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Investments (Tables)
 12 Months Ended
Dec. 31, 2021
Investments [Abstract]  
Net Investment Income
Net Investment Income
For the years ended December 31,
(Before tax)202120202019
Fixed maturities [1]$1,349 $1,442 $1,559 
Equity securities73 39 46 
Mortgage loans181 172 165 
Limited partnerships and other alternative investments732 222 232 
Other investments [2]58 42 32 
Investment expenses(80)(71)(83)
Total net investment income$2,313 $1,846 $1,951 
[1]Includes net investment income on short-term investments.
[2]Primarily includes changes in fair value of certain equity fund investments and income from derivatives that qualify for hedge accounting and are used to hedge fixed maturities.
Net Realized Capital Gains (Losses)
Net Realized Gains (Losses)
For the years ended December 31,
(Before tax)202120202019
Gross gains on sales of fixed maturities
$319 $255 $234 
Gross losses on sales of fixed maturities
(89)(50)(56)
Equity securities [1]
Net realized gains (losses) on sales of equity securities81 (118)78 
Change in net unrealized gains (losses) of equity securities146 (96)176 
Net realized and unrealized gains (losses) on equity securities227 (214)254 
Net credit losses on fixed maturities, AFS [2]4 (28)
Change in ACL on mortgage loans [3]9 (19)
Intent-to-sell impairments— (5)— 
Net OTTI losses recognized in earnings(3)
Valuation allowances on mortgage loans1 
Other, net [4]39 47 (35)
Net realized gains (losses)$509 $(14)$395 
[1]The net unrealized gains on equity securities still held as of the end of the period and included in net realized gains (losses) were $155, $53, and $164 for the years ended December 31, 2021, 2020, and 2019, respectively.
[2]Due to the adoption of accounting guidance for credit losses on January 1, 2020, realized losses previously reported as OTTI are now presented as credit losses which are net of any recoveries. For further information refer to Note 1 - Basis of Presentation and Significant Accounting Policies.
[3]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.
[4]Includes gains (losses) on non-qualifying derivatives for 2021, 2020, and 2019 of $12, $104, and $(24), respectively, gains (losses) from transactional foreign currency revaluation of $(1), $(1) and $(9), respectively, and a loss of $21 and $48, respectively, on the sale of the Continental Europe Operations for the years ended December 31, 2021 and 2020. For the year ended December 31, 2021, there was also a gain of $46 on the sale of the Company's previously owned interest in Talcott Resolution.
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]
ACL on Fixed Maturities, AFS by Type
For the years ended December 31,
20212020
(Before tax)CorporateTotalCorporateMunicipalTotal
Balance as of beginning of period$23 $23 $— $— $— 
Credit losses on fixed maturities where an allowance was not previously recorded2 2 36 3 39 
Reduction due to sales(18)(18)(4)(3)(7)
Net increases (decreases) on fixed maturities where an allowance was previously recorded(6)(6)(9)— (9)
Balance as of end of period$1 $1 $23 $— $23 
Impairments
Cumulative Credit Impairments on Fixed Maturities, AFS
(Before tax)For the year ended December 31, 2019
Balance as of beginning of period$(19)
Additions for credit impairments recognized on [1]:
Fixed maturities not previously impaired(3)
Reductions for credit impairments previously recognized on:
Fixed maturities that matured or were sold during the period3 
Balance as of end of period$(19)
[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
Fixed Maturities, AFS, by Type
December 31, 2021December 31, 2020
Amortized
Cost
ACL
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost
ACL
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
ABS$1,125 $— $13 $(3)$1,135 $1,525 $— $39 $— $1,564 
CLOs3,019 — 8 (2)3,025 2,780 — 7 (7)2,780 
CMBS3,955 — 179 (15)4,119 4,219 — 286 (21)4,484 
Corporate17,744 (1)1,038 (74)18,707 18,401 (23)1,926 (31)20,273 
Foreign govt./govt. agencies883 — 33 (6)910 842 — 77 — 919 
Municipal7,473 — 787 (3)8,257 8,564 — 940 (1)9,503 
RMBS3,610 — 60 (27)3,643 3,966 — 144 (3)4,107 
U.S. Treasuries2,979 — 86 (14)3,051 1,264 — 141 — 1,405 
Total fixed maturities, AFS$40,788 $(1)$2,204 $(144)$42,847 $41,561 $(23)$3,560 $(63)$45,035 
Investments by Contractual Maturity Year
Fixed Maturities, AFS, by Contractual Maturity Year
 December 31, 2021December 31, 2020
