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Investments (Tables)
 12 Months Ended
Dec. 31, 2020
Investments [Abstract]  
Portfolio composition
Portfolio composition
As of December 31,
($ in millions)20202019
Fixed income securities, at fair value$66,354 $59,044 
Equity securities, at fair value4,710 8,162 
Mortgage loans, net4,075 4,817 
Limited partnership interests7,609 8,078 
Short-term investments, at fair value7,800 4,256 
Other, net3,689 4,005 
Total$94,237 $88,362 
Schedule of amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
Amortized
cost, net		Gross unrealized
Fair
value
($ in millions)GainsLosses
December 31, 2020
U.S. government and agencies$3,129 $94 $(1)$3,222 
Municipal8,752 837 (2)9,587 
Corporate47,226 3,981 (65)51,142 
Foreign government1,013 42 — 1,055 
ABS1,260 15 (5)1,270 
MBS71 7 — 78 
Total fixed income securities$61,451 $4,976 $(73)$66,354 
December 31, 2019
U.S. government and agencies$4,971 $141 $(26)$5,086 
Municipal8,080 551 (11)8,620 
Corporate41,090 2,035 (47)43,078 
Foreign government968 16 (5)979 
ABS860 8 (6)862 
MBS324 96 (1)419 
Total fixed income securities$56,293 $2,847 $(96)$59,044 
Schedule for fixed income securities based on contractual maturities
Scheduled maturities for fixed income securities
As of December 31, 2020
($ in millions)Amortized
cost, net
Fair
value
Due in one year or less$3,092 $3,136 
Due after one year through five years24,271 25,587 
Due after five years through ten years22,000 24,018 
Due after ten years10,757 12,265 
60,120 65,006 
ABS and MBS1,331 1,348 
Total$61,451 $66,354 
Realized gain (loss) on investments
Net investment income
For the years ended December 31,
($ in millions)202020192018
Fixed income securities$2,136 $2,175 $2,077 
Equity securities98 206 170 
Mortgage loans220 220 217 
Limited partnership interests338 471 705 
Short-term investments23 102 73 
Other251 262 272 
Investment income, before expense3,066 3,436 3,514 
Investment expense(213)(277)(274)
Net investment income$2,853 $3,159 $3,240 
Gross realized gains (losses) on sales of fixed income securities
For the years ended December 31,
($ in millions)202020192018
Gross realized gains$1,209 $607 $120 
Gross realized losses(221)(132)(347)
The following table presents the net pre-tax appreciation (decline) recognized in net income of equity securities and limited partnership interests carried at fair value that are still held as of December 31, 2020 and 2019, respectively.
Net appreciation (decline) recognized in net income
For the years ended December 31,
($ in millions)20202019
Equity securities$478 $1,073 
Limited partnership interests carried at fair value250 149 
Total
$728 $1,222 
Schedule of realized capital gains and losses by asset type
Realized capital gains (losses) by asset type
For the years ended December 31,
($ in millions)202020192018
Fixed income securities$983 $461 $(237)
Equity securities346 1,210 (594)
Mortgage loans(47)— 2 
Limited partnership interests24 200 (101)
Derivatives53 (15)46 
Other(3)29 7 
Realized capital gains (losses)$1,356 $1,885 $(877)
Schedule of realized capital gains and losses by transaction type
Realized capital gains (losses) by transaction type
For the years ended December 31,
($ in millions)202020192018
Sales$1,017 $575 $(215)
Credit losses (1)
(80)(47)(14)
Valuation of equity investments (2)
366 1,372 (691)
Valuation and settlements of derivative instruments53 (15)43 
Realized capital gains (losses)$1,356 $1,885 $(877)
(1)Due to the adoption of the measurement of credit losses on financial instruments accounting standard, prior period other-than-temporary impairment write-downs are now presented as credit losses.
(2)Includes valuation of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.
Schedule of other-than-temporary impairment losses by asset type
Credit losses recognized in net income (1)
For the years ended December 31,
($ in millions)202020192018
Assets
Fixed income securities:
Corporate$(1)$(7)$(2)
ABS(2)(4)(3)
MBS(2)(3)(5)
Total fixed income securities(5)(14)(10)
Mortgage loans(39)— — 
Limited partnership interests(10)(6)(3)
Other investments
  Bank loans(28)(26)— 
  Agent loans — (1)(1)
Total credit losses by asset type$(82)$(47)$(14)
Liabilities
Commitments to fund commercial mortgage loans, bank loans and agent loans2 — — 
Total $(80)$(47)$(14)
(1)Due to the adoption of the measurement of credit losses on financial instruments accounting standard, realized capital losses previously reported as other-than-temporary impairment write-downs are now presented as credit losses.
