Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021 are summarized below (dollars in millions):

December 31, 2022:			Fair Value Measurements Using:
	Total		Level 1		Level 2		Level 3
Assets: (1)
Fixed maturity securities – available-for-sale:
Corporate	$	33,969	$	—	$	29,670	$	4,299
Canadian government	3,626		—		3,626		—
RMBS	941		—		931		10
ABS	3,878		—		2,603		1,275
CMBS	1,623		—		1,555		68
U.S. government	1,482		1,388		85		9
State and political subdivisions	1,119		—		1,093		26
Other foreign government	6,263		—		6,228		35
Total fixed maturity securities – available-for-sale	52,901		1,388		45,791		5,722
Equity securities	134		68		—		66
Funds withheld at interest – embedded derivatives	(370)		—		—		(370)
Funds withheld at interest	54		—		—		54
Cash equivalents	1,535		1,535		—		—
Short-term investments	121		54		54		13
Other invested assets:
Derivatives	170		—		170		—
Other	23		—		23		—
Total other invested assets	193		—		193		—
Total	$	54,568	$	3,045	$	46,038	$	5,485
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives	$	653	$	—	$	—	$	653
Other liabilities:
Funds withheld at interest – embedded derivatives	(361)		—		—		(361)
Derivatives	183		—		183		—
Total	$	475	$	—	$	183	$	292

(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2022, the fair value of such investments was $683 million.

December 31, 2021:			Fair Value Measurements Using:
	Total		Level 1		Level 2		Level 3
Assets: (1)
Fixed maturity securities – available-for-sale:
Corporate	$	38,103	$	—	$	34,215	$	3,888
Canadian government	4,944		—		4,944		—
RMBS	1,050		—		1,049		1
ABS	4,005		—		2,908		1,097
CMBS	1,849		—		1,768		81
U.S. government	2,105		1,993		100		12
State and political subdivisions	1,323		—		1,290		33
Other foreign government	7,370		—		7,337		33
Total fixed maturity securities – available-for-sale	60,749		1,993		53,611		5,145
Equity securities	151		101		—		50
Funds withheld at interest – embedded derivatives	104		—		—		104
Funds withheld at interest	83		—		—		83
Cash equivalents	1,138		1,138		—		—
Short-term investments	64		—		36		28
Other invested assets:
Derivatives	175		—		175		—
Other	52		—		52		—
Total other invested assets	227		—		227		—
Total	$	62,516	$	3,232	$	53,874	$	5,410
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives	$	855	$	—	$	—	$	855
Other liabilities:
Funds withheld at interest – embedded derivatives	(61)		—		—		(61)
Derivatives	39		—		39		—
Total	$	833	$	—	$	39	$	794

(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2021, the fair value of such investments was $581 million.

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of December 31, 2022 and 2021 (dollars in millions):

	Estimated Fair Value				Valuation	Unobservable	Range (Weighted Average)
Assets:	2022		2021		Technique	Input	2022	2021
Corporate	$	25	$	49	Market comparable securities	Liquidity premium	1%	0-1% (1%)
						EBITDA Multiple	5.3x	5.2x-7.0x (6.4x)
ABS	274		205		Market comparable securities	Liquidity premium	0-18% (2%)	2-18% (4%)
U.S. government	9		12		Market comparable securities	Liquidity premium	0-1% (1%)	0-1% (1%)
Equity securities	9		5		Market comparable securities	EBITDA Multiple	8.4x-11.2x (9.6x)	6.9x-10.6x (8.0x)
Funds withheld at interest – embedded derivatives	(34)		182		Total return swap	Mortality	0-100%  (3%)	0-100% (3%)
						Lapse	0-35%  (17%)	0-35% (18%)
						Withdrawal	0-5%  (4%)	0-5% (4%)
						CVA	0-5%  (0%)	0-5% (0%)
						Crediting rate	1-4%  (2%)	1-4% (2%)
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives – indexed annuities	530		693		Discounted cash flow	Mortality	0-100% (3%)	0-100% (2%)
						Lapse	0-35% (16%)	0-35% (16%)
						Withdrawal	0-5% (3%)	0-5% (3%)
						Option budget projection	1-4% (2%)	1-4% (2%)
Interest-sensitive contract liabilities – embedded derivatives – variable annuities	124		162		Discounted cash flow	Mortality	0-100% (2%)	0-100% (2%)
						Lapse	0-25% (3%)	0-25% (4%)
						Withdrawal	0-7% (6%)	0-7% (5%)
						CVA	0-5% (1%)	0-5% (1%)
						Long-term volatility	0-27% (13%)	0-27% (14%)

