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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2022
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 September 30, 2022
TotalQuoted 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")
$1,892 $— $1,892 $— 
Collateralized loan obligations ("CLO")
2,919 — 2,764 155 
Commercial mortgage-backed securities ("CMBS")
3,278 — 3,058 220 
Corporate14,888 — 13,286 1,602 
Foreign government/government agencies584 — 580 4 
Municipal6,197 — 6,197 — 
Residential mortgage-backed securities ("RMBS")
3,724 — 3,616 108 
U.S. Treasuries2,235 46 2,189 — 
Total fixed maturities35,717 46 33,582 2,089 
Fixed maturities, FVO335 — 149 186 
Equity securities, at fair value1,678 1,154 463 61 
Derivative assets
Credit derivatives2 — 2 — 
Foreign exchange derivatives8 — 8 — 
Interest rate derivatives2 — 2 — 
Total derivative assets [1]12 — 12 — 
Short-term investments2,724 927 1,704 93 
Total assets accounted for at fair value on a recurring basis$40,466 $2,127 $35,910 $2,429 
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives$(2)$— $(2)$— 
Foreign exchange derivatives85 — 85 — 
Interest rate derivatives(9)— (9)— 
Total derivative liabilities [2]74 — 74 — 
Total liabilities accounted for at fair value on a recurring basis$74 $— $74 $— 
Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 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
ABS$1,135 $— $1,135 $— 
CLO3,025 — 2,768 257 
CMBS4,119 — 3,923 196 
Corporate18,707 — 17,089 1,618 
Foreign government/government agencies910 — 905 5 
Municipal8,257 — 8,257 — 
RMBS3,643 — 3,315 328 
U.S. Treasuries3,051 882 2,169 — 
Total fixed maturities42,847 882 39,561 2,404 
Fixed maturities, FVO160 — — 160 
Equity securities, at fair value2,094 1,453 577 64 
Derivative assets
Credit derivatives2 — 2 — 
Foreign exchange derivatives6 — 5 1 
Interest rate derivatives(1)— (1)— 
Total derivative assets [1]7 — 6 1 
Short-term investments3,697 1,627 1,990 80 
Total assets accounted for at fair value on a recurring basis$48,805 $3,962 $42,134 $2,709 
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives$(4)$— $(4)$— 
Foreign exchange derivatives— — 1 (1)
Interest rate derivatives(45)— (45)— 
Total derivative liabilities [2](49)— (48)(1)
Total liabilities accounted for at fair value on a recurring basis$(49)$— $(48)$(1)
[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 September 30, 2022
CLO [3]$124 Discounted cash flowsSpread355 bps355 bps355 bpsDecrease
CMBS [3]$217 Discounted cash flowsSpread (encompasses prepayment, default risk and loss severity)150 bps1,180 bps541 bpsDecrease
Corporate [4]$1,550 Discounted cash flowsSpread77 bps1,323 bps361 bpsDecrease
RMBS [3]$78 Discounted cash flowsSpread [6]35 bps492 bps154 bpsDecrease
Constant prepayment rate [6]2%14%8%Decrease [5]
Constant default rate [6]1%6%2%Decrease
Loss severity [6]15%100%38%Decrease
As of December 31, 2021
CLO [3]$211 Discounted cash flowsSpread234 bps258 bps257 bpsDecrease
CMBS [3]$192 Discounted cash flowsSpread (encompasses prepayment, default risk and loss severity)203 bps468 bps266 bpsDecrease
Corporate [4]$1,532 Discounted cash flowsSpread96 bps1,227 bps298 bpsDecrease
RMBS [3]$266 Discounted cash flowsSpread [6]48 bps229 bps89 bpsDecrease
Constant prepayment rate [6]2%16%7%Decrease [5]
Constant default rate [6]1%6%3%Decrease
Loss severity [6]—%100%63%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 September 30, 2022
Total realized/unrealized gains (losses)
Fair value as of June 30, 2022Included in net income [1]Included in OCI [2]Purchases SettlementsSalesTransfers into Level 3 [3]Transfers out of Level 3 [3]Fair value as of September 30, 2022
Assets
Fixed maturities, AFS
CLO$164 $— $— $31 $(13)$— $— $(27)$155 
CMBS224 — (1)4 (7)— — — 220 
Corporate1,609 (1)(52)75 (13)(9)24 (31)1,602 
Foreign Govt./Govt. Agencies5 1 — — — (2)— — 4 
RMBS130 — (3)— (19)— — — 108 
Total fixed maturities, AFS2,132 — (56)110 (52)(11)24 (58)2,089 
Fixed maturities, FVO193 (4)— — (3)— — — 186 
Equity securities, at fair value60 1 — — — — — — 61 
Short-term investments60 — — 36 (3)— — — 93 
Total Assets$2,445 $(3)$(56)$146 $(58)$(11)$24 $(58)$2,429 
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
