Document and Entity Information
Document and Entity Information - shares shares in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Oct. 31, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-Q | ||
Document Period End Date | Sep. 30, 2021 | ||
Amendment Flag | false | ||
Document Quarterly Report | true | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | Q3 | ||
Document Transition Report | false | ||
Entity File Number | 001-16707 | ||
Entity Registrant Name | Prudential Financial, Inc. | ||
Entity Central Index Key | 0001137774 | ||
Entity Incorporation, State or Country Code | NJ | ||
Entity Tax Identification Number | 22-3703799 | ||
Entity Address, Address Line One | 751 Broad Street | ||
Entity Address, City or Town | Newark | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07102 | ||
City Area Code | 973 | ||
Local Phone Number | 802-6000 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 378 | ||
Common Class A | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, Par Value $.01 | ||
Trading Symbol | PRU | ||
Security Exchange Name | NYSE | ||
5.625% Junior Subordinated Notes | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 5.625% Junior Subordinated Notes | ||
Trading Symbol | PRS | ||
Security Exchange Name | NYSE | ||
4.125% Junior Subordinated Notes | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 4.125% Junior Subordinated Notes | ||
Trading Symbol | PFH | ||
Security Exchange Name | NYSE |
Unaudited Interim Consolidated
Unaudited Interim Consolidated Statements of Financial Position - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | ||
ASSETS | ||||
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2021-$92; 2020-$133) (amortized cost: 2021-$332,957; 2020-$354,470) | [1] | $ 373,252 | $ 412,905 | |
Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses (allowance for credit losses: 2021-$6; 2020-$9) (fair value: 2021-$1,956; 2020-$2,298) | [1] | 1,644 | 1,930 | |
Fixed maturities, trading, at fair value (amortized cost: 2021-$9,583; 2020-$3,670) | [1] | 9,548 | 3,914 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 3,424 | 24,115 | ||
Equity securities, at fair value (cost: 2021-$5,100; 2020-$5,968) | [1] | 7,727 | 8,135 | |
Commercial mortgage and other loans (net of $117 and $235 allowance for credit losses; includes $1,106 and $1,092 of loans measured at fair value under the fair value option at September 30, 2021 and December 31, 2020, respectively) | [1] | 57,786 | 65,425 | |
Policy loans | 10,471 | 11,271 | ||
Other invested assets (net of $2 and $2 allowance for credit losses; includes $6,965 and $6,407 of assets measured at fair value at September 30, 2021 and December 31, 2020, respectively) | [1] | 20,205 | 18,125 | |
Short-term investments | [1] | 4,733 | 7,800 | |
Total investments | 488,790 | 553,620 | ||
Cash and cash equivalents | [1] | 15,605 | 13,701 | |
Accrued investment income | [1] | 2,808 | 3,193 | |
Deferred policy acquisition costs | 18,067 | 19,027 | ||
Value of business acquired | 815 | 1,103 | ||
Assets held-for-sale | 143,910 | [2] | 0 | |
Other assets (net of allowance for credit losses: 2021-$16; 2020-$11) | [1] | 20,735 | 22,801 | |
Separate account assets | 241,852 | 327,277 | ||
TOTAL ASSETS | 932,582 | 940,722 | ||
LIABILITIES | ||||
Future policy benefits | 291,721 | 306,343 | ||
Policyholders’ account balances | 122,337 | 161,682 | ||
Policyholders’ dividends | 8,448 | 9,524 | ||
Securities sold under agreements to repurchase | 9,899 | 10,894 | ||
Cash collateral for loaned securities | 4,382 | 3,499 | ||
Income taxes | 10,540 | 12,022 | ||
Short-term debt | 909 | 925 | ||
Long-term debt | 18,687 | 19,718 | ||
Liabilities held-for-sale | 140,736 | [2] | 0 | |
Other liabilities (net of allowance for credit losses: 2021-$21; 2020-$20 ) | [1] | 20,230 | 20,323 | |
Separate account liabilities | 241,852 | 327,277 | ||
Total liabilities | 870,023 | 872,512 | ||
COMMITMENTS AND CONTINGENT LIABILITIES | ||||
EQUITY | ||||
Preferred Stock ($0.01 par value; 10,000,000 shares authorized; none issued) | 0 | 0 | ||
Common Stock ($0.01 par value; 1,500,000,000 shares authorized; 666,305,189 shares issued as of both September 30, 2021 and December 31, 2020) | 6 | 6 | ||
Additional paid-in capital | 25,680 | 25,584 | ||
Common Stock held in treasury, at cost (287,361,658 and 269,867,738 shares at September 30, 2021 and December 31, 2020, respectively) | (21,522) | (19,652) | ||
Accumulated other comprehensive income (loss) | 21,836 | 30,738 | ||
Retained earnings | 35,887 | 30,749 | ||
Total Prudential Financial, Inc. equity | 61,887 | 67,425 | ||
Noncontrolling interests | 672 | 785 | ||
Total equity | 62,559 | 68,210 | ||
TOTAL LIABILITIES AND EQUITY | 932,582 | 940,722 | ||
Consolidated VIEs for Which the Company is the Investment Manager | ||||
ASSETS | ||||
TOTAL ASSETS | 4,716 | 4,292 | ||
LIABILITIES | ||||
Total liabilities | 847 | 561 | ||
Notes Issued by Consolidated VIEs | Consolidated VIEs for Which the Company is the Investment Manager | ||||
LIABILITIES | ||||
Total liabilities | [1] | $ 282 | $ 305 | |
[1] | See Note 4 for details of balances associated with variable interest entities. | |||
[2] | See Note 1 for details of the assets and liabilities classified as “held-for-sale” as of September 30, 2021. |
Unaudited Interim Consolidate_2
Unaudited Interim Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Fixed Maturities, AFS, allowance for credit losses | $ 92 | $ 133 | |
Debt Securities, Available-for-sale, Amortized Cost | 332,957 | 354,470 | |
Fixed Maturities, HTM, allowance for credit losses | 6 | 9 | |
Debt Securities, Held-to-maturity, Fair Value | 1,956 | 2,298 | |
Fixed Maturities, Trading, amortized cost | 9,583 | 3,670 | |
Equity securities, AFS, amortized cost | 5,100 | 5,968 | |
Commercial mortgage and other loans, allowance for credit losses | 117 | 235 | |
Commercial mortgage and other loans | [1] | 57,786 | 65,425 |
Other invested assets, allowance for credit losses | [1] | 20,205 | 18,125 |
Other invested assets, at fair value | 6,965 | 6,407 | |
Other liabilities, allowance for credit losses | [1] | $ 20,230 | $ 20,323 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred Stock, shares issued | 0 | 0 | |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common Stock, shares authorized | 1,500,000,000 | 1,500,000,000 | |
Common Stock, Shares, Issued | 666,305,189 | 666,305,189 | |
Treasury Stock, Shares | 287,361,658 | 269,867,738 | |
Fair value option | |||
Commercial mortgage and other loans | $ 1,106 | $ 1,092 | |
Leveraged lease loans | |||
Other invested assets, allowance for credit losses | 2 | 2 | |
ASU 2016-13 | |||
Short-term investments, allowance for credit losses | 0 | 1 | |
Other assets, allowance for credit losses | 16 | 11 | |
Other liabilities, allowance for credit losses | $ 21 | $ 20 | |
[1] | See Note 4 for details of balances associated with variable interest entities. |
Unaudited Interim Consolidate_3
Unaudited Interim Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
REVENUES | ||||
Premiums | $ 13,193 | $ 7,482 | $ 27,515 | $ 22,839 |
Policy charges and fee income | 1,570 | 1,464 | 4,460 | 4,476 |
Net investment income | 4,717 | 4,446 | 13,651 | 12,834 |
Asset management and service fees | 1,229 | 1,120 | 3,603 | 3,144 |
Other income (loss) | 500 | 992 | 2,135 | (125) |
Realized investment gains (losses), net | 432 | (79) | 3,146 | (2,164) |
Total revenues | 21,641 | 15,425 | 54,510 | 41,004 |
BENEFITS AND EXPENSES | ||||
Policyholders' benefits | 14,401 | 8,312 | 30,126 | 25,768 |
Interest credited to policyholders' account balances | 917 | 1,151 | 2,759 | 3,375 |
Dividends to policyholders | 602 | 554 | 2,039 | 1,008 |
Amortization of deferred policy acquisition costs | 529 | 638 | 1,662 | 1,882 |
General and administrative expenses | 3,386 | 3,323 | 9,931 | 10,194 |
Total benefits and expenses | 19,835 | 13,978 | 46,517 | 42,227 |
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | 1,806 | 1,447 | 7,993 | (1,223) |
Total income tax expense (benefit) | 259 | (50) | 1,504 | 7 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 1,547 | 1,497 | 6,489 | (1,230) |
Equity in earnings of operating joint ventures, net of taxes | 18 | 10 | 63 | 62 |
NET INCOME (LOSS) | 1,565 | 1,507 | 6,552 | (1,168) |
Less: Income (loss) attributable to noncontrolling interests | 35 | 20 | 36 | 25 |
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. | $ 1,530 | $ 1,487 | $ 6,516 | $ (1,193) |
Basic earnings per share-Common Stock: | ||||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ 3.92 | $ 3.72 | $ 16.44 | $ (3.06) |
Diluted earnings per share-Common Stock: | ||||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ 3.90 | $ 3.70 | $ 16.32 | $ (3.06) |
Unaudited Interim Consolidate_4
Unaudited Interim Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME (LOSS) | $ 1,565 | $ 1,507 | $ 6,552 | $ (1,168) |
Other comprehensive income (loss), before tax: | ||||
Foreign currency translation adjustments for the period | (160) | 329 | (889) | 122 |
Net unrealized investment gains (losses) | (1,740) | (1,853) | (10,515) | 6,894 |
Defined benefit pension and postretirement unrecognized periodic benefit (cost) | 69 | 74 | 239 | 218 |
Total | (1,831) | (1,450) | (11,165) | 7,234 |
Less: Income tax expense (benefit) related to other comprehensive income (loss) | (397) | (620) | (2,254) | 1,265 |
Other comprehensive income (loss), net of taxes | (1,434) | (830) | (8,911) | 5,969 |
Comprehensive income (loss) | 131 | 677 | (2,359) | 4,801 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 42 | 26 | 27 | 32 |
Comprehensive income (loss) attributable to Prudential Financial, Inc. | $ 89 | $ 651 | $ (2,386) | $ 4,769 |
Unaudited Interim Consolidate_5
Unaudited Interim Consolidated Statements of Equity - USD ($) $ in Millions | Total | Cumulative effect of adoption of accounting changes | [1] | Common Stock Held in Treasury | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsCumulative effect of adoption of accounting changes | [1] | Common Stock Held in Treasury | Common Stock Held in TreasuryCommon Stock | Accumulated Other Comprehensive Income (Loss) | Total Prudential Financial, Inc. Equity | Total Prudential Financial, Inc. EquityCumulative effect of adoption of accounting changes | [1] | Noncontrolling Interests |
Balance at Dec. 31, 2019 | $ 63,719 | $ (99) | $ 6 | $ 25,532 | $ 32,991 | $ (99) | $ (19,453) | $ 24,039 | $ 63,115 | $ (99) | $ 604 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Common Stock acquired | (500) | (500) | (500) | |||||||||||||
Contributions from noncontrolling interests | 31 | 31 | ||||||||||||||
Distributions to noncontrolling interests | (11) | (11) | ||||||||||||||
Stock-based compensation programs | 86 | (26) | 112 | 86 | ||||||||||||
Dividends declared on Common Stock | (445) | (445) | (445) | |||||||||||||
Comprehensive income: | ||||||||||||||||
Net income (loss) | (270) | (271) | (271) | 1 | ||||||||||||
Other comprehensive income (loss), net of tax | (1,439) | (1,439) | (1,439) | 0 | ||||||||||||
Total comprehensive income (loss) | (1,709) | (1,710) | 1 | |||||||||||||
Balance at Mar. 31, 2020 | 61,072 | 6 | 25,506 | 32,176 | (19,841) | 22,600 | 60,447 | 625 | ||||||||
Balance at Dec. 31, 2019 | 63,719 | $ (99) | 6 | 25,532 | 32,991 | $ (99) | (19,453) | 24,039 | 63,115 | $ (99) | 604 | |||||
Comprehensive income: | ||||||||||||||||
Net income (loss) | (1,168) | |||||||||||||||
Other comprehensive income (loss), net of tax | 5,969 | |||||||||||||||
Total comprehensive income (loss) | 4,801 | |||||||||||||||
Balance at Sep. 30, 2020 | 66,890 | 6 | 25,563 | 30,372 | $ (19,725) | 30,001 | 66,217 | 673 | ||||||||
Balance at Mar. 31, 2020 | 61,072 | 6 | 25,506 | 32,176 | (19,841) | 22,600 | 60,447 | 625 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Contributions from noncontrolling interests | 4 | 4 | ||||||||||||||
Distributions to noncontrolling interests | (23) | (23) | ||||||||||||||
Stock-based compensation programs | 63 | 7 | 56 | 63 | ||||||||||||
Dividends declared on Common Stock | (441) | (441) | (441) | |||||||||||||
Comprehensive income: | ||||||||||||||||
Net income (loss) | (2,405) | (2,409) | (2,409) | 4 | ||||||||||||
Other comprehensive income (loss), net of tax | 8,238 | 8,237 | 8,237 | 1 | ||||||||||||
Total comprehensive income (loss) | 5,833 | 5,828 | 5 | |||||||||||||
Balance at Jun. 30, 2020 | 66,508 | 6 | 25,513 | 29,326 | (19,785) | 30,837 | 65,897 | 611 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Contributions from noncontrolling interests | 50 | (50) | ||||||||||||||
Distributions to noncontrolling interests | (14) | 14 | ||||||||||||||
Stock-based compensation programs | 110 | 50 | 60 | 110 | ||||||||||||
Dividends declared on Common Stock | (441) | (441) | 441 | |||||||||||||
Comprehensive income: | ||||||||||||||||
Net income (loss) | 1,507 | 1,487 | 1,487 | 20 | ||||||||||||
Other comprehensive income (loss), net of tax | (830) | (836) | (836) | 6 | ||||||||||||
Total comprehensive income (loss) | 677 | 651 | 26 | |||||||||||||
Balance at Sep. 30, 2020 | 66,890 | 6 | 25,563 | 30,372 | $ (19,725) | 30,001 | 66,217 | 673 | ||||||||
Balance at Dec. 31, 2020 | 68,210 | 6 | 25,584 | 30,749 | (19,652) | 30,738 | 67,425 | 785 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Common Stock acquired | (375) | (375) | (375) | |||||||||||||
Contributions from noncontrolling interests | 3 | 3 | ||||||||||||||
Distributions to noncontrolling interests | (6) | (6) | ||||||||||||||
Stock-based compensation programs | 144 | (5) | 149 | 144 | ||||||||||||
Dividends declared on Common Stock | (467) | (467) | (467) | |||||||||||||
Comprehensive income: | ||||||||||||||||
Net income (loss) | 2,804 | 2,828 | 2,828 | (24) | ||||||||||||
Other comprehensive income (loss), net of tax | (11,537) | (11,519) | (11,519) | (18) | ||||||||||||
Total comprehensive income (loss) | (8,733) | (8,691) | (42) | |||||||||||||
Balance at Mar. 31, 2021 | 58,776 | 6 | 25,579 | 33,110 | (19,878) | 19,219 | 58,036 | 740 | ||||||||
Balance at Dec. 31, 2020 | 68,210 | 6 | 25,584 | 30,749 | (19,652) | 30,738 | 67,425 | 785 | ||||||||
Comprehensive income: | ||||||||||||||||
Net income (loss) | 6,552 | |||||||||||||||
Other comprehensive income (loss), net of tax | (8,911) | |||||||||||||||
Total comprehensive income (loss) | (2,359) | |||||||||||||||
Balance at Sep. 30, 2021 | 62,559 | 6 | 25,680 | 35,887 | (21,522) | 21,836 | 61,887 | 672 | ||||||||
Balance at Mar. 31, 2021 | 58,776 | 6 | 25,579 | 33,110 | (19,878) | 19,219 | 58,036 | 740 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Common Stock acquired | (875) | (875) | (875) | |||||||||||||
Contributions from noncontrolling interests | 9 | 9 | ||||||||||||||
Distributions to noncontrolling interests | (22) | (22) | ||||||||||||||
Consolidations (deconsolidations) of noncontrolling interests | (118) | (118) | ||||||||||||||
Stock-based compensation programs | 131 | $ 66 | 65 | 131 | ||||||||||||
Dividends declared on Common Stock | (460) | (460) | (460) | |||||||||||||
Comprehensive income: | ||||||||||||||||
Net income (loss) | 2,183 | 2,158 | 2,158 | 25 | ||||||||||||
Other comprehensive income (loss), net of tax | 4,060 | 4,058 | 4,058 | 2 | ||||||||||||
Total comprehensive income (loss) | 6,243 | 6,216 | 27 | |||||||||||||
Balance at Jun. 30, 2021 | 63,684 | 6 | 25,644 | 34,808 | (20,687) | 23,277 | 63,048 | 636 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Common Stock acquired | (875) | (875) | (875) | |||||||||||||
Contributions from noncontrolling interests | 16 | 16 | ||||||||||||||
Distributions to noncontrolling interests | (22) | (22) | ||||||||||||||
Stock-based compensation programs | 76 | 36 | 40 | 76 | ||||||||||||
Dividends declared on Common Stock | (451) | (451) | (451) | |||||||||||||
Comprehensive income: | ||||||||||||||||
Net income (loss) | 1,565 | 1,530 | 1,530 | 35 | ||||||||||||
Other comprehensive income (loss), net of tax | (1,434) | (1,441) | (1,441) | 7 | ||||||||||||
Total comprehensive income (loss) | 131 | 89 | 42 | |||||||||||||
Balance at Sep. 30, 2021 | $ 62,559 | $ 6 | $ 25,680 | $ 35,887 | $ (21,522) | $ 21,836 | $ 61,887 | $ 672 | ||||||||
[1] | Includes the impact from the adoption of ASU 2016-13. See Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional information. |
Unaudited Interim Consolidate_6
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ 6,552 | $ (1,168) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Realized investment (gains) losses, net | (3,146) | 2,164 | |
Policy charges and fee income | (1,730) | (1,995) | |
Interest credited to policyholders’ account balances | 2,759 | 3,375 | |
Depreciation and amortization | 87 | 448 | |
(Gains) losses on assets supporting experience-rated contractholder liabilities, net | 167 | (393) | |
Change in: | |||
Deferred policy acquisition costs | (287) | (206) | |
Future policy benefits and other insurance liabilities | 5,779 | 7,656 | |
Income taxes | 506 | (331) | |
Derivatives, net | (2,893) | 6,477 | |
Other, net | (1,315) | (3,146) | |
Cash flows from (used in) operating activities | 6,479 | 12,881 | |
Proceeds from the sale/maturity/prepayment of: | |||
Fixed maturities, available-for-sale | 48,950 | 31,989 | |
Fixed maturities, held-to-maturity | 155 | 76 | |
Fixed maturities, trading | 2,357 | 444 | |
Assets supporting experience-rated contractholder liabilities | 13,878 | 22,534 | |
Equity securities | 3,463 | 1,974 | |
Commercial mortgage and other loans | 5,506 | 3,629 | |
Policy loans | 1,591 | 1,862 | |
Other invested assets | 2,151 | 1,376 | |
Short-term investments | 24,692 | 35,401 | |
Payments for the purchase/origination of: | |||
Fixed maturities, available-for-sale | (46,831) | (39,692) | |
Fixed maturities, trading | (5,525) | (869) | |
Assets supporting experience-rated contractholder liabilities | (15,187) | (24,390) | |
Equity securities | (2,959) | (2,025) | |
Commercial mortgage and other loans | (5,624) | (3,913) | |
Policy loans | (924) | (1,700) | |
Other invested assets | (2,434) | (2,089) | |
Short-term investments | (21,641) | (40,009) | |
Dispositions, net of cash disposed | 132 | 1,454 | |
Derivatives, net | (622) | 434 | |
Other, net | (531) | (225) | |
Cash flows from (used in) investing activities | 597 | (13,739) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Policyholders’ account deposits | 23,582 | 33,268 | |
Policyholders’ account withdrawals | (22,131) | (26,944) | |
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities | (110) | 50 | |
Cash dividends paid on Common Stock | (1,374) | (1,325) | |
Net change in financing arrangements (maturities 90 days or less) | 108 | (56) | |
Common Stock acquired | (2,097) | (500) | |
Common Stock reissued for exercise of stock options | 150 | 106 | |
Proceeds from the issuance of debt (maturities longer than 90 days) | 73 | 2,948 | |
Repayments of debt (maturities longer than 90 days) | (1,167) | (2,113) | |
Repayments of notes issued by consolidated VIEs | 0 | (19) | |
Other, net | (561) | (349) | |
Cash flows from (used in) financing activities | (3,527) | 5,066 | |
Effect of foreign exchange rate changes on cash balances | (252) | 122 | |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS INCLUDING BALANCES CLASSIFIED AS HELD-FOR-SALE | 3,297 | 4,330 | |
NET CHANGE IN CASH BALANCES CLASSIFIED AS HELD-FOR-SALE | 1,499 | 0 | |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS | 1,798 | 4,330 | |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR | 13,855 | 16,474 | |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD | 15,653 | 20,804 | |
HELD-FOR-SALE CLASSIFICATION | |||
Assets held-for-sale | 143,910 | [1] | 0 |
Liabilities held-for-sale | 140,736 | [1] | 0 |
Net Assets classified as Held-for-Sale | 3,174 | [1] | 0 |
NON-CASH TRANSACTIONS DURING THE PERIOD | |||
Treasury Stock shares issued for stock-based compensation programs | 135 | 147 | |
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||
Cash and cash equivalents | 15,605 | [2] | 20,658 |
Restricted cash and restricted cash equivalents (included in “Other assets”) | 48 | 146 | |
Total cash, cash equivalents, restricted cash and restricted cash equivalents | 15,653 | 20,804 | |
Pension Risk Transfer | |||
NON-CASH TRANSACTIONS DURING THE PERIOD | |||
Assets Received, excluding cash and cash equivalents | 5,377 | 317 | |
Liabilities Assumed | 6,397 | 584 | |
Net cash received | $ 1,020 | $ 267 | |
[1] | See Note 1 for details of the assets and liabilities classified as “held-for-sale” as of September 30, 2021. | ||
[2] | See Note 4 for details of balances associated with variable interest entities. |
Business and Basis of Presentat
Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | BUSINESS AND BASIS OF PRESENTATION Prudential Financial, Inc. (“Prudential Financial”) and its subsidiaries (collectively, “Prudential” or the “Company”) provide a wide range of insurance, investment management, and other financial products and services to both individual and institutional customers throughout the United States and in many other countries. Principal products and services provided include life insurance, annuities, retirement-related services, mutual funds and investment management. The Company’s principal operations consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement, Group Insurance, Individual Annuities, Individual Life and Assurance IQ businesses), the International Businesses, the Closed Block division, and the Company’s Corporate and Other operations. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included in Corporate and Other operations. Divested and Run-off Businesses consist of businesses that have been, or will be, sold or exited, including businesses that have been placed in wind-down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP. The Company’s Corporate and Other operations include corporate items and initiatives that are not allocated to business segments as well as the Divested and Run-off Businesses described above. Basis of Presentation The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of Prudential Financial, entities over which the Company exercises control, including majority-owned subsidiaries and minority-owned entities such as limited partnerships in which the Company is the general partner and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. See Note 4 for additional information on the Company’s consolidated variable interest entities. Intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining deferred policy acquisition costs (“DAC”) and related amortization; policyholders’ account balances related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; value of business acquired (“VOBA”) and its amortization; amortization of deferred sales inducements (“DSI”); measurement of goodwill and any related impairment; valuation of investments including derivatives, measurement of allowance for credit losses, and the recognition of other-than-temporary impairments (“OTTI”); future policy benefits including guarantees; pension and other postretirement benefits; provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters. Reclassifications Certain amounts in prior periods have been reclassified to conform to the current period presentation. COVID-19 Since the first quarter of 2020, the novel coronavirus (“COVID-19”) has resulted in extreme stress and disruption in the global economy and financial markets. While markets have rebounded, the pandemic has adversely impacted, and may continue to adversely impact, the Company’s results of operations, financial condition and cash flows. Due to the highly uncertain nature of these conditions, it is not possible to estimate the ultimate impacts at this time. The risks may have manifested, and may continue to manifest, in the Company’s financial statements in the areas of, among others, i) investments: increased risk of loss on our investments due to default or deterioration in credit quality or value; and ii) insurance liabilities and related balances: potential changes to assumptions regarding investment returns, mortality, morbidity and policyholder behavior which are reflected in our insurance liabilities and certain related balances (e.g., DAC, VOBA, etc.). The Company cannot predict what impact the COVID-19 pandemic will ultimately have on its businesses. Business Dispositions Prudential Annuities Life Assurance Corporation, Representing a Portion of Individual Annuities’ Traditional Variable Annuity Block of Business In September 2021, the Company entered into a definitive agreement to sell its equity interest in Prudential Annuities Life Assurance Corporation (“PALAC”), which represents a portion of its in-force traditional variable annuity block of business, to Fortitude Group Holdings, LLC. The transaction has a total value of approximately $2.2 billion, comprising the sales price for PALAC, a pre-closing net capital release to the Company and the expected tax impact from the sale. The PALAC block primarily consists of non-New York traditional variable annuities with guaranteed living benefits that were issued prior to 2011, which constitute approximately $30 billion or 18% of Prudential’s total in-force individual annuity account values as of September 30, 2021. The Company will retain, through a reinsurance agreement, its interest in all FlexGuard products and all fixed annuities and fixed indexed annuities remaining in PALAC. The Company expects to record a gain on the sale of the business upon the closing of the transaction, which is expected to occur in the first half of 2022, subject to the receipt of regulatory approvals and the satisfaction of customary closing conditions. Beginning with the third quarter of 2021, the Company is reporting the assets and liabilities of this block of business as “held-for-sale” with results continuing to be reported within the Individual Annuities segment. Full Service Retirement Business In July 2021, the Company entered into a definitive agreement with Great-West Life & Annuity Insurance Company (“Great-West”) pursuant to which the Company has agreed to sell to Great-West the Company’s Full Service Retirement business, primarily through a combination of (i) the sale of all of the outstanding equity interests of certain legal entities, including Prudential Retirement Insurance and Annuity Company (“PRIAC”); (ii) the ceding of certain insurance policies through reinsurance; and (iii) the sale, transfer and/or novation of certain in-scope contracts and brokerage accounts. The Company expects to record a gain on the sale of the business upon the closing of the transaction, which is expected to occur by the end of the first quarter of 2022, subject to the receipt of regulatory approvals and the satisfaction of customary closing conditions. Total proceeds from the sale are expected to be approximately $2.8 billion, which includes cash consideration for the sale of PRIAC, ceding commission for the reinsured business and capital available to be released from PICA. Separately, the Company expects to incur approximately $400 million of taxes and transaction related costs. Beginning with the third quarter of 2021, the Company is reporting the assets and liabilities of the Full Service Retirement business as “held-for-sale” and has transferred the results of this business to Divested and Run-off Businesses within Corporate and Other operations. All prior period amounts have been restated, which impacts both segment reporting and adjusted operating income, but does not impact results reported under GAAP. The Full Service Retirement business generated pre-tax income of $18 million and $117 million for the three and nine months ended September 30, 2021, respectively, and pre-tax income of $49 million and $158 million for the three and nine months ended September 30, 2020, respectively. These amounts exclude the impacts of overhead costs, retained in the Company’s Corporate and Other operations, that will not be transferred to the buyer or eliminated with the sale. The table below reflects the carrying amounts of assets and liabilities held-for-sale related to the pending dispositions described above: September 30, 2021 Retirement Individual Total (in millions) Assets held-for-sale(1): Fixed maturities, available-for-sale, at fair value $ 5,062 $ 10,581 $ 15,643 Fixed maturities, trading, at fair value 383 342 725 Assets supporting experience-rated contractholder liabilities, at fair value 18,031 0 18,031 Equity securities 0 236 236 Commercial mortgage and other loans(2) 5,503 2,036 7,539 Policy loans 0 12 12 Other invested assets 64 96 160 Short-term investments 6 91 97 Cash and cash equivalents 86 1,413 1,499 Accrued investment income 159 74 233 Deferred policy acquisition costs 102 1,051 1,153 Value of business acquired 186 29 215 Other assets 812 1,179 1,991 Separate account assets 64,460 31,916 96,376 Total assets held-for-sale $ 94,854 $ 49,056 $ 143,910 Liabilities held-for-sale(1): Future policy benefits $ 111 $ 4,651 $ 4,762 Policyholders’ account balances 28,186 10,719 38,905 Cash collateral for loaned securities 3 0 3 Other liabilities 414 276 690 Separate account liabilities 64,460 31,916 96,376 Total liabilities held-for-sale $ 93,174 $ 47,562 $ 140,736 __________ (1) Under the terms of the sales agreements, certain of these assets and liabilities held-for-sale may be subject to capital transactions or substituted for other similar items prior to the closing of each transaction. (2) Net of allowance for credit losses of $12 million as of September 30, 2021. The Prudential Life Insurance Company of Taiwan Inc. In June 2021, Prudential International Insurance Holdings, Ltd. (“PIIH”), a subsidiary of Prudential Financial, completed the sale of The Prudential Life Insurance Company of Taiwan Inc. (“POT”) to Taishin Financial Holding Co, Ltd. (the “Buyer”) for cash consideration of approximately NT5.5 billion, equal to approximately $200 million at then current exchange rates, and contingent consideration with a fair value of approximately $21 million as of September 30, 2021. The fair value of the contingent consideration is tied to the level of yields for the 10-year Taiwanese Government bond for two years after the signing of the transaction and can result in a maximum payout of $100 million if yields increase by 40 basis points. In connection with the transaction, the Company recognized a liability with a fair value of approximately $34 million as of September 30, 2021, representing its financial guarantee of certain insurance obligations of POT. The after-tax loss on the sale of POT was approximately $400 million, of which approximately $350 million was recorded during 2020, and approximately $40 million and $10 million were recorded during the first and second quarters of 2021, respectively. Prior to the sale, in the third quarter of 2020, the Company transferred the results of POT and the anticipated impact of its sale from the International Businesses segment to Divested and Run-off Businesses within Corporate & Other operations. Prior period amounts were restated at that time, which impacted both segment reporting and adjusted operating income, but did not impact results reported under GAAP. Results for the nine months ended September 30, 2020 contained herein reflect this restatement. Pramerica SGR (PGIM Italy Joint Venture) In March 2021, the Company sold its 35% ownership stake in Pramerica SGR, PGIM’s asset management joint venture in Italy, to its partner UBI Banca, which was acquired in 2020 by Intesa Sanpaolo Group. The after-tax gain on the sale of Pramerica SGR was approximately $330 million, which was recognized in adjusted operating income in the first quarter of 2021. The Prudential Life Insurance Company of Korea, Ltd. In August 2020, PIIH completed the sale of The Prudential Life Insurance Company of Korea, Ltd. (“POK”) to KB Financial Group Inc., for cash consideration of approximately ₩2.3 trillion, equal to approximately $1.9 billion. The Company recognized an approximate $800 million after-tax loss on the transaction in 2020. Prior to the sale, in the second quarter of 2020, the Company transferred the results of POK and the anticipated impact of its sale from the International Businesses segment to Divested and Run-off Businesses within Corporate & Other operations. Prior period amounts were restated at that time, which impacted both segment reporting and adjusted operating income, but did not impact results reported under GAAP. Results for the nine months ended September 30, 2020 contained herein reflect this restatement. |
Significant Accounting Policies
Significant Accounting Policies and Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Pronouncements | SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of September 30, 2021, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material. ASU issued but not yet adopted as of September 30, 2021 — ASU 2018-12 ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts , was issued by the FASB on August 15, 2018. In October 2019, the FASB issued ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date to affirm its decision to defer the effective date of ASU 2018-12 to January 1, 2022 (with early adoption permitted), representing a one year extension from the original effective date of January 1, 2021. As a result of the COVID-19 pandemic, in November 2020 the FASB issued ASU 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application to defer for an additional one year the effective date of ASU 2018-12 from January 1, 2022 to January 1, 2023, and to provide transition relief to facilitate the early adoption of the ASU. The transition relief would allow large calendar-year public companies that early adopt ASU 2018-12 to apply the guidance either as of January 1, 2020 or January 1, 2021 (and record transition adjustments as of January 1, 2020 or January 1, 2021, respectively) in the 2022 financial statements. Companies that do not early adopt ASU 2018-12 would apply the guidance as of January 1, 2021 (and record transition adjustments as of January 1, 2021) in the 2023 financial statements. The Company currently intends to adopt ASU 2018-12 effective January 1, 2023 using the modified retrospective transition method where permitted. ASU 2018-12 will impact, at least to some extent, the accounting and disclosure requirements for all long-duration insurance and investment contracts issued by the Company. The Company expects the standard to have a significant financial impact on the Consolidated Financial Statements and it requires significantly enhanced disclosures. In addition to the significant impacts to the balance sheet upon adoption, the Company also expects an impact to the pattern of earnings emergence following the transition date. Outlined below are four key areas of change, although there are other less significant changes not noted below. ASU 2018-12 Amended Topic Description Method of adoption Effect on the financial statements or other significant matters Cash flow assumptions used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance products Requires an entity to review and, if necessary, update the cash flow assumptions used to measure the liability for future policy benefits, for both changes in future assumptions and actual experience, at least annually using a retrospective update method with a cumulative catch-up adjustment recorded in a separate line item in the Consolidated Statements of Operations. An entity may choose one of two adoption methods for the liability for future policy benefits: (1) a modified retrospective transition method whereby the entity may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in Accumulated other comprehensive income (loss) (“AOCI”) or (2) a full retrospective transition method. The Company currently intends to adopt this guidance effective January 1, 2023 using the modified retrospective transition method. The impacts of electing such method are currently under assessment. Discount rate assumption used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance products Requires discount rate assumptions to be based on an upper-medium grade fixed income instrument yield, which will be updated each quarter with the impact recorded through OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the discount rate assumptions. As noted above, an entity may choose either a modified retrospective transition method or full retrospective transition method for the liability for future policy benefits. Under either method, for balance sheet remeasurement purposes, the liability for future policy benefits will be remeasured using current discount rates as of either the beginning of the prior year (if early adoption is elected) or the beginning of the earliest period presented with the impact recorded as a cumulative effect adjustment to AOCI. As noted above, the Company currently intends to adopt the guidance for the liability for future policy benefits effective January 1, 2023 using the modified retrospective transition method. Upon adoption, there will be an adjustment to AOCI as a result of remeasuring in-force contract liabilities using current upper-medium grade fixed income instrument yields. The adjustment upon adoption will largely reflect the difference between discount rates locked-in at contract inception versus current discount rates at transition. The magnitude of such adjustment is currently being assessed. Amortization of deferred acquisition costs (DAC) and other balances Requires DAC and other balances, such as unearned revenue reserves and DSI, to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability. An entity may apply one of two adoption methods: (1) a modified retrospective transition method whereby the entity may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI or (2) if an entity chooses a full retrospective transition method for its liability for future policy benefits, as described above, it is required to also use a full retrospective transition method for DAC and other balances. The Company currently intends to adopt this guidance effective January 1, 2023 using the modified retrospective transition method. Under the modified retrospective transition method, the Company would not expect a significant impact to the balance sheet, other than the impact of the removal of any related amounts in AOCI. Market Risk Benefits (“MRB”) Requires an entity to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value, and record MRB assets and liabilities separately on the Consolidated Statements of Financial Position. Changes in fair value of market risk benefits are recorded in net income, except for the portion of the change in MRB liabilities attributable to changes in an entity’s non-performance risk (“NPR”), which is recognized in OCI. An entity shall adopt the guidance for market risk benefits using the retrospective transition method, which includes a cumulative effect adjustment on the balance sheet as of either the beginning of prior year (if early adoption is elected) or the beginning of the earliest period presented. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the balance of the market risk benefits upon adoption. The Company currently intends to adopt this guidance effective January 1, 2023 using the retrospective transition method. Upon adoption, the Company expects an impact to retained earnings for the difference between the fair value and carrying value of benefits not currently measured at fair value (e.g., guaranteed minimum death benefits on variable annuities) and an impact from reclassifying the cumulative effect of changes in NPR from retained earnings to AOCI. The magnitude of such adjustments is currently being assessed. Modifications related to COVID-19 We assess modifications to certain fixed income instruments on a case-by-case basis to evaluate whether a troubled debt restructuring ("TDR") has occurred. In response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") provides a temporary suspension of TDR accounting for certain COVID-19 related modifications where the investment was not more than 30 days past due as of December 31, 2019 (“TDR Relief”). The TDR Relief was set to expire on December 31, 2020, but was extended through December 31, 2021 by the Consolidated Appropriations Act of 2021. The Company elected to apply the TDR Relief beginning in the first quarter of 2021. The TDR Relief does not apply to modifications completed 60 days after the national emergency related to COVID-19 ends, or December 31, 2021, whichever comes earlier. As of September 30, 2021, any such modifications did not have a material impact on the Company's results of operations. For additional information regarding the Company’s policies for troubled debt restructurings, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2021 | |
Investments [Abstract] | |
Investments | 3. INVESTMENTS Fixed Maturity Securities The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated: September 30, 2021 Amortized Gross Gross Allowance for Credit Losses Fair (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 27,512 $ 5,491 $ 97 $ 0 $ 32,906 Obligations of U.S. states and their political subdivisions 10,444 1,774 15 0 12,203 Foreign government bonds 85,627 12,594 475 0 97,746 U.S. public corporate securities 97,127 13,819 452 12 110,482 U.S. private corporate securities(2) 34,035 2,903 150 54 36,734 Foreign public corporate securities 24,995 2,806 95 18 27,688 Foreign private corporate securities 26,712 1,669 355 8 28,018 Asset-backed securities(3) 11,120 140 15 0 11,245 Commercial mortgage-backed securities 12,480 728 14 0 13,194 Residential mortgage-backed securities(4) 2,905 143 12 0 3,036 Total fixed maturities, available-for-sale(1)(2) $ 332,957 $ 42,067 $ 1,680 $ 92 $ 373,252 September 30, 2021 Amortized Gross Gross Fair Allowance for Credit Losses Amortized Cost, (in millions) Fixed maturities, held-to-maturity: Foreign government bonds $ 859 $ 235 $ 0 $ 1,094 $ 0 $ 859 Foreign public corporate securities 500 54 0 554 6 494 Foreign private corporate securities 81 1 0 82 0 81 Residential mortgage-backed securities(4) 210 16 0 226 0 210 Total fixed maturities, held-to-maturity(5) $ 1,650 $ 306 $ 0 $ 1,956 $ 6 $ 1,644 __________ (1) Excludes “Assets held-for-sale” with amortized cost of $14,985 million, fair value of $15,643 million, unrealized gains of $783 million, unrealized losses of $123 million and allowance for credit losses of $2 million. See Note 1 for additional information on the pending dispositions. (2) Excludes notes with amortized cost of $5,616 million (fair value, $5,693 million), which have been offset with the associated debt under a netting agreement. (3) Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, credit cards and other asset types. (4) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (5) Excludes notes with amortized cost of $5,000 million (fair value, $5,727 million), which have been offset with the associated debt under a netting agreement. December 31, 2020 Amortized Gross Gross Allowance for Credit Losses Fair (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 30,766 $ 9,699 $ 17 $ 0 $ 40,448 Obligations of U.S. states and their political subdivisions 10,668 2,144 1 0 12,811 Foreign government bonds 94,110 16,373 239 0 110,244 U.S. public corporate securities 95,299 18,516 213 47 113,555 U.S. private corporate securities(1) 36,894 4,196 134 19 40,937 Foreign public corporate securities 25,857 3,768 64 24 29,537 Foreign private corporate securities 28,668 3,183 226 33 31,592 Asset-backed securities(2) 14,489 176 74 0 14,591 Commercial mortgage-backed securities 15,036 1,288 11 10 16,303 Residential mortgage-backed securities(3) 2,683 205 1 0 2,887 Total fixed maturities, available-for-sale(1) $ 354,470 $ 59,548 $ 980 $ 133 $ 412,905 December 31, 2020 Amortized Gross Gross Fair Allowance for Credit Losses Amortized (in millions) Fixed maturities, held-to-maturity: Foreign government bonds $ 935 $ 270 $ 0 $ 1,205 $ 0 $ 935 Foreign public corporate securities 651 68 0 719 9 642 Foreign private corporate securities 87 1 0 88 0 87 Residential mortgage-backed securities(3) 266 20 0 286 0 266 Total fixed maturities, held-to-maturity(4) $ 1,939 $ 359 $ 0 $ 2,298 $ 9 $ 1,930 __________ (1) Excludes notes with amortized cost of $5,966 million (fair value, $6,100 million), which have been offset with the associated debt under a netting agreement. (2) Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, home equity and other asset types. (3) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (4) Excludes notes with amortized cost of $4,998 million (fair value, $5,821 million), which have been offset with the associated debt under a netting agreement. The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated: September 30, 2021 Less Than Twelve Months Total Fair Gross Fair Gross Fair Gross (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 4,478 $ 94 $ 30 $ 3 $ 4,508 $ 97 Obligations of U.S. states and their political subdivisions 575 13 17 2 592 15 Foreign government bonds 4,586 192 6,680 283 11,266 475 U.S. public corporate securities 13,162 371 1,027 73 14,189 444 U.S. private corporate securities 2,832 66 866 84 3,698 150 Foreign public corporate securities 2,839 57 584 36 3,423 93 Foreign private corporate securities 5,386 196 1,399 156 6,785 352 Asset-backed securities 3,995 14 301 1 4,296 15 Commercial mortgage-backed securities 524 10 146 4 670 14 Residential mortgage-backed securities 657 12 1 0 658 12 Total fixed maturities, available-for-sale(1) $ 39,034 $ 1,025 $ 11,051 $ 642 $ 50,085 $ 1,667 __________ (1) Excludes “Assets held-for-sale” with fair value of $4,068 million and gross unrealized losses of $123 million. See Note 1 for additional information on the pending dispositions. December 31, 2020 Less Than Twelve Months Total Fair Gross Fair Gross Fair Gross (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 750 $ 17 $ 0 $ 0 $ 750 $ 17 Obligations of U.S. states and their political subdivisions 73 1 0 0 73 1 Foreign government bonds 6,536 231 39 8 6,575 239 U.S. public corporate securities 3,905 87 1,197 106 5,102 193 U.S. private corporate securities 1,712 52 843 82 2,555 134 Foreign public corporate securities 1,412 30 376 23 1,788 53 Foreign private corporate securities 798 34 2,371 192 3,169 226 Asset-backed securities 4,132 25 4,685 49 8,817 74 Commercial mortgage-backed securities 284 8 93 3 377 11 Residential mortgage-backed securities 116 1 1 0 117 1 Total fixed maturities, available-for-sale $ 19,718 $ 486 $ 9,605 $ 463 $ 29,323 $ 949 As of September 30, 2021 and December 31, 2020, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance were composed of $1,303 million and $636 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $364 million and $313 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of September 30, 2021, the $642 million of gross unrealized losses of twelve months or more were concentrated in the consumer non-cyclical, finance and utility sectors within corporate securities and foreign government securities. As of December 31, 2020, the $463 million of gross unrealized losses of twelve months or more were concentrated in corporate securities within the energy, utility and finance sectors. In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at September 30, 2021. This conclusion was based on a detailed analysis of the underlying credit and cash flows on each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening, foreign currency exchange rate movements and the financial condition or near-term prospects of the issuer. As of September 30, 2021, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. The following table sets forth the amortized cost or amortized cost, net of allowance and fair value of fixed maturities by contractual maturities, as of the date indicated: September 30, 2021 Available-for-Sale(1) Held-to-Maturity Amortized Cost Fair Value Amortized Cost, Net of Allowance Fair Value (in millions) Fixed maturities: Due in one year or less $ 10,255 $ 10,668 $ 0 $ 0 Due after one year through five years 47,749 51,188 566 627 Due after five years through ten years 68,170 75,046 31 33 Due after ten years(2) 180,278 208,875 837 1,070 Asset-backed securities 11,120 11,245 0 0 Commercial mortgage-backed securities 12,480 13,194 0 0 Residential mortgage-backed securities 2,905 3,036 210 226 Total $ 332,957 $ 373,252 $ 1,644 $ 1,956 __________ (1) Excludes “Assets held-for-sale” with amortized cost of $14,985 million and fair value of $15,643 million. See Note 1 for additional information on the pending dispositions. (2) Excludes available-for-sale notes with amortized cost of $5,616 million (fair value, $5,693 million) and held-to-maturity notes with amortized cost of $5,000 million (fair value, $5,727 million), which have been offset with the associated debt under a netting agreement. