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Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.


	March 31, 2021
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in thousands)
Fixed maturities, available-for-sale:
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	920,554	$	15,000	$		$	935,554
Obligations of U.S. states and their political subdivisions	0		312,329		0				312,329
Foreign government bonds	0		187,325		0				187,325
U.S. corporate public securities	0		3,881,029		0				3,881,029
U.S. corporate private securities	0		1,754,631		85,357				1,839,988
Foreign corporate public securities	0		906,422		203				906,625
Foreign corporate private securities	0		1,468,042		80,350				1,548,392
Asset-backed securities(2)	0		968,032		16,956				984,988
Commercial mortgage-backed securities	0		859,942		0				859,942
Residential mortgage-backed securities	0		69,792		0				69,792
Subtotal	0		11,328,098		197,866				11,525,964
Fixed maturities, trading	0		3,541,058		5,127				3,546,185
Equity securities	220,575		42,145		4,166				266,886
Short-term investments	0		1,044		12,349				13,393
Cash equivalents	94,999		975,703		100				1,070,802
Other invested assets(3)	83,490		7,342,975		0		(7,346,312)		80,153
Other assets	0		0		63,072				63,072
Reinsurance recoverables	0		60,799		271,390				332,189
Receivables from parent and affiliates	0		54,147		0				54,147
Subtotal excluding separate account assets	399,064		23,345,969		554,070		(7,346,312)		16,952,791
Separate account assets(4)	0		32,146,468		0				32,146,468
Total assets	$	399,064	$	55,492,437	$	554,070	$	(7,346,312)	$	49,099,259
Future policy benefits(5)	$	0	$	0	$	10,511,815	$		$	10,511,815
Policyholders' account balances	0		0		986,479				986,479
Payables to parent and affiliates	0		14,283,188		0		(14,079,986)		203,202

Other liabilities	23,827		21,162		0		(19,194)		25,795
Total liabilities	$	23,827	$	14,304,350	$	11,498,294	$	(14,099,180)	$	11,727,291


	December 31, 2020
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in thousands)
Fixed maturities, available-for-sale:
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	8,887,432	$	15,000	$		$	8,902,432
Obligations of U.S. states and their political subdivisions	0		277,491		0				277,491
Foreign government bonds	0		177,383		0				177,383
U.S. corporate public securities	0		3,450,407		0				3,450,407
U.S. corporate private securities	0		1,804,855		82,208				1,887,063
Foreign corporate public securities	0		541,644		181				541,825
Foreign corporate private securities	0		1,427,537		66,298				1,493,835
Asset-backed securities(2)	0		974,041		18,542				992,583
Commercial mortgage-backed securities	0		785,942		0				785,942
Residential mortgage-backed securities	0		75,724		0				75,724
Subtotal	0		18,402,456		182,229				18,584,685
Fixed maturities, trading	0		1,109,097		5,045				1,114,142
Equity securities	234,452		39,477		4,153				278,082
Short-term investments	0		143,161		10,000				153,161
Cash equivalents	0		533,133		0				533,133
Other invested assets(3)	39,906		14,779,330		0		(14,624,985)		194,251
Other assets	0		0		53,980				53,980
Reinsurance recoverables	0		62,232		409,013				471,245
Receivables from parent and affiliates	0		56,026		0				56,026
Subtotal excluding separate account assets	274,358		35,124,912		664,420		(14,624,985)		21,438,705
Separate account assets(4)	0		32,205,296		0				32,205,296
Total assets	$	274,358	$	67,330,208	$	664,420	$	(14,624,985)	$	53,644,001
Future policy benefits(5)	$	0	$	0	$	17,314,004	$		$	17,314,004
Policyholders' account balances	0		0		580,184				580,184
Payables to parent and affiliates	0		11,926,536		0		(11,926,536)		0
Other liabilities	26,309		33,416		0		(9,523)		50,202
Total liabilities	$	26,309	$	11,959,952	$	17,894,188	$	(11,936,059)	$	17,944,390

(1)“Netting” amounts represent cash collateral of $(6,753) million and $2,689 million as of March 31, 2021 and December 31, 2020, respectively.

(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

(3)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. At March 31, 2021 and December 31, 2020, the fair values of such investments were $10.1 million and $10.6 million, respectively.

(4)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Statements of Financial Position.

(5)As of March 31, 2021, the net embedded derivative liability position of $10,512 million includes $746 million of embedded derivatives in an asset position and $11,258 million of embedded derivatives in a liability position. As of December 31, 2020, the net embedded derivative liability position of $17,314 million includes $455 million of embedded derivatives in an asset position and $17,769 million of embedded derivatives in a liability position.

Fair Value Inputs, Assets and Liabilities, Quantitative Information

The tables below present quantitative information on significant internally-priced Level 3 assets and liabilities.


