Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments [Abstract]

Debt Securities, Available-for-sale

The following tables provide information relating to investments in fixed maturity securities by type as of December 31, 2021 and 2020 (dollars in millions):

December 31, 2021:	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	35,239	$	26	$	3,084	$	194	$	38,103	62.8	%
Canadian government	3,339		—		1,606		1		4,944		8.1
RMBS	1,020		—		37		7		1,050		1.7
ABS	4,024		—		22		41		4,005		6.6
CMBS	1,790		1		66		6		1,849		3.0
U.S. government	2,082		—		31		8		2,105		3.5
State and political subdivisions	1,191		—		137		5		1,323		2.2
Other foreign government	7,188		4		273		87		7,370		12.1
Total fixed maturity securities	$	55,873	$	31	$	5,256	$	349	$	60,749	100.0	%

December 31, 2020:	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	31,963	$	17	$	4,356	$	94	$	36,208	63.9	%
Canadian government	3,145		—		1,995		—		5,140		9.1
RMBS	1,735		—		84		2		1,817		3.2
ABS	3,099		—		35		42		3,092		5.4
CMBS	1,790		3		102		21		1,868		3.3
U.S. government	1,242		—		196		1		1,437		2.5
State and political subdivisions	1,237		—		157		4		1,390		2.4
Other foreign government	5,337		—		479		33		5,783		10.2
Total fixed maturity securities	$	49,548	$	20	$	7,404	$	197	$	56,735	100.0	%

Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]

The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of December 31, 2021 and 2020 (dollars in millions):

	2021				2020
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities pledged as collateral	$	100	$	103	$	148	$	162
Fixed maturity securities received as collateral	n/a		1,922		n/a		1,784
Assets in trust held to satisfy collateral requirements	28,671		31,173		27,675		31,179

Concentration Risk Disclosure [Text Block]

The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s stockholders’ equity included securities of the U.S. government and its agencies, as well as the securities disclosed below, as of December 31, 2021 and 2020 (dollars in millions):

	2021				2020
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities guaranteed or issued by:
Government of Japan	$	3,080	$	3,063	$	1,493	$	1,491
Canadian province of Quebec	1,377		2,347		1,303		2,474
Canadian province of Ontario	1,092		1,451		1,054		1,528

Investments Classified By Contractual Maturity Date [Table Text Block]

The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of December 31, 2021, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below as they are not due at a single maturity date.

	Amortized Cost		Estimated Fair Value
Available-for-sale:
Due in one year or less	$	1,641	$	1,649
Due after one year through five years	9,698		10,115
Due after five years through ten years	10,969		11,700
Due after ten years	26,731		30,381
Structured securities	6,834		6,904
Total	$	55,873	$	60,749

Fixed Maturity Holdings Industry Types [Table Text Block]

The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of December 31, 2021 and 2020 (dollars in millions):

December 31, 2021:	Amortized Cost		Estimated Fair Value		% of Total
Finance	$	13,101	$	14,045	36.9	%
Industrial	17,857		19,375		50.8
Utility	4,281		4,683		12.3
Total	$	35,239	$	38,103	100.0	%
December 31, 2020:	Amortized Cost		Estimated Fair Value		% of Total
Finance	$	11,785	$	13,236	36.6	%
Industrial	16,274		18,435		50.9
Utility	3,904		4,537		12.5
Total	$	31,963	$	36,208	100.0	%

Roll Forward Of Cumulative Credit Loss Component Of Otti Income Loss [Table Text Block]

For the year ended December 31, 2021:	Corporate		CMBS		Other Foreign Government		Total
Balance, beginning of period	$	17	$	3	$	—	$	20
Credit losses recognized on securities for which credit losses were not previously recorded	21		1		5		27
Reductions for securities sold during the period	(10)		(2)		(1)		(13)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	(2)		(1)		—		(3)
Balance, end of period	$	26	$	1	$	4	$	31

For the year ended December 31, 2020:	Corporate		CMBS		Other Foreign Government		Total
Balance, beginning of period	$	—	$	—	$	—	$	—
Credit losses recognized on securities for which credit losses were not previously recorded	36		3		2		41
Reductions for securities sold during the period	(19)		—		(2)		(21)
Balance, end of period	$	17	$	3	$	—	$	20

Fair Value And Investments In Debt And Equity Securities Disclosures [Table Text Block]

The following table presents the estimated fair values and gross unrealized losses for the 1,862 fixed maturity securities for which an allowance for credit loss has not been recorded as of December 31, 2021, and the estimated fair value had declined and remained below amortized cost (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has continuously remained below amortized cost.