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date. The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in millions) Fixed maturities, available-for-sale: Proceeds from sales(1) $ 7,273 $ 4,284 $ 27,041 $ 14,654 Proceeds from maturities/prepayments 7,040 7,181 21,936 17,603 Gross investment gains from sales and maturities 301 578 2,264 1,451 Gross investment losses from sales and maturities (69) (129) (558) (339) Write-downs recognized in earnings(2) 0 (134) 0 (289) (Addition to) release of allowance for credit losses (12) 86 41 (152) Fixed maturities, held-to-maturity: Proceeds from maturities/prepayments(3) $ 11 $ 14 $ 155 $ 77 (Addition to) release of allowance for credit losses 1 0 3 0 __________ (1) Includes $27 million and $268 million of non-cash related proceeds due to the timing of trade settlements for the nine months ended September 30, 2021 and 2020, respectively. (2) Amounts represent write-downs on credit adverse securities, write-downs on securities approaching maturity related to foreign exchange movements and securities actively marketed for sale. (3) Includes $0 million and $1 million of non-cash related proceeds due to the timing of trade settlements for the nine months ended September 30, 2021 and 2020, respectively. The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated: Three Months Ended September 30, 2021 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 0 $ 80 $ 0 $ 0 $ 0 $ 80 Additions to allowance for credit losses not previously recorded 0 0 35 0 0 0 35 Reductions for securities sold during the period 0 0 (16) 0 0 0 (16) Additions (reductions) on securities with previous allowance 0 0 (5) 0 0 0 (5) Reclassified to “Assets held-for-sale”(1) 0 0 (2) 0 0 0 (2) Balance, end of period $ 0 $ 0 $ 92 $ 0 $ 0 $ 0 $ 92 __________ (1) See Note 1 for additional information on the pending dispositions. Three Months Ended September 30, 2020 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 38 $ 199 $ 0 $ 1 $ 0 $ 238 Additions to allowance for credit losses not previously recorded 0 1 33 0 0 0 34 Reductions for securities sold during the period 0 (38) (73) 0 0 0 (111) Additions (reductions) on securities with previous allowance 0 0 (12) 0 3 0 (9) Balance, end of period $ 0 $ 1 $ 147 $ 0 $ 4 $ 0 $ 152 Nine Months Ended September 30, 2021 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 0 $ 123 $ 0 $ 10 $ 0 $ 133 Additions to allowance for credit losses not previously recorded 0 0 75 0 0 0 75 Reductions for securities sold during the period 0 0 (46) 0 (9) 0 (55) Additions (reductions) on securities with previous allowance 0 0 (58) 0 (1) 0 (59) Reclassified to “Assets held-for-sale”(1) 0 0 (2) 0 0 0 (2) Balance, end of period $ 0 $ 0 $ 92 $ 0 $ 0 $ 0 $ 92 __________ (1) See Note 1 for additional information on the pending dispositions. Nine Months Ended September 30, 2020 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Additions to allowance for credit losses not previously recorded 0 39 238 0 1 0 278 Reductions for securities sold during the period 0 (38) (101) 0 0 0 (139) Additions (reductions) on securities with previous allowance 0 0 10 0 3 0 13 Balance, end of period $ 0 $ 1 $ 147 $ 0 $ 4 $ 0 $ 152 Three Months Ended September 30, 2021 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, held-to-maturity: Balance, beginning of period $ 0 $ 0 $ 7 $ 0 $ 0 $ 0 $ 7 Current period provision for expected losses 0 0 0 0 0 0 0 Change in foreign exchange 0 0 (1) 0 0 0 (1) Balance, end of period $ 0 $ 0 $ 6 $ 0 $ 0 $ 0 $ 6 Three Months Ended September 30, 2020 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, held-to-maturity: Balance, beginning of period $ 0 $ 0 $ 9 $ 0 $ 0 $ 0 $ 9 Balance, end of period $ 0 $ 0 $ 9 $ 0 $ 0 $ 0 $ 9 Nine Months Ended September 30, 2021 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, held-to-maturity: Balance, beginning of period $ 0 $ 0 $ 9 $ 0 $ 0 $ 0 $ 9 Current period provision for expected losses 0 0 (3) 0 0 0 (3) Balance, end of period $ 0 $ 0 $ 6 $ 0 $ 0 $ 0 $ 6 Nine Months Ended September 30, 2020 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, held-to-maturity: Balance, beginning of period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Cumulative effect of adoption of ASU 2016-13 0 0 9 0 0 0 9 Balance, end of period $ 0 $ 0 $ 9 $ 0 $ 0 $ 0 $ 9 For additional information about the Company’s methodology for developing our allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. For the three months ended September 30, 2021, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the transportation and capital goods sectors within corporate securities due to adverse projected cash flows, partially offset by a net release on restructured securities in the energy sector within corporate securities. For the three months ended September 30, 2020, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to a release on restructured securities in the energy sector within corporate securities and foreign government securities, partially offset by net additions concentrated in the energy and utility sectors within corporate securities due to adverse projected cash flows. For the nine months ended September 30, 2021 , the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to the overall improving credit environment in the energy and consumer cyclical sectors within corporate securities, partially offset by net additions in the transportation and utility sectors within corporate securities due to adverse projected cash flows. For the nine months ended September 30, 2020, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to securities within the energy, communications and consumer cyclical sectors within corporate securities due to adverse projected cash flows, partially offset by a release on restructured securities in the energy sector within corporate securities and foreign government securities. The Company did not have any fixed maturity securities purchased with credit deterioration, as of September 30, 2021 or December 31, 2020. Assets Supporting Experience-Rated Contractholder Liabilities The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated: September 30, 2021 December 31, 2020 Assets Held-for-Sale(1) Amortized Fair Amortized Fair Amortized Fair (in millions) Short-term investments and cash equivalents $ 65 $ 65 $ 965 $ 965 $ 658 $ 658 Fixed maturities: Corporate securities 106 108 11,414 11,899 14,442 15,472 Commercial mortgage-backed securities 0 0 1,661 1,717 1,743 1,839 Residential mortgage-backed securities(2) 0 0 720 755 964 1,018 Asset-backed securities(3) 0 0 1,843 1,860 1,665 1,697 Foreign government bonds 790 791 206 204 934 945 U.S. government authorities and agencies and obligations of U.S. states 188 197 244 304 371 443 Total fixed maturities(4) 1,084 1,096 16,088 16,739 20,119 21,414 Equity securities 1,805 2,263 328 327 1,661 2,043 Total assets supporting experience-rated contractholder liabilities(5) $ 2,954 $ 3,424 $ 17,381 $ 18,031 $ 22,438 $ 24,115 __________ (1) See Note 1 for additional information on the pending dispositions. (2) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (3) Includes collateralized loan obligations, auto loans, education loans, home equity and other asset types. Collateralized loan obligations at fair value, included “Assets held-for-sale” were $1,358 million and $1,102 million as of September 30, 2021 and December 31, 2020, respectively, all of which were rated A or higher. (4) As a percentage of amortized cost, 97% and 94% of the portfolio including “Assets held-for-sale” was considered high or highest quality based on NAIC or equivalent ratings, as of September 30, 2021 and December 31, 2020, respectively. (5) As a percentage of amortized cost, 94% and 79% of the portfolio including “Assets held-for-sale” consisted of public securities as of September 30, 2021 and December 31, 2020, respectively. The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities, including “Assets held-for-sale” still held at period end, recorded within “Other income (loss),” was $(263) million and $255 million during the three months ended September 30, 2021 and 2020, respectively, and $(557) million and $397 million during the nine months ended September 30, 2021 and 2020, respectively. Equity Securities The net change in unrealized gains (losses) from equity securities still held at period end, including “Assets held-for-sale” recorded within “Other income (loss),” was $19 million and $324 million during the three months ended September 30, 2021 and 2020, respectively, and $457 million and $(332) million during the nine months ended September 30, 2021 and 2020, respectively. Concentrations of Financial Instruments The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any single issuer. As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below: September 30, 2021 December 31, 2020 Amortized Fair Amortized Fair (in millions) Investments in Japanese government and government agency securities: Fixed maturities, available-for-sale $ 75,703 $ 86,011 $ 80,273 $ 92,764 Fixed maturities, held-to-maturity 838 1,066 912 1,173 Fixed maturities, trading 24 24 25 25 Assets supporting experience-rated contractholder liabilities 971 968 849 855 Total $ 77,536 $ 88,069 $ 82,059 $ 94,817 Commercial Mortgage and Other Loans The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: September 30, 2021 December 31, 2020 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Office $ 10,534 18.4 % $ 12,750 19.7 % Retail 6,694 11.7 7,326 11.3 Apartments/Multi-Family 16,769 29.3 18,330 28.3 Industrial 13,004 22.7 14,954 23.1 Hospitality 1,879 3.3 2,395 3.7 Other 4,192 7.3 4,981 7.7 Total commercial mortgage loans 53,072 92.7 60,736 93.8 Agricultural property loans 4,114 7.3 4,048 6.2 Total commercial mortgage and agricultural property loans 57,186 100.0 % 64,784 100.0 % Allowance for credit losses (112) (227) Total net commercial mortgage and agricultural property loans 57,074 64,557 Other loans: Uncollateralized loans 574 655 Residential property loans 74 101 Other collateralized loans 69 120 Total other loans 717 876 Allowance for credit losses (5) (8) Total net other loans 712 868 Total net commercial mortgage and other loans(1)(2) $ 57,786 $ 65,425 __________ (1) Excludes “Assets held-for-sale” of $7,539 million net of allowance for credit losses of $12 million as of September 30, 2021. See Note 1 for additional information on the pending dispositions. (2) Includes loans held for sale which are carried at fair value and are collateralized primarily by apartment complexes. As of September 30, 2021 and December 31, 2020, the net carrying value of these loans was $1,106 million and $1,092 million, respectively. As of September 30, 2021, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States (with the largest concentrations in California (29%), Texas (8%) and New York (7%)) and included loans secured by properties in Europe (7%), Australia (1%) and Asia (2%). The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated: Three Months Ended September 30, 2021 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 160 $ 6 $ 0 $ 2 $ 4 $ 172 Addition to (release of) allowance for expected losses (40) (2) 0 (2) 0 (44) Reclassified to “Asset held-for-sale”(1) (12) 0 0 0 0 (12) Other 0 0 0 1 0 1 Allowance, end of period $ 108 $ 4 $ 0 $ 1 $ 4 $ 117 _________ (1) See Note 1 for additional information on the pending dispositions. Three Months Ended September 30, 2020 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 230 $ 8 $ 0 $ 3 $ 4 $ 245 Addition to (release of) allowance for expected losses (5) 1 0 0 1 (3) Write-downs charged against the (7) 0 0 0 0 (7) Other 0 0 0 0 0 0 Allowance, end of period $ 218 $ 9 $ 0 $ 3 $ 5 $ 235 Nine Months Ended September 30, 2021 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 218 $ 9 $ 0 $ 3 $ 5 $ 235 Addition to (release of) allowance for expected losses (98) (5) 0 (2) (1) (106) Reclassified to “Assets held-for-sale”(1) (12) 0 0 0 0 (12) Other 0 0 0 0 0 0 Allowance, end of period $ 108 $ 4 $ 0 $ 1 $ 4 $ 117 _________ (1) See Note 1 for additional information on the pending dispositions. Nine Months Ended September 30, 2020 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 114 $ 3 $ 0 $ 0 $ 4 $ 121 Cumulative effect of adoption of ASU 2016-13 110 5 0 0 0 115 Addition to (release of) allowance for expected losses 1 1 0 0 1 3 Write-downs charged against the (7) 0 0 0 0 (7) Other 0 0 0 3 0 3 Allowance, end of period $ 218 $ 9 $ 0 $ 3 $ 5 $ 235 For additional information about the Company’s methodology for developing our allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. For the three months ended September 30, 2021, the net decrease in the allowance for credit losses on commercial mortgage and other loans was primarily related to the improving credit environment. For the three months ended September 30, 2020, the net decrease in the allowance for credit losses on commercial mortgage and other loans was primarily due to a release related to a loan payoff. For the nine months ended September 30, 2021, the net decrease in the allowance for credit losses on commercial mortgage and other loans was primarily related to the improving credit environment. For the nine months ended September 30, 2020, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to the cumulative effect of adoption of ASU 2016-13. September 30, 2021 Amortized Cost by Origination Year 2021 2020 2019 2018 2017 Prior Total(1) (in millions) Commercial Mortgage Loans Loan-to-Value Ratio: 0%-59.99% $ 967 $ 590 $ 2,437 $ 3,191 $ 2,977 $ 14,587 $ 24,749 60%-69.99% 2,207 1,861 3,848 3,791 1,543 5,260 18,510 70%-79.99% 1,561 1,360 2,026 978 904 2,228 9,057 80% or greater 46 0 0 61 68 581 756 Total $ 4,781 $ 3,811 $ 8,311 $ 8,021 $ 5,492 $ 22,656 $ 53,072 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 4,361 $ 3,583 $ 7,309 $ 7,398 $ 4,934 $ 19,811 $ 47,396 1.0 - 1.2x 364 97 676 398 271 1,718 3,524 Less than 1.0x 56 131 326 225 287 1,127 2,152 Total $ 4,781 $ 3,811 $ 8,311 $ 8,021 $ 5,492 $ 22,656 $ 53,072 Agricultural Property Loans Loan-to-Value Ratio: 0%-59.99% $ 578 $ 753 $ 482 $ 316 $ 354 $ 1,311 $ 3,794 60%-69.99% 60 123 39 62 26 10 320 70%-79.99% 0 0 0 0 0 0 0 80% or greater 0 0 0 0 0 0 0 Total $ 638 $ 876 $ 521 $ 378 $ 380 $ 1,321 $ 4,114 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 630 $ 853 $ 510 $ 371 $ 322 $ 1,214 $ 3,900 1.0 - 1.2x 8 23 10 1 58 41 141 Less than 1.0x 0 0 1 6 0 66 73 Total $ 638 $ 876 $ 521 $ 378 $ 380 $ 1,321 $ 4,114 __________ (1) Excludes “Assets held-for-sale” of $7,551 million. See Note 1 for additional information on the pending dispositions. December 31, 2020 Amortized Cost by Origination Year 2020 2019 2018 2017 2016 Prior Total (in millions) Commercial Mortgage Loans Loan-to-Value Ratio: 0%-59.99% $ 828 $ 2,693 $ 3,217 $ 3,854 $ 3,223 $ 15,360 $ 29,175 60%-69.99% 2,678 4,981 4,291 2,239 2,667 4,058 20,914 70%-79.99% 2,492 2,587 1,500 1,057 918 1,409 9,963 80% or greater 23 3 61 69 23 505 684 Total $ 6,021 $ 10,264 $ 9,069 $ 7,219 $ 6,831 $ 21,332 $ 60,736 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 5,901 $ 9,429 $ 8,587 $ 6,954 $ 6,382 $ 18,904 $ 56,157 1.0 - 1.2x 118 711 383 263 384 1,719 3,578 Less than 1.0x 2 124 99 2 65 709 1,001 Total $ 6,021 $ 10,264 $ 9,069 $ 7,219 $ 6,831 $ 21,332 $ 60,736 Agricultural Property Loans Loan-to-Value Ratio: 0%-59.99% $ 956 $ 494 $ 349 $ 527 $ 367 $ 1,254 $ 3,947 60%-69.99% 8 51 39 3 0 0 101 70%-79.99% 0 0 0 0 0 0 0 80% or greater 0 0 0 0 0 0 0 Total $ 964 $ 545 $ 388 $ 530 $ 367 $ 1,254 $ 4,048 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 941 $ 544 $ 381 $ 468 $ 308 $ 1,202 $ 3,844 1.0 - 1.2x 23 0 1 59 1 40 124 Less than 1.0x 0 1 6 3 58 12 80 Total $ 964 $ 545 $ 388 $ 530 $ 367 $ 1,254 $ 4,048 For additional information about the Company’s commercial mortgage and other loans credit quality monitoring process, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated: September 30, 2021 Current 30-59 Days 60-89 Days 90 Days or More Past Due(1) Total Past Total Non-Accrual (in millions) Commercial mortgage loans $ 53,072 $ 0 $ 0 $ 0 $ 0 $ 53,072 $ 2 Agricultural property loans 4,106 0 4 4 8 4,114 19 Residential property loans 73 0 0 1 1 74 1 Other collateralized loans 69 0 0 0 0 69 0 Uncollateralized loans 574 0 0 0 0 574 0 Total(3) $ 57,894 $ 0 $ 4 $ 5 $ 9 $ 57,903 $ 22 __________ (1) As of September 30, 2021, there were no loans in this category accruing interest. (2) For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. (3) Excludes “Assets held-for-sale” of $7,551 million. See Note 1 for additional information on the pending dispositions. December 31, 2020 Current 30-59 Days 60-89 Days 90 Days or More Past Due(1) Total Past Total Non-Accrual (in millions) Commercial mortgage loans $ 60,614 $ 3 $ 119 $ 0 $ 122 $ 60,736 $ 5 Agricultural property loans 3,996 37 0 15 52 4,048 15 Residential property loans 99 1 0 1 2 101 1 Other collateralized loans 120 0 0 0 0 120 0 Uncollateralized loans 655 0 0 0 0 655 0 Total $ 65,484 $ 41 $ 119 $ 16 $ 176 $ 65,660 $ 21 __________ (1) As of December 31, 2020, there were no loans in this category accruing interest. (2) For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Loans on non-accrual status recognized interest income of $2 million for both the three months and nine months ended September 30, 2021 and 2020, respectively. Loans on non-accrual status that did not have a related allowance for credit losses were $20 million and $15 million as of September 30, 2021 and December 31, 2020, respectively. The Company did not have any significant losses on commercial mortgage and other loans purchased with credit deterioration as of both September 30, 2021 and December 31, 2020. Other Invested Assets The following table sets forth the composition of “Other invested assets,” as of the dates indicated: September 30, 2021 December 31, 2020 (in millions) LPs/LLCs: Equity method: Private equity(1) $ 5,952 $ 4,311 Hedge funds 2,807 2,451 Real estate-related(1) 2,179 1,985 Subtotal equity method 10,938 8,747 Fair value: Private equity 1,903 1,786 Hedge funds 2,168 2,036 Real estate-related 311 314 Subtotal fair value 4,382 4,136 Total LPs/LLCs 15,320 12,883 Real estate held through direct ownership(2) 1,753 2,027 Derivative instruments 2,218 1,915 Other(3) 914 1,300 Total other invested assets(4) $ 20,205 $ 18,125 _________ (1) Prior |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES In the normal course of its activities, the Company enters into relationships with various special-purpose entities and other entities that are deemed to be variable interest entities (“VIEs”). For additional information, see Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Consolidated Variable Interest Entities The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs. Consolidated VIEs for which the Other Consolidated VIEs(1) September 30, December 31, September 30, December 31, (in millions) Fixed maturities, available-for-sale $ 127 $ 110 $ 271 $ 296 Fixed maturities, held-to-maturity 81 87 816 882 Fixed maturities, trading 174 160 0 0 Equity securities 74 42 0 0 Commercial mortgage and other loans 949 975 0 0 Other invested assets 2,668 2,221 142 127 Cash and cash equivalents 172 101 0 0 Accrued investment income 2 2 3 4 Other assets 469 594 798 768 Total assets of consolidated VIEs $ 4,716 $ 4,292 $ 2,030 $ 2,077 Other liabilities $ 565 $ 256 $ 3 $ 2 Notes issued by consolidated VIEs(2) 282 305 0 0 Total liabilities of consolidated VIEs $ 847 $ 561 $ 3 $ 2 __________ (1) Total assets of consolidated VIEs reflect $2,747 million and $2,538 million as of September 30, 2021 and December 31, 2020, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries. (2) Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of September 30, 2021, the maturity of this obligation was within 3 years. Unconsolidated Variable Interest Entities The Company has determined that it is not the primary beneficiary of certain VIEs for which it is the investment manager. The Company’s maximum exposure to loss resulting from its relationship with unconsolidated VIEs for which it is the investment manager is limited to its investment in the VIEs, which was $960 million and $935 million at September 30, 2021 and December 31, 2020, respectively. These investments are reflected in “Fixed maturities, available-for-sale,” “Fixed maturities, trading,” “Equity securities” and “Other invested assets.” There are no liabilities associated with these unconsolidated VIEs on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In the normal course of its activities, the Company will invest in limited partnerships and limited liability companies (“LPs/LLCs”), which include hedge funds, private equity funds and real estate-related funds and may or may not be VIEs. The Company’s maximum exposure to loss on these investments, both VIEs and non-VIEs, is limited to the amount of its investment. The Company classifies these investments as “Other invested assets” and its maximum exposure to loss associated with these entities, excluding “Assets held-for-sale,” was $15,320 million and $12,883 million as of September 30, 2021 and December 31, 2020, respectively. In addition, in the normal course of its activities, the Company will invest in structured investments including VIEs for which it is not the investment manager. These structured investments typically invest in fixed income investments and are managed by third-parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The Company’s maximum exposure to loss on these structured investments, both VIEs and non-VIEs, is limited to the amount of its investment. See Note 3 for details regarding the carrying amounts and classification of these assets. The Company has not provided material financial or other support that was not contractually required to these structures. The Company has determined that it is not the primary beneficiary of these structures due to the fact that it does not control these entities. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 5. DERIVATIVES AND HEDGING Types of Derivative and Hedging Instruments The Company utilizes various derivatives and hedging instruments to manage its risk. Commonly used derivative and non-derivative hedging instruments include, but are not necessarily limited to: • Interest rate contracts: futures, swaps, forwards, options, caps and floors • Equity contracts: futures, options and total return swaps • Foreign exchange contracts: futures, options, forwards, swaps, and foreign currency debt instruments • Credit contracts: single and index reference credit default swaps Other types of financial contracts that the Company accounts for as derivatives are: • To-be-announced (“TBA”) forward contracts, loan commitments, embedded derivatives and synthetic guaranteed investment contracts (“GICs”). For detailed information on these contracts and the related strategies, see Note 5 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Primary Risks Managed by Derivatives The table below provides a summary of the gross notional amount and fair value of derivatives contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral. This netting impact results in total derivative assets of $2,213 million and $1,906 million as of September 30, 2021 and December 31, 2020, respectively, and total derivative liabilities of $1,185 million and $792 million as of September 30, 2021 and December 31, 2020, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position. Primary Underlying Risk /Instrument Type September 30, 2021 December 31, 2020 Fair Value Fair Value Gross Notional Assets Liabilities Gross Notional Assets Liabilities (in millions) Derivatives Designated as Hedge Accounting Instruments: Interest Rate Interest Rate Swaps $ 3,182 $ 716 $ (76) $ 3,065 $ 978 $ (90) Interest Rate Forwards 298 8 (11) 249 0 (8) Foreign Currency Foreign Currency Forwards 4,258 59 (101) 2,577 68 (116) Currency/Interest Rate Foreign Currency Swaps 20,908 1,097 (268) 22,642 878 (1,037) Total Derivatives Designated as Hedge Accounting Instruments $ 28,646 $ 1,880 $ (456) $ 28,533 $ 1,924 $ (1,251) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate Interest Rate Swaps $ 196,080 $ 10,549 $ (14,874) $ 178,803 $ 17,174 $ (13,172) Interest Rate Futures 17,449 6 (14) 15,778 99 (5) Interest Rate Options 15,368 532 (240) 14,593 914 (233) Interest Rate Forwards 3,509 26 (4) 2,910 25 0 Foreign Currency Foreign Currency Forwards 28,903 930 (1,061) 35,478 764 (647) Foreign Currency Options 0 0 0 0 0 0 Currency/Interest Rate Foreign Currency Swaps 11,493 661 (257) 13,661 537 (601) Credit Credit Default Swaps 6,849 168 0 3,360 63 (28) Equity Equity Futures 4,329 0 (43) 5,668 10 (25) Equity Options 35,514 405 (682) 36,250 1,731 (1,028) Total Return Swaps 13,990 287 (20) 22,489 32 (1,277) Other Other(1) 1,258 0 0 1,262 0 0 Synthetic GICs 83,200 1 0 86,264 0 0 Total Derivatives Not Qualifying as Hedge Accounting Instruments $ 417,942 $ 13,565 $ (17,195) $ 416,516 $ 21,349 $ (17,016) Total Derivatives(2)(3)(4) $ 446,588 $ 15,445 $ (17,651) $ 445,049 $ 23,273 $ (18,267) __________ (1) “Other” primarily includes derivative contracts used to improve the balance of the Company’s tail longevity and mortality risk. Under these contracts, the Company’s gains (losses) are capped at the notional amount. (2) Excludes embedded derivatives and associated reinsurance recoverables which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $9,994 million and $20,119 million as of September 30, 2021 and December 31, 2020, respectively, primarily included in “Future policy benefits.” (3) Recorded in “Other invested assets” and “Other liabilities” on the Unaudited Interim Consolidated Statements of Financial Position. (4) Excludes “Assets held-for-sale” with fair value of $1,282 million and “Liabilities held-for-sale” with fair value of $1,309 million with outstanding gross notional amounts of $38,690 million as of September 30, 2021. See Note 1 for additional information on the pending dispositions. As of September 30, 2021, the following amounts were recorded on the Unaudited Interim Consolidated Statements of Financial Position related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges. September 30, 2021 December 31, 2020 Balance Sheet Line Item in which Hedged Item is Recorded Carrying Amount of the Hedged Assets (Liabilities) Cumulative Amount of Carrying Amount of the Hedged Assets (Liabilities) Cumulative Amount of (in millions) Fixed maturities, available-for-sale, at fair value $ 418 $ 59 $ 402 $ 79 Commercial mortgage and other loans $ 18 $ 1 $ 20 $ 2 Policyholders’ account balances $ (1,533) $ (166) $ (1,627) $ (303) Future policy benefits $ (2,539) $ (252) $ (1,585) $ (372) __________ (1) There were no material fair value hedging adjustments for hedged assets and liabilities for which hedge accounting has been discontinued. Most of the Company’s derivatives do not qualify for hedge accounting for various reasons. For example: (i) derivatives that economically hedge embedded derivatives do not qualify for hedge accounting because changes in the fair value of the embedded derivatives are already recorded in net income; (ii) derivatives that are utilized as macro hedges of the Company’s exposure to various risks typically do not qualify for hedge accounting because they do not meet the criteria required under portfolio hedge accounting rules; and (iii) synthetic GICs, which are product standalone derivatives, do not qualify as hedging instruments under hedge accounting rules. Offsetting Assets and Liabilities The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position. September 30, 2021 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets:(2) Derivatives $ 15,301 $ (13,233) $ 2,068 $ (787) $ 1,281 Securities purchased under agreement to resell 69 0 69 (69) 0 Total assets $ 15,370 $ (13,233) $ 2,137 $ (856) $ 1,281 Offsetting of Financial Liabilities:(2) Derivatives $ 17,646 $ (16,466) $ 1,180 $ (956) $ 224 Securities sold under agreement to repurchase 9,899 0 9,899 (9,561) 338 Total liabilities $ 27,545 $ (16,466) $ 11,079 $ (10,517) $ 562 December 31, 2020 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 23,144 $ (21,367) $ 1,777 $ (806) $ 971 Securities purchased under agreement to resell 252 0 252 (252) 0 Total assets $ 23,396 $ (21,367) $ 2,029 $ (1,058) $ 971 Offsetting of Financial Liabilities: Derivatives $ 18,265 $ (17,475) $ 790 $ (790) $ 0 Securities sold under agreement to repurchase 10,894 0 10,894 (10,432) 462 Total liabilities $ 29,159 $ (17,475) $ 11,684 $ (11,222) $ 462 __________ (1) Amounts exclude the excess of collateral received/pledged from/to the counterparty. (2) Excludes “Assets held-for-sale” with fair value of $1,282 million and “Liabilities held-for-sale” with fair value of $1,309 million. See Note 1 for additional information on the pending dispositions. For information regarding the rights of offset associated with the derivative assets and liabilities in the table above, see “—Counterparty Credit Risk” below. For securities purchased under agreements to resell and securities sold under agreements to repurchase, the Company monitors the value of the securities and maintains collateral, as appropriate, to protect against credit exposure. Where the Company has entered into repurchase and resale agreements with the same counterparty, in the event of default, the Company would generally be permitted to exercise rights of offset. For additional information on the Company’s accounting policy for securities repurchase and resale agreements, see Note 2 to the Company’s Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2020. Cash Flow, Fair Value and Net Investment Hedges The primary derivative and non-derivative instruments used by the Company in its fair value, cash flow and net investment hedge accounting relationships are interest rate swaps, currency swaps, currency forwards, and foreign currency denominated debts. These instruments are only designated for hedge accounting in instances where the appropriate criteria are met. The Company does not use futures, options, credit, or equity derivatives in any of its fair value, cash flow or net investment hedge accounting relationships. Three Months Ended September 30, 2021 Realized Net Other Interest Interest Policyholders’ Benefits AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 3 $ (2) $ 0 $ 0 $ (16) $ (15) $ 0 Currency 1 0 0 0 0 (16) 0 Total gains (losses) on derivatives designated as hedge instruments 4 (2) 0 0 (16) (31) 0 Gains (losses) on the hedged item: Interest Rate (9) 4 0 0 27 21 0 Currency 0 0 0 0 0 16 0 Total gains (losses) on hedged item (9) 4 0 0 27 37 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 (1) (12) Total Amortization for Gain (Loss) Excluded from Assessment of the Effectiveness 0 0 0 0 0 (1) (12) Total gains (losses) on fair value hedges net of hedged item (5) 2 0 0 11 5 (12) Cash flow hedges Interest Rate (7) 0 0 0 0 0 0 Currency (1) 0 0 0 0 0 55 Currency/Interest Rate 18 66 145 0 0 0 551 Total gains (losses) on cash flow hedges 10 66 145 0 0 0 606 Net investment hedges Currency 0 0 0 0 0 0 1 Currency/Interest Rate 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges 0 0 0 0 0 0 1 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (413) 0 0 0 0 0 0 Currency 88 0 1 0 0 0 0 Currency/Interest Rate 205 0 2 0 0 0 0 Credit 1 0 0 0 0 0 0 Equity (111) 0 0 0 0 0 0 Other (1) 0 0 0 0 0 0 Embedded Derivatives 354 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments 123 0 3 0 0 0 0 Total $ 128 $ 68 $ 148 $ 0 $ 11 $ 5 $ 595 Nine Months Ended September 30, 2021 Realized Net Other Interest Interest Policyholders’ Benefits AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 17 $ (7) $ 0 $ 0 $ (108) $ (93) $ 0 Currency (1) 0 0 0 0 (8) 0 Total gains (losses) on derivatives designated as hedge instruments 16 (7) 0 0 (108) (101) 0 Gains (losses) on the hedged item: Interest Rate (22) 12 0 0 138 109 0 Currency 1 1 0 0 0 8 0 Total gains (losses) on hedged item (21) 13 0 0 138 117 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 (4) (39) Total Amortization for Gain (Loss) Excluded from Assessment of the Effectiveness 0 0 0 0 0 (4) (39) Total gains (losses) on fair value hedges net of hedged item (5) 6 0 0 30 12 (39) Cash flow hedges Interest Rate 6 1 0 0 0 0 (30) Currency (4) 0 0 0 0 0 53 Currency/Interest Rate 56 204 175 0 0 0 1,012 Total gains (losses) on cash flow hedges 58 205 175 0 0 0 1,035 Net investment hedges Currency 0 0 0 0 0 0 (12) Currency/Interest Rate 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges 0 0 0 0 0 0 (12) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (2,969) 0 0 0 0 0 0 Currency (249) 0 (3) 0 0 0 0 Currency/Interest Rate 620 0 1 0 0 0 0 Credit 28 0 0 0 0 0 0 Equity (2,017) 0 0 0 0 0 0 Other 1 0 0 0 0 0 0 Embedded Derivatives 5,673 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments 1,087 0 (2) 0 0 0 0 Total $ 1,140 $ 211 $ 173 $ 0 $ 30 $ 12 $ 984 Three Months Ended September 30, 2020 Realized Net Other Interest Interest Policyholders’ Benefits AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 5 $ (2) $ 0 $ 0 $ (35) $ (37) $ 0 Currency (1) 0 0 0 0 15 0 Total gains (losses) on derivatives designated as hedge instruments 4 (2) 0 0 (35) (22) 0 Gains (losses) on the hedged item: Interest Rate (6) 4 0 0 49 48 0 Currency 0 0 0 0 0 (15) 0 Total gains (losses) on hedged item (6) 4 0 0 49 33 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 (1) 2 Total Amortization for Gain (Loss) Excluded from Assessment of the Effectiveness 0 0 0 0 0 (1) 2 Total gains (losses) on fair value hedges net of hedged item (2) 2 0 0 14 10 2 Cash flow hedges Interest Rate 19 0 0 0 0 0 (15) Currency 0 0 0 0 0 0 (65) Currency/Interest Rate 55 78 (210) 0 0 0 (1,011) Total gains (losses) on cash flow hedges 74 78 (210) 0 0 0 (1,091) Net investment hedges Currency (6) 0 142 0 0 0 (143) Currency/Interest Rate 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges (6) 0 142 0 0 0 (143) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (1,163) 0 0 0 0 0 0 Currency (44) 0 2 0 0 0 0 Currency/Interest Rate (394) 0 (3) 0 0 0 0 Credit (15) 0 0 0 0 0 0 Equity (2,243) 0 0 0 0 0 0 Other 1 0 0 0 0 0 0 Embedded Derivatives 3,254 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (604) 0 (1) 0 0 0 0 Total $ (538) $ 80 $ (69) $ 0 $ 14 $ 10 $ (1,232) Nine Months Ended September 30, 2020 Realized Net Other Interest Interest Policyholders’ Benefits AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ (24) $ (6) $ 0 $ 0 $ 295 $ 242 $ 0 Currency 1 0 0 0 0 17 0 Total gains (losses) on derivatives designated as hedge instruments (23) (6) 0 0 295 259 0 Gains (losses) on the hedged item: Interest Rate 23 13 0 0 (269) (222) 0 Currency (1) 1 0 0 0 (17) 0 Total gains (losses) on hedged item 22 14 0 0 (269) (239) 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 (1) (1) Total Amortization for Gain (Loss) Excluded from Assessment of the Effectiveness 0 0 0 0 0 (1) (1) Total gains (losses) on fair value hedges net of hedged item (1) 8 0 0 26 19 (1) Cash flow hedges Interest Rate 27 0 0 0 0 0 29 Currency 4 0 0 0 0 0 27 Currency/Interest Rate 121 239 (17) 0 0 0 519 Total gains (losses) on cash flow hedges 152 239 (17) 0 0 0 575 Net investment hedges Currency (6) 0 142 0 0 0 (133) Currency/Interest Rate 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges (6) 0 142 0 0 0 (133) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate 7,829 0 0 0 0 0 0 Currency 186 0 (5) 0 0 0 0 Currency/Interest Rate 337 0 (1) 0 0 0 0 Credit (56) 0 0 0 0 0 0 Equity (2,028) 0 0 0 0 0 0 Other 1 0 0 0 0 0 0 Embedded Derivatives (9,339) 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (3,070) 0 (6) 0 0 0 0 Total $ (2,925) $ 247 $ 119 $ 0 $ 26 $ 19 $ 441 _______ (1) Net change in AOCI, excluding changes related to net investment hedges using non-derivative instruments, of $(7) million and $7 million for the three and nine months ended September 30, 2021, respectively, and $(17) million for both the three and nine months ended September 30, 2020. Presented below is a rollforward of current period cash flow hedges in AOCI before taxes: (in millions) Balance, December 31, 2020 $ (168) Amount recorded in AOCI: Interest Rate (23) Currency 49 Currency/Interest Rate 1,447 Total amount recorded in AOCI 1,473 Amount reclassified from AOCI to income: Interest Rate (7) Currency 4 Currency/Interest Rate (435) Total amount reclassified from AOCI to income (438) Balance, September 30, 2021 $ 867 The changes in fair value of cash flow hedges are deferred in AOCI and are included in “Net unrealized investment gains (losses)” in the Unaudited Interim Consolidated Statements of Comprehensive Income; these amounts are then reclassified to earnings when the hedged item affects earnings. Using September 30, 2021 values, it is estimated that a pre-tax gain of approximately $262 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending September 30, 2022. The exposures the Company is hedging with these qualifying cash flow hedges include the variability of future cash flows from forecasted transactions denominated in foreign currencies, the purchases of invested assets, and the receipt or payment of variable interest on existing financial instruments. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is 10 years. There were no material amounts reclassified from AOCI into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging. In addition, there were no instances in which the Company discontinued fair value hedge accounting due to a hedged firm commitment no longer qualifying as a fair value hedge. For net investment hedges, in addition to derivatives, the Company uses foreign currency denominated debt to hedge the risk of change in the net investment in a foreign subsidiary due to changes in exchange rates. For effective net investment hedges, the amounts, before applicable taxes, recorded in the cumulative translation adjustment within AOCI were $(6) million and $(5) million for the three and nine months ended September 30, 2021, respectively, and $(160) million and $(150) million for the three and nine months ended September 30, 2020, respectively. Credit Derivatives The following table provides a summary of the notional and fair value of written credit protection. The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying referenced securities become worthless, is equal to the notional amounts. These credit derivatives have maturities of less than 11 years and less than 26 years for Single name and Index Reference. September 30, 2021 NAIC Rating Designation of Underlying Credit Obligation(1) NAIC 1 NAIC 2 NAIC 3 NAIC 4 NAIC 5 NAIC 6 Total(3) Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value (in millions) Single name reference(2) $ 49 $ 0 $ 0 $ 0 $ 685 $ 7 $ 0 $ 0 $ 0 $ 0 $ 223 $ 20 $ 957 $ 27 Index reference(2) 0 0 0 0 5,125 84 0 0 0 0 757 57 5,882 141 Total $ 49 $ 0 $ 0 $ 0 $ 5,810 $ 91 $ 0 $ 0 $ 0 $ 0 $ 980 $ 77 $ 6,839 $ 168 December 31, 2020 NAIC Rating Designation of Underlying Credit Obligation(1) NAIC 1 NAIC 2 NAIC 3 NAIC 4 NAIC 5 NAIC 6 Total Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value (in millions) Single name reference(2) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Index reference(2) 50 0 0 0 3,003 63 0 0 0 0 0 0 3,053 63 Total $ 50 $ 0 $ 0 $ 0 $ 3,003 $ 63 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 3,053 $ 63 _________ (1) The NAIC rating designations are based on availability and the lowest ratings among Moody's Investors Service, Inc. ("Moody's"), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings Inc. (“Fitch”). If no rating is available from a rating agency, a NAIC 6 rating is used. (2) Single name credit default swaps may reference the credit of corporate debt, sovereign debt, and structured finance. Index references NAIC designations are based on the lowest rated single name reference included in the index. (3) Excludes “Assets-held-for-sale” with fair value of $48 million as of September 30, 2021. See Note 1 for additional information on the pending dispositions. In addition to writing credit protection, the Company has purchased credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio. As of September 30, 2021 and December 31, 2020, the Company had $10 million and $307 million of outstanding notional amounts and reported at fair value as a liability of $0 million and $28 million, respectively. Counterparty Credit Risk The Company is exposed to losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by: (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and over-the-counte r (“OTC” ) parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review. Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position. In addition, certain of the Company’s derivative agreements contain credit-risk related contingent features; if the credit rating of one of the parties to the derivative agreement is to fall below a certain level, the party with positive fair value could request termination at the then fair value or demand immediate full collateralization from the party whose credit rating fell and is in a net liability position. As of September 30, 2021, there were no net liability derivative positions with counterparties with credit risk-related contingent features. All derivatives have been appropriately collateralized by the Company or the counterparty in accordance with the terms of the derivative agreements. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | FAIR VALUE OF ASSETS AND LIABILITIES Fair Value Measurement —Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows: Level 1—Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities. Level 2—Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets and liabilities, quoted market prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs. Level 3—Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value. For a discussion of Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Assets and Liabilities by Hierarchy Level —The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated. As of September 30, 2021(1) Level 1 Level 2 Level 3 Netting(2) Total (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 0 $ 32,771 $ 135 $ $ 32,906 Obligations of U.S. states and their political subdivisions 0 12,195 8 12,203 Foreign government bonds 0 97,736 10 97,746 U.S. corporate public securities 0 110,351 131 110,482 U.S. corporate private securities(3) 0 34,521 2,213 36,734 Foreign corporate public securities 0 27,560 128 27,688 Foreign corporate private securities 0 25,124 2,894 28,018 Asset-backed securities(4) 0 10,484 761 11,245 Commercial mortgage-backed securities 0 13,194 0 13,194 Residential mortgage-backed securities 0 2,710 326 3,036 Subtotal 0 366,646 6,606 373,252 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 197 0 197 Obligations of U.S. states and their political subdivisions 0 0 0 0 Foreign government bonds 0 791 0 791 Corporate securities 0 108 0 108 Asset-backed securities(4) 0 0 0 0 Commercial mortgage-backed securities 0 0 0 0 Residential mortgage-backed securities 0 0 0 0 Equity securities 817 1,446 0 2,263 All other(5) 4 54 0 58 Subtotal 821 2,596 0 3,417 Fixed maturities, trading 0 9,184 364 9,548 Equity securities 5,447 1,363 757 7,567 Commercial mortgage and other loans 0 1,106 0 1,106 Other invested assets(6) 167 15,273 376 (13,233) 2,583 Short-term investments 357 2,817 327 3,501 Cash equivalents 3,009 4,181 0 7,190 Other assets 0 0 111 111 Separate account assets(7)(8) 13,456 201,978 1,291 216,725 Total assets $ 23,257 $ 605,144 $ 9,832 $ (13,233) $ 625,000 Future policy benefits(9) $ 0 $ 0 $ 9,230 $ $ 9,230 Policyholders’ account balances 0 0 1,320 1,320 Other liabilities 62 17,151 0 (16,466) 747 Notes issued by consolidated VIEs 0 0 0 0 Total liabilities $ 62 $ 17,151 $ 10,550 $ (16,466) $ 11,297 As of December 31, 2020 Level 1 Level 2 Level 3 Netting(2) Total (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 0 $ 40,298 $ 150 $ $ 40,448 Obligations of U.S. states and their political subdivisions 0 12,807 4 12,811 Foreign government bonds 0 110,233 11 110,244 U.S. corporate public securities 0 113,486 69 113,555 U.S. corporate private securities(3) 0 38,689 2,248 40,937 Foreign corporate public securities 0 29,384 153 29,537 Foreign corporate private securities 0 28,727 2,865 31,592 Asset-backed securities(4) 0 14,068 523 14,591 Commercial mortgage-backed securities 0 16,294 9 16,303 Residential mortgage-backed securities 0 2,876 11 2,887 Subtotal 0 406,862 6,043 412,905 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 212 0 212 Obligations of U.S. states and their political subdivisions 0 231 0 231 Foreign government bonds 0 926 19 945 Corporate securities 0 14,990 482 15,472 Asset-backed securities(4) 0 1,583 114 1,697 Commercial mortgage-backed securities 0 1,839 0 1,839 Residential mortgage-backed securities 0 1,018 0 1,018 Equity securities 1,784 259 0 2,043 All other(5) 50 549 20 619 Subtotal 1,834 21,607 635 24,076 Fixed maturities, trading 0 3,671 243 3,914 Equity securities 6,207 1,131 660 7,998 Commercial mortgage and other loans 0 1,092 0 1,092 Other invested assets(6) 227 23,045 366 (21,367) 2,271 Short-term investments 405 5,728 177 6,310 Cash equivalents 1,476 4,005 1 5,482 Other assets 0 0 268 268 Separate account assets(7)(8) 51,826 250,623 1,821 304,270 Total assets $ 61,975 $ 717,764 $ 10,214 $ (21,367) $ 768,586 Future policy benefits(9) $ 0 $ 0 $ 18,879 $ $ 18,879 Policyholders’ account balances 0 0 1,914 1,914 Other liabilities 32 17,828 0 (17,475) 385 Notes issued by consolidated VIEs 0 0 0 0 Total liabilities $ 32 $ 17,828 $ 20,793 $ (17,475) $ 21,178 __________ (1) Excludes amounts for financial instruments reclassified to “Assets held-for-sale of $128,234 million and “Liabilities held-for-sale” of $5,790 million. Assets held-for-sale and liabilities held-for-sale are valued on a basis consistent with similar instruments described herein. See Note 1 for additional information on the pending dispositions. (2) “Netting” amounts represent cash collateral of $(3,233) and $3,892 million as of September 30, 2021 and December 31, 2020, respectively. (3) Excludes notes with fair value of $5,693 million (carrying amount of $5,616 million) and $6,100 million (carrying amount of $5,966 million) as of September 30, 2021 and December 31, 2020, respectively, which have been offset with the associated payables under a netting agreement. (4) Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types. (5) All other represents cash equivalents and short-term investments. (6) Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of September 30, 2021 and December 31, 2020, the fair values of such investments were $4,382 and $4,136 million respectively. (7) Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and other invested assets. As of September 30, 2021 and December 31, 2020, the fair value of such investments was $25,127 and $23,007 million, respectively. (8) Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position. (9) As of September 30, 2021, the net embedded derivative liability position of $9.2 billion includes $0.6 billion of embedded derivatives in an asset position and $9.8 billion of embedded derivatives in a liability position. As of December 31, 2020, the net embedded derivative liability position of $18.9 billion includes $0.5 billion of embedded derivatives in an asset position and $19.4 billion of embedded derivatives in a liability position. Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities —The tables below present quantitative information on significant internally-priced Level 3 assets and liabilities. As of September 30, 2021 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 4,539 Discounted Discount rate 0.06% 20% 4.91% Decrease Market comparables EBITDA multiples(4) 1.3X 15.0X 9.1X Increase Liquidation Liquidation value 12.37% 62.58% 48.50% Increase Equity securities $ 288 Discounted Discount rate 0.5% 20% Decrease Market comparables EBITDA multiples(4) 1.0X 9.7X 3.1X Increase Net Asset Value Share price $0 $1,498 $507 Increase Separate account assets-commercial mortgage loans(6) $ 158 Discounted Spread 0.95% 1.89% 1.08% Decrease Liabilities: Future policy benefits(7) $ 9,230 Discounted Lapse rate(9) 1% 20% Decrease Spread over LIBOR(10) 0.05% 1.05% Decrease Utilization rate(11) 39% 96% Increase Withdrawal rate See table footnote (12) below. Mortality rate(13) 0% 15% Decrease Equity volatility curve 17% 26% Increase Policyholders’ account balances(8) $ 1,320 Discounted Lapse rate(9) 1% 6% Decrease Spread over LIBOR(10) 0.05% 1.07% Decrease Mortality rate(13) 0% 23% Decrease Equity volatility curve 13% 30% Increase As of December 31, 2020 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 3,697 Discounted Discount rate 0.40% 25% 4.28% Decrease Market comparables EBITDA multiples(4) 7.0X 15.0X 9.0X Increase Liquidation Liquidation value 12.13% 15.00% 13.02% Increase Equity securities $ 195 Discounted Discount rate 0.5% 20% Decrease Market comparables EBITDA multiples(4) 1X 8.8X 3.3X Increase Net Asset Value Share price $1 $1,414 $495 Increase Separate account assets-commercial mortgage loans(6) $ 775 Discounted Spread 1.60% 2.98% 1.80% Decrease Liabilities: Future policy benefits(7) $ 18,879 Discounted Lapse rate(9) 1% 20% Decrease Spread over LIBOR(10) 0.06% 1.17% Decrease Utilization rate(11) 39% 96% Increase Withdrawal rate See table footnote (12) below. Mortality rate(13) 0% 15% Decrease Equity volatility curve 18% 26% Increase Policyholders’ account balances(8) $ 1,914 Discounted Lapse rate(9) 1% 42% Decrease Spread over LIBOR(10) 0.06% 1.17% Decrease Mortality rate(13) 0% 24% Decrease Equity volatility curve 6% 42% Increase __________ (1) Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table. (2) Includes assets classified as fixed maturities available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities trading. (3) Excludes notes which have been offset with the associated payables under a netting agreement. (4) Represents multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments. (5) For these investments, a range of discount rates is typically used (10% to 20%) and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than weighted average. (6) Changes in the fair value of separate account assets are borne by customers and thus are offset by changes in separate account liabilities on the Company’s Unaudited Interim Consolidated Statements of Financial Position. As a result, changes in value associated with these investments are not reflected in the Company’s Unaudited Interim Consolidated Statements of Operations. (7) Future policy benefits primarily represent general account liabilities for the living benefit features of the Company’s variable annuity contracts which are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (8) Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (9) Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these embedded derivatives. (10) The spread over the London Inter-Bank Offered Rate (“LIBOR”) swap curve represents the premium added to the proxy for the risk-free rate (LIBOR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt. (11) The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits. (12) The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of September 30, 2021 and December 31, 2020, the minimum withdrawal rate assumption is 76% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%. (13) The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 45 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table. Interrelationships Between Unobservable Inputs — In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another or multiple inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows: Corporate Securities— The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term, and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increases, credit spreads widen, which results in a decrease in fair value. Asset-Backed Securities— Interrelationships may exist between the prepayment rate, the default rate and/or loss severity, depending on specific market conditions. In stronger economic cycles, prepayment rates are generally driven by overall market interest rates and accompanied by lower default rates and loss severity. During weaker economic cycles, prepayments may decline, as default rates and loss severity increase. Additionally, the impact of these factors on average life varies with the structure and subordination. Generally, a change in the assumption used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. Future Policy Benefits— The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent that more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money. Changes in Level 3 Assets and Liabilities —The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate. Three Months Ended September 30, 2021 Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3(2) Fair Value, end of period Unrealized gains (losses) for assets still held(3) (in millions) Fixed maturities, available-for-sale: U.S. government $ 150 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (15) $ 135 $ 0 U.S. states 9 0 0 0 0 0 (1) 0 0 8 0 Foreign government 10 0 0 0 0 1 (1) 0 0 10 0 Corporate securities(4) 5,528 (67) 496 (12) 18 (374) (1) 97 (319) 5,366 (82) Structured securities(5) 874 2 608 0 0 (38) (1) 130 (488) 1,087 (5) Assets supporting experience-rated contractholder liabilities: Foreign government 17 0 0 0 0 0 0 0 (17) 0 0 Corporate securities(4) 549 (3) 1 0 0 (81) (157) 0 (309) 0 (2) Structured securities(5) 114 (1) 40 0 0 (9) 0 2 (146) 0 (1) Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 0 0 1 0 0 0 0 0 (1) 0 0 Other assets: Fixed maturities, trading 269 12 3 (27) 0 (6) 157 0 (44) 364 11 Equity securities 715 100 8 (66) 0 0 0 0 0 757 73 Other invested assets 393 7 10 (33) 0 (1) 0 0 0 376 8 Short-term investments 445 1 66 0 0 (176) 1 0 (10) 327 0 Cash equivalents 1 0 0 0 0 0 (1) 0 0 0 0 Other assets 190 (23) 3 0 0 5 0 (64) 0 111 (9) Separate account assets(6) 1,476 (75) (70) 6 0 0 615 28 (689) 1,291 (2) Liabilities: Future policy benefits (13,579) 385 0 0 (331) 0 0 0 4,295 (9,230) 229 Policyholders’ account balances(7) (2,690) (5) 0 0 (83) 0 0 0 1,458 (1,320) 568 Other liabilities 0 0 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Three Months Ended September 30, 2021 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(3) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) (in millions) Fixed maturities, available-for-sale $ (10) $ 0 $ 0 $ (59) $ 4 $ (33) $ 0 $ 0 $ (54) Assets supporting experience-rated contractholder liabilities 0 (5) 0 0 1 0 (3) 0 0 Other assets: Fixed maturities, trading 0 11 0 0 1 0 11 0 0 Equity securities 0 100 0 0 0 0 73 0 0 Other invested assets (14) 21 0 0 0 (13) 21 0 0 Short-term investments 1 0 0 0 0 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets (23) 0 0 39 (39) (9) 0 0 0 Separate account assets(6) 0 0 (75) 0 0 0 0 (2) 0 Liabilities: Future policy benefits 385 0 0 0 0 229 0 0 0 Policyholders’ account balances (5) 0 0 0 0 568 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2021 Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3(2) Fair Value, end of period Unrealized gains (losses) for assets still held(3) (in millions) Fixed maturities, available-for-sale: U.S. government $ 150 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (15) $ 135 $ 0 U.S. states 4 0 0 0 0 0 4 0 0 8 0 Foreign government 11 0 0 0 0 0 (1) 0 0 10 0 Corporate securities(4) 5,335 (229) 1,183 (33) 38 (868) 0 386 (446) 5,366 (284) Structured securities(5) 543 31 1,384 (1) 0 (218) 13 441 (1,106) 1,087 5 Assets supporting experience-rated contractholder liabilities: Foreign government 19 0 0 0 0 (2) 0 0 (17) 0 0 Corporate securities(4) 482 5 17 0 0 (109) (157) 71 (309) 0 (2) Structured securities(5) 114 (5) 213 0 0 (31) 0 2 (293) 0 (5) Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 20 0 1 0 0 (20) 0 0 (1) 0 0 Other assets: Fixed maturities, trading 243 23 26 (35) 0 (6) 159 0 (46) 364 22 Equity securities 660 157 99 (128) 0 (9) (23) 36 (35) 757 124 Other invested assets 366 24 34 (47) 0 (1) 0 0 0 376 25 Short-term investments 177 1 519 0 0 (339) (26) 5 (10) 327 (1) Cash equivalents 1 (1) 4 0 0 0 (4) 0 0 0 (1) Other assets 268 (120) 27 0 0 0 0 (64) 0 111 (116) Separate account assets(6) 1,821 133 79 (21) 0 (12) 0 58 (767) 1,291 124 Liabilities: Future policy benefits (18,879) 6,335 0 0 (993) 0 12 0 4,295 (9,230) 5,694 Policyholders’ account balances(7) (1,914) (553) 0 0 (311) 0 0 0 1,458 (1,320) 106 Other liabilities 0 0 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2021 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(3) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) (in millions) Fixed maturities, available-for-sale $ 19 $ 0 $ 0 $ (223) $ 6 $ (34) $ 0 $ 0 $ (245) Assets supporting experience-rated contractholder liabilities 0 (5) 0 0 5 0 (7) 0 0 Other assets: Fixed maturities, trading 0 22 0 0 1 0 22 0 0 Equity securities 0 157 0 0 0 0 124 0 0 Other invested assets 1 23 0 0 0 1 24 0 0 Short-term investments 1 0 0 0 0 (1) 0 0 0 Cash equivalents (1) 0 0 0 0 (1) 0 0 0 Other assets (120) 0 0 39 (39) (116) 0 0 0 Separate account assets(6) 0 0 133 0 0 0 0 124 0 Liabilities: Future policy benefits 6,335 0 0 0 0 5,694 0 0 0 Policyholders’ account balances (553) 0 0 0 0 106 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 Three Months Ended September 30, 2020 Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(3) (in millions) Fixed maturities, available-for-sale: U.S. government $ 122 $ 0 $ 10 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 132 $ 0 U.S. states 4 0 0 0 0 0 0 0 0 4 0 Foreign government 21 1 0 0 0 0 0 0 (12) 10 1 Corporate securities(4) 4,904 215 165 (8) 0 (160) (23) 113 (103) 5,103 193 Structured securities(5) 801 5 96 0 0 (147) 1 68 (258) 566 4 Assets supporting experience-rated contractholder liabilities: Foreign government 24 0 0 0 0 (2) 0 0 0 22 0 Corporate securities(4) 624 5 1 0 0 (6) (22) 0 (24) 578 3 Structured securities(5) 99 1 19 0 0 (9) 0 1 (1) 110 1 Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 7 0 107 0 0 (4) 0 0 0 110 0 Other assets: Fixed maturities, trading 236 0 (1) (1) 0 0 1 4 1 240 1 Equity securities 594 67 15 (3) 0 (4) 5 0 (1) 673 66 Other invested assets 658 3 101 0 1 2 9 8 0 782 4 Short-term investments 44 (1) 145 0 0 (5) 0 0 0 183 0 Cash equivalents 1 0 0 0 0 0 0 0 0 1 0 Other assets 377 (64) 19 0 0 0 0 0 0 332 (62) Separate account assets(6) 1,684 84 65 (5) 0 (14) 0 10 (23) 1,801 87 Liabilities: Future policy benefits (26,439) 3,339 0 0 (331) 0 91 0 0 (23,340) 3,069 Policyholders’ account balances(7) (1,441) (34) 0 0 (74) 0 0 0 0 (1,549) (6) Other liabilities 0 0 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs (741) (34) 0 0 0 0 0 0 0 (775) (34) Three Months Ended September 30, 2020 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(3) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) (in millions) Fixed maturities, available-for-sale $ 3 $ 0 $ 0 $ 217 $ 1 $ (12) $ 0 $ 0 $ 210 Assets supporting experience-rated contractholder liabilities 0 4 0 0 2 0 4 0 0 Other assets: Fixed maturities, trading 0 0 0 0 0 0 1 0 0 Equity securities 0 67 0 0 0 0 66 0 0 Other invested assets 0 3 0 0 0 0 4 0 0 Short-term investments (1) 0 0 0 0 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets (64) 0 0 0 0 (62) 0 0 0 Separate account assets(6) 0 0 84 0 0 0 0 87 0 Liabilities: Future policy benefits 3,339 0 0 0 0 3,069 0 0 0 Policyholders’ account balances (34) 0 0 0 0 (6) 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 (34) 0 0 0 0 (34) 0 0 Nine Months Ended September 30, 2020 Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(3) (in millions) Fixed maturities, available-for-sale: U.S. government $ 105 $ 0 $ 27 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 132 $ 0 U.S. states 4 0 0 0 0 0 0 0 0 4 0 Foreign government 22 0 0 0 0 0 0 1 (13) 10 0 Corporate securities(4) 3,236 33 584 (126) 0 (490) (22) 2,136 (248) 5,103 19 Structured securities(5) 948 2 484 (17) 0 (444) 156 160 (723) 566 0 Assets supporting experience-rated contractholder liabilities: Foreign government 24 0 0 0 0 (2) 0 0 0 22 0 Corporate securities(4) 637 (22) 5 (9) 0 (71) (22) 92 (32) 578 (25) Structured securities(5) 69 (1) 174 0 0 (19) 0 1 (114) 110 3 Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 0 0 114 0 0 (4) 0 0 0 110 0 Other assets: Fixed maturities, trading 287 (16) 21 (33) 0 0 9 19 (47) 240 (16) Equity securities 633 9 43 (13) 0 (4) 6 0 (1) 673 6 Other invested assets 567 7 182 0 5 (2) 15 8 0 782 9 Short-term investments 155 1 189 0 0 (115) (47) 0 0 183 0 Cash equivalents 131 0 0 0 0 0 (130) 0 0 1 0 Other assets 113 164 55 0 0 0 0 0 0 332 165 Separate account assets(6) 1,717 58 169 (26) 0 (47) 0 43 (113) 1,801 70 Liabilities: Future policy benefits (12,831) (9,630) 0 0 (972) 0 93 0 0 (23,340) (9,940) Policyholders’ account balances(7) (1,316) 38 0 0 (271) 0 0 0 0 (1,549) 80 Other liabilities (105) 105 0 0 0 0 0 0 0 0 105 Notes issued by consolidated VIEs (800) 25 0 0 0 0 0 0 0 (775) 25 Nine Months Ended September 30, 2020 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(3) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (losses) (in millions) Fixed maturities, available-for-sale $ (112) $ 0 $ 0 $ 141 $ 6 $ (118) $ 0 $ 0 $ 137 Assets supporting experience-rated contractholder liabilities 0 (25) 0 0 2 0 (22) 0 0 Other assets: Fixed maturities, trading 0 (17) 0 0 1 0 (16) 0 0 Equity securities 0 9 0 0 0 0 6 0 0 Other invested assets 0 7 0 0 0 1 8 0 0 Short-term investments 1 0 0 0 0 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets 164 0 0 0 0 165 0 0 0 Separate account assets(6) 0 0 58 0 0 0 0 70 0 Liabilities: Future policy benefits (9,630) 0 0 0 0 (9,940) 0 0 0 Policyholders’ account balances 38 0 0 0 0 80 0 0 0 Other liabilities 0 105 0 0 0 0 105 0 0 Notes issued by consolidated VIEs 0 25 0 0 0 0 25 0 0 __________ (1) “Other,” for the periods ended September 30, 2021 and September 30, 2020, primarily represents the deconsolidation of VIEs, reclassifications of certain assets between reporting categories and foreign currency translation. (2) Transfers out of level 3 for both three months and nine months ended September 30, 2021 included $274 million of corporate securities and $58 million of structured securities reclassified to “Assets held-for-sale”, and $4,295 million of Future Policy Benefits and $1,458 million of Policyholders’ account balances reclassified to "Liabilities held-for-sale". See Note 1 for additional information on the pending dispositions. (3) Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts. (4) Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities. |
Closed Block
Closed Block | 9 Months Ended |
Sep. 30, 2021 | |
Closed Block Disclosure [Abstract] | |
Closed Block | CLOSED BLOCK On December 18, 2001, the date of demutualization, The Prudential Insurance Company of America (“PICA”) established a closed block for certain in-force participating insurance policies and annuity products, along with corresponding assets used for the payment of benefits and policyholders’ dividends on these products, (collectively the “Closed Block”), and ceased offering these participating products. The recorded assets and liabilities were allocated to the Closed Block at their historical carrying amounts. The Closed Block forms the principal component of the Closed Block division. For additional information on the Closed Block, see Note 15 to the Company’s Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2020. As of September 30, 2021 and December 31, 2020, the Company recognized a policyholder dividend obligation of $3,908 million and $2,920 million, respectively, to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings. Additionally, accumulated net unrealized investment gains that have arisen subsequent to the establishment of the Closed Block have been reflected as a policyholder dividend obligation of $3,820 million and $5,867 million at September 30, 2021 and December 31, 2020, respectively, to be paid to Closed Block policyholders unless offset by future experience, with a corresponding amount reported in AOCI. Closed Block liabilities and assets designated to the Closed Block, as well as maximum future earnings to be recognized from these liabilities and assets, are as follows: September 30, December 31, (in millions) Closed Block liabilities Future policy benefits $ 45,797 $ 46,762 Policyholders’ dividends payable 641 635 Policyholders’ dividend obligation 7,728 8,787 Policyholders’ account balances 4,769 4,874 Other Closed Block liabilities 3,408 3,141 Total Closed Block liabilities 62,343 64,199 Closed Block assets Fixed maturities, available-for-sale, at fair value 38,147 41,959 Fixed maturities, trading, at fair value 1,189 277 Equity securities, at fair value 2,308 2,345 Commercial mortgage and other loans 8,227 8,421 Policy loans 3,872 4,064 Other invested assets 4,120 3,610 Short-term investments 339 124 Total investments 58,202 60,800 Cash and cash equivalents 790 269 Accrued investment income 426 431 Other Closed Block assets 364 92 Total Closed Block assets 59,782 61,592 Excess of reported Closed Block liabilities over Closed Block assets 2,561 2,607 Portion of above representing accumulated other comprehensive income (loss): Net unrealized investment gains (losses) 3,716 5,810 Allocated to policyholder dividend obligation (3,820) (5,867) Future earnings to be recognized from Closed Block assets and Closed Block liabilities $ 2,457 $ 2,550 Information regarding the policyholder dividend obligation is as follows: Nine Months Ended (in millions) Balance, December 31, 2020 $ 8,787 Impact from earnings allocable to policyholder dividend obligation 988 Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation (2,047) Balance, September 30, 2021 $ 7,728 Closed Block revenues and benefits and expenses are as follows for the periods indicated: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in millions) Revenues Premiums $ 419 $ 459 $ 1,313 $ 1,457 Net investment income 654 586 1,876 1,649 Realized investment gains (losses), net 168 18 505 266 Other income (loss) 113 242 644 (43) Total Closed Block revenues 1,354 1,305 4,338 3,329 Benefits and Expenses Policyholders’ benefits 599 641 1,885 2,013 Interest credited to policyholders’ account balances 31 32 93 96 Dividends to policyholders 583 532 1,978 955 General and administrative expenses 78 81 236 248 Total Closed Block benefits and expenses 1,291 1,286 4,192 3,312 Closed Block revenues, net of Closed Block benefits and expenses, before income taxes 63 19 146 17 Income tax expense (benefit) 38 4 92 (30) Closed Block revenues, net of Closed Block benefits and expenses and income taxes $ 25 $ 15 $ 54 $ 47 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company uses a full year projected effective tax rate approach to calculate year-to-date taxes. In addition, certain items impacting total income tax expense are recorded in the periods in which they occur. The projected effective tax rate is the ratio of projected “Total income tax expense” divided by projected “Income before income taxes and equity in earnings of operating joint ventures.” Taxes attributable to operating joint ventures are recorded within “Equity in earnings of operating joint ventures, net of taxes.” The interim period tax expense (or benefit) is the difference between the year-to-date income tax provision and the amounts reported for the previous interim periods of the fiscal year. The Company’s income tax provision, on a consolidated basis, amounted to an income tax expense of $1,504 million, or 18.8% of income (loss) before income taxes and equity in earnings of operating joint ventures, in the first nine months of 2021, compared to an income tax expense of $7 million, or (0.6)%, in the first nine months of 2020. The Company’s current and prior effective tax rates differ from the U.S. statutory rate of 21% primarily due to non-taxable investment income, tax credits, foreign earnings taxed at higher rates than the U.S. statutory rate, and the items discussed below. On March 27, 2020, the CARES Act was enacted into law. One provision of the CARES Act amended the Tax Cuts and Jobs Act (“TCJA”) and allowed companies with net operating losses (“NOLs”) originating in 2018, 2019 or 2020 to carry back those losses for five years. The Company incorporated into the full year projected 2020 effective tax rate an income tax benefit of $325 million that resulted from carrying the estimated 2020 NOL back to tax years that have a 35% tax rate. The projected tax benefit related to the NOL carryback was partially offset by an incremental Global Intangible Low-Taxed Income (“GILTI”) tax expense of $13 million driven by projected overall domestic losses (“ODLs”) which resulted in a reduced GILTI foreign tax credit. The first nine months of 2020 also include a $47 million reduction in income tax expense recorded as a discrete item from the carryback of 2018 NOL and related ODL. On July 20, 2020, the U.S. Treasury and the Internal Revenue Service issued Final Regulations which allows an annual election to exclude from the U.S. tax return certain GILTI amounts when the taxes paid by a foreign affiliate exceed 18.9% (90% of U.S. statutory rate of 21%) of the GILTI amount for that foreign affiliate (the “high-tax exception”). These regulations are effective for the 2021 taxable year with an election to apply to any taxable year beginning after 2017. In many of the countries in which we operate, including Japan, there are differences between local tax rules used to determine the tax base and the U.S. tax principles used to determine GILTI. Also, our Japan affiliates have a different tax year than the U.S. calendar tax year used to determine GILTI. Therefore, while many of the countries, including Japan, have a statutory tax rate above the 18.9% threshold, separate affiliates may not meet the 18.9% threshold each year and, as such, may not qualify for this annual exclusion. At this time, the Company anticipates making the high-tax exception election for the 2021 tax year and reflected the impact of the election in its full year projected effective tax rate used to calculate year-to-date taxes for the first nine months of 2021. The Treasury Department and the IRS also issued Proposed Regulations on July 20, 2020 which would require that, if a high-tax exception election is made with respect to GILTI in any year, an election having the same effect must also be made with regard to income taxed under Subpart F of the Tax Code. Such an election under Subpart F of the Tax Code would apply to the Full Inclusion election made by the Company for its insurance operations in Brazil, thereby increasing the tax rate applied to our Brazil insurance operations. The Proposed Regulations will be effective for taxable years beginning after they are issued in final form. |
Short-Term and Long-Term Debt
Short-Term and Long-Term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Short-Term and Long-Term Debt | SHORT-TERM AND LONG-TERM DEBT Short-term Debt The table below presents the Company’s short-term debt as of the dates indicated: September 30, 2021 December 31, 2020 ($ in millions) Commercial paper: Prudential Financial $ 25 $ 25 Prudential Funding, LLC 347 355 Subtotal commercial paper 372 380 Current portion of long-term debt: Senior Notes 400 399 Mortgage Debt 130 128 Surplus notes subject to set-off arrangements(1) 500 500 Subtotal current portion of long-term debt 1,030 1,027 Other(2) 7 18 Subtotal 1,409 1,425 Less: assets under set-off arrangements(1) 500 500 Total short-term debt(3) $ 909 $ 925 Supplemental short-term debt information: Portion of commercial paper borrowings due overnight $ 105 $ 75 Daily average commercial paper outstanding for the quarter ended $ 1,258 $ 1,602 Weighted average maturity of outstanding commercial paper, in days 12 18 Weighted average interest rate on outstanding commercial paper 0.06 % 0.11 % _________ (1) The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes. (2) Includes $7 million and $18 million drawn on a revolving line of credit held by a subsidiary at September 30, 2021 and December 31, 2020, respectively. (3) Includes Prudential Financial debt of $425 million and $424 million at September 30, 2021 and December 31, 2020, respectively. Prudential Financial and certain subsidiaries have access to external sources of liquidity, including membership in the Federal Home Loan Banks, commercial paper programs and contingent financing facilities in the form of a put option agreement and facility agreement. The Company also maintains syndicated, unsecured committed credit facilities as an alternative source of liquidity. At September 30, 2021, no amounts were drawn on these credit facilities. For additional information on these sources of liquidity, see “Credit Facility Extension” below and Note 17 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Long-term Debt The table below presents the Company’s long-term debt as of the dates indicated: September 30, 2021 December 31, 2020 (in millions) Fixed-rate obligations: Surplus notes $ 344 $ 343 Surplus notes subject to set-off arrangements(1) 7,786 8,134 Senior notes 10,280 11,179 Mortgage debt 24 24 Floating-rate obligations: Line of credit 300 300 Surplus notes subject to set-off arrangements(1) 2,330 2,330 Mortgage debt(2) 122 257 Junior subordinated notes(3) 7,617 7,615 Subtotal 28,803 30,182 Less: assets under set-off arrangements(1) 10,116 10,464 Total long-term debt(4) $ 18,687 $ 19,718 __________ (1) The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in long-term debt. (2) Includes $30 million and $29 million of debt denominated in foreign currency at September 30, 2021 and December 31, 2020, respectively. (3) Includes Prudential Financial debt of $7,561 million and $7,554 million at September 30, 2021 and December 31, 2020, respectively. Also includes subsidiary debt of $56 million and $60 million denominated in foreign currency at September 30, 2021 and December 31, 2020, respectively. (4) Includes Prudential Financial debt of $17,668 million and $18,561 million at September 30, 2021 and December 31, 2020, respectively. At September 30, 2021 and December 31, 2020, the Company was in compliance with all debt covenants related to the borrowings in the table above. Senior Debt Redemption On August 30, 2021, the Company redeemed, at a make-whole redemption price, $700 million principal amount of its 3.500% medium-term notes due 2024 (representing the entire principal amount) and $210 million of the outstanding $600 million principal amount of its 3.878% medium-term notes due 2028. In addition to the total principal redemption of $910 million, the Company made a make-whole payment of $91 million, which is reflected in “General and administrative expenses”. Credit Facility Extension On July 28, 2021, the Company amended and restated its $4.0 billion five |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Pension and Other Postretirement Plans The Company has funded and non-funded non-contributory defined benefit pension plans (“Pension Benefits”), which cover substantially all of its employees. For some employees, benefits are based on final average earnings and length of service, while benefits for other employees are based on an account balance that takes into consideration age, length of service and earnings during their career. The Company provides certain health care and life insurance benefits for its retired employees, their beneficiaries and covered dependents (“Other Postretirement Benefits”). The health care plan is contributory; the life insurance plan is non-contributory. Substantially all of the Company’s U.S. employees may become eligible to receive other postretirement benefits if they retire after age 55 with at least 10 years of service or under certain circumstances after age 50 with at least 20 years of continuous service. Net periodic (benefit) cost included in “General and administrative expenses” includes the following components: Three Months Ended September 30, Pension Benefits Other Postretirement Benefits 2021 2020 2021 2020 (in millions) Components of net periodic (benefit) cost: Service cost $ 82 $ 80 $ 7 $ 6 Interest cost 91 108 12 15 Expected return on plan assets (206) (201) (26) (25) Amortization of prior service cost (1) (1) 2 2 Amortization of actuarial (gain) loss, net 61 65 4 4 Settlements 1 (1) 0 0 Special termination benefits(1) 0 5 0 0 Net periodic (benefit) cost $ 28 $ 55 $ (1) $ 2 Nine Months Ended September 30, Pension Benefits Other Postretirement Benefits 2021 2020 2021 2020 (in millions) Components of net periodic (benefit) cost: Service cost $ 247 $ 241 $ 20 $ 18 Interest cost 273 323 36 47 Expected return on plan assets (618) (604) (76) (75) Amortization of prior service cost (3) (3) 5 5 Amortization of actuarial (gain) loss, net 184 196 12 12 Settlements 3 3 0 0 Special termination benefits(1) 1 7 0 0 Net periodic (benefit) cost $ 87 $ 163 $ (3) $ 7 __________ (1) For 2021 and 2020, certain employees were provided special termination benefits under non-qualified plans in the form of unreduced early retirement benefits as a result of their involuntary termination or participation in the Voluntary Separation Program that was offered to eligible U.S.-based employees in 2019. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Equity | EQUITY The changes in the number of shares of Common Stock issued, held in treasury and outstanding, are as follows for the periods indicated: Common Stock Issued Held In Outstanding (in millions) Balance, December 31, 2020 666.3 269.9 396.4 Common Stock issued 0.0 0.0 0.0 Common Stock acquired 0.0 21.1 (21.1) Stock-based compensation programs(1) 0.0 (3.6) 3.6 Balance, September 30, 2021 666.3 287.4 378.9 __________ (1) Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs. In February 2021, Prudential Financial’s Board of Directors (the “Board”) authorized the Company to repurchase at management’s discretion up to $1.5 billion of its outstanding Common Stock during the period from January 1, 2021 through December 31, 2021. In May 2021, the Board authorized a $500 million increase to this authorization, bringing the aggregate share repurchase authorization for calendar year 2021 to $2.0 billion. In July 2021, the Board further increased this authorization by an additional $500 million, bringing the aggregate share repurchase authorization for calendar year 2021 to $2.5 billion. As of September 30, 2021, 21.1 million shares of the Company’s Common Stock were repurchased under this authorization at a total cost of $2,125 million. The timing and amount of share repurchases are determined by management based upon market conditions and other considerations, and repurchases may be executed in the open market, through derivative, accelerated repurchase and other negotiated transactions and through prearranged trading plans complying with Rule 10b5-1(c) under the Securities Exchange Act of 1934 (the “Exchange Act”). Numerous factors could affect the timing and amount of any future repurchases under the share repurchase authorization, including, but not limited to: compliance with laws, increased capital needs of the Company due to changes in regulatory capital requirements, opportunities for growth and acquisitions, and the effect of adverse market conditions. Dividends declared per share of Common Stock are as follows for the periods indicated: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Dividends declared per share of Common Stock $ 1.15 $ 1.10 $ 3.45 $ 3.30 Accumulated Other Comprehensive Income (Loss) AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Unaudited Interim Consolidated Statements of Comprehensive Income. The balance of and changes in each component of AOCI as of and for the nine months ended September 30, 2021 and 2020, are as follows: Accumulated Other Comprehensive Income (Loss) Attributable to Foreign Currency Net Unrealized Pension and Total (in millions) Balance, December 31, 2020 $ 52 $ 34,065 $ (3,379) $ 30,738 Change in OCI before reclassifications (816) (8,331) 41 (9,106) Amounts reclassified from AOCI (64) (2,184) 198 (2,050) Income tax benefit (expense) (63) 2,374 (57) 2,254 Balance, September 30, 2021 $ (891) $ 25,924 $ (3,197) $ 21,836 Accumulated Other Comprehensive Income (Loss) Attributable to Foreign Currency Net Unrealized Pension and Total (in millions) Balance, December 31, 2019 $ (536) $ 28,112 $ (3,537) $ 24,039 Change in OCI before reclassifications 69 7,939 8 8,016 Amounts reclassified from AOCI 46 (1,045) 210 (789) Income tax benefit (expense) 73 (1,289) (49) (1,265) Balance, September 30, 2020 $ (348) $ 33,717 $ (3,368) $ 30,001 __________ (1) Includes cash flow hedges of $867 million and $(168) million as of September 30, 2021 and December 31, 2020, respectively, and $1,407 million and $832 million as of September 30, 2020 and December 31, 2019, respectively, and fair value hedges of $(29) million and $10 million as of September 30, 2021 and December 31, 2020, respectively, and $(1) million and $0 million as of September 30, 2020 and December 31, 2019, respectively. Reclassifications out of Accumulated Other Comprehensive Income (Loss) Three Months Ended Nine Months Ended Affected line item in Consolidated Statements of Operations 2021 2020 2021 2020 (in millions) Amounts reclassified from AOCI(1)(2): Foreign currency translation adjustment: Foreign currency translation adjustments $ 1 $ (2) $ 1 $ (7) Realized investment gains (losses), net Foreign currency translation adjustments 0 (39) 63 (39) Other income (loss) Total foreign currency translation adjustment 1 (41) 64 (46) Net unrealized investment gains (losses): Cash flow hedges—Interest rate (7) 19 7 27 (3) Cash flow hedges—Currency (1) 0 (4) 4 (3) Cash flow hedges—Currency/Interest rate 230 (77) 435 343 (3) Fair value hedges—Currency (1) 0 (4) 0 (3) Net unrealized investment gains (losses) on available-for-sale securities 221 401 1,750 671 Realized investment gains (losses), net Total net unrealized investment gains (losses) 442 343 2,184 1,045 (4) Amortization of defined benefit pension items: Prior service cost (1) (1) (2) (2) (5) Actuarial gain (loss) (65) (69) (196) (208) (5) Total amortization of defined benefit pension items (66) (70) (198) (210) Total reclassifications for the period $ 377 $ 232 $ 2,050 $ 789 __________ (1) All amounts are shown before tax. (2) Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI. (3) See Note 5 for additional information on cash flow and fair value hedges. (4) See table below for additional information on unrealized investment gains (losses), including the impact on deferred policy acquisition and other costs, future policy benefits and policyholders’ dividends. (5) See Note 10 for information on employee benefit plans. Net Unrealized Investment Gains (Losses) Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from “Other comprehensive income (loss)” those items that are included as part of “Net income (loss)” for a period that had been part of “Other comprehensive income (loss)” in earlier periods. The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, and all other net unrealized investment gains (losses), are as follows: Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recognized Net Unrealized DAC, DSI, VOBA and Reinsurance Recoverables Future Policy Policyholders’ Income Tax Benefit (Expense) Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, December 31, 2020 $ (25) $ 58,442 $ (1,229) $ (6,588) $ (5,892) $ (10,643) $ 34,065 Net investment gains (losses) on investments arising during the period 36 (14,373) 3,157 (11,180) Reclassification adjustment for (gains) losses included in net income 11 (2,195) 481 (1,703) Reclassification due to allowance for credit losses recorded during the period 0 0 0 0 Impact of net unrealized investment (gains) losses 573 3,381 2,052 (1,264) 4,742 Balance, September 30, 2021 $ 22 $ 41,874 $ (656) $ (3,207) $ (3,840) $ (8,269) $ 25,924 __________ (1) Includes cash flow and fair value hedges. See Note 5 for information on cash flow and fair value hedges. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE A reconciliation of the numerators and denominators of the basic and diluted per share computations of Common Stock based on the consolidated earnings of Prudential Financial for the periods indicated is as follows: Three Months Ended September 30, 2021 2020 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ 1,565 $ 1,507 Less: Income (loss) attributable to noncontrolling interests 35 20 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 24 18 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,506 383.8 $ 3.92 $ 1,469 395.3 $ 3.72 Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 24 $ 18 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 23 18 Stock options 0.8 0.3 Deferred and long-term compensation programs 2.2 1.5 Diluted earnings per share Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,507 386.8 $ 3.90 $ 1,469 397.1 $ 3.70 Nine Months Ended September 30, 2021 2020 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ 6,552 $ (1,168) Less: Income (loss) attributable to noncontrolling interests 36 25 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 99 16 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 6,417 390.4 $ 16.44 $ (1,209) 395.6 $ (3.06) Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 99 $ 16 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 98 16 Stock options 0.7 0.0 Deferred and long-term compensation programs 2.1 0.0 Diluted earnings per share(1) Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 6,418 393.2 $ 16.32 $ (1,209) 395.6 $ (3.06) __________ (1) For the nine months ended September 30, 2020, weighted average shares for basic earnings per share is also used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the nine months ended September 30, 2020, all potential stock options and compensation programs were considered antidilutive. Unvested share-based payment awards that contain nonforfeitable rights to dividends are participating securities and included in the computation of earnings per share pursuant to the two-class method. Under this method, earnings attributable to Prudential Financial are allocated between Common Stock and the participating awards, as if the awards were a second class of stock. During periods of net income available to holders of Common Stock, the calculation of earnings per share excludes the income attributable to participating securities in the numerator and the dilutive impact of these securities from the denominator. In the event of a net loss available to holders of Common Stock, undistributed earnings are not allocated to participating securities and the denominator excludes the dilutive impact of these securities as they do not share in the losses of the Company. Undistributed earnings allocated to participating unvested share-based payment awards for the three months ended September 30, 2021 and 2020, as applicable, were based on 5.7 million and 4.9 million of such awards, respectively, and for the nine months ended September 30, 2021 and 2020, as applicable, were based on 5.9 million and 5.0 million of such awards, respectively, weighted for the period they were outstanding. Stock options and shares related to deferred and long-term compensation programs that are considered antidilutive are excluded from the computation of diluted earnings per share. Stock options are considered antidilutive based on application of the treasury stock method or in the event of a net loss available to holders of Common Stock. Shares related to deferred and long-term compensation programs are considered antidilutive in the event of a net loss available to holders of Common Stock. For the periods indicated, the number of stock options and shares related to deferred and long-term compensation programs that were considered antidilutive and were excluded from the computation of diluted earnings per share, weighted for the portion of the period they were outstanding, are as follows: Three Months Ended September 30, 2021 2020 Shares Exercise Price Shares Exercise Price (in millions, except per share amounts, based on weighted average) Antidilutive stock options based on application of the treasury stock method 0.9 $ 106.99 3.2 $ 84.17 Antidilutive stock options due to net loss available to holders of Common Stock 0.0 0.0 Antidilutive shares based on application of the treasury stock method 0.0 0.2 Antidilutive shares due to net loss available to holders of Common Stock 0.0 0.0 Total antidilutive stock options and shares 0.9 3.4 Nine Months Ended September 30, 2021 2020 Shares Exercise Price Shares Exercise Price (in millions, except per share amounts, based on weighted average) Antidilutive stock options based on application of the treasury stock method 1.3 $ 101.78 3.4 $ 80.64 Antidilutive stock options due to net loss available to holders of Common Stock 0.0 0.4 Antidilutive shares based on application of the treasury stock method 0.0 0.2 Antidilutive shares due to net loss available to holders of Common Stock 0.0 1.6 Total antidilutive stock options and shares 1.3 5.6 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION Segments The Company’s principal operations consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement, Group Insurance, Individual Annuities, Individual Life and Assurance IQ businesses), the International Businesses, the Closed Block division, and the Company’s Corporate and Other operations. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included in Corporate and Other operations. Divested and Run-off Businesses consist of businesses that have been, or will be, sold or exited, including businesses that have been placed in wind-down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP. The Company’s Corporate and Other operations include corporate items and initiatives that are not allocated to business segments as well as the Divested and Run-off Businesses described above. Adjusted Operating Income The Company analyzes the operating performance of each segment using “adjusted operating income.” Adjusted operating income does not equate to “Income (loss) before income taxes and equity in earnings of operating joint ventures” or “Net income (loss)” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company’s chief operating decision maker to evaluate segment performance and allocate resources, and consistent with authoritative guidance, is the measure of segment performance presented below. Adjusted operating income is calculated by adjusting each segment’s “Income (loss) before income taxes and equity in earnings of operating joint ventures” for the following items: • Realized investment gains (losses), net, and related adjustments; • Charges related to realized investment gains (losses), net; • Market experience updates; • Divested and Run-off Businesses; • Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests; and • Other adjustments. These items are important to an understanding of overall results of operations. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and the Company’s definition of adjusted operating income may differ from that used by other companies. The Company, however, believes that the presentation of adjusted operating income as measured for management purposes enhances the understanding of results of operations by highlighting the results from ongoing operations and the underlying profitability factors of its businesses. For additional information on these reconciling items, see Note 22 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Company has historically reflected the results of its variable annuities hedging programs in adjusted operating income over time. Beginning with the second quarter of 2020, these impacts are excluded from adju s ted operating income which the Company believes enhances the understanding of underlying performance trends. Reconciliation of adjusted operating income to net income (loss) The table below reconciles “Adjusted operating income before income taxes” to “Income (loss) before income taxes and equity in earnings of operating joint ventures”: Three Months Ended Nine Months Ended 2021 2020(1) 2021(1) 2020(1) (in millions) Adjusted operating income before income taxes by segment: PGIM $ 327 $ 370 $ 1,293 $ 858 U.S. Businesses: Retirement 571 347 1,635 860 Group Insurance (135) 22 (250) 71 Individual Annuities(2) 499 408 1,415 1,030 Individual Life 210 101 312 17 Assurance IQ (55) (30) (132) (69) Total U.S. Businesses 1,090 848 2,980 1,909 International Businesses 887 775 2,561 2,162 Corporate and Other (460) (493) (1,118) (1,446) Total segment adjusted operating income before income taxes 1,844 1,500 5,716 3,483 Reconciling items: Realized investment gains (losses), net, and related adjustments 116 236 1,765 (2,758) Charges related to realized investment gains (losses), net (18) (69) (254) (353) Market experience updates (199) (134) 330 (1,016) Divested and Run-off Businesses: Closed Block division 27 8 92 (15) Other Divested and Run-off Businesses 48 (83) 432 (567) Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (3) 1 (53) (62) Other adjustments(3) (9) (12) (35) 65 Income (loss) before income taxes and equity in earnings of operating joint ventures per Unaudited Interim Consolidated Financial Statements $ 1,806 $ 1,447 $ 7,993 $ (1,223) ________ (1) Effective second quarter of 2020, the results of POK and the impact of its sale are excluded from the International Businesses and are included in the Divested and Run-off Businesses in Corporate and Other. Effective third quarter of 2020, the results of POT and the impact of its sale are excluded from the International Businesses and are included in the Divested and Run-off Businesses in Corporate and Other. Effective third quarter of 2021, the results of the Full Service Retirement business are excluded from the Retirement segment and are included in the Divested and Run-off Businesses in Corporate and Other. Prior period amounts have been updated to conform to current period presentation. See Note 1 for additional information about these dispositions. (2) Individual Annuities segment results reflect DAC as if the Individual Annuities business is a stand-alone operation. The elimination of intersegment costs capitalized in accordance with this policy is included in consolidating adjustments within Corporate and Other operations. (3) Includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of associated contingent consideration. See Note 14 for additional information. Reconciliation of select financial information The tables below present certain financial information for the Company’s segments and its Corporate and Other operations, including assets by segment and revenues by segment on an adjusted operating income basis, and the reconciliation of the segment totals to amounts reported in the Consolidated Financial Statements. September 30, December 31, (in millions) Assets by segment: PGIM $ 51,860 $ 48,680 U.S. Businesses: Retirement(1) 116,568 115,237 Group Insurance 43,792 45,601 Individual Annuities(2) 196,571 200,718 Individual Life 115,419 110,953 Assurance IQ 2,747 2,703 Total U.S. Businesses 475,097 475,212 International Businesses 223,812 231,128 Corporate and Other(1)(2) 121,591 123,613 Closed Block division 60,222 62,089 Total assets per Unaudited Interim Consolidated Financial Statements $ 932,582 $ 940,722 ________ (1) Effective second quarter of 2020, the results of POK and the impact of its sale are excluded from the International Businesses and are included in the Divested and Run-off Businesses in Corporate and Other. Effective third quarter of 2020, the results of POT and the impact of its sale are excluded from the International Businesses and are included in the Divested and Run-off Businesses in Corporate and Other. Effective third quarter of 2021, the results of the Full Service Retirement business are excluded from the Retirement segment and are included in the Divested and Run-off Businesses in Corporate and Other. Prior period amounts have been updated to conform to current period presentation. See Note 1 for additional information about these dispositions. (2) Certain assets are classified as “held-for-sale” as of September 30, 2021. See Note 1 for additional information about the pending dispositions. Three Months Ended Nine Months Ended 2021 2020(1) 2021(1) 2020(1) (in millions) Revenues on an adjusted operating income basis: PGIM $ 1,072 $ 1,066 $ 3,395 $ 2,801 U.S. Businesses: Retirement 8,386 2,193 12,658 6,647 Group Insurance 1,553 1,457 4,627 4,352 Individual Annuities 1,260 1,148 3,687 3,249 Individual Life 1,839 1,609 5,090 4,702 Assurance IQ 110 75 331 194 Total U.S. Businesses 13,148 6,482 26,393 19,144 International Businesses 5,618 5,481 16,642 16,201 Corporate and Other (175) (162) (393) (459) Total revenues on an adjusted operating income basis 19,663 12,867 46,037 37,687 Reconciling items: Realized investment gains (losses), net, and related adjustments 178 312 2,070 (2,855) Charges related to realized investment gains (losses), net (59) (40) (178) (121) Market experience updates (56) (58) 158 (406) Divested and Run-off Businesses: Closed Block division 1,321 1,301 4,299 3,318 Other Divested and Run-off Businesses 617 1,060 2,196 3,362 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (23) (17) (72) (86) Other adjustments(2) 0 0 0 105 Total revenues per Unaudited Interim Consolidated Financial Statements $ 21,641 $ 15,425 $ 54,510 $ 41,004 __________ (1) Effective second quarter of 2020, the results of POK and the impact of its sale are excluded from the International Businesses and are included in the Divested and Run-off Businesses in Corporate and Other. Effective third quarter of 2020, the results of POT and the impact of its sale are excluded from the International Businesses and are included in the Divested and Run-off Businesses in Corporate and Other. Effective third quarter of 2021, the results of the Full Service Retirement business are excluded from the Retirement segment and are included in the Divested and Run-off Businesses in Corporate and Other. Prior period amounts have been updated to conform to current period presentation. See Note 1 for additional information about these dispositions. (2) Includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of associated contingent consideration. See Note 14 for additional information. Intersegment revenues Management has determined the intersegment revenues with reference to market rates. Intersegment revenues are eliminated in consolidation in Corporate and Other operations. The PGIM segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in millions) PGIM segment intersegment revenues $ 248 $ 215 $ 697 $ 640 Segments may also enter into internal derivative contracts with other segments. For adjusted operating income, each segment accounts for the internal derivative results consistent with the manner in which that segment accounts for other similar external derivatives. Asset management and service