Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of March 31, 2021
	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")	$	1,435	$	—	$	1,429	$	6
Collateralized loan obligations ("CLOs")	3,049		—		2,623		426
Commercial mortgage-backed securities ("CMBS")	4,167		—		4,106		61
Corporate	19,495		—		18,551		944
Foreign government/government agencies	868		—		868		—
Municipal	9,214		—		9,214		—
Residential mortgage-backed securities ("RMBS")	4,025		—		3,544		481
U.S. Treasuries	1,354		547		807		—
Total fixed maturities	43,607		547		41,142		1,918
Equity securities, at fair value	1,632		1,022		540		70
Derivative assets
Credit derivatives	21		—		21		—
Interest rate derivatives	1		—		1		—
Total derivative assets [1]	22		—		22		—
Short-term investments	3,367		1,754		1,597		16
Total assets accounted for at fair value on a recurring basis	$	48,628	$	3,323	$	43,301	$	2,004
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Foreign exchange derivatives	$	(10)	$	—	$	(10)	$	—
Interest rate derivatives	(45)		—		(45)		—
Total derivative liabilities [2]	(55)		—		(55)		—
Total liabilities accounted for at fair value on a recurring basis	$	(55)	$	—	$	(55)	$	—

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2020
	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	$	1,564	$	—	$	1,564	$	—
CLOs	2,780		—		2,420		360
CMBS	4,484		—		4,407		77
Corporate	20,273		—		19,392		881
Foreign government/government agencies	919		—		913		6
Municipal	9,503		—		9,503		—
RMBS	4,107		—		3,726		381
U.S. Treasuries	1,405		529		876		—
Total fixed maturities	45,035		529		42,801		1,705
Equity securities, at fair value	1,438		872		496		70
Derivative assets
Credit derivatives	21		—		21		—
Foreign exchange derivatives	1		—		1		—
Interest rate derivatives	1		—		1		—
Total derivative assets [1]	23		—		23		—
Short-term investments	3,283		2,663		590		30
Total assets accounted for at fair value on a recurring basis	$	49,779	$	4,064	$	43,910	$	1,805
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Foreign exchange derivatives	(14)		—		(14)		—
Interest rate derivatives	(70)		—		(70)		—
Total derivative liabilities [2]	(84)		—		(84)		—
Total liabilities accounted for at fair value on a recurring basis	$	(84)	$	—	$	(84)	$	—

[1]Includes 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 and applicable law. See footnote 2 to this table for derivative liabilities.

[2]Includes 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 and applicable law.

Fair Value Inputs, Assets, Quantitative Information

Significant Unobservable Inputs for Level 3 - Securities
Assets accounted for at fair value on a recurring basis	Fair Value		Predominant Valuation Technique	Significant Unobservable Input	Minimum	Maximum	Weighted Average [1]	Impact of Increase in Input on Fair Value [2]
As of March 31, 2021
CLOs [3]	$	331	Discounted cash flows	Spread	232 bps	332 bps	312 bps	Decrease
CMBS [3]	$	21	Discounted cash flows	Spread (encompasses prepayment, default risk and loss severity)	255 bps	670 bps	555 bps	Decrease
Corporate [4]	$	844	Discounted cash flows	Spread	91 bps	1,231 bps	330 bps	Decrease
RMBS [3]	$	450	Discounted cash flows	Spread [6]	2 bps	1,499 bps	100 bps	Decrease
				Constant prepayment rate [6]	—%	12%	6%	Decrease [5]
				Constant default rate [6]	1%	10%	3%	Decrease
				Loss severity [6]	—%	100%	76%	Decrease
As of December 31, 2020
CLOs [3]	$	340	Discounted cash flows	Spread	304 bps	305 bps	304 bps	Decrease
CMBS [3]	$	20	Discounted cash flows	Spread (encompasses prepayment, default risk and loss severity)	255 bps	975 bps	688 bps	Decrease
Corporate [4]	$	749	Discounted cash flows	Spread	110 bps	692 bps	293 bps	Decrease
RMBS [3]	$	364	Discounted cash flows	Spread [6]	7 bps	937 bps	119 bps	Decrease
				Constant prepayment rate [6]	—%	10%	5%	Decrease [5]
				Constant default rate [6]	2%	6%	3%	Decrease
				Loss severity [6]	—%	100%	84%	Decrease

[1]The weighted average is determined based on the fair value of the securities.

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

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

[4]Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value.

[5]Decrease for above market rate coupons and increase for below market rate coupons.

