XML 47 R36.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
FAIR VALUE OF ASSETS AND LIABILITIES - Assets and Liabilities by Hierarchy Level (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fixed maturity securities    
Asset-backed securities $ 5,377 $ 5,210
Short-term investments 25 21
Other invested assets 341 211
Deposit asset 426 438
Separate account assets, at fair value 24,262 23,870
Liabilities:    
Insurance liabilities, at fair value 4,545 5,003
Other liabilities 260 273
Net modified coinsurance payable 72 78
Separate account liabilities, at fair value 24,262 23,870
Mortgage loans fair value in excess of unpaid principal 4  
Retained Business    
Fixed maturity securities    
Other invested assets 112 85
Separate account assets, at fair value 22,146 21,800
Liabilities:    
Insurance liabilities, at fair value 2,342 2,835
Other liabilities 249 261
Net modified coinsurance payable 0 0
Separate account liabilities, at fair value 22,146 21,800
Mortgage loans fair value in excess of unpaid principal 4  
Ceded Business    
Fixed maturity securities    
Other invested assets 229 126
Separate account assets, at fair value 2,116 2,070
Liabilities:    
Insurance liabilities, at fair value 2,203 2,168
Other liabilities 11 12
Net modified coinsurance payable 72 78
Separate account liabilities, at fair value 2,116 2,070
Recurring    
Fixed maturity securities    
Asset-backed securities 5,369 5,202
Mortgage and other loans 425 437
Short-term investments 25 21
Cash and cash equivalents 441 940
Other invested assets 238 117
Netting (483) (694)
Deposit asset 426 438
Reinsurance recoverables 155 206
Subtotal excluding separate account assets 7,079 7,361
Separate account assets, at fair value 24,262 23,870
Total assets 31,341 31,231
Liabilities:    
Insurance liabilities, at fair value 4,545 5,003
Other liabilities 53 94
Net modified coinsurance payable 72 78
Separate account liabilities, at fair value 24,262 23,870
Liabilities, Netting (1,040) (1,207)
Total liabilities 28,932 29,045
Recurring | Retained Business    
Fixed maturity securities    
Asset-backed securities 4,115 4,150
Mortgage and other loans 425 437
Cash and cash equivalents 298 534
Other invested assets 16 0
Netting (438) (638)
Subtotal excluding separate account assets 4,854 5,121
Separate account assets, at fair value 22,146 21,800
Total assets 27,000 26,921
Liabilities:    
Insurance liabilities, at fair value 2,342 2,835
Other liabilities 53 94
Separate account liabilities, at fair value 22,146 21,800
Liabilities, Netting (993) (1,151)
Total liabilities 24,541 24,729
Recurring | Ceded Business    
Fixed maturity securities    
Asset-backed securities 1,254 1,052
Short-term investments 25 21
Cash and cash equivalents 143 406
Other invested assets 222 117
Netting (45) (56)
Deposit asset 426 438
Reinsurance recoverables 155 206
Subtotal excluding separate account assets 2,225 2,240
Separate account assets, at fair value 2,116 2,070
Total assets 4,341 4,310
Liabilities:    
Insurance liabilities, at fair value 2,203 2,168
Other liabilities 0 0
Net modified coinsurance payable   78
Separate account liabilities, at fair value 2,116 2,070
Liabilities, Netting (47) (56)
Total liabilities 4,391 4,316
Recurring | U.S Treasury securities and obligations of U.S. government authorities and agencies    
Fixed maturity securities    
Asset-backed securities 514 581
Recurring | U.S Treasury securities and obligations of U.S. government authorities and agencies | Retained Business    
Fixed maturity securities    
Asset-backed securities 440 506
Recurring | U.S Treasury securities and obligations of U.S. government authorities and agencies | Ceded Business    
Fixed maturity securities    
Asset-backed securities 74 75
Recurring | Obligations of U.S. states and their political subdivisions    
Fixed maturity securities    
Asset-backed securities 125 129
Recurring | Obligations of U.S. states and their political subdivisions | Retained Business    
Fixed maturity securities    
Asset-backed securities 125 129
Recurring | Foreign government bonds    
Fixed maturity securities    
Asset-backed securities 1 1
Recurring | Foreign government bonds | Ceded Business    
Fixed maturity securities    
Asset-backed securities 1 1
Recurring | U.S. corporate public securities    
Fixed maturity securities    
Asset-backed securities 2,767 2,762
Recurring | U.S. corporate public securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 2,048 2,099
Recurring | U.S. corporate public securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 719 663
Recurring | U.S. corporate private securities    
Fixed maturity securities    
Asset-backed securities 418 391
Recurring | U.S. corporate private securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 271 244
Recurring | U.S. corporate private securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 147 147
Recurring | Foreign corporate public securities    
Fixed maturity securities    
Asset-backed securities 236 150
Recurring | Foreign corporate public securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 123 124
Recurring | Foreign corporate public securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 113 26
Recurring | Foreign corporate private securities    
Fixed maturity securities    
Asset-backed securities 88 88
Recurring | Foreign corporate private securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 57 56
Recurring | Foreign corporate private securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 31 32
Recurring | Asset-backed securities    
Fixed maturity securities    
Asset-backed securities 1,059 952