 Nine Months Ended September 30, 2022
Total realized/unrealized gains (losses)
Fair value as of January 1, 2022Included in net income [1]Included in OCI [2]Purchases SettlementsSalesTransfers into Level 3 [3]Transfers out of Level 3 [3]Fair value as of September 30, 2022
Assets
Fixed Maturities, AFS
ABS$— $— $— $19 $— $— $— $(19)$— 
CLO257 — (2)113 (53)— — (160)155 
CMBS196 — (16)50 (10)— — — 220 
Corporate1,618 (2)(210)398 (145)(30)45 (72)1,602 
Foreign Govt./Govt. Agencies5 — (1)— — (3)3 — 4 
RMBS328 — (13)137 (83)— — (261)108 
Total Fixed Maturities, AFS2,404 (2)(242)717 (291)(33)48 (512)2,089 
Fixed maturities, FVO160 (15)— 55 (14)— — — 186 
Equity Securities, at fair value64 10 — 2 (15)— — — 61 
Short-term investments80 — — 72 (9)— — (50)93 
Total Assets$2,708 $(7)$(242)$846 $(329)$(33)$48 $(562)$2,429 
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
 Three Months Ended September 30, 2021
Total realized/unrealized gains (losses)
Fair value as of June 30, 2021Included in net income [1]Included in OCI [2]Purchases SettlementsSalesTransfers into Level 3 [3]Transfers out of Level 3 [3]Fair value as of September 30, 2021
Assets
Fixed Maturities, AFS
ABS$14 $— $— $23 $— $— $— $(14)$23 
CLO375 — — 132 (34)— — (119)354 
CMBS86 — — 29 — — — (14)101 
Corporate1,141 — (7)156 (29)(1)— (6)1,254 
Foreign Govt./Govt. Agencies— — — 5 — — — — 5 
RMBS302 — (1)41 (45)— — (29)268 
Total Fixed Maturities, AFS1,918 — (8)386 (108)(1)— (182)2,005 
Equity Securities, at fair value74 4 — 2 (9)— — — 71 
Fixed maturities, FVO— — — 75 — — — — 75 
Short-term investments18 — — 8 (3)— — — 23 
Total Assets$2,010 $4 $(8)$471 $(120)$(1)$— $(182)$2,174 
Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
 Nine Months Ended September 30, 2021
Total realized/unrealized gains (losses)
Fair value as of January 1, 2021Included in net income [1]Included in OCI [2]PurchasesSettlementsSalesTransfers into Level 3 [3]Transfers out of Level 3 [3]Fair value as of September 30, 2021
Assets
Fixed Maturities, AFS
ABS$— $— $— $42 $— $— $— $(19)$23 
CLO360 — — 391 (79)— — (318)354 
CMBS77 — 2 68 (3)— 5 (48)101 
Corporate881 6 (18)405 (105)(45)172 (42)1,254 
Foreign Govt./Govt. Agencies6 — — 5 — (6)— — 5 
RMBS381 — (3)221 (148)(14)— (169)268 
Total Fixed Maturities, AFS1,705 6 (19)1,132 (335)(65)177 (596)2,005 
Equity Securities, at fair value70 6 — 5 (10)— — — 71 
Fixed maturities, FVO— — — 75 — — — — 75 
Short-term investments30 — — 10 (17)— — — 23 
Total Assets$1,805 $12 $(19)$1,222 $(362)$(65)$177 $(596)$2,174 
[1]Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes.
[2]All amounts are before income taxes.
[3]Transfers in and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
Changes in Unrealized Gains (Losses) for Financial Instruments Classified as
Level 3 Still Held at End of Period
Three Months Ended September 30,Nine Months Ended September 30,
20222021202220212022202120222021
Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]Changes in Unrealized Gain/(Loss) included in OCI [3]Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets
Fixed Maturities, AFS
CLO$— $— $— $— $— $— $(2)$— 
CMBS— — (1)— — — (16)2 
Corporate(1)— (52)(7)(2)— (207)(16)
Foreign Govt./Govt. Agencies1 — — — — — (1)— 
RMBS— — (3)(1)— — (12)(3)
Total Fixed Maturities, AFS— — (56)(8)(2)— (238)(17)
Fixed maturities, FVO(4)— — — (15)— — — 
Equity Securities, at fair value1 1 — — 2 4 — — 
Total Assets$(3)$1 $(56)$(8)$(15)$4 $(238)$(17)
[1]All amounts in these rows are reported in net 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
September 30, 2022December 31, 2021
Fair Value Hierarchy LevelCarrying Amount [1]Fair ValueFair Value Hierarchy LevelCarrying Amount [1]Fair Value
Assets
Mortgage loansLevel 3$5,931 $5,337 Level 3$5,383 $5,576 
Liabilities
Other policyholder funds and benefits payableLevel 3$659 $659 Level 3$687 $689 
Senior notes [2]Level 2$3,857 $3,279 Level 2$3,854 $4,725 
Junior subordinated debentures [2]Level 2$499 $412 Level 2$1,090 $1,086 
[1]As of September 30, 2022 and December 31, 2021, the carrying amount of mortgage loans is net of ACL of $36 and $29, respectively.
[2]Included in long-term debt in the Condensed Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable.