMWB	51			—		—			51
Modified coinsurance reinsurance contracts	57			—		57			—
Separate account assets [3]	113,197			74,053		38,019			226
Total assets accounted for at fair value on a recurring basis	$	176,138		$	77,164	$	94,038		$	4,037
Liabilities accounted for at fair value on a recurring basis
Other policyholder funds and benefits payable (GMWB embedded derivative)	$	(93	)	$	—	$	—		$	(93	)
Derivative liabilities
Credit derivatives	(3		)	—		(3		)	—
Equity derivatives	2			—		—			2
Foreign exchange derivatives	(270		)	—		(270		)	—
Interest rate derivatives	(479		)	—		(452		)	(27		)
GMWB hedging instruments	26			—		42			(16		)
Macro hedge program	8			—		(17		)	25
Total derivative liabilities [4]	(716		)	—		(700		)	(16		)
Contingent consideration [5]	(28		)	—		—			(28		)
Total liabilities accounted for at fair value on a recurring basis	$	(837	)	$	—	$	(700	)	$	(137	)

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2016
	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
ABS	$	2,382		$	—	$	2,300		$	82
CDOs	1,916			—		1,502			414
CMBS	4,936			—		4,856			80
Corporate	25,666			—		24,586			1,080
Foreign government/government agencies	1,171			—		1,107			64
Municipal bonds	11,486			—		11,368			118
RMBS	4,767			—		2,795			1,972
U.S. Treasuries	3,679			620		3,059			—
Total fixed maturities	56,003			620		51,573			3,810
Fixed maturities, FVO	293			1		281			11
Equity securities, trading [1]	11			11		—			—
Equity securities, AFS	1,097			821		177			99
Derivative assets
Credit derivatives	17			—		17			—
Foreign exchange derivatives	27			—		27			—
Interest rate derivatives	(427		)	—		(427		)	—
GMWB hedging instruments	74			—		14			60
Macro hedge program	128			—		8			120
Other derivative contracts	1			—		—			1
Total derivative assets [2]	(180		)	—		(361		)	181
Short-term investments	3,244			878		2,366			—
Reinsurance recoverable for GMWB	73			—		—			73
Modified coinsurance reinsurance contracts	68			—		68			—
Separate account assets [3]	111,634			71,606		38,856			201
Total assets accounted for at fair value on a recurring basis	$	172,243		$	73,937	$	92,960		$	4,375
Liabilities accounted for at fair value on a recurring basis
Other policyholder funds and benefits payable
GMWB embedded derivative	$	(241	)	$	—	$	—		$	(241	)
Equity linked notes	(33		)	—		—			(33		)
Total other policyholder funds and benefits payable	(274		)	—		—			(274		)
Derivative liabilities
Credit derivatives	(13		)	—		(13		)	—
Equity derivatives	33			—		33			—
Foreign exchange derivatives	(237		)	—		(237		)	—
Interest rate derivatives	(542		)	—		(521		)	(21		)
GMWB hedging instruments	20			—		(1		)	21
Macro hedge program	50			—		3			47
Total derivative liabilities [4]	(689		)	—		(736		)	47
Contingent consideration [5]	(25		)	—		—			(25		)
Total liabilities accounted for at fair value on a recurring basis	$	(988	)	$	—	$	(736	)	$	(252	)

[1] Included in other investments on the Condensed Consolidated Balance Sheets.

[2] Includes OTC and OTC-cleared derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements, clearing house rules and applicable law. See footnote 4 to this table for derivative liabilities.

[3] Approximately $2.4 billion and $4.0 billion of investment sales receivable, as of September 30, 2017, and December 31, 2016, respectively, are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value. Included in the total fair value amount are $899 and $1.0 billion of investments, as of September 30, 2017 and December 31, 2016, respectively, for which the fair value is estimated using the net asset value per unit as a practical expedient which are excluded from the disclosure requirement to classify amounts in the fair value hierarchy.

[4] Includes OTC and OTC-cleared derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements, which may be imposed by agreements, clearing house rules and applicable law.

[5] For additional information see the Contingent Consideration section below.