fees The table below presents asset management and service fees, predominantly related to investment management activities, for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Asset-based management fees $ 1,047 $ 930 $ 3,058 $ 2,644 Performance-based incentive fees 19 43 70 73 Other fees 163 147 475 427 Total asset management and service fees $ 1,229 $ 1,120 $ 3,603 $ 3,144 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES Commitments and Guarantees Commercial Mortgage Loan Commitments September 30, December 31, (in millions) Total outstanding mortgage loan commitments(1) $ 3,046 $ 2,357 Portion of commitment where prearrangement to sell to investor exists $ 1,122 $ 882 __________ (1) Includes commitments of $374 million related to held-for-sale operations as of September 30, 2021. See Note 1 for additional information on the pending dispositions. In connection with the Company’s commercial mortgage operations, it originates commercial mortgage loans. Commitments for loans that will be held for sale are recognized as derivatives and recorded at fair value. In certain of these transactions, the Company pre-arranges that it will sell the loan to an investor, including to government sponsored entities as discussed below, after the Company funds the loan. The above amount includes unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $1 million as of September 30, 2021 and $0 million as of December 31, 2020. The change in allowance is $0 million and a reduction of $1 million for the three months ended September 30, 2021 and 2020, respectively, and $0 million and a reduction of $1 million for the nine months ended September 30, 2021 and 2020, respectively. Commitments to Purchase Investments (excluding Commercial Mortgage Loans) September 30, December 31, (in millions) Expected to be funded from the general account and other operations outside the separate accounts(1) $ 9,699 $ 9,567 Expected to be funded from separate accounts(2) $ 341 $ 336 __________ (1) Includes commitments of $724 million related to held-for-sale operations as of September 30, 2021. See Note 1 for additional information on the pending dispositions. (2) Includes commitments of $28 million related to held-for-sale operations as of September 30, 2021. See Note 1 for additional information on the pending dispositions. The Company has other commitments to purchase or fund investments, some of which are contingent upon events or circumstances not under the Company’s control, including those at the discretion of the Company’s counterparties. The Company anticipates a portion of these commitments will ultimately be funded from its separate accounts. The above amount includes unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for either the three or nine months ended September 30, 2021 or 2020. Indemnification of Securities Lending and Securities Repurchase Transactions September 30, December 31, (in millions) Indemnification provided to certain clients for securities lending and securities repurchase transactions(1) $ 8,595 $ 7,108 Fair value of related collateral associated with above indemnifications(1) $ 8,784 $ 7,254 Accrued liability associated with guarantee $ 0 $ 0 __________ (1) Includes $63 million and $34 million related to securities repurchase transactions as of September 30, 2021 and December 31, 2020, respectively. In the normal course of business, the Company may facilitate securities lending or securities repurchase transactions on behalf of certain client accounts (collectively, “the accounts”). In certain of these arrangements, the Company has provided an indemnification to the accounts to hold them harmless against losses caused by counterparty (i.e., borrower) defaults associated with such transactions facilitated by the Company. In securities lending transactions, collateral is provided by the counterparty to the accounts at the inception of the transaction in an amount at least equal to 102% of the fair value of the loaned securities and the collateral is maintained daily to equal at least 102% of the fair value of the loaned securities. In securities repurchase transactions, collateral is provided by the counterparty to the accounts at the inception of the transaction in an amount at least equal to 95% of the fair value of the securities subject to repurchase and the collateral is maintained daily to equal at least 95% of the fair value of the securities subject to repurchase. The Company is only at risk if the counterparty to the transaction defaults and the value of the collateral held is less than the value of the securities loaned to, or subject to repurchase from, such counterparty. The Company believes the possibility of any payments under these indemnities is remote. Credit Derivatives Written As discussed further in Note 5, the Company writes credit derivatives under which the Company is obligated to pay the counterparty the referenced amount of the contract and receive in return the defaulted security or similar security. Guarantees of Asset Values September 30, December 31, (in millions) Guaranteed value of third-parties’ assets $ 83,200 $ 86,264 Fair value of collateral supporting these assets $ 86,176 $ 90,612 Asset (liability) associated with guarantee, carried at fair value $ 1 $ 0 Certain contracts underwritten by the Retirement segment include guarantees related to financial assets owned by the guaranteed party. These contracts are accounted for as derivatives and carried at fair value. The collateral supporting these guarantees is not reflected on the Unaudited Interim Consolidated Statements of Financial Position. Indemnification of Serviced Mortgage Loans September 30, December 31, (in millions) Maximum exposure under indemnification agreements for mortgage loans serviced by the Company $ 2,917 $ 2,684 First-loss exposure portion of above $ 850 $ 784 Accrued liability associated with guarantees(1) $ 41 $ 41 __________ (1) The accrued liability associated with guarantees includes an allowance for credit losses of $20 million as of both September 30, 2021 and December 31, 2020. The change in allowance is an increase of $1 million for both the three months ended September 30, 2021, and 2020, and a change of $0 million for both the nine months ended September 30, 2021 and 2020. As part of the commercial mortgage activities of the Company’s PGIM segment, the Company provides commercial mortgage origination, underwriting and servicing for certain government sponsored entities, such as Fannie Mae and Freddie Mac. The Company has agreed to indemnify the government sponsored entities for a portion of the credit risk associated with certain of the mortgages it services through a delegated authority arrangement. Under these arrangements, the Company originates multi-family mortgages for sale to the government sponsored entities based on underwriting standards they specify, and makes payments to them for a specified percentage share of losses they incur on certain loans serviced by the Company. The Company’s percentage share of losses incurred generally varies from 4% to 20% of the loan balance, and is typically based on a first-loss exposure for a stated percentage of the loan balance, plus a shared exposure with the government sponsored entity for any losses in excess of the stated first-loss percentage, subject to a contractually specified maximum percentage. The Company determines the liability related to this exposure using historical loss experience, and the size and remaining life of the asset. The Company serviced $22,867 million and $21,465 million of mortgages subject to these loss-sharing arrangements as of September 30, 2021 and December 31, 2020, respectively, all of which are collateralized by first priority liens on the underlying multi-family residential properties. As of September 30, 2021, these mortgages had a weighted-average debt service coverage ratio of 1.97 times and a weighted-average loan-to-value ratio of 63%. As of December 31, 2020, these mortgages had a weighted-average debt service coverage ratio of 1.99 times and a weighted-average loan-to-value ratio of 63%. The Company had $2 million of losses related to indemnifications that were settled for the nine months ended September 30, 2021 and no losses for the nine months ended September 30, 2020. Other Guarantees September 30, December 31, (in millions) Other guarantees where amount can be determined $ 52 $ 52 Accrued liability for other guarantees and indemnifications $ 34 $ 0 The Company is also subject to other financial guarantees and indemnity arrangements. The Company has provided indemnities and guarantees related to acquisitions, dispositions, investments and other transactions that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. These obligations are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or applicable. As of September 30, 2021 and December 31, 2020, there are $0 million and $9 million, respectively, of yield maintenance guarantees related to certain investments the Company sold. The Company does not expect to make any payments on these guarantees and is not carrying any liabilities associated with these guarantees. Since certain of these obligations are not subject to limitations, it is not possible to determine the maximum potential amount due under these guarantees. The accrued liability identified above relates to the sale of POT and represents a financial guarantee of certain insurance obligations of POT. See Note 1 for additional information regarding the sale. Assurance IQ Contingent Consideration Liability On October 10, 2019, the Company completed its acquisition of Assurance IQ, a leading consumer solutions platform that offers a range of solutions that help meet consumers’ financial needs. For additional information, see Note 1 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Pursuant to the merger agreement, contingent consideration as well as additional compensation awards are payable in 2023 in a mix of approximately 25% cash and 75% Prudential Financial Common Stock, contingent upon Assurance IQ’s achievement of certain targets for gross revenues net of associated selling expenses (“Variable Profits”) over the period from January 1, 2020 through December 31, 2022 as follows: • If Variable Profits are less than $900 million, no additional amount is payable. • If Variable Profits are greater than $1,300 million, an additional amount of $1,150 million is payable. • If Variable Profits are greater than $900 million but less than or equal to $1,300 million, an additional amount is payable equal to the product of (i) the quotient of (A) an amount equal to (1) Variable Profits achieved minus (2) $900 million divided by (B) $400 million and (ii) $1,150 million. Payment of the additional amount may be accelerated if the Company violates certain provisions of the merger agreement requiring it to take or refrain from taking certain actions, including with respect to the management and operation of Assurance IQ. The contingent consideration liability referred to above is reported at fair value. Fair value is determined based on the present value of expected payments under the arrangement described above, using an internally developed option pricing model based on a number of assumptions, including certain unobservable assumptions for future Variable Profits and the future price of Prudential Financial Common Stock. The fair value of the liability is updated each reporting period, with changes in fair value reported within “Other income.” The fair value of the contingent consideration liability was zero as o f September 30, 2021 and December 31, 2020. The stock-based component of contingent consideration impacts the share count for purposes of calculating the Company’s diluted earnings per share when Assurance IQ’s actual Variable Profits achieved as of the end of the reporting period is in excess of $900 million, as if the contingent consideration performance period ended on the applicable reporting date. The number of shares issued as part of the contingent consideration payable in 2023 will be based on a $83.71 price per share. Contingent Liabilities On an ongoing basis, the Company and its regulators review its operations including, but not limited to, sales and other customer interface procedures and practices, and procedures for meeting obligations to its customers and other parties. These reviews may result in the modification or enhancement of processes or the imposition of other action plans, including concerning management oversight, sales and other customer interface procedures and practices, and the timing or computation of payments to customers and other parties. In certain cases, if appropriate, the Company may offer customers or other parties remediation and may incur charges, including the cost of such remediation, administrative costs and regulatory fines. The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements. It is possible that the results of operations or the cash flow of the Company in a particular quarterly or annual period could be materially affected as a result of payments in connection with the matters discussed above or other matters depending, in part, upon the results of operations or cash flow for such period. Management believes, however, that ultimate payments in connection with these matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on the Company’s financial position. Litigation and Regulatory Matters The Company is subject to legal and regulatory actions in the ordinary course of its businesses. Pending legal and regulatory actions include proceedings relating to aspects of the Company’s businesses and operations that are specific to it and proceedings that are typical of the businesses in which it operates, including in both cases businesses that have been either divested or placed in wind-down status. Some of these proceedings have been brought on behalf of various alleged classes of complainants. In certain of these matters, the plaintiffs are seeking large and/or indeterminate amounts, including punitive or exemplary damages. The outcome of litigation or a regulatory matter, and the amount or range of potential loss at any particular time, is often inherently uncertain. The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established but the matter, if potentially material, is disclosed, including matters discussed below. The Company estimates that as of September 30, 2021, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $250 million. Any estimate is not an indication of expected loss, if any, or the Company’s maximum possible loss exposure on such matters. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews. The following discussion of litigation and regulatory matters provides an update of those matters discussed in Note 23 to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and should be read in conjunction with the complete descriptions provided in the Form 10-K. Individual Annuities, Individual Life and Group Insurance Behfarin v. Pruco Life This matter is now closed. Moreland, Socorro v. PICA, et al. In June 2020, a putative class action complaint entitled Socorro Moreland v. The Prudential Insurance Company of America; Pruco Life Insurance Company , was filed in the United States District Court for the Northern District of California, alleging that the Company failed to comply with California laws requiring that life insurance policies issued and delivered in California: (i) provide for a 60-day grace period pre-lapse during which a policy must stay in force; (ii) provide a 30-day written notice of pending lapse; and (iii) notify policyowners of their right to designate additional recipients for lapse notices. The complaint asserts claims for violation of California law, breach of contract, unfair competition, and bad faith violation of the implied covenant of good faith and fair dealing, and seeks unspecified damages, declaratory and injunctive relief. In August 2020, defendants filed an answer to the complaint and a motion to stay the action pending the California Supreme Court’s decision, in McHugh v. Protective Life Insurance , on the question of whether the California lapse statutes apply to policies that were in force when the statutes went into effect on January 1, 2013, or solely to policies issued after that date. The Moreland court granted defendants’ motion to stay in October 2020. Subsequently, in August 2021, the California Supreme Court in McHugh determined that the California lapse statutes apply to policies that were in force as of January 1, 2013. In October 2021, the Moreland court lifted the stay order. Escheatment Litigation Total Asset Recovery Services, LLC v. MetLife, Inc., et al., Prudential Financial, Inc., The Prudential Insurance Company of America, and Prudential Insurance Agency, LLC In March 2021, the plaintiff filed a third amended complaint asserting claims against all defendants for violation of the New York False Claims Act, and seeking injunctive relief, compensatory and treble damages, attorneys’ fees and costs. Securities Litigation Donel Davidson v. Charles F. Lowrey, et al. In March 2021, the court issued an order consolidating this action with Robert Lalor, Derivatively on behalf of Prudential Financial, Inc. v. Charles F. Lowrey, et al . under the caption In re Prudential Financial, Inc. Derivative Litigation . In May 2021, the Company filed a motion to dismiss the complaint. Robert Lalor v. Charles F. Lowrey, et al. In March 2021, the court issued an order consolidating this action with Donel Davidson, Derivatively on Behalf of Prudential Financial, Inc. v. Charles F. Lowrey, et al . under the caption In re Prudential Financial, Inc. Derivative Litigation . Case updates will be consolidated with the Donel Davidson action. Assurance IQ, LLC The Company has received a civil investigative demand and other inquiries related to the appropriateness of Assurance IQ’s supplemental health product sales and marketing activity. The Company is cooperating with regulators and may become subject to additional regulatory inquiries and other investigations and actions related to this matter. William James Griffin, et al. v. Benefytt Technologies, Inc., et al. and Assurance IQ, LLC In February 2021, an amended putative class action complaint entitled William James Griffin, et al. v. Benefytt Technologies, Inc. (f/k/a Health Insurance Innovations, Inc.), Health Plan Intermediaries Holdings, Inc. and Assurance IQ, LLC, was filed in the United States District Court for the Southern District of Florida, alleging that the defendants violated the Racketeering Influenced and Corrupt Organizations Act, and engaged in a conspiracy to defraud customers through the sale of limited indemnity and short term health insurance products to individuals seeking comprehensive medical insurance. The complaint seeks unspecified treble damages, declaratory and injunctive relief. In June 2021, the Company filed a motion to dismiss the amended complaint. Other Matters Cho v. PICA, et al. In September 2021, the court granted defendants’ motion to dismiss the amended complaint without prejudice. In October 2021, plaintiff filed a second amended complaint asserting claims against defendants under the Employee Retirement Income Security Act of 1974 for breach of fiduciary duty, prohibited transactions and failure to monitor fiduciaries. The second amended complaint seeks declaratory, injunctive and equitable relief, unspecified damages, attorneys’ fees and costs. Doyle C. Stone v. PFI, et al. In April 2021, defendants filed a motion to dismiss the complaint. In June 2021, plaintiff filed a notice of voluntary dismissal of the complaint, without prejudice. In August 2021, plaintiff filed a new putative class action complaint in the United States District Court for the District of New Jersey (the “Second Complaint”), asserting claims against Prudential Financial, Inc. and Pruco Life Insurance Company for violation of the New Jersey Consumer Fraud Act, breach of fiduciary duty, unjust enrichment and common law fraud. The putative class includes all Plan Participants from January 2015 until the present. In September 2021, defendants filed a motion to dismiss the Second Complaint. Regulatory Variable Products The Company has received regulatory inquiries and requests for information from state and federal regulators, including a subpoena from the U.S. Securities and Exchange Commission, concerning the appropriateness of variable product sales and replacement activity. The Company is cooperating with regulators and may become subject to additional regulatory inquiries and other actions related to this matter. Summary The Company’s litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. It is possible that the Company’s results of operations or cash flow in a particular quarterly or annual period could be materially affected by an ultimate unfavorable resolution of pending litigation and regulatory matters depending, in part, upon the results of operations or cash flow for such period. In light of the unpredictability of the Company’s litigation and regulatory matters, it is also possible that in certain cases an ultimate unfavorable resolution of one or more pending litigation or regulatory matters could have a material adverse effect on the Company’s financial statements. Management believes, however, that, based on information currently known to it, the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect on the Company’s financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies and Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of Prudential Financial, entities over which the Company exercises control, including majority-owned subsidiaries and minority-owned entities such as limited partnerships in which the Company is the general partner and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. See Note 4 for additional information on the Company’s consolidated variable interest entities. Intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining deferred policy acquisition costs (“DAC”) and related amortization; policyholders’ account balances related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; value of business acquired (“VOBA”) and its amortization; amortization of deferred sales inducements (“DSI”); measurement of goodwill and any related impairment; valuation of investments including derivatives, measurement of allowance for credit losses, and the recognition of other-than-temporary impairments (“OTTI”); future policy benefits including guarantees; pension and other postretirement benefits; provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters. |
Reclassifications | Reclassifications Certain amounts in prior periods have been reclassified to conform to the current period presentation. |
Future Adoption Of New Accounting Pronouncements | ASU issued but not yet adopted as of September 30, 2021 — ASU 2018-12 ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts , was issued by the FASB on August 15, 2018. In October 2019, the FASB issued ASU 2019-09, Financial Services - Insurance (Topic 944): Effective Date to affirm its decision to defer the effective date of ASU 2018-12 to January 1, 2022 (with early adoption permitted), representing a one year extension from the original effective date of January 1, 2021. As a result of the COVID-19 pandemic, in November 2020 the FASB issued ASU 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application to defer for an additional one year the effective date of ASU 2018-12 from January 1, 2022 to January 1, 2023, and to provide transition relief to facilitate the early adoption of the ASU. The transition relief would allow large calendar-year public companies that early adopt ASU 2018-12 to apply the guidance either as of January 1, 2020 or January 1, 2021 (and record transition adjustments as of January 1, 2020 or January 1, 2021, respectively) in the 2022 financial statements. Companies that do not early adopt ASU 2018-12 would apply the guidance as of January 1, 2021 (and record transition adjustments as of January 1, 2021) in the 2023 financial statements. The Company currently intends to adopt ASU 2018-12 effective January 1, 2023 using the modified retrospective transition method where permitted. ASU 2018-12 will impact, at least to some extent, the accounting and disclosure requirements for all long-duration insurance and investment contracts issued by the Company. The Company expects the standard to have a significant financial impact on the Consolidated Financial Statements and it requires significantly enhanced disclosures. In addition to the significant impacts to the balance sheet upon adoption, the Company also expects an impact to the pattern of earnings emergence following the transition date. Outlined below are four key areas of change, although there are other less significant changes not noted below. ASU 2018-12 Amended Topic Description Method of adoption Effect on the financial statements or other significant matters Cash flow assumptions used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance products Requires an entity to review and, if necessary, update the cash flow assumptions used to measure the liability for future policy benefits, for both changes in future assumptions and actual experience, at least annually using a retrospective update method with a cumulative catch-up adjustment recorded in a separate line item in the Consolidated Statements of Operations. An entity may choose one of two adoption methods for the liability for future policy benefits: (1) a modified retrospective transition method whereby the entity may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in Accumulated other comprehensive income (loss) (“AOCI”) or (2) a full retrospective transition method. The Company currently intends to adopt this guidance effective January 1, 2023 using the modified retrospective transition method. The impacts of electing such method are currently under assessment. Discount rate assumption used to measure the liability for future policy benefits for non-participating traditional and limited-pay insurance products Requires discount rate assumptions to be based on an upper-medium grade fixed income instrument yield, which will be updated each quarter with the impact recorded through OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the discount rate assumptions. As noted above, an entity may choose either a modified retrospective transition method or full retrospective transition method for the liability for future policy benefits. Under either method, for balance sheet remeasurement purposes, the liability for future policy benefits will be remeasured using current discount rates as of either the beginning of the prior year (if early adoption is elected) or the beginning of the earliest period presented with the impact recorded as a cumulative effect adjustment to AOCI. As noted above, the Company currently intends to adopt the guidance for the liability for future policy benefits effective January 1, 2023 using the modified retrospective transition method. Upon adoption, there will be an adjustment to AOCI as a result of remeasuring in-force contract liabilities using current upper-medium grade fixed income instrument yields. The adjustment upon adoption will largely reflect the difference between discount rates locked-in at contract inception versus current discount rates at transition. The magnitude of such adjustment is currently being assessed. Amortization of deferred acquisition costs (DAC) and other balances Requires DAC and other balances, such as unearned revenue reserves and DSI, to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability. An entity may apply one of two adoption methods: (1) a modified retrospective transition method whereby the entity may choose to apply the amendments to contracts in force as of the beginning of the prior year (if early adoption is elected) or as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI or (2) if an entity chooses a full retrospective transition method for its liability for future policy benefits, as described above, it is required to also use a full retrospective transition method for DAC and other balances. The Company currently intends to adopt this guidance effective January 1, 2023 using the modified retrospective transition method. Under the modified retrospective transition method, the Company would not expect a significant impact to the balance sheet, other than the impact of the removal of any related amounts in AOCI. Market Risk Benefits (“MRB”) Requires an entity to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value, and record MRB assets and liabilities separately on the Consolidated Statements of Financial Position. Changes in fair value of market risk benefits are recorded in net income, except for the portion of the change in MRB liabilities attributable to changes in an entity’s non-performance risk (“NPR”), which is recognized in OCI. An entity shall adopt the guidance for market risk benefits using the retrospective transition method, which includes a cumulative effect adjustment on the balance sheet as of either the beginning of prior year (if early adoption is elected) or the beginning of the earliest period presented. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the balance of the market risk benefits upon adoption. The Company currently intends to adopt this guidance effective January 1, 2023 using the retrospective transition method. Upon adoption, the Company expects an impact to retained earnings for the difference between the fair value and carrying value of benefits not currently measured at fair value (e.g., guaranteed minimum death benefits on variable annuities) and an impact from reclassifying the cumulative effect of changes in NPR from retained earnings to AOCI. The magnitude of such adjustments is currently being assessed. |
Business and Basis of Present_2
Business and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Assets and liabilities held-for-sale | The table below reflects the carrying amounts of assets and liabilities held-for-sale related to the pending dispositions described above: September 30, 2021 Retirement Individual Total (in millions) Assets held-for-sale(1): Fixed maturities, available-for-sale, at fair value $ 5,062 $ 10,581 $ 15,643 Fixed maturities, trading, at fair value 383 342 725 Assets supporting experience-rated contractholder liabilities, at fair value 18,031 0 18,031 Equity securities 0 236 236 Commercial mortgage and other loans(2) 5,503 2,036 7,539 Policy loans 0 12 12 Other invested assets 64 96 160 Short-term investments 6 91 97 Cash and cash equivalents 86 1,413 1,499 Accrued investment income 159 74 233 Deferred policy acquisition costs 102 1,051 1,153 Value of business acquired 186 29 215 Other assets 812 1,179 1,991 Separate account assets 64,460 31,916 96,376 Total assets held-for-sale $ 94,854 $ 49,056 $ 143,910 Liabilities held-for-sale(1): Future policy benefits $ 111 $ 4,651 $ 4,762 Policyholders’ account balances 28,186 10,719 38,905 Cash collateral for loaned securities 3 0 3 Other liabilities 414 276 690 Separate account liabilities 64,460 31,916 96,376 Total liabilities held-for-sale $ 93,174 $ 47,562 $ 140,736 __________ (1) Under the terms of the sales agreements, certain of these assets and liabilities held-for-sale may be subject to capital transactions or substituted for other similar items prior to the closing of each transaction. (2) Net of allowance for credit losses of $12 million as of September 30, 2021. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments [Abstract] | |
Fixed Maturities, Available-for-sale, Debt Securities | The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated: September 30, 2021 Amortized Gross Gross Allowance for Credit Losses Fair (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 27,512 $ 5,491 $ 97 $ 0 $ 32,906 Obligations of U.S. states and their political subdivisions 10,444 1,774 15 0 12,203 Foreign government bonds 85,627 12,594 475 0 97,746 U.S. public corporate securities 97,127 13,819 452 12 110,482 U.S. private corporate securities(2) 34,035 2,903 150 54 36,734 Foreign public corporate securities 24,995 2,806 95 18 27,688 Foreign private corporate securities 26,712 1,669 355 8 28,018 Asset-backed securities(3) 11,120 140 15 0 11,245 Commercial mortgage-backed securities 12,480 728 14 0 13,194 Residential mortgage-backed securities(4) 2,905 143 12 0 3,036 Total fixed maturities, available-for-sale(1)(2) $ 332,957 $ 42,067 $ 1,680 $ 92 $ 373,252 __________ (1) Excludes “Assets held-for-sale” with amortized cost of $14,985 million, fair value of $15,643 million, unrealized gains of $783 million, unrealized losses of $123 million and allowance for credit losses of $2 million. See Note 1 for additional information on the pending dispositions. (2) Excludes notes with amortized cost of $5,616 million (fair value, $5,693 million), which have been offset with the associated debt under a netting agreement. (3) Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, credit cards and other asset types. (4) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (5) Excludes notes with amortized cost of $5,000 million (fair value, $5,727 million), which have been offset with the associated debt under a netting agreement. December 31, 2020 Amortized Gross Gross Allowance for Credit Losses Fair (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 30,766 $ 9,699 $ 17 $ 0 $ 40,448 Obligations of U.S. states and their political subdivisions 10,668 2,144 1 0 12,811 Foreign government bonds 94,110 16,373 239 0 110,244 U.S. public corporate securities 95,299 18,516 213 47 113,555 U.S. private corporate securities(1) 36,894 4,196 134 19 40,937 Foreign public corporate securities 25,857 3,768 64 24 29,537 Foreign private corporate securities 28,668 3,183 226 33 31,592 Asset-backed securities(2) 14,489 176 74 0 14,591 Commercial mortgage-backed securities 15,036 1,288 11 10 16,303 Residential mortgage-backed securities(3) 2,683 205 1 0 2,887 Total fixed maturities, available-for-sale(1) $ 354,470 $ 59,548 $ 980 $ 133 $ 412,905 __________ (1) Excludes notes with amortized cost of $5,966 million (fair value, $6,100 million), which have been offset with the associated debt under a netting agreement. (2) Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, home equity and other asset types. (3) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (4) Excludes notes with amortized cost of $4,998 million (fair value, $5,821 million), which have been offset with the associated debt under a netting agreement. |
Fixed Maturities, Held-to-maturity Securities | September 30, 2021 Amortized Gross Gross Fair Allowance for Credit Losses Amortized Cost, (in millions) Fixed maturities, held-to-maturity: Foreign government bonds $ 859 $ 235 $ 0 $ 1,094 $ 0 $ 859 Foreign public corporate securities 500 54 0 554 6 494 Foreign private corporate securities 81 1 0 82 0 81 Residential mortgage-backed securities(4) 210 16 0 226 0 210 Total fixed maturities, held-to-maturity(5) $ 1,650 $ 306 $ 0 $ 1,956 $ 6 $ 1,644 __________ (1) Excludes “Assets held-for-sale” with amortized cost of $14,985 million, fair value of $15,643 million, unrealized gains of $783 million, unrealized losses of $123 million and allowance for credit losses of $2 million. See Note 1 for additional information on the pending dispositions. (2) Excludes notes with amortized cost of $5,616 million (fair value, $5,693 million), which have been offset with the associated debt under a netting agreement. (3) Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, credit cards and other asset types. (4) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (5) Excludes notes with amortized cost of $5,000 million (fair value, $5,727 million), which have been offset with the associated debt under a netting agreement. December 31, 2020 Amortized Gross Gross Fair Allowance for Credit Losses Amortized (in millions) Fixed maturities, held-to-maturity: Foreign government bonds $ 935 $ 270 $ 0 $ 1,205 $ 0 $ 935 Foreign public corporate securities 651 68 0 719 9 642 Foreign private corporate securities 87 1 0 88 0 87 Residential mortgage-backed securities(3) 266 20 0 286 0 266 Total fixed maturities, held-to-maturity(4) $ 1,939 $ 359 $ 0 $ 2,298 $ 9 $ 1,930 __________ (1) Excludes notes with amortized cost of $5,966 million (fair value, $6,100 million), which have been offset with the associated debt under a netting agreement. (2) Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, home equity and other asset types. (3) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (4) Excludes notes with amortized cost of $4,998 million (fair value, $5,821 million), which have been offset with the associated debt under a netting agreement. |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated: September 30, 2021 Less Than Twelve Months Total Fair Gross Fair Gross Fair Gross (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 4,478 $ 94 $ 30 $ 3 $ 4,508 $ 97 Obligations of U.S. states and their political subdivisions 575 13 17 2 592 15 Foreign government bonds 4,586 192 6,680 283 11,266 475 U.S. public corporate securities 13,162 371 1,027 73 14,189 444 U.S. private corporate securities 2,832 66 866 84 3,698 150 Foreign public corporate securities 2,839 57 584 36 3,423 93 Foreign private corporate securities 5,386 196 1,399 156 6,785 352 Asset-backed securities 3,995 14 301 1 4,296 15 Commercial mortgage-backed securities 524 10 146 4 670 14 Residential mortgage-backed securities 657 12 1 0 658 12 Total fixed maturities, available-for-sale(1) $ 39,034 $ 1,025 $ 11,051 $ 642 $ 50,085 $ 1,667 __________ (1) Excludes “Assets held-for-sale” with fair value of $4,068 million and gross unrealized losses of $123 million. See Note 1 for additional information on the pending dispositions. December 31, 2020 Less Than Twelve Months Total Fair Gross Fair Gross Fair Gross (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 750 $ 17 $ 0 $ 0 $ 750 $ 17 Obligations of U.S. states and their political subdivisions 73 1 0 0 73 1 Foreign government bonds 6,536 231 39 8 6,575 239 U.S. public corporate securities 3,905 87 1,197 106 5,102 193 U.S. private corporate securities 1,712 52 843 82 2,555 134 Foreign public corporate securities 1,412 30 376 23 1,788 53 Foreign private corporate securities 798 34 2,371 192 3,169 226 Asset-backed securities 4,132 25 4,685 49 8,817 74 Commercial mortgage-backed securities 284 8 93 3 377 11 Residential mortgage-backed securities 116 1 1 0 117 1 Total fixed maturities, available-for-sale $ 19,718 $ 486 $ 9,605 $ 463 $ 29,323 $ 949 |
Fixed Maturities Classified by Contractual Maturity Date | The following table sets forth the amortized cost or amortized cost, net of allowance and fair value of fixed maturities by contractual maturities, as of the date indicated: September 30, 2021 Available-for-Sale(1) Held-to-Maturity Amortized Cost Fair Value Amortized Cost, Net of Allowance Fair Value (in millions) Fixed maturities: Due in one year or less $ 10,255 $ 10,668 $ 0 $ 0 Due after one year through five years 47,749 51,188 566 627 Due after five years through ten years 68,170 75,046 31 33 Due after ten years(2) 180,278 208,875 837 1,070 Asset-backed securities 11,120 11,245 0 0 Commercial mortgage-backed securities 12,480 13,194 0 0 Residential mortgage-backed securities 2,905 3,036 210 226 Total $ 332,957 $ 373,252 $ 1,644 $ 1,956 __________ (1) Excludes “Assets held-for-sale” with amortized cost of $14,985 million and fair value of $15,643 million. See Note 1 for additional information on the pending dispositions. (2) Excludes available-for-sale notes with amortized cost of $5,616 million (fair value, $5,693 million) and held-to-maturity notes with amortized cost of $5,000 million (fair value, $5,727 million), which have been offset with the associated debt under a netting agreement. |
Sources of Fixed Maturity Proceeds and Related Investment Gains (Losses) as well as Losses on Impairments | The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in millions) Fixed maturities, available-for-sale: Proceeds from sales(1) $ 7,273 $ 4,284 $ 27,041 $ 14,654 Proceeds from maturities/prepayments 7,040 7,181 21,936 17,603 Gross investment gains from sales and maturities 301 578 2,264 1,451 Gross investment losses from sales and maturities (69) (129) (558) (339) Write-downs recognized in earnings(2) 0 (134) 0 (289) (Addition to) release of allowance for credit losses (12) 86 41 (152) Fixed maturities, held-to-maturity: Proceeds from maturities/prepayments(3) $ 11 $ 14 $ 155 $ 77 (Addition to) release of allowance for credit losses 1 0 3 0 __________ (1) Includes $27 million and $268 million of non-cash related proceeds due to the timing of trade settlements for the nine months ended September 30, 2021 and 2020, respectively. (2) Amounts represent write-downs on credit adverse securities, write-downs on securities approaching maturity related to foreign exchange movements and securities actively marketed for sale. (3) Includes $0 million and $1 million of non-cash related proceeds due to the timing of trade settlements for the nine months ended September 30, 2021 and 2020, respectively. |
Credit Losses Recognized in Earnings on Fixed Maturity Securities Held by the Company for which a Portion of the OTTI Loss was Recognized in OCI | The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated: Three Months Ended September 30, 2021 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 0 $ 80 $ 0 $ 0 $ 0 $ 80 Additions to allowance for credit losses not previously recorded 0 0 35 0 0 0 35 Reductions for securities sold during the period 0 0 (16) 0 0 0 (16) Additions (reductions) on securities with previous allowance 0 0 (5) 0 0 0 (5) Reclassified to “Assets held-for-sale”(1) 0 0 (2) 0 0 0 (2) Balance, end of period $ 0 $ 0 $ 92 $ 0 $ 0 $ 0 $ 92 __________ (1) See Note 1 for additional information on the pending dispositions. Three Months Ended September 30, 2020 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 38 $ 199 $ 0 $ 1 $ 0 $ 238 Additions to allowance for credit losses not previously recorded 0 1 33 0 0 0 34 Reductions for securities sold during the period 0 (38) (73) 0 0 0 (111) Additions (reductions) on securities with previous allowance 0 0 (12) 0 3 0 (9) Balance, end of period $ 0 $ 1 $ 147 $ 0 $ 4 $ 0 $ 152 Nine Months Ended September 30, 2021 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 0 $ 123 $ 0 $ 10 $ 0 $ 133 Additions to allowance for credit losses not previously recorded 0 0 75 0 0 0 75 Reductions for securities sold during the period 0 0 (46) 0 (9) 0 (55) Additions (reductions) on securities with previous allowance 0 0 (58) 0 (1) 0 (59) Reclassified to “Assets held-for-sale”(1) 0 0 (2) 0 0 0 (2) Balance, end of period $ 0 $ 0 $ 92 $ 0 $ 0 $ 0 $ 92 __________ (1) See Note 1 for additional information on the pending dispositions. Nine Months Ended September 30, 2020 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Additions to allowance for credit losses not previously recorded 0 39 238 0 1 0 278 Reductions for securities sold during the period 0 (38) (101) 0 0 0 (139) Additions (reductions) on securities with previous allowance 0 0 10 0 3 0 13 Balance, end of period $ 0 $ 1 $ 147 $ 0 $ 4 $ 0 $ 152 Three Months Ended September 30, 2021 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, held-to-maturity: Balance, beginning of period $ 0 $ 0 $ 7 $ 0 $ 0 $ 0 $ 7 Current period provision for expected losses 0 0 0 0 0 0 0 Change in foreign exchange 0 0 (1) 0 0 0 (1) Balance, end of period $ 0 $ 0 $ 6 $ 0 $ 0 $ 0 $ 6 Three Months Ended September 30, 2020 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, held-to-maturity: Balance, beginning of period $ 0 $ 0 $ 9 $ 0 $ 0 $ 0 $ 9 Balance, end of period $ 0 $ 0 $ 9 $ 0 $ 0 $ 0 $ 9 Nine Months Ended September 30, 2021 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, held-to-maturity: Balance, beginning of period $ 0 $ 0 $ 9 $ 0 $ 0 $ 0 $ 9 Current period provision for expected losses 0 0 (3) 0 0 0 (3) Balance, end of period $ 0 $ 0 $ 6 $ 0 $ 0 $ 0 $ 6 Nine Months Ended September 30, 2020 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, held-to-maturity: Balance, beginning of period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Cumulative effect of adoption of ASU 2016-13 0 0 9 0 0 0 9 Balance, end of period $ 0 $ 0 $ 9 $ 0 $ 0 $ 0 $ 9 |
Assets Supporting Experience-Rated Contractholder Liabilities | The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated: September 30, 2021 December 31, 2020 Assets Held-for-Sale(1) Amortized Fair Amortized Fair Amortized Fair (in millions) Short-term investments and cash equivalents $ 65 $ 65 $ 965 $ 965 $ 658 $ 658 Fixed maturities: Corporate securities 106 108 11,414 11,899 14,442 15,472 Commercial mortgage-backed securities 0 0 1,661 1,717 1,743 1,839 Residential mortgage-backed securities(2) 0 0 720 755 964 1,018 Asset-backed securities(3) 0 0 1,843 1,860 1,665 1,697 Foreign government bonds 790 791 206 204 934 945 U.S. government authorities and agencies and obligations of U.S. states 188 197 244 304 371 443 Total fixed maturities(4) 1,084 1,096 16,088 16,739 20,119 21,414 Equity securities 1,805 2,263 328 327 1,661 2,043 Total assets supporting experience-rated contractholder liabilities(5) $ 2,954 $ 3,424 $ 17,381 $ 18,031 $ 22,438 $ 24,115 __________ (1) See Note 1 for additional information on the pending dispositions. (2) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (3) Includes collateralized loan obligations, auto loans, education loans, home equity and other asset types. Collateralized loan obligations at fair value, included “Assets held-for-sale” were $1,358 million and $1,102 million as of September 30, 2021 and December 31, 2020, respectively, all of which were rated A or higher. (4) As a percentage of amortized cost, 97% and 94% of the portfolio including “Assets held-for-sale” was considered high or highest quality based on NAIC or equivalent ratings, as of September 30, 2021 and December 31, 2020, respectively. (5) As a percentage of amortized cost, 94% and 79% of the portfolio including “Assets held-for-sale” consisted of public securities as of September 30, 2021 and December 31, 2020, respectively. |
Securities Concentrations of Credit Risk | As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below: September 30, 2021 December 31, 2020 Amortized Fair Amortized Fair (in millions) Investments in Japanese government and government agency securities: Fixed maturities, available-for-sale $ 75,703 $ 86,011 $ 80,273 $ 92,764 Fixed maturities, held-to-maturity 838 1,066 912 1,173 Fixed maturities, trading 24 24 25 25 Assets supporting experience-rated contractholder liabilities 971 968 849 855 Total $ 77,536 $ 88,069 $ 82,059 $ 94,817 |
Commercial Mortgage and Other Loans | The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: September 30, 2021 December 31, 2020 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Office $ 10,534 18.4 % $ 12,750 19.7 % Retail 6,694 11.7 7,326 11.3 Apartments/Multi-Family 16,769 29.3 18,330 28.3 Industrial 13,004 22.7 14,954 23.1 Hospitality 1,879 3.3 2,395 3.7 Other 4,192 7.3 4,981 7.7 Total commercial mortgage loans 53,072 92.7 60,736 93.8 Agricultural property loans 4,114 7.3 4,048 6.2 Total commercial mortgage and agricultural property loans 57,186 100.0 % 64,784 100.0 % Allowance for credit losses (112) (227) Total net commercial mortgage and agricultural property loans 57,074 64,557 Other loans: Uncollateralized loans 574 655 Residential property loans 74 101 Other collateralized loans 69 120 Total other loans 717 876 Allowance for credit losses (5) (8) Total net other loans 712 868 Total net commercial mortgage and other loans(1)(2) $ 57,786 $ 65,425 __________ (1) Excludes “Assets held-for-sale” of $7,539 million net of allowance for credit losses of $12 million as of September 30, 2021. See Note 1 for additional information on the pending dispositions. |
Allowance for Credit Losses | The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated: Three Months Ended September 30, 2021 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 160 $ 6 $ 0 $ 2 $ 4 $ 172 Addition to (release of) allowance for expected losses (40) (2) 0 (2) 0 (44) Reclassified to “Asset held-for-sale”(1) (12) 0 0 0 0 (12) Other 0 0 0 1 0 1 Allowance, end of period $ 108 $ 4 $ 0 $ 1 $ 4 $ 117 _________ (1) See Note 1 for additional information on the pending dispositions. Three Months Ended September 30, 2020 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 230 $ 8 $ 0 $ 3 $ 4 $ 245 Addition to (release of) allowance for expected losses (5) 1 0 0 1 (3) Write-downs charged against the (7) 0 0 0 0 (7) Other 0 0 0 0 0 0 Allowance, end of period $ 218 $ 9 $ 0 $ 3 $ 5 $ 235 Nine Months Ended September 30, 2021 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 218 $ 9 $ 0 $ 3 $ 5 $ 235 Addition to (release of) allowance for expected losses (98) (5) 0 (2) (1) (106) Reclassified to “Assets held-for-sale”(1) (12) 0 0 0 0 (12) Other 0 0 0 0 0 0 Allowance, end of period $ 108 $ 4 $ 0 $ 1 $ 4 $ 117 _________ (1) See Note 1 for additional information on the pending dispositions. Nine Months Ended September 30, 2020 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 114 $ 3 $ 0 $ 0 $ 4 $ 121 Cumulative effect of adoption of ASU 2016-13 110 5 0 0 0 115 Addition to (release of) allowance for expected losses 1 1 0 0 1 3 Write-downs charged against the (7) 0 0 0 0 (7) Other 0 0 0 3 0 3 Allowance, end of period $ 218 $ 9 $ 0 $ 3 $ 5 $ 235 |