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

For the year ended December 31, 2022:	Fixed maturity securities – available-for-sale												Funds  withheld at interest –embedded derivatives, net(1)		Funds  withheld at interest		Interest-sensitive contract  liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Short-term investments
Fair value, beginning of period	$	3,888	$	33	$	1,179	$	45	$	50	$	28	$	165	$	83	$	(855)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income	6		—		—		—		—		—		—		(14)		—
Investment related gains (losses), net	(8)		—		(11)		(1)		6		1		(173)		—		38
Interest credited	—		—		—		—		—		—		—		—		98
Included in other comprehensive income (loss)	(474)		(11)		(194)		(4)		—		(1)		—		(8)		—
Purchases(2)	1,669		—		521		—		14		33		—		3		1
Sales(2)	(182)		—		(58)		(6)		(4)		—		—		—		—
Settlements(2)	(577)		—		(140)		(5)		—		(28)		—		(10)		65
Transfers into Level 3	88		13		130		10		—		—		—		—		—
Transfers out of Level 3	(111)		—		(74)		(4)		—		(20)		—		—		—
Fair value, end of period	$	4,299	$	35	$	1,353	$	35	$	66	$	13	$	(8)	$	54	$	(653)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income	$	4	$	—	$	—	$	—	$	—	$	—	$	—	$	(14)	$	—
Investment related gains (losses), net	(18)		—		(10)		—		4		—		(173)		—		33
Interest credited	—		—		—		—		—		—		—		—		33
Included in other comprehensive income (loss)	(467)		(11)		(195)		(4)		—		—		—		(8)		—

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

For the year ended December 31, 2021:	Fixed maturity securities – available-for-sale												Funds  withheld at interest –embedded derivatives, net(1)		Funds  withheld at interest		Interest-sensitive contract  liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Short-term investments
Fair value, beginning of period	$	3,029	$	17	$	254	$	23	$	53	$	15	$	58	$	56	$	(907)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income	5		—		1		—		—		—		—		(4)		—
Investment related gains (losses), net	(5)		—		—		—		13		—		107		—		(7)
Interest credited	—		—		—		—		—		—		—		—		10
Included in other comprehensive income (loss)	(28)		(4)		(6)		—		—		—		—		(1)		—
Purchases(2)	1,506		25		1,038		—		9		31		—		36		(34)
Sales(2)	(53)		—		(6)		—		(25)		(3)		—		—		—
Settlements(2)	(587)		(5)		(186)		(3)		—		(10)		—		(4)		83
Transfers into Level 3	29		—		84		25		—		—		—		—		—
Transfers out of Level 3	(8)		—		—		—		—		(5)		—		—		—
Fair value, end of period	$	3,888	$	33	$	1,179	$	45	$	50	$	28	$	165	$	83	$	(855)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income	$	4	$	—	$	1	$	—	$	—	$	—	$	—	$	(4)	$	—
Investment related gains (losses), net	(7)		—		—		—		7		—		107		—		(15)
Interest credited	—		—		—		—		—		—		—		—		(72)
Included in other comprehensive income (loss)	(24)		(4)		(6)		—		—		—		—		(1)		—