Information about significant unobservable inputs used in Level 3 assets measured at fair value

Significant Unobservable Inputs for Level 3 - Freestanding Derivatives
	Fair Value			Predominant Valuation  Technique	Significant Unobservable Input	Minimum		Maximum		Impact of  Increase in Input on  Fair Value [1]
As of September 30, 2017
Interest rate derivatives
Interest rate swaps	$	(29	)	Discounted cash flows	Swap curve beyond 30 years	2	%	3	%	Decrease
Interest rate swaptions [2]	$	2		Option model	Interest rate volatility	2	%	3	%	Increase
GMWB hedging instruments
Equity variance swaps	$	(40	)	Option model	Equity volatility	12	%	19	%	Increase
Equity options	$	2		Option model	Equity volatility	27	%	27	%	Increase
Customized swaps	$	62		Discounted cash flows	Equity volatility	7	%	30	%	Increase
Macro hedge program [3]
Equity options	$	190		Option model	Equity volatility	15	%	30	%	Increase
As of December 31, 2016
Interest rate derivatives
Interest rate swaps	$	(29	)	Discounted cash flows	Swap curve beyond 30 years	3	%	3	%	Decrease
Interest rate swaptions [2]	$	8		Option model	Interest rate volatility	2	%	2	%	Increase
GMWB hedging instruments
Equity variance swaps	$	(36	)	Option model	Equity volatility	20	%	23	%	Increase
Equity options	$	17		Option model	Equity volatility	27	%	30	%	Increase
Customized swaps	$	100		Discounted cash flows	Equity volatility	12	%	30	%	Increase
Macro hedge program [3]
Equity options	$	188		Option model	Equity volatility	17	%	28	%	Increase

[1] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. Changes are based on long positions, unless otherwise noted. Changes in fair value will be inversely impacted for short positions.

[2] The swaptions presented are purchased options that have the right to enter into a pay-fixed swap.

[3] Excludes derivatives for which the Company bases fair value on broker quotations

Significant Unobservable Inputs for Level 3 GMWB Embedded Customized and Reinsurance Derivatives
As of September 30, 2017
Significant Unobservable Input	Unobservable Inputs (Minimum)	Unobservable Inputs (Maximum)	Impact of Increase in Input on Fair Value Measurement [1]
Withdrawal Utilization [2]	15%	100%	Increase
Withdrawal Rates [3]	—%	8%	Increase
Lapse Rates [4]	—%	40%	Decrease
Reset Elections [5]	20%	75%	Increase
Equity Volatility [6]	7%	30%	Increase
As of December 31, 2016
Significant Unobservable Input	Unobservable Inputs (Minimum)	Unobservable Inputs (Maximum)	Impact of Increase in Input on Fair Value Measurement [1]
Withdrawal Utilization [2]	15%	100%	Increase
Withdrawal Rates [3]	—%	8%	Increase
Lapse Rates [4]	—%	40%	Decrease
Reset Elections [5]	20%	75%	Increase
Equity Volatility [6]	12%	30%	Increase

[1] Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.

[2] Range represents assumed cumulative percentages of policyholders taking withdrawals.

[3] Range represents assumed cumulative annual amount withdrawn by policyholders.

[4] Range represents assumed annual percentages of full surrender of the underlying variable annuity contracts across all policy durations for in force business.

[5] Range represents assumed cumulative percentages of policyholders that would elect to reset their guaranteed benefit base.

[6] Range represents implied market volatilities for equity indices based on multiple pricing sources.