Financing Receivable Credit Quality Indicators | The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated: September 30, 2021 Amortized Cost by Origination Year 2021 2020 2019 2018 2017 Prior Total(1) (in millions) Commercial Mortgage Loans Loan-to-Value Ratio: 0%-59.99% $ 967 $ 590 $ 2,437 $ 3,191 $ 2,977 $ 14,587 $ 24,749 60%-69.99% 2,207 1,861 3,848 3,791 1,543 5,260 18,510 70%-79.99% 1,561 1,360 2,026 978 904 2,228 9,057 80% or greater 46 0 0 61 68 581 756 Total $ 4,781 $ 3,811 $ 8,311 $ 8,021 $ 5,492 $ 22,656 $ 53,072 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 4,361 $ 3,583 $ 7,309 $ 7,398 $ 4,934 $ 19,811 $ 47,396 1.0 - 1.2x 364 97 676 398 271 1,718 3,524 Less than 1.0x 56 131 326 225 287 1,127 2,152 Total $ 4,781 $ 3,811 $ 8,311 $ 8,021 $ 5,492 $ 22,656 $ 53,072 Agricultural Property Loans Loan-to-Value Ratio: 0%-59.99% $ 578 $ 753 $ 482 $ 316 $ 354 $ 1,311 $ 3,794 60%-69.99% 60 123 39 62 26 10 320 70%-79.99% 0 0 0 0 0 0 0 80% or greater 0 0 0 0 0 0 0 Total $ 638 $ 876 $ 521 $ 378 $ 380 $ 1,321 $ 4,114 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 630 $ 853 $ 510 $ 371 $ 322 $ 1,214 $ 3,900 1.0 - 1.2x 8 23 10 1 58 41 141 Less than 1.0x 0 0 1 6 0 66 73 Total $ 638 $ 876 $ 521 $ 378 $ 380 $ 1,321 $ 4,114 __________ (1) Excludes “Assets held-for-sale” of $7,551 million. See Note 1 for additional information on the pending dispositions. December 31, 2020 Amortized Cost by Origination Year 2020 2019 2018 2017 2016 Prior Total (in millions) Commercial Mortgage Loans Loan-to-Value Ratio: 0%-59.99% $ 828 $ 2,693 $ 3,217 $ 3,854 $ 3,223 $ 15,360 $ 29,175 60%-69.99% 2,678 4,981 4,291 2,239 2,667 4,058 20,914 70%-79.99% 2,492 2,587 1,500 1,057 918 1,409 9,963 80% or greater 23 3 61 69 23 505 684 Total $ 6,021 $ 10,264 $ 9,069 $ 7,219 $ 6,831 $ 21,332 $ 60,736 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 5,901 $ 9,429 $ 8,587 $ 6,954 $ 6,382 $ 18,904 $ 56,157 1.0 - 1.2x 118 711 383 263 384 1,719 3,578 Less than 1.0x 2 124 99 2 65 709 1,001 Total $ 6,021 $ 10,264 $ 9,069 $ 7,219 $ 6,831 $ 21,332 $ 60,736 Agricultural Property Loans Loan-to-Value Ratio: 0%-59.99% $ 956 $ 494 $ 349 $ 527 $ 367 $ 1,254 $ 3,947 60%-69.99% 8 51 39 3 0 0 101 70%-79.99% 0 0 0 0 0 0 0 80% or greater 0 0 0 0 0 0 0 Total $ 964 $ 545 $ 388 $ 530 $ 367 $ 1,254 $ 4,048 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 941 $ 544 $ 381 $ 468 $ 308 $ 1,202 $ 3,844 1.0 - 1.2x 23 0 1 59 1 40 124 Less than 1.0x 0 1 6 3 58 12 80 Total $ 964 $ 545 $ 388 $ 530 $ 367 $ 1,254 $ 4,048 |
Aging of Past Due Commercial Mortgage and Other Loans and Nonaccrual Status | The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated: September 30, 2021 Current 30-59 Days 60-89 Days 90 Days or More Past Due(1) Total Past Total Non-Accrual (in millions) Commercial mortgage loans $ 53,072 $ 0 $ 0 $ 0 $ 0 $ 53,072 $ 2 Agricultural property loans 4,106 0 4 4 8 4,114 19 Residential property loans 73 0 0 1 1 74 1 Other collateralized loans 69 0 0 0 0 69 0 Uncollateralized loans 574 0 0 0 0 574 0 Total(3) $ 57,894 $ 0 $ 4 $ 5 $ 9 $ 57,903 $ 22 __________ (1) As of September 30, 2021, there were no loans in this category accruing interest. (2) For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. (3) Excludes “Assets held-for-sale” of $7,551 million. See Note 1 for additional information on the pending dispositions. December 31, 2020 Current 30-59 Days 60-89 Days 90 Days or More Past Due(1) Total Past Total Non-Accrual (in millions) Commercial mortgage loans $ 60,614 $ 3 $ 119 $ 0 $ 122 $ 60,736 $ 5 Agricultural property loans 3,996 37 0 15 52 4,048 15 Residential property loans 99 1 0 1 2 101 1 Other collateralized loans 120 0 0 0 0 120 0 Uncollateralized loans 655 0 0 0 0 655 0 Total $ 65,484 $ 41 $ 119 $ 16 $ 176 $ 65,660 $ 21 __________ (1) As of December 31, 2020, there were no loans in this category accruing interest. (2) For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. |
Other Invested Assets | The following table sets forth the composition of “Other invested assets,” as of the dates indicated: September 30, 2021 December 31, 2020 (in millions) LPs/LLCs: Equity method: Private equity(1) $ 5,952 $ 4,311 Hedge funds 2,807 2,451 Real estate-related(1) 2,179 1,985 Subtotal equity method 10,938 8,747 Fair value: Private equity 1,903 1,786 Hedge funds 2,168 2,036 Real estate-related 311 314 Subtotal fair value 4,382 4,136 Total LPs/LLCs 15,320 12,883 Real estate held through direct ownership(2) 1,753 2,027 Derivative instruments 2,218 1,915 Other(3) 914 1,300 Total other invested assets(4) $ 20,205 $ 18,125 _________ (1) Prior period amounts have been updated to conform to current period presentation. (2) As of September 30, 2021 and December 31, 2020, real estate held through direct ownership had mortgage debt of $276 million and $409 million, respectively. (3) Primarily includes strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Banks of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Banks of New York, see Note 17 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. (4) Excludes “Assets held-for-sale” of $160 million as of September 30, 2021. See Note 1 for additional information on the pending dispositions. |
Accrued Investment Income | The following table sets forth the composition of “Accrued investment income,” as of the dates indicated: September 30, 2021 December 31, 2020 (in millions) Fixed maturities $ 2,339 $ 2,676 Equity securities 7 7 Commercial mortgage and other loans 175 205 Policy loans 264 274 Other invested assets 21 27 Short-term investments and cash equivalents 2 4 Total accrued investment income(1) $ 2,808 $ 3,193 __________ (1) Excludes “Assets held-for-sale” of $233 million as of September 30, 2021. See Note 1 for additional information on the pending dispositions. |
Net Investment Income | The following table sets forth “Net investment income” by investment type, for the periods indicated: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in millions) Fixed maturities, available-for-sale(1) $ 2,995 $ 3,113 $ 9,000 $ 9,292 Fixed maturities, held-to-maturity(1) 56 59 169 176 Fixed maturities, trading 53 32 114 100 Assets supporting experience-rated contractholder liabilities 148 179 474 527 Equity securities 23 36 104 119 Commercial mortgage and other loans 621 608 1,882 1,866 Policy loans 132 147 403 450 Other invested assets 806 415 1,939 693 Short-term investments and cash equivalents 18 30 48 182 Gross investment income 4,852 4,619 14,133 13,405 Less: investment expenses (135) (173) (482) (571) Net investment income $ 4,717 $ 4,446 $ 13,651 $ 12,834 __________ (1) Includes income on credit-linked notes which are reported on the same financial statement line items as related surplus notes, as conditions are met for right to offset. |
Realized Investment Gains (Losses), Net | The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in millions) Fixed maturities(1) $ 221 $ 401 $ 1,750 $ 671 Commercial mortgage and other loans 67 41 158 65 Investment real estate 49 5 113 15 LPs/LLCs (43) 8 (26) 2 Derivatives 131 (537) 1,145 (2,926) Other 7 3 6 9 Realized investment gains (losses), net $ 432 $ (79) $ 3,146 $ (2,164) __________ (1) Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading. |
Net Unrealized Gains (Losses) on Investment | The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated: September 30, 2021 December 31, 2020 (in millions) Fixed maturity securities, available-for-sale with an allowance(1) $ 22 $ (25) Fixed maturity securities, available-for-sale without an allowance(1) 41,025 58,593 Derivatives designated as cash flow hedges(2) 867 (168) Derivatives designated as fair value hedges(2) (29) 10 Other investments(3) 11 7 Net unrealized gains (losses) on investments $ 41,896 $ 58,417 __________ (1) Includes net unrealized gains of $660 million on “Assets held-for-sale” as of September 30, 2021. (2) For additional information on cash flow and fair value hedges, see Note 5. (3) As of September 30, 2021, there were no net unrealized losses on held-to-maturity securities that were previously transferred from available-for-sale. Includes net unrealized gains on certain joint ventures that are strategic in nature and are included in “Other assets.” |
Repurchase Agreements and Securities Lending | The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated: September 30, 2021 December 31, 2020 Remaining Contractual Maturities of the Agreements Remaining Contractual Maturities of the Agreements Overnight & Continuous Up to 30 Days Total Overnight & Continuous Up to 30 Days Total (in millions) U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 8,842 $ 479 $ 9,321 $ 9,548 $ 546 $ 10,094 Commercial mortgage-backed securities 338 0 338 463 0 463 Residential mortgage-backed securities 240 0 240 337 0 337 Total securities sold under agreements to repurchase(1) $ 9,420 $ 479 $ 9,899 $ 10,348 $ 546 $ 10,894 __________ (1) The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated. The following table sets forth the composition of “Cash collateral for loaned securities” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated: September 30, 2021 December 31, 2020 Remaining Contractual Maturities of the Agreements Remaining Contractual Maturities of the Agreements Overnight & Continuous Up to 30 Days Total Overnight & Continuous Up to 30 Days Total (in millions) Obligations of U.S. states and their political subdivisions $ 75 $ 0 $ 75 $ 108 $ 0 $ 108 Foreign government bonds 222 0 222 426 0 426 U.S. public corporate securities 2,943 0 2,943 2,360 0 2,360 Foreign public corporate securities 709 0 709 567 0 567 Equity securities 433 0 433 38 0 38 Total cash collateral for loaned securities(1)(2) $ 4,382 $ 0 $ 4,382 $ 3,499 $ 0 $ 3,499 __________ (1) The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated. (2) Excludes “Liabilities held-for-sale” of $3 million as of September 30, 2021. See Note 1 for additional information on the pending dispositions. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Schedule of Consolidated Variable Interest Entities | The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs. Consolidated VIEs for which the Other Consolidated VIEs(1) September 30, December 31, September 30, December 31, (in millions) Fixed maturities, available-for-sale $ 127 $ 110 $ 271 $ 296 Fixed maturities, held-to-maturity 81 87 816 882 Fixed maturities, trading 174 160 0 0 Equity securities 74 42 0 0 Commercial mortgage and other loans 949 975 0 0 Other invested assets 2,668 2,221 142 127 Cash and cash equivalents 172 101 0 0 Accrued investment income 2 2 3 4 Other assets 469 594 798 768 Total assets of consolidated VIEs $ 4,716 $ 4,292 $ 2,030 $ 2,077 Other liabilities $ 565 $ 256 $ 3 $ 2 Notes issued by consolidated VIEs(2) 282 305 0 0 Total liabilities of consolidated VIEs $ 847 $ 561 $ 3 $ 2 __________ (1) Total assets of consolidated VIEs reflect $2,747 million and $2,538 million as of September 30, 2021 and December 31, 2020, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries. (2) Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of September 30, 2021, the maturity of this obligation was within 3 years. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The table below provides a summary of the gross notional amount and fair value of derivatives contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral. This netting impact results in total derivative assets of $2,213 million and $1,906 million as of September 30, 2021 and December 31, 2020, respectively, and total derivative liabilities of $1,185 million and $792 million as of September 30, 2021 and December 31, 2020, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position. Primary Underlying Risk /Instrument Type September 30, 2021 December 31, 2020 Fair Value Fair Value Gross Notional Assets Liabilities Gross Notional Assets Liabilities (in millions) Derivatives Designated as Hedge Accounting Instruments: Interest Rate Interest Rate Swaps $ 3,182 $ 716 $ (76) $ 3,065 $ 978 $ (90) Interest Rate Forwards 298 8 (11) 249 0 (8) Foreign Currency Foreign Currency Forwards 4,258 59 (101) 2,577 68 (116) Currency/Interest Rate Foreign Currency Swaps 20,908 1,097 (268) 22,642 878 (1,037) Total Derivatives Designated as Hedge Accounting Instruments $ 28,646 $ 1,880 $ (456) $ 28,533 $ 1,924 $ (1,251) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate Interest Rate Swaps $ 196,080 $ 10,549 $ (14,874) $ 178,803 $ 17,174 $ (13,172) Interest Rate Futures 17,449 6 (14) 15,778 99 (5) Interest Rate Options 15,368 532 (240) 14,593 914 (233) Interest Rate Forwards 3,509 26 (4) 2,910 25 0 Foreign Currency Foreign Currency Forwards 28,903 930 (1,061) 35,478 764 (647) Foreign Currency Options 0 0 0 0 0 0 Currency/Interest Rate Foreign Currency Swaps 11,493 661 (257) 13,661 537 (601) Credit Credit Default Swaps 6,849 168 0 3,360 63 (28) Equity Equity Futures 4,329 0 (43) 5,668 10 (25) Equity Options 35,514 405 (682) 36,250 1,731 (1,028) Total Return Swaps 13,990 287 (20) 22,489 32 (1,277) Other Other(1) 1,258 0 0 1,262 0 0 Synthetic GICs 83,200 1 0 86,264 0 0 Total Derivatives Not Qualifying as Hedge Accounting Instruments $ 417,942 $ 13,565 $ (17,195) $ 416,516 $ 21,349 $ (17,016) Total Derivatives(2)(3)(4) $ 446,588 $ 15,445 $ (17,651) $ 445,049 $ 23,273 $ (18,267) __________ (1) “Other” primarily includes derivative contracts used to improve the balance of the Company’s tail longevity and mortality risk. Under these contracts, the Company’s gains (losses) are capped at the notional amount. (2) Excludes embedded derivatives and associated reinsurance recoverables which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $9,994 million and $20,119 million as of September 30, 2021 and December 31, 2020, respectively, primarily included in “Future policy benefits.” (3) Recorded in “Other invested assets” and “Other liabilities” on the Unaudited Interim Consolidated Statements of Financial Position. (4) Excludes “Assets held-for-sale” with fair value of $1,282 million and “Liabilities held-for-sale” with fair value of $1,309 million with outstanding gross notional amounts of $38,690 million as of September 30, 2021. See Note 1 for additional information on the pending dispositions. |
Schedule of Derivative instruments (hedged item in fair value hedge accounting relationship) | As of September 30, 2021, the following amounts were recorded on the Unaudited Interim Consolidated Statements of Financial Position related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges. September 30, 2021 December 31, 2020 Balance Sheet Line Item in which Hedged Item is Recorded Carrying Amount of the Hedged Assets (Liabilities) Cumulative Amount of Carrying Amount of the Hedged Assets (Liabilities) Cumulative Amount of (in millions) Fixed maturities, available-for-sale, at fair value $ 418 $ 59 $ 402 $ 79 Commercial mortgage and other loans $ 18 $ 1 $ 20 $ 2 Policyholders’ account balances $ (1,533) $ (166) $ (1,627) $ (303) Future policy benefits $ (2,539) $ (252) $ (1,585) $ (372) __________ (1) There were no material fair value hedging adjustments for hedged assets and liabilities for which hedge accounting has been discontinued. |
Offsetting of Financial Assets | The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position. September 30, 2021 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets:(2) Derivatives $ 15,301 $ (13,233) $ 2,068 $ (787) $ 1,281 Securities purchased under agreement to resell 69 0 69 (69) 0 Total assets $ 15,370 $ (13,233) $ 2,137 $ (856) $ 1,281 Offsetting of Financial Liabilities:(2) Derivatives $ 17,646 $ (16,466) $ 1,180 $ (956) $ 224 Securities sold under agreement to repurchase 9,899 0 9,899 (9,561) 338 Total liabilities $ 27,545 $ (16,466) $ 11,079 $ (10,517) $ 562 December 31, 2020 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 23,144 $ (21,367) $ 1,777 $ (806) $ 971 Securities purchased under agreement to resell 252 0 252 (252) 0 Total assets $ 23,396 $ (21,367) $ 2,029 $ (1,058) $ 971 Offsetting of Financial Liabilities: Derivatives $ 18,265 $ (17,475) $ 790 $ (790) $ 0 Securities sold under agreement to repurchase 10,894 0 10,894 (10,432) 462 Total liabilities $ 29,159 $ (17,475) $ 11,684 $ (11,222) $ 462 __________ (1) Amounts exclude the excess of collateral received/pledged from/to the counterparty. (2) Excludes “Assets held-for-sale” with fair value of $1,282 million and “Liabilities held-for-sale” with fair value of $1,309 million. See Note 1 for additional information on the pending dispositions. |
Offsetting of Financial Liabilities | The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position. September 30, 2021 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets:(2) Derivatives $ 15,301 $ (13,233) $ 2,068 $ (787) $ 1,281 Securities purchased under agreement to resell 69 0 69 (69) 0 Total assets $ 15,370 $ (13,233) $ 2,137 $ (856) $ 1,281 Offsetting of Financial Liabilities:(2) Derivatives $ 17,646 $ (16,466) $ 1,180 $ (956) $ 224 Securities sold under agreement to repurchase 9,899 0 9,899 (9,561) 338 Total liabilities $ 27,545 $ (16,466) $ 11,079 $ (10,517) $ 562 December 31, 2020 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 23,144 $ (21,367) $ 1,777 $ (806) $ 971 Securities purchased under agreement to resell 252 0 252 (252) 0 Total assets $ 23,396 $ (21,367) $ 2,029 $ (1,058) $ 971 Offsetting of Financial Liabilities: Derivatives $ 18,265 $ (17,475) $ 790 $ (790) $ 0 Securities sold under agreement to repurchase 10,894 0 10,894 (10,432) 462 Total liabilities $ 29,159 $ (17,475) $ 11,684 $ (11,222) $ 462 __________ (1) Amounts exclude the excess of collateral received/pledged from/to the counterparty. (2) Excludes “Assets held-for-sale” with fair value of $1,282 million and “Liabilities held-for-sale” with fair value of $1,309 million. See Note 1 for additional information on the pending dispositions. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table provides the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, including the offset of the hedged item in fair value hedge relationships. Three Months Ended September 30, 2021 Realized Net Other Interest Interest Policyholders’ Benefits AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 3 $ (2) $ 0 $ 0 $ (16) $ (15) $ 0 Currency 1 0 0 0 0 (16) 0 Total gains (losses) on derivatives designated as hedge instruments 4 (2) 0 0 (16) (31) 0 Gains (losses) on the hedged item: Interest Rate (9) 4 0 0 27 21 0 Currency 0 0 0 0 0 16 0 Total gains (losses) on hedged item (9) 4 0 0 27 37 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 (1) (12) Total Amortization for Gain (Loss) Excluded from Assessment of the Effectiveness 0 0 0 0 0 (1) (12) Total gains (losses) on fair value hedges net of hedged item (5) 2 0 0 11 5 (12) Cash flow hedges Interest Rate (7) 0 0 0 0 0 0 Currency (1) 0 0 0 0 0 55 Currency/Interest Rate 18 66 145 0 0 0 551 Total gains (losses) on cash flow hedges 10 66 145 0 0 0 606 Net investment hedges Currency 0 0 0 0 0 0 1 Currency/Interest Rate 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges 0 0 0 0 0 0 1 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (413) 0 0 0 0 0 0 Currency 88 0 1 0 0 0 0 Currency/Interest Rate 205 0 2 0 0 0 0 Credit 1 0 0 0 0 0 0 Equity (111) 0 0 0 0 0 0 Other (1) 0 0 0 0 0 0 Embedded Derivatives 354 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments 123 0 3 0 0 0 0 Total $ 128 $ 68 $ 148 $ 0 $ 11 $ 5 $ 595 Nine Months Ended September 30, 2021 Realized Net Other Interest Interest Policyholders’ Benefits AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 17 $ (7) $ 0 $ 0 $ (108) $ (93) $ 0 Currency (1) 0 0 0 0 (8) 0 Total gains (losses) on derivatives designated as hedge instruments 16 (7) 0 0 (108) (101) 0 Gains (losses) on the hedged item: Interest Rate (22) 12 0 0 138 109 0 Currency 1 1 0 0 0 8 0 Total gains (losses) on hedged item (21) 13 0 0 138 117 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 (4) (39) Total Amortization for Gain (Loss) Excluded from Assessment of the Effectiveness 0 0 0 0 0 (4) (39) Total gains (losses) on fair value hedges net of hedged item (5) 6 0 0 30 12 (39) Cash flow hedges Interest Rate 6 1 0 0 0 0 (30) Currency (4) 0 0 0 0 0 53 Currency/Interest Rate 56 204 175 0 0 0 1,012 Total gains (losses) on cash flow hedges 58 205 175 0 0 0 1,035 Net investment hedges Currency 0 0 0 0 0 0 (12) Currency/Interest Rate 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges 0 0 0 0 0 0 (12) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (2,969) 0 0 0 0 0 0 Currency (249) 0 (3) 0 0 0 0 Currency/Interest Rate 620 0 1 0 0 0 0 Credit 28 0 0 0 0 0 0 Equity (2,017) 0 0 0 0 0 0 Other 1 0 0 0 0 0 0 Embedded Derivatives 5,673 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments 1,087 0 (2) 0 0 0 0 Total $ 1,140 $ 211 $ 173 $ 0 $ 30 $ 12 $ 984 Three Months Ended September 30, 2020 Realized Net Other Interest Interest Policyholders’ Benefits AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 5 $ (2) $ 0 $ 0 $ (35) $ (37) $ 0 Currency (1) 0 0 0 0 15 0 Total gains (losses) on derivatives designated as hedge instruments 4 (2) 0 0 (35) (22) 0 Gains (losses) on the hedged item: Interest Rate (6) 4 0 0 49 48 0 Currency 0 0 0 0 0 (15) 0 Total gains (losses) on hedged item (6) 4 0 0 49 33 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 (1) 2 Total Amortization for Gain (Loss) Excluded from Assessment of the Effectiveness 0 0 0 0 0 (1) 2 Total gains (losses) on fair value hedges net of hedged item (2) 2 0 0 14 10 2 Cash flow hedges Interest Rate 19 0 0 0 0 0 (15) Currency 0 0 0 0 0 0 (65) Currency/Interest Rate 55 78 (210) 0 0 0 (1,011) Total gains (losses) on cash flow hedges 74 78 (210) 0 0 0 (1,091) Net investment hedges Currency (6) 0 142 0 0 0 (143) Currency/Interest Rate 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges (6) 0 142 0 0 0 (143) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (1,163) 0 0 0 0 0 0 Currency (44) 0 2 0 0 0 0 Currency/Interest Rate (394) 0 (3) 0 0 0 0 Credit (15) 0 0 0 0 0 0 Equity (2,243) 0 0 0 0 0 0 Other 1 0 0 0 0 0 0 Embedded Derivatives 3,254 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (604) 0 (1) 0 0 0 0 Total $ (538) $ 80 $ (69) $ 0 $ 14 $ 10 $ (1,232) Nine Months Ended September 30, 2020 Realized Net Other Interest Interest Policyholders’ Benefits AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ (24) $ (6) $ 0 $ 0 $ 295 $ 242 $ 0 Currency 1 0 0 0 0 17 0 Total gains (losses) on derivatives designated as hedge instruments (23) (6) 0 0 295 259 0 Gains (losses) on the hedged item: Interest Rate 23 13 0 0 (269) (222) 0 Currency (1) 1 0 0 0 (17) 0 Total gains (losses) on hedged item 22 14 0 0 (269) (239) 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 (1) (1) Total Amortization for Gain (Loss) Excluded from Assessment of the Effectiveness 0 0 0 0 0 (1) (1) Total gains (losses) on fair value hedges net of hedged item (1) 8 0 0 26 19 (1) Cash flow hedges Interest Rate 27 0 0 0 0 0 29 Currency 4 0 0 0 0 0 27 Currency/Interest Rate 121 239 (17) 0 0 0 519 Total gains (losses) on cash flow hedges 152 239 (17) 0 0 0 575 Net investment hedges Currency (6) 0 142 0 0 0 (133) Currency/Interest Rate 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges (6) 0 142 0 0 0 (133) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate 7,829 0 0 0 0 0 0 Currency 186 0 (5) 0 0 0 0 Currency/Interest Rate 337 0 (1) 0 0 0 0 Credit (56) 0 0 0 0 0 0 Equity (2,028) 0 0 0 0 0 0 Other 1 0 0 0 0 0 0 Embedded Derivatives (9,339) 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (3,070) 0 (6) 0 0 0 0 Total $ (2,925) $ 247 $ 119 $ 0 $ 26 $ 19 $ 441 _______ (1) Net change in AOCI, excluding changes related to net investment hedges using non-derivative instruments, of $(7) million and $7 million for the three and nine months ended September 30, 2021, respectively, and $(17) million for both the three and nine months ended September 30, 2020. |
Schedule of Derivative Instruments Recognized in Accumulated Other Comprehensive Income (Loss) Before Taxes | Presented below is a rollforward of current period cash flow hedges in AOCI before taxes: (in millions) Balance, December 31, 2020 $ (168) Amount recorded in AOCI: Interest Rate (23) Currency 49 Currency/Interest Rate 1,447 Total amount recorded in AOCI 1,473 Amount reclassified from AOCI to income: Interest Rate (7) Currency 4 Currency/Interest Rate (435) Total amount reclassified from AOCI to income (438) Balance, September 30, 2021 $ 867 |
Credit Derivatives | The following table provides a summary of the notional and fair value of written credit protection. The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying referenced securities become worthless, is equal to the notional amounts. These credit derivatives have maturities of less than 11 years and less than 26 years for Single name and Index Reference. September 30, 2021 NAIC Rating Designation of Underlying Credit Obligation(1) NAIC 1 NAIC 2 NAIC 3 NAIC 4 NAIC 5 NAIC 6 Total(3) Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value (in millions) Single name reference(2) $ 49 $ 0 $ 0 $ 0 $ 685 $ 7 $ 0 $ 0 $ 0 $ 0 $ 223 $ 20 $ 957 $ 27 Index reference(2) 0 0 0 0 5,125 84 0 0 0 0 757 57 5,882 141 Total $ 49 $ 0 $ 0 $ 0 $ 5,810 $ 91 $ 0 $ 0 $ 0 $ 0 $ 980 $ 77 $ 6,839 $ 168 December 31, 2020 NAIC Rating Designation of Underlying Credit Obligation(1) NAIC 1 NAIC 2 NAIC 3 NAIC 4 NAIC 5 NAIC 6 Total Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value (in millions) Single name reference(2) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Index reference(2) 50 0 0 0 3,003 63 0 0 0 0 0 0 3,053 63 Total $ 50 $ 0 $ 0 $ 0 $ 3,003 $ 63 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 3,053 $ 63 _________ (1) The NAIC rating designations are based on availability and the lowest ratings among Moody's Investors Service, Inc. ("Moody's"), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings Inc. (“Fitch”). If no rating is available from a rating agency, a NAIC 6 rating is used. (2) Single name credit default swaps may reference the credit of corporate debt, sovereign debt, and structured finance. Index references NAIC designations are based on the lowest rated single name reference included in the index. (3) Excludes “Assets-held-for-sale” with fair value of $48 million as of September 30, 2021. See Note 1 for additional information on the pending dispositions. |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated. As of September 30, 2021(1) Level 1 Level 2 Level 3 Netting(2) Total (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 0 $ 32,771 $ 135 $ $ 32,906 Obligations of U.S. states and their political subdivisions 0 12,195 8 12,203 Foreign government bonds 0 97,736 10 97,746 U.S. corporate public securities 0 110,351 131 110,482 U.S. corporate private securities(3) 0 34,521 2,213 36,734 Foreign corporate public securities 0 27,560 128 27,688 Foreign corporate private securities 0 25,124 2,894 28,018 Asset-backed securities(4) 0 10,484 761 11,245 Commercial mortgage-backed securities 0 13,194 0 13,194 Residential mortgage-backed securities 0 2,710 326 3,036 Subtotal 0 366,646 6,606 373,252 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 197 0 197 Obligations of U.S. states and their political subdivisions 0 0 0 0 Foreign government bonds 0 791 0 791 Corporate securities 0 108 0 108 Asset-backed securities(4) 0 0 0 0 Commercial mortgage-backed securities 0 0 0 0 Residential mortgage-backed securities 0 0 0 0 Equity securities 817 1,446 0 2,263 All other(5) 4 54 0 58 Subtotal 821 2,596 0 3,417 Fixed maturities, trading 0 9,184 364 9,548 Equity securities 5,447 1,363 757 7,567 Commercial mortgage and other loans 0 1,106 0 1,106 Other invested assets(6) 167 15,273 376 (13,233) 2,583 Short-term investments 357 2,817 327 3,501 Cash equivalents 3,009 4,181 0 7,190 Other assets 0 0 111 111 Separate account assets(7)(8) 13,456 201,978 1,291 216,725 Total assets $ 23,257 $ 605,144 $ 9,832 $ (13,233) $ 625,000 Future policy benefits(9) $ 0 $ 0 $ 9,230 $ $ 9,230 Policyholders’ account balances 0 0 1,320 1,320 Other liabilities 62 17,151 0 (16,466) 747 Notes issued by consolidated VIEs 0 0 0 0 Total liabilities $ 62 $ 17,151 $ 10,550 $ (16,466) $ 11,297 As of December 31, 2020 Level 1 Level 2 Level 3 Netting(2) Total (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 0 $ 40,298 $ 150 $ $ 40,448 Obligations of U.S. states and their political subdivisions 0 12,807 4 12,811 Foreign government bonds 0 110,233 11 110,244 U.S. corporate public securities 0 113,486 69 113,555 U.S. corporate private securities(3) 0 38,689 2,248 40,937 Foreign corporate public securities 0 29,384 153 29,537 Foreign corporate private securities 0 28,727 2,865 31,592 Asset-backed securities(4) 0 14,068 523 14,591 Commercial mortgage-backed securities 0 16,294 9 16,303 Residential mortgage-backed securities 0 2,876 11 2,887 Subtotal 0 406,862 6,043 412,905 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 212 0 212 Obligations of U.S. states and their political subdivisions 0 231 0 231 Foreign government bonds 0 926 19 945 Corporate securities 0 14,990 482 15,472 Asset-backed securities(4) 0 1,583 114 1,697 Commercial mortgage-backed securities 0 1,839 0 1,839 Residential mortgage-backed securities 0 1,018 0 1,018 Equity securities 1,784 259 0 2,043 All other(5) 50 549 20 619 Subtotal 1,834 21,607 635 24,076 Fixed maturities, trading 0 3,671 243 3,914 Equity securities 6,207 1,131 660 7,998 Commercial mortgage and other loans 0 1,092 0 1,092 Other invested assets(6) 227 23,045 366 (21,367) 2,271 Short-term investments 405 5,728 177 6,310 Cash equivalents 1,476 4,005 1 5,482 Other assets 0 0 268 268 Separate account assets(7)(8) 51,826 250,623 1,821 304,270 Total assets $ 61,975 $ 717,764 $ 10,214 $ (21,367) $ 768,586 Future policy benefits(9) $ 0 $ 0 $ 18,879 $ $ 18,879 Policyholders’ account balances 0 0 1,914 1,914 Other liabilities 32 17,828 0 (17,475) 385 Notes issued by consolidated VIEs 0 0 0 0 Total liabilities $ 32 $ 17,828 $ 20,793 $ (17,475) $ 21,178 __________ (1) Excludes amounts for financial instruments reclassified to “Assets held-for-sale of $128,234 million and “Liabilities held-for-sale” of $5,790 million. Assets held-for-sale and liabilities held-for-sale are valued on a basis consistent with similar instruments described herein. See Note 1 for additional information on the pending dispositions. (2) “Netting” amounts represent cash collateral of $(3,233) and $3,892 million as of September 30, 2021 and December 31, 2020, respectively. (3) Excludes notes with fair value of $5,693 million (carrying amount of $5,616 million) and $6,100 million (carrying amount of $5,966 million) as of September 30, 2021 and December 31, 2020, respectively, which have been offset with the associated payables under a netting agreement. (4) Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types. (5) All other represents cash equivalents and short-term investments. (6) Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of September 30, 2021 and December 31, 2020, the fair values of such investments were $4,382 and $4,136 million respectively. (7) Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and other invested assets. As of September 30, 2021 and December 31, 2020, the fair value of such investments was $25,127 and $23,007 million, respectively. (8) Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position. (9) As of September 30, 2021, the net embedded derivative liability position of $9.2 billion includes $0.6 billion of embedded derivatives in an asset position and $9.8 billion of embedded derivatives in a liability position. As of December 31, 2020, the net embedded derivative liability position of $18.9 billion includes $0.5 billion of embedded derivatives in an asset position and $19.4 billion of embedded derivatives in a liability position. |
Fair Value Inputs, Assets and Liabilities, Quantitative Information | The tables below present quantitative information on significant internally-priced Level 3 assets and liabilities. As of September 30, 2021 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 4,539 Discounted Discount rate 0.06% 20% 4.91% Decrease Market comparables EBITDA multiples(4) 1.3X 15.0X 9.1X Increase Liquidation Liquidation value 12.37% 62.58% 48.50% Increase Equity securities $ 288 Discounted Discount rate 0.5% 20% Decrease Market comparables EBITDA multiples(4) 1.0X 9.7X 3.1X Increase Net Asset Value Share price $0 $1,498 $507 Increase Separate account assets-commercial mortgage loans(6) $ 158 Discounted Spread 0.95% 1.89% 1.08% Decrease Liabilities: Future policy benefits(7) $ 9,230 Discounted Lapse rate(9) 1% 20% Decrease Spread over LIBOR(10) 0.05% 1.05% Decrease Utilization rate(11) 39% 96% Increase Withdrawal rate See table footnote (12) below. Mortality rate(13) 0% 15% Decrease Equity volatility curve 17% 26% Increase Policyholders’ account balances(8) $ 1,320 Discounted Lapse rate(9) 1% 6% Decrease Spread over LIBOR(10) 0.05% 1.07% Decrease Mortality rate(13) 0% 23% Decrease Equity volatility curve 13% 30% Increase As of December 31, 2020 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 3,697 Discounted Discount rate 0.40% 25% 4.28% Decrease Market comparables EBITDA multiples(4) 7.0X 15.0X 9.0X Increase Liquidation Liquidation value 12.13% 15.00% 13.02% Increase Equity securities $ 195 Discounted Discount rate 0.5% 20% Decrease Market comparables EBITDA multiples(4) 1X 8.8X 3.3X Increase Net Asset Value Share price $1 $1,414 $495 Increase Separate account assets-commercial mortgage loans(6) $ 775 Discounted Spread 1.60% 2.98% 1.80% Decrease Liabilities: Future policy benefits(7) $ 18,879 Discounted Lapse rate(9) 1% 20% Decrease Spread over LIBOR(10) 0.06% 1.17% Decrease Utilization rate(11) 39% 96% Increase Withdrawal rate See table footnote (12) below. Mortality rate(13) 0% 15% Decrease Equity volatility curve 18% 26% Increase Policyholders’ account balances(8) $ 1,914 Discounted Lapse rate(9) 1% 42% Decrease Spread over LIBOR(10) 0.06% 1.17% Decrease Mortality rate(13) 0% 24% Decrease Equity volatility curve 6% 42% Increase __________ (1) Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table. (2) Includes assets classified as fixed maturities available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities trading. (3) Excludes notes which have been offset with the associated payables under a netting agreement. (4) Represents multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments. (5) For these investments, a range of discount rates is typically used (10% to 20%) and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than weighted average. (6) Changes in the fair value of separate account assets are borne by customers and thus are offset by changes in separate account liabilities on the Company’s Unaudited Interim Consolidated Statements of Financial Position. As a result, changes in value associated with these investments are not reflected in the Company’s Unaudited Interim Consolidated Statements of Operations. (7) Future policy benefits primarily represent general account liabilities for the living benefit features of the Company’s variable annuity contracts which are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (8) Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (9) Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these embedded derivatives. (10) The spread over the London Inter-Bank Offered Rate (“LIBOR”) swap curve represents the premium added to the proxy for the risk-free rate (LIBOR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt. (11) The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits. (12) The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of September 30, 2021 and December 31, 2020, the minimum withdrawal rate assumption is 76% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%. (13) The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 45 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate. Three Months Ended September 30, 2021 Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3(2) Fair Value, end of period Unrealized gains (losses) for assets still held(3) (in millions) Fixed maturities, available-for-sale: U.S. government $ 150 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (15) $ 135 $ 0 U.S. states 9 0 0 0 0 0 (1) 0 0 8 0 Foreign government 10 0 0 0 0 1 (1) 0 0 10 0 Corporate securities(4) 5,528 (67) 496 (12) 18 (374) (1) 97 (319) 5,366 (82) Structured securities(5) 874 2 608 0 0 (38) (1) 130 (488) 1,087 (5) Assets supporting experience-rated contractholder liabilities: Foreign government 17 0 0 0 0 0 0 0 (17) 0 0 Corporate securities(4) 549 (3) 1 0 0 (81) (157) 0 (309) 0 (2) Structured securities(5) 114 (1) 40 0 0 (9) 0 2 (146) 0 (1) Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 0 0 1 0 0 0 0 0 (1) 0 0 Other assets: Fixed maturities, trading 269 12 3 (27) 0 (6) 157 0 (44) 364 11 Equity securities 715 100 8 (66) 0 0 0 0 0 757 73 Other invested assets 393 7 10 (33) 0 (1) 0 0 0 376 8 Short-term investments 445 1 66 0 0 (176) 1 0 (10) 327 0 Cash equivalents 1 0 0 0 0 0 (1) 0 0 0 0 Other assets 190 (23) 3 0 0 5 0 (64) 0 111 (9) Separate account assets(6) 1,476 (75) (70) 6 0 0 615 28 (689) 1,291 (2) Liabilities: Future policy benefits (13,579) 385 0 0 (331) 0 0 0 4,295 (9,230) 229 Policyholders’ account balances(7) (2,690) (5) 0 0 (83) 0 0 0 1,458 (1,320) 568 Other liabilities 0 0 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Three Months Ended September 30, 2021 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(3) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) (in millions) Fixed maturities, available-for-sale $ (10) $ 0 $ 0 $ (59) $ 4 $ (33) $ 0 $ 0 $ (54) Assets supporting experience-rated contractholder liabilities 0 (5) 0 0 1 0 (3) 0 0 Other assets: Fixed maturities, trading 0 11 0 0 1 0 11 0 0 Equity securities 0 100 0 0 0 0 73 0 0 Other invested assets (14) 21 0 0 0 (13) 21 0 0 Short-term investments 1 0 0 0 0 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets (23) 0 0 39 (39) (9) 0 0 0 Separate account assets(6) 0 0 (75) 0 0 0 0 (2) 0 Liabilities: Future policy benefits 385 0 0 0 0 229 0 0 0 Policyholders’ account balances (5) 0 0 0 0 568 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2021 Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3(2) Fair Value, end of period Unrealized gains (losses) for assets still held(3) (in millions) Fixed maturities, available-for-sale: U.S. government $ 150 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (15) $ 135 $ 0 U.S. states 4 0 0 0 0 0 4 0 0 8 0 Foreign government 11 0 0 0 0 0 (1) 0 0 10 0 Corporate securities(4) 5,335 (229) 1,183 (33) 38 (868) 0 386 (446) 5,366 (284) Structured securities(5) 543 31 1,384 (1) 0 (218) 13 441 (1,106) 1,087 5 Assets supporting experience-rated contractholder liabilities: Foreign government 19 0 0 0 0 (2) 0 0 (17) 0 0 Corporate securities(4) 482 5 17 0 0 (109) (157) 71 (309) 0 (2) Structured securities(5) 114 (5) 213 0 0 (31) 0 2 (293) 0 (5) Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 20 0 1 0 0 (20) 0 0 (1) 0 0 Other assets: Fixed maturities, trading 243 23 26 (35) 0 (6) 159 0 (46) 364 22 Equity securities 660 157 99 (128) 0 (9) (23) 36 (35) 757 124 Other invested assets 366 24 34 (47) 0 (1) 0 0 0 376 25 Short-term investments 177 1 519 0 0 (339) (26) 5 (10) 327 (1) Cash equivalents 1 (1) 4 0 0 0 (4) 0 0 0 (1) Other assets 268 (120) 27 0 0 0 0 (64) 0 111 (116) Separate account assets(6) 1,821 133 79 (21) 0 (12) 0 58 (767) 1,291 124 Liabilities: Future policy benefits (18,879) 6,335 0 0 (993) 0 12 0 4,295 (9,230) 5,694 Policyholders’ account balances(7) (1,914) (553) 0 0 (311) 0 0 0 1,458 (1,320) 106 Other liabilities 0 0 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2021 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(3) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) (in millions) Fixed maturities, available-for-sale $ 19 $ 0 $ 0 $ (223) $ 6 $ (34) $ 0 $ 0 $ (245) Assets supporting experience-rated contractholder liabilities 0 (5) 0 0 5 0 (7) 0 0 Other assets: Fixed maturities, trading 0 22 0 0 1 0 22 0 0 Equity securities 0 157 0 0 0 0 124 0 0 Other invested assets 1 23 0 0 0 1 24 0 0 Short-term investments 1 0 0 0 0 (1) 0 0 0 Cash equivalents (1) 0 0 0 0 (1) 0 0 0 Other assets (120) 0 0 39 (39) (116) 0 0 0 Separate account assets(6) 0 0 133 0 0 0 0 124 0 Liabilities: Future policy benefits 6,335 0 0 0 0 5,694 0 0 0 Policyholders’ account balances (553) 0 0 0 0 106 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 Three Months Ended September 30, 2020 Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(3) (in millions) Fixed maturities, available-for-sale: U.S. government $ 122 $ 0 $ 10 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 132 $ 0 U.S. states 4 0 0 0 0 0 0 0 0 4 0 Foreign government 21 1 0 0 0 0 0 0 (12) 10 1 Corporate securities(4) 4,904 215 165 (8) 0 (160) (23) 113 (103) 5,103 193 Structured securities(5) 801 5 96 0 0 (147) 1 68 (258) 566 4 Assets supporting experience-rated contractholder liabilities: Foreign government 24 0 0 0 0 (2) 0 0 0 22 0 Corporate securities(4) 624 5 1 0 0 (6) (22) 0 (24) 578 3 Structured securities(5) 99 1 19 0 0 (9) 0 1 (1) 110 1 Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 7 0 107 0 0 (4) 0 0 0 110 0 Other assets: Fixed maturities, trading 236 0 (1) (1) 0 0 1 4 1 240 1 Equity securities 594 67 15 (3) 0 (4) 5 0 (1) 673 66 Other invested assets 658 3 101 0 1 2 9 8 0 782 4 Short-term investments 44 (1) 145 0 0 (5) 0 0 0 183 0 Cash equivalents 1 0 0 0 0 0 0 0 0 1 0 Other assets 377 (64) 19 0 0 0 0 0 0 332 (62) Separate account assets(6) 1,684 84 65 (5) 0 (14) 0 10 (23) 1,801 87 Liabilities: Future policy benefits (26,439) 3,339 0 0 (331) 0 91 0 0 (23,340) 3,069 Policyholders’ account balances(7) (1,441) (34) 0 0 (74) 0 0 0 0 (1,549) (6) Other liabilities 0 0 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs (741) (34) 0 0 0 0 0 0 0 (775) (34) Three Months Ended September 30, 2020 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(3) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) (in millions) Fixed maturities, available-for-sale $ 3 $ 0 $ 0 $ 217 $ 1 $ (12) $ 0 $ 0 $ 210 Assets supporting experience-rated contractholder liabilities 0 4 0 0 2 0 4 0 0 Other assets: Fixed maturities, trading 0 0 0 0 0 0 1 0 0 Equity securities 0 67 0 0 0 0 66 0 0 Other invested assets 0 3 0 0 0 0 4 0 0 Short-term investments (1) 0 0 0 0 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets (64) 0 0 0 0 (62) 0 0 0 Separate account assets(6) 0 0 84 0 0 0 0 87 0 Liabilities: Future policy benefits 3,339 0 0 0 0 3,069 0 0 0 Policyholders’ account balances (34) 0 0 0 0 (6) 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 (34) 0 0 0 0 (34) 0 0 Nine Months Ended September 30, 2020 Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(3) (in millions) Fixed maturities, available-for-sale: U.S. government $ 105 $ 0 $ 27 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 132 $ 0 U.S. states 4 0 0 0 0 0 0 0 0 4 0 Foreign government 22 0 0 0 0 0 0 1 (13) 10 0 Corporate securities(4) 3,236 33 584 (126) 0 (490) (22) 2,136 (248) 5,103 19 Structured securities(5) 948 2 484 (17) 0 (444) 156 160 (723) 566 0 Assets supporting experience-rated contractholder liabilities: Foreign government 24 0 0 0 0 (2) 0 0 0 22 0 Corporate securities(4) 637 (22) 5 (9) 0 (71) (22) 92 (32) 578 (25) Structured securities(5) 69 (1) 174 0 0 (19) 0 1 (114) 110 3 Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 0 0 114 0 0 (4) 0 0 0 110 0 Other assets: Fixed maturities, trading 287 (16) 21 (33) 0 0 9 19 (47) 240 (16) Equity securities 633 9 43 (13) 0 (4) 6 0 (1) 673 6 Other invested assets 567 7 182 0 5 (2) 15 8 0 782 9 Short-term investments 155 1 189 0 0 (115) (47) 0 0 183 0 Cash equivalents 131 0 0 0 0 0 (130) 0 0 1 0 Other assets 113 164 55 0 0 0 0 0 0 332 165 Separate account assets(6) 1,717 58 169 (26) 0 (47) 0 43 (113) 1,801 70 Liabilities: Future policy benefits (12,831) (9,630) 0 0 (972) 0 93 0 0 (23,340) (9,940) Policyholders’ account balances(7) (1,316) 38 0 0 (271) 0 0 0 0 (1,549) 80 Other liabilities (105) 105 0 0 0 0 0 0 0 0 105 Notes issued by consolidated VIEs (800) 25 0 0 0 0 0 0 0 (775) 25 Nine Months Ended September 30, 2020 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(3) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (losses) (in millions) Fixed maturities, available-for-sale $ (112) $ 0 $ 0 $ 141 $ 6 $ (118) $ 0 $ 0 $ 137 Assets supporting experience-rated contractholder liabilities 0 (25) 0 0 2 0 (22) 0 0 Other assets: Fixed maturities, trading 0 (17) 0 0 1 0 (16) 0 0 Equity securities 0 9 0 0 0 0 6 0 0 Other invested assets 0 7 0 0 0 1 8 0 0 Short-term investments 1 0 0 0 0 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets 164 0 0 0 0 165 0 0 0 Separate account assets(6) 0 0 58 0 0 0 0 70 0 Liabilities: Future policy benefits (9,630) 0 0 0 0 (9,940) 0 0 0 Policyholders’ account balances 38 0 0 0 0 80 0 0 0 Other liabilities 0 105 0 0 0 0 105 0 0 Notes issued by consolidated VIEs 0 25 0 0 0 0 25 0 0 __________ (1) “Other,” for the periods ended September 30, 2021 and September 30, 2020, primarily represents the deconsolidation of VIEs, reclassifications of certain assets between reporting categories and foreign currency translation. (2) Transfers out of level 3 for both three months and nine months ended September 30, 2021 included $274 million of corporate securities and $58 million of structured securities reclassified to “Assets held-for-sale”, and $4,295 million of Future Policy Benefits and $1,458 million of Policyholders’ account balances reclassified to "Liabilities held-for-sale". See Note 1 for additional information on the pending dispositions. (3) Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts. (4) Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities. (5) Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities. (6) Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position. (7) Issuances and settlements for Policyholders’ account balances are presented net in the rollforward. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate. Three Months Ended September 30, 2021 Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3(2) Fair Value, end of period Unrealized gains (losses) for assets still held(3) (in millions) Fixed maturities, available-for-sale: U.S. government $ 150 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (15) $ 135 $ 0 U.S. states 9 0 0 0 0 0 (1) 0 0 8 0 Foreign government 10 0 0 0 0 1 (1) 0 0 10 0 Corporate securities(4) 5,528 (67) 496 (12) 18 (374) (1) 97 (319) 5,366 (82) Structured securities(5) 874 2 608 0 0 (38) (1) 130 (488) 1,087 (5) Assets supporting experience-rated contractholder liabilities: Foreign government 17 0 0 0 0 0 0 0 (17) 0 0 Corporate securities(4) 549 (3) 1 0 0 (81) (157) 0 (309) 0 (2) Structured securities(5) 114 (1) 40 0 0 (9) 0 2 (146) 0 (1) Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 0 0 1 0 0 0 0 0 (1) 0 0 Other assets: Fixed maturities, trading 269 12 3 (27) 0 (6) 157 0 (44) 364 11 Equity securities 715 100 8 (66) 0 0 0 0 0 757 73 Other invested assets 393 7 10 (33) 0 (1) 0 0 0 376 8 Short-term investments 445 1 66 0 0 (176) 1 0 (10) 327 0 Cash equivalents 1 0 0 0 0 0 (1) 0 0 0 0 Other assets 190 (23) 3 0 0 5 0 (64) 0 111 (9) Separate account assets(6) 1,476 (75) (70) 6 0 0 615 28 (689) 1,291 (2) Liabilities: Future policy benefits (13,579) 385 0 0 (331) 0 0 0 4,295 (9,230) 229 Policyholders’ account balances(7) (2,690) (5) 0 0 (83) 0 0 0 1,458 (1,320) 568 Other liabilities 0 0 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Three Months Ended September 30, 2021 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(3) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) (in millions) Fixed maturities, available-for-sale $ (10) $ 0 $ 0 $ (59) $ 4 $ (33) $ 0 $ 0 $ (54) Assets supporting experience-rated contractholder liabilities 0 (5) 0 0 1 0 (3) 0 0 Other assets: Fixed maturities, trading 0 11 0 0 1 0 11 0 0 Equity securities 0 100 0 0 0 0 73 0 0 Other invested assets (14) 21 0 0 0 (13) 21 0 0 Short-term investments 1 0 0 0 0 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets (23) 0 0 39 (39) (9) 0 0 0 Separate account assets(6) 0 0 (75) 0 0 0 0 (2) 0 Liabilities: Future policy benefits 385 0 0 0 0 229 0 0 0 Policyholders’ account balances (5) 0 0 0 0 568 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2021 Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3(2) Fair Value, end of period Unrealized gains (losses) for assets still held(3) (in millions) Fixed maturities, available-for-sale: U.S. government $ 150 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (15) $ 135 $ 0 U.S. states 4 0 0 0 0 0 4 0 0 8 0 Foreign government 11 0 0 0 0 0 (1) 0 0 10 0 Corporate securities(4) 5,335 (229) 1,183 (33) 38 (868) 0 386 (446) 5,366 (284) Structured securities(5) 543 31 1,384 (1) 0 (218) 13 441 (1,106) 1,087 5 Assets supporting experience-rated contractholder liabilities: Foreign government 19 0 0 0 0 (2) 0 0 (17) 0 0 Corporate securities(4) 482 5 17 0 0 (109) (157) 71 (309) 0 (2) Structured securities(5) 114 (5) 213 0 0 (31) 0 2 (293) 0 (5) Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 20 0 1 0 0 (20) 0 0 (1) 0 0 Other assets: Fixed maturities, trading 243 23 26 (35) 0 (6) 159 0 (46) 364 22 Equity securities 660 157 99 (128) 0 (9) (23) 36 (35) 757 124 Other invested assets 366 24 34 (47) 0 (1) 0 0 0 376 25 Short-term investments 177 1 519 0 0 (339) (26) 5 (10) 327 (1) Cash equivalents 1 (1) 4 0 0 0 (4) 0 0 0 (1) Other assets 268 (120) 27 0 0 0 0 (64) 0 111 (116) Separate account assets(6) 1,821 133 79 (21) 0 (12) 0 58 (767) 1,291 124 Liabilities: Future policy benefits (18,879) 6,335 0 0 (993) 0 12 0 4,295 (9,230) 5,694 Policyholders’ account balances(7) (1,914) (553) 0 0 (311) 0 0 0 1,458 (1,320) 106 Other liabilities 0 0 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2021 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(3) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) (in millions) Fixed maturities, available-for-sale $ 19 $ 0 $ 0 $ (223) $ 6 $ (34) $ 0 $ 0 $ (245) Assets supporting experience-rated contractholder liabilities 0 (5) 0 0 5 0 (7) 0 0 Other assets: Fixed maturities, trading 0 22 0 0 1 0 22 0 0 Equity securities 0 157 0 0 0 0 124 0 0 Other invested assets 1 23 0 0 0 1 24 0 0 Short-term investments 1 0 0 0 0 (1) 0 0 0 Cash equivalents (1) 0 0 0 0 (1) 0 0 0 Other assets (120) 0 0 39 (39) (116) 0 0 0 Separate account assets(6) 0 0 133 0 0 0 0 124 0 Liabilities: Future policy benefits 6,335 0 0 0 0 5,694 0 0 0 Policyholders’ account balances (553) 0 0 0 0 106 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 Three Months Ended September 30, 2020 Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(3) (in millions) Fixed maturities, available-for-sale: U.S. government $ 122 $ 0 $ 10 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 132 $ 0 U.S. states 4 0 0 0 0 0 0 0 0 4 0 Foreign government 21 1 0 0 0 0 0 0 (12) 10 1 Corporate securities(4) 4,904 215 165 (8) 0 (160) (23) 113 (103) 5,103 193 Structured securities(5) 801 5 96 0 0 (147) 1 68 (258) 566 4 Assets supporting experience-rated contractholder liabilities: Foreign government 24 0 0 0 0 (2) 0 0 0 22 0 Corporate securities(4) 624 5 1 0 0 (6) (22) 0 (24) 578 3 Structured securities(5) 99 1 19 0 0 (9) 0 1 (1) 110 1 Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 7 0 107 0 0 (4) 0 0 0 110 0 Other assets: Fixed maturities, trading 236 0 (1) (1) 0 0 1 4 1 240 1 Equity securities 594 67 15 (3) 0 (4) 5 0 (1) 673 66 Other invested assets 658 3 101 0 1 2 9 8 0 782 4 Short-term investments 44 (1) 145 0 0 (5) 0 0 0 183 0 Cash equivalents 1 0 0 0 0 0 0 0 0 1 0 Other assets 377 (64) 19 0 0 0 0 0 0 332 (62) Separate account assets(6) 1,684 84 65 (5) 0 (14) 0 10 (23) 1,801 87 Liabilities: Future policy benefits (26,439) 3,339 0 0 (331) 0 91 0 0 (23,340) 3,069 Policyholders’ account balances(7) (1,441) (34) 0 0 (74) 0 0 0 0 (1,549) (6) Other liabilities 0 0 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs (741) (34) 0 0 0 0 0 0 0 (775) (34) Three Months Ended September 30, 2020 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(3) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) (in millions) Fixed maturities, available-for-sale $ 3 $ 0 $ 0 $ 217 $ 1 $ (12) $ 0 $ 0 $ 210 Assets supporting experience-rated contractholder liabilities 0 4 0 0 2 0 4 0 0 Other assets: Fixed maturities, trading 0 0 0 0 0 0 1 0 0 Equity securities 0 67 0 0 0 0 66 0 0 Other invested assets 0 3 0 0 0 0 4 0 0 Short-term investments (1) 0 0 0 0 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets (64) 0 0 0 0 (62) 0 0 0 Separate account assets(6) 0 0 84 0 0 0 0 87 0 Liabilities: Future policy benefits 3,339 0 0 0 0 3,069 0 0 0 Policyholders’ account balances (34) 0 0 0 0 (6) 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 (34) 0 0 0 0 (34) 0 0 Nine Months Ended September 30, 2020 Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(3) (in millions) Fixed maturities, available-for-sale: U.S. government $ 105 $ 0 $ 27 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 132 $ 0 U.S. states 4 0 0 0 0 0 0 0 0 4 0 Foreign government 22 0 0 0 0 0 0 1 (13) 10 0 Corporate securities(4) 3,236 33 584 (126) 0 (490) (22) 2,136 (248) 5,103 19 Structured securities(5) 948 2 484 (17) 0 (444) 156 160 (723) 566 0 Assets supporting experience-rated contractholder liabilities: Foreign government 24 0 0 0 0 (2) 0 0 0 22 0 Corporate securities(4) 637 (22) 5 (9) 0 (71) (22) 92 (32) 578 (25) Structured securities(5) 69 (1) 174 0 0 (19) 0 1 (114) 110 3 Equity securities 0 0 0 0 0 0 0 0 0 0 0 All other activity 0 0 114 0 0 (4) 0 0 0 110 0 Other assets: Fixed maturities, trading 287 (16) 21 (33) 0 0 9 19 (47) 240 (16) Equity securities 633 9 43 (13) 0 (4) 6 0 (1) 673 6 Other invested assets 567 7 182 0 5 (2) 15 8 0 782 9 Short-term investments 155 1 189 0 0 (115) (47) 0 0 183 0 Cash equivalents 131 0 0 0 0 0 (130) 0 0 1 0 Other assets 113 164 55 0 0 0 0 0 0 332 165 Separate account assets(6) 1,717 58 169 (26) 0 (47) 0 43 (113) 1,801 70 Liabilities: Future policy benefits (12,831) (9,630) 0 0 (972) 0 93 0 0 (23,340) (9,940) Policyholders’ account balances(7) (1,316) 38 0 0 (271) 0 0 0 0 (1,549) 80 Other liabilities (105) 105 0 0 0 0 0 0 0 0 105 Notes issued by consolidated VIEs (800) 25 0 0 0 0 0 0 0 (775) 25 Nine Months Ended September 30, 2020 Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(3) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (losses) (in millions) Fixed maturities, available-for-sale $ (112) $ 0 $ 0 $ 141 $ 6 $ (118) $ 0 $ 0 $ 137 Assets supporting experience-rated contractholder liabilities 0 (25) 0 0 2 0 (22) 0 0 Other assets: Fixed maturities, trading 0 (17) 0 0 1 0 (16) 0 0 Equity securities 0 9 0 0 0 0 6 0 0 Other invested assets 0 7 0 0 0 1 8 0 0 Short-term investments 1 0 0 0 0 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets 164 0 0 0 0 165 0 0 0 Separate account assets(6) 0 0 58 0 0 0 0 70 0 Liabilities: Future policy benefits (9,630) 0 0 0 0 (9,940) 0 0 0 Policyholders’ account balances 38 0 0 0 0 80 0 0 0 Other liabilities 0 105 0 0 0 0 105 0 0 Notes issued by consolidated VIEs 0 25 0 0 0 0 25 0 0 __________ (1) “Other,” for the periods ended September 30, 2021 and September 30, 2020, primarily represents the deconsolidation of VIEs, reclassifications of certain assets between reporting categories and foreign currency translation. (2) Transfers out of level 3 for both three months and nine months ended September 30, 2021 included $274 million of corporate securities and $58 million of structured securities reclassified to “Assets held-for-sale”, and $4,295 million of Future Policy Benefits and $1,458 million of Policyholders’ account balances reclassified to "Liabilities held-for-sale". See Note 1 for additional information on the pending dispositions. (3) Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts. (4) Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities. (5) Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities. (6) Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position. (7) Issuances and settlements for Policyholders’ account balances are presented net in the rollforward. |
