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Investments (Tables)
 12 Months Ended
Dec. 31, 2017
Investments [Abstract]  
Net Investment Income
Net Investment Income
 
For the years ended December 31,
(Before-tax)
2017
2016
2015
Fixed maturities [1]
$
1,303

$
1,319

$
1,301

Equity securities
24

22

17

Mortgage loans
124

116

115

Limited partnerships and other alternative investments
174

128

130

Other investments [2]
49

51

57

Investment expenses
(71
)
(59
)
(59
)
Total net investment income
$
1,603

$
1,577

$
1,561

[1]
Includes net investment income on short-term investments.
[2]
Includes income from derivatives that hedge fixed maturities and qualify for hedge accounting.
Net Realized Capital Gains (Losses)
Net Realized Capital Gains (Losses)
 
For the years ended December 31,
(Before-tax)
2017
2016
2015
Gross gains on sales
$
275

$
222

$
219

Gross losses on sales
(113
)
(159
)
(194
)
Net OTTI losses recognized in earnings
(8
)
(27
)
(41
)
Valuation allowances on mortgage loans
(1
)
—

(1
)
Transactional foreign currency revaluation
14

(78
)
—

Non-qualifying foreign currency derivatives
(14
)
83

13

Other, net [1]
12

(151
)
(8
)
Net realized capital gains (losses)
$
165

$
(110
)
$
(12
)
[1]
Includes gains (losses) on non-qualifying derivatives, excluding foreign currency derivatives, of $8, $(9), and $(20), respectively for 2017, 2016 and 2015. Also included for the year ended December 31, 2016, is a loss related to the write-down of investments in solar energy partnerships, which generated tax benefits, and a loss related to the sale of the Company's U.K. property and casualty run-off subsidiaries.
Sales of AFS Securities
Sales of AFS Securities
 
For the years ended December 31,
 
2017
2016
2015
Fixed maturities, AFS
 
 
 
Sale proceeds
$
17,614

$
9,984

$
11,161

Gross gains
204

196

177

Gross losses
(90
)
(138
)
(156
)
Equity securities, AFS
 
 
 
Sale proceeds
$
607

$
359

$
733

Gross gains
69

26

35

Gross losses
(23
)
(20
)
(20
)
Impairments
Impairments in Earnings by Type
 
For the years ended December 31,
 
2017
2016
2015
Credit impairments
$
2

$
21

$
6

Impairments on equity securities
6

4

2

Intent-to-sell impairments
—

2

30

Other impairments
—

—

3

Total impairments
$
8

$
27

$
41

Cumulative Credit Impairments
 
For the years ended December 31,
(Before-tax)
2017
2016
2015
Balance as of beginning of period
$
(110
)
$
(113
)
$
(128
)
Additions for credit impairments recognized on [1]:
 
 
 
Securities not previously impaired
(1
)
(16
)
(4
)
Securities previously impaired
(1
)
(5
)
(2
)
Reductions for credit impairments previously recognized on:
 
 
 
Securities that matured or were sold during the period
76

15

10

Securities the Company made the decision to sell or more likely than not will be required to sell
—

—

1

Securities due to an increase in expected cash flows
11

9

10

Balance as of end of period
$
(25
)
$
(110
)
$
(113
)

[1]
These additions are included in the net OTTI losses recognized in earnings in the Consolidated Statements of Operations.
Schedule of Available-for-sale Securities
AFS Securities by Type
 
December 31, 2017
December 31, 2016
 
Cost or
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Non-
Credit
OTTI [1]
Cost or
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Non-
Credit
OTTI [1]
ABS
$
1,119

$
9

$
(2
)
$
1,126

$
—

$
1,385

$
8

$
(4
)
$
1,389

$
—

CDOs
1,257

3

—

1,260

—

960

18

(2
)
976

—

CMBS
3,304

58

(26
)
3,336

(5
)
2,772

52

(34
)
2,790

(5
)
Corporate
12,370

490

(56
)
12,804

—

10,703

399

(129
)
10,973

—

Foreign govt./govt. agencies
1,071

43

(4
)
1,110

—

827

15

(16
)
826

—

Municipal
11,743

754

(12
)
12,485

—

9,727

635

(65
)
10,297

—

RMBS
2,985

63

(4
)
3,044

—

2,995

32

(21
)
3,006

—

U.S. Treasuries
1,763

46

(10
)
1,799

—

1,927

29

(31
)
1,925

—

Total fixed maturities, AFS
35,612

1,466

(114
)
36,964

(5
)
31,296

1,188

(302
)
32,182

(5
)
Equity securities, AFS
907

121

(16
)
1,012

—

878

84

(17
)
945

—

Total AFS securities
$
36,519

$
1,587

$
(130
)
$
37,976

$
(5
)
$
32,174

$
1,272

$
(319
)
$
33,127

$
(5
)
[1]
Represents the amount of cumulative non-credit OTTI losses recognized in OCI on securities that also had credit impairments. These losses are included in gross unrealized losses as of December 31, 2017 and 2016.
Investments by Contractual Maturity Year
Fixed maturities, AFS, by Contractual Maturity Year
 
