Investments (Tables)
|
3 Months Ended |
Mar. 31, 2020 |
|---|
| Investments [Abstract] |
|
| Net Realized Capital Gains (Losses) |
| | | | | | | | Net Realized Capital Gains (Losses) | | Three Months Ended March 31, | (Before tax) | 2020 | 2019 | Gross gains on sales | $ | 78 |
| $ | 44 |
| Gross losses on sales | (8 | ) | (21 | ) | Equity securities [1] | (386 | ) | 132 |
| Change in ACL on fixed maturities, AFS [2] | (12 | ) | | Change in ACL on mortgage loans [2] | (2 | ) | | Intent-to-sell impairments | (5 | ) | — |
| Net OTTI losses recognized in earnings | | (2 | ) | Other, net [3] | 104 |
| 10 |
| Net realized capital gains (losses) | $ | (231 | ) | $ | 163 |
|
| | [1] | The net unrealized gain (loss) on equity securities included in net realized capital gains (losses) related to equity securities still held as of March 31, 2020, was $(277) for the three months ended March 31, 2020 . The net unrealized gain (loss) on equity securities included in net realized capital gains (losses) related to equity securities still held as of March 31, 2019, was $68 for the three months ended March 31, 2019. |
| | [2] | Represents the change in ACL recorded during the period following the adoption of accounting guidance for credit losses on January 1, 2020. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies. |
[3] For the three months ended March 31, 2020 and 2019 gains (losses) from transactional foreign currency revaluation were $10 and $0, respectively. Also includes gains (losses) on non-qualifying derivatives of $92 and $15, respectively, for the three months ended March 31, 2020 and 2019.
|
| Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block] |
| | | | | | | | ACL on Fixed Maturities, AFS by Type | Three months ended March 31, 2020 | (Before tax) | Corporate | Total | Balance, beginning of year | $ | — |
| $ | — |
| Credit losses on fixed maturities where credit losses were not previously recorded | (12 | ) | (12 | ) | Balance as of end of period | $ | (12 | ) | $ | (12 | ) |
|
| Impairments |
| | | | | Cumulative Credit Impairments on Fixed Maturities, AFS
| | Three Months Ended March 31, | (Before tax) | 2019 | Balance as of beginning of period | $ | (19 | ) | Additions for credit impairments recognized on [1]: | | Fixed maturities previously impaired | (2 | ) | Reductions for credit impairments previously recognized on: | | Fixed maturities that matured or were sold during the period | 3 |
| Balance as of end of period | $ | (18 | ) |
[1] These additions are included in the net OTTI losses recognized in earnings in the Condensed Consolidated Statements of Operations.
|
| Schedule of Available-for-sale Securities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fixed Maturities, AFS, by Type | | March 31, 2020 | | December 31, 2019 | |
Amortized Cost | ACL [1] | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Non-Credit OTTI [2] | ABS | $ | 1,368 |
| $ | — |
| $ | 6 |
| $ | (26 | ) | $ | 1,348 |
| | $ | 1,461 |
| $ | 18 |
| $ | (3 | ) | $ | 1,476 |
| $ | — |
| CLOs | 2,168 |
| — |
| — |
| (179 | ) | 1,989 |
| | 2,186 |
| 5 |
| (8 | ) | 2,183 |
| — |
| CMBS | 4,316 |
| — |
| 102 |
| (116 | ) | 4,302 |
| | 4,210 |
| 141 |
| (13 | ) | 4,338 |
| (4 | ) | Corporate | 16,744 |
| (12 | ) | 585 |
| (519 | ) | 16,798 |
| | 16,435 |
| 986 |
| (25 | ) | 17,396 |
| — |
| Foreign govt./govt. agencies | 1,058 |
| — |
| 28 |
| (23 | ) | 1,063 |
| | 1,057 |
| 66 |
| — |
| 1,123 |
| — |
| Municipal | 8,843 |
| — |
| 684 |
| (30 | ) | 9,497 |
| | 8,763 |
| 737 |
| (2 | ) | 9,498 |
| — |
| RMBS | 4,052 |
| — |
| 96 |
| (62 | ) | 4,086 |
| | 4,775 |
| 97 |
| (3 | ) | 4,869 |
| — |
| U.S. Treasuries | 924 |
| — |
| 198 |
| — |
| 1,122 |
| | 1,191 |
| 75 |
| (1 | ) | 1,265 |
| — |
| Total fixed maturities, AFS | $ | 39,473 |
| $ | (12 | ) | $ | 1,699 |
| $ | (955 | ) | $ | 40,205 |
| | $ | 40,078 |
| $ | 2,125 |
| $ | (55 | ) | $ | 42,148 |
| $ | (4 | ) |
| | [1] | Represents the ACL recorded following the adoption of accounting guidance for credit losses on January 1, 2020. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies. |
[2] Represents the amount of cumulative non-credit impairment losses recognized in OCI on fixed maturities that also had credit impairments. These losses are included in gross unrealized losses as of December 31, 2019.
