XML 50 R38.htm IDEA: XBRL DOCUMENT v3.23.1
FAIR VALUE OF ASSETS AND LIABILITIES - Assets and Liabilities by Hierarchy Level (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Fixed maturity securities    
Asset-backed securities $ 5,239 $ 5,024
Equity securities 182 175
Short-term investments 62 42
Other invested assets 446 450
Deposit asset 608 607
Separate account assets, at fair value 23,985 23,601
Liabilities:    
Insurance liabilities, at fair value 5,751 5,546
Other liabilities 762 808
Net modified coinsurance payable 45 0
Separate account liabilities, at fair value 23,985 23,601
Retained Business    
Fixed maturity securities    
Other invested assets 437 440
Separate account assets, at fair value 21,909 21,558
Liabilities:    
Insurance liabilities, at fair value 3,056 2,941
Other liabilities 474 459
Separate account liabilities, at fair value 21,909 21,558
Ceded Business    
Fixed maturity securities    
Other invested assets 9 10
Separate account assets, at fair value 2,076 2,043
Liabilities:    
Insurance liabilities, at fair value 2,695 2,605
Other liabilities 288 349
Separate account liabilities, at fair value 2,076 2,043
Recurring    
Fixed maturity securities    
Asset-backed securities 5,239 5,024
Equity securities 182 175
Mortgage and other loans 206 196
Short-term investments 62 42
Cash and cash equivalents 845 872
Other invested assets 74 85
Other invested assets, Netting (198) (582)
Deposit asset 608 607
Reinsurance recoverables 247 235
Net modified coinsurance receivable   18
Subtotal excluding separate account assets 7,463 7,254
Separate account assets, at fair value 23,985 23,601
Total assets 31,448 30,855
Liabilities:    
Insurance liabilities, at fair value 5,751 5,546
Other liabilities 54 201
Net modified coinsurance payable 45  
Separate account liabilities, at fair value 23,985 23,601
Liabilities, Netting (459) (875)
Total liabilities 29,835 29,348
Recurring | Retained Business    
Fixed maturity securities    
Asset-backed securities 3,814 3,616
Mortgage and other loans 206 196
Short-term investments 0 3
Cash and cash equivalents 389 433
Other invested assets 74 85
Other invested assets, Netting (4) (347)
Subtotal excluding separate account assets 4,483 4,333
Separate account assets, at fair value 21,909 21,558
Total assets 26,392 25,891
Liabilities:    
Insurance liabilities, at fair value 3,056 2,941
Other liabilities 0 0
Separate account liabilities, at fair value 21,909 21,558
Liabilities, Netting (265) (602)
Total liabilities 24,965 24,499
Recurring | Ceded Business    
Fixed maturity securities    
Asset-backed securities 1,425 1,408
Equity securities 182 175
Short-term investments 62 39
Cash and cash equivalents 456 439
Other invested assets 0 0
Other invested assets, Netting (194) (235)
Deposit asset 608 607
Reinsurance recoverables 247 235
Net modified coinsurance receivable   18
Subtotal excluding separate account assets 2,980 2,921
Separate account assets, at fair value 2,076 2,043
Total assets 5,056 4,964
Liabilities:    
Insurance liabilities, at fair value 2,695 2,605
Other liabilities 54 201
Separate account liabilities, at fair value 2,076 2,043
Liabilities, Netting (194) (272)
Total liabilities 4,870 4,849
Recurring | U.S Treasury securities and obligations of U.S. government authorities and agencies    
Fixed maturity securities    
Asset-backed securities 587 696
Recurring | U.S Treasury securities and obligations of U.S. government authorities and agencies | Retained Business    
Fixed maturity securities    
Asset-backed securities 513 582
Recurring | U.S Treasury securities and obligations of U.S. government authorities and agencies | Ceded Business    
Fixed maturity securities    
Asset-backed securities 74 114
Recurring | Obligations of U.S. states and their political subdivisions    
Fixed maturity securities    
Asset-backed securities 175 166
Recurring | Obligations of U.S. states and their political subdivisions | Retained Business    
Fixed maturity securities    
Asset-backed securities 145 136
Recurring | Obligations of U.S. states and their political subdivisions | Ceded Business    
Fixed maturity securities    
Asset-backed securities 30 30
Recurring | Foreign government bonds    
Fixed maturity securities    
Asset-backed securities 5 5
Recurring | Foreign government bonds | Ceded Business    
Fixed maturity securities    
Asset-backed securities 5 5
Recurring | U.S. corporate public securities    
Fixed maturity securities    
Asset-backed securities 2,903 2,796
Recurring | U.S. corporate public securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 2,090 2,018
Recurring | U.S. corporate public securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 813 778
Recurring | U.S. corporate private securities    
Fixed maturity securities    
Asset-backed securities 329 290
Recurring | U.S. corporate private securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 182 146
Recurring | U.S. corporate private securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 147 144
Recurring | Foreign corporate public securities    
Fixed maturity securities    
Asset-backed securities 217 211
Recurring | Foreign corporate public securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 127 122
Recurring | Foreign corporate public securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 90 89
Recurring | Foreign corporate private securities    
Fixed maturity securities    
Asset-backed securities 69 67
Recurring | Foreign corporate private securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 36 36
