XML 63 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investments (Tables)
12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Summary of Investments [Table Text Block] The following is a summary of investments:
 
December 31,
2018
 
2017
(in millions)
Available-for-Sale securities, at fair value
$
31,058

 
$
30,927

Mortgage loans, net
2,696

 
2,756

Policy and certificate loans
861

 
845

Other investments
1,210

 
1,397

Total
$
35,825

 
$
35,925

Summary of Net Investment Income [Table Text Block] The following is a summary of net investment income:
 
Years Ended December 31,
2018
 
2017
 
2016
(in millions)
Investment income on fixed maturities
$
1,353

 
$
1,349

 
$
1,368

Net realized gains (losses)
10

 
46

 
6

Affordable housing partnerships
(58
)
 
(100
)
 
(44
)
Other
154

 
108

 
91

Consolidated investment entities
137

 
106

 
155

Total
$
1,596

 
$
1,509

 
$
1,576

Available-for-Sale Securities Disclosure [Table Text Block] Available-for-Sale securities distributed by type were as follows:
Description of Securities
December 31, 2018
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
Noncredit
OTTI (1)
 
(in millions)
Corporate debt securities
$
13,741

 
$
555

 
$
(230
)
 
$
14,066

 
$

Residential mortgage backed securities
6,373

 
34

 
(78
)
 
6,329

 

Commercial mortgage backed securities
4,975

 
18

 
(116
)
 
4,877

 

Asset backed securities
1,373

 
36

 
(11
)
 
1,398

 
1

State and municipal obligations
2,166

 
192

 
(13
)
 
2,345

 

U.S. government and agency obligations
1,745

 

 

 
1,745

 

Foreign government bonds and obligations
298

 
9

 
(9
)
 
298

 

Total
$
30,671

 
$
844

 
$
(457
)
 
$
31,058

 
$
1

Description of Securities
December 31, 2017
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
Noncredit
OTTI 
(1)
 
(in millions)
Corporate debt securities
$
13,976

 
$
1,131

 
$
(32
)
 
$
15,075

 
$

Residential mortgage backed securities
6,585

 
63

 
(37
)
 
6,611

 

Commercial mortgage backed securities
4,362

 
48

 
(36
)
 
4,374

 

Asset backed securities
1,549

 
36

 
(5
)
 
1,580

 
1

State and municipal obligations
2,215

 
259

 
(11
)
 
2,463

 

U.S. government and agency obligations
502

 
1

 

 
503

 

Foreign government bonds and obligations
298

 
20

 
(4
)
 
314

 

Common stocks
5

 
3

 
(1
)
 
7

 

Total
$
29,492

 
$
1,561

 
$
(126
)
 
$
30,927

 
$
1

(1)  Represents the amount of other-than-temporary impairment (“OTTI”) losses in AOCI. Amount includes unrealized gains and losses on impaired securities subsequent to the initial impairment measurement date. These amounts are included in gross unrealized gains and losses as of the end of the period.
Investments with Fixed Maturities Disclosure [Table Text Block] A summary of fixed maturity securities by rating was as follows:
Ratings
December 31, 2018
 
December 31, 2017
Amortized
Cost
 
Fair Value
 
Percent of Total Fair Value
Amortized
Cost
 
Fair Value
 
Percent of Total Fair Value
 
(in millions, except percentages)
AAA
$
13,399

 
$
13,252

 
43
%
 
$
11,293

 
$
11,331

 
37
%
AA
1,571

 
1,723

 
5

 
1,898

 
2,114

 
7

A
3,667

 
3,899

 
13

 
4,760

 
5,243

 
17

BBB
11,102

 
11,290

 
36

 
10,317

 
10,989

 
35

Below investment grade (1)
932

 
894

 
3

 
1,219

 
1,243

 
4

Total fixed maturities
$
30,671

 
$
31,058

 
100

 
$
29,487

 
$
30,920

 
100
%

(1) The amortized cost and fair value of below investment grade securities includes interest in CLOs managed by the Company of $5 million and $6 million, respectively, as of December 31, 2018, and $6 million and $7 million, respectively, as of December 31, 2017.
Available-for-Sale Securities Continuous Unrealized Loss Disclosure [Table Text Block] The following tables provide information about Available-for-Sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position:
Description of Securities
December 31, 2018
Less than 12 months
 
