Investments (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Investments [Table Text Block]

The following is a summary of investments:

	December 31,
	2020		2019
	(in millions)
Available-for-Sale securities, at fair value	$	36,283	$	33,129
Mortgage loans, net (net of allowance for credit losses: 2020, $29; 2019, $19)	2,718		2,778
Policy loans	846		868
Other investments, net (net of allowance for credit losses: 2020, $12; 2019, $5)	1,184		1,140
Total	$	41,031	$	37,915

Summary of Net Investment Income [Table Text Block]

The following is a summary of net investment income:

	Years Ended December 31,
	2020			2019		2018
	(in millions)
Investment income on fixed maturities	$	1,161		$	1,378	$	1,353
Net realized gains (losses)	(10)		(1)	(8)		10
Affordable housing partnerships	(66)			(98)		(58)
Other	89			97		154
Consolidated investment entities	77			94		137
Total	$	1,251		$	1,463	$	1,596

(1) Includes the change in the allowance for credit losses of $(27) million for the year ended December 31, 2020.

Available-for-Sale Securities Disclosure [Table Text Block]

Available-for-Sale securities distributed by type were as follows:

Description of Securities	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Corporate debt securities	$	11,762	$	1,924	$	(2)	$	(10)	$	13,674
Residential mortgage backed securities	9,845		188		(4)		—		10,029
Commercial mortgage backed securities	5,867		242		(21)		—		6,088
Asset backed securities	3,283		52		(5)		(1)		3,329
State and municipal obligations	1,088		297		(1)		—		1,384
U.S. government and agency obligations	1,456		—		—		—		1,456
Foreign government bonds and obligations	241		22		(1)		—		262
Other securities	59		2		—		—		61
Total	$	33,601	$	2,727	$	(34)	$	(11)	$	36,283

Description of Securities	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
Corporate debt securities	$	10,847	$	1,344	$	(4)	$	12,187
Residential mortgage backed securities	9,954		94		(19)		10,029
Commercial mortgage backed securities	5,473		96		(6)		5,563
Asset backed securities	1,968		42		(4)		2,006
State and municipal obligations	1,131		238		(2)		1,367
U.S. government and agency obligations	1,679		1		—		1,680
Foreign government bonds and obligations	254		19		(2)		271
Other securities	26		—		—		26
Total	$	31,332	$	1,834	$	(37)	$	33,129

Investments with Fixed Maturities Disclosure [Table Text Block]

A summary of fixed maturity securities by rating was as follows:

Ratings	December 31, 2020						December 31, 2019
	Amortized Cost		Fair Value		Percent of Total Fair Value		Amortized Cost		Fair Value		Percent of Total Fair Value
	(in millions, except percentages)
AAA	$	19,815	$	20,253	56	%	$	18,256	$	18,437	56	%
AA	1,082		1,312		3		1,113		1,304		4
A	2,953		3,534		10		3,008		3,474		10
BBB	8,271		9,542		26		8,178		9,102		28
Below investment grade (1)	1,480		1,642		5		777		812		2
Total fixed maturities	$	33,601	$	36,283	100	%	$	31,332	$	33,129	100	%

(1) The amortized cost and fair value of below investment grade securities includes interest in CLOs managed by the Company of $3 million, as of December 31, 2020, and $5 million and $6 million, respectively, as of December 31, 2019. These securities are not rated but are included in below investment grade due to their risk characteristics.

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [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, 2020
	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	26	$	228	$	(1)	11	$	19	$	(1)	37	$	247	$	(2)
Residential mortgage backed securities	72	833		(2)		71	391		(2)		143	1,224		(4)
Commercial mortgage backed securities	35	781		(11)		19	393		(10)		54	1,174		(21)
Asset backed securities	17	344		(3)		13	231		(2)		30	575		(5)
State and municipal obligations	2	4		—		1	4		(1)		3	8		(1)
Foreign government bonds and obligations	1	3		—		7	8		(1)		8	11		(1)
Total	153	$	2,193	$	(17)	122	$	1,046	$	(17)	275	$	3,239	$	(34)

Description of Securities	December 31, 2019
	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	13	$	66	$	(1)	23	$	173	$	(3)	36	$	239	$	(4)
Residential mortgage backed securities	150	4,328		(10)		118	1,164		(9)		268	5,492		(19)
Commercial mortgage backed securities	52	1,622		(3)		31	314		(3)		83	1,936		(6)
Asset backed securities	34	598		(3)		16	213		(1)		50	811		(4)
State and municipal obligations	5	23		—		4	57		(2)		9	80		(2)
Foreign government bonds and obligations	1	—		—		10	15		(2)		11	15		(2)
Total	255	$	6,637	$	(17)	202	$	1,936	$	(20)	457	$	8,573	$	(37)

Credit Losses on Available-for-Sale Securities Disclosure [Table Text Block]

The following table presents a rollforward of the allowance for credit losses on Available-for-Sale securities:

	Corporate Debt Securities		Asset Backed Securities		Total
	(in millions)
Balance, January 1, 2020 (1)	$	—	$	—	$	—
Additions for which credit losses were not previously recorded	13		1		14
Additional increases (decreases) on securities that had an allowance recorded in a previous period	(3)		—		(3)
Balance, December 31, 2020	$	10	$	1	$	11

(1) Prior to January 1, 2020, credit losses on Available-for-Sale securities were not recorded in an allowance but were recorded as a reduction of the book value of the security if the security was other-than-temporarily impaired. There is no adoption impact due to the prospective transition for Available-for-Sale securities.

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,
	2020		2019		2018
	(in millions)
Gross realized investment gains	$	25	$	30	$	18
Gross realized investment losses	(3)		(14)		(9)
Credit losses	(11)		(22)		—
Total	$	11	$	(6)	$	9

Available-for-Sale Securities Contractual Maturity Disclosure [Table Text Block]

Available-for-Sale securities by contractual maturity as of December 31, 2020 were as follows:

	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	2,569	$	2,584
Due after one year through five years	4,717		5,057
Due after five years through 10 years	2,908		3,213
Due after 10 years	4,412		5,983
	14,606		16,837
Residential mortgage backed securities	9,845		10,029
Commercial mortgage backed securities	5,867		6,088
Asset backed securities	3,283		3,329
Total	$	33,601	$	36,283