[6]Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended March 31, 2021
				Total realized/unrealized gains (losses)
		Fair value as of January 1, 2021		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of March 31, 2021
Assets
Fixed Maturities, AFS
	ABS	$	—	$	—	$	—	$	6	$	—	$	—	$	—	$	—	$	6
	CLOs	360		—		—		140		(15)		—		—		(59)		426
	CMBS	77		—		—		1		(2)		—		—		(15)		61
	Corporate	881		5		(13)		73		(7)		(7)		48		(36)		944
	Foreign Govt./Govt. Agencies	6		—		—		—		—		(6)		—		—		—
	RMBS	381		—		(1)		151		(46)		(4)		—		—		481
Total Fixed Maturities, AFS		1,705		5		(14)		371		(70)		(17)		48		(110)		1,918
Equity Securities, at fair value		70		—		—		—		—		—		—		—		70
Short-term investments		30		—		—		—		(14)		—		—		—		16
Total Assets		$	1,805	$	5	$	(14)	$	371	$	(84)	$	(17)	$	48	$	(110)	$	2,004

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended March 31, 2020
				Total realized/unrealized gains (losses)
		Fair value as of January 1, 2020		Included in net income [1]		Included in OCI [2]		Purchases		Settlements		Sales		Transfers into Level 3 [3]		Transfers out of Level 3 [3]		Fair value as of March 31, 2020
Assets
Fixed Maturities, AFS
	ABS	$	15	$	—	$	(1)	$	20	$	—	$	—	$	—	$	(15)	$	19
	CLOs	95		—		(6)		—		(6)		—		—		—		83
	CMBS	9		—		—		10		(1)		—		—		—		18
	Corporate	732		(10)		(80)		94		(36)		(8)		47		(30)		709
	Foreign Govt./Govt. Agencies	3		—		—		—		—		—		—		—		3
	RMBS	560		—		(25)		5		(46)		(7)		—		—		487
Total Fixed Maturities, AFS		1,414		(10)		(112)		129		(89)		(15)		47		(45)		1,319
Equity Securities, at fair value		73		(7)		—		3		—		—		—		—		69
Short-term investments		15		—		—		—		(1)		—		—		—		14
Total Assets		$	1,502	$	(17)	$	(112)	$	132	$	(90)	$	(15)	$	47	$	(45)	$	1,402
Liabilities
Contingent Consideration		(22)		12		—		—		10		—		—		—		—
Derivatives, net [4]
	Equity	(15)		36		—		—		(21)		—		—		—		—
Total Derivatives, net [4]		(15)		36		—		—		(21)		—		—		—		—
Total Liabilities		$	(37)	$	48	$	—	$	—	$	(11)	$	—	$	—	$	—	$	—

[1]Amounts in these columns are generally reported in net realized capital gains (losses). All amounts are before income taxes.

[2]All amounts are before income taxes.

[3]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.

[4]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.

Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Level 3 Still Held at End of Period
		Three Months Ended March 31,
		2021		2020		2021		2020
		Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]				Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets
Fixed Maturities, AFS
	ABS	$	—	$	—	$	—	$	(1)
	CLOs	—		—		—		(6)
	Corporate	5		—		(13)		(79)
	RMBS	—		—		(1)		(24)
Total Fixed Maturities, AFS		5		—		(14)		(110)
Equity Securities, at fair value		—		(6)		—		—
Total Assets		$	5	$	(6)	$	(14)	$	(110)
Liabilities
Contingent Consideration		$	—	$	12	$	—	$	—
Total Liabilities		$	—	$	12	$	—	$	—

[1]All amounts in these rows are reported in net realized capital gains (losses). All amounts are before income taxes.

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

[3]Changes in unrealized gain (loss) on fixed maturities, AFS are reported in changes in net unrealized gain on securities in the Condensed Consolidated Statements of Comprehensive Income.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

Financial Assets and Liabilities Not Carried at Fair Value
	March 31, 2021					December 31, 2020
	Fair Value Hierarchy Level	Carrying Amount [1]		Fair Value		Fair Value Hierarchy Level	Carrying Amount [1]		Fair Value
Assets
Mortgage loans	Level 3	$	4,588	$	4,768	Level 3	$	4,493	$	4,792
Liabilities
Other policyholder funds and benefits payable	Level 3	$	681	$	683	Level 3	$	701	$	703
Senior notes [2]	Level 2	$	3,263	$	3,965	Level 2	$	3,262	$	4,363
Junior subordinated debentures [2]	Level 2	$	1,090	$	1,128	Level 2	$	1,090	$	1,107

[1]As of March 31, 2021 and December 31, 2020, carrying amount of mortgage loans is net of ACL of $34 and $38, respectively.

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