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Investments (Tables)
 12 Months Ended
Dec. 31, 2020
Investments [Abstract]  
Net investment income
The significant components of Net investment income are presented in the following table.
Years ended December 31
(In millions)202020192018
Fixed maturity securities$1,728 $1,817 $1,795 
Equity securities65 85 18 
Limited partnership investments121 180 (22)
Mortgage loans57 51 50 
Short term investments9 34 26 
Trading portfolio18 9 7 
Other1 5 4 
Gross investment income1,999 2,181 1,878 
Investment expense(64)(63)(61)
Net investment income$1,935 $2,118 $1,817 
Net realized investment gains (losses)
Net investment gains (losses) are presented in the following table.
Years ended December 31
(In millions)202020192018
Net investment gains (losses):
Fixed maturity securities:
Gross gains$220 $125 $168 
Gross losses(220)(131)(164)
Net investment gains (losses) on fixed maturity securities— (6)4 
Equity securities(3)66 (74)
Derivatives(10)(11)9 
Mortgage loans(21)— — 
Short term investments and other(20)(20)9 
Net investment gains (losses)$(54)$29 $(52)
Debt securities, available-for-sale, allowance for credit loss Accrued interest receivable on available-for-sale fixed maturity securities totaled $371 million and is excluded from the estimate of expected credit losses and the amortized cost basis in the table included within this Note.
Year ended December 31, 2020
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Beginning balance$— $— $— 
Additions to the allowance for credit losses:
Impact of adopting ASC 3266 — 6 
Securities for which credit losses were not previously recorded67 12 79 
Available-for-sale securities accounted for as PCD assets5 — 5 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)22 — 22 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis1 — 1 
Write-offs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period(32)5 (27)
Ending balance$23 $17 $40 
Components of net other than temporary impairment losses recognized in earnings by asset type The table includes losses on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date.
Years ended December 31
(In millions)202020192018
Fixed maturity securities available-for-sale:
Corporate and other bonds$87 $33 $12 
Asset-backed24 11 9 
Impairment losses recognized in earnings$111 $44 $21 
Summary of fixed maturity securities
The following tables present a summary of fixed maturity securities.
December 31, 2020Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses
Allowance for Credit Losses(1)
Estimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$20,792 $3,578 $22 $23 $24,325 
States, municipalities and political subdivisions9,729 1,863 — — 11,592 
Asset-backed:
Residential mortgage-backed3,442 146 1 — 3,587 
Commercial mortgage-backed1,933 93 42 17 1,967 
Other asset-backed2,179 81 9 — 2,251 
Total asset-backed7,554 320 52 17 7,805 
U.S. Treasury and obligations of government-sponsored enterprises339 2 3 — 338 
Foreign government512 32 — — 544 
Redeemable preferred stock— — — — — 
Total fixed maturity securities available-for-sale38,926 5,795 77 40 44,604 
Total fixed maturity securities trading27 — — — 27 
Total fixed maturity securities$38,953 $5,795 $77 $40 $44,631 
(1)    As of January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The Unrealized OTTI Losses (Gains) column that tracked subsequent valuation changes on securities for which a credit loss had previously been recorded has been replaced with the Allowance for Credit Losses column.
December 31, 2019Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		Unrealized
OTTI
Losses (Gains)
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$19,789 $2,292 $32 $22,049 $— 
States, municipalities and political subdivisions9,093 1,559 — 10,652 — 
Asset-backed:
Residential mortgage-backed4,387 133 1 4,519 (17)
Commercial mortgage-backed2,265 86 5 2,346 1 
Other asset-backed1,925 41 4 1,962 (3)
Total asset-backed8,577 260 10 8,827 (19)
U.S. Treasury and obligations of government-sponsored enterprises146 1 2 145 — 
Foreign government491 14 1 504 — 
Redeemable preferred stock10 — — 10 — 
Total fixed maturity securities available-for-sale38,106 4,126 45 42,187 $(19)
Total fixed maturity securities trading20 — — 20 
Total fixed maturity securities$38,126 $4,126 $45 $42,207 
Securities in a gross unrealized loss position
The following tables present the estimated fair value and gross unrealized losses of fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position.
Less than 12 Months12 Months or LongerTotal
December 31, 2020Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$609 $21 $12 $1 $621 $22 
States, municipalities and political subdivisions33 — — — 33 — 
Asset-backed:
Residential mortgage-backed71 1 11 — 82 1 
Commercial mortgage-backed533 40 28 2 561 42 
Other asset-backed344 9 13 — 357 9 
Total asset-backed948 50 52 2 1,000 52 
U.S. Treasury and obligations of government-sponsored enterprises63 3 — — 63 3 
Foreign government13 — — — 13 — 
Total$1,666 $74 $64 $3 $1,730 $77 
Less than 12 Months12 Months or LongerTotal
December 31, 2019Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$914 $21 $186 $11 $1,100 $32 
States, municipalities and political subdivisions34 — — — 34 — 
Asset-backed:
Residential mortgage-backed249 1 30 — 279 1 
Commercial mortgage-backed381 3 20 2 401 5 
Other asset-backed449 3 33 1 482 4 
Total asset-backed1,079 7 83 3 1,162 10 
U.S. Treasury and obligations of government-sponsored enterprises62 2 2 — 64 2 
   Foreign government59 1 1 — 60 1 
Total$2,148 $31 $272 $14 $2,420 $45 
Contractual maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
December 3120202019
(In millions)Cost or
Amortized
Cost		Estimated
Fair
Value		Cost or
Amortized
Cost		Estimated
Fair
Value
Due in one year or less$1,456 $1,458 $1,334 $1,356 
Due after one year through five years12,304 13,098 9,746 10,186 
Due after five years through ten years12,319 13,878 14,892 15,931 
Due after ten years12,847 16,170 12,134 14,714 
Total$38,926 $44,604 $38,106 $42,187 
Financing receivable credit quality indicators
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination.
December 31, 2020
Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)20202019201820172016PriorTotal
DSCR ≥1.6x
LTV less than 55%$75 $33 $36 $115 $33 $156 $448 
LTV 55% to 65%14 20141511— 74
LTV greater than 65%— 5— — 25 — 30
DSCR 1.2x - 1.6x
LTV less than 55%— 17 — 5 9 68 99
LTV 55% to 65%20 29 53 27 — — 129
LTV greater than 65%52 54 — 8 — 12 126
DSCR ≤1.2
LTV less than 55%— 50 — 8 7 3 68
LTV 55% to 65%— 48 — — — — 48
LTV greater than 65%— 28 — 37 — 7 72
Total$161 $284 $103 $215 $85 $246 $1,094 
(1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index.