Derivatives (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Balance Sheet Presentation

Derivative Balance Sheet Presentation

	Net Derivatives										Asset Derivatives				Liability Derivatives
	Notional Amount				Fair Value						Fair Value				Fair Value
Hedge Designation/ Derivative Type	Dec 31, 2017		Dec 31, 2016		Dec 31, 2017			Dec 31, 2016			Dec 31, 2017		Dec 31, 2016		Dec 31, 2017			Dec 31, 2016
Cash flow hedges
Interest rate swaps	$	2,190	$	1,646	$	—		$	(86	)	$	94	$	2	$	(94	)	$	(88	)
Foreign currency swaps	153		75		(13		)	1			—		1		(13		)	—
Total cash flow hedges	2,343		1,721		(13		)	(85		)	94		3		(107		)	(88		)
Non-qualifying strategies
Interest rate contracts
Interest rate swaps and futures	7,986		8,969		(83		)	(479		)	340		15		(423		)	(494		)
Foreign exchange contracts
Foreign currency swaps and forwards	213		682		(1		)	32			—		34		(1		)	(2		)
Credit contracts
Credit derivatives that purchase credit protection	61		78		1			(1		)	1		—		—			(1		)
Credit derivatives that assume credit risk [1]	823		851		3			6			20		10		(17		)	(4		)
Credit derivatives in offsetting positions	1,046		2,311		2			—			13		23		(11		)	(23		)
Equity contracts
Equity index options	258		5		1			—			1		—		—			—
Other
Contingent capital facility put option	—		500		—			1			—		1		—			—
Total non-qualifying strategies	10,387		13,396		(77		)	(441		)	375		83		(452		)	(524		)
Total cash flow hedges and non-qualifying strategies	$	12,730	$	15,117	$	(90	)	$	(526	)	$	469	$	86	$	(559	)	$	(612	)
Balance Sheet Location
Fixed maturities, available-for-sale	$	153	$	201	$	—		$	1		$	—	$	1	$	—		$	—
Other investments	9,957		10,888		10			(415		)	448		52		(438		)	(467		)
Other liabilities	2,620		4,028		(100		)	(112		)	21		33		(121		)	(145		)
Total derivatives	$	12,730	$	15,117	$	(90	)	$	(526	)	$	469	$	86	$	(559	)	$	(612	)

[1] The derivative instruments related to this strategy are held for other investment purposes.

Offsetting Assets

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.

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.

Derivatives in Cash Flow Hedging Relationships

Derivatives in Cash Flow Hedging Relationships

	Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
	2017			2016		2015
Interest rate swaps	$	8		$	—	$	25
Foreign currency swaps	(14		)	1		—
Total	$	(6	)	$	1	$	25
	Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
	2017			2016		2015
Interest rate swaps
Net realized capital gain/(loss)	$	5		$	10	$	5
Net investment income	37			37		31
Total	$	42		$	47	$	36

Non-Qualifying Strategies Recognized within Net Realized Capital Gains (Losses)

Non-Qualifying Strategies Recognized within Net Realized Capital Gains (Losses)

	For the Year Ended December 31,
	2017			2016			2015
Foreign exchange contracts
Foreign currency swaps and forwards	(14		)	83			13
Other non-qualifying derivatives
Interest rate contracts
Interest rate swaps, swaptions and futures	(5		)	1			(8		)
Credit contracts
Credit derivatives that purchase credit protection	28			(17		)	5
Credit derivatives that assume credit risk	(7		)	28			(7		)
Equity contracts
Equity options	(7		)	(15		)	—
Commodity contracts
Commodity options	—			—			(4		)
Other
Contingent capital facility put option	(1		)	(6		)	(6		)
Total other non-qualifying derivatives	8			(9		)	(20		)
Total [1]	$	(6	)	$	74		$	(7	)

[1] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - Fair Value Measurements.

Credit Derivatives by Type

Credit Derivatives by Type

							Underlying Referenced Credit Obligation(s) [1]
	Notional Amount [2]		Fair Value			Weighted Average Years to Maturity	Type	Average Credit Rating	Offsetting Notional Amount [3]		Offsetting Fair Value [3]
As of December 31, 2017
Single name credit default swaps
Investment grade risk exposure	$	130	$	3		5 years	Corporate Credit/ Foreign Gov.	A-	$	—	$	—
Below investment grade risk exposure	9		—			Less than 1 year	Corporate Credit	B	9		—
Basket credit default swaps [4]
Investment grade risk exposure	1,137		2			3 years	Corporate Credit	BBB+	454		(2		)
Below investment grade risk exposure	27		2			3 years	Corporate Credit	B+	27		—
Investment grade risk exposure	13		(1		)	5 years	CMBS Credit	A	3		—
Below investment grade risk exposure	30		(6		)	Less than 1 year	CMBS Credit	CCC	30		7
Total [5]	$	1,346	$	—					$	523	$	5
As of December 31, 2016
Single name credit default swaps
Investment grade risk exposure	$	81	$	—		4 years	Corporate Credit/ Foreign Gov.	A-	$	6	$	—
Below investment grade risk exposure	34		—			Less than 1 year	Corporate Credit	BBB-	34		—
Basket credit default swaps [4]
Investment grade risk exposure	1,572		17			2 years	Corporate Credit	A-	979		(8		)
Below investment grade risk exposure	28		2			4 years	Corporate Credit	BB-	28		(2		)
Investment grade risk exposure	139		(3		)	3 years	CMBS Credit	AA+	56		—
Below investment grade risk exposure	53		(13		)	1 year	CMBS Credit	CCC	53		13
Embedded credit derivatives
Investment grade risk exposure	100		100			Less than 1 year	Corporate Credit	A+	—		—
Total [5]	$	2,007	$	103					$	1,156	$	3

[1] The average credit ratings are based on availability and are generally the midpoint of the available ratings among Moody’s, S&P, Fitch and Morningstar. If no rating is available from a rating agency, then an internally developed rating is used.

[2] Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements, clearing house rules and applicable law which include collateral posting requirements. There is no additional specific collateral related to these contracts or recourse provisions included in the contracts to offset losses.

[3] The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid related to, the original swap.

[4] Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index.

[5] Excludes investments that contain an embedded credit derivative for which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - Fair Value Measurements