Fair Value Measurement – Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 2 - Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets and liabilities, quoted market prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs.


	September 30, 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	$	711,685	$	15,000	$		$	726,685
Obligations of U.S. states and their political subdivisions	0		297,449		0				297,449
Foreign government bonds	0		177,417		0				177,417
U.S. corporate public securities	0		3,007,070		0				3,007,070
U.S. corporate private securities	0		1,999,725		103,129				2,102,854
Foreign corporate public securities	0		757,407		201				757,608
Foreign corporate private securities	0		1,210,413		120,358				1,330,771
Asset-backed securities(2)	0		1,239,072		34,592				1,273,664
Commercial mortgage-backed securities	0		822,917		0				822,917
Residential mortgage-backed securities	0		60,695		20,020				80,715
Subtotal	0		10,283,850		293,300				10,577,150
Fixed maturities, trading	0		340,174		1,750				341,924
Equity securities	225,561		0		834				226,395
Short-term investments	34,997		43,545		11,770				90,312
Cash equivalents	354,986		930,245		0				1,285,231
Other invested assets(3)	6,148		990,313		0		(992,264)		4,197
Other assets	0		0		69,396				69,396
Reinsurance recoverables	0		0		302,251				302,251
Receivables from parent and affiliates	0		0		0				0
Subtotal excluding separate account assets	621,692		12,588,127		679,301		(992,264)		12,896,856
Separate account assets(4)	0		31,916,178		0				31,916,178
Total assets	$	621,692	$	44,504,305	$	679,301	$	(992,264)	$	44,813,034
Future policy benefits(5)	$	0	$	0	$	4,199,893	$		$	4,199,893
Policyholders' account balances	0		0		1,457,772				1,457,772
Payables to parent and affiliates	0		1,239,681		0		(957,128)		282,553

Other liabilities	7,629		31,175		0		(3,390)		35,414
Total liabilities	$	7,629	$	1,270,856	$	5,657,665	$	(960,518)	$	5,975,632


	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

(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 September 30, 2021 and December 31, 2020, the fair values of such investments were $9.6 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 September 30, 2021, the net embedded derivative liability position of $4,200 million includes $58 million of embedded derivatives in an asset position and $4,258 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.


	September 30, 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)	$	190,885	Discounted cash flow	Discount rate	2.34	%	16.44	%	4.43	%	Decrease
			Market Comparables	EBITDA multiples(3)	6.5X		12.4X		8.9X		Increase
			Liquidation	Liquidation value	62.58	%	62.58	%	62.58	%	Increase
Reinsurance recoverables	$	302,251	Fair values are determined using the same unobservable inputs as future policy benefits.
Liabilities:
Future policy benefits(4)	$	4,199,893	Discounted cash flow	Lapse rate(6)	1	%	20	%			Decrease
				Spread over LIBOR(7)	0.05	%	1.05	%			Decrease
				Utilization rate(8)	39	%	96	%			Increase
				Withdrawal rate	See table footnote (9) below.
				Mortality rate(10)	0	%	15	%			Decrease
				Equity volatility curve	17	%	26	%			Increase
Policyholders' account balances(5)	$	1,457,772	Discounted cash flow	Lapse rate(6)	1	%	42	%			Decrease
				Spread over LIBOR(7)	0.05	%	1.05	%			Decrease
				Equity volatility curve	6	%	34	%			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(4)	$	17,314,004	Discounted cash flow	Lapse rate(6)	1	%	20	%			Decrease
				Spread over LIBOR(7)	0.06	%	1.17	%			Decrease
				Utilization rate(8)	39	%	96	%			Increase
				Withdrawal rate	See table footnote (9) below.
				Mortality rate(10)	0	%	15	%			Decrease
				Equity volatility curve	18	%	26	%			Increase
Policyholders' account balances(5)	$	580,184	Discounted cash flow	Lapse rate(6)	1	%	40	%			Decrease
				Spread over LIBOR(7)	0.06	%	1.17	%			Decrease
				Equity volatility curve(11)	6	%	42	%			Increase

(4)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 weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(5)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 weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(6)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.

(7)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.

(8)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.

(9)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 September 30, 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%.

(10)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.

Interrelationships Between Unobservable Inputs – In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another, or multiple, inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows:

Corporate Securities – The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increases, credit spreads widen, which results in a decrease in fair value.

Future Policy Benefits – The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent that more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.