Roll-forward of Financial Instruments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)

Fair Value Roll-forwards for Financial Instruments Classified as Level 3 for the Three Months Ended September 30, 2017
					Total realized/unrealized gains (losses)
		Fair value as of June 30, 2017			Included in net income [1] [2] [6]			Included in OCI [3]			Purchases		Settlements			Sales			Transfers into Level 3 [4]		Transfers out of Level 3 [4]			Fair value as of September 30, 2017
Assets
Fixed Maturities, AFS
	ABS	$	96		$	—		$	—		$	—	$	(6	)	$	(6	)	$	7	$	(35	)	$	56
	CDOs	339			—			(1		)	29		—			—			—		(179		)	188
	CMBS	98			(1		)	—			—		(4		)	—			—		—			93
	Corporate	1,136			(1		)	8			42		1			(40		)	19		(126		)	1,039
	Foreign Govt./Govt. Agencies	29			—			1			9		—			—			—		(6		)	33
	Municipal	86			—			—			—		—			—			—		—			86
	RMBS	2,011			—			27			40		(119		)	—			—		(9		)	1,950
Total Fixed Maturities, AFS		3,795			(2		)	35			120		(128		)	(46		)	26		(355		)	3,445
Equity Securities, AFS		98			—			(4		)	23		—			—			—		—			117
Freestanding Derivatives, net [5]
	Equity	2			—			—			—		—			—			—		—			2
	Interest rate	(26		)	(1		)	—			—		—			—			—		—			(27		)
	GMWB hedging instruments	40			(16		)	—			—		—			—			—		—			24
	Macro hedge program	160			14			—			9		—			—			—		—			183
Total Freestanding Derivatives, net [5]		176			(3		)	—			9		—			—			—		—			182
Reinsurance Recoverable for GMWB		57			(9		)	—			—		3			—			—		—			51
Separate Accounts		192			—			3			37		(1		)	(2		)	—		(3		)	226
Total Assets		$	4,318		$	(14	)	$	34		$	189	$	(126	)	$	(48	)	$	26	$	(358	)	$	4,021
Liabilities
Other Policyholder Funds and Benefits Payable
	Guaranteed Withdrawal Benefits	$	(134	)	$	58		$	—		$	—	$	(17	)	$	—		$	—	$	—		$	(93	)
	Equity Linked Notes	(37		)	—			—			—		37			—			—		—			—
Total Other Policyholder Funds and Benefits Payable		(171		)	58			—			—		20			—			—		—			(93		)
Contingent Consideration [7]		(27		)	(1		)	—			—		—			—			—		—			(28		)
Total Liabilities		$	(198	)	$	57		$	—		$	—	$	20		$	—		$	—	$	—		$	(121	)

Fair Value Roll-forwards for Financial Instruments Classified as Level 3 for the Nine Months Ended September 30, 2017
					Total realized/unrealized gains (losses)
		Fair value as of January 1, 2017			Included in net income [1] [2] [6]			Included in OCI [3]			Purchases		Settlements			Sales			Transfers into Level 3 [4]		Transfers out of Level 3 [4]			Fair value as of September 30, 2017
Assets
Fixed Maturities, AFS
	ABS	$	82		$	—		$	—		$	70	$	(12	)	$	(6	)	$	33	$	(111	)	$	56
	CDOs	414			—			(2		)	329		(208		)	—			—		(345		)	188
	CMBS	80			(2		)	1			75		(10		)	—			—		(51		)	93
	Corporate	1,080			(7		)	38			257		(39		)	(230		)	111		(171		)	1,039
	Foreign Govt./Govt. Agencies	64			—			4			15		(2		)	(2		)	—		(46		)	33
	Municipal	118			4			4			—		—			(40		)	—		—			86
	RMBS	1,972			—			60			263		(329		)	(7		)	—		(9		)	1,950
Total Fixed Maturities, AFS		3,810			(5		)	105			1,009		(600		)	(285		)	144		(733		)	3,445
Fixed Maturities, FVO		11			—			—			4		(2		)	(13		)	—		—			—
Equity Securities, AFS		99			—			(9		)	27		—			—			—		—			117
Freestanding Derivatives, net [5]
	Equity	—			(3		)	—			5		—			—			—		—			2
	Interest rate	(21		)	(6		)	—			—		—			—			—		—			(27		)
	GMWB hedging instruments	81			(57		)	—			—		—			—			—		—			24
	Macro hedge program	167			7			—			9		—			—			—		—			183
	Other contracts	1			(1		)	—			—		—			—			—		—			—
Total Freestanding Derivatives, net [5]		228			(60		)	—			14		—			—			—		—			182
Reinsurance Recoverable for GMWB		73			(33		)	—			—		11			—			—		—			51
Separate Accounts		201			3			5			148		(7		)	(45		)	10		(89		)	226
Total Assets		$	4,422		$	(95	)	$	101		$	1,202	$	(598	)	$	(343	)	$	154	$	(822	)	$	4,021
Liabilities
Other Policyholder Funds and Benefits Payable
	Guaranteed Withdrawal Benefits	$	(241	)	$	197		$	—		$	—	$	(49	)	$	—		$	—	$	—		$	(93	)
	Equity Linked Notes	(33		)	(4		)	—			—		37			—			—		—			—
Total Other Policyholder Funds and Benefits Payable		(274		)	193			—			—		(12		)	—			—		—			(93		)
Contingent Consideration [7]		(25		)	(3		)	—			—		—			—			—		—			(28		)
Total Liabilities		$	(299	)	$	190		$	—		$	—	$	(12	)	$	—		$	—	$	—		$	(121	)

