Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023
	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")	$	2,181	$	—	$	2,145	$	36
Collateralized loan obligations ("CLO")	3,013		—		2,862		151
Commercial mortgage-backed securities ("CMBS")	3,329		—		3,098		231
Corporate	16,210		—		14,567		1,643
Foreign government/government agencies	549		—		549		—
Municipal	6,365		—		6,365		—
Residential mortgage-backed securities ("RMBS")	3,737		—		3,680		57
U.S. Treasuries	2,060		1		2,059		—
Total fixed maturities, AFS	37,444		1		35,325		2,118
Fixed maturities, FVO	326		—		154		172
Equity securities, at fair value	1,301		750		491		60
Derivative assets
Credit derivatives	3		—		3		—
Foreign exchange derivatives	46		—		46		—
Interest rate derivatives	1		—		1		—
Total derivative assets [1]	50		—		50		—
Short-term investments	4,060		2,498		1,375		187
Total assets accounted for at fair value on a recurring basis	$	43,181	$	3,249	$	37,395	$	2,537
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives	$	(26)	$	—	$	(26)	$	—
Foreign exchange derivatives	2		—		2		—
Interest rate derivatives	(7)		—		(7)		—
Total derivative liabilities [2]	(31)		—		(31)		—
Total liabilities accounted for at fair value on a recurring basis	$	(31)	$	—	$	(31)	$	—

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2022
	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	$	1,941	$	—	$	1,911	$	30
CLO	2,941		—		2,826		115
CMBS	3,368		—		3,146		222
Corporate	15,233		—		13,644		1,589
Foreign government/government agencies	547		—		547		—
Municipal	6,296		—		6,296		—
RMBS	3,708		—		3,613		95
U.S. Treasuries	2,197		—		2,197		—
Total fixed maturities, AFS	36,231		—		34,180		2,051
Fixed maturities, FVO	333		—		155		178
Equity securities, at fair value	1,801		1,261		479		61
Derivative assets
Credit derivatives	2		—		2		—
Foreign exchange derivatives	32		—		32		—
Total derivative assets [1]	34		—		34		—
Short-term investments	3,859		1,429		2,237		193
Total assets accounted for at fair value on a recurring basis	$	42,258	$	2,690	$	37,085	$	2,483
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives	$	(2)	$	—	$	(2)	$	—
Foreign exchange derivatives	21		—		21		—
Interest rate derivatives	(6)		—		(6)		—
Total derivative liabilities [2]	13		—		13		—
Total liabilities accounted for at fair value on a recurring basis	$	13	$	—	$	13	$	—

[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, 2023
CLO [3]	$	111	Discounted cash flows	Spread	326 bps	326 bps	326 bps	Decrease
CMBS [3]	$	228	Discounted cash flows	Spread (encompasses prepayment, default risk and loss severity)	449 bps	1,784 bps	581 bps	Decrease
Corporate [4]	$	1,596	Discounted cash flows	Spread	92 bps	682 bps	359 bps	Decrease
RMBS	$	57	Discounted cash flows	Spread [6]	114 bps	260 bps	187 bps	Decrease
				Constant prepayment rate [6]	1%	10%	6%	Decrease [5]
				Constant default rate [6]	1%	4%	2%	Decrease
				Loss severity [6]	10%	100%	40%	Decrease
Short Term [3]	$	154	Discounted cash flows	Spread	243 bps	587 bps	251 bps	Decrease
As of December 31, 2022
CLO	$	115	Discounted cash flows	Spread	337 bps	337 bps	337 bps	Decrease
CMBS [3]	$	219	Discounted cash flows	Spread (encompasses prepayment, default risk and loss severity)	419 bps	1,307 bps	527 bps	Decrease
Corporate [4]	$	1,541	Discounted cash flows	Spread	77 bps	642 bps	360 bps	Decrease
RMBS [3]	$	65	Discounted cash flows	Spread [6]	62 bps	249 bps	160 bps	Decrease
				Constant prepayment rate [6]	1%	10%	7%	Decrease [5]
				Constant default rate [6]	1%	4%	2%	Decrease
				Loss severity [6]	10%	100%	38%	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, 2023
				Total realized/unrealized gains (losses)
		Fair value as of January 1, 2023		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, 2023
Assets
Fixed Maturities, AFS
	ABS	$	30	$	—	$	—	$	36	$	—	$	—	$	—	$	(30)	$	36
	CLO	115		—		—		40		(4)		—		—		—		151
	CMBS	222		—		(5)		4		—		—		10		—		231
	Corporate	1,589		1		31		66		(51)		(7)		27		(13)		1,643
	RMBS	95		—		—		—		(8)		—		—		(30)		57
Total Fixed Maturities, AFS		2,051		1		26		146		(63)		(7)		37		(73)		2,118
Fixed maturities, FVO		178		(8)		—		—		2		—		—		—		172
Equity Securities, at fair value		61		(1)		—		1		(1)		—		—		—		60
Short-term investments		193		—		—		1		(7)		—		—		—		187
Total Assets		$	2,483	$	(8)	$	26	$	148	$	(69)	$	(7)	$	37	$	(73)	$	2,537