Changes in Level 3 Assets and Liabilities – 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 September 30, 2021
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other(2)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(3)
	(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(4)	232,200		(6,046)		142,922		(10,700)		0		(14,040)		(122,057)		1,409		0		223,688		(5,886)
Structured securities(5)	216,363		2		32,350		0		0		(1,894)		(19,859)		0		(172,350)		54,612		323
Other assets:
Fixed maturities, trading	5,350		0		1,750		0		0		0		0		0		(5,350)		1,750		0
Equity securities	4,684		24		0		0		0		0		(3,874)		0		0		834		24

Short term investments	22,921		128		6,344		0		0		(17,567)		(56)		0		0		11,770		0
Cash equivalents	25		0		0		0		0		0		(25)		0		0		0		0
Other assets	68,305		798		1,026		0		0		(733)		0		0		0		69,396		65
Reinsurance recoverables	302,009		(4,026)		4,268		0		0		0		0		0		0		302,251		(1,469)

Liabilities:
Future policy benefits	(12,530,109)		8,379,775		0		0		(49,559)		0		0		0		0		(4,199,893)		13,942
Policyholders' account balances(6)	(1,361,320)		(8,465)		0		0		(87,987)		0		0		0		0		(1,457,772)		543,302


	Three Months Ended September 30, 2021
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(3)
	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	$	281	$	0	$	(6,335)	$	10		$	(2,172)	$	0	$	(3,391)
Other assets:
Fixed maturities, trading	0		0		0		0			0		0		0
Equity securities	0		24		0		0			0		24		0

Short term investments	128		0		0		0			0		0		0
Cash equivalents	0		0		0		0			0		0		0
Other assets	798		0		0		0			65		0		0
Reinsurance recoverables	(4,026)		0		0		0			(1,469)		0		0

Liabilities:
Future policy benefits	8,379,775		0		0		0			13,942		0		0
Policyholders' account balances	(8,465)		0		0		0			543,302		0		0


	Nine Months Ended September 30, 2021
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other(2)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(3)
	(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(4)	148,687		(4,632)		249,431		(10,700)		0		(45,362)		(122,057)		16,556		(8,235)		223,688		(6,409)
Structured securities(5)	18,542		(838)		235,148		0		0		(6,031)		(19,859)		0		(172,350)		54,612		(519)
Other assets:
Fixed maturities, trading	5,045		305		1,750		0		0		0		0		0		(5,350)		1,750		311
Equity securities	4,153		555		0		0		0		0		(3,874)		0		0		834		555

Short term investments	10,000		90		30,386		0		0		(29,290)		44		540		0		11,770		(34)
Cash equivalents	0		(13)		138		0		0		0		(125)		0		0		0		(13)
Other assets	53,980		14,077		7,492		0		0		(6,153)		0		0		0		69,396		7,924
Reinsurance recoverables	409,013		(119,574)		12,812		0		0		0		0		0		0		302,251		(106,025)

Liabilities:
Future policy benefits	(17,314,004)		13,745,555		0		0		(631,444)		0		0		0		0		(4,199,893)		1,281,075
Policyholders' account balances(6)	(580,184)		(516,443)		0		0		(361,145)		0		0		0		0		(1,457,772)		79,361


	Nine Months Ended September 30, 2021
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(3)
	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	$	(2,734)	$	0	$	(2,766)	$	30		$	(5,210)	$	0	$	(1,718)
Other assets:
Fixed maturities, trading	0		311		0		(6)			0		311		0
Equity securities	0		555		0		0			0		555		0

Short term investments	94		0		0		(4)			(34)		0		0
Cash equivalents	(13)		0		0		0			(13)		0		0
Other assets	14,077		0		0		0			7,924		0		0
Reinsurance recoverables	(119,574)		0		0		0			(106,025)		0		0

Liabilities:
Future policy benefits	13,745,555		0		0		0			1,281,075		0		0
Policyholders' account balances	(516,443)		0		0		0			79,361		0		0


	Three Months Ended September 30, 2020
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other(2)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(3)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. government	$	12,216	$	0	$	1,000	$	0	$	0	$	0	$	0	$	0	$	0	$	13,216	$	0

Corporate securities(4)	123,389		1,827		13,775		7,775		0		(8,624)		(7,775)		7,819		(795)		137,391		1,689
Structured securities(5)	18,128		169		1,899		0		0		(599)		0		312		0		19,909		157
Other assets:
Fixed maturities, trading	4,301		365		0		0		0		0		0		0		0		4,666		371
Equity securities	5,242		938		0		0		0		0		0		0		0		6,180		939

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	27,136		2,844		10,789		0		0		(4)		0		0		0		40,765		2,840
Reinsurance recoverables	539,123		(55,075)		4,287		0		0		0		0		0		0		488,335		(51,944)