Fair Value Roll-forwards for Financial Instruments Classified as Level 3 for the Three Months Ended September 30, 2016
					Total realized/unrealized gains (losses)
		Fair value as of June 30, 2016			Included in net income [1] [2] [6]			Included in OCI [3]			Purchases		Settlements			Sales			Transfers into Level 3 [4]		Transfers out of Level 3 [4]			Fair value as of September 30, 2016
Assets
Fixed Maturities, AFS
	ABS	$	41		$	—		$	—		$	18	$	—		$	(2	)	$	—	$	(26	)	$	31
	CDOs	478			—			(3		)	1		(7		)	—			—		—			469
	CMBS	79			(1		)	—			15		(6		)	—			—		(10		)	77
	Corporate	1,136			(12		)	27			69		3			(52		)	115		(192		)	1,094
	Foreign Govt./Govt. Agencies	72			—			2			9		(1		)	(8		)	—		—			74
	Municipal	90			—			2			34		—			—			—		—			126
	RMBS	1,873			—			15			253		(78		)	(8		)	—		—			2,055
Total Fixed Maturities, AFS		3,769			(13		)	43			399		(89		)	(70		)	115		(228		)	3,926
Fixed Maturities, FVO		6			—			—			5		(1		)	(1		)	—		—			9
Equity Securities, AFS		97			(1		)	—			4		—			—			—		—			100
Freestanding Derivatives, net [5]
	Equity	1			(1		)	—			—		—			—			—		—			—
	Interest rate	(32		)	—			—			—		—			—			—		—			(32		)
	GMWB hedging instruments	165			(34		)	—			—		—			—			—		—			131
	Macro hedge program	141			(32		)	—			63		(4		)	—			—		—			168
	Other contracts	4			(2		)	—			—		—			—			—		—			2
Total Freestanding Derivatives, net [5]		279			(69		)	—			63		(4		)	—			—		—			269
Reinsurance Recoverable for GMWB		106			(12		)	—			—		4			—			—		—			98
Separate Accounts		171			1			(1		)	165		(3		)	(11		)	10		(7		)	325
Total Assets		$	4,428		$	(94	)	$	42		$	636	$	(93	)	$	(82	)	$	125	$	(235	)	$	4,727
Liabilities
Other Policyholder Funds and Benefits Payable
	Guaranteed Withdrawal Benefits	$	(412	)	$	81		$	—		$	—	$	(17	)	$	—		$	—	$	—		$	(348	)
	Equity Linked Notes	(28		)	(3		)	—			—		—			—			—		—			(31		)
Total Other Policyholder Funds and Benefits Payable		(440		)	78			—			—		(17		)	—			—		—			(379		)
Contingent Consideration [7]		—			23			—			—		—			—			—		—			23
Total Liabilities		$	(440	)	$	101		$	—		$	—	$	(17	)	$	—		$	—	$	—		$	(356	)