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

For the year ended December 31, 2020:	Fixed maturity securities – available-for-sale												Funds  withheld at interest –embedded derivatives		Funds  withheld at interest		Interest-sensitive contract  liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Short-term investments
Fair value, beginning of period	$	2,186	$	720	$	208	$	25	$	77	$	2	$	121	$	—	$	(930)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income	2		—		—		—		—		—		—		(4)		—
Investment related gains (losses), net	(22)		—		—		—		(13)		—		(63)		—		8
Interest credited	—		—		—		—		—		—		—		—		(30)
Included in other comprehensive income (loss)	28		1		(7)		1		—		—		—		—		—
Purchases(1)	1,193		—		149		—		3		17		—		60		(32)
Sales(1)	(182)		—		(5)		—		—		—		—		—		—
Settlements(1)	(229)		—		(59)		(3)		—		(3)		—		—		77
Transfers into Level 3	57		—		38		—		—		—		—		—		—
Transfers out of Level 3	(4)		(704)		(70)		—		(14)		(1)		—		—		—
Fair value, end of period	$	3,029	$	17	$	254	$	23	$	53	$	15	$	58	$	56	$	(907)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(4)	$	—
Investment related gains (losses), net	(23)		—		—		—		(13)		—		(63)		—		(2)
Interest credited	—		—		—		—		—		—		—		—		(107)
Included in other comprehensive income (loss)	(34)		1		(8)		1		—		—		—		—		—

(1)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

For the year ended December 31, 2022:	Fixed maturity securities – available-for-sale												Funds  withheld at interest –embedded derivatives, net(1)		Funds  withheld at interest		Interest-sensitive contract  liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Short-term investments
Fair value, beginning of period	$	3,888	$	33	$	1,179	$	45	$	50	$	28	$	165	$	83	$	(855)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income	6		—		—		—		—		—		—		(14)		—
Investment related gains (losses), net	(8)		—		(11)		(1)		6		1		(173)		—		38
Interest credited	—		—		—		—		—		—		—		—		98
Included in other comprehensive income (loss)	(474)		(11)		(194)		(4)		—		(1)		—		(8)		—
Purchases(2)	1,669		—		521		—		14		33		—		3		1
Sales(2)	(182)		—		(58)		(6)		(4)		—		—		—		—
Settlements(2)	(577)		—		(140)		(5)		—		(28)		—		(10)		65
Transfers into Level 3	88		13		130		10		—		—		—		—		—
Transfers out of Level 3	(111)		—		(74)		(4)		—		(20)		—		—		—
Fair value, end of period	$	4,299	$	35	$	1,353	$	35	$	66	$	13	$	(8)	$	54	$	(653)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income	$	4	$	—	$	—	$	—	$	—	$	—	$	—	$	(14)	$	—
Investment related gains (losses), net	(18)		—		(10)		—		4		—		(173)		—		33
Interest credited	—		—		—		—		—		—		—		—		33
Included in other comprehensive income (loss)	(467)		(11)		(195)		(4)		—		—		—		(8)		—

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

For the year ended December 31, 2021:	Fixed maturity securities – available-for-sale												Funds  withheld at interest –embedded derivatives, net(1)		Funds  withheld at interest		Interest-sensitive contract  liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Short-term investments
Fair value, beginning of period	$	3,029	$	17	$	254	$	23	$	53	$	15	$	58	$	56	$	(907)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income	5		—		1		—		—		—		—		(4)		—
Investment related gains (losses), net	(5)		—		—		—		13		—		107		—		(7)
Interest credited	—		—		—		—		—		—		—		—		10
Included in other comprehensive income (loss)	(28)		(4)		(6)		—		—		—		—		(1)		—
Purchases(2)	1,506		25		1,038		—		9		31		—		36		(34)
Sales(2)	(53)		—		(6)		—		(25)		(3)		—		—		—
Settlements(2)	(587)		(5)		(186)		(3)		—		(10)		—		(4)		83
Transfers into Level 3	29		—		84		25		—		—		—		—		—
Transfers out of Level 3	(8)		—		—		—		—		(5)		—		—		—
Fair value, end of period	$	3,888	$	33	$	1,179	$	45	$	50	$	28	$	165	$	83	$	(855)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income	$	4	$	—	$	1	$	—	$	—	$	—	$	—	$	(4)	$	—
Investment related gains (losses), net	(7)		—		—		—		7		—		107		—		(15)
Interest credited	—		—		—		—		—		—		—		—		(72)
Included in other comprehensive income (loss)	(24)		(4)		(6)		—		—		—		—		(1)		—