	March 31, 2021
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum		Maximum		Weighted Average		Impact of Increase in Input on Fair Value(1)
	(in thousands)
Assets:
Corporate securities(2)	$	99,645	Discounted cash flow	Discount rate	1.37	%	20.25	%	6.60	%	Decrease

			Liquidation	Liquidation value	71.23	%	71.23	%	71.23	%	Increase
Reinsurance recoverables	$	271,390	Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(3)	$	10,511,815	Discounted cash flow	Lapse rate(5)	1	%	20	%			Decrease
				Spread over LIBOR(6)	0.09	%	1.14	%			Decrease
				Utilization rate(7)	39	%	96	%			Increase
				Withdrawal rate	See table footnote (8) below.
				Mortality rate(9)	0	%	15	%			Decrease
				Equity volatility curve	17	%	25	%			Increase
Policyholders' account balances(4)	$	986,479	Discounted cash flow	Lapse rate(5)	1	%	42	%			Decrease
				Spread over LIBOR(6)	0.09	%	1.14	%			Decrease
				Equity volatility curve	6	%	42	%			Increase


	December 31, 2020
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum		Maximum		Weighted Average		Impact of Increase in Input on Fair Value(1)
	(in thousands)
Assets:
Corporate securities(2)	$	59,960	Discounted cash flow	Discount rate	0.99	%	20	%	6.53	%	Decrease

Reinsurance recoverables	$	409,013	Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(3)	$	17,314,004	Discounted cash flow	Lapse rate(5)	1	%	20	%			Decrease
				Spread over LIBOR(6)	0.06	%	1.17	%			Decrease
				Utilization rate(7)	39	%	96	%			Increase
				Withdrawal rate	See table footnote (8) below.
				Mortality rate(9)	0	%	15	%			Decrease
				Equity volatility curve	18	%	26	%			Increase
Policyholders' account balances(4)	$	580,184	Discounted cash flow	Lapse rate(5)	1	%	40	%			Decrease
				Spread over LIBOR(6)	0.06	%	1.17	%			Decrease
				Equity volatility curve(10)	6	%	42	%			Increase

(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.

(2)Includes assets classified as fixed maturities, available-for-sale and fixed maturities trading.

(3)Future policy benefits primarily represent general account liabilities for the living benefit features of the Company’s variable annuity contracts which are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(4)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(5)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these embedded derivatives.

(6)The spread over the London Inter-Bank Offered Rate ("LIBOR") swap curve represents the premium added to the proxy for the risk-free rate (LIBOR) to reflect the Company's estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.

(7)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception.The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.

(8)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of March 31, 2021 and December 31, 2020, the minimum withdrawal rate assumption is 76% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.

(9)The range reflects the mortality rates for the vast majority of business with living benefits, with policyholders ranging from 45 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table.

(10)Prior period amount has been updated.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.


	Three Months Ended March 31, 2021
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Government	$	15,000	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	15,000	$	0

Corporate Securities(3)	148,687		(931)		10,634		0		0		(7,627)		0		15,147		0		165,910		(1,031)
Structured Securities(4)	18,542		(107)		0		0		0		(1,479)		0		0		0		16,956		(106)
Other assets:
Fixed maturities, trading	5,045		82		0		0		0		0		0		0		0		5,127		87
Equity securities	4,153		13		0		0		0		0		0		0		0		4,166		13

Short term investments	10,000		0		2,349		0		0		0		0		0		0		12,349		0
Cash equivalents	0		0		100		0		0		0		0		0		0		100		0
Other assets	53,980		8,572		2,653		0		0		(2,133)		0		0		0		63,072		6,439
Reinsurance recoverables	409,013		(141,885)		4,262		0		0		0		0		0		0		271,390		(135,675)

Liabilities:
Future policy benefits	(17,314,004)		7,093,338		0		0		(291,149)		0		0		0		0		(10,511,815)		6,900,120
Policyholders' account balances(5)	(580,184)		(267,770)		0		0		(138,525)		0		0		0		0		(986,479)		(252,703)


	Three Months Ended March 31, 2021
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net(1)		Other income (loss)		Included in other comprehensive income (loss)		Net investment income			Realized investment gains (losses), net		Other income (loss)		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(44)	$	0	$	(987)	$	(7)		$	(37)	$	0	$	(1,100)
Other assets:
Fixed maturities, trading	0		88		0		(6)			0		87		0
Equity securities	0		13		0		0			0		13		0

Short term investments	0		0		0		0			0		0		0
Cash equivalents	0		0		0		0			0		0		0
Other assets	8,572		0		0		0			6,439		0		0
Reinsurance recoverables	(141,885)		0		0		0			(135,675)		0		0