Fair Value Roll-forwards for Financial Instruments Classified as Level 3 for the Nine Months Ended September 30, 2016
					Total realized/unrealized gains (losses)
		Fair value as of January 1, 2016			Included in net income [1] [2] [6]			Included in OCI [3]			Purchases		Settlements			Sales			Transfers into Level 3 [4]		Transfers out of Level 3 [4]			Fair value as of September 30, 2016
Assets
Fixed Maturities, AFS
	ABS	$	37		$	—		$	—		$	18	$	(7	)	$	(2	)	$	18	$	(33	)	$	31
	CDOs	541			(1		)	(5		)	1		(67		)	—			—		—			469
	CMBS	150			(2		)	(3		)	65		(24		)	(3		)	1		(107		)	77
	Corporate	854			(26		)	39			136		(52		)	(143		)	628		(342		)	1,094
	Foreign Govt./Govt. Agencies	60			1			11			24		(3		)	(19		)	—		—			74
	Municipal	49			—			7			54		—			—			16		—			126
	RMBS	1,622			—			11			683		(236		)	(8		)	5		(22		)	2,055
Total Fixed Maturities, AFS		3,313			(28		)	60			981		(389		)	(175		)	668		(504		)	3,926
Fixed Maturities, FVO		16			(1		)	—			11		(3		)	(4		)	—		(10		)	9
Equity Securities, AFS		93			(1		)	7			6		—			(5		)	—		—			100
Freestanding Derivatives, net [5]
	Equity	—			(16		)	—			16		—			—			—		—			—
	Interest rate	(22		)	(10		)	—			—		—			—			—		—			(32		)
	GMWB hedging instruments	135			(10		)	—			—		—			—			—		6			131
	Macro hedge program	147			(36		)	—			63		(6		)	—			—		—			168
	Other contracts	7			(5		)	—			—		—			—			—		—			2
Total Freestanding Derivatives, net [5]		267			(77		)	—			79		(6		)	—			—		6			269
Reinsurance Recoverable for GMWB		83			4			—			—		11			—			—		—			98
Separate Accounts		139			1			5			226		(12		)	(27		)	16		(23		)	325
Total Assets		$	3,911		$	(102	)	$	72		$	1,303	$	(399	)	$	(211	)	$	684	$	(531	)	$	4,727
Liabilities
Other Policyholder Funds and Benefits Payable
	Guaranteed Withdrawal Benefits	$	(262	)	$	(36	)	$	—		$	—	$	(50	)	$	—		$	—	$	—		$	(348	)
	Equity Linked Notes	(26		)	(5		)	—			—		—			—			—		—			(31		)
Total Other Policyholder Funds and Benefits Payable		(288		)	(41		)	—			—		(50		)	—			—		—			(379		)
Contingent Consideration [7]		—			23			—			—		—			—			—		—			23
Total Liabilities		$	(288	)	$	(18	)	$	—		$	—	$	(50	)	$	—		$	—	$	—		$	(356	)

[1] The Company classifies realized and unrealized gains (losses) on GMWB reinsurance derivatives and GMWB embedded derivatives as unrealized gains (losses) for purposes of disclosure in this table because it is impracticable to track on a contract-by-contract basis the realized gains (losses) for these derivatives and embedded derivatives.

[2] Amounts in these rows are generally reported in net realized capital gains (losses). The realized/unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on net income for the Company. All amounts are before income taxes and amortization of DAC.

[3] All amounts are before income taxes and amortization of DAC.

[4] Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.

[5] Derivative instruments are reported in this table on a net basis for asset (liability) positions and reported in the Condensed Consolidated Balance Sheets in other investments and other liabilities.

[6] Includes both market and non-market impacts in deriving realized and unrealized gains (losses).

[7] For additional information, see the Contingent Consideration section of this Note 5 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.

