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Investments (Tables)
 3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Summary of Investments [Table Text Block]
March 31, 2021December 31, 2020
(in millions)
Available-for-Sale securities, at fair value
$35,832 $36,283 
Mortgage loans (allowance for credit losses: 2021, $29 ; 2020, $29 )
2,684 2,718 
Policy loans838 846 
Other investments (allowance for credit losses: 2021, $9; 2020, $12)
1,083 1,184 
Total$40,437 $41,031 
Summary of Net Investment Income [Table Text Block]
The following is a summary of net investment income:
Three Months Ended March 31,
2021
2020
(in millions)
Investment income on fixed maturities$266 $322 
Net realized gains (losses)69 (1)(19)(1)
Affordable housing partnerships(15)(14)
Other21 22 
Consolidated investment entities36 17 
Total$377 $328 
(1) Includes the change in the allowance for credit losses of $1 million and $24 million for the three months ended March 31, 2021 and 2020, respectively.
Available-for-Sale securities distributed by type were as follows:
Available-for-Sale Securities Disclosure [Table Text Block]
March 31, 2021
Description of Securities
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$11,949 $1,441 $(87)$— $13,303 
Residential mortgage backed securities9,903 156 (17)— 10,042 
Commercial mortgage backed securities5,876 173 (12)— 6,037 
Asset backed securities3,444 43 (2)— 3,485 
State and municipal obligations1,057 244 (3)— 1,298 
U.S. government and agency obligations1,325 1 — — 1,326 
Foreign government bonds and obligations231 17 (1)— 247 
Other securities 94 — — — 94 
Total$33,879 $2,075 $(122)$— $35,832 
Description of SecuritiesDecember 31, 2020
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
(in millions)
Corporate debt securities$11,762 $1,924 $(2)$(10)$13,674 
Residential mortgage backed securities9,845 188 (4)— 10,029 
Commercial mortgage backed securities5,867 242 (21)— 6,088 
Asset backed securities3,283 52 (5)(1)3,329 
State and municipal obligations1,088 297 (1)— 1,384 
U.S. government and agency obligations1,456 — — — 1,456 
Foreign government bonds and obligations241 22 (1)— 262 
Other securities59 2 — — 61 
Total$33,601 $2,727 $(34)$(11)$36,283 
Fixed Maturity Securities by Rating Disclosure [Table Text Block]
A summary of fixed maturity securities by rating was as follows:
Ratings
March 31, 2021December 31, 2020
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$19,922 $20,255 56 %$19,815 $20,253 56 %
AA1,140 1,319 4 1,082 1,312 3 
A2,714 3,141 9 2,953 3,534 10 
BBB8,792 9,681 27 8,271 9,542 26 
Below investment grade (1)
1,311 1,436 4 1,480 1,642 5 
Total fixed maturities$33,879 $35,832 100 %$33,601 $36,283 100 %
(1) Both the amortized cost and fair value of below investment grade securities includes interest in non-consolidated CLOs managed by the Company of $1 million as of March 31, 2021, and $3 million as of December 31, 2020. These securities are not rated but are included in below investment grade due to their risk characteristics.
Available-for-Sale Securities Continuous Unrealized Loss Disclosure [Table Text Block]
The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit losses has been recorded:
Description of SecuritiesMarch 31, 2021
Less than 12 months12 months or moreTotal
Number of SecuritiesFair ValueUnrealized Losses Number of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized Losses
 (in millions, except number of securities)
Corporate debt securities
84 $1,948 $(86)4 $23 $(1)88 $1,971 $(87)
Residential mortgage backed securities
63 1,861 (16)77 297 (1)140 2,158 (17)
Commercial mortgage backed securities
43 778 (10)18 428 (2)61 1,206 (12)
Asset backed securities
11 265 (1)14 203 (1)25 468 (2)
State and municipal obligations
28 74 (2)2 7 (1)30 81 (3)
Foreign government bonds and obligations
4 5 — 7 7 (1)11 12 (1)
Total
233 $4,931 $(115)122 $965 $(7)355 $5,896 $(122)
Description of SecuritiesDecember 31, 2020
Less than 12 months12 months or moreTotal
Number of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized LossesNumber of SecuritiesFair ValueUnrealized 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)
Credit Losses on Available-for-Sale Securities Disclosure [Table Text Block]
The following tables present a rollforward of the allowance for credit losses on Available-for-Sale securities:
Corporate Debt SecuritiesAsset Backed SecuritiesTotal
(in millions)
Balance, January 1, 2021
$10$1$11
Charge-offs(10)(1)(11)
Balance, March 31, 2021
$—$—$—
Balance at January 1, 2020 (1)
$— $— $— 
Additions for which credit losses were not previously recorded13 — 13 
Balance at March 31, 2020
$13 $— $13 
(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.
Net Realized Gains and Losses on Available-for-Sale Securities Disclosure [Table Text Block]
Net realized gains and losses on Available-for-Sale securities, determined using the specific identification method, recognized in net investment income were as follows:
 
Three Months Ended March 31,
2021
2020
(in millions)
Gross realized investment gains
$51$8 
Gross realized investment losses
(1)(3)
Credit losses
—(13)
Total
$50$(8)
Available-for-Sale Securities Contractual Maturity Disclosure [Table Text Block]
Amortized CostFair Value
(in millions)
Due within one year$2,241$2,251
Due after one year through five years4,7575,058
Due after five years through 10 years3,4233,565
Due after 10 years4,2355,394
 14,65616,268
Residential mortgage backed securities9,90310,042
Commercial mortgage backed securities5,8766,037
Asset backed securities3,4443,485
Total$33,879$35,832