Recurring | Foreign corporate private securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 33 31
Recurring | Asset-backed securities    
Fixed maturity securities    
Asset-backed securities 669 532
Recurring | Asset-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 650 513
Recurring | Asset-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 19 19
Recurring | Commercial mortgage-backed securities    
Fixed maturity securities    
Asset-backed securities 42 43
Recurring | Commercial mortgage-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 42 43
Recurring | Commercial mortgage-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities   0
Recurring | Residential mortgage-backed securities    
Fixed maturity securities    
Asset-backed securities 243 218
Recurring | Residential mortgage-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 29 20
Recurring | Residential mortgage-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 214 198
Recurring | Level 1    
Fixed maturity securities    
Asset-backed securities 0 0
Equity securities 182 175
Mortgage and other loans 0 0
Short-term investments 0 0
Cash and cash equivalents 845 872
Other invested assets 0 46
Deposit asset 0 0
Reinsurance recoverables 0 0
Net modified coinsurance receivable   0
Subtotal excluding separate account assets 1,027 1,093
Separate account assets, at fair value 0 0
Total assets 1,027 1,093
Liabilities:    
Insurance liabilities, at fair value 0 0
Other liabilities 0 0
Net modified coinsurance payable 0  
Separate account liabilities, at fair value 0 0
Total liabilities 0 0
Recurring | Level 1 | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Mortgage and other loans 0 0
Short-term investments 0 0
Cash and cash equivalents 389 433
Other invested assets 0 46
Subtotal excluding separate account assets 389 479
Separate account assets, at fair value 0 0
Total assets 389 479
Liabilities:    
Insurance liabilities, at fair value 0 0
Other liabilities 0 0
Separate account liabilities, at fair value 0 0
Total liabilities 0 0
Recurring | Level 1 | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Equity securities 182 175
Short-term investments 0 0
Cash and cash equivalents 456 439
Other invested assets 0 0
Deposit asset 0 0
Reinsurance recoverables 0 0
Net modified coinsurance receivable   0
Subtotal excluding separate account assets 638 614
Separate account assets, at fair value 0 0
Total assets 638 614
Liabilities:    
Insurance liabilities, at fair value 0 0
Other liabilities 0 0
Separate account liabilities, at fair value 0 0
Total liabilities 0 0
Recurring | Level 1 | U.S Treasury securities and obligations of U.S. government authorities and agencies    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | U.S Treasury securities and obligations of U.S. government authorities and agencies | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | U.S Treasury securities and obligations of U.S. government authorities and agencies | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Obligations of U.S. states and their political subdivisions    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Obligations of U.S. states and their political subdivisions | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Obligations of U.S. states and their political subdivisions | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Foreign government bonds    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Foreign government bonds | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | U.S. corporate public securities    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | U.S. corporate public securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | U.S. corporate public securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | U.S. corporate private securities    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | U.S. corporate private securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | U.S. corporate private securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Foreign corporate public securities    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Foreign corporate public securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Foreign corporate public securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Foreign corporate private securities    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Foreign corporate private securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Foreign corporate private securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Asset-backed securities    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Asset-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Asset-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Commercial mortgage-backed securities    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Commercial mortgage-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Commercial mortgage-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities   0
Recurring | Level 1 | Residential mortgage-backed securities    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Residential mortgage-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 1 | Residential mortgage-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 2    
Fixed maturity securities    
Asset-backed securities 4,830 4,687
Equity securities 0 0
Mortgage and other loans 0 0
Short-term investments 62 42
Cash and cash equivalents 0 0
Other invested assets 272 621