Recurring | Asset-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 1,012 952
Recurring | Asset-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 47  
Recurring | Commercial mortgage-backed securities    
Fixed maturity securities    
Asset-backed securities 12 12
Recurring | Commercial mortgage-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 12 12
Recurring | Residential mortgage-backed securities    
Fixed maturity securities    
Asset-backed securities 149 136
Recurring | Residential mortgage-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 27 28
Recurring | Residential mortgage-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 122 108
Recurring | Level 1    
Fixed maturity securities    
Asset-backed securities 0 0
Mortgage and other loans 0 0
Short-term investments 3 0
Cash and cash equivalents 441 940
Other invested assets 3 0
Deposit asset 0 0
Reinsurance recoverables 0 0
Subtotal excluding separate account assets 447 940
Separate account assets, at fair value 0 0
Total assets 447 940
Liabilities:    
Insurance liabilities, at fair value 0 0
Other liabilities 46 71
Net modified coinsurance payable 0 0
Separate account liabilities, at fair value 0 0
Total liabilities 46 71
Recurring | Level 1 | Retained Business    
Fixed maturity securities    
Asset-backed securities 0 0
Mortgage and other loans 0 0
Cash and cash equivalents 298 534
Other invested assets 3 0
Subtotal excluding separate account assets 301 534
Separate account assets, at fair value 0 0
Total assets 301 534
Liabilities:    
Insurance liabilities, at fair value 0 0
Other liabilities 46 71
Separate account liabilities, at fair value 0 0
Total liabilities 46 71
Recurring | Level 1 | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 0
Short-term investments 3 0
Cash and cash equivalents 143 406
Other invested assets 0 0
Deposit asset 0 0
Reinsurance recoverables 0 0
Subtotal excluding separate account assets 146 406
Separate account assets, at fair value 0 0
Total assets 146 406
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 | 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 | 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  
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 | 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 4,749 4,649
Mortgage and other loans 0 0
Short-term investments 22 17
Cash and cash equivalents 0 0
Other invested assets 718 811
Deposit asset 0 0
Reinsurance recoverables 0 0
Subtotal excluding separate account assets 5,489 5,477
Separate account assets, at fair value 24,262 23,870
Total assets 29,751 29,347
Liabilities:    
Insurance liabilities, at fair value 0 0
Other liabilities 1,047 1,230
Net modified coinsurance payable 0 0
Separate account liabilities, at fair value 24,262 23,870
Total liabilities 25,309 25,100
Recurring | Level 2 | Retained Business    
Fixed maturity securities    
Asset-backed securities 3,524 3,599
Mortgage and other loans 0 0
Cash and cash equivalents 0 0
Other invested assets 451 638
Subtotal excluding separate account assets 3,975 4,237
Separate account assets, at fair value 22,146 21,800
Total assets 26,121 26,037
Liabilities:    
Insurance liabilities, at fair value 0 0
Other liabilities 1,000 1,174
Separate account liabilities, at fair value 22,146 21,800
Total liabilities 23,146 22,974
Recurring | Level 2 | Ceded Business    
Fixed maturity securities    
Asset-backed securities 1,225 1,050
Short-term investments 22 17
Cash and cash equivalents 0 0
Other invested assets 267 173
Deposit asset 0 0
Reinsurance recoverables 0 0
Subtotal excluding separate account assets 1,514 1,240
Separate account assets, at fair value 2,116 2,070
Total assets 3,630 3,310
Liabilities:    
Insurance liabilities, at fair value 0 0
Other liabilities 47 56
Net modified coinsurance payable   0
Separate account liabilities, at fair value 2,116 2,070
Total liabilities 2,163 2,126
Recurring | Level 2 | U.S Treasury securities and obligations of U.S. government authorities and agencies    
Fixed maturity securities    
Asset-backed securities 514 581
Recurring | Level 2 | U.S Treasury securities and obligations of U.S. government authorities and agencies | Retained Business    
Fixed maturity securities    
Asset-backed securities 440 506
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 75
Recurring | Level 2 | Obligations of U.S. states and their political subdivisions    
Fixed maturity securities    
Asset-backed securities 125 129
Recurring | Level 2 | Obligations of U.S. states and their political subdivisions | Retained Business    
Fixed maturity securities    
Asset-backed securities 125 129
Recurring | Level 2 | Foreign government bonds    
Fixed maturity securities    
Asset-backed securities 1 1
Recurring | Level 2 | Foreign government bonds | Ceded Business    
Fixed maturity securities    
Asset-backed securities 1 1
Recurring | Level 2 | U.S. corporate public securities    
Fixed maturity securities    
Asset-backed securities 2,767 2,762
Recurring | Level 2 | U.S. corporate public securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 2,048 2,099
Recurring | Level 2 | U.S. corporate public securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 719 663
Recurring | Level 2 | U.S. corporate private securities    
Fixed maturity securities    
Asset-backed securities 146 146
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 146 146
Recurring | Level 2 | Foreign corporate public securities    
Fixed maturity securities    
Asset-backed securities 236 150
Recurring | Level 2 | Foreign corporate public securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 123 124