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Three Months Ended March 31, 2022
				Total realized/unrealized gains (losses)
		Fair value as of January 1, 2022		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, 2022
Assets
Fixed Maturities, AFS
	ABS	$	—	$	—	$	—	$	19	$	—	$	—	$	—	$	—	$	19
	CLO	257		—		(1)		54		(17)		—		—		(79)		214
	CMBS	196		—		(5)		46		(1)		—		—		—		236
	Corporate	1,618		(2)		(59)		59		(70)		(7)		—		(24)		1,515
	Foreign Govt./Govt. Agencies	5		—		—		—		—		(1)		—		—		4
	RMBS	328		—		(6)		137		(34)		—		—		(124)		301
Total Fixed Maturities, AFS		2,404		(2)		(71)		315		(122)		(8)		—		(227)		2,289
Fixed maturities, FVO		160		2		—		20		(8)		—		—		—		174
Equity Securities, at fair value		64		7		—		—		(14)		—		—		—		57
Short-term investments		80		—		—		4		(2)		—		—		(50)		32
Total Assets		$	2,708	$	7	$	(71)	$	339	$	(146)	$	(8)	$	—	$	(277)	$	2,552

[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 March 31,
		2023		2022		2023		2022
		Changes in Unrealized Gains (Losses) included in Net Income [1] [2]				Changes in Unrealized Gains (Losses) included in OCI [3]
Assets
Fixed Maturities, AFS
	CLO	$	—	$	—	$	—	$	(1)
	CMBS	—		—		(5)		(5)
	Corporate	—		(2)		31		(59)
	RMBS	—		—		—		(6)
Total Fixed Maturities, AFS		—		(2)		26		(71)
Fixed maturities, FVO		(8)		2		—		—
Total Assets		$	(8)	$	—	$	26	$	(71)

[1]All amounts in these rows are reported in net realized 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 gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain (loss) on fixed maturities 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, 2023					December 31, 2022
	Fair Value Hierarchy Level	Carrying Amount [1]		Fair Value		Fair Value Hierarchy Level	Carrying Amount [1]		Fair Value
Assets
Mortgage loans	Level 3	$	6,047	$	5,531	Level 3	$	6,000	$	5,362
Liabilities
Other policyholder funds and benefits payable	Level 3	$	647	$	648	Level 3	$	658	$	658
Senior notes [2]	Level 2	$	3,859	$	3,463	Level 2	$	3,858	$	3,339
Junior subordinated debentures [2]	Level 2	$	499	$	403	Level 2	$	499	$	419

[1]As of both March 31, 2023 and December 31, 2022, the carrying amount of mortgage loans is net of ACL of $36.

[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.