Liabilities:
Future policy benefits	(23,998,671)		2,964,808		0		0		(291,756)		0		0		0		0		(21,325,619)		2,776,482
Policyholders' account balances(6)	(226,072)		(34,565)		0		0		(42,423)		0		0		0		0		(303,060)		(22,855)


	Three Months Ended September 30, 2020
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(3)
	Realized investment gains (losses), net(1)		Other income (loss)(7)		Included in other comprehensive income (loss)		Net investment income			Realized investment gains (losses), net		Other income (loss)(7)		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	254	$	0	$	1,683	$	59		$	414	$	0	$	1,432
Other assets:
Fixed maturities, trading	0		371		0		(6)			0		371		0
Equity securities	0		938		0		0			0		939		0

Short term investments	0		0		0		0			0		0		0
Cash equivalents	0		0		0		0			0		0		0
Other assets	2,844		0		0		0			2,840		0		0
Reinsurance recoverables	(55,075)		0		0		0			(51,944)		0		0

Liabilities:
Future policy benefits	2,964,808		0		0		0			2,776,482		0		0
Policyholders' account balances	(34,565)		0		0		0			(22,855)		0		0


	Nine Months Ended September 30, 2020
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other(2)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(3)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. government	$	10,547	$	0	$	2,669	$	0	$	0	$	0	$	0	$	0	$	0	$	13,216	$	0

Corporate securities(4)	104,267		(4,337)		28,948		(1,190)		0		(14,434)		(7,775)		32,951		(1,039)		137,391		(6,353)
Structured securities(5)	18,825		38		8,044		0		0		(1,674)		0		312		(5,636)		19,909		26
Other assets:
Fixed maturities, trading	4,464		202		0		0		0		0		0		0		0		4,666		218
Equity securities	5,247		933		0		0		0		0		0		0		0		6,180		934

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		3,789		28,923		0		0		(6)		0		0		0		40,765		3,784
Reinsurance recoverables	302,814		172,671		12,850		0		0		0		0		0		0		488,335		178,844

Liabilities:
Future policy benefits	(11,822,998)		(8,644,255)		0		0		(858,366)		0		0		0		0		(21,325,619)		(8,923,218)
Policyholders' account balances(6)	(196,892)		(13,231)		0		0		(92,937)		0		0		0		0		(303,060)		9,727


	Nine Months Ended September 30, 2020
	Total realized and unrealized gains (losses)								Unrealized gains (losses) for assets still held(3)
	Realized investment gains (losses), net(1)		Other income (loss)(7)		Included in other comprehensive income (loss)		Net investment income			Realized investment gains (losses), net		Other income (loss)(7)		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	87	$	0	$	(4,442)	$	56		$	(567)	$	0	$	(5,760)
Other assets:
Fixed maturities, trading	0		218		0		(16)			0		218		0
Equity securities	0		933		0		0			0		934		0

Short term investments	0		0		0		0			0		0		0
Cash equivalents	0		0		0		0			0		0		0
Other assets	3,789		0		0		0			3,784		0		0
Reinsurance recoverables	172,671		0		0		0			178,844		0		0

Liabilities:
Future policy benefits	(8,644,255)		0		0		0			(8,923,218)		0		0
Policyholders' account balances	(13,231)		0		0		0			9,727		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. Refer to Note 1 for impacts to Realized investments gains (losses), net related to the 2021 Variable Annuities Recapture.

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.


	September 30, 2021
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	2,109,355	$	2,109,355	$	2,044,843
Policy loans	0		0		11,871		11,871		11,871

Short-term investments	5,001		0		0		5,001		5,001
Cash and cash equivalents	128,100		0		0		128,100		128,100
Accrued investment income	0		74,015		0		74,015		74,015
Reinsurance recoverables	0		0		9,017		9,017		8,106
Receivables from parent and affiliates	0		54,706		0		54,706		54,706
Other assets	0		22,145		422,855		445,000		445,000
Total assets	$	133,101	$	150,866	$	2,553,098	$	2,837,065	$	2,771,642
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	0	$	2,384,386	$	2,384,386	$	2,372,734

Short-term debt	0		0		0		0		0
Long-term debt	0		0		0		0		0
Reinsurance payables	0		0		0		0		0
Payables to parent and affiliates	0		47,222		0		47,222		47,222
Other liabilities	0		493,697		0		493,697		493,697
Separate account liabilities - investment contracts	0		10		0		10		10
Total liabilities	$	0	$	540,929	$	2,384,386	$	2,925,315	$	2,913,663


	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.