Recurring | Level 2 | Foreign corporate public securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 113 26
Recurring | Level 2 | Foreign corporate private securities    
Fixed maturity securities    
Asset-backed securities 31 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 31 31
Recurring | Level 2 | Asset-backed securities    
Fixed maturity securities    
Asset-backed securities 773 706
Recurring | Level 2 | Asset-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 754 706
Recurring | Level 2 | Asset-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 19  
Recurring | Level 2 | Commercial mortgage-backed securities    
Fixed maturity securities    
Asset-backed securities 12 12
Recurring | Level 2 | Commercial mortgage-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 12 12
Recurring | Level 2 | Residential mortgage-backed securities    
Fixed maturity securities    
Asset-backed securities 144 131
Recurring | Level 2 | Residential mortgage-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 22 23
Recurring | Level 2 | Residential mortgage-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 122 108
Recurring | Level 3    
Fixed maturity securities    
Asset-backed securities 620 553
Mortgage and other loans 425 437
Short-term investments 0 4
Cash and cash equivalents 0 0
Other invested assets 0 0
Deposit asset 426 438
Reinsurance recoverables 155 206
Subtotal excluding separate account assets 1,626 1,638
Separate account assets, at fair value 0 0
Total assets 1,626 1,638
Liabilities:    
Insurance liabilities, at fair value 4,545 5,003
Other liabilities 0 0
Net modified coinsurance payable 72 78
Separate account liabilities, at fair value 0 0
Total liabilities 4,617 5,081
Recurring | Level 3 | Retained Business    
Fixed maturity securities    
Asset-backed securities 591 551
Mortgage and other loans 425 437
Cash and cash equivalents 0 0
Other invested assets 0
Subtotal excluding separate account assets 1,016 988
Separate account assets, at fair value 0 0
Total assets 1,016 988
Liabilities:    
Insurance liabilities, at fair value 2,342 2,835
Other liabilities 0 0
Separate account liabilities, at fair value 0 0
Total liabilities 2,342 2,835
Recurring | Level 3 | Ceded Business    
Fixed maturity securities    
Asset-backed securities 29 2
Short-term investments 0 4
Cash and cash equivalents 0 0
Other invested assets 0 0
Deposit asset 426 438
Reinsurance recoverables 155 206
Subtotal excluding separate account assets 610 650
Separate account assets, at fair value 0 0
Total assets 610 650
Liabilities:    
Insurance liabilities, at fair value 2,203 2,168
Other liabilities 0 0
Net modified coinsurance payable   78
Separate account liabilities, at fair value 0 0
Total liabilities 2,275 2,246
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 | 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 272 245
Recurring | Level 3 | U.S. corporate private securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 271 244
Recurring | Level 3 | U.S. corporate private securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 1 1
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 57 57
Recurring | Level 3 | Foreign corporate private securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 57 56
Recurring | Level 3 | Foreign corporate private securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 0 1
Recurring | Level 3 | Asset-backed securities    
Fixed maturity securities    
Asset-backed securities 286 246
Recurring | Level 3 | Asset-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 258 246
Recurring | Level 3 | Asset-backed securities | Ceded Business    
Fixed maturity securities    
Asset-backed securities 28  
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 | Residential mortgage-backed securities    
Fixed maturity securities    
Asset-backed securities 5 5
Recurring | Level 3 | Residential mortgage-backed securities | Retained Business    
Fixed maturity securities    
Asset-backed securities 5 5
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 | Fixed Maturities    
Liabilities:    
Other invested assets excluded from fair value hierarchy 8 8
Recurring | Fair Value Measured at Net Asset Value Per Share | Fixed Maturities | Retained Business    
Liabilities:    
Other invested assets excluded from fair value hierarchy 8  
Recurring | Fair Value Measured at Net Asset Value Per Share | Private equity    
Liabilities:    
Other invested assets excluded from fair value hierarchy 29 24
Recurring | Fair Value Measured at Net Asset Value Per Share | Private equity | Retained Business    
Liabilities:    
Other invested assets excluded from fair value hierarchy 28  
Recurring | Fair Value Measured at Net Asset Value Per Share | Private equity | Ceded Business    
Liabilities:    
Other invested assets excluded from fair value hierarchy 1  
Other | Recurring    
Fixed maturity securities    
Netting (483) (694)
Subtotal excluding separate account assets 483 694
Other | Recurring | Retained Business    
Fixed maturity securities    
Netting (438) (638)
Subtotal excluding separate account assets 438 638
Other | Recurring | Ceded Business    
Fixed maturity securities    
Netting (45) (56)
Subtotal excluding separate account assets 45  
Other liabilities - derivatives | Recurring    
Liabilities:    
Liabilities, Netting (1,040) (1,207)
Other liabilities - derivatives | Recurring | Retained Business    
Liabilities:    
Liabilities, Netting (993) (1,151)
Other liabilities - derivatives | Recurring | Ceded Business    
Liabilities:    
Liabilities, Netting $ (47) $ (56)