XML 41 R31.htm IDEA: XBRL DOCUMENT v3.21.2
Investments (Tables)
 9 Months Ended
Sep. 30, 2021
Investments [Abstract]  
Summary of investments
September 30, 2021December 31, 2020
(in millions)
Available-for-Sale securities, at fair value
$30,114 $36,283 
Mortgage loans (allowance for credit losses: 2021, $14; 2020, $29)
1,911 2,718 
Policy loans836 846 
Other investments (allowance for credit losses: 2021, $4; 2020, $12)
657 1,184 
Total$33,518 $41,031 
Summary of net Investment income
Three Months Ended September 30,
Nine Months Ended September 30,
2021
2020
2021
2020
(in millions)
Investment income on fixed maturities$202 $275 $733 $887 
Net realized gains (losses)546 4 627 (18)
Affordable housing partnerships(20)(14)(58)(50)
Other1 13 28 58 
Consolidated investment entities44 22 98 56 
Total$773 $300 $1,428 $933 
Schedule of Available-for-Sale securities by type
September 30, 2021
Description of Securities
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
 (in millions)
Corporate debt securities$8,455 $1,301 $(31)$— $9,725 
Residential mortgage backed securities9,628 90 (19)— 9,699 
Commercial mortgage backed securities4,712 92 (9)— 4,795 
Asset backed securities3,465 31 (1)— 3,495 
State and municipal obligations857 249 (1)(1)1,104 
U.S. government and agency obligations1,196 — — — 1,196 
Foreign government bonds and obligations82 6 (1)— 87 
Other securities 13 — — — 13 
Total$28,408 $1,769 $(62)$(1)$30,114 
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
September 30, 2021December 31, 2020
Amortized CostFair ValuePercent of Total Fair ValueAmortized CostFair ValuePercent of Total Fair Value
 (in millions, except percentages)
AAA$18,695 $18,871 63 %$19,815 $20,253 56 %
AA727 903 3 1,082 1,312 3 
A1,748 2,114 7 2,953 3,534 10 
BBB6,273 7,110 23 8,271 9,542 26 
Below investment grade (1)
965 1,116 4 1,480 1,642 5 
Total fixed maturities$28,408 $30,114 100 %$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 $2 million as of September 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 in continuous unrealized loss position
Description of SecuritiesSeptember 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 securities83 $1,474 $(29)5 $23 $(2)88 $1,497 $(31)
Residential mortgage backed securities99 2,872 (18)59 195 (1)158 3,067 (19)
Commercial mortgage backed securities57 1,026 (8)10 168 (1)67 1,194 (9)
Asset backed securities12 317 (1)7 147 — 19 464 (1)
State and municipal obligations18 49 (1)— — — 18 49 (1)
Foreign government bonds and obligations5 6 — 6 4 (1)11 10 (1)
Total274 $5,744 $(57)87 $537 $(5)361 $6,281 $(62)
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 SecuritiesState and Municipal ObligationsTotal
(in millions)
Balance, July 1, 2021
$—$—$—$—
Additions for which credit losses were not previously recorded——1 1
Charge-offs——— —
Balance, September 30, 2021
$—$—$1$1
Balance, July 1, 2020
$13$1$—$14
Additions for which credit losses were not previously recorded————
Balance, September 30, 2020
$13$1$—$14
Balance at January 1, 2021 (1)
$10$1$—$11
Additions for which credit losses were not previously recorded——11
Charge-offs(10)(1)—(11)
Balance, September 30, 2021
$—$—$1$1
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 September 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 September 30,
Nine Months Ended September 30,
2021
2020
2021
2020
(in millions)
Gross realized investment gains
$508$4 $573$17
Gross realized investment losses
(5)— (6)(3)
Credit losses
(1)— (1)(14)
Other impairments—— (13)—
Total$502$4$553$—
Schedule of Available-for-Sale securities by contractual maturity
Amortized CostFair Value
(in millions)
Due within one year$1,728$1,736
Due after one year through five years2,1832,324
Due after five years through 10 years3,0523,169
Due after 10 years3,6404,896
 10,60312,125
Residential mortgage backed securities9,6289,699
Commercial mortgage backed securities4,7124,795
Asset backed securities3,4653,495
Total$28,408$30,114