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Investments (Tables)
 12 Months Ended
Dec. 31, 2019
Investments [Abstract]  
Net Investment Income
Net Investment Income
 
For the years ended December 31,
(Before tax)
2019
2018
2017
Fixed maturities [1]
$
1,559

$
1,459

$
1,303

Equity securities
46

32

24

Mortgage loans
165

141

124

Limited partnerships and other alternative investments
232

205

174

Other investments [2]
32

20

49

Investment expenses
(83
)
(77
)
(71
)
Total net investment income
$
1,951

$
1,780

$
1,603

[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)
2019
2018
2017
Gross gains on sales
$
234

$
114

$
275

Gross losses on sales
(56
)
(172
)
(113
)
Equity securities [1]
254

(48
)
—

Net OTTI losses recognized in earnings
(3
)
(1
)
(8
)
Valuation allowances on mortgage loans
1

—

(1
)
Other, net [2]
(35
)
(5
)
12

Net realized capital gains (losses)
$
395

$
(112
)
$
165

[1]
The net unrealized gain (loss) on equity securities included in net realized capital gains (losses) related to equity securities still held as of December 31, 2019, were $164 for the year-ended December 31, 2019. The net unrealized gain (loss) on equity securities included in net realized capital gains (losses) related to equity securities still held as of December 31, 2018, were $(80) for the year-ended December 31, 2018. Prior to January 1, 2018, changes in net unrealized gains (losses) on equity securities were included in AOCI.
[2]
For the years ended December 31, 2019, 2018 and 2017, gains (losses) from transactional foreign currency revaluation were $(9), $1 and $14, respectively. Also includes gains (losses) on non-qualifying derivatives of $(24), $(12), and $(6) , respectively for 2019, 2018 and 2017.
Sales of AFS Securities
Sales of AFS Securities
 
For the years ended December 31,
 
2019
2018
2017
Fixed maturities, AFS
 
 
 
Sale proceeds
$
14,421

$
21,327

$
17,614

Gross gains
233

90

204

Gross losses
(56
)
(169
)
(90
)
Equity securities, AFS
 
 
 
Sale proceeds
 
 
$
607

Gross gains
 
 
69

Gross losses
 
 
(23
)
Impairments
Impairments in Earnings by Type
 
For the years ended December 31,
 
2019
2018
2017
Credit impairments
$
3

$
1

$
2

Impairments on equity securities
 
 
6

Total impairments
$
3

$
1

$
8


Cumulative Credit Impairments
 
For the years ended December 31,
(Before tax)
2019
2018
2017
Balance as of beginning of period
$
(19
)
$
(25
)
$
(110
)
Additions for credit impairments recognized on [1]:
 
 
 
Securities not previously impaired
(3
)
—

(1
)
Securities previously impaired
—

(1
)
(1
)
Reductions for credit impairments previously recognized on:
 
 
 
Securities that matured or were sold during the period
3

7

76

Securities due to an increase in expected cash flows
—

—

11

Balance as of end of period
$
(19
)
$
(19
)
$
(25
)

[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, 2019
 
December 31, 2018
 
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
$
1,461

$
18

$
(3
)
$
1,476

$
—

 
$
1,272

$
5

$
(1
)
$
1,276

$
—

CLOs
2,186

5

(8
)
2,183

—

 
1,455

2

(20
)
1,437

—

CMBS
4,210

141

(13
)
4,338

(4
)
 
3,581

35

(64
)
3,552

(5
)
Corporate
16,435

986

(25
)
17,396

—

 
13,696

148

(446
)
13,398

—

Foreign govt./govt. agencies
1,057

66

—

1,123

—

 
866

7

(26
)
847

—

Municipal
8,763

737

(2
)
9,498

—

 
9,972

421

(47
)
10,346

—

RMBS
4,775

97

(3
)
4,869

—

 
3,270

44

(35
)
3,279

—

U.S. Treasuries
1,191

75

(1
)
1,265

—

 
1,491

41

(15
)
1,517

—

Total fixed maturities, AFS
40,078

2,125

(55
)
42,148

(4
)
 
35,603

703

(654
)
35,652

(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, 2019 and 2018.
Investments by Contractual Maturity Year
Fixed maturities, AFS, by Contractual Maturity Year
 
December 31, 2019
 
December 31, 2018
 
Amortized Cost
Fair Value
 
Amortized Cost
Fair Value
One year or less
$
1,082

$
1,090

 
$
999

$
1,002

Over one year through five years
7,200

7,401

 
5,786

5,791

Over five years through ten years
7,395

7,803

 
6,611

6,495

Over ten years
11,769

12,988

 
12,629

12,820

Subtotal
27,446

29,282

 
26,025

26,108

Mortgage-backed and asset-backed securities
12,632

12,866

 
9,578

9,544

Total fixed maturities, AFS
$
40,078

$
42,148

 
$
35,603

$
35,652
Unrealized Loss on Investments
Unrealized Loss Aging for AFS Securities by Type and Length of Time as of December 31, 2019
 
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
$
401

$
398

$
(3
)
 
