Investments (Tables)

6 Months Ended

Jun. 30, 2020

Investments [Abstract]

Net Realized Capital Gains (Losses)

Net Realized Capital Gains (Losses)
	Three Months Ended June 30,						Six Months Ended June 30,
(Before tax)	2020			2019			2020			2019
Gross gains on sales	$	96		$	69		$	174		$	113
Gross losses on sales	(22		)	(19		)	(30		)	(40		)
Equity securities [1]	75			30			(311		)	162
Change in ACL on fixed maturities, AFS [2]	(20		)				(32		)
Change in ACL on mortgage loans [2]	(22		)				(24		)
Intent-to-sell impairments	—			—			(5		)	—
Net OTTI losses recognized in earnings				—						(2		)
Valuation allowances on mortgage loans				1						1
Other, net [3]	2			(1		)	106			9
Net realized capital gains (losses)	$	109		$	80		$	(122	)	$	243

[1] The net unrealized gains (losses) on equity securities included in net realized capital gains (losses) related to equity securities still held as of June 30, 2020, were $67 and $(34) for the three and six months ended June 30, 2020, respectively. The net unrealized gains (losses) on equity securities included in net realized capital gains (losses) related to equity securities still held as of June 30, 2019, were $29 and $74 for the three and six months ended June 30, 2019, respectively.

[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]

Includes gains (losses) from transactional foreign currency revaluation of $0 and $10 for the three and six months ended June 30, 2020 , respectively. For the same periods, also includes gains (losses) on non-qualifying derivatives of $7 and $99, respectively. For the three and six months ended June 30, 2019, includes gains (losses) on non-qualifying derivatives of $(7) and $8, respectively

Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]

ACL on Fixed Maturities, AFS by Type
	Three Months Ended June 30, 2020						Six Months Ended June 30, 2020
(Before tax)	Corporate			Total			Corporate			Total
Balance as of beginning of period	$	(12	)	$	(12	)	$	—		$	—
Credit losses on fixed maturities where credit losses were not previously recorded	(23		)	(23		)	(35		)	(35		)
Reduction due to sales	2			2			2			2
Net increases (decreases) in allowance on fixed maturities that had an allowance in a previous period	1			1			1			1
Balance as of end of period	$	(32	)	$	(32	)	$	(32	)	$	(32	)

Impairments

Cumulative Credit Impairments on Fixed Maturities, AFS
	Three Months Ended June 30,			Six Months Ended June 30,
(Before tax)	2019			2019
Balance as of beginning of period	$	(18	)	$	(19	)
Additions for credit impairments recognized on [1]:
Fixed maturities not 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	)	$	(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
	June 30, 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	$	1,387	$	—		$	30	$	(1	)	$	1,416	$	1,461	$	18	$	(3	)	$	1,476	$	—
CLOs	2,246		—			—		(59		)	2,187		2,186		5		(8		)	2,183		—
CMBS	4,067		—			208		(64		)	4,211		4,210		141		(13		)	4,338		(4		)
Corporate	17,283		(32		)	1,441		(129		)	18,563		16,435		986		(25		)	17,396		—
Foreign govt./govt. agencies	906		—			70		(4		)	972		1,057		66		—			1,123		—
Municipal	8,604		—			804		(14		)	9,394		8,763		737		(2		)	9,498		—
RMBS	3,750		—			149		(4		)	3,895		4,775		97		(3		)	4,869		—
U.S. Treasuries	1,397		—			165		—			1,562		1,191		75		(1		)	1,265		—
Total fixed maturities, AFS	$	39,640	$	(32	)	$	2,867	$	(275	)	$	42,200	$	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
	June 30, 2020				December 31, 2019
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	1,312	$	1,324	$	1,082	$	1,090
Over one year through five years	7,274		7,556		7,200		7,401
Over five years through ten years	7,601		8,129		7,395		7,803
Over ten years	12,003		13,482		11,769		12,988
Subtotal	28,190		30,491		27,446		29,282
Mortgage-backed and asset-backed securities	11,450		11,709		12,632		12,866
Total fixed maturities, AFS	$	39,640	$	42,200	$	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 June 30, 2020
	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
ABS	$	127	$	(1	)	$	—	$	—		$	127	$	(1	)
CLOs	1,435		(34		)	723		(25		)	2,158		(59		)
CMBS	734		(59		)	17		(5		)	751		(64		)
Corporate	1,646		(99		)	179		(30		)	1,825		(129		)
Foreign govt./govt. agencies	136		(4		)	1		—			137		(4		)
Municipal	319		(14		)	—		—			319		(14		)
RMBS	195		(3		)	35		(1		)	230		(4		)
U.S. Treasuries	236		—			—		—			236		—
Total fixed maturities, AFS in an unrealized loss position	$	4,828	$	(214	)	$	955	$	(61	)	$	5,783	$	(275	)

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 June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
ACL as of beginning of period	$	(21	)	$	(1	)	$	—		$	(1	)
Cumulative effect of accounting changes [1]							(19		)
Adjusted beginning ACL	(21		)	(1		)	(19		)	(1		)
Current period provision	(22		)	1			(24		)	1
ACL as of June 30,	$	(43	)	$	—		$	(43	)	$	—

[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 June 30, 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%	$	8	2.59x	$	266	1.85x	$	248	2.07x	$	80	1.63x	$	80	1.85x	$	131	1.74x	$	813	1.89x
Less than 65%	393		2.58x	705		2.68x	450		2.02x	428		1.88x	207		2.98x	1,446		2.89x	3,629		2.59x
Total mortgage loans	$	401	2.58x	$	971	2.45x	$	698	2.04x	$	508	1.84x	$	287	2.66x	$	1,577	2.79x	$	4,442	2.46x

[1] Amortized cost of mortgage loans excludes ACL of $43.

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
	June 30, 2020				December 31, 2019
	Amortized Cost [1]		Percent of Total		Amortized Cost		Percent of Total
East North Central	$	284	6.4	%	$	270	6.4	%
Middle Atlantic	338		7.6	%	319		7.5	%
Mountain	185		4.2	%	109		2.6	%
New England	398		9.0	%	344		8.2	%
Pacific	931		20.9	%	906		21.5	%
South Atlantic	955		21.5	%	944		22.4	%
West North Central	44		1.0	%	46		1.1	%
West South Central	475		10.7	%	439		10.4	%
Other [2]	832		18.7	%	838		19.9	%
Total mortgage loans	$	4,442	100.0	%	$	4,215	100.0	%

[1] Amortized cost of mortgage loans excludes ACL of $43.

[2] Primarily represents loans collateralized by multiple properties in various regions.

Mortgage Loans by Property Type
	June 30, 2020				December 31, 2019
	Amortized Cost [1]		Percent of Total		Amortized Cost		Percent of Total
Commercial
Industrial	$	1,298	29.2	%	$	1,167	27.7	%
Multifamily	1,427		32.1	%	1,313		31.2	%
Office	757		17.1	%	723		17.2	%
Retail	785		17.7	%	735		17.4	%
Single Family	135		3.0	%	137		3.2	%
Other	40		0.9	%	140		3.3	%
Total mortgage loans	$	4,442	100.0	%	$	4,215	100.0	%

[1] Amortized cost of mortgage loans excludes ACL of $43.

Securities Lending and Repurchase Agreements [Table Text Block]

Securities Lending and Repurchase Agreements
	June 30, 2020		December 31, 2019
	Fair Value		Fair Value
Securities Lending Transactions:
Gross amount of securities on loan	$	165	$	606
Gross amount of associated liability for collateral received [1]	$	169	$	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 June 30, 2020 and December 31, 2019, respectively.