Changes in Unrealized Gains (Losses) Included in Net Income for Financial Instruments Classified as Level 3 Still Held at End of Period
		Three months ended September 30,						Nine months ended September 30,
		2017 [1] [2]			2016 [1] [2]			2017 [1] [2]			2016 [1] [2]
Assets
Fixed Maturities, AFS
	CMBS	$	—		$	—		$	(1	)	$	(1	)
	Corporate	(1		)	(13		)	(13		)	(14		)
Total Fixed Maturities, AFS		(1		)	(13		)	(14		)	(15		)
Fixed Maturities, FVO		—			—			—			—
Equity Securities, AFS		—			(1		)	—			(1		)
Freestanding Derivatives, net
	Equity	—			—			(2		)	—
	Interest rate	(1		)	—			(6		)	(10		)
	GMWB hedging instruments	(16		)	(34		)	(57		)	(2		)
	Macro hedge program	14			(34		)	8			(31		)
	Other Contracts	—			(2		)	—			(5		)
Total Freestanding Derivatives, net		(3		)	(70		)	(57		)	(48		)
Reinsurance Recoverable for GMWB		(9		)	(12		)	(33		)	4
Separate Accounts		—			—			1			—
Total Assets		$	(13	)	$	(96	)	$	(103	)	$	(60	)
Liabilities
Other Policyholder Funds and Benefits Payable
	Guaranteed Withdrawal Benefits	$	58		$	81		$	197		$	(36	)
	Equity Linked Notes	—			(3		)	(4		)	(5		)
Total Other Policyholder Funds and Benefits Payable		58			78			193			(41		)
Contingent Consideration [3]		(1		)	—			(3		)	—
Total Liabilities		$	57		$	78		$	190		$	(41	)

[1] All amounts in these rows are reported in net realized capital gains (losses). The realized/unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on net income for the Company. All amounts are before income taxes and amortization of DAC.

[2] Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein.

[3] For additional information, see the Contingent Consideration section of this Note 5 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.

Fair value of assets and liabilities accounted for using the fair value option

Changes in Fair Value of Assets using Fair Value Option
	Three Months Ended September 30,					Nine Months Ended September 30,
	2017			2016		2017			2016
Assets
Fixed maturities, FVO
Corporate	$	—		$	1	$	(1	)	$	1
Foreign government	—			—		—			(1		)
RMBS	(1		)	3		—			8
Total fixed maturities, FVO	(1		)	4		(1		)	8
Equity, FVO	—			—		2			(34		)
Total realized capital gains (losses)	$	(1	)	$	4	$	1		$	(26	)

Fair Value, by Balance Sheet Grouping [Table Text Block]

Fair Value of Assets and Liabilities using the Fair Value Option
	September 30, 2017		December 31, 2016
Assets
Fixed maturities, FVO
ABS	$	—	$	7
CDOs	—		3
CMBS	—		8
Corporate	—		40
U.S government	—		7
RMBS	82		228
Total fixed maturities, FVO	$	82	$	293

Financial Instruments Not Carried at Fair Value

Financial Assets and Liabilities Not Carried at Fair Value
	Fair Value Hierarchy Level	Carrying Amount		Fair Value
September 30, 2017
Assets
Policy loans	Level 3	$	1,418	$	1,418
Mortgage loans	Level 3	$	6,058	$	6,215
Liabilities
Other policyholder funds and benefits payable [1]	Level 3	$	6,285	$	6,484
Senior notes [2]	Level 2	$	3,556	$	4,218
Junior subordinated debentures [2]	Level 2	$	1,582	$	1,724
Consumer notes [3] [4]	Level 3	$	9	$	9
Assumed investment contracts [3]	Level 3	$	517	$	540
December 31, 2016
Assets
Policy loans	Level 3	$	1,444	$	1,444
Mortgage loans	Level 3	$	5,697	$	5,721
Liabilities
Other policyholder funds and benefits payable [1]	Level 3	$	6,714	$	6,906
Senior notes [2]	Level 2	$	3,969	$	4,487
Junior subordinated debentures [2]	Level 2	$	1,083	$	1,246
Consumer notes [3] [4]	Level 3	$	20	$	20
Assumed investment contracts [3]	Level 3	$	487	$	526

[1] Excludes guarantees on variable annuities, group accident and health and universal life insurance contracts, including corporate owned life insurance.

[2] Included in long-term debt in the Condensed Consolidated Balance Sheets, except for current maturities, which are included in short-term debt.

[3] Excludes amounts carried at fair value and included in preceding disclosures.

[4] Included in other liabilities in the Condensed Consolidated Balance Sheets.