	Less than 12 months				12 months or greater				Total
December 31, 2021:	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	4,135	$	86	$	946	$	51	$	5,081	$	137
Canadian government	20		1		—		—		20		1
RMBS	132		3		102		4		234		7
ABS	1,747		22		589		6		2,336		28
CMBS	152		2		35		2		187		4
U.S. government	1,513		6		31		2		1,544		8
State and political subdivisions	109		3		28		2		137		5
Other foreign government	2,237		33		724		37		2,961		70
Total investment grade securities	10,045		156		2,455		104		12,500		260
Below investment grade securities:
Corporate	463		13		97		44		560		57
ABS	—		—		13		13		13		13
CMBS	—		—		—		—		—		—
Other foreign government	136		7		75		10		211		17
Total below investment grade securities	599		20		185		67		784		87
Total fixed maturity securities	$	10,644	$	176	$	2,640	$	171	$	13,284	$	347

The following table presents the estimated fair values and gross unrealized losses for the 877 fixed maturity securities that have estimated fair values below amortized cost as of December 31, 2020 (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has continuously remained below amortized cost.

	Less than 12 months				12 months or greater				Total
December 31, 2020:	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	930	$	29	$	70	$	5	$	1,000	$	34
Canadian government	—		—		—		—		—		—
RMBS	294		2		—		—		294		2
ABS	1,096		17		570		11		1,666		28
CMBS	160		6		—		—		160		6
U.S. government	27		1		—		—		27		1
State and political subdivisions	66		1		16		3		82		4
Other foreign government	973		27		—		—		973		27
Total investment grade securities	3,546		83		656		19		4,202		102
Below investment grade securities:
Corporate	375		49		81		11		456		60
ABS	20		13		4		1		24		14
CMBS	91		15		—		—		91		15
Other foreign government	36		3		28		3		64		6
Total below investment grade securities	522		80		113		15		635		95
Total fixed maturity securities	$	4,068	$	163	$	769	$	34	$	4,837	$	197

Investment Income [Table Text Block]

Major categories of investment income, net of related expenses, consist of the following (dollars in millions):

	For the years ended December 31,
	2021		2020		2019
Fixed maturity securities available-for-sale	$	2,059	$	1,928	$	1,786
Equity securities	5		6		8
Mortgage loans on real estate	293		282		255
Policy loans	55		56		58
Funds withheld at interest	351		279		297
Short-term investments and cash and cash equivalents	3		7		28
Other invested assets – limited partnerships and real estate joint ventures	419		50		119
Other invested assets – all other	61		59		65
Investment income	3,246		2,667		2,616
Investment expense	(108)		(92)		(96)
Investment income, net of related expenses	$	3,138	$	2,575	$	2,520

Gain (Loss) on Securities [Table Text Block]

Investment related gains (losses), net, consist of the following (dollars in millions):

	For the years ended December 31,
	2021		2020		2019
Fixed maturity securities available-for-sale:
Change in allowance for credit losses and impairments	$	(12)	$	(21)	$	(31)
Realized gains on investment activity	299		114		151
Realized losses on investment activity	(65)		(82)		(50)
Net gains (losses) on equity securities	25		(15)		16
Other impairment losses and change in mortgage loan allowance for credit losses	29		(56)		(12)
Change in fair value of certain limited partnership investments and other, net	194		24		13
Net gains on derivatives	90		3		4
Total investment related gains (losses), net	$	560	$	(33)	$	91

Schedule of Repurchase Agreements [Table Text Block]

The following table includes the amount of borrowed securities, loaned securities, and securities received as collateral as part of the securities lending program, and repurchased/reverse repurchased securities pledged, securities received, and cash loaned as of December 31, 2021 and 2020 (dollars in millions):

	2021				2020
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Borrowed securities	$	374	$	420	$	118	$	161
Securities lending:
Securities loaned	94		102		94		105
Securities received	n/a		102		n/a		102
Repurchase program/reverse repurchase program:
Securities pledged	704		736		653		711
Securities received	n/a		728		n/a		669
Cash	10		10		—		—

Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block]

The following tables present information on the Company’s securities lending and repurchase/reverse repurchase transactions as of December 31, 2021 and 2020, respectively (dollars in millions). Collateral associated with certain borrowed securities is not included within the tables as the collateral pledged to each counterparty is the right to reinsurance treaty cash flows.

	December 31, 2021
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending transactions:
Corporate	$	—	$	—	$	—	$	94	$	94
State and political subdivisions	—		—		—		3		3
Other foreign government	—		—		—		5		5
Total	—		—		—		102		102
Repurchase/reverse repurchase transactions:
Corporate	—		—		—		366		366
Other foreign government	—		—		—		370		370
Cash	—		—		—		10		10
Total	—		—		—		746		746
Total transactions	$	—	$	—	$	—	$	848	$	848
Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table									$	830
Amounts related to agreements not included in offsetting disclosure									$	18

	December 31, 2020
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending transactions:
Corporate	$	—	$	—	$	—	$	105	$	105
Total	—		—		—		105		105
Repurchase/reverse repurchase transactions:
Corporate	—		—		—		417		417
Other foreign government	—		—		—		294		294
Total	—		—		—		711		711
Total transactions	$	—	$	—	$	—	$	816	$	816
Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table									$	771
Amounts related to agreements not included in offsetting disclosure									$	45

Disclosure Of Real Estate Holdings By Property Type [Table Text Block]

The recorded investment in mortgage loans on real estate presented below is gross of unamortized deferred loan origination fees and expenses, and allowance for credit losses.