|
| Investments by Contractual Maturity Year |
| | | | | | | | | | | | | | | Fixed Maturities, AFS, by Contractual Maturity Year | | March 31, 2020 | | December 31, 2019 |
| Amortized Cost | Fair Value | | Amortized Cost | Fair Value | One year or less | $ | 1,197 |
| $ | 1,196 |
| | $ | 1,082 |
| $ | 1,090 |
| Over one year through five years | 7,477 |
| 7,447 |
| | 7,200 |
| 7,401 |
| Over five years through ten years | 7,032 |
| 7,053 |
| | 7,395 |
| 7,803 |
| Over ten years | 11,863 |
| 12,784 |
| | 11,769 |
| 12,988 |
| Subtotal | 27,569 |
| 28,480 |
| | 27,446 |
| 29,282 |
| Mortgage-backed and asset-backed securities | 11,904 |
| 11,725 |
| | 12,632 |
| 12,866 |
| Total fixed maturities, AFS | $ | 39,473 |
| $ | 40,205 |
| | $ | 40,078 |
| $ | 42,148 |
|
|
| Unrealized Gain (Loss) on Investments [Table Text Block] |
| | | | | | | | | | | | | | | | | | | | | | Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of March 31, 2020 | | Less Than 12 Months | | 12 Months or More | | Total | | Fair Value | Unrealized Losses | | Fair Value | Unrealized Losses | | Fair Value | Unrealized Losses | ABS | $ | 1,045 |
| $ | (26 | ) | | $ | — |
| $ | — |
| | $ | 1,045 |
| $ | (26 | ) | CLOs | 1,373 |
| (123 | ) | | 616 |
| (56 | ) | | 1,989 |
| (179 | ) | CMBS | 1,379 |
| (111 | ) | | 18 |
| (5 | ) | | 1,397 |
| (116 | ) | Corporate | 6,762 |
| (493 | ) | | 183 |
| (26 | ) | | 6,945 |
| (519 | ) | Foreign govt./govt. agencies | 439 |
| (23 | ) | | — |
| — |
| | 439 |
| (23 | ) | Municipal | 719 |
| (30 | ) | | — |
| — |
| | 719 |
| (30 | ) | RMBS | 1,604 |
| (60 | ) | | 25 |
| (2 | ) | | 1,629 |
| (62 | ) | U.S. Treasuries | 45 |
| — |
| | — |
| — |
| | 45 |
| — |
| Total fixed maturities, AFS in an unrealized loss position | $ | 13,366 |
| $ | (866 | ) | | $ | 842 |
| $ | (89 | ) | | $ | 14,208 |
| $ | (955 | ) |
| | | | | | | | | | | | | | | | | | | | | | Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2019 | | Less Than 12 Months | | 12 Months or More | | Total | | Fair Value | Unrealized Losses | | Fair Value | Unrealized Losses | | Fair Value | Unrealized Losses | ABS | $ | 398 |
| $ | (3 | ) | | $ | 9 |
| $ | — |
| | $ | 407 |
| $ | (3 | ) | CLOs | 679 |
| (2 | ) | | 923 |
| (6 | ) | | 1,602 |
| (8 | ) | CMBS | 538 |
| (7 | ) | | 20 |
| (6 | ) | | 558 |
| (13 | ) | Corporate | 789 |
| (9 | ) | | 328 |
| (16 | ) | | 1,117 |
| (25 | ) | Foreign govt./govt. agencies | 101 |
| — |
| | 29 |
| — |
| | 130 |
| — |
| Municipal | 222 |
| (2 | ) | | — |
| — |
| | 222 |
| (2 | ) | RMBS | 614 |
| (3 | ) | | 68 |
| — |
| | 682 |
| (3 | ) | U.S. Treasuries | 88 |
| — |
| | 34 |
| (1 | ) | | 122 |
| (1 | ) | Total fixed maturities, AFS in an unrealized loss position | $ | 3,429 |
| $ | (26 | ) | | $ | 1,411 |
| $ | (29 | ) | | $ | 4,840 |
| $ | (55 | ) |
|
| Financing Receivable, Allowance for Credit Loss [Table Text Block] |
| | | | | | | | ACL on Mortgage Loans | | Three Months Ended March 31, | | 2020 | 2019 | ACL as of January 1, | $ | — |
| $ | (1 | ) | Cumulative effect of accounting changes [1] | (19 | ) | | Adjusted beginning ACL | (19 | ) | (1 | ) | Current period provision | (2 | ) | — |
| ACL as of March 31, | $ | (21 | ) | $ | (1 | ) |
[1] Represents the adjustment to the ACL recorded on adoption of accounting guidance for credit losses on January 1, 2020. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies.