12 months or more
 
Total
Number of Securities
 
Fair
Value
 
Unrealized
Losses
Number of Securities
 
Fair
Value
 
Unrealized
Losses
Number of Securities
 
Fair
Value
 
Unrealized
Losses
 
(in millions, except number of securities)
Corporate debt securities
345

 
$
5,522

 
$
(152
)
 
148

 
$
1,717

 
$
(78
)
 
493

 
$
7,239

 
$
(230
)
Residential mortgage backed securities
142

 
2,029

 
(18
)
 
175

 
2,132

 
(60
)
 
317

 
4,161

 
(78
)
Commercial mortgage backed securities
104

 
2,062

 
(30
)
 
112

 
1,806

 
(86
)
 
216

 
3,868

 
(116
)
Asset backed securities
38

 
491

 
(6
)
 
35

 
396

 
(5
)
 
73

 
887

 
(11
)
State and municipal obligations
81

 
255

 
(4
)
 
100

 
254

 
(9
)
 
181

 
509

 
(13
)
Foreign government bonds and obligations
17

 
86

 
(4
)
 
14

 
17

 
(5
)
 
31

 
103

 
(9
)
Total
727

 
$
10,445

 
$
(214
)
 
584

 
$
6,322

 
$
(243
)
 
1,311

 
$
16,767

 
$
(457
)
Description of Securities
December 31, 2017
Less than 12 months
 
12 months or more
 
Total
Number of Securities
 
Fair
Value
 
Unrealized
Losses
Number of Securities
 
Fair
Value
 
Unrealized
Losses
Number of Securities
 
Fair
Value
 
Unrealized
Losses
 
(in millions, except number of securities)
Corporate debt securities
150

 
$
1,791

 
$
(8
)
 
70

 
$
740

 
$
(24
)
 
220

 
$
2,531

 
$
(32
)
Residential mortgage backed securities
102

 
1,772

 
(11
)
 
130

 
1,467

 
(26
)
 
232

 
3,239

 
(37
)
Commercial mortgage backed securities
67

 
1,178

 
(12
)
 
58

 
783

 
(24
)
 
125

 
1,961

 
(36
)
Asset backed securities
36

 
424

 
(2
)
 
26

 
187

 
(3
)
 
62

 
611

 
(5
)
State and municipal obligations
76

 
141

 
(1
)
 
34

 
180

 
(10
)
 
110

 
321

 
(11
)
Foreign government bonds and obligations
3

 
6

 

 
15

 
23

 
(4
)
 
18

 
29

 
(4
)
Common and preferred stocks

 

 

 
4

 
1

 
(1
)
 
4

 
1

 
(1
)
Total
434

 
$
5,312

 
$
(34
)
 
337

 
$
3,381

 
$
(92
)
 
771

 
$
8,693

 
$
(126
)
Credit Losses on Available-for-Sale Securities Disclosure [Table Text Block] The following table presents a rollforward of the cumulative amounts recognized in the Consolidated Statements of Operations for other-than-temporary impairments related to credit losses on Available-for-Sale securities for which a portion of the securities’ total other-than-temporary impairments was recognized in OCI:
 
December 31,
2018
 
2017
 
2016
(in millions)
Beginning balance
$
2

 
$
69

 
$
85

Credit losses for which an other-than-temporary impairment was not previously recognized

 

 
1

Credit losses for which an other-than-temporary impairment was previously recognized

 
1

 
1

Reductions for securities sold during the period (realized)

 
(68
)
 
(18
)
Ending balance
$
2

 
$
2

 
$
69

Available-for-Sale Securities Recognized in Earnings Disclosure [Table Text Block] Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in earnings were as follows:
 
Years Ended December 31,
2018
 
2017
 
2016
(in millions)
Gross realized gains
$
18

 
$
63

 
$
37

Gross realized losses
(9
)
 
(7
)
 
(13
)
Other-than-temporary impairments

 
(1
)
 
(2
)
Total
$
9

 
$
55

 
$
22

Available-for-Sale Securities Contractual Maturity Disclosure [Table Text Block] Available-for-Sale securities by contractual maturity as of December 31, 2018 were as follows:
 
Amortized Cost
 
Fair Value
(in millions)
Due within one year
$
3,621

 
$
3,624

Due after one year through five years
5,967

 
5,954

Due after five years through 10 years
3,899

 
3,870

Due after 10 years
4,463

 
5,006

 
17,950

 
18,454

Residential mortgage backed securities
6,373

 
6,329

Commercial mortgage backed securities
4,975

 
4,877

Asset backed securities
1,373

 
1,398

Total
$
30,671

 
$
31,058