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Investments (Tables)
 3 Months Ended
Mar. 31, 2020
Investments [Abstract]  
Net Investment Income

Net investment income is as follows:

Three Months Ended March 31,
  
2020
    
2019
  
(In millions)
            
             
Fixed maturity securities
  
$
438
    
$
455
  
Limited partnership investments
    
(102
)
    
81
  
Short term investments
    
7
      
15
  
Equity securities
    
(44
)
    
30
  
Income (loss) from trading portfolio (a)
    
(129
)
    
81
  
Other
    
14
      
14
  
Total investment income
    
184
      
676
  
Investment expenses
    
(21
)
    
(19
)
Net investment income
  
$
163
    
$
657
  


(a)
Net unrealized gains (losses) related to changes in fair value on securities still held were $(117) and $44 for the three months ended March 31, 2020 and 2019.
Investment Gains (Losses)

Investment gains (losses) are as follows:

 Three Months Ended March 31,
  
2020
    
2019
  
(In millions)
            
             
Fixed maturity securities
  
$
(75
)
  
$
(6
)
Equity securities
    
(133
)
    
42
  
Derivative instruments
    
5
      
(5
)
Short term investments and other
    
(13
)
        
Investment gains (a)
  
$
(216
)
  
$
31
  

(a)
Gross investment gains on available-for-sale securities were $29 and $36 for the three months ended March 31, 2020 and 2019. Gross investment losses on available-for-sale securities were $104 and $42 for the three months ended March 31, 2020 and 2019. During the three months ended March 31, 2020 and 2019, $133 of net investment losses and $42 of net investment gains were recognized due to the change in fair value of non-redeemable preferred stock still held as of March 31, 2020 and 2019.
Allowance for Credit Losses

The following table presents the activity related to the allowance on available-for-sale securities with credit impairments and PCD assets. Accrued interest receivables on available-for-sale fixed maturity securities totaled $390 million and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.

March 31, 2020
  
Corporate and
Other Bonds
  
(In millions)
      
Allowance for credit losses:
      
Balance as of December 31, 2019
  
$
-
  
Additions to the allowance for credit losses:
        
Impact of adopting ASU 2016-13
    
6
  
For securities for which credit losses were not previously recorded
    
48
  
For available-for-sale securities accounted for as PCD assets
    
1
  
         
Reductions to the allowance for credit losses:
        
Securities sold during the period (realized)
    
(5
)
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis
    
(1
)
Total allowance for credit losses
  
$
49
  
Available-for-Sale Impairment Losses Recognized in Earnings

The components of available-for-sale impairment losses recognized in earnings by asset type are presented in the following table. The table includes losses on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:

Three Months Ended March 31,
  
2020
    
2019
  
(In millions)
            
Fixed maturity securities available-for-sale:
            
Corporate and other bonds
  
$
91
    
$
6
  
Asset-backed
    
1
      
8
  
Impairment losses recognized in earnings
  
$
92
    
$
14
  
Amortized Cost and Fair Values of Fixed Maturity Securities

The amortized cost and fair values of fixed maturity securities are as follows:

March 31, 2020
  
Cost or
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Allowance
for Credit
Losses (a)
    
Estimated
Fair Value
  
(In millions)
                              
Fixed maturity securities:
                              
Corporate and other bonds
  
$
20,181
    
$
1,419
    
$
817
    
$
49
    
$
20,734
  
States, municipalities and political subdivisions
    
8,957
      
1,536
      
2
              
10,491
  
Asset-backed:
                                        
Residential mortgage-backed
    
4,198
      
207
      
8
              
4,397
  
Commercial mortgage-backed
    
2,207
      
36
      
153
              
2,090
  
Other asset-backed
    
1,868
      
9
      
133
              
1,744
  
Total asset-backed
    
8,273
      
252
      
294
      
-
      
8,231
  
U.S. Treasury and obligations of government-sponsored enterprises
    
147
      
8
                      
155
  
Foreign government
    
452
      
15
      
4
              
463
  
Redeemable preferred stock
    
9
                              
9
  
Fixed maturities available-for-sale
    
38,019
      
3,230
      
1,117
      
49
      
40,083
  
Fixed maturities trading
    
40
      
1
                      
41
  
Total fixed maturity securities
  
$
38,059
    
$
3,231
    
$
1,117
    
$
49
    
$
40,124
  

December 31, 2019
  
Cost or
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Estimated
Fair Value
    
Unrealized
OTTI Losses
(Gains) (a)
  
                               
Fixed maturity securities:
                              
Corporate and other bonds
  
$
19,789
    
$
2,292
    
$
32
    
$
22,049
        
States, municipalities and political subdivisions
    
9,093
      
1,559
              
10,652
        
Asset-backed:
                                      