Deposit asset 0 0
Reinsurance recoverables 0 0
Net modified coinsurance receivable   0
Subtotal excluding separate account assets 5,164 5,350
Separate account assets, at fair value 23,985 23,601
Total assets 29,149 28,951
Liabilities:    
Insurance liabilities, at fair value 0 0
Other liabilities 513 1,076
Net modified coinsurance payable 0  
Separate account liabilities, at fair value 23,985 23,601
Total liabilities 24,498 24,677
Recurring | Level 2 | Retained Business    
Fixed maturity securities    
Asset-backed securities 3,405 3,279
Mortgage and other loans 0 0
Short-term investments 0 3
Cash and cash equivalents 0 0
Other invested assets 78 386
Subtotal excluding separate account assets 3,483 3,668
Separate account assets, at fair value 21,909 21,558
Total assets 25,392 25,226
Liabilities:    
Insurance liabilities, at fair value 0 0
Other liabilities 265 602
Separate account liabilities, at fair value 21,909 21,558
Total liabilities 22,174 22,160
Recurring | Level 2 | Ceded Business    
Fixed maturity securities    
Asset-backed securities 1,425 1,408
Equity securities 0 0
Short-term investments 62 39
Cash and cash equivalents 0 0
Other invested assets 194 235
Deposit asset 0 0
Reinsurance recoverables 0 0
Net modified coinsurance receivable   0
Subtotal excluding separate account assets 1,681 1,682
Separate account assets, at fair value 2,076 2,043
Total assets 3,757 3,725
Liabilities:    
Insurance liabilities, at fair value 0 0
Other liabilities 248 473
Separate account liabilities, at fair value 2,076 2,043
Total liabilities 2,324 2,516
Recurring | Level 2 | U.S Treasury securities and obligations of U.S. government authorities and agencies    
Fixed maturity securities    
Asset-backed securities 587 696
Recurring | Level 2 | U.S Treasury securities and obligations of U.S. government authorities and agencies | Retained Business    
Fixed maturity securities    
Asset-backed securities 513 582
Recurring | Level 2 | U.S Treasury securities and obligations of U.S. government authorities and agencies | Ceded Business    
Fixed maturity securities    
Asset-backed securities 74 114
Recurring | Level 2 | Obligations of U.S. states and their political subdivisions    
Fixed maturity securities    
Asset-backed securities 175 166
Recurring | Level 2 | Obligations of U.S. states and their political subdivisions | Retained Business    
Fixed maturity securities    
Asset-backed securities 145 136
Recurring | Level 2 | Obligations of U.S. states and their political subdivisions | Ceded Business    
Fixed maturity securities    
Asset-backed securities 30 30
Recurring | Level 2 | Foreign government bonds    
Fixed maturity securities    
Asset-backed securities 5 5
Recurring | Level 2 | Foreign government bonds | Ceded Business    
Fixed maturity securities    
Asset-backed securities 5 5
Recurring | Level 2 | U.S. corporate public securities    
Fixed maturity securities    
Asset-backed securities 2,903 2,796
Recurring | Level 2 | U.S. corporate public securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 2,090 2,018
Recurring | Level 2 | U.S. corporate public securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 813 778
Recurring | Level 2 | U.S. corporate private securities    
Fixed maturity securities    
Asset-backed securities 147 144
Recurring | Level 2 | U.S. corporate private securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 2 | U.S. corporate private securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 147 144
Recurring | Level 2 | Foreign corporate public securities    
Fixed maturity securities    
Asset-backed securities 217 211
Recurring | Level 2 | Foreign corporate public securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 127 122
Recurring | Level 2 | Foreign corporate public securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 90 89
Recurring | Level 2 | Foreign corporate private securities    
Fixed maturity securities    
Asset-backed securities 33 31
Recurring | Level 2 | Foreign corporate private securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 2 | Foreign corporate private securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 33 31
Recurring | Level 2 | Asset-backed securities    
Fixed maturity securities    
Asset-backed securities 478 377
Recurring | Level 2 | Asset-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 459 358
Recurring | Level 2 | Asset-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 19 19
Recurring | Level 2 | Commercial mortgage-backed securities    
Fixed maturity securities    
Asset-backed securities 42 43
Recurring | Level 2 | Commercial mortgage-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 42 43
Recurring | Level 2 | Commercial mortgage-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities   0
Recurring | Level 2 | Residential mortgage-backed securities    
Fixed maturity securities    
Asset-backed securities 243 218
Recurring | Level 2 | Residential mortgage-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 29 20
Recurring | Level 2 | Residential mortgage-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 214 198
Recurring | Level 3    
Fixed maturity securities    
Asset-backed securities 409 337
Equity securities 0 0
Mortgage and other loans 206 196
Short-term investments 0 0
Cash and cash equivalents 0 0
Other invested assets 0 0
Deposit asset 608 607
Reinsurance recoverables 247 235
Net modified coinsurance receivable   18
Subtotal excluding separate account assets 1,470 1,393