December 31, 2017
 
December 31, 2016
 
Amortized Cost
Fair Value
 
Amortized Cost
Fair Value
One year or less
$
1,507

$
1,513

 
$
1,174

$
1,185

Over one year through five years
5,007

5,119

 
4,830

4,987

Over five years through ten years
6,505

6,700

 
5,476

5,596

Over ten years
13,928

14,866

 
11,704

12,253

Subtotal
26,947

28,198

 
23,184

24,021

Mortgage-backed and asset-backed securities
8,665

8,766

 
8,112

8,161

Total fixed maturities, AFS
$
35,612

$
36,964

 
$
31,296

$
32,182
Unrealized Loss on Investments
Unrealized Losses on AFS Securities
Unrealized Loss Aging for AFS Securities by Type and Length of Time as of December 31, 2017
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Amortized Cost
Fair Value
Unrealized Losses
 
Amortized Cost
Fair Value
Unrealized Losses
 
Amortized Cost
Fair Value
Unrealized Losses
ABS
$
461

$
460

$
(1
)
 
$
30

$
29

$
(1
)
 
$
491

$
489

$
(2
)
CDOs
359

359

—

 
1

1

—

 
360

360

—

CMBS
1,178

1,167

(11
)
 
243

228

(15
)
 
1,421

1,395

(26
)
Corporate
2,322

2,302

(20
)
 
1,064

1,028

(36
)
 
3,386

3,330

(56
)
Foreign govt./govt. agencies
244

242

(2
)
 
51

49

(2
)
 
295

291

(4
)
Municipal
511

507

(4
)
 
236

228

(8
)
 
747

735

(12
)
RMBS
889

887

(2
)
 
137

135

(2
)
 
1,026

1,022

(4
)
U.S. Treasuries
658

652

(6
)
 
254

250

(4
)
 
912

902

(10
)
Total fixed maturities, AFS
6,622

6,576

(46
)
 
2,016

1,948

(68
)
 
8,638

8,524

(114
)
Equity securities, AFS
176

163

(13
)
 
24

21

(3
)
 
200

184

(16
)
Total securities in an unrealized loss position
$
6,798

$
6,739

$
(59
)
 
$
2,040

$
1,969

$
(71
)
 
$
8,838

$
8,708

$
(130
)
Unrealized Loss Aging for AFS Securities by Type and Length of Time as of December 31, 2016
 
Less Than 12 Months
 
12 Months or More
 
Total
 
Amortized Cost
Fair Value
Unrealized Losses
 
Amortized Cost
Fair Value
Unrealized Losses
 
Amortized Cost
Fair Value
Unrealized Losses
ABS
$
333

$
331

$
(2
)
 
$
103

$
101

$
(2
)
 
$
436

$
432

$
(4
)
CDOs
316

315

(1
)
 
160

159

(1
)
 
476

474

(2
)
CMBS
1,018

997

(21
)
 
154

141

(13
)
 
1,172

1,138

(34
)
Corporate
2,883

2,784

(99
)
 
433

403

(30
)
 
3,316

3,187

(129
)
Foreign govt./govt. agencies
409

395

(14
)
 
21

19

(2
)
 
430

414

(16
)
Municipal
1,401

1,338

(63
)
 
43

41

(2
)
 
1,444

1,379

(65
)
RMBS
1,107

1,089

(18
)
 
393

390

(3
)
 
1,500

1,479

(21
)
U.S. Treasuries
1,047

1,016

(31
)
 
—

—

—

 
1,047

1,016

(31
)
Total fixed maturities, AFS
8,514

8,265

(249
)
 
1,307

1,254

(53
)
 
9,821

9,519

(302
)
Equity securities, AFS
271

258

(13
)
 
33

29

(4
)
 
304

287

(17
)
Total securities in an unrealized loss position
$
8,785

$
8,523

$
(262
)
 
$
1,340

$
1,283

$
(57
)
 