Residential mortgage-backed
    
4,387
      
133
      
1
      
4,519
    
$
(17
)
Commercial mortgage-backed
    
2,265
      
86
      
5
      
2,346
      
1
  
Other asset-backed
    
1,925
      
41
      
4
      
1,962
      
(3
)
Total asset-backed
    
8,577
      
260
      
10
      
8,827
      
(19
)
U.S. Treasury and obligations of government-sponsored enterprises
    
146
      
1
      
2
      
145
          
Foreign government
    
491
      
14
      
1
      
504
          
Redeemable preferred stock
    
10
                      
10
          
Fixed maturities available-for-sale
    
38,106
      
4,126
      
45
      
42,187
      
(19
)
Fixed maturities trading
    
51
      
2
              
53
          
Total fixed maturities
  
$
38,157
    
$
4,128
    
$
45
    
$
42,240
    
$
(19
)

(a)
On January 1, 2020, the Company adopted ASU 2016-13; see Note 1. 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. Prior period amounts were not adjusted for the adoption of this standard.
Investments [Abstract]  
Available-for-Sale Securities in Gross Unrealized Loss Position

The available-for-sale securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:

  
Less than
12 Months
    
12 Months
or Longer
    
Total
  
March 31, 2020
  
Estimated
Fair Value
    
Gross
Unrealized
Losses
    
Estimated
Fair Value
    
Gross
Unrealized
Losses
    
Estimated
Fair Value
    
Gross
Unrealized
Losses
  
(In millions)
                                    
Fixed maturity securities:
                                    
Corporate and other bonds
  
$
7,036
    
$
804
    
$
44
    
$
13
    
$
7,080
    
$
817
  
States, municipalities and political subdivisions
    
82
      
2
                      
82
      
2
  
Asset-backed:
                                                
Residential mortgage-backed
    
166
      
7
      
22
      
1
      
188
      
8
  
Commercial mortgage-backed
    
1,185
      
151
      
12
      
2
      
1,197
      
153
  
Other asset-backed
    
1,510
      
131
      
9
      
2
      
1,519
      
133
  
Total asset-backed
    
2,861
      
289
      
43
      
5
      
2,904
      
294
  
U.S. Treasury and obligations of government-sponsored enterprises
    
2
                              
2
          
Foreign government
    
76
      
4
                      
76
      
4
  
Redeemable preferred stock
    
9
                              
9
          
Total fixed maturity securities
  
$
10,066
    
$
1,099
    
$
87
      
18
    
$
10,153
    
$
1,117
  
                                                 
December 31, 2019
                                                
                                                 
Fixed maturity securities:
                                                
Corporate and other bonds
  
$
914
    
$
21
    
$
186
    
$
11
    
$
1,100
    
$
32
  
States, municipalities and political subdivisions
    
34
                              
34
          
Asset-backed:
                                                
Residential mortgage-backed
    
249
      
1
      
30
              
279
      
1
  
Commercial mortgage-backed
    
381
      
3
      
20
      
2
      
401
      
5
  
Other asset-backed
    
449
      
3
      
33
      
1
      
482
      
4
  
Total asset-backed
    
1,079
      
7
      
83
      
3
      
1,162
      
10
  
U.S. Treasury and obligations of government-sponsored enterprises
    
62
      
2
      
2
              
64
      
2
  
Foreign government
    
59
      
1
      
1
              
60
      
1
  
Total fixed maturity securities
  
$
2,148
    
$
31
    
$
272
    
$
14
    
$
2,420
    
$
45
  
Available-for-Sale Fixed Maturity Securities by Contractual Maturity

The following table presents available-for-sale fixed maturity securities by contractual maturity.

  
March 31, 2020
    
December 31, 2019
  
   
Cost or
Amortized
Cost
    
Estimated
Fair
Value
    
Cost or
Amortized
Cost
    
Estimated
Fair
Value
  
(In millions)
                        
Due in one year or less
  
$
1,331
    
$
1,325
    
$
1,334
    
$
1,356
  
Due after one year through five years
    
11,554
      
11,812
      
9,746
      
10,186
  
Due after five years through ten years
    
13,078
      
13,069
      
14,892
      
15,931
  
Due after ten years
    
12,056
      
13,877
      
12,134
      
14,714
  
Total
  
$
38,019
    
$
40,083
    
$
38,106
    
$
42,187
  
Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination

The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination:

  
Mortgage Loans Amortized Cost Basis by Origination Year (a)
  
As of March 31, 2020
  
2020
    
2019
    
2018
    
2017
    
2016
    
Prior
    
Total
  
(In millions)
                                          
                                           
DSCR ≥1.6x
                                          
LTV less than 55%
  
$
60
    
$
32
    
$
19
    
$
92
    
$
41
    
$
130
    
$
374
  
LTV 55% to 65%
            
32
      
29
      
55
      
4
              
120
  
LTV greater than 65%
            
5
                                      
5
  
DSCR 1.2x - 1.6x
                                                        
LTV less than 55%
            
33
      
10
      
13
      
16
      
126
      
198
  
LTV 55% to 65%
            
73
      
32
      
32
                      
137
  
LTV greater than 65%
            
85
                                      
85
  
DSCR ≤1.2x
                                                        
LTV less than 55%
            
1
      
11
      
27
              
9
      
48
  
LTV 55% to 65%
            
14
      
14
                              
28
  
LTV greater than 65%
            
22
                      
24
              
46
  
Total
  
$
60
    
$
297
    
$
115
    
$
219
    
$
85
    
$
265
    
$
1,041
  

(a)
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.
Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments

A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under the agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.