Schedule of unrealized net capital gains and losses
Unrealized net capital gains and losses included in AOCI
($ in millions)
Fair
value
Gross unrealizedUnrealized net gains (losses)
December 31, 2020GainsLosses
Fixed income securities$66,354 $4,976 $(73)$4,903 
Short-term investments7,800 — — — 
Derivative instruments— — (3)(3)
EMA limited partnerships (1)
(4)
Unrealized net capital gains and losses, pre-tax4,896 
Amounts recognized for:
Insurance reserves (2)
(496)
DAC and DSI (3)
(364)
Amounts recognized(860)
Deferred income taxes(856)
Unrealized net capital gains and losses, after-tax$3,180 
December 31, 2019
Fixed income securities$59,044 $2,847 $(96)$2,751 
Short-term investments4,256 — — — 
Derivative instruments— — (3)(3)
EMA limited partnerships(4)
Unrealized net capital gains and losses, pre-tax2,744 
Amounts recognized for:
Insurance reserves(126)
DAC and DSI(224)
Amounts recognized(350)
Deferred income taxes(507)
Unrealized net capital gains and losses, after-tax$1,887 
(1)Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of EMA limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable.
(2)The insurance reserves adjustment represents the amount by which the reserve balance would increase if the net unrealized gains in the applicable product portfolios were realized and reinvested at lower interest rates, resulting in a premium deficiency. This adjustment primarily relates to structured settlement annuities with life contingencies (a type of immediate fixed annuity).
(3)The DAC and DSI adjustment balance represents the amount by which the amortization of DAC and DSI would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized.
Schedule of change in unrealized net capital gains and losses
Change in unrealized net capital gains (losses)
 For the years ended December 31,
($ in millions)202020192018
Fixed income securities$2,152 $2,715 $(1,431)
Short-term investments— — — 
Derivative instruments— — (2)
EMA limited partnerships— (4)(1)
Total2,152 2,711 (1,434)
Amounts recognized for:
Insurance reserves(370)(126)315 
DAC and DSI(140)(191)163 
Amounts recognized(510)(317)478 
Deferred income taxes(349)(505)202 
Increase (decrease) in unrealized net capital gains and losses, after-tax$1,293 $1,889 $(754)
Mortgage loans The Company’s mortgage loans are commercial mortgage loans collateralized by a variety of commercial real estate property types located across the United States and totaled $4.08 billion and $4.82 billion, net of credit loss allowance, as of December 31, 2020 and 2019, respectively. Substantially all of the commercial mortgage loans are non-recourse to the borrower.
Principal geographic distribution of commercial real estate exceeding 5% of the mortgage loans portfolio
As of December 31,
(% of mortgage loan portfolio carrying value)20202019
Texas20.6 %16.9 %
California14.6 15.1 
Florida6.8 6.4 
Illinois6.1 7.1 
North Carolina5.1 4.5 
New Jersey3.5 5.6 
Types of properties collateralizing the mortgage loan portfolio
As of December 31,
(% of mortgage loan portfolio carrying value)20202019
Apartment complex37.8 %36.8 %
Office buildings23.2 22.6 
Warehouse14.6 16.8 
Retail13.9 13.4 
Other10.5 10.4 
Total100.0 %100.0 %
Contractual maturities of the mortgage loan portfolio
As of December 31, 2020
($ in millions)Number of loansAmortized cost, netPercent
202128 $277 6.8 %
202225 388 9.5 
202342 556 13.7 
202427 637 15.6 
Thereafter124 2,217 54.4 
Total246 $4,075 100.0 %
Carrying value for limited partnership interests
Carrying value for limited partnership interests
As of December 31, 2020As of December 31, 2019
($ in millions)EMAFair ValueTotalEMAFair Value Total
Private equity$4,417 $1,708 $6,125 $4,463 $1,668 $6,131 
Real estate958 116 1,074 899 142 1,041 
Other (1)
410 — 410 902 4 906 
Total$5,785 $1,824 $7,609 $6,264 $1,814 $8,078 
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
Principal geographic distribution of municipal bond
Principal geographic distribution of municipal bond issuers exceeding 5% of the portfolio
As of December 31,
(% of municipal bond portfolio carrying value)20202019
California12.8 %8.6 %
Texas11.0 12.7 
New York5.3 3.7 
Colorado4.8 5.8 
Washington4.0 5.5 
Schedule of other investments, by type
Other investments by asset type
As of December 31,
($ in millions)20202019
Bank loans, net$1,018 $1,204 
Real estate974 1,005 
Policy loans754 894 
Agent loans, net631 666 
Derivatives and other312 236 
Total$3,689 $4,005 
Allowance for credit loss
Rollforward of credit loss allowance for premium installment receivables
($ in millions)For the year ended December 31, 2020
Beginning balance$(91)
Increase in the provision for credit losses(223)
Write-off of uncollectible premium installment receivable amounts161 
Ending balance$(153)
Allowance for credit losses
($ in millions)December 31, 2020January 1, 2020
Fixed income securities$3 $— 
Mortgage loans67 45 
Other investments
Bank loans67 53 
Agent loans5 5 
Investments142 103 
Premium installment receivables153 91 
Reinsurance recoverables74 74 
Other assets23 18 
Assets392 286 
Commitments to fund mortgage loans, bank loans and agent loans1 3 
Liabilities1 3 
Total$393 $289 
Rollforward of credit loss allowance for fixed income securities
For the year ended
($ in millions)December 31, 2020
Beginning balance$— 
Credit losses on securities for which credit losses not previously reported(5)
Reduction of allowance related to sales2 
Write-offs— 
Ending balance (1)
$(3)
(1)Allowance for fixed income securities as of December 31, 2020 comprised $1 million and $2 million of corporate bonds and ABS, respectively.
