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Investments (Tables)
 6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Summary of investments
June 30, 2021December 31, 2020
(in millions)
Available-for-Sale securities, at fair value
$36,146 $36,283 
Mortgage loans (allowance for credit losses: 2021, $14; 2020, $29)
1,655 2,718 
Policy loans840 846 
Loans held for sale1,388 — 
Other investments (allowance for credit losses: 2021, $4; 2020, $12)
716 1,184 
Total$40,745 $41,031 
Summary of net Investment income
Three Months Ended June 30,
Six Months Ended June 30,
2021
2020
2021
2020
(in millions)
Investment income on fixed maturities$265 $290 $531 $612 
Net realized gains (losses)11 (3)81 (22)
Affordable housing partnerships(23)(22)(38)(36)
Other7 23 27 45 
Consolidated investment entities18 17 54 34 
Total$278 $305 $655 $633 
Schedule of Available-for-Sale securities by type
June 30, 2021
Description of Securities
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$12,038 $1,665 $(27)$— $13,676 
Residential mortgage backed securities9,556 135 (9)— 9,682 
Commercial mortgage backed securities5,995 187 (4)— 6,178 
Asset backed securities3,603 46 (1)— 3,648 
State and municipal obligations1,039 281 (1)— 1,319 
U.S. government and agency obligations1,326 — — — 1,326 
Foreign government bonds and obligations207 17 (1)— 223 
Other securities 94 — — — 94 
Total$33,858 $2,331 $(43)$— $36,146 
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 
Summary of fixed maturity securities by rating
Ratings
June 30, 2021December 31, 2020
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$19,979 $20,320 56 %$19,815 $20,253 56 %
AA1,127 1,331 4 1,082 1,312 3 
A2,488 2,965 8 2,953 3,534 10 
BBB8,987 10,093 28 8,271 9,542 26 
Below investment grade (1)
1,277 1,437 4 1,480 1,642 5 
Total fixed maturities$33,858 $36,146 100 %$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 June 30, 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.
Summary of fair value and gross unrealized losses on Available-for-Sale securities
Description of SecuritiesJune 30, 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 securities67 $1,272 $(27)1 $5 $— 68 $1,277 $(27)
Residential mortgage backed securities55 1,531 (8)65 229 (1)120 1,760 (9)
Commercial mortgage backed securities34 519 (3)12 211 (1)46 730 (4)
Asset backed securities13 419 (1)10 153 — 23 572 (1)
State and municipal obligations10 32 — 2 8 (1)12 40 (1)
Foreign government bonds and obligations3 3 — 6 5 (1)9 8 (1)
Total182 $3,776 $(39)96 $611 $(4)278 $4,387 $(43)
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 securities26 $228 $(1)11 $19 $(1)37 $247 $(2)
Residential mortgage backed securities72 833 (2)71 391 (2)143 1,224 (4)
Commercial mortgage backed securities35 781 (11)19 393 (10)54 1,174 (21)
Asset backed securities17 344 (3)13 231 (2)30 575 (5)
State and municipal obligations2 4 — 1 4 (1)3 8 (1)
Foreign government bonds and obligations1 3 — 7 8 (1)8 11 (1)
Total153 $2,193 $(17)122 $1,046 $(17)275 $3,239 $(34)
Rollforward of allowance for credit losses on Available-for-Sale securities
Corporate Debt SecuritiesAsset Backed SecuritiesTotal
(in millions)
Balance, April 1, 2021
$—$—$—
Additional increases (decreases) on securities that had an allowance recorded in a previous period———
Charge-offs———
Balance, June 30, 2021
$—$—$—
Balance, April 1, 2020
$13$—$13
Additional increases (decreases) on securities that had an allowance recorded in a previous period—11
Balance, June 30, 2020
$13$1$14
Balance at January 1, 2021 (1)
$10$1$11
Charge-offs(10)(1)(11)
Balance, June 30, 2021
$—$—$—
Balance at January 1, 2020 (1)
$— $— $— 
Additions for which credit losses were not previously recorded13 — 13 
Additional increases (decreases) on securities that had an allowance recorded in a previous period— 1 1 
Balance at June 30, 2020
$13 $1 $14 
(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.
Schedule of net realized gains and losses on Available-for-Sale securities
 
Three Months Ended June 30,
Six Months Ended June 30,
2021
2020
2021
2020
(in millions)
Gross realized investment gains
$14$5 $65$13
Gross realized investment losses
—— (1)(3)
Credit losses
—(1)—(14)
Other impairments(13)— (13)—
Total
$1$4$51$(4)
Schedule of Available-for-Sale securities by contractual maturity
Amortized CostFair Value
(in millions)
Due within one year$2,534$2,551
Due after one year through five years4,1314,412
Due after five years through 10 years3,9074,115
Due after 10 years4,1325,560
 14,70416,638
Residential mortgage backed securities9,5569,682
Commercial mortgage backed securities5,9956,178
Asset backed securities3,6033,648
Total$33,858$36,146