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

For the year ended December 31, 2020:	Fixed maturity securities – available-for-sale												Funds  withheld at interest –embedded derivatives		Funds  withheld at interest		Interest-sensitive contract  liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Short-term investments
Fair value, beginning of period	$	2,186	$	720	$	208	$	25	$	77	$	2	$	121	$	—	$	(930)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income	2		—		—		—		—		—		—		(4)		—
Investment related gains (losses), net	(22)		—		—		—		(13)		—		(63)		—		8
Interest credited	—		—		—		—		—		—		—		—		(30)
Included in other comprehensive income (loss)	28		1		(7)		1		—		—		—		—		—
Purchases(1)	1,193		—		149		—		3		17		—		60		(32)
Sales(1)	(182)		—		(5)		—		—		—		—		—		—
Settlements(1)	(229)		—		(59)		(3)		—		(3)		—		—		77
Transfers into Level 3	57		—		38		—		—		—		—		—		—
Transfers out of Level 3	(4)		(704)		(70)		—		(14)		(1)		—		—		—
Fair value, end of period	$	3,029	$	17	$	254	$	23	$	53	$	15	$	58	$	56	$	(907)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(4)	$	—
Investment related gains (losses), net	(23)		—		—		—		(13)		—		(63)		—		(2)
Interest credited	—		—		—		—		—		—		—		—		(107)
Included in other comprehensive income (loss)	(34)		1		(8)		1		—		—		—		—		—

(1)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

Fair Value Assets Measured On Nonrecurring Basis [Text Block]

Nonrecurring Fair Value Measurements

The Company has certain assets subject to measurement at fair value on a nonrecurring basis, in periods subsequent to their initial recognition if they are determined to be impaired. For the years ended December 31, 2022 and 2021, the Company did not have any material assets that were measured at fair value due to impairment.

Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block]

The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of December 31, 2022 and 2021 (dollars in millions). This table excludes any payables or receivables for collateral under repurchase/reverse repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid.

			Estimated Fair		Fair Value Measurement Using:
December 31, 2022:	Carrying Value (1)		Value		Level 1		Level 2		Level 3
Assets:
Mortgage loans	$	6,590	$	6,109	$	—	$	—	$	6,109
Policy loans	1,231		1,231		—		1,231		—
Funds withheld at interest	6,319		5,884		—		—		5,884
Limited partnerships – cost method	49		52		—		—		52
Cash and cash equivalents	1,392		1,392		1,392		—		—
Short-term investments	33		33		33		—		—
Other invested assets	947		758		4		65		689
Accrued investment income	630		630		—		630		—
Liabilities:
Interest-sensitive contract liabilities	$	23,493	$	23,065	$	—	$	—	$	23,065
Other liabilities – funds withheld at interest	1,596		1,321		—		—		1,321
Long-term debt	3,961		3,670		—		—		3,670
December 31, 2021:
Assets:
Mortgage loans	$	6,283	$	6,580	$	—	$	—	$	6,580
Policy loans	1,234		1,234		—		1,234		—
Funds withheld at interest	6,747		7,075		—		—		7,075
Limited partnerships – cost method	63		81		—		—		81
Cash and cash equivalents	1,810		1,810		1,810		—		—
Short-term investments	23		23		23		—		—
Other invested assets	847		826		6		70		750
Accrued investment income	533		533		—		533		—
Liabilities:
Interest-sensitive contract liabilities	$	18,625	$	19,540	$	—	$	—	$	19,540
Other liabilities – funds withheld at interest	1,658		1,657		—		—		1,657
Long-term debt	3,667		3,886		—		—		3,886
Collateral finance and securitization notes	180		153		—		—		153

(1)Carrying values presented herein may differ from those in the Company’s consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.