Amortized CostFair ValueAmortized CostFair Value
One year or less$1,400 $1,419 $1,411 $1,432 
Over one year through five years8,615 8,894 7,832 8,286 
Over five years through ten years8,303 8,633 7,622 8,354 
Over ten years10,761 11,979 12,206 14,028 
Subtotal29,079 30,925 29,071 32,100 
Mortgage-backed and asset-backed securities11,709 11,922 12,490 12,935 
Total fixed maturities, AFS$40,788 $42,847 $41,561 $45,035 
Unrealized Loss on Investments
Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2021
Less Than 12 Months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
ABS$396 $(3)$— $— $396 $(3)
CLOs1,434 (2)147 — 1,581 (2)
CMBS594 (7)82 (8)676 (15)
Corporate3,698 (65)234 (9)3,932 (74)
Foreign govt./govt. agencies340 (5)16 (1)356 (6)
Municipal301 (3)12 — 313 (3)
RMBS1,869 (23)94 (4)1,963 (27)
U.S. Treasuries2,301 (13)23 (1)2,324 (14)
Total fixed maturities, AFS in an unrealized loss position$10,933 $(121)$608 $(23)$11,541 $(144)
Unrealized Loss Aging for Fixed Maturities, AFS by Type and Length of Time as of December 31, 2020
Less Than 12 Months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
ABS$44 $— $— $— $44 $— 
CLOs758 (2)715 (5)1,473 (7)
CMBS410 (17)19 (4)429 (21)
Corporate466 (13)212 (18)678 (31)
Foreign govt./govt. agencies24 — — — 24 — 
Municipal34 (1)— — 34 (1)
RMBS461 (3)21 — 482 (3)
U.S. Treasuries39 — — — 39 — 
Total fixed maturities, AFS in an unrealized loss position$2,236 $(36)$967 $(27)$3,203 $(63)
Financing Receivable, Allowance for Credit Loss
ACL on Mortgage Loans
For the years ended December 31,
202120202019
ACL as of beginning of period$38 $— $1 
Cumulative effect of accounting changes [1]19 
Adjusted beginning ACL38 19 1 
Current period provision (release)(9)19 (1)
ACL as of December 31,$29 $38 $— 
[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 December 31, 2021
202120202019201820172016 & PriorTotal
Loan-to-valueAmortized Cost
Avg. DSCR
Amortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCR
Amortized Cost [1]
Avg. DSCR
65% - 80%$7 2.37x$50 2.63x$91 1.57x$100 1.00x$45 1.37x$97 1.80x$390 1.61x
Less than 65%1,481 2.70x645 2.78x722 2.78x472 2.23x417 1.91x1,285 2.45x5,022 2.55x
Total mortgage loans
$1,488 2.70x$695 2.77x$813 2.64x$572 2.02x$462 1.86x$1,382 2.41x$5,412 2.48x
[1] Amortized cost of mortgage loans excludes ACL of $29.
Mortgage Loans LTV & DSCR by Origination Year as of December 31, 2020
202020192018201720162015 & PriorTotal
Loan-to-valueAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized CostAvg. DSCRAmortized Cost [1]Avg. DSCR
65% - 80%$28 1.62x$243 1.58x$212 1.33x$45 2.02x$51 1.92x$115 1.74x$694 1.59x
Less than 65%659 2.56x676 2.85x410 2.25x446 1.89x235 2.99x1,411 3.01x3,837 2.69x
Total mortgage loans$687 2.52x$919 2.51x$622 1.94x$491 1.90x$286 2.80x$1,526 2.92x$4,531 2.52x
[1] Amortized cost of mortgage loans excludes ACL of $38.
Mortgage Loans by Region
December 31, 2021December 31, 2020
Amortized CostPercent of TotalAmortized CostPercent of Total
East North Central$284 5.2 %$290 6.4 %
Middle Atlantic303 5.6 %291 6.4 %
Mountain450 8.3 %254 5.6 %
New England393 7.3 %397 8.8 %
Pacific1,245 23.0 %1,001 22.1 %
South Atlantic1,556 28.8 %1,038 22.9 %
West North Central85 1.6 %44 1.0 %
West South Central424 7.8 %433 9.5 %
Other [1]672 12.4 %783 17.3 %
Total mortgage loans$5,412 100.0 %$4,531 100.0 %
ACL(29)(38)
Total mortgage loans, net of ACL$5,383 $4,493 
[1]Primarily represents loans collateralized by multiple properties in various regions.
Mortgage Loans by Property Type
December 31, 2021December 31, 2020
Amortized CostPercent of TotalAmortized CostPercent of Total
Commercial
Industrial$1,931 35.7 %$1,339 29.5 %
Multifamily1,833 33.9 %1,498 33.1 %
Office627 11.6 %774 17.1 %
Retail [1]951 17.6 %788 17.4 %
Single Family30 0.5 %92 2.0 %
Other40 0.7 %40 0.9 %
Total mortgage loans$5,412 100.0 %$4,531 100.0 %
ACL(29)(38)
Total mortgage loans, net of ACL$5,383 $4,493 
[1] Primarily comprised of grocery-anchored retail centers, with no exposure to regional shopping malls.
Schedule of Financial Instruments Owned and Pledged as Collateral
December 31, 2021December 31, 2020
Fair ValueFair Value
Securities on deposit with government agencies$2,376 $2,600 
Fixed maturities in trust for benefit of syndicate policyholders712 661 
Short-term investments in trust for benefit of syndicate policyholders726 
Fixed maturities in Lloyd's's trust account160175 
Other investments6554 
Total Other Restricted Investments$3,320 $3,516