Separate account assets, at fair value 0 0
Total assets 1,470 1,393
Liabilities:    
Insurance liabilities, at fair value 5,751 5,546
Other liabilities 0 0
Net modified coinsurance payable 45  
Separate account liabilities, at fair value 0 0
Total liabilities 5,796 5,546
Recurring | Level 3 | Retained Business    
Fixed maturity securities    
Asset-backed securities 409 337
Mortgage and other loans 206 196
Short-term investments 0 0
Cash and cash equivalents 0 0
Other invested assets 0 0
Subtotal excluding separate account assets 615 533
Separate account assets, at fair value 0 0
Total assets 615 533
Liabilities:    
Insurance liabilities, at fair value 3,056 2,941
Other liabilities 0 0
Separate account liabilities, at fair value 0 0
Total liabilities 3,056 2,941
Recurring | Level 3 | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Equity securities 0 0
Short-term investments 0 0
Cash and cash equivalents 0 0
Other invested assets 0 0
Deposit asset 608 607
Reinsurance recoverables 247 235
Net modified coinsurance receivable   18
Subtotal excluding separate account assets 855 860
Separate account assets, at fair value 0 0
Total assets 855 860
Liabilities:    
Insurance liabilities, at fair value 2,695 2,605
Other liabilities 0 0
Separate account liabilities, at fair value 0 0
Total liabilities 2,740 2,605
Recurring | Level 3 | U.S Treasury securities and obligations of U.S. government authorities and agencies    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | U.S Treasury securities and obligations of U.S. government authorities and agencies | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | U.S Treasury securities and obligations of U.S. government authorities and agencies | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | Obligations of U.S. states and their political subdivisions    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | Obligations of U.S. states and their political subdivisions | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | Obligations of U.S. states and their political subdivisions | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | Foreign government bonds    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | Foreign government bonds | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | U.S. corporate public securities    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | U.S. corporate public securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | U.S. corporate public securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | U.S. corporate private securities    
Fixed maturity securities    
Asset-backed securities 182 146
Recurring | Level 3 | U.S. corporate private securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 182 146
Recurring | Level 3 | U.S. corporate private securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | Foreign corporate public securities    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | Foreign corporate public securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | Foreign corporate public securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | Foreign corporate private securities    
Fixed maturity securities    
Asset-backed securities 36 36
Recurring | Level 3 | Foreign corporate private securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 36 36
Recurring | Level 3 | Foreign corporate private securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | Asset-backed securities    
Fixed maturity securities    
Asset-backed securities 191 155
Recurring | Level 3 | Asset-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 191 155
Recurring | Level 3 | Asset-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | Commercial mortgage-backed securities    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | Commercial mortgage-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | Commercial mortgage-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities   0
Recurring | Level 3 | Residential mortgage-backed securities    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | Residential mortgage-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Level 3 | Residential mortgage-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Recurring | Fair Value Measured at Net Asset Value Per Share    
Liabilities:    
Other invested assets excluded from fair value hierarchy 353 345
Recurring | Fair Value Measured at Net Asset Value Per Share | Retained Business    
Liabilities:    
Other invested assets excluded from fair value hierarchy 352 344
Recurring | Fair Value Measured at Net Asset Value Per Share | Ceded Business    
Liabilities:    
Other invested assets excluded from fair value hierarchy 1 1
Policy loans | Recurring    
Fixed maturity securities    
Other invested assets, Netting (198) (582)
Subtotal excluding separate account assets 198 582
Policy loans | Recurring | Retained Business    
Fixed maturity securities    
Other invested assets, Netting (4) (347)
Subtotal excluding separate account assets 4 347
Policy loans | Recurring | Ceded Business    
Fixed maturity securities    
Other invested assets, Netting (194) (235)
Subtotal excluding separate account assets 194 235
Other liabilities - derivatives | Recurring    
Liabilities:    
Liabilities, Netting (459) (875)
Other liabilities - derivatives | Recurring | Retained Business    
Liabilities:    
Liabilities, Netting (265) (602)
Other liabilities - derivatives | Recurring | Ceded Business    
Liabilities:    
Liabilities, Netting $ (194) $ (272)