|
| Loans Credit Quality |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Mortgage Loans LTV & DSCR by Origination Year as of March 31, 2020 | | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 & Prior | Total | Loan-to-value | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost | Avg. DSCR | Amortized Cost [1] | Avg. DSCR | 65% - 80% | $ | — |
| — | $ | 90 |
| 1.48x | $ | 175 |
| 1.80x | $ | 48 |
| 1.06x | $ | 33 |
| 1.35x | $ | 16 |
| 1.52x | $ | 362 |
| 1.57x | Less than 65% | 202 |
| 2.51x | 898 |
| 2.52x | 523 |
| 2.01x | 462 |
| 2.00x | 255 |
| 2.83x | 1,672 |
| 2.87x | 4,012 |
| 2.56x | Total mortgage loans | $ | 202 |
| 2.51x | $ | 988 |
| 2.43x | $ | 698 |
| 1.96x | $ | 510 |
| 1.91x | $ | 288 |
| 2.66x | $ | 1,688 |
| 2.86x | $ | 4,374 |
| 2.48x |
| | | | | | Mortgage Loans LTV & DSCR | | December 31, 2019 | Loan-to-value | Amortized Cost | Avg. DSCR | 65% - 80% | 376 |
| 1.53x | Less than 65% | 3,839 |
| 2.56x | Total mortgage loans | $ | 4,215 |
| 2.46x |
| | | | | | | | | | | | | Mortgage Loans by Region | | March 31, 2020 | | December 31, 2019 | | Amortized Cost [1] | Percent of Total | | Amortized Cost | Percent of Total | East North Central | $ | 285 |
| 6.5 | % | | $ | 270 |
| 6.4 | % | Middle Atlantic | 327 |
| 7.5 | % | | 319 |
| 7.5 | % | Mountain | 118 |
| 2.7 | % | | 109 |
| 2.6 | % | New England | 338 |
| 7.7 | % | | 344 |
| 8.2 | % | Pacific | 966 |
| 22.1 | % | | 906 |
| 21.5 | % | South Atlantic | 986 |
| 22.5 | % | | 944 |
| 22.4 | % | West North Central | 44 |
| 1.0 | % | | 46 |
| 1.1 | % | West South Central | 476 |
| 10.9 | % | | 439 |
| 10.4 | % | Other [2] | 834 |
| 19.1 | % | | 838 |
| 19.9 | % | Total mortgage loans | $ | 4,374 |
| 100.0 | % | | $ | 4,215 |
| 100.0 | % |
| | [1] | Amortized cost of mortgage loans excludes ACL of $21. |
| | [2] | Primarily represents loans collateralized by multiple properties in various regions. |
| | | | | | | | | | | | | Mortgage Loans by Property Type | | March 31, 2020 | | December 31, 2019 | | Amortized Cost [1] | Percent of Total | | Amortized Cost | Percent of Total | Commercial | | | | | | Industrial | $ | 1,234 |
| 28.2 | % | | $ | 1,167 |
| 27.7 | % | Multifamily | 1,389 |
| 31.8 | % | | 1,313 |
| 31.2 | % | Office | 741 |
| 16.9 | % | | 723 |
| 17.2 | % | Retail | 835 |
| 19.1 | % | | 735 |
| 17.4 | % | Single Family | 135 |
| 3.1 | % | | 137 |
| 3.2 | % | Other | 40 |
| 0.9 | % | | 140 |
| 3.3 | % | Total mortgage loans | $ | 4,374 |
| 100.0 | % | | $ | 4,215 |
| 100.0 | % |
|
| Securities Lending and Repurchase Agreements [Table Text Block] |
| | | | | | | | Securities Lending and Repurchase Agreements | | March 31, 2020 | December 31, 2019 | | Fair Value | Fair Value |
| Securities Lending Transactions: | | | Gross amount of securities on loan | $ | 344 |
| $ | 606 |
| Gross amount of associated liability for collateral received [1] | $ | 352 |
| $ | 621 |
| | | | Repurchase agreements: | | | Gross amount of recognized receivables for reverse repurchase agreements | $ | 14 |
| $ | 15 |
|
[1] Cash collateral received is reinvested in fixed maturities, AFS and short-term investments which are included in the Condensed Consolidated Balance Sheets. Amount includes additional securities collateral received of $0 and $34 which are excluded from the Company's Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019, respectively.
|