Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities that are measured at fair value on a recurring and non-recurring basis

Assets and liabilities measured at fair value
	As of December 31, 2021
($ in millions)	Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Counterparty and cash collateral netting			Total
Assets
Fixed income securities:
U.S. government and agencies	$	6,247		$	26		$	—					$	6,273
Municipal	—			6,375			18						6,393
Corporate - public	—			16,569			20						16,589
Corporate - privately placed	—			10,675			66						10,741
Foreign government	—			985			—						985
ABS	—			1,115			40						1,155
Total fixed income securities	6,247			35,745			144						42,136
Equity securities	6,312			400			349						7,061
Short-term investments	1,140			2,864			5						4,009
Other investments	—			34			2			$	(22)		14
Other assets	1			—			65						66
Total recurring basis assets	13,700			39,043			565			(22)			53,286
Non-recurring basis	—			—			32						32
Total assets at fair value	$	13,700		$	39,043		$	597		$	(22)		$	53,318
% of total assets at fair value	25.7		%	73.2		%	1.1		%	—		%	100.0		%
Investments reported at NAV													1,531
Total													$	54,849
Liabilities
Other liabilities	$	(3)		$	(12)		$	—		$	7		$	(8)
Total recurring basis liabilities	(3)			(12)			—			7			(8)
Total liabilities at fair value	$	(3)		$	(12)		$	—		$	7		$	(8)
% of total liabilities at fair value	37.5		%	150.0		%	—		%	(87.5)		%	100.0		%

Assets and liabilities measured at fair value
	As of December 31, 2020
($ in millions)	Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Counterparty and cash collateral netting			Total
Assets
Fixed income securities:
U.S. government and agencies	$	2,061		$	45		$	—					$	2,106
Municipal	—			7,562			17						7,579
Corporate - public	—			21,885			67						21,952
Corporate - privately placed	—			9,002			63						9,065
Foreign government	—			958			—						958
ABS	—			826			79						905
Total fixed income securities	2,061			40,278			226						42,565
Equity securities	2,468			396			304						3,168
Short-term investments	6,549			223			35						6,807
Other investments	—			29			—			$	(9)		20
Other assets	1			—			—						1
Assets held for sale	6,488			23,103			267			(6)			29,852
Total recurring basis assets	17,567			64,029			832			(15)			82,413
Total assets at fair value	$	17,567		$	64,029		$	832		$	(15)		$	82,413
% of total assets at fair value	21.3		%	77.7		%	1.0		%	—		%	100.0		%
Investments reported at NAV													1,062
Assets held for sale at NAV													762
Total													$	84,237
Liabilities
Other liabilities	$	—		$	(34)		$	—		$	18		$	(16)
Liabilities held for sale	—			(119)			(516)			9			(626)
Total recurring basis liabilities	—			(153)			(516)			27			(642)
Total liabilities at fair value	$	—		$	(153)		$	(516)		$	27		$	(642)
% of total liabilities at fair value	—		%	23.8		%	80.4		%	(4.2)		%	100.0		%

Schedule of the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis

Rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2021
	Balance as of December 31, 2020		Total gains (losses) included in:				Transfers				Transfers to (from) held for sale										Balance as of December 31, 2021
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3				Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	17	$	—	$	—	$	1	$	—	$	—	$	3	$	—	$	—	$	(3)	$	18
Corporate - public	67		1		(1)		—		—		(7)		13		(53)		—		—		20
Corporate - privately placed	63		(2)		3		10		—		14		6		(23)		—		(5)		66
ABS	79		—		1		4		(32)		—		47		(5)		—		(54)		40
Total fixed income securities	226		(1)		3		15		(32)		7		69		(81)		—		(62)		144
Equity securities	304		61		—		—		—		101		43		(160)		—		—		349
Short-term investments	35		—		—		—		—		—		5		—		—		(35)		5
Other investments	—		—		—		—		—		—		3		(1)		—		—		2
Other assets	—		65		—		—		—		—		—		—		—		—		65
Assets held for sale	267		3		(1)		17		(13)		(108)		4		(163)		—		(6)		—
Total recurring Level 3 assets	832		128		2		32		(45)		—		124		(405)		—		(103)		565
Liabilities
Liabilities held for sale	(516)		35		—		—		—		—		—		492		(28)		17		—
Total recurring Level 3 liabilities	$	(516)	$	35	$	—	$	—	$	—	$	—	$	—	$	492	$	(28)	$	17	$	—

Rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2020
	Balance as of December 31, 2019		Total gains (losses) included in:				Transfers												Balance as of December 31, 2020
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	22	$	—	$	—	$	—	$	—	$	—	$	(3)	$	—	$	(2)	$	17
Corporate - public	36		—		1		1		—		48		(19)		—		—		67
Corporate - privately placed	32		—		(5)		21		—		17		(2)		—		—		63
ABS	84		(1)		—		54		(49)		59		(26)		—		(42)		79
Total fixed income securities	174		(1)		(4)		76		(49)		124		(50)		—		(44)		226
Equity securities	255		—		—		—		—		57		(8)		—		—		304
Short-term investments	25		—		—		—		(25)		35		—		—		—		35
Assets held for sale	284		1		(8)		52		(42)		24		(37)		—		(7)		267
Total recurring Level 3 assets	738		—		(12)		128		(116)		240		(95)		—		(51)		832
Liabilities
Liabilities held for sale	(462)		(43)		—		—		—		—		—		(34)		23		(516)
Total recurring Level 3 liabilities	$	(462)	$	(43)	$	—	$	—	$	—	$	—	$	—	$	(34)	$	23	$	(516)

Rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2019
	Balance as of December 31, 2018		Total gains (losses) included in:				Transfers												Balance as of December 31, 2019
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases		Sales		Issues		Settlements
Assets
Fixed income securities:
Municipal	$	31	$	—	$	1	$	—	$	(6)	$	—	$	(3)	$	—	$	(1)	$	22
Corporate - public	38		—		2		—		—		—		(4)		—		—		$	36
Corporate - privately placed	32		—		—		2		—		1		(2)		—		(1)		$	32
ABS	73		—		—		2		(21)		33		—		—		(3)		$	84
Total fixed income securities	174		—		3		4		(27)		34		(9)		—		(5)		174
Equity securities	212		16		—		—		(1)		73		(44)		—		(1)		255
Short-term investments	30		—		—		—		—		35		(40)		—		—		25
Other investments	—		—		—		—		—		—		—		—		—		—
Assets held for sale	281		15		4		57		(4)		14		(53)		—		(30)		284
Total recurring Level 3 assets	697		31		7		61		(32)		156		(146)		—		(36)		738
Liabilities
Liabilities held for sale	(224)		(61)		—		(175)		—		—		—		(16)		14		(462)
Total recurring Level 3 liabilities	$	(224)	$	(61)	$	—	$	(175)	$	—	$	—	$	—	$	(16)	$	14	$	(462)

Total Level 3 gains (losses) included in net income
	For the years ended December 31,
($ in millions)	2021		2020		2019
Net investment income	$	1	$	(16)	$	—
Net gains (losses) on investments and derivatives	124		15		16

Schedule of gains and losses included in net income for Level 3 assets and liabilities still held at the balance sheet date

Valuation changes included in net income and OCI for Level 3 assets and liabilities held as of December 31,
($ in millions)	2021		2020		2019
Assets
Fixed income securities:
Corporate - public	$	—	$	(1)	$	—
Corporate - privately placed	(2)		—		—
ABS	—		—		(1)
Total fixed income securities	(2)		(1)		(1)
Equity securities	28		(1)		5
Other assets	65		—		—
Assets held for sale	—		—		2
Total recurring Level 3 assets	$	91	$	(2)	$	6
Liabilities
Liabilities held for sale	$	—	$	(43)	$	(61)
Total recurring Level 3 liabilities	—		(43)		(61)
Total included in net income	$	91	$	(45)	$	(55)
Components of net income
Net investment income	$	1	$	(16)	$	—
Net gains (losses) on investments and derivatives	90		14		4
Total included in net income	$	91	$	(2)	$	4
Assets
Corporate - public	$	—	$	1
Corporate - privately placed	3		(5)
Assets held for sale	—		(5)
Changes in unrealized net capital gains and losses reported in OCI (1)	$	3	$	(9)

(1)Effective January 1, 2020, the Company adopted the fair value accounting standard that prospectively requires the disclosure of valuation changes reported in OCI.

Schedule of carrying values and fair value estimates of financial instruments not carried at fair value

Financial instruments not carried at fair value
($ in millions)		December 31, 2021				December 31, 2020
Financial assets	Fair value level	Amortized cost, net		Fair value		Amortized cost, net		Fair value
Mortgage loans	Level 3	$	821	$	853	$	746	$	792
Bank loans	Level 3	1,574		1,634		772		803
Assets held for sale	Level 3	—		—		4,206		4,440
Financial liabilities	Fair value level	Carrying value (1)		Fair value		Carrying value (1)		Fair value
Contractholder funds on investment contracts	Level 3	$	55	$	55	$	—	$	—
Long-term debt	Level 2	7,976		9,150		7,825		9,489
Liability for collateral	Level 2	1,444		1,444		914		914
Liabilities held for sale (2)	Level 3	—		—		8,130		9,424

(1)Represents the amounts reported on the Consolidated Statements of Financial Position.

(2)Includes certain liabilities for collateral measured at Level 2 fair value as of December 31, 2020.