Liabilities:
Future policy benefits	7,093,338		0		0		0			6,900,120		0		0
Policyholders' account balances	(267,770)		0		0		0			(252,703)		0		0


	Three Months Ended March 31, 2020
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Government	$	10,547	$	0	$	911	$	0	$	0	$	0	$	0	$	0	$	0	$	11,458	$	0

Corporate Securities(3)	104,267		(14,767)		11,277		(1,155)		0		(2,365)		0		14,349		0		111,606		(15,781)
Structured Securities(4)	18,825		(288)		6,145		0		0		(455)		0		0		0		24,227		(286)
Other assets:
Fixed maturities, trading	4,464		(871)		0		0		0		0		0		0		0		3,593		(866)
Equity securities	5,247		(261)		0		0		0		0		0		0		0		4,986		(261)

Short term investments	0		0		0		0		0		0		0		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0		0		0
Other assets	8,059		(3,613)		7,796		0		0		0		0		0		0		12,242		(3,613)
Reinsurance recoverables	302,814		257,953		4,323		0		0		0		0		0		0		565,090		260,722

Liabilities:
Future policy benefits	(11,822,998)		(13,197,472)		0		0		(282,184)		0		0		0		0		(25,302,654)		(13,329,640)
Policyholders' account balances(5)	(196,892)		60,429		0		0		(22,457)		0		0		0		0		(158,920)		53,957


	Three Months Ended March 31, 2020
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net(1)		Other income (loss)(6)		Included in other comprehensive income (loss)		Net investment income			Realized investment gains (losses), net		Other income (loss)(6)		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(110)	$	0	$	(14,924)	$	(21)		$	0	$	0	$	(16,067)
Other assets:
Fixed maturities, trading	0		(866)		0		(5)			0		(866)		0
Equity securities	0		(261)		0		0			0		(261)		0

Short term investments	0		0		0		0			0		0		0
Cash equivalents	0		0		0		0			0		0		0
Other assets	(3,613)		0		0		0			(3,613)		0		0
Reinsurance recoverables	257,953		0		0		0			260,722		0		0

Liabilities:
Future policy benefits	(13,197,472)		0		0		0			(13,329,640)		0		0
Policyholders' account balances	60,429		0		0		0			53,957		0		0

(1)Realized investment gains (losses) on future policy benefits and reinsurance recoverables primarily represent the change in the fair value of the Company's living benefit guarantees on certain of its variable annuity contracts.

(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.

(3)Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities.

(4)Includes asset-backed and residential mortgage-backed securities.

(5)Issuances and settlements for Policyholders' account balances are presented net in the rollforward.

(6)Retitled to "Other income (loss)" to conform to current period presentation.

Fair V

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


	Three Months Ended March 31, 2021
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Government	$	15,000	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	15,000	$	0

Corporate Securities(3)	148,687		(931)		10,634		0		0		(7,627)		0		15,147		0		165,910		(1,031)
Structured Securities(4)	18,542		(107)		0		0		0		(1,479)		0		0		0		16,956		(106)
Other assets:
Fixed maturities, trading	5,045		82		0		0		0		0		0		0		0		5,127		87
Equity securities	4,153		13		0		0		0		0		0		0		0		4,166		13

Short term investments	10,000		0		2,349		0		0		0		0		0		0		12,349		0
Cash equivalents	0		0		100		0		0		0		0		0		0		100		0
Other assets	53,980		8,572		2,653		0		0		(2,133)		0		0		0		63,072		6,439
Reinsurance recoverables	409,013		(141,885)		4,262		0		0		0		0		0		0		271,390		(135,675)

Liabilities:
Future policy benefits	(17,314,004)		7,093,338		0		0		(291,149)		0		0		0		0		(10,511,815)		6,900,120
Policyholders' account balances(5)	(580,184)		(267,770)		0		0		(138,525)		0		0		0		0		(986,479)		(252,703)


	Three Months Ended March 31, 2021
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net(1)		Other income (loss)		Included in other comprehensive income (loss)		Net investment income			Realized investment gains (losses), net		Other income (loss)		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(44)	$	0	$	(987)	$	(7)		$	(37)	$	0	$	(1,100)
Other assets:
Fixed maturities, trading	0		88		0		(6)			0		87		0
Equity securities	0		13		0		0			0		13		0

Short term investments	0		0		0		0			0		0		0
Cash equivalents	0		0		0		0			0		0		0
Other assets	8,572		0		0		0			6,439		0		0
Reinsurance recoverables	(141,885)		0		0		0			(135,675)		0		0

Liabilities:
Future policy benefits	7,093,338		0		0		0			6,900,120		0		0
Policyholders' account balances	(267,770)		0		0		0			(252,703)		0		0