The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of December 31, 2021 and 2020 (dollars in millions):

	2021				2020
	Carrying Value		Percentage of Total		Carrying Value		Percentage of Total
Property type:
Office	$	1,683	26.6	%	$	1,702	29.0	%
Retail	2,090		33.0		1,711		29.3
Industrial	1,249		19.7		1,210		20.6
Apartment	801		12.7		808		13.8
Other commercial	506		8.0		430		7.3
Recorded investment	6,329		100.0	%	5,861		100.0	%
Unamortized balance of loan origination fees and expenses	(11)				(10)
Allowance for credit losses	(35)				(64)
Total mortgage loans on real estate	$	6,283			$	5,787

Disclosure of Real Estate Holdings Classified By Contractual Maturity Date [Table Text Block]

The following table presents the maturities of the Company’s recorded investment in mortgage loans as of December 31, 2021 and 2020 (dollars in millions):

	2021				2020
	Recorded Investment		% of Total		Recorded Investment		% of Total
Due within five years	$	2,660	42.0	%	$	2,276	38.8	%
Due after five years through ten years	2,593		41.0		2,768		47.3
Due after ten years	1,076		17.0		817		13.9
Total	$	6,329	100.0	%	$	5,861	100.0	%

Accounts Receivable, Noncurrent, Credit Quality Indicator

The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of December 31, 2021 and 2020 (dollars in millions):

	Recorded Investment
	Debt Service Ratios						Construction loans
	>1.20x		1.00x – 1.20x		<1.00x				Total		% of Total
December 31, 2021:
Loan-to-Value Ratio
0% – 59.99%	$	3,111	$	238	$	51	$	6	$	3,406	53.8	%
60% – 69.99%	1,906		190		46		—		2,142		33.8
70% – 79.99%	520		41		12		—		573		9.1
80% or greater	148		—		60		—		208		3.3
Total	$	5,685	$	469	$	169	$	6	$	6,329	100.0	%

	Recorded Investment
	Debt Service Ratios						Construction loans
	>1.20x		1.00x – 1.20x		<1.00x				Total		% of Total
December 31, 2020:
Loan-to-Value Ratio
0% – 59.99%	$	2,774	$	106	$	17	$	12	$	2,909	49.6	%
60% – 69.99%	2,013		62		33		—		2,108		36.0
70% – 79.99%	555		49		13		—		617		10.5
80% or greater	189		21		17		—		227		3.9
Total	$	5,531	$	238	$	80	$	12	$	5,861	100.0	%

Financing Receivable Credit Quality Indicators [Table Text Block]

The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of December 31, 2021 and 2020 (dollars in millions):

	Recorded Investment
	Year of Origination
December 31, 2021:	2021		2020		2019		2018		2017		Prior		Total
Internal credit quality grade:
High investment grade	$	725	$	402	$	645	$	461	$	344	$	1,534	$	4,111
Investment grade	367		272		331		301		296		502		2,069
Average	6		—		27		39		5		32		109
Watch list	—		—		—		—		—		4		4
In or near default	—		—		—		—		—		36		36
Total	$	1,098	$	674	$	1,003	$	801	$	645	$	2,108	$	6,329

	Recorded Investment
	Year of Origination
December 31, 2020:	2020		2019		2018		2017		2016		Prior		Total
Internal credit quality grade:
High investment grade	$	411	$	616	$	493	$	336	$	574	$	1,008	$	3,438
Investment grade	352		496		399		407		249		368		2,271
Average	—		—		—		19		37		55		111
Watch list	—		—		—		—		—		4		4
In or near default	—		—		—		—		—		37		37
Total	$	763	$	1,112	$	892	$	762	$	860	$	1,472	$	5,861

Financing Receivable, Past Due

The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of December 31, 2021 and 2020 (dollars in millions):

	2021		2020
Current	$	6,329	$	5,846
31 – 60 days past due	—		15
Total	$	6,329	$	5,861

Allowance For Loan And Lease Losses Provision For Loss Net [Table Text Block]

The following table presents information regarding the Company’s allowance for credit losses for mortgage loans as of December 31, 2021, 2020 and 2019 (dollars in millions):

	2021		2020		2019
Balance, beginning of period	$	64	$	12	$	11
Adoption of new accounting standard	—		14		—
Change in allowance for credit losses	(29)		38		1
Balance, end of period	$	35	$	64	$	12

Schedule of Other Assets [Table Text Block]

arrying values of other invested assets as of December 31, 2021 and 2020 are as follows (dollars in millions):

	2021		2020
Limited partnership interests and real estate joint ventures	$	1,996	$	1,367
Lifetime mortgages	758		935
Derivatives	175		140
FVO contractholder-directed unit-linked investments	52		289
Other	89		98
Total other invested assets	$	3,070	$	2,829