  
March 31, 2020
    
December 31, 2019
  
   
Contractual/
Notional
  
Estimated Fair Value
    
Contractual/
Notional
    
Estimated Fair Value
  
   
Amount
  
Asset
  
(Liability)
    
Amount
    
Asset
    
(Liability)
  
(In millions)
                                
                                 
With hedge designation:
                                
                                 
Interest rate swaps
  
$
715
      
$
(32
)
  
$
715
          
$
(8
)
                                         
Without hedge designation:
                                        
                                         
Equity markets:
                                        
Options – purchased
                      
57
    
$
1
          
 – written
                      
100
              
(1
)
                                           
Embedded derivative on funds withheld liability
    
196
        
(1
)
    
182
              
(7
)
Corporate and Other Bonds [Member]  
Investments [Abstract]  
Available-for-Sale Securities in Gross Unrealized Loss Position

The following tables present the estimated fair value and gross unrealized losses of available-for-sale corporate and other bonds in a gross unrealized loss position at March 31, 2020 across industry sectors and by rating distributions.

March 31, 2020
  
Estimated
Fair
Value
    
Gross
Unrealized
Losses
  
(In millions)
            
             
Corporate and other bonds:
            
Basic materials
  
$
727
    
$
78
  
Communications
    
349
      
27
  
Consumer, cyclical – other
    
390
      
56
  
Consumer, non-cyclical – other
    
401
      
27
  
Energy – oil & gas
    
575
      
191
  
Energy – pipelines
    
523
      
112
  
Entertainment
    
148
      
23
  
Financial - other
    
1,711
      
89
  
Financial - real estate/REITS
    
599
      
45
  
Industrial
    
468
      
55
  
Retail
    
150
      
18
  
Technology
    
290
      
30
  
Transportation
    
73
      
5
  
Travel & related
    
269
      
37
  
Utilities
    
407
      
24
  
Total corporate and other bonds
  
$
7,080
      
817
  


March 31, 2020
  
Estimated
Fair
Value
    
Gross
Unrealized
Losses
  
(In millions)
            
             
Corporate and other bonds:
            
AAA
  
$
8
        
AA
    
134
    
$
4
  
A_
    
608
      
17
  
BBB
    
4,987
      
516
  
Below investment grade
    
1,343
      
280
  
Total corporate and other bonds
  
$
7,080
    
$
817
  
Commercial Mortgage-Backed Securities [Member]  
Investments [Abstract]  
Available-for-Sale Securities in Gross Unrealized Loss Position

The following tables present the estimated fair value and gross unrealized losses of available-for-sale commercial mortgage-backed securities in a gross unrealized loss position at March 31, 2020 by property type and by rating distributions.

March 31, 2020
  
Estimated
Fair
Value
    
Gross
Unrealized
Losses
  
(In millions)
            
             
Commercial mortgage-backed:
            
Conduits (multi-property, multi-borrower pools)
  
$
211
    
$
11
  
Single asset, single borrower
    
986
      
142
  
Total commercial mortgage-backed
  
$
1,197
    
$
153
  

March 31, 2020
  
Estimated
Fair
Value
    
Gross
Unrealized
Losses
  
(In millions)
            
             
Commercial mortgage-backed:
            
US Government, Government agencies and Government sponsored enterprises
  
$
1
        
AAA
    
60
    
$
1
  
AA
    
245
      
17
  
A_
    
214
      
22
  
BBB
    
484
      
78
  
Below investment grade
    
193
      
35
  
Total commercial mortgage-backed
  
$
1,197
    
$
153
  
Other Asset-Backed Securities [Member]  
Investments [Abstract]  
Available-for-Sale Securities in Gross Unrealized Loss Position

The following tables present the estimated fair value and gross unrealized losses of available-for-sale other asset-backed securities in a gross unrealized loss position at March 31, 2020 by underlying collateral and by rating distributions.

March 31, 2020
  
Estimated
Fair
Value
    
Gross
Unrealized
Losses
  
(In millions)
            
             
Other asset-backed:
            
Auto
  
$
290
    
$
6
  
Collateralized Loan Obligations
    
418
      
60
  
Franchise
    
414
      
39
  
Other
    
397
      
28
  
Total other asset-backed
  
$
1,519
    
$
133
  


March 31, 2020
  
Estimated
Fair
Value
    
Gross
Unrealized
Losses
  
(In millions)
            
             
Other asset-backed:
            
AAA
  
$
49
    
$
1
  
AA
    
83
      
2
  
A_
    
821
      
74
  
BBB
    
566
      
56
  
Total other asset-backed
  
$
1,519
    
$
133