	Three Months Ended March 31, 2020
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Government	$	10,547	$	0	$	911	$	0	$	0	$	0	$	0	$	0	$	0	$	11,458	$	0

Corporate Securities(3)	104,267		(14,767)		11,277		(1,155)		0		(2,365)		0		14,349		0		111,606		(15,781)
Structured Securities(4)	18,825		(288)		6,145		0		0		(455)		0		0		0		24,227		(286)
Other assets:
Fixed maturities, trading	4,464		(871)		0		0		0		0		0		0		0		3,593		(866)
Equity securities	5,247		(261)		0		0		0		0		0		0		0		4,986		(261)

Short term investments	0		0		0		0		0		0		0		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0		0		0
Other assets	8,059		(3,613)		7,796		0		0		0		0		0		0		12,242		(3,613)
Reinsurance recoverables	302,814		257,953		4,323		0		0		0		0		0		0		565,090		260,722

Liabilities:
Future policy benefits	(11,822,998)		(13,197,472)		0		0		(282,184)		0		0		0		0		(25,302,654)		(13,329,640)
Policyholders' account balances(5)	(196,892)		60,429		0		0		(22,457)		0		0		0		0		(158,920)		53,957


	Three Months Ended March 31, 2020
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net(1)		Other income (loss)(6)		Included in other comprehensive income (loss)		Net investment income			Realized investment gains (losses), net		Other income (loss)(6)		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(110)	$	0	$	(14,924)	$	(21)		$	0	$	0	$	(16,067)
Other assets:
Fixed maturities, trading	0		(866)		0		(5)			0		(866)		0
Equity securities	0		(261)		0		0			0		(261)		0

Short term investments	0		0		0		0			0		0		0
Cash equivalents	0		0		0		0			0		0		0
Other assets	(3,613)		0		0		0			(3,613)		0		0
Reinsurance recoverables	257,953		0		0		0			260,722		0		0

Liabilities:
Future policy benefits	(13,197,472)		0		0		0			(13,329,640)		0		0
Policyholders' account balances	60,429		0		0		0			53,957		0		0

(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.

(3)Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities.

(4)Includes asset-backed and residential mortgage-backed securities.

(5)Issuances and settlements for Policyholders' account balances are presented net in the rollforward.

(6)Retitled to "Other income (loss)" to conform to current period presentation.

Fair V

Fair Value Disclosure Financial Instruments Not Carried at Fair Value

The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.


	March 31, 2021
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	1,861,808	$	1,861,808	$	1,794,798
Policy loans	0		0		11,659		11,659		11,659

Short-term investments	0		0		0		0		0
Cash and cash equivalents	478,682		260,000		0		738,682		738,682
Accrued investment income	0		99,519		0		99,519		99,519
Reinsurance recoverables	0		0		51,462		51,462		50,695
Receivables from parent and affiliates	0		34,565		0		34,565		34,565
Other assets	0		72,976		410,020		482,996		482,996
Total assets	$	478,682	$	467,060	$	2,334,949	$	3,280,691	$	3,212,914
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	0	$	2,515,936	$	2,515,936	$	2,502,017

Short-term debt	0		120,394		0		120,394		119,671
Long-term debt	0		328,773		0		328,773		299,747
Reinsurance payables	0		0		43,550		43,550		43,550
Payables to parent and affiliates	0		40,074		0		40,074		40,074
Other liabilities	0		537,517		0		537,517		537,517
Separate account liabilities - investment contracts	0		24		0		24		24
Total liabilities	$	0	$	1,026,782	$	2,559,486	$	3,586,268	$	3,542,600


	December 31, 2020
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	1,836,633	$	1,836,633	$	1,765,770
Policy loans	0		0		11,806		11,806		11,806
Short-term investments	165,000		0		0		165,000		165,000
Cash and cash equivalents	386,078		150,000		0		536,078		536,078
Accrued investment income	0		121,604		0		121,604		121,604
Reinsurance recoverables	0		0		51,225		51,225		50,484
Receivables from parent and affiliates	0		31,594		0		31,594		31,594
Other assets	0		278,355		394,069		672,424		672,424
Total assets	$	551,078	$	581,553	$	2,293,733	$	3,426,364	$	3,354,760
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	0	$	2,426,471	$	2,426,471	$	2,406,100

Short-term debt	0		121,205		0		121,205		119,671
Long-term debt	0		332,451		0		332,451		299,747
Reinsurance payables	0		0		44,446		44,446		44,446
Payables to parent and affiliates	0		47,345		0		47,345		47,345
Other liabilities	0		757,968		0		757,968		757,968
Separate account liabilities - investment contracts	0		30		0		30		30
Total liabilities	$	0	$	1,258,999	$	2,470,917	$	3,729,916	$	3,675,307

(1)Carrying values presented herein differ from those in the Company’s Unaudited Interim Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.