Fair Value Assets and Liabilities Measured on Recurring Basis, Derivatives | The following tables present the balances of derivative assets and liabilities measured at fair value on a recurring basis, as of the date indicated, by primary underlying risk. These tables include NPR and exclude embedded derivatives and associated reinsurance recoverables. The derivative assets and liabilities shown below are included in “Other invested assets” or “Other liabilities” in the tables contained within the sections “—Assets and Liabilities by Hierarchy Level” and “—Changes in Level 3 Assets and Liabilities,” above. As of September 30, 2021 Level 1 Level 2 Level 3 Netting(1) Total (in millions) Derivative Assets:(2) Interest Rate $ 6 $ 11,831 $ 1 $ $ 11,838 Currency 0 990 0 990 Credit 0 168 0 168 Currency/Interest Rate 0 1,758 0 1,758 Equity 142 550 0 692 Other 0 0 0 0 Netting(1) (13,233) (13,233) Total derivative assets $ 148 $ 15,297 $ 1 $ (13,233) $ 2,213 Derivative Liabilities:(2) Interest Rate $ 14 $ 15,205 $ 0 $ $ 15,219 Currency 0 1,162 0 1,162 Credit 0 0 0 0 Currency/Interest Rate 0 525 0 525 Equity 46 699 0 745 Other 0 0 0 0 Netting(1) (16,466) (16,466) Total derivative liabilities $ 60 $ 17,591 $ 0 $ (16,466) $ 1,185 As of December 31, 2020 Level 1 Level 2 Level 3 Netting(1) Total (in millions) Derivative Assets: Interest Rate $ 99 $ 19,091 $ 0 $ $ 19,190 Currency 0 832 0 832 Credit 0 63 0 63 Currency/Interest Rate 0 1,415 0 1,415 Equity 128 1,645 0 1,773 Other 0 0 0 0 Netting(1) (21,367) (21,367) Total derivative assets $ 227 $ 23,046 $ 0 $ (21,367) $ 1,906 Derivative Liabilities: Interest Rate $ 5 $ 13,503 $ 0 $ $ 13,508 Currency 0 763 0 763 Credit 0 28 0 28 Currency/Interest Rate 0 1,638 0 1,638 Equity 25 2,305 0 2,330 Other 0 0 0 0 Netting(1) (17,475) (17,475) Total derivative liabilities $ 30 $ 18,237 $ 0 $ (17,475) $ 792 __________ (1) “Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreement. (2) Excludes “Assets held-for-sale” with fair value of $1,282 million and “Liabilities held-for-sale” with fair value of $1,309 million as of September 30, 2021. See Note 1 for additional information on the pending dispositions. |
Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation, Derivatives | The following tables provide a summary of the changes in fair value of Level 3 derivative assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income, attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. Three Months Ended September 30, 2021 Fair Value, beginning of period Total realized and unrealized gains (losses)(1) Purchases Sales Issuances Settlements Other Transfers into Transfers out of Level 3(2) Fair Value, end of period Unrealized gains (losses) for assets still held(1) (in millions) Net Derivative - Equity $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Net Derivative - Interest Rate 1 0 0 0 0 0 0 0 0 1 0 Nine Months Ended September 30, 2021 Fair Value, beginning of period Total realized and unrealized gains (losses)(1) Purchases Sales Issuances Settlements Other Transfers into Transfers out of Level 3(2) Fair Value, end of period Unrealized gains (losses) for assets still held(1) (in millions) Net Derivative - Equity $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Net Derivative - Interest Rate 0 1 0 0 0 0 0 0 0 1 1 Three Months Ended September 30, 2020 Fair Value, beginning of period Total realized and unrealized gains (losses)(1) Purchases Sales Issuances Settlements Other Transfers into Transfers out of Level 3(2) Fair Value, end of period Unrealized gains (losses) for assets still held(1) (in millions) Net Derivative - Equity $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Net Derivative - Interest Rate 1 0 0 0 0 0 0 0 0 1 0 Nine Months Ended September 30, 2020 Fair Value, beginning of period Total realized and unrealized gains (losses)(1) Purchases Sales Issuances Settlements Other Transfers into Transfers out of Level 3(2) Fair Value, end of period Unrealized gains (losses) for assets still held(1) (in millions) Net Derivative - Equity $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Net Derivative - Interest Rate 1 0 0 0 0 0 0 0 0 1 0 ______ (1) Total realized and unrealized gains (losses) as well as unrealized gains (losses) for assets still held at the end of the period are recorded in “Realized investment gains (losses), net.” (2) Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter. |
Fair Value Measurements, Nonrecurring | The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3). Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in millions) Realized investment gains (losses) net: Commercial mortgage loans(1) $ 0 $ 3 $ 0 $ 0 Mortgage servicing rights(2) $ 0 $ 5 $ (6) $ (24) Investment real estate $ 0 $ 0 $ (9) $ 0 September 30, 2021 December 31, 2020 (in millions) Carrying value after measurement as of period end: Commercial mortgage loans(1) $ 0 $ 0 Mortgage servicing rights(2) $ 281 $ 307 Investment real estate $ 17 $ 31 __________ (1) Commercial mortgage loans are valued based on discounted cash flows utilizing market rates or the fair value of the underlying real estate collateral. (2) Mortgage servicing rights are valued using a discounted cash flow model. The model incorporates assumptions for servicing revenues, which are adjusted for expected prepayments, delinquency rates, escrow deposit income and estimated loan servicing expenses. The discount rates incorporated into the model are determined based on the estimated returns a market participant would require for this business including a liquidity and risk premium. This estimate includes available relevant data from any active market sales of mortgage servicing rights. |
Fair Value, Option | The following tables present information regarding assets and liabilities where the fair value option has been elected. Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in millions) Liabilities: Notes issued by consolidated VIEs: Changes in fair value $ 0 $ 34 $ 0 $ (25) Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in millions) Commercial mortgage and other loans: Interest income $ 4 $ 4 $ 9 $ 10 Notes issued by consolidated VIEs: Interest expense $ 0 $ 10 $ 0 $ 32 September 30, 2021 December 31, 2020 (in millions) Commercial mortgage and other loans(1): Fair value as of period end $ 1,106 $ 1,092 Aggregate contractual principal as of period end $ 1,087 $ 1,073 Other assets: Fair value as of period end $ 59 $ 10 Notes issued by consolidated VIEs: Fair value as of period end $ 0 $ 0 Aggregate contractual principal as of period end $ 0 $ 0 __________ (1) As of September 30, 2021, for loans for which the fair value option has been elected, there were no loans in non-accrual status and none of the loans were more than 90 days past due and still accruing. |
Fair Value Disclosure Financial Instruments Not Carried at Fair Value | The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value. September 30, 2021(1) Fair Value Carrying Level 1 Level 2 Level 3 Total Total (in millions) Assets: Fixed maturities, held-to-maturity(3) $ 0 $ 1,874 $ 82 $ 1,956 $ 1,644 Assets supporting experience-rated contractholder liabilities 7 0 0 7 7 Commercial mortgage and other loans 0 67 59,947 60,014 56,680 Policy loans 0 0 10,471 10,471 10,471 Other invested assets 0 81 0 81 81 Short-term investments 1,210 22 0 1,232 1,232 Cash and cash equivalents 8,344 71 0 8,415 8,415 Accrued investment income 0 2,808 0 2,808 2,808 Other assets 49 3,056 27 3,132 3,131 Total assets $ 9,610 $ 7,979 $ 70,527 $ 88,116 $ 84,469 Liabilities: Policyholders’ account balances—investment contracts $ 0 $ 33,929 $ 39,872 $ 73,801 $ 72,542 Securities sold under agreements to repurchase 0 9,899 0 9,899 9,899 Cash collateral for loaned securities 0 4,382 0 4,382 4,382 Short-term debt 0 774 137 911 909 Long-term debt(4) 611 20,649 978 22,238 18,687 Notes issued by consolidated VIEs 0 0 282 282 282 Other liabilities 0 8,996 54 9,050 9,050 Separate account liabilities—investment contracts 0 28,837 23,803 52,640 52,640 Total liabilities $ 611 $ 107,466 $ 65,126 $ 173,203 $ 168,391 December 31, 2020 Fair Value Carrying Level 1 Level 2 Level 3 Total Total (in millions) Assets: Fixed maturities, held-to-maturity(3) $ 0 $ 2,209 $ 89 $ 2,298 $ 1,930 Assets supporting experience-rated contractholder liabilities 39 0 0 39 39 Commercial mortgage and other loans 0 107 67,477 67,584 64,333 Policy loans 0 0 11,271 11,271 11,271 Other invested assets 0 153 0 153 153 Short-term investments 1,464 26 0 1,490 1,490 Cash and cash equivalents 7,951 268 0 8,219 8,219 Accrued investment income 0 3,193 0 3,193 3,193 Other assets 154 2,917 449 3,520 3,517 Total assets $ 9,608 $ 8,873 $ 79,286 $ 97,767 $ 94,145 Liabilities: Policyholders’ account balances—investment contracts $ 0 $ 36,820 $ 73,653 $ 110,473 $ 107,526 Securities sold under agreements to repurchase 0 10,894 0 10,894 10,894 Cash collateral for loaned securities 0 3,499 0 3,499 3,499 Short-term debt 0 794 146 940 925 Long-term debt(4) 644 21,685 1,139 23,468 19,718 Notes issued by consolidated VIEs 0 0 305 305 305 Other liabilities 0 7,626 48 7,674 7,674 Separate account liabilities—investment contracts 0 86,046 23,631 109,677 109,677 Total liabilities $ 644 $ 167,364 $ 98,922 $ 266,930 $ 260,218 __________ (1) Excludes amounts for financial instruments reclassified to “Assets held-for-sale” of $7,564 million or “Liabilities held-for-sale” of $99,768 million. See Note 1 for additional information on the pending dispositions. (2) Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments. (3) Excludes notes with fair value of $5,727 million (carrying amount of $5,000 million) and $5,821 million (carrying amount of $4,998 million) as of September 30, 2021 and December 31, 2020, respectively, which have been offset with the associated payables under a netting agreement. (4) Includes notes with fair value of $11,421 million (carrying amount of $10,616 million) and $11,921 million (carrying amount of $10,964 million) as of September 30, 2021 and December 31, 2020, respectively, which have been offset with the associated receivables under a netting agreement. |
Closed Block (Tables)
Closed Block (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Closed Block Disclosure [Abstract] | |
Schedule of Closed Block Liabilities and Assets | Closed Block liabilities and assets designated to the Closed Block, as well as maximum future earnings to be recognized from these liabilities and assets, are as follows: September 30, December 31, (in millions) Closed Block liabilities Future policy benefits $ 45,797 $ 46,762 Policyholders’ dividends payable 641 635 Policyholders’ dividend obligation 7,728 8,787 Policyholders’ account balances 4,769 4,874 Other Closed Block liabilities 3,408 3,141 Total Closed Block liabilities 62,343 64,199 Closed Block assets Fixed maturities, available-for-sale, at fair value 38,147 41,959 Fixed maturities, trading, at fair value 1,189 277 Equity securities, at fair value 2,308 2,345 Commercial mortgage and other loans 8,227 8,421 Policy loans 3,872 4,064 Other invested assets 4,120 3,610 Short-term investments 339 124 Total investments 58,202 60,800 Cash and cash equivalents 790 269 Accrued investment income 426 431 Other Closed Block assets 364 92 Total Closed Block assets 59,782 61,592 Excess of reported Closed Block liabilities over Closed Block assets 2,561 2,607 Portion of above representing accumulated other comprehensive income (loss): Net unrealized investment gains (losses) 3,716 5,810 Allocated to policyholder dividend obligation (3,820) (5,867) Future earnings to be recognized from Closed Block assets and Closed Block liabilities $ 2,457 $ 2,550 |
Schedule of Closed Block Dividend Obligation | Information regarding the policyholder dividend obligation is as follows: Nine Months Ended (in millions) Balance, December 31, 2020 $ 8,787 Impact from earnings allocable to policyholder dividend obligation 988 Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation (2,047) Balance, September 30, 2021 $ 7,728 |
Schedule of Closed Block Revenues Benefits Expenses | Closed Block revenues and benefits and expenses are as follows for the periods indicated: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in millions) Revenues Premiums $ 419 $ 459 $ 1,313 $ 1,457 Net investment income 654 586 1,876 1,649 Realized investment gains (losses), net 168 18 505 266 Other income (loss) 113 242 644 (43) Total Closed Block revenues 1,354 1,305 4,338 3,329 Benefits and Expenses Policyholders’ benefits 599 641 1,885 2,013 Interest credited to policyholders’ account balances 31 32 93 96 Dividends to policyholders 583 532 1,978 955 General and administrative expenses 78 81 236 248 Total Closed Block benefits and expenses 1,291 1,286 4,192 3,312 Closed Block revenues, net of Closed Block benefits and expenses, before income taxes 63 19 146 17 Income tax expense (benefit) 38 4 92 (30) Closed Block revenues, net of Closed Block benefits and expenses and income taxes $ 25 $ 15 $ 54 $ 47 |
Short-Term and Long-Term Debt (
Short-Term and Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The table below presents the Company’s short-term debt as of the dates indicated: September 30, 2021 December 31, 2020 ($ in millions) Commercial paper: Prudential Financial $ 25 $ 25 Prudential Funding, LLC 347 355 Subtotal commercial paper 372 380 Current portion of long-term debt: Senior Notes 400 399 Mortgage Debt 130 128 Surplus notes subject to set-off arrangements(1) 500 500 Subtotal current portion of long-term debt 1,030 1,027 Other(2) 7 18 Subtotal 1,409 1,425 Less: assets under set-off arrangements(1) 500 500 Total short-term debt(3) $ 909 $ 925 Supplemental short-term debt information: Portion of commercial paper borrowings due overnight $ 105 $ 75 Daily average commercial paper outstanding for the quarter ended $ 1,258 $ 1,602 Weighted average maturity of outstanding commercial paper, in days 12 18 Weighted average interest rate on outstanding commercial paper 0.06 % 0.11 % _________ (1) The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes. (2) Includes $7 million and $18 million drawn on a revolving line of credit held by a subsidiary at September 30, 2021 and December 31, 2020, respectively. (3) Includes Prudential Financial debt of $425 million and $424 million at September 30, 2021 and December 31, 2020, respectively. |
Schedule of Long-term Debt | The table below presents the Company’s long-term debt as of the dates indicated: September 30, 2021 December 31, 2020 (in millions) Fixed-rate obligations: Surplus notes $ 344 $ 343 Surplus notes subject to set-off arrangements(1) 7,786 8,134 Senior notes 10,280 11,179 Mortgage debt 24 24 Floating-rate obligations: Line of credit 300 300 Surplus notes subject to set-off arrangements(1) 2,330 2,330 Mortgage debt(2) 122 257 Junior subordinated notes(3) 7,617 7,615 Subtotal 28,803 30,182 Less: assets under set-off arrangements(1) 10,116 10,464 Total long-term debt(4) $ 18,687 $ 19,718 __________ (1) The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in long-term debt. (2) Includes $30 million and $29 million of debt denominated in foreign currency at September 30, 2021 and December 31, 2020, respectively. (3) Includes Prudential Financial debt of $7,561 million and $7,554 million at September 30, 2021 and December 31, 2020, respectively. Also includes subsidiary debt of $56 million and $60 million denominated in foreign currency at September 30, 2021 and December 31, 2020, respectively. (4) Includes Prudential Financial debt of $17,668 million and $18,561 million at September 30, 2021 and December 31, 2020, respectively. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | Net periodic (benefit) cost included in “General and administrative expenses” includes the following components: Three Months Ended September 30, Pension Benefits Other Postretirement Benefits 2021 2020 2021 2020 (in millions) Components of net periodic (benefit) cost: Service cost $ 82 $ 80 $ 7 $ 6 Interest cost 91 108 12 15 Expected return on plan assets (206) (201) (26) (25) Amortization of prior service cost (1) (1) 2 2 Amortization of actuarial (gain) loss, net 61 65 4 4 Settlements 1 (1) 0 0 Special termination benefits(1) 0 5 0 0 Net periodic (benefit) cost $ 28 $ 55 $ (1) $ 2 Nine Months Ended September 30, Pension Benefits Other Postretirement Benefits 2021 2020 2021 2020 (in millions) Components of net periodic (benefit) cost: Service cost $ 247 $ 241 $ 20 $ 18 Interest cost 273 323 36 47 Expected return on plan assets (618) (604) (76) (75) Amortization of prior service cost (3) (3) 5 5 Amortization of actuarial (gain) loss, net 184 196 12 12 Settlements 3 3 0 0 Special termination benefits(1) 1 7 0 0 Net periodic (benefit) cost $ 87 $ 163 $ (3) $ 7 __________ (1) For 2021 and 2020, certain employees were provided special termination benefits under non-qualified plans in the form of unreduced early retirement benefits as a result of their involuntary termination or participation in the Voluntary Separation Program that was offered to eligible U.S.-based employees in 2019. |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Common Stock Disclosure | The changes in the number of shares of Common Stock issued, held in treasury and outstanding, are as follows for the periods indicated: Common Stock Issued Held In Outstanding (in millions) Balance, December 31, 2020 666.3 269.9 396.4 Common Stock issued 0.0 0.0 0.0 Common Stock acquired 0.0 21.1 (21.1) Stock-based compensation programs(1) 0.0 (3.6) 3.6 Balance, September 30, 2021 666.3 287.4 378.9 __________ (1) Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs. |
Dividends Declared | Dividends declared per share of Common Stock are as follows for the periods indicated: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Dividends declared per share of Common Stock $ 1.15 $ 1.10 $ 3.45 $ 3.30 |
Components of Accumulated Other Comprehensive Income (Loss) | The balance of and changes in each component of AOCI as of and for the nine months ended September 30, 2021 and 2020, are as follows: Accumulated Other Comprehensive Income (Loss) Attributable to Foreign Currency Net Unrealized Pension and Total (in millions) Balance, December 31, 2020 $ 52 $ 34,065 $ (3,379) $ 30,738 Change in OCI before reclassifications (816) (8,331) 41 (9,106) Amounts reclassified from AOCI (64) (2,184) 198 (2,050) Income tax benefit (expense) (63) 2,374 (57) 2,254 Balance, September 30, 2021 $ (891) $ 25,924 $ (3,197) $ 21,836 Accumulated Other Comprehensive Income (Loss) Attributable to Foreign Currency Net Unrealized Pension and Total (in millions) Balance, December 31, 2019 $ (536) $ 28,112 $ (3,537) $ 24,039 Change in OCI before reclassifications 69 7,939 8 8,016 Amounts reclassified from AOCI 46 (1,045) 210 (789) Income tax benefit (expense) 73 (1,289) (49) (1,265) Balance, September 30, 2020 $ (348) $ 33,717 $ (3,368) $ 30,001 __________ (1) Includes cash flow hedges of $867 million and $(168) million as of September 30, 2021 and December 31, 2020, respectively, and $1,407 million and $832 million as of September 30, 2020 and December 31, 2019, respectively, and fair value hedges of $(29) million and $10 million as of September 30, 2021 and December 31, 2020, respectively, and $(1) million and $0 million as of September 30, 2020 and December 31, 2019, respectively. |
Reclassification Out Of Accumulated Other Comprehensive Income (Loss) | Reclassifications out of Accumulated Other Comprehensive Income (Loss) Three Months Ended Nine Months Ended Affected line item in Consolidated Statements of Operations 2021 2020 2021 2020 (in millions) Amounts reclassified from AOCI(1)(2): Foreign currency translation adjustment: Foreign currency translation adjustments $ 1 $ (2) $ 1 $ (7) Realized investment gains (losses), net Foreign currency translation adjustments 0 (39) 63 (39) Other income (loss) Total foreign currency translation adjustment 1 (41) 64 (46) Net unrealized investment gains (losses): Cash flow hedges—Interest rate (7) 19 7 27 (3) Cash flow hedges—Currency (1) 0 (4) 4 (3) Cash flow hedges—Currency/Interest rate 230 (77) 435 343 (3) Fair value hedges—Currency (1) 0 (4) 0 (3) Net unrealized investment gains (losses) on available-for-sale securities 221 401 1,750 671 Realized investment gains (losses), net Total net unrealized investment gains (losses) 442 343 2,184 1,045 (4) Amortization of defined benefit pension items: Prior service cost (1) (1) (2) (2) (5) Actuarial gain (loss) (65) (69) (196) (208) (5) Total amortization of defined benefit pension items (66) (70) (198) (210) Total reclassifications for the period $ 377 $ 232 $ 2,050 $ 789 __________ (1) All amounts are shown before tax. (2) Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI. (3) See Note 5 for additional information on cash flow and fair value hedges. (4) See table below for additional information on unrealized investment gains (losses), including the impact on deferred policy acquisition and other costs, future policy benefits and policyholders’ dividends. (5) See Note 10 for information on employee benefit plans. |
Net Unrealized Investment Gains (Losses) on AFS Fixed Maturity Securities with Allowance for Credit losses and All Other Investments AOCI Rollforward | The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, and all other net unrealized investment gains (losses), are as follows: Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recognized Net Unrealized DAC, DSI, VOBA and Reinsurance Recoverables Future Policy Policyholders’ Income Tax Benefit (Expense) Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, December 31, 2020 $ (25) $ 58,442 $ (1,229) $ (6,588) $ (5,892) $ (10,643) $ 34,065 Net investment gains (losses) on investments arising during the period 36 (14,373) 3,157 (11,180) Reclassification adjustment for (gains) losses included in net income 11 (2,195) 481 (1,703) Reclassification due to allowance for credit losses recorded during the period 0 0 0 0 Impact of net unrealized investment (gains) losses 573 3,381 2,052 (1,264) 4,742 Balance, September 30, 2021 $ 22 $ 41,874 $ (656) $ (3,207) $ (3,840) $ (8,269) $ 25,924 __________ (1) Includes cash flow and fair value hedges. See Note 5 for information on cash flow and fair value hedges. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Per Share | A reconciliation of the numerators and denominators of the basic and diluted per share computations of Common Stock based on the consolidated earnings of Prudential Financial for the periods indicated is as follows: Three Months Ended September 30, 2021 2020 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ 1,565 $ 1,507 Less: Income (loss) attributable to noncontrolling interests 35 20 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 24 18 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,506 383.8 $ 3.92 $ 1,469 395.3 $ 3.72 Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 24 $ 18 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 23 18 Stock options 0.8 0.3 Deferred and long-term compensation programs 2.2 1.5 Diluted earnings per share Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,507 386.8 $ 3.90 $ 1,469 397.1 $ 3.70 Nine Months Ended September 30, 2021 2020 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ 6,552 $ (1,168) Less: Income (loss) attributable to noncontrolling interests 36 25 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 99 16 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 6,417 390.4 $ 16.44 $ (1,209) 395.6 $ (3.06) Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 99 $ 16 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 98 16 Stock options 0.7 0.0 Deferred and long-term compensation programs 2.1 0.0 Diluted earnings per share(1) Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 6,418 393.2 $ 16.32 $ (1,209) 395.6 $ (3.06) __________ (1) For the nine months ended September 30, 2020, weighted average shares for basic earnings per share is also used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the nine months ended September 30, 2020, all potential stock options and compensation programs were considered antidilutive. |
Earnings Per Share Computation | For the periods indicated, the number of stock options and shares related to deferred and long-term compensation programs that were considered antidilutive and were excluded from the computation of diluted earnings per share, weighted for the portion of the period they were outstanding, are as follows: Three Months Ended September 30, 2021 2020 Shares Exercise Price Shares Exercise Price (in millions, except per share amounts, based on weighted average) Antidilutive stock options based on application of the treasury stock method 0.9 $ 106.99 3.2 $ 84.17 Antidilutive stock options due to net loss available to holders of Common Stock 0.0 0.0 Antidilutive shares based on application of the treasury stock method 0.0 0.2 Antidilutive shares due to net loss available to holders of Common Stock 0.0 0.0 Total antidilutive stock options and shares 0.9 3.4 Nine Months Ended September 30, 2021 2020 Shares Exercise Price Shares Exercise Price (in millions, except per share amounts, based on weighted average) Antidilutive stock options based on application of the treasury stock method 1.3 $ 101.78 3.4 $ 80.64 Antidilutive stock options due to net loss available to holders of Common Stock 0.0 0.4 Antidilutive shares based on application of the treasury stock method 0.0 0.2 Antidilutive shares due to net loss available to holders of Common Stock 0.0 1.6 Total antidilutive stock options and shares 1.3 5.6 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The table below reconciles “Adjusted operating income before income taxes” to “Income (loss) before income taxes and equity in earnings of operating joint ventures”: Three Months Ended Nine Months Ended 2021 2020(1) 2021(1) 2020(1) (in millions) Adjusted operating income before income taxes by segment: PGIM $ 327 $ 370 $ 1,293 $ 858 U.S. Businesses: Retirement 571 347 1,635 860 Group Insurance (135) 22 (250) 71 Individual Annuities(2) 499 408 1,415 1,030 Individual Life 210 101 312 17 Assurance IQ (55) (30) (132) (69) Total U.S. Businesses 1,090 848 2,980 1,909 International Businesses 887 775 2,561 2,162 Corporate and Other (460) (493) (1,118) (1,446) Total segment adjusted operating income before income taxes 1,844 1,500 5,716 3,483 Reconciling items: Realized investment gains (losses), net, and related adjustments 116 236 1,765 (2,758) Charges related to realized investment gains (losses), net (18) (69) (254) (353) Market experience updates (199) (134) 330 (1,016) Divested and Run-off Businesses: Closed Block division 27 8 92 (15) Other Divested and Run-off Businesses 48 (83) 432 (567) Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (3) 1 (53) (62) Other adjustments(3) (9) (12) (35) 65 Income (loss) before income taxes and equity in earnings of operating joint ventures per Unaudited Interim Consolidated Financial Statements $ 1,806 $ 1,447 $ 7,993 $ (1,223) ________ (1) Effective second quarter of 2020, the results of POK and the impact of its sale are excluded from the International Businesses and are included in the Divested and Run-off Businesses in Corporate and Other. Effective third quarter of 2020, the results of POT and the impact of its sale are excluded from the International Businesses and are included in the Divested and Run-off Businesses in Corporate and Other. Effective third quarter of 2021, the results of the Full Service Retirement business are excluded from the Retirement segment and are included in the Divested and Run-off Businesses in Corporate and Other. Prior period amounts have been updated to conform to current period presentation. See Note 1 for additional information about these dispositions. (2) Individual Annuities segment results reflect DAC as if the Individual Annuities business is a stand-alone operation. The elimination of intersegment costs capitalized in accordance with this policy is included in consolidating adjustments within Corporate and Other operations. (3) Includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of associated contingent consideration. See Note 14 for additional information. |
Reconciliation of Certain Financial Information from Segments to Consolidated | The tables below present certain financial information for the Company’s segments and its Corporate and Other operations, including assets by segment and revenues by segment on an adjusted operating income basis, and the reconciliation of the segment totals to amounts reported in the Consolidated Financial Statements. September 30, December 31, (in millions) Assets by segment: PGIM $ 51,860 $ 48,680 U.S. Businesses: Retirement(1) 116,568 115,237 Group Insurance 43,792 45,601 Individual Annuities(2) 196,571 200,718 Individual Life 115,419 110,953 Assurance IQ 2,747 2,703 Total U.S. Businesses 475,097 475,212 International Businesses 223,812 231,128 Corporate and Other(1)(2) 121,591 123,613 Closed Block division 60,222 62,089 Total assets per Unaudited Interim Consolidated Financial Statements $ 932,582 $ 940,722 ________ (1) Effective second quarter of 2020, the results of POK and the impact of its sale are excluded from the International Businesses and are included in the Divested and Run-off Businesses in Corporate and Other. Effective third quarter of 2020, the results of POT and the impact of its sale are excluded from the International Businesses and are included in the Divested and Run-off Businesses in Corporate and Other. Effective third quarter of 2021, the results of the Full Service Retirement business are excluded from the Retirement segment and are included in the Divested and Run-off Businesses in Corporate and Other. Prior period amounts have been updated to conform to current period presentation. See Note 1 for additional information about these dispositions. (2) Certain assets are classified as “held-for-sale” as of September 30, 2021. See Note 1 for additional information about the pending dispositions. Three Months Ended Nine Months Ended 2021 2020(1) 2021(1) 2020(1) (in millions) Revenues on an adjusted operating income basis: PGIM $ 1,072 $ 1,066 $ 3,395 $ 2,801 U.S. Businesses: Retirement 8,386 2,193 12,658 6,647 Group Insurance 1,553 1,457 4,627 4,352 Individual Annuities 1,260 1,148 3,687 3,249 Individual Life 1,839 1,609 5,090 4,702 Assurance IQ 110 75 331 194 Total U.S. Businesses 13,148 6,482 26,393 19,144 International Businesses 5,618 5,481 16,642 16,201 Corporate and Other (175) (162) (393) (459) Total revenues on an adjusted operating income basis 19,663 12,867 46,037 37,687 Reconciling items: Realized investment gains (losses), net, and related adjustments 178 312 2,070 (2,855) Charges related to realized investment gains (losses), net (59) (40) (178) (121) Market experience updates (56) (58) 158 (406) Divested and Run-off Businesses: Closed Block division 1,321 1,301 4,299 3,318 Other Divested and Run-off Businesses 617 1,060 2,196 3,362 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (23) (17) (72) (86) Other adjustments(2) 0 0 0 105 Total revenues per Unaudited Interim Consolidated Financial Statements $ 21,641 $ 15,425 $ 54,510 $ 41,004 __________ (1) Effective second quarter of 2020, the results of POK and the impact of its sale are excluded from the International Businesses and are included in the Divested and Run-off Businesses in Corporate and Other. Effective third quarter of 2020, the results of POT and the impact of its sale are excluded from the International Businesses and are included in the Divested and Run-off Businesses in Corporate and Other. Effective third quarter of 2021, the results of the Full Service Retirement business are excluded from the Retirement segment and are included in the Divested and Run-off Businesses in Corporate and Other. Prior period amounts have been updated to conform to current period presentation. See Note 1 for additional information about these dispositions. (2) Includes certain components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service periods, as well as changes in the fair value of associated contingent consideration. See Note 14 for additional information. |
Schedule of Intersegment Revenues | The PGIM segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in millions) PGIM segment intersegment revenues $ 248 $ 215 $ 697 $ 640 |
Schedule of Asset Management and Service Fees | The table below presents asset management and service fees, predominantly related to investment management activities, for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Asset-based management fees $ 1,047 $ 930 $ 3,058 $ 2,644 Performance-based incentive fees 19 43 70 73 Other fees 163 147 475 427 Total asset management and service fees $ 1,229 $ 1,120 $ 3,603 $ 3,144 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingent Liabilities [Line Items] | |
Mortgage Loans | The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: September 30, 2021 December 31, 2020 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Office $ 10,534 18.4 % $ 12,750 19.7 % Retail 6,694 11.7 7,326 11.3 Apartments/Multi-Family 16,769 29.3 18,330 28.3 Industrial 13,004 22.7 14,954 23.1 Hospitality 1,879 3.3 2,395 3.7 Other 4,192 7.3 4,981 7.7 Total commercial mortgage loans 53,072 92.7 60,736 93.8 Agricultural property loans 4,114 7.3 4,048 6.2 Total commercial mortgage and agricultural property loans 57,186 100.0 % 64,784 100.0 % Allowance for credit losses (112) (227) Total net commercial mortgage and agricultural property loans 57,074 64,557 Other loans: Uncollateralized loans 574 655 Residential property loans 74 101 Other collateralized loans 69 120 Total other loans 717 876 Allowance for credit losses (5) (8) Total net other loans 712 868 Total net commercial mortgage and other loans(1)(2) $ 57,786 $ 65,425 __________ (1) Excludes “Assets held-for-sale” of $7,539 million net of allowance for credit losses of $12 million as of September 30, 2021. See Note 1 for additional information on the pending dispositions. |
Commitments | Commercial Mortgage Loans | |
Commitments and Contingent Liabilities [Line Items] | |
Mortgage Loans | Commercial Mortgage Loan Commitments September 30, December 31, (in millions) Total outstanding mortgage loan commitments(1) $ 3,046 $ 2,357 Portion of commitment where prearrangement to sell to investor exists $ 1,122 $ 882 __________ (1) Includes commitments of $374 million related to held-for-sale operations as of September 30, 2021. See Note 1 for additional information on the pending dispositions. |
Commitments | Investments | |
Commitments and Contingent Liabilities [Line Items] | |
Commitments to Purchase Investments (excluding Commercial Mortgage Loans) | Commitments to Purchase Investments (excluding Commercial Mortgage Loans) September 30, December 31, (in millions) Expected to be funded from the general account and other operations outside the separate accounts(1) $ 9,699 $ 9,567 Expected to be funded from separate accounts(2) $ 341 $ 336 __________ (1) Includes commitments of $724 million related to held-for-sale operations as of September 30, 2021. See Note 1 for additional information on the pending dispositions. (2) Includes commitments of $28 million related to held-for-sale operations as of September 30, 2021. See Note 1 for additional information on the pending dispositions. |
Indemnification | |
Commitments and Contingent Liabilities [Line Items] | |
Indemnification of Securities Lending and Securities Repurchase Transactions | Indemnification of Securities Lending and Securities Repurchase Transactions September 30, December 31, (in millions) Indemnification provided to certain clients for securities lending and securities repurchase transactions(1) $ 8,595 $ 7,108 Fair value of related collateral associated with above indemnifications(1) $ 8,784 $ 7,254 Accrued liability associated with guarantee $ 0 $ 0 __________ (1) Includes $63 million and $34 million related to securities repurchase transactions as of September 30, 2021 and December 31, 2020, respectively. |
Indemnification | Serviced Mortgage Loans | |
Commitments and Contingent Liabilities [Line Items] | |
Mortgage Loans | Indemnification of Serviced Mortgage Loans September 30, December 31, (in millions) Maximum exposure under indemnification agreements for mortgage loans serviced by the Company $ 2,917 $ 2,684 First-loss exposure portion of above $ 850 $ 784 Accrued liability associated with guarantees(1) $ 41 $ 41 __________ |
Guarantees of Asset Values | |
Commitments and Contingent Liabilities [Line Items] | |
Guarantees | Guarantees of Asset Values September 30, December 31, (in millions) Guaranteed value of third-parties’ assets $ 83,200 $ 86,264 Fair value of collateral supporting these assets $ 86,176 $ 90,612 Asset (liability) associated with guarantee, carried at fair value $ 1 $ 0 |
Other Guarantees | |
Commitments and Contingent Liabilities [Line Items] | |
Guarantees | Other Guarantees September 30, December 31, (in millions) Other guarantees where amount can be determined $ 52 $ 52 Accrued liability for other guarantees and indemnifications $ 34 $ 0 |
Business and Basic Presentation
Business and Basic Presentation (Narrative) (Details) $ in Millions, ₩ in Trillions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 15, 2021USD ($) | Jul. 21, 2021USD ($) | Jun. 30, 2021TWD ($) | Mar. 01, 2021 | Aug. 31, 2020USD ($) | Aug. 31, 2020KRW (₩) | Aug. 11, 2020USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 1,806,000,000 | $ 1,447,000,000 | $ 7,993,000,000 | $ (1,223,000,000) | |||||||||||
Other income | 500,000,000 | 992,000,000 | 2,135,000,000 | (125,000,000) | |||||||||||
Other Guarantees | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Accrued liability associated with guarantee | 34,000,000 | 34,000,000 | $ 0 | ||||||||||||
Held-for-sale | Individual Annuities PALAC | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Cash considerations for sale of a business | $ 2,200,000,000 | ||||||||||||||
Held-for-sale | Individual Annuities PALAC | Variable Annuity | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk | $ 30,000,000,000 | $ 30,000,000,000 | |||||||||||||
Net Amount at Risk by Product and Guarantee, Net Amount at Risk, Percentage Held-For-Sale | 18.00% | 18.00% | |||||||||||||
Held-for-sale | Retirement Full Service | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Cash considerations for sale of a business | $ 2,800,000,000 | ||||||||||||||
Business Acquisition, Transaction Costs | $ 400,000,000 | ||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 18,000,000 | $ 117,000,000 | $ 49,000,000 | $ 158,000,000 | |||||||||||
Held-for-sale | The Prudential Life Insurance Company of Taiwan Inc. | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Cash considerations for sale of a business | $ 200,000,000 | $ 200,000,000 | $ 5,500 | ||||||||||||
Other income | $ (10,000,000) | $ (40,000,000) | $ (400,000,000) | (350,000,000) | |||||||||||
Business Combination, Contingent Consideration, Asset | 21,000,000 | 21,000,000 | |||||||||||||
Held-for-sale | The Prudential Life Insurance Company of Taiwan Inc. | Other Guarantees | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Accrued liability associated with guarantee | $ 34,000,000 | $ 34,000,000 | |||||||||||||
Held-for-sale | The Prudential Life Insurance Company of Taiwan Inc. | Maximum | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Business Combination, Contingent Consideration, Asset | $ 100,000,000 | ||||||||||||||
Held-for-sale | The Prudential Life Insurance Company of Korea, Ltd. | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Cash considerations for sale of a business | $ 1,900,000,000 | ₩ 2.3 | |||||||||||||
Other income | $ (800,000,000) | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pramerica SGR | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Other income | $ 330,000,000 | ||||||||||||||
Equity Method Investment, Ownership Percentage | 35.00% |
Business and Basis of Present_3
Business and Basis of Presentation (Assets and Liabilities Held-for-sale) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |||
Assets held-for-sale | |||||||||
Fixed maturities, available-for-sale, at fair value | $ 332,957 | $ 354,470 | |||||||
Fixed maturities, trading, at fair value | 9,583 | 3,670 | |||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 3,424 | 24,115 | |||||||
Equity securities | [1] | 7,727 | 8,135 | ||||||
Commercial mortgage and other loans (net of $117 and $235 allowance for credit losses; includes $1,106 and $1,092 of loans measured at fair value under the fair value option at September 30, 2021 and December 31, 2020, respectively) | [1] | 57,786 | 65,425 | ||||||
Commercial mortgage and other loans, allowance for credit losses | 117 | $ 172 | 235 | $ 235 | $ 245 | $ 121 | |||
Policy loans | 10,471 | 11,271 | |||||||
Other invested assets | [1] | 20,205 | 18,125 | ||||||
Short-term investments | [1] | 4,733 | 7,800 | ||||||
Cash and cash equivalents | 15,605 | [1] | 13,701 | [1] | 20,658 | ||||
Accrued investment income | [1] | 2,808 | 3,193 | ||||||
Deferred policy acquisition costs | 18,067 | 19,027 | |||||||
Value of business acquired | 815 | 1,103 | |||||||
Other assets | [1] | 20,735 | 22,801 | ||||||
Separate account assets | 241,852 | 327,277 | |||||||
Total assets held-for-sale | 143,910 | [2] | 0 | 0 | |||||
Liabilities held-for-sale | |||||||||
Future policy benefits | 291,721 | 306,343 | |||||||
Policyholders’ account balances | 122,337 | 161,682 | |||||||
Cash collateral for loaned securities | 4,382 | 3,499 | |||||||
Other liabilities | [1] | 20,230 | 20,323 | ||||||
Separate account liabilities | 241,852 | 327,277 | |||||||
Total liabilities held-for-sale | 140,736 | [2] | $ 0 | $ 0 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations | |||||||||
Assets held-for-sale | |||||||||
Fixed maturities, available-for-sale, at fair value | 15,643 | ||||||||
Fixed maturities, trading, at fair value | 725 | ||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 18,031 | ||||||||
Equity securities | 236 | ||||||||
Commercial mortgage and other loans (net of $117 and $235 allowance for credit losses; includes $1,106 and $1,092 of loans measured at fair value under the fair value option at September 30, 2021 and December 31, 2020, respectively) | 7,539 | ||||||||