Rollforward of credit loss allowance for mortgage loans
($ in millions)
For the year ended December 31, 2020
Beginning balance$(3)
Cumulative effect of change in accounting principle(42)
Net increases related to credit losses
(39)
Reduction of allowance related to sales17 
Write-offs— 
Ending balance$(67)
Rollforward of credit loss allowance for bank loans
For the year ended December 31, 2020
($ in millions)
Beginning balance$— 
Cumulative effect of change in accounting principle(53)
Net increases related to credit losses
(28)
Reduction of allowance related to sales9 
Write-offs5 
Ending balance$(67)
Schedule of gross unrealized losses and fair value of available for sale securities by length of time
Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position
Less than 12 months12 months or more
($ in millions)Number of issuesFair valueUnrealized lossesNumber of issuesFair valueUnrealized lossesTotal unrealized losses
December 31, 2020
Fixed income securities
U.S. government and agencies23 $185 $(1)— $— $— $(1)
Municipal47 148 (2)— — — (2)
Corporate127 1,229 (39)27 187 (26)(65)
Foreign government7 7 — — — — — 
ABS22 160 (2)13 49 (3)(5)
MBS14 — — 67 — — — 
Total fixed income securities240 $1,729 $(44)107 $236 $(29)$(73)
Investment grade fixed income securities163 $1,193 $(13)84 $117 $(17)$(30)
Below investment grade fixed income securities77 536 (31)23 119 (12)(43)
Total fixed income securities240 $1,729 $(44)107 $236 $(29)$(73)
December 31, 2019
Fixed income securities
U.S. government and agencies31 $1,713 $(26)10 $26 $— $(26)
Municipal307 576 (9)1 14 (2)(11)
Corporate186 1,392 (20)65 485 (27)(47)
Foreign government55 412 (4)6 102 (1)(5)
ABS36 193 (2)23 160 (4)(6)
MBS27 15 — 123 14 (1)(1)
Total fixed income securities642 $4,301 $(61)228 $801 $(35)$(96)
Investment grade fixed income securities581 $3,878 $(41)185 $594 $(20)$(61)
Below investment grade fixed income securities61 423 (20)43 207 (15)(35)
Total fixed income securities642 $4,301 $(61)228 $801 $(35)$(96)
Carrying value of non-impaired fixed and variable rate mortgage loans by debt service coverage ratio distribution
Gross unrealized losses by unrealized loss position and credit quality as of December 31, 2020
($ in millions)
Investment
grade
Below investment gradeTotal
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2)
$(15)$(24)$(39)
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4)
(15)(19)(34)
Total unrealized losses$(30)$(43)$(73)
(1)Below investment grade fixed income securities include $17 million that have been in an unrealized loss position for less than twelve months.
(2)Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses.
(3)No below investment grade fixed income securities have been in an unrealized loss position for a period of twelve or more consecutive months.
(4)Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations
Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
December 31, 2020December 31, 2019
($ in millions)2015 and prior 2016201720182019CurrentTotalTotal
Below 1.0$15 $— $— $— $— $— $15 $56 
1.0 - 1.25133 27 36 70 48 24 338 225 
1.26 - 1.50378 41 144 187 333 6 1,089 1,237 
Above 1.501,037 396 283 373 499 112 2,700 3,302 
Amortized cost before allowance$1,563 $464 $463 $630 $880 $142 $4,142 $4,820 
Allowance (1)
(67)(3)
Amortized cost, net$4,075 $4,817 
(1)Due to the adoption of the measurement of credit losses on financial instruments accounting standard, prior valuation allowance is now presented as an allowance for expected credit losses.
Bank loans amortized cost by credit quality and year of origination

Bank loans amortized cost by credit rating and year of origination
($ in millions)
As of December 31, 2020
2015 and prior 2016201720182019CurrentTotal
BBB$— $— $9 $7 $14 $13 $43 
BB20 2 25 58 53 54 212 
B11 23 115 141 122 195 607 
CCC and below 7 16 44 50 74 32 223 
Amortized cost before allowance$38 $41 $193 $256 $263 $294 $1,085 
Allowance (67)
Amortized cost, net$1,018