$
9

$
9

$
—

 
$
410

$
407

$
(3
)
CLOs
681

679

(2
)
 
929

923

(6
)
 
1,610

1,602

(8
)
CMBS
545

538

(7
)
 
26

20

(6
)
 
571

558

(13
)
Corporate
798

789

(9
)
 
344

328

(16
)
 
1,142

1,117

(25
)
Foreign govt./govt. agencies
101

101

—

 
29

29

—

 
130

130

—

Municipal
224

222

(2
)
 
—

—

—

 
224

222

(2
)
RMBS
617

614

(3
)
 
68

68

—

 
685

682

(3
)
U.S. Treasuries
88

88

—

 
35

34

(1
)
 
123

122

(1
)
Total fixed maturities, AFS in an unrealized loss position
$
3,455

$
3,429

$
(26
)
 
$
1,440

$
1,411

$
(29
)
 
$
4,895

$
4,840

$
(55
)
Unrealized Loss Aging for AFS Securities by Type and Length of Time as of December 31, 2018
 
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
$
566

$
566

$
—

 
$
113

$
112

$
(1
)
 
$
679

$
678

$
(1
)
CLOs
1,358

1,338

(20
)
 
7

7

—

 
1,365

1,345

(20
)
CMBS
896

882

(14
)
 
1,129

1,079

(50
)
 
2,025

1,961

(64
)
Corporate
7,174

6,903

(271
)
 
2,541

2,366

(175
)
 
9,715

9,269

(446
)
Foreign govt./govt. agencies
407

391

(16
)
 
203

193

(10
)
 
610

584

(26
)
Municipal
1,643

1,613

(30
)
 
292

275

(17
)
 
1,935

1,888

(47
)
RMBS
1,344

1,329

(15
)
 
648

628

(20
)
 
1,992

1,957

(35
)
U.S. Treasuries
497

492

(5
)
 
339

329

(10
)
 
836

821

(15
)
Total fixed maturities, AFS in an unrealized loss position
13,885

13,514

(371
)
 
5,272

4,989

(283
)
 
19,157

18,503

(654
)
Valuation Allowance Activity
Valuation Allowance Activity
 
For the years ended December 31,
 
2019
2018
2017
Balance as of January 1
$
(1
)
$
(1
)
$
—

Reversals/(Additions)
1

—

(1
)
Deductions
—

—

—

Balance as of December 31
$
—

$
(1
)
$
(1
)
Loans Credit Quality
Mortgage Loans Credit Quality
 
December 31, 2019
 
December 31, 2018
Loan-to-value
Carrying Value
Avg. Debt-Service Coverage Ratio
 
Carrying Value
Avg. Debt-Service Coverage Ratio
65% - 80%
376

1.53x
 
386

1.60x
Less than 65%
3,839

2.56x
 
3,318

2.59x
Total mortgage loans
$
4,215

2.46x
 
$
3,704

2.49x

Mortgage Loans by Region
 
December 31, 2019
 
December 31, 2018
 
Carrying Value
Percent of Total
 
Carrying Value
Percent of Total
East North Central
$
270

6.4
%
 
$
250

6.8
%
Middle Atlantic
319

7.5
%
 
270

7.3
%
Mountain
109

2.6
%
 
30

0.8
%
New England
344

8.2
%
 
330

8.9
%
Pacific
906

21.5
%
 
917

24.8
%
South Atlantic
944

22.4
%
 
712

19.2
%
West North Central
46

1.1
%
 
148

4.0
%
West South Central
439

10.4
%
 
420

11.3
%
Other [1]
838

19.9
%
 
627

16.9
%
Total mortgage loans
$
4,215

100.0
%
 
$
3,704

100.0
%

[1]
Primarily represents loans collateralized by multiple properties in various regions.
Mortgage Loans by Property Type
 
December 31, 2019
 
December 31, 2018
 
Carrying Value
Percent of Total
 
Carrying Value
Percent of Total
Commercial
 
 
 
 
 
Industrial
1,167

27.7
%
 
1,108

29.9
%
Multifamily
1,313

31.2
%
 
1,138

30.7
%
Office
723

17.2
%
 
708

19.1
%
Retail
735

17.4
%
 
392

10.6
%
Single Family
137

3.2
%
 
82

2.2
%
Other
140

3.3
%
 
276

7.5
%
Total mortgage loans
$
4,215

100.0
%
 
$
3,704

100.0
%
Schedule of Securities Financing Transactions [Table Text Block]
Securities Lending and Repurchase Agreements
 
December 31, 2019
December 31, 2018
 
Fair Value
Fair Value

Securities Lending Transactions:
 
 
Gross amount of securities on loan
$
606

$
820

Gross amount of associated liability for collateral received [1]
$
621

$
840

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

$
72

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

$
73

Gross amount of recognized receivables for reverse repurchase agreements
$
15

$
64

[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 $34 and $3 which are excluded from the Company's Consolidated Balance Sheets as of December 31, 2019 and 2018, respectively.
[2]
Collateral pledged is included within fixed maturities, AFS and short term investments in the Company's Consolidated Balance Sheets.