Commercial mortgage and other loans, allowance for credit losses | 12 | ||||||||
Policy loans | 12 | ||||||||
Other invested assets | 160 | ||||||||
Short-term investments | 97 | ||||||||
Cash and cash equivalents | 1,499 | ||||||||
Accrued investment income | 233 | ||||||||
Deferred policy acquisition costs | 1,153 | ||||||||
Value of business acquired | 215 | ||||||||
Other assets | 1,991 | ||||||||
Separate account assets | 96,376 | ||||||||
Total assets held-for-sale | 143,910 | ||||||||
Liabilities held-for-sale | |||||||||
Future policy benefits | 4,762 | ||||||||
Policyholders’ account balances | 38,905 | ||||||||
Cash collateral for loaned securities | 3 | ||||||||
Other liabilities | 690 | ||||||||
Separate account liabilities | 96,376 | ||||||||
Total liabilities held-for-sale | 140,736 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Retirement Full Service | |||||||||
Assets held-for-sale | |||||||||
Fixed maturities, available-for-sale, at fair value | 5,062 | ||||||||
Fixed maturities, trading, at fair value | 383 | ||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 18,031 | ||||||||
Equity securities | 0 | ||||||||
Commercial mortgage and other loans (net of $117 and $235 allowance for credit losses; includes $1,106 and $1,092 of loans measured at fair value under the fair value option at September 30, 2021 and December 31, 2020, respectively) | 5,503 | ||||||||
Policy loans | 0 | ||||||||
Other invested assets | 64 | ||||||||
Short-term investments | 6 | ||||||||
Cash and cash equivalents | 86 | ||||||||
Accrued investment income | 159 | ||||||||
Deferred policy acquisition costs | 102 | ||||||||
Value of business acquired | 186 | ||||||||
Other assets | 812 | ||||||||
Separate account assets | 64,460 | ||||||||
Total assets held-for-sale | 94,854 | ||||||||
Liabilities held-for-sale | |||||||||
Future policy benefits | 111 | ||||||||
Policyholders’ account balances | 28,186 | ||||||||
Cash collateral for loaned securities | 3 | ||||||||
Other liabilities | 414 | ||||||||
Separate account liabilities | 64,460 | ||||||||
Total liabilities held-for-sale | 93,174 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Individual Annuities PALAC | |||||||||
Assets held-for-sale | |||||||||
Fixed maturities, available-for-sale, at fair value | 10,581 | ||||||||
Fixed maturities, trading, at fair value | 342 | ||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 0 | ||||||||
Equity securities | 236 | ||||||||
Commercial mortgage and other loans (net of $117 and $235 allowance for credit losses; includes $1,106 and $1,092 of loans measured at fair value under the fair value option at September 30, 2021 and December 31, 2020, respectively) | 2,036 | ||||||||
Policy loans | 12 | ||||||||
Other invested assets | 96 | ||||||||
Short-term investments | 91 | ||||||||
Cash and cash equivalents | 1,413 | ||||||||
Accrued investment income | 74 | ||||||||
Deferred policy acquisition costs | 1,051 | ||||||||
Value of business acquired | 29 | ||||||||
Other assets | 1,179 | ||||||||
Separate account assets | 31,916 | ||||||||
Total assets held-for-sale | 49,056 | ||||||||
Liabilities held-for-sale | |||||||||
Future policy benefits | 4,651 | ||||||||
Policyholders’ account balances | 10,719 | ||||||||
Cash collateral for loaned securities | 0 | ||||||||
Other liabilities | 276 | ||||||||
Separate account liabilities | 31,916 | ||||||||
Total liabilities held-for-sale | $ 47,562 | ||||||||
[1] | See Note 4 for details of balances associated with variable interest entities. | ||||||||
[2] | See Note 1 for details of the assets and liabilities classified as “held-for-sale” as of September 30, 2021. |
Investments (Fixed Maturities S
Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 332,957 | $ 354,470 | |
Allowance for Credit Losses | 92 | 133 | |
Fair Value | [1] | 373,252 | 412,905 |
Amortized Cost | [1] | 1,644 | 1,930 |
Fair Value | 1,956 | 2,298 | |
Allowance for Credit Losses | 6 | 9 | |
Held-for-sale | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 14,985 | ||
Fair Value | 15,643 | ||
Fixed maturities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 332,957 | 354,470 | |
Gross Unrealized Gains | 42,067 | 59,548 | |
Gross Unrealized Losses | 1,680 | 980 | |
Allowance for Credit Losses | 92 | 133 | |
Fair Value | 373,252 | 412,905 | |
Amortized Cost | 1,650 | 1,939 | |
Gross Unrealized Gains | 306 | 359 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 1,956 | 2,298 | |
Allowance for Credit Losses | 6 | 9 | |
Amortized Cost, Net of Allowance | 1,644 | 1,930 | |
Fixed maturities | Held-for-sale | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 14,985 | ||
Gross Unrealized Gains | 783 | ||
Gross Unrealized Losses | 123 | ||
Allowance for Credit Losses | 2 | ||
Fair Value | 15,643 | ||
Fixed maturities | U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 27,512 | 30,766 | |
Gross Unrealized Gains | 5,491 | 9,699 | |
Gross Unrealized Losses | 97 | 17 | |
Allowance for Credit Losses | 0 | 0 | |
Fair Value | 32,906 | 40,448 | |
Fixed maturities | Obligations of U.S. states and their political subdivisions | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 10,444 | 10,668 | |
Gross Unrealized Gains | 1,774 | 2,144 | |
Gross Unrealized Losses | 15 | 1 | |
Allowance for Credit Losses | 0 | 0 | |
Fair Value | 12,203 | 12,811 | |
Fixed maturities | Foreign government bonds | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 85,627 | 94,110 | |
Gross Unrealized Gains | 12,594 | 16,373 | |
Gross Unrealized Losses | 475 | 239 | |
Allowance for Credit Losses | 0 | 0 | |
Fair Value | 97,746 | 110,244 | |
Amortized Cost | 859 | 935 | |
Gross Unrealized Gains | 235 | 270 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 1,094 | 1,205 | |
Allowance for Credit Losses | 0 | 0 | |
Amortized Cost, Net of Allowance | 859 | 935 | |
Fixed maturities | U.S. public corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 97,127 | 95,299 | |
Gross Unrealized Gains | 13,819 | 18,516 | |
Gross Unrealized Losses | 452 | 213 | |
Allowance for Credit Losses | 12 | 47 | |
Fair Value | 110,482 | 113,555 | |
Fixed maturities | U.S. private corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 34,035 | 36,894 | |
Gross Unrealized Gains | 2,903 | 4,196 | |
Gross Unrealized Losses | 150 | 134 | |
Allowance for Credit Losses | 54 | 19 | |
Fair Value | 36,734 | 40,937 | |
Fixed maturities | Foreign public corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 24,995 | 25,857 | |
Gross Unrealized Gains | 2,806 | 3,768 | |
Gross Unrealized Losses | 95 | 64 | |
Allowance for Credit Losses | 18 | 24 | |
Fair Value | 27,688 | 29,537 | |
Amortized Cost | 500 | 651 | |
Gross Unrealized Gains | 54 | 68 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 554 | 719 | |
Allowance for Credit Losses | 6 | 9 | |
Amortized Cost, Net of Allowance | 494 | 642 | |
Fixed maturities | Foreign private corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 26,712 | 28,668 | |
Gross Unrealized Gains | 1,669 | 3,183 | |
Gross Unrealized Losses | 355 | 226 | |
Allowance for Credit Losses | 8 | 33 | |
Fair Value | 28,018 | 31,592 | |
Amortized Cost | 81 | 87 | |
Gross Unrealized Gains | 1 | 1 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 82 | 88 | |
Allowance for Credit Losses | 0 | 0 | |
Amortized Cost, Net of Allowance | 81 | 87 | |
Fixed maturities | Asset-backed securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 11,120 | 14,489 | |
Gross Unrealized Gains | 140 | 176 | |
Gross Unrealized Losses | 15 | 74 | |
Allowance for Credit Losses | 0 | 0 | |
Fair Value | 11,245 | 14,591 | |
Fixed maturities | Commercial mortgage-backed securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 12,480 | 15,036 | |
Gross Unrealized Gains | 728 | 1,288 | |
Gross Unrealized Losses | 14 | 11 | |
Allowance for Credit Losses | 0 | 10 | |
Fair Value | 13,194 | 16,303 | |
Fixed maturities | Residential mortgage-backed securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 2,905 | 2,683 | |
Gross Unrealized Gains | 143 | 205 | |
Gross Unrealized Losses | 12 | 1 | |
Allowance for Credit Losses | 0 | 0 | |
Fair Value | 3,036 | 2,887 | |
Amortized Cost | 210 | 266 | |
Gross Unrealized Gains | 16 | 20 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 226 | 286 | |
Allowance for Credit Losses | 0 | 0 | |
Amortized Cost, Net of Allowance | 210 | 266 | |
Prudential Netting Agreement | Fixed maturities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Amortized Cost | 5,000 | 4,998 | |
Fair Value | 5,727 | 5,821 | |
Prudential Netting Agreement | Fixed maturities | U.S. private corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 5,616 | 5,966 | |
Fair Value | $ 5,693 | $ 6,100 | |
[1] | See Note 4 for details of balances associated with variable interest entities. |
Investments (Fair Value and Los
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - Fixed maturities - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | $ 39,034 | $ 19,718 |
Less than Twelve Months, Unrealized Losses | 1,025 | 486 |
Twelve Months or More, Fair Value | 11,051 | 9,605 |
Twelve Months or More, Unrealized Losses | 642 | 463 |
Total Fair Value | 50,085 | 29,323 |
Total Unrealized Losses | 1,667 | 949 |
Held-for-sale | ||
Debt Securities [Line Items] | ||
Total Fair Value | 4,068 | |
Total Unrealized Losses | 123 | |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 4,478 | 750 |
Less than Twelve Months, Unrealized Losses | 94 | 17 |
Twelve Months or More, Fair Value | 30 | 0 |
Twelve Months or More, Unrealized Losses | 3 | 0 |
Total Fair Value | 4,508 | 750 |
Total Unrealized Losses | 97 | 17 |
Obligations of U.S. states and their political subdivisions | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 575 | 73 |
Less than Twelve Months, Unrealized Losses | 13 | 1 |
Twelve Months or More, Fair Value | 17 | 0 |
Twelve Months or More, Unrealized Losses | 2 | 0 |
Total Fair Value | 592 | 73 |
Total Unrealized Losses | 15 | 1 |
Foreign government bonds | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 4,586 | 6,536 |
Less than Twelve Months, Unrealized Losses | 192 | 231 |
Twelve Months or More, Fair Value | 6,680 | 39 |
Twelve Months or More, Unrealized Losses | 283 | 8 |
Total Fair Value | 11,266 | 6,575 |
Total Unrealized Losses | 475 | 239 |
U.S. public corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 13,162 | 3,905 |
Less than Twelve Months, Unrealized Losses | 371 | 87 |
Twelve Months or More, Fair Value | 1,027 | 1,197 |
Twelve Months or More, Unrealized Losses | 73 | 106 |
Total Fair Value | 14,189 | 5,102 |
Total Unrealized Losses | 444 | 193 |
U.S. private corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 2,832 | 1,712 |
Less than Twelve Months, Unrealized Losses | 66 | 52 |
Twelve Months or More, Fair Value | 866 | 843 |
Twelve Months or More, Unrealized Losses | 84 | 82 |
Total Fair Value | 3,698 | 2,555 |
Total Unrealized Losses | 150 | 134 |
Foreign public corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 2,839 | 1,412 |
Less than Twelve Months, Unrealized Losses | 57 | 30 |
Twelve Months or More, Fair Value | 584 | 376 |
Twelve Months or More, Unrealized Losses | 36 | 23 |
Total Fair Value | 3,423 | 1,788 |
Total Unrealized Losses | 93 | 53 |
Foreign private corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 5,386 | 798 |
Less than Twelve Months, Unrealized Losses | 196 | 34 |
Twelve Months or More, Fair Value | 1,399 | 2,371 |
Twelve Months or More, Unrealized Losses | 156 | 192 |
Total Fair Value | 6,785 | 3,169 |
Total Unrealized Losses | 352 | 226 |
Asset-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 3,995 | 4,132 |
Less than Twelve Months, Unrealized Losses | 14 | 25 |
Twelve Months or More, Fair Value | 301 | 4,685 |
Twelve Months or More, Unrealized Losses | 1 | 49 |
Total Fair Value | 4,296 | 8,817 |
Total Unrealized Losses | 15 | 74 |
Commercial mortgage-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 524 | 284 |
Less than Twelve Months, Unrealized Losses | 10 | 8 |
Twelve Months or More, Fair Value | 146 | 93 |
Twelve Months or More, Unrealized Losses | 4 | 3 |
Total Fair Value | 670 | 377 |
Total Unrealized Losses | 14 | 11 |
Residential mortgage-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 657 | 116 |
Less than Twelve Months, Unrealized Losses | 12 | 1 |
Twelve Months or More, Fair Value | 1 | 1 |
Twelve Months or More, Unrealized Losses | 0 | 0 |
Total Fair Value | 658 | 117 |
Total Unrealized Losses | $ 12 | $ 1 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | |||||
Fixed maturity securities purchased with credit deterioration | $ 0 | $ 0 | |||
Loans on non-accrual status recognized in interest income | $ 2 | $ 2 | 2 | $ 2 | |
Loans on non-accrual status, do not have allowance for credit losses | 20 | 15 | |||
Commercial mortgage and other loans purchased with credit deterioration | 0 | $ 0 | |||
Write-down on accrued investment income receivable | $ 1 | 3 | $ 1 | 15 | |
Public Securities | |||||
Schedule of Investments [Line Items] | |||||
Assets supporting experience-rated contractholder liabilities, at amortized cost percentage | 94.00% | 94.00% | 79.00% | ||
Fixed maturities | |||||
Schedule of Investments [Line Items] | |||||
Total Unrealized Losses | $ 1,667 | $ 1,667 | $ 949 | ||
Twelve Months or More, Unrealized Losses | 642 | 642 | 463 | ||
Fixed maturities | Held-for-sale | |||||
Schedule of Investments [Line Items] | |||||
Total Unrealized Losses | 123 | 123 | |||
Corporate securities | |||||
Schedule of Investments [Line Items] | |||||
Twelve Months or More, Unrealized Losses | 642 | 642 | 463 | ||
Other income | Equity securities | |||||
Schedule of Investments [Line Items] | |||||
Unrealized gains (losses) on investments | 19 | 324 | 457 | (332) | |
Other income | Assets supporting experience-rated contractholder liabilities | Held-for-sale | |||||
Schedule of Investments [Line Items] | |||||
Unrealized gains (losses) on investments | $ (263) | $ 255 | $ (557) | $ 397 | |
California | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 29.00% | 29.00% | |||
Texas | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 8.00% | 8.00% | |||
New York | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 7.00% | 7.00% | |||
Europe | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 7.00% | 7.00% | |||
Australia | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 1.00% | 1.00% | |||
Asia | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 2.00% | 2.00% | |||
NAIC High or Highest Quality Rating | Fixed maturities | |||||
Schedule of Investments [Line Items] | |||||
Total Unrealized Losses | $ 1,303 | $ 1,303 | $ 636 | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost percentage | 97.00% | 97.00% | 94.00% | ||
NAIC Other Than High or Highest Quality Rating | Fixed maturities | |||||
Schedule of Investments [Line Items] | |||||
Total Unrealized Losses | $ 364 | $ 364 | $ 313 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Available-for-sale, Amortized Cost | |||
Due in one year or less | $ 10,255 | ||
Due after one year through five years | 47,749 | ||
Due after five years through ten years | 68,170 | ||
Due after ten years | 180,278 | ||
Debt Securities, Available-for-sale, Amortized Cost | 332,957 | $ 354,470 | |
Available-for-sale, Fair Value | |||
Due in one year or less | 10,668 | ||
Due after one year through five years | 51,188 | ||
Due after five years through ten years | 75,046 | ||
Due after ten years | 208,875 | ||
Fair Value | [1] | 373,252 | 412,905 |
Held-to-maturity, Amortized Cost | |||
Due in one year or less | 0 | ||
Due after one year through five years | 566 | ||
Due after five years through ten years | 31 | ||
Due after ten years | 837 | ||
Amortized Cost | [1] | 1,644 | 1,930 |
Held-to-maturity, Fair Value | |||
Due in one year or less | 0 | ||
Due after one year through five years | 627 | ||
Due after five years through ten years | 33 | ||
Due after ten years | 1,070 | ||
Fair Value | 1,956 | 2,298 | |
Held-for-sale | |||
Available-for-sale, Amortized Cost | |||
Debt Securities, Available-for-sale, Amortized Cost | 14,985 | ||
Available-for-sale, Fair Value | |||
Fair Value | 15,643 | ||
Asset-backed securities | |||
Available-for-sale, Amortized Cost | |||
Debt Maturities, without single maturity date | 11,120 | ||
Available-for-sale, Fair Value | |||
Debt Maturities, without single maturity date | 11,245 | ||
Held-to-maturity, Amortized Cost | |||
Debt Maturities, without single maturity date | 0 | ||
Held-to-maturity, Fair Value | |||
Debt Maturities, without single maturity date | 0 | ||
Commercial mortgage-backed securities | |||
Available-for-sale, Amortized Cost | |||
Debt Maturities, without single maturity date | 12,480 | ||
Available-for-sale, Fair Value | |||
Debt Maturities, without single maturity date | 13,194 | ||
Held-to-maturity, Amortized Cost | |||
Debt Maturities, without single maturity date | 0 | ||
Held-to-maturity, Fair Value | |||
Debt Maturities, without single maturity date | 0 | ||
Residential mortgage-backed securities | |||
Available-for-sale, Amortized Cost | |||
Debt Maturities, without single maturity date | 2,905 | ||
Available-for-sale, Fair Value | |||
Debt Maturities, without single maturity date | 3,036 | ||
Held-to-maturity, Amortized Cost | |||
Debt Maturities, without single maturity date | 210 | ||
Held-to-maturity, Fair Value | |||
Debt Maturities, without single maturity date | 226 | ||
Fixed maturities | |||
Available-for-sale, Amortized Cost | |||
Debt Securities, Available-for-sale, Amortized Cost | 332,957 | 354,470 | |
Available-for-sale, Fair Value | |||
Fair Value | 373,252 | 412,905 | |
Held-to-maturity, Amortized Cost | |||
Amortized Cost | 1,650 | 1,939 | |
Held-to-maturity, Fair Value | |||
Fair Value | 1,956 | 2,298 | |
Fixed maturities | Held-for-sale | |||
Available-for-sale, Amortized Cost | |||
Debt Securities, Available-for-sale, Amortized Cost | 14,985 | ||
Available-for-sale, Fair Value | |||
Fair Value | 15,643 | ||
Fixed maturities | U.S. private corporate securities | |||
Available-for-sale, Amortized Cost | |||
Debt Securities, Available-for-sale, Amortized Cost | 34,035 | 36,894 | |
Available-for-sale, Fair Value | |||
Fair Value | 36,734 | 40,937 | |
Fixed maturities | Asset-backed securities | |||
Available-for-sale, Amortized Cost | |||
Debt Securities, Available-for-sale, Amortized Cost | 11,120 | 14,489 | |
Available-for-sale, Fair Value | |||
Fair Value | 11,245 | 14,591 | |
Fixed maturities | Commercial mortgage-backed securities | |||
Available-for-sale, Amortized Cost | |||
Debt Securities, Available-for-sale, Amortized Cost | 12,480 | 15,036 | |
Available-for-sale, Fair Value | |||
Fair Value | 13,194 | 16,303 | |
Fixed maturities | Residential mortgage-backed securities | |||
Available-for-sale, Amortized Cost | |||
Debt Securities, Available-for-sale, Amortized Cost | 2,905 | 2,683 | |
Available-for-sale, Fair Value | |||
Fair Value | 3,036 | 2,887 | |
Held-to-maturity, Amortized Cost | |||
Amortized Cost | 210 | 266 | |
Held-to-maturity, Fair Value | |||
Fair Value | 226 | 286 | |
Fixed maturities | Prudential Netting Agreement | |||
Held-to-maturity, Amortized Cost | |||
Amortized Cost | 5,000 | 4,998 | |
Held-to-maturity, Fair Value | |||
Fair Value | 5,727 | 5,821 | |
Fixed maturities | Prudential Netting Agreement | U.S. private corporate securities | |||
Available-for-sale, Amortized Cost | |||
Debt Securities, Available-for-sale, Amortized Cost | 5,616 | 5,966 | |
Available-for-sale, Fair Value | |||
Fair Value | $ 5,693 | $ 6,100 | |
[1] | See Note 4 for details of balances associated with variable interest entities. |
Investments (Fixed Maturity Pro
Investments (Fixed Maturity Proceeds) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Securities [Line Items] | ||||
Proceeds from maturities/prepayments - AFS | $ 48,950 | $ 31,989 | ||
Proceeds from maturities/prepayments - HTM | 155 | 76 | ||
Fixed maturities | Available-for-sale | ||||
Debt Securities [Line Items] | ||||
Proceeds from sales | $ 7,273 | $ 4,284 | 27,041 | 14,654 |
Proceeds from maturities/prepayments - AFS | 7,040 | 7,181 | 21,936 | 17,603 |
Gross investment gains from sales and maturities | 301 | 578 | 2,264 | 1,451 |
Gross investment losses from sales and maturities | 69 | 129 | 558 | 339 |
Write-down recognized in earnings | 0 | (134) | 0 | (289) |
(Addition to) release of allowance for credit losses - AFS | (12) | 86 | 41 | (152) |
Fixed maturities | Held-to-maturity | ||||
Debt Securities [Line Items] | ||||
Proceeds from maturities/prepayments - HTM | 11 | 14 | 155 | 77 |
(Addition to) release of allowance for credit Losses - HTM | $ 1 | $ 0 | 3 | 0 |
Fixed maturities | Available-for-sale | ||||
Debt Securities [Line Items] | ||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 27 | 268 | ||
Fixed maturities | Held-to-maturity | ||||
Debt Securities [Line Items] | ||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 0 | $ 1 |
Investments (Credit Losses Reco
Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - Fixed maturities - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Available-for-sale | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | $ 80 | $ 238 | $ 133 | $ 0 |
Additions to allowance for credit losses not previously recorded | 35 | 34 | 75 | 278 |
Reductions for securities sold during the period | (16) | (111) | (55) | (139) |
Additions (reductions) on securities with previous allowance | (5) | (9) | (59) | 13 |
Reclassified to “Assets held-for-sale" | (2) | (2) | ||
Balance, ending of period | 92 | 152 | 92 | 152 |
Available-for-sale | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Additions to allowance for credit losses not previously recorded | 0 | 0 | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 | 0 | 0 |
Additions (reductions) on securities with previous allowance | 0 | 0 | 0 | 0 |
Reclassified to “Assets held-for-sale" | 0 | 0 | ||
Balance, ending of period | 0 | 0 | 0 | 0 |
Available-for-sale | Foreign government bonds | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 38 | 0 | 0 |
Additions to allowance for credit losses not previously recorded | 0 | 1 | 0 | 39 |
Reductions for securities sold during the period | 0 | (38) | 0 | (38) |
Additions (reductions) on securities with previous allowance | 0 | 0 | 0 | 0 |
Reclassified to “Assets held-for-sale" | 0 | 0 | ||
Balance, ending of period | 0 | 1 | 0 | 1 |
Available-for-sale | U.S. and Foreign Corporate Securities | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 80 | 199 | 123 | 0 |
Additions to allowance for credit losses not previously recorded | 35 | 33 | 75 | 238 |
Reductions for securities sold during the period | (16) | (73) | (46) | (101) |
Additions (reductions) on securities with previous allowance | (5) | (12) | (58) | 10 |
Reclassified to “Assets held-for-sale" | (2) | (2) | ||
Balance, ending of period | 92 | 147 | 92 | 147 |
Available-for-sale | Asset-backed securities | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Additions to allowance for credit losses not previously recorded | 0 | 0 | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 | 0 | 0 |
Additions (reductions) on securities with previous allowance | 0 | 0 | 0 | 0 |
Reclassified to “Assets held-for-sale" | 0 | 0 | ||
Balance, ending of period | 0 | 0 | 0 | 0 |
Available-for-sale | Commercial mortgage-backed securities | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 1 | 10 | 0 |
Additions to allowance for credit losses not previously recorded | 0 | 0 | 0 | 1 |
Reductions for securities sold during the period | 0 | 0 | (9) | 0 |
Additions (reductions) on securities with previous allowance | 0 | 3 | (1) | 3 |
Reclassified to “Assets held-for-sale" | 0 | 0 | ||
Balance, ending of period | 0 | 4 | 0 | 4 |
Available-for-sale | Residential mortgage-backed securities | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Additions to allowance for credit losses not previously recorded | 0 | 0 | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 | 0 | 0 |
Additions (reductions) on securities with previous allowance | 0 | 0 | 0 | 0 |
Reclassified to “Assets held-for-sale" | 0 | 0 | ||
Balance, ending of period | 0 | 0 | 0 | 0 |
Held-to-maturity | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 7 | 9 | 9 | 0 |
Cumulative effect of adoption of ASU 2016-13 | 9 | |||
Current period provision for expected losses | 0 | (3) | ||
Change in foreign exchange | (1) | |||
Balance, ending of period | 6 | 9 | 6 | 9 |
Held-to-maturity | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Cumulative effect of adoption of ASU 2016-13 | 0 | |||
Current period provision for expected losses | 0 | 0 | ||
Change in foreign exchange | 0 | |||
Balance, ending of period | 0 | 0 | 0 | 0 |
Held-to-maturity | Foreign government bonds | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Cumulative effect of adoption of ASU 2016-13 | 0 | |||
Current period provision for expected losses | 0 | 0 | ||
Change in foreign exchange | 0 | |||
Balance, ending of period | 0 | 0 | 0 | 0 |
Held-to-maturity | U.S. and Foreign Corporate Securities | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 7 | 9 | 9 | 0 |
Cumulative effect of adoption of ASU 2016-13 | 9 | |||
Current period provision for expected losses | 0 | (3) | ||
Change in foreign exchange | (1) | |||
Balance, ending of period | 6 | 9 | 6 | 9 |
Held-to-maturity | Asset-backed securities | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Cumulative effect of adoption of ASU 2016-13 | 0 | |||
Current period provision for expected losses | 0 | 0 | ||
Change in foreign exchange | 0 | |||
Balance, ending of period | 0 | 0 | 0 | 0 |
Held-to-maturity | Commercial mortgage-backed securities | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Cumulative effect of adoption of ASU 2016-13 | 0 | |||
Current period provision for expected losses | 0 | 0 | ||
Change in foreign exchange | 0 | |||
Balance, ending of period | 0 | 0 | 0 | 0 |
Held-to-maturity | Residential mortgage-backed securities | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Cumulative effect of adoption of ASU 2016-13 | 0 | |||
Current period provision for expected losses | 0 | 0 | ||
Change in foreign exchange | 0 | |||
Balance, ending of period | $ 0 | $ 0 | $ 0 | $ 0 |
Investments (Assets Supporting
Investments (Assets Supporting Experience-Rated Contractholder Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | $ 2,954 | $ 22,438 |
Assets supporting experience-rated contractholder liabilities, at fair value | 3,424 | 24,115 |
Held-for-sale | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 17,381 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 18,031 | |
Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 1,084 | 20,119 |
Assets supporting experience-rated contractholder liabilities, at fair value | 1,096 | 21,414 |
Fixed maturities | Held-for-sale | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 16,088 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 16,739 | |
Equity securities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 1,805 | 1,661 |
Assets supporting experience-rated contractholder liabilities, at fair value | 2,263 | 2,043 |
Equity securities | Held-for-sale | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 328 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 327 | |
Short-term investments and cash equivalents | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 65 | 658 |
Assets supporting experience-rated contractholder liabilities, at fair value | 65 | 658 |
Short-term investments and cash equivalents | Held-for-sale | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 965 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 965 | |
Corporate securities | Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 106 | 14,442 |
Assets supporting experience-rated contractholder liabilities, at fair value | 108 | 15,472 |
Corporate securities | Fixed maturities | Held-for-sale | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 11,414 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 11,899 | |
Commercial mortgage-backed securities | Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 0 | 1,743 |
Assets supporting experience-rated contractholder liabilities, at fair value | 0 | 1,839 |
Commercial mortgage-backed securities | Fixed maturities | Held-for-sale | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 1,661 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 1,717 | |
Residential mortgage-backed securities | Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 0 | 964 |
Assets supporting experience-rated contractholder liabilities, at fair value | 0 | 1,018 |
Residential mortgage-backed securities | Fixed maturities | Held-for-sale | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 720 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 755 | |
Asset-backed securities | Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 0 | 1,665 |
Assets supporting experience-rated contractholder liabilities, at fair value | 0 | 1,697 |
Asset-backed securities | Fixed maturities | Held-for-sale | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 1,843 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 1,860 | |
Foreign government bonds | Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 790 | 934 |
Assets supporting experience-rated contractholder liabilities, at fair value | 791 | 945 |
Foreign government bonds | Fixed maturities | Held-for-sale | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 206 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 204 | |
U.S. government authorities and agencies and obligations of U.S. states | Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 188 | 371 |
Assets supporting experience-rated contractholder liabilities, at fair value | 197 | $ 443 |
U.S. government authorities and agencies and obligations of U.S. states | Fixed maturities | Held-for-sale | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 244 | |
Assets supporting experience-rated contractholder liabilities, at fair value | $ 304 | |
Public Securities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost percentage | 94.00% | 79.00% |
Collateralized loan obligations | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at fair value | $ 1,358 | $ 1,102 |
NAIC High or Highest Quality Rating | Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost percentage | 97.00% | 94.00% |
Investments (Concentrations of
Investments (Concentrations of Credit Risk) (Details) - Investments in Japanese government and government agency securities: - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | $ 77,536 | $ 82,059 |
Concentrations of credit risk at fair value | 88,069 | 94,817 |
Assets supporting experience-rated contractholder liabilities | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 971 | 849 |
Concentrations of credit risk at fair value | 968 | 855 |
Available-for-sale | Fixed maturities | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 75,703 | 80,273 |
Concentrations of credit risk at fair value | 86,011 | 92,764 |
Held-to-maturity | Fixed maturities | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 838 | 912 |
Concentrations of credit risk at fair value | 1,066 | 1,173 |
Trading | Fixed maturities | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 24 | 25 |
Concentrations of credit risk at fair value | $ 24 | $ 25 |
Investments (Commercial Mortgag
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 57,186 | $ 64,784 |
Other loans | 717 | 876 |
Total commercial mortgage and other loans | $ 57,786 | $ 65,425 |
% of Total | 100.00% | 100.00% |
Net carrying value of commercial loans held for sale | $ 1,106 | $ 1,092 |
Held-for-sale | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Allowance for credit losses, Other loans | 12 | |
Total commercial mortgage and other loans | 7,539 | |
Commercial Mortgage Loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 53,072 | $ 60,736 |
% of Total | 92.70% | 93.80% |
Commercial mortgage and agricultural property loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Allowance for credit losses | $ (112) | $ (227) |
Total net loans | 57,074 | 64,557 |
Uncollateralized loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Other loans | 574 | 655 |
Residential property loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Other loans | 74 | 101 |
Other Collateralized Loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Other loans | 69 | 120 |
Other loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Total net loans | 712 | 868 |
Allowance for credit losses, Other loans | (5) | (8) |
Office | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 10,534 | $ 12,750 |
% of Total | 18.40% | 19.70% |
Retail | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 6,694 | $ 7,326 |
% of Total | 11.70% | 11.30% |
Apartments/Multi-Family | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 16,769 | $ 18,330 |
% of Total | 29.30% | 28.30% |
Industrial | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 13,004 | $ 14,954 |
% of Total | 22.70% | 23.10% |
Hospitality | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 1,879 | $ 2,395 |
% of Total | 3.30% | 3.70% |
Other | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 4,192 | $ 4,981 |
% of Total | 7.30% | 7.70% |
Agricultural property loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 4,114 | $ 4,048 |
% of Total | 7.30% | 6.20% |
Investments (Allowance for Cred
Investments (Allowance for Credit Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of year | $ 172 | $ 245 | $ 235 | $ 121 |
Cumulative effect of adoption of ASU 2016-13 | 115 | |||
Addition to (release of) allowance for expected losses | (44) | (3) | (106) | 3 |
Reclassified to “Assets held-for-sale” | (12) | (12) | ||
Write-downs charged against the allowance | (7) | (7) | ||
Other | 1 | 0 | 0 | 3 |
Balance, ending of year | 117 | 235 | 117 | 235 |
Commercial Mortgage Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of year | 160 | 230 | 218 | 114 |
Cumulative effect of adoption of ASU 2016-13 | 110 | |||
Addition to (release of) allowance for expected losses | (40) | (5) | (98) | 1 |
Reclassified to “Assets held-for-sale” | (12) | (12) | ||
Write-downs charged against the allowance | (7) | (7) | ||
Other | 0 | 0 | 0 | 0 |
Balance, ending of year | 108 | 218 | 108 | 218 |
Agricultural Property Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of year | 6 | 8 | 9 | 3 |
Cumulative effect of adoption of ASU 2016-13 | 5 | |||
Addition to (release of) allowance for expected losses | (2) | 1 | (5) | 1 |
Reclassified to “Assets held-for-sale” | 0 | 0 | ||
Write-downs charged against the allowance | 0 | 0 | ||
Other | 0 | 0 | 0 | 0 |
Balance, ending of year | 4 | 9 | 4 | 9 |
Residential Property Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of year | 0 | 0 | 0 | 0 |
Cumulative effect of adoption of ASU 2016-13 | 0 | |||
Addition to (release of) allowance for expected losses | 0 | 0 | 0 | 0 |
Reclassified to “Assets held-for-sale” | 0 | 0 | ||
Write-downs charged against the allowance | 0 | 0 | ||
Other | 0 | 0 | 0 | 0 |
Balance, ending of year | 0 | 0 | 0 | 0 |
Other Collateralized Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of year | 2 | 3 | 3 | 0 |
Cumulative effect of adoption of ASU 2016-13 | 0 | |||
Addition to (release of) allowance for expected losses | (2) | 0 | (2) | 0 |
Reclassified to “Assets held-for-sale” | 0 | 0 | ||
Write-downs charged against the allowance | 0 | 0 | ||
Other | 1 | 0 | 0 | 3 |
Balance, ending of year | 1 | 3 | 1 | 3 |
Uncollateralized Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance, beginning of year | 4 | 4 | 5 | 4 |
Cumulative effect of adoption of ASU 2016-13 | 0 | |||
Addition to (release of) allowance for expected losses | 0 | 1 | (1) | 1 |
Reclassified to “Assets held-for-sale” | 0 | 0 | ||
Write-downs charged against the allowance | 0 | 0 | ||
Other | 0 | 0 | 0 | 0 |
Balance, ending of year | $ 4 | $ 5 | $ 4 | $ 5 |
Investments (Credit Quality Ind
Investments (Credit Quality Indicators) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Recording investment gross of allowance for credit losses | $ 57,903 | $ 65,660 |
Commercial mortgage and other loans | 57,786 | 65,425 |
Held-for-sale | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Recording investment gross of allowance for credit losses | 7,551 | |
Commercial mortgage and other loans | 7,539 | |
Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 4,781 | 6,021 |
One Years Prior | 3,811 | 10,264 |
Two Years Prior | 8,311 | 9,069 |
Three Years Prior | 8,021 | 7,219 |
Four Years Prior | 5,492 | 6,831 |
Prior | 22,656 | 21,332 |
Recording investment gross of allowance for credit losses | 53,072 | 60,736 |
Commercial Mortgage Loans | ≥ 1.2X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 4,361 | 5,901 |
One Years Prior | 3,583 | 9,429 |
Two Years Prior | 7,309 | 8,587 |
Three Years Prior | 7,398 | 6,954 |
Four Years Prior | 4,934 | 6,382 |
Prior | 19,811 | 18,904 |
Recording investment gross of allowance for credit losses | 47,396 | 56,157 |
Commercial Mortgage Loans | 1.0X to 1.2X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 364 | 118 |
One Years Prior | 97 | 711 |
Two Years Prior | 676 | 383 |
Three Years Prior | 398 | 263 |
Four Years Prior | 271 | 384 |
Prior | 1,718 | 1,719 |
Recording investment gross of allowance for credit losses | 3,524 | 3,578 |
Commercial Mortgage Loans | Less than 1.0X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 56 | 2 |
One Years Prior | 131 | 124 |
Two Years Prior | 326 | 99 |
Three Years Prior | 225 | 2 |
Four Years Prior | 287 | 65 |
Prior | 1,127 | 709 |
Recording investment gross of allowance for credit losses | 2,152 | 1,001 |
Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 638 | 964 |
One Years Prior | 876 | 545 |
Two Years Prior | 521 | 388 |
Three Years Prior | 378 | 530 |
Four Years Prior | 380 | 367 |
Prior | 1,321 | 1,254 |
Recording investment gross of allowance for credit losses | 4,114 | 4,048 |
Agricultural property loans | ≥ 1.2X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 630 | 941 |
One Years Prior | 853 | 544 |
Two Years Prior | 510 | 381 |
Three Years Prior | 371 | 468 |
Four Years Prior | 322 | 308 |
Prior | 1,214 | 1,202 |
Recording investment gross of allowance for credit losses | 3,900 | 3,844 |
Agricultural property loans | 1.0X to 1.2X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 8 | 23 |
One Years Prior | 23 | 0 |
Two Years Prior | 10 | 1 |
Three Years Prior | 1 | 59 |
Four Years Prior | 58 | 1 |
Prior | 41 | 40 |
Recording investment gross of allowance for credit losses | 141 | 124 |
Agricultural property loans | Less than 1.0X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 0 | 0 |
One Years Prior | 0 | 1 |
Two Years Prior | 1 | 6 |
Three Years Prior | 6 | 3 |
Four Years Prior | 0 | 58 |
Prior | 66 | 12 |
Recording investment gross of allowance for credit losses | 73 | 80 |
0%-59.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 967 | 828 |
One Years Prior | 590 | 2,693 |
Two Years Prior | 2,437 | 3,217 |
Three Years Prior | 3,191 | 3,854 |
Four Years Prior | 2,977 | 3,223 |
Prior | 14,587 | 15,360 |
Recording investment gross of allowance for credit losses | 24,749 | 29,175 |
0%-59.99% | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 578 | 956 |
One Years Prior | 753 | 494 |
Two Years Prior | 482 | 349 |
Three Years Prior | 316 | 527 |
Four Years Prior | 354 | 367 |
Prior | 1,311 | 1,254 |
Recording investment gross of allowance for credit losses | 3,794 | 3,947 |
60%-69.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 2,207 | 2,678 |
One Years Prior | 1,861 | 4,981 |
Two Years Prior | 3,848 | 4,291 |
Three Years Prior | 3,791 | 2,239 |
Four Years Prior | 1,543 | 2,667 |
Prior | 5,260 | 4,058 |
Recording investment gross of allowance for credit losses | 18,510 | 20,914 |
60%-69.99% | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 60 | 8 |
One Years Prior | 123 | 51 |
Two Years Prior | 39 | 39 |
Three Years Prior | 62 | 3 |
Four Years Prior | 26 | 0 |
Prior | 10 | 0 |
Recording investment gross of allowance for credit losses | 320 | 101 |
70%-79.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 1,561 | 2,492 |
One Years Prior | 1,360 | 2,587 |
Two Years Prior | 2,026 | 1,500 |
Three Years Prior | 978 | 1,057 |
Four Years Prior | 904 | 918 |
Prior | 2,228 | 1,409 |
Recording investment gross of allowance for credit losses | 9,057 | 9,963 |
70%-79.99% | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 0 | 0 |
One Years Prior | 0 | 0 |
Two Years Prior | 0 | 0 |
Three Years Prior | 0 | 0 |
Four Years Prior | 0 | 0 |
Prior | 0 | 0 |
Recording investment gross of allowance for credit losses | 0 | 0 |
80% or greater | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 46 | 23 |
One Years Prior | 0 | 3 |
Two Years Prior | 0 | 61 |
Three Years Prior | 61 | 69 |
Four Years Prior | 68 | 23 |
Prior | 581 | 505 |
Recording investment gross of allowance for credit losses | 756 | 684 |
80% or greater | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Year | 0 | 0 |
One Years Prior | 0 | 0 |
Two Years Prior | 0 | 0 |
Three Years Prior | 0 | 0 |
Four Years Prior | 0 | 0 |
Prior | 0 | 0 |
Recording investment gross of allowance for credit losses | $ 0 | $ 0 |
Investments (Analysis of Past D
Investments (Analysis of Past Due Commercial Mortgage and Other Loans) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans | $ 57,903 | $ 65,660 |
Non-Accrual Status | 22 | 21 |
Held-for-sale | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 7,551 | |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 57,894 | 65,484 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 41 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 4 | 119 |
90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 5 | 16 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 9 | 176 |
Commercial Mortgage Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 53,072 | 60,736 |
Non-Accrual Status | 2 | 5 |
Commercial Mortgage Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 53,072 | 60,614 |
Commercial Mortgage Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 3 |
Commercial Mortgage Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 119 |
Commercial Mortgage Loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Commercial Mortgage Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 122 |
Agricultural property loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 4,114 | 4,048 |
Non-Accrual Status | 19 | 15 |
Agricultural property loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 4,106 | 3,996 |
Agricultural property loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 37 |
Agricultural property loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 4 | 0 |
Agricultural property loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 4 | 15 |
Agricultural property loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 8 | 52 |
Residential Property Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 74 | 101 |
Non-Accrual Status | 1 | 1 |
Residential Property Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 73 | 99 |
Residential Property Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 1 |
Residential Property Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Residential Property Loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1 | 1 |
Residential Property Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1 | 2 |
Other Collateralized Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 69 | 120 |
Non-Accrual Status | 0 | 0 |
Other Collateralized Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 69 | 120 |
Other Collateralized Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Other Collateralized Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Other Collateralized Loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Other Collateralized Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Uncollateralized loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 574 | 655 |
Non-Accrual Status | 0 | 0 |
Uncollateralized loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 574 | 655 |
Uncollateralized loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Uncollateralized loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Uncollateralized loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Uncollateralized loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Accruing Interest | $ 0 | $ 0 |
Investments (Other Invested Ass
Investments (Other Invested Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Other Invested Assets [Line Items] | |||
Other invested assets | [1] | $ 20,205 | $ 18,125 |
Held-for-sale | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 160 | ||
LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 15,320 | 12,883 | |
Real estate held through direct ownership | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,753 | 2,027 | |
Derivative instruments | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 2,218 | 1,915 | |
Other | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 914 | 1,300 | |
Mortgage Debt | Real estate-related | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 276 | 409 | |
Equity method | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 10,938 | 8,747 | |
Equity method | Private equity | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 5,952 | 4,311 | |
Equity method | Hedge funds | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 2,807 | 2,451 | |
Equity method | Real estate-related | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 2,179 | 1,985 | |
Fair Value | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 81 | 153 | |
Fair Value | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 4,382 | 4,136 | |
Fair Value | Private equity | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,903 | 1,786 | |
Fair Value | Hedge funds | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 2,168 | 2,036 | |
Fair Value | Real estate-related | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | $ 311 | $ 314 | |
[1] | See Note 4 for details of balances associated with variable interest entities. |
Investments (Accrued Investment
Investments (Accrued Investment Income) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Net Investment Income [Line Items] | |||
Accrued investment income | [1] | $ 2,808 | $ 3,193 |
Held-for-sale | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 233 | ||
Fixed maturities | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 2,339 | 2,676 | |
Equity securities | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 7 | 7 | |
Commercial mortgage and other loans | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 175 | 205 | |
Policy loans | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 264 | 274 | |
Other invested assets | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 21 | 27 | |
Short-term investments and cash equivalents | |||
Net Investment Income [Line Items] | |||
Accrued investment income | $ 2 | $ 4 | |
[1] | See Note 4 for details of balances associated with variable interest entities. |
Investments (Net Investment Inc
Investments (Net Investment Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | $ 4,852 | $ 4,619 | $ 14,133 | $ 13,405 |
Less: investment expenses | (135) | (173) | (482) | (571) |
Net investment income | 4,717 | 4,446 | 13,651 | 12,834 |
Assets supporting experience-rated contractholder liabilities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 148 | 179 | 474 | 527 |
Equity securities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 23 | 36 | 104 | 119 |
Commercial mortgage and other loans | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 621 | 608 | 1,882 | 1,866 |
Policy loans | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 132 | 147 | 403 | 450 |
Other invested assets | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 806 | 415 | 1,939 | 693 |
Short-term investments and cash equivalents | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 18 | 30 | 48 | 182 |
Available-for-sale | Fixed maturities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 2,995 | 3,113 | 9,000 | 9,292 |
Held-to-maturity | Fixed maturities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 56 | 59 | 169 | 176 |
Trading | Fixed maturities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | $ 53 | $ 32 | $ 114 | $ 100 |
Investments (Realized Investmen
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Gain (Loss) on Securities [Line Items] | ||||
Realized investment gains (losses), net | $ 432 | $ (79) | $ 3,146 | $ (2,164) |
Fixed maturities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized investment gains (losses), net | 221 | 401 | 1,750 | 671 |
Commercial mortgage and other loans | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized investment gains (losses), net | 67 | 41 | 158 | 65 |
Investment real estate | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized investment gains (losses), net | 49 | 5 | 113 | 15 |
LPs/LLCs | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized investment gains (losses), net | (43) | 8 | (26) | 2 |
Derivatives | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized investment gains (losses), net | 131 | (537) | 1,145 | (2,926) |