$
10,125

$
9,806

$
(319
)
Valuation Allowance Activity
Valuation Allowance Activity
 
For the years ended December 31,
 
2017
2016
2015
Balance as of January 1
$
—

$
(4
)
$
(3
)
 (Additions)/Reversals
(1
)
—

(3
)
Deductions
—

4

2

Balance as of December 31
$
(1
)
$
—

$
(4
)
Loans Credit Quality
Commercial Mortgage Loans Credit Quality
 
December 31, 2017
December 31, 2016
Loan-to-value
Carrying Value
Avg. Debt-Service Coverage Ratio
Carrying Value
Avg. Debt-Service Coverage Ratio
Greater than 80%
$
18

1.27x
$
—

0.00x
65% - 80%
265

1.95x
386

2.16x
Less than 65%
2,892

2.76x
2,500

2.95x
Total commercial mortgage loans
$
3,175

2.69x
$
2,886

2.83x
Mortgage Loans
Mortgage Loans by Region
 
December 31, 2017
December 31, 2016
 
Carrying Value
Percent of Total
Carrying Value
Percent of Total
East North Central
$
251

7.9
%
$
239

8.3
%
Middle Atlantic
272

8.6
%
297

10.3
%
Mountain
31

1.0
%
61

2.1
%
New England
293

9.2
%
252

8.7
%
Pacific
760

23.9
%
795

27.5
%
South Atlantic
710

22.4
%
585

20.3
%
West North Central
149

4.7
%
40

1.4
%
West South Central
278

8.7
%
210

7.3
%
Other [1]
431

13.6
%
407

14.1
%
Total mortgage loans
$
3,175

100.0
%
$
2,886

100.0
%

[1]
Primarily represents loans collateralized by multiple properties in various regions.
Mortgage Loans by Property Type
 
December 31, 2017
December 31, 2016
 
Carrying Value
Percent of Total
Carrying Value
Percent of Total
Commercial
 
 
 
 
Industrial
817

25.7
%
675

23.4
%
Multifamily
1,006

31.7
%
830

28.8
%
Office
751

23.7
%
756

26.2
%
Retail
367

11.5
%
425

14.7
%
Other
234

7.4
%
200

6.9
%
Total mortgage loans
$
3,175

100.0
%
$
2,886

100.0
%
Offsetting Liabilities
Securities Lending and Repurchase Agreements
 
December 31, 2017
December 31, 2016
 
Fair Value
Fair Value

Securities Lending Transactions:
 
 
Gross amount of securities on loan
$
922

$
53

Gross amount of associated liability for collateral received [1]
$
945

$
54

 
 
 
Repurchase agreements:
 
 
Gross amount of recognized liabilities for repurchase agreements
$
174

$
123

Gross amount of collateral pledged related to repurchase agreements [2]
$
176

$
127

[1]
Cash collateral received is reinvested in fixed maturities, AFS and short term investments which are included in the Consolidated Balance Sheets. Amount includes additional securities collateral received of $0 and $13 million which are excluded from the Company's Consolidated Balance Sheets as of December 31, 2017 and December 31, 2016, respectively.
[2]
Collateral pledged is included within fixed maturities, AFS and short term investments in the Company's Consolidated Balance Sheets.
Offsetting Derivative Assets and Liabilities
 
(i)
(ii)
(iii) = (i) - (ii)
(iv)
(v) = (iii) - (iv)
 
 
 
Net Amounts Presented in the Statement of Financial Position
Collateral Disallowed for Offset in the Statement of Financial Position
 
 
Gross Amounts of Recognized Assets (Liabilities)
Gross Amounts Offset in the Statement of Financial Position
Derivative Assets [1] (Liabilities) [2]
Accrued Interest and Cash Collateral (Received) [3] Pledged [2]
Financial Collateral (Received) Pledged [4]
Net Amount
As of December 31, 2017
 
 
 
 
 
 
Other investments
$
469

$
466

$
10

$
(7
)
$
1

$
2

Other liabilities
$
(559
)
$
(454
)
$
(100
)
$
(5
)
$
(96
)
$
(9
)
As of December 31, 2016
 
 
 
 
 
 
Other investments
$
85

$
82

$
(415
)
$
418

$
2

$
1

Other liabilities
$
(612
)
$
(488
)
$
(112
)
$
(12
)
$
(108
)
$
(16
)

[1]
Included in other investments in the Company's Consolidated Balance Sheets.
[2]
Included in other liabilities in the Company's Consolidated Balance Sheets and is limited to the net derivative payable associated with each counterparty.
[3]
Included in other investments in the Company's Consolidated Balance Sheets and is limited to the net derivative receivable associated with each counterparty.
[4]
Excludes collateral associated with exchange-traded derivative instruments.