Other | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized investment gains (losses), net | $ 7 | $ 3 | $ 6 | $ 9 |
Investments (Net Unrealized Gai
Investments (Net Unrealized Gains Losses on Investments) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | $ 41,896 | $ 58,417 |
Held-for-sale | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | 660 | |
Fixed maturities | Available-for-sale | With an allowance | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | 22 | (25) |
Fixed maturities | Available-for-sale | Without an allowance | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | 41,025 | 58,593 |
Derivatives designated as cash flow hedges | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | 867 | (168) |
Derivatives designated as fair value hedges | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (29) | 10 |
Other investments | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | 11 | $ 7 |
Other investments | Held-to-maturity | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | $ 0 |
Investments (Repurchase Agreeme
Investments (Repurchase Agreements and Securities Lending Transactions) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | $ 9,899 | $ 10,894 |
Total cash collateral for loaned securities | 4,382 | 3,499 |
Held-for-sale | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 3 | |
Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 9,420 | 10,348 |
Total cash collateral for loaned securities | 4,382 | 3,499 |
Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 479 | 546 |
Total cash collateral for loaned securities | 0 | 0 |
30 days or greater | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Total cash collateral for loaned securities | 0 | 0 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 9,321 | 10,094 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 8,842 | 9,548 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 479 | 546 |
Obligations of U.S. states and their political subdivisions | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 75 | 108 |
Obligations of U.S. states and their political subdivisions | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 75 | 108 |
Obligations of U.S. states and their political subdivisions | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 0 | 0 |
Foreign government bonds | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 222 | 426 |
Foreign government bonds | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 222 | 426 |
Foreign government bonds | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 0 | 0 |
U.S. public corporate securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 2,943 | 2,360 |
U.S. public corporate securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 2,943 | 2,360 |
U.S. public corporate securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 0 | 0 |
Foreign public corporate securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 709 | 567 |
Foreign public corporate securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 709 | 567 |
Foreign public corporate securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 0 | 0 |
Commercial mortgage-backed securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 338 | 463 |
Commercial mortgage-backed securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 338 | 463 |
Commercial mortgage-backed securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Residential mortgage-backed securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 240 | 337 |
Residential mortgage-backed securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 240 | 337 |
Residential mortgage-backed securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Equity securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 433 | 38 |
Equity securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 433 | 38 |
Equity securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | $ 0 | $ 0 |
Variable Interest Entities (Ass
Variable Interest Entities (Assets and Liabilities of Consolidated VIEs) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | ||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | $ 932,582 | $ 940,722 | |
Notes issued by consolidated VIEs | 870,023 | 872,512 | |
Consolidated VIEs for Which the Company is the Investment Manager | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 4,716 | 4,292 | |
Notes issued by consolidated VIEs | 847 | 561 | |
Other Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 2,030 | 2,077 | |
Notes issued by consolidated VIEs | 3 | 2 | |
Equity securities | Consolidated VIEs for Which the Company is the Investment Manager | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 74 | 42 | |
Equity securities | Other Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 0 | 0 | |
Commercial mortgage and other loans | Consolidated VIEs for Which the Company is the Investment Manager | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 949 | 975 | |
Commercial mortgage and other loans | Other Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 0 | 0 | |
Other | Consolidated VIEs for Which the Company is the Investment Manager | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 2,668 | 2,221 | |
Other | Other Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 142 | 127 | |
Cash and cash equivalents | Consolidated VIEs for Which the Company is the Investment Manager | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 172 | 101 | |
Cash and cash equivalents | Other Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 0 | 0 | |
Accrued investment income | Consolidated VIEs for Which the Company is the Investment Manager | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 2 | 2 | |
Accrued investment income | Other Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 3 | 4 | |
Other assets | Consolidated VIEs for Which the Company is the Investment Manager | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 469 | 594 | |
Other assets | Other Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 798 | 768 | |
Other liabilities | Consolidated VIEs for Which the Company is the Investment Manager | |||
Variable Interest Entity [Line Items] | |||
Notes issued by consolidated VIEs | 565 | 256 | |
Other liabilities | Other Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Notes issued by consolidated VIEs | 3 | 2 | |
Notes Issued by Consolidated VIEs | Consolidated VIEs for Which the Company is the Investment Manager | |||
Variable Interest Entity [Line Items] | |||
Notes issued by consolidated VIEs | [1] | 282 | 305 |
Notes Issued by Consolidated VIEs | Other Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Notes issued by consolidated VIEs | 0 | 0 | |
Available-for-sale | Fixed maturities | Consolidated VIEs for Which the Company is the Investment Manager | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 127 | 110 | |
Available-for-sale | Fixed maturities | Other Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 271 | 296 | |
Held-to-maturity | Fixed maturities | Consolidated VIEs for Which the Company is the Investment Manager | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 81 | 87 | |
Held-to-maturity | Fixed maturities | Other Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 816 | 882 | |
Trading | Fixed maturities | Consolidated VIEs for Which the Company is the Investment Manager | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 174 | 160 | |
Trading | Fixed maturities | Other Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | 0 | 0 | |
Wholly-owned beneficial interests | Consolidated VIEs for Which the Company is the Investment Manager | |||
Variable Interest Entity [Line Items] | |||
Total assets of consolidated VIEs | $ 2,747 | $ 2,538 | |
Maximum | Notes Issued by Consolidated VIEs | Consolidated VIEs for Which the Company is the Investment Manager | |||
Variable Interest Entity [Line Items] | |||
VIEs Liabilities, maturities obligations (less than) | 3 years | ||
[1] | See Note 4 for details of balances associated with variable interest entities. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Total liabilities | $ 870,023,000,000 | $ 872,512,000,000 |
Fixed maturities, available-for-sale, Fixed maturities, trading, Equity securities and Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss on these investments | 960,000,000 | 935,000,000 |
LPs/LLCs | Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss on these investments | 15,320,000,000 | $ 12,883,000,000 |
Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total liabilities | $ 0 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Total derivative assets | $ 2,213 | $ 2,213 | $ 1,906 | ||
Total derivative liabilities | 1,185 | 1,185 | 792 | ||
Anticipated pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to earnings | $ 262 | ||||
Maximum Length of Time Hedged in Cash Flow Hedge (future cash flows) | 10 years | ||||
Net Investment Hedges income (loss) before taxes | (6) | $ (160) | $ (5) | $ (150) | |
Non-derivative Net Investment Hedges income (loss) before taxes | (7) | $ (17) | 7 | $ (17) | |
Credit Derivatives [Line Items] | |||||
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 168 | 168 | 63 | ||
Credit Derivative Protection Purchased Notional Amount | 10 | 10 | 307 | ||
Credit Default Swap, Buying Protection | |||||
Credit Derivatives [Line Items] | |||||
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | $ 0 | $ 0 | $ (28) | ||
Credit Default Swaps Referencing Indices | |||||
Credit Derivatives [Line Items] | |||||
Credit Derivatives Written Max Length Of Maturities (less than) | 26 years | ||||
Credit Default Swaps | |||||
Credit Derivatives [Line Items] | |||||
Credit Derivatives Written Max Length Of Maturities (less than) | 11 years |
Derivative Instruments (Gross N
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Notional | $ 446,588 | $ 445,049 |
Assets | 15,445 | 23,273 |
Liabilities | (17,651) | (18,267) |
Embedded Derivative, Fair Value of Embedded Derivative, Net | (9,994) | (20,119) |
Held-for-sale | ||
Derivative [Line Items] | ||
Notional | 38,690 | |
Assets | 1,282 | |
Liabilities | (1,309) | |
Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative [Line Items] | ||
Notional | 28,646 | 28,533 |
Assets | 1,880 | 1,924 |
Liabilities | (456) | (1,251) |
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Notional | 3,182 | 3,065 |
Assets | 716 | 978 |
Liabilities | (76) | (90) |
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Forwards | ||
Derivative [Line Items] | ||
Notional | 298 | 249 |
Assets | 8 | 0 |
Liabilities | (11) | (8) |
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Notional | 4,258 | 2,577 |
Assets | 59 | 68 |
Liabilities | (101) | (116) |
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps | ||
Derivative [Line Items] | ||
Notional | 20,908 | 22,642 |
Assets | 1,097 | 878 |
Liabilities | (268) | (1,037) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative [Line Items] | ||
Notional | 417,942 | 416,516 |
Assets | 13,565 | 21,349 |
Liabilities | (17,195) | (17,016) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Notional | 196,080 | 178,803 |
Assets | 10,549 | 17,174 |
Liabilities | (14,874) | (13,172) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Forwards | ||
Derivative [Line Items] | ||
Notional | 3,509 | 2,910 |
Assets | 26 | 25 |
Liabilities | (4) | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Notional | 28,903 | 35,478 |
Assets | 930 | 764 |
Liabilities | (1,061) | (647) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Options | ||
Derivative [Line Items] | ||
Notional | 0 | 0 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps | ||
Derivative [Line Items] | ||
Notional | 11,493 | 13,661 |
Assets | 661 | 537 |
Liabilities | (257) | (601) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Futures | ||
Derivative [Line Items] | ||
Notional | 17,449 | 15,778 |
Assets | 6 | 99 |
Liabilities | (14) | (5) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Options | ||
Derivative [Line Items] | ||
Notional | 15,368 | 14,593 |
Assets | 532 | 914 |
Liabilities | (240) | (233) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps | ||
Derivative [Line Items] | ||
Notional | 6,849 | 3,360 |
Assets | 168 | 63 |
Liabilities | 0 | (28) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Futures | ||
Derivative [Line Items] | ||
Notional | 4,329 | 5,668 |
Assets | 0 | 10 |
Liabilities | (43) | (25) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options | ||
Derivative [Line Items] | ||
Notional | 35,514 | 36,250 |
Assets | 405 | 1,731 |
Liabilities | (682) | (1,028) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Total Return Swap | ||
Derivative [Line Items] | ||
Notional | 13,990 | 22,489 |
Assets | 287 | 32 |
Liabilities | (20) | (1,277) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Other | ||
Derivative [Line Items] | ||
Notional | 1,258 | 1,262 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Synthetic Gics | ||
Derivative [Line Items] | ||
Notional | 83,200 | 86,264 |
Assets | 1 | 0 |
Liabilities | $ 0 | $ 0 |
Derivative Instruments (Hedged
Derivative Instruments (Hedged Item Offset By Derivatives Achieving Fair Value Hedge Accounting) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Fixed maturities, available-for-sale | [1] | $ 373,252 | $ 412,905 |
Commercial mortgage and other loans | [1] | 57,786 | 65,425 |
Policyholders’ account balances | (122,337) | (161,682) | |
Future policy benefits | (291,721) | (306,343) | |
Carrying Amount of the Hedged Assets (Liabilities) | |||
Derivative [Line Items] | |||
Fixed maturities, available-for-sale | 418 | 402 | |
Commercial mortgage and other loans | 18 | 20 | |
Policyholders’ account balances | (1,533) | (1,627) | |
Future policy benefits | (2,539) | (1,585) | |
Cumulative Adjustment Included in Carrying Amount | |||
Derivative [Line Items] | |||
Fixed maturities, available-for-sale | 59 | 79 | |
Commercial mortgage and other loans | 1 | 2 | |
Policyholders’ account balances | (166) | (303) | |
Future policy benefits | $ (252) | $ (372) | |
[1] | See Note 4 for details of balances associated with variable interest entities. |
Derivative Instruments (Offsett
Derivative Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Assets | ||
Gross Amounts of Recognized Financial Instruments | $ 15,301 | $ 23,144 |
Gross Amounts Offset in the Statements of Financial Position | (13,233) | (21,367) |
Net Amounts Presented in the Statements of Financial Position | 2,068 | 1,777 |
Financial Instruments/Collateral | (787) | (806) |
Net Amount | 1,281 | 971 |
Securities purchased under agreement to resell | ||
Gross Amounts of Recognized Financial Instruments | 69 | 252 |
Gross Amounts Offset in the Statements of Financial Position | 0 | 0 |
Net Amounts Presented in the Statements of Financial Position | 69 | 252 |
Financial Instruments/Collateral | (69) | (252) |
Net Amount | 0 | 0 |
Total assets | ||
Gross Amounts of Recognized Financial Instruments | 15,370 | 23,396 |
Gross Amounts Offset in the Statements of Financial Position | (13,233) | (21,367) |
Net Amounts Presented in the Statements of Financial Position | 2,137 | 2,029 |
Financial Instruments/Collateral | (856) | (1,058) |
Net Amount | 1,281 | 971 |
Derivative Liabilities | ||
Gross Amounts of Recognized Financial Instruments | 17,646 | 18,265 |
Gross Amounts Offset in the Statements of Financial Position | (16,466) | (17,475) |
Net Amounts Presented in the Statements of Financial Position | 1,180 | 790 |
Financial Instruments/Collateral | (956) | (790) |
Net Amount | 224 | 0 |
Securities sold under agreement to repurchase | ||
Gross Amounts of Recognized Financial Instruments | 9,899 | 10,894 |
Gross Amounts Offset in the Statements of Financial Position | 0 | 0 |
Net Amounts Presented in the Statements of Financial Position | 9,899 | 10,894 |
Financial Instruments/Collateral | (9,561) | (10,432) |
Net Amount | 338 | 462 |
Total liabilities | ||
Gross Amounts of Recognized Financial Instruments | 27,545 | 29,159 |
Gross Amounts Offset in the Statements of Financial Position | (16,466) | (17,475) |
Net Amounts Presented in the Statements of Financial Position | 11,079 | 11,684 |
Financial Instruments/Collateral | (10,517) | (11,222) |
Net Amount | $ 562 | $ 462 |
Derivative Instruments (Financi
Derivative Instruments (Financial Statement Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-derivative Net Investment Hedges income (loss) before taxes | $ (7) | $ (17) | $ 7 | $ (17) |
Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 128 | (538) | 1,140 | (2,925) |
Realized Investment Gains (Losses) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 123 | (604) | 1,087 | (3,070) |
Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 68 | 80 | 211 | 247 |
Net Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 148 | (69) | 173 | 119 |
Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 3 | (1) | (2) | (6) |
Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Credited To Policyholders’ Account Balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 11 | 14 | 30 | 26 |
Interest Credited To Policyholders’ Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Policyholder Benefts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 5 | 10 | 12 | 19 |
Policyholder Benefts | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 595 | (1,232) | 984 | 441 |
AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Fair value hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 4 | 4 | 16 | (23) |
Fair value hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (2) | (2) | (7) | (6) |
Fair value hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Fair value hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Fair value hedges | Interest Credited To Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (16) | (35) | (108) | 295 |
Fair value hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (31) | (22) | (101) | 259 |
Fair value hedges | AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Fair Value Hedged Item | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (9) | (6) | (21) | 22 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | (5) | (2) | (5) | (1) |
Fair Value Hedged Item | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 4 | 4 | 13 | 14 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 2 | 2 | 6 | 8 |
Fair Value Hedged Item | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | 0 | 0 | 0 |
Fair Value Hedged Item | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | 0 | 0 | 0 |
Fair Value Hedged Item | Interest Credited To Policyholders’ Account Balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 27 | 49 | 138 | (269) |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 11 | 14 | 30 | 26 |
Fair Value Hedged Item | Policyholder Benefts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 37 | 33 | 117 | (239) |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 5 | 10 | 12 | 19 |
Fair Value Hedged Item | AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | (12) | 2 | (39) | (1) |
Cash flow hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 10 | 74 | 58 | 152 |
Cash flow hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 66 | 78 | 205 | 239 |
Cash flow hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 145 | (210) | 175 | (17) |
Cash flow hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Cash flow hedges | Interest Credited To Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Cash flow hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Cash flow hedges | AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 606 | (1,091) | 1,035 | 575 |
Net investment hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | (6) | 0 | (6) |
Net investment hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Net investment hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 142 | 0 | 142 |
Net investment hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Net investment hedges | Interest Credited To Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Net investment hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Net investment hedges | AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 1 | (143) | (12) | (133) |
Interest Rate | Realized Investment Gains (Losses) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (413) | (1,163) | (2,969) | 7,829 |
Interest Rate | Net Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Interest Credited To Policyholders’ Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Policyholder Benefts | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Fair value hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 3 | 5 | 17 | (24) |
Interest Rate | Fair value hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (2) | (2) | (7) | (6) |
Interest Rate | Fair value hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Fair value hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Fair value hedges | Interest Credited To Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (16) | (35) | (108) | 295 |
Interest Rate | Fair value hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (15) | (37) | (93) | 242 |
Interest Rate | Fair value hedges | AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Fair Value Hedged Item | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (9) | (6) | (22) | 23 |
Interest Rate | Fair Value Hedged Item | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 4 | 4 | 12 | 13 |
Interest Rate | Fair Value Hedged Item | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Interest Rate | Fair Value Hedged Item | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Interest Rate | Fair Value Hedged Item | Interest Credited To Policyholders’ Account Balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 27 | 49 | 138 | (269) |
Interest Rate | Fair Value Hedged Item | Policyholder Benefts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 21 | 48 | 109 | (222) |
Interest Rate | Fair Value Hedged Item | AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Interest Rate | Cash flow hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (7) | 19 | 6 | 27 |
Interest Rate | Cash flow hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 1 | 0 |
Interest Rate | Cash flow hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Cash flow hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Cash flow hedges | Interest Credited To Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Cash flow hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Cash flow hedges | AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | (15) | (30) | 29 |
Currency | Realized Investment Gains (Losses) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 88 | (44) | (249) | 186 |
Currency | Net Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 1 | 2 | (3) | (5) |
Currency | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Interest Credited To Policyholders’ Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Policyholder Benefts | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Fair value hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 1 | (1) | (1) | 1 |
Currency | Fair value hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Fair value hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Fair value hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Fair value hedges | Interest Credited To Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Fair value hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (16) | 15 | (8) | 17 |
Currency | Fair value hedges | AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Fair Value Hedged Item | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 1 | (1) |
Currency | Fair Value Hedged Item | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 1 | 1 |
Currency | Fair Value Hedged Item | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Currency | Fair Value Hedged Item | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Currency | Fair Value Hedged Item | Interest Credited To Policyholders’ Account Balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Currency | Fair Value Hedged Item | Policyholder Benefts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 16 | (15) | 8 | (17) |
Currency | Fair Value Hedged Item | AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Currency | Amortization of Gain(loss) excluded from assessment of effectiveness | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Amortization of Gain(loss) excluded from assessment of effectiveness | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Amortization of Gain(loss) excluded from assessment of effectiveness | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Amortization of Gain(loss) excluded from assessment of effectiveness | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Amortization of Gain(loss) excluded from assessment of effectiveness | Interest Credited To Policyholders’ Account Balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Amortization of Gain(loss) excluded from assessment of effectiveness | Policyholder Benefts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (1) | (1) | (4) | (1) |
Currency | Amortization of Gain(loss) excluded from assessment of effectiveness | AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (12) | 2 | (39) | (1) |
Currency | Cash flow hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (1) | 0 | (4) | 4 |
Currency | Cash flow hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Cash flow hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Cash flow hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Cash flow hedges | Interest Credited To Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Cash flow hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Cash flow hedges | AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 55 | (65) | 53 | 27 |
Currency | Net investment hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | (6) | 0 | (6) |
Currency | Net investment hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Net investment hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 142 | 0 | 142 |
Currency | Net investment hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Net investment hedges | Interest Credited To Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Net investment hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Net investment hedges | AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 1 | (143) | (12) | (133) |
Currency/Interest Rate | Realized Investment Gains (Losses) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 205 | (394) | 620 | 337 |
Currency/Interest Rate | Net Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 2 | (3) | 1 | (1) |
Currency/Interest Rate | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Interest Credited To Policyholders’ Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Policyholder Benefts | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Cash flow hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 18 | 55 | 56 | 121 |
Currency/Interest Rate | Cash flow hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 66 | 78 | 204 | 239 |
Currency/Interest Rate | Cash flow hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 145 | (210) | 175 | (17) |
Currency/Interest Rate | Cash flow hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Cash flow hedges | Interest Credited To Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Cash flow hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Cash flow hedges | AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 551 | (1,011) | 1,012 | 519 |
Currency/Interest Rate | Net investment hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Net investment hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Net investment hedges | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Net investment hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Net investment hedges | Interest Credited To Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Net investment hedges | Policyholder Benefts | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Net investment hedges | AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Credit | Realized Investment Gains (Losses) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 1 | (15) | 28 | (56) |
Credit | Net Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Credit | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Credit | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Credit | Interest Credited To Policyholders’ Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Credit | Policyholder Benefts | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Credit | AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Equity | Realized Investment Gains (Losses) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (111) | (2,243) | (2,017) | (2,028) |
Equity | Net Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Equity | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Equity | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Equity | Interest Credited To Policyholders’ Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Equity | Policyholder Benefts | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Equity | AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other | Realized Investment Gains (Losses) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (1) | 1 | 1 | 1 |
Other | Net Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other | Interest Credited To Policyholders’ Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other | Policyholder Benefts | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other | AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Embedded Derivatives | Realized Investment Gains (Losses) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 354 | 3,254 | 5,673 | (9,339) |
Embedded Derivatives | Net Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Embedded Derivatives | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Embedded Derivatives | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Embedded Derivatives | Interest Credited To Policyholders’ Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Embedded Derivatives | Policyholder Benefts | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Embedded Derivatives | AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments (Current
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - Cash flow hedges in AOCI $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Balance, beginning | $ (168) |
Amount recorded in AOCI: | 1,473 |
Amount reclassified from AOCI to income | (438) |
Balance, ending | 867 |
Interest Rate | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Amount recorded in AOCI: | (23) |
Amount reclassified from AOCI to income | (7) |
Currency | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Amount recorded in AOCI: | 49 |
Amount reclassified from AOCI to income | 4 |
Currency/Interest Rate | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Amount recorded in AOCI: | 1,447 |
Amount reclassified from AOCI to income | $ (435) |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Credit Derivatives) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | $ 6,839 | $ 3,053 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 168 | 63 |
Held-for-sale | ||
Derivative [Line Items] | ||
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 48 | |
Single Name | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 957 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 27 | 0 |
Credit Default Index | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 5,882 | 3,053 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 141 | 63 |
NAIC 1 | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 49 | 50 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 0 | 0 |
NAIC 1 | Single Name | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 49 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 0 | 0 |
NAIC 1 | Credit Default Index | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 0 | 50 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 0 | 0 |
NAIC 2 | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 0 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 0 | 0 |
NAIC 2 | Single Name | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 0 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 0 | 0 |
NAIC 2 | Credit Default Index | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 0 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 0 | 0 |
NAIC 3 | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 5,810 | 3,003 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 91 | 63 |
NAIC 3 | Single Name | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 685 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 7 | 0 |
NAIC 3 | Credit Default Index | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 5,125 | 3,003 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 84 | 63 |
NAIC 4 | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 0 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 0 | 0 |
NAIC 4 | Single Name | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 0 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 0 | 0 |
NAIC 4 | Credit Default Index | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 0 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 0 | 0 |
NAIC 5 | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 0 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 0 | 0 |
NAIC 5 | Single Name | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 0 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 0 | 0 |
NAIC 5 | Credit Default Index | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 0 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 0 | 0 |
NAIC 6 | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 980 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 77 | 0 |
NAIC 6 | Single Name | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 223 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | 20 | 0 |
NAIC 6 | Credit Default Index | ||
Derivative [Line Items] | ||
Credit Derivative, Maximum Exposure, Undiscounted | 757 | 0 |
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | $ 57 | $ 0 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | [1] | $ 373,252 | $ 412,905 |
Assets supporting experience-rated contractholder liabilities | 3,424 | 24,115 | |
Fixed maturities, trading | [1] | 9,548 | 3,914 |
Equity securities | [1] | 7,727 | 8,135 |
Commercial mortgage and other loans | [1] | 57,786 | 65,425 |
Other invested assets | [1] | 20,205 | 18,125 |
Other assets | [1] | 20,735 | 22,801 |
Separate account assets | 241,852 | 327,277 | |
TOTAL ASSETS | 932,582 | 940,722 | |
Future policy benefits | 291,721 | 306,343 | |
Other liabilities | [1] | 20,230 | 20,323 |
Total liabilities | 870,023 | 872,512 | |
Netting | (13,233) | (21,367) | |
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability | 9,994 | 20,119 | |
Debt Securities, Available-for-sale, Amortized Cost | 332,957 | 354,470 | |
Held-for-sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 15,643 | ||
Assets supporting experience-rated contractholder liabilities | 18,031 | ||
Other invested assets | 160 | ||
Debt Securities, Available-for-sale, Amortized Cost | 14,985 | ||
Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 373,252 | 412,905 | |
Assets supporting experience-rated contractholder liabilities | 1,096 | 21,414 | |
Debt Securities, Available-for-sale, Amortized Cost | 332,957 | 354,470 | |
Fixed maturities | Held-for-sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 15,643 | ||
Assets supporting experience-rated contractholder liabilities | 16,739 | ||
Debt Securities, Available-for-sale, Amortized Cost | 14,985 | ||
Future policy benefits | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability | 9,200 | 18,900 | |
Embedded Derivative, Fair Value Of Embedded Derivative Gross Asset | 600 | 500 | |
Embedded Derivative, Fair Value Of Embedded Derivative Gross Liability | 9,800 | 19,400 | |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 32,906 | 40,448 | |
Debt Securities, Available-for-sale, Amortized Cost | 27,512 | 30,766 | |
Obligations of U.S. states and their political subdivisions | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 12,203 | 12,811 | |
Debt Securities, Available-for-sale, Amortized Cost | 10,444 | 10,668 | |
Foreign government bonds | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 97,746 | 110,244 | |
Assets supporting experience-rated contractholder liabilities | 791 | 945 | |
Debt Securities, Available-for-sale, Amortized Cost | 85,627 | 94,110 | |
Foreign government bonds | Fixed maturities | Held-for-sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 204 | ||
U.S. public corporate securities | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 110,482 | 113,555 | |
Debt Securities, Available-for-sale, Amortized Cost | 97,127 | 95,299 | |
U.S. private corporate securities | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 36,734 | 40,937 | |
Debt Securities, Available-for-sale, Amortized Cost | 34,035 | 36,894 | |
Foreign public corporate securities | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 27,688 | 29,537 | |
Debt Securities, Available-for-sale, Amortized Cost | 24,995 | 25,857 | |
Foreign private corporate securities | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 28,018 | 31,592 | |
Debt Securities, Available-for-sale, Amortized Cost | 26,712 | 28,668 | |
Corporate securities | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 108 | 15,472 | |
Corporate securities | Fixed maturities | Held-for-sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 11,899 | ||
Asset-backed securities | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 11,245 | 14,591 | |
Assets supporting experience-rated contractholder liabilities | 0 | 1,697 | |
Debt Securities, Available-for-sale, Amortized Cost | 11,120 | 14,489 | |
Asset-backed securities | Fixed maturities | Held-for-sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 1,860 | ||
Commercial mortgage-backed securities | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 13,194 | 16,303 | |
Assets supporting experience-rated contractholder liabilities | 0 | 1,839 | |
Debt Securities, Available-for-sale, Amortized Cost | 12,480 | 15,036 | |
Commercial mortgage-backed securities | Fixed maturities | Held-for-sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 1,717 | ||
Residential mortgage-backed securities | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 3,036 | 2,887 | |
Assets supporting experience-rated contractholder liabilities | 0 | 1,018 | |
Debt Securities, Available-for-sale, Amortized Cost | 2,905 | 2,683 | |
Residential mortgage-backed securities | Fixed maturities | Held-for-sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 755 | ||
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 373,252 | 412,905 | |
Assets supporting experience-rated contractholder liabilities | 3,417 | 24,076 | |
Fixed maturities, trading | 9,548 | 3,914 | |
Equity securities | 7,567 | 7,998 | |
Commercial mortgage and other loans | 1,106 | 1,092 | |
Other invested assets | 2,583 | 2,271 | |
Short-term investments | 3,501 | 6,310 | |
Cash equivalents | 7,190 | 5,482 | |
Other assets | 111 | 268 | |
Separate account assets | 216,725 | 304,270 | |
TOTAL ASSETS | 625,000 | 768,586 | |
Future policy benefits | 9,230 | 18,879 | |
Policyholders' account balances | 1,320 | 1,914 | |
Other liabilities | 747 | 385 | |
Notes issued by consolidated VIEs | 0 | 0 | |
Total liabilities | 11,297 | 21,178 | |
Assets Netting | (13,233) | (21,367) | |
Liabilities Netting | (16,466) | (17,475) | |
Netting | 3,233 | (3,892) | |
Fair Value, Measurements, Recurring | Held-for-sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
TOTAL ASSETS | 128,234 | ||
Total liabilities | 5,790 | ||
Fair Value, Measurements, Recurring | Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Netting | (13,233) | (21,367) | |
Fair Value, Measurements, Recurring | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities Netting | (16,466) | (17,475) | |
Fair Value, Measurements, Recurring | U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 32,906 | 40,448 | |
Assets supporting experience-rated contractholder liabilities | 197 | 212 | |
Fair Value, Measurements, Recurring | Obligations of U.S. states and their political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 12,203 | 12,811 | |
Assets supporting experience-rated contractholder liabilities | 0 | 231 | |
Fair Value, Measurements, Recurring | Foreign government bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 97,746 | 110,244 | |
Assets supporting experience-rated contractholder liabilities | 791 | 945 | |
Fair Value, Measurements, Recurring | U.S. public corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 110,482 | 113,555 | |
Fair Value, Measurements, Recurring | U.S. private corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 36,734 | 40,937 | |
Fair Value, Measurements, Recurring | Foreign public corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 27,688 | 29,537 | |
Fair Value, Measurements, Recurring | Foreign private corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 28,018 | 31,592 | |
Fair Value, Measurements, Recurring | Corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 108 | 15,472 | |
Fair Value, Measurements, Recurring | Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 11,245 | 14,591 | |
Assets supporting experience-rated contractholder liabilities | 0 | 1,697 | |
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 13,194 | 16,303 | |
Assets supporting experience-rated contractholder liabilities | 0 | 1,839 | |
Fair Value, Measurements, Recurring | Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 3,036 | 2,887 | |
Assets supporting experience-rated contractholder liabilities | 0 | 1,018 | |
Fair Value, Measurements, Recurring | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 2,263 | 2,043 | |
Fair Value, Measurements, Recurring | All other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 58 | 619 | |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 0 | 0 | |
Assets supporting experience-rated contractholder liabilities | 821 | 1,834 | |
Fixed maturities, trading | 0 | 0 | |
Equity securities | 5,447 | 6,207 | |
Commercial mortgage and other loans | 0 | 0 | |
Other invested assets | 167 | 227 | |
Short-term investments | 357 | 405 | |
Cash equivalents | 3,009 | 1,476 | |
Other assets | 0 | 0 | |
Separate account assets | 13,456 | 51,826 | |
TOTAL ASSETS | 23,257 | 61,975 | |
Future policy benefits | 0 | 0 | |
Policyholders' account balances | 0 | 0 | |
Other liabilities | 62 | 32 | |
Notes issued by consolidated VIEs | 0 | 0 | |
Total liabilities | 62 | 32 | |
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 0 | 0 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Obligations of U.S. states and their political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 0 | 0 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Foreign government bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 0 | 0 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | U.S. public corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | U.S. private corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Foreign public corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Foreign private corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 0 | 0 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 0 | 0 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 0 | 0 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 817 | 1,784 | |
Fair Value, Measurements, Recurring | Level 1 | All other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 4 | 50 | |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 366,646 | 406,862 | |
Assets supporting experience-rated contractholder liabilities | 2,596 | 21,607 | |
Fixed maturities, trading | 9,184 | 3,671 | |
Equity securities | 1,363 | 1,131 | |
Commercial mortgage and other loans | 1,106 | 1,092 | |
Other invested assets | 15,273 | 23,045 | |
Short-term investments | 2,817 | 5,728 | |
Cash equivalents | 4,181 | 4,005 | |
Other assets | 0 | 0 | |
Separate account assets | 201,978 | 250,623 | |
TOTAL ASSETS | 605,144 | 717,764 | |
Future policy benefits | 0 | 0 | |
Policyholders' account balances | 0 | 0 | |
Other liabilities | 17,151 | 17,828 | |
Notes issued by consolidated VIEs | 0 | 0 | |
Total liabilities | 17,151 | 17,828 | |
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 32,771 | 40,298 | |
Assets supporting experience-rated contractholder liabilities | 197 | 212 | |
Fair Value, Measurements, Recurring | Level 2 | Obligations of U.S. states and their political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 12,195 | 12,807 | |
Assets supporting experience-rated contractholder liabilities | 0 | 231 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign government bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 97,736 | 110,233 | |
Assets supporting experience-rated contractholder liabilities | 791 | 926 | |
Fair Value, Measurements, Recurring | Level 2 | U.S. public corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 110,351 | 113,486 | |
Fair Value, Measurements, Recurring | Level 2 | U.S. private corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 34,521 | 38,689 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign public corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 27,560 | 29,384 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign private corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 25,124 | 28,727 | |
Fair Value, Measurements, Recurring | Level 2 | Corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 108 | 14,990 | |
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 10,484 | 14,068 | |
Assets supporting experience-rated contractholder liabilities | 0 | 1,583 | |
Fair Value, Measurements, Recurring | Level 2 | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 13,194 | 16,294 | |
Assets supporting experience-rated contractholder liabilities | 0 | 1,839 | |
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 2,710 | 2,876 | |
Assets supporting experience-rated contractholder liabilities | 0 | 1,018 | |
Fair Value, Measurements, Recurring | Level 2 | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 1,446 | 259 | |
Fair Value, Measurements, Recurring | Level 2 | All other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 54 | 549 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 6,606 | 6,043 | |
Assets supporting experience-rated contractholder liabilities | 0 | 635 | |
Fixed maturities, trading | 364 | 243 | |
Equity securities | 757 | 660 | |
Commercial mortgage and other loans | 0 | 0 | |
Other invested assets | 376 | 366 | |
Short-term investments | 327 | 177 | |
Cash equivalents | 0 | 1 | |
Other assets | 111 | 268 | |
Separate account assets | 1,291 | 1,821 | |
TOTAL ASSETS | 9,832 | 10,214 | |
Future policy benefits | 9,230 | 18,879 | |
Policyholders' account balances | 1,320 | 1,914 | |
Other liabilities | 0 | 0 | |
Notes issued by consolidated VIEs | 0 | 0 | |
Total liabilities | 10,550 | 20,793 | |
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 135 | 150 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Obligations of U.S. states and their political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 8 | 4 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Foreign government bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 10 | 11 | |
Assets supporting experience-rated contractholder liabilities | 0 | 19 | |
Fair Value, Measurements, Recurring | Level 3 | U.S. public corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 131 | 69 | |
Fair Value, Measurements, Recurring | Level 3 | U.S. private corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 2,213 | 2,248 | |
Fair Value, Measurements, Recurring | Level 3 | Foreign public corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 128 | 153 | |
Fair Value, Measurements, Recurring | Level 3 | Foreign private corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 2,894 | 2,865 | |
Fair Value, Measurements, Recurring | Level 3 | Corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 0 | 482 | |
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 761 | 523 | |
Assets supporting experience-rated contractholder liabilities | 0 | 114 | |
Fair Value, Measurements, Recurring | Level 3 | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 0 | 9 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 326 | 11 | |
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 3 | All other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets supporting experience-rated contractholder liabilities | 0 | 20 | |
Prudential Netting Agreement | U.S. private corporate securities | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, available-for-sale | 5,693 | 6,100 | |
Debt Securities, Available-for-sale, Amortized Cost | 5,616 | 5,966 | |
Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value investment measured at NAV per share | 4,382 | 4,136 | |
Separate account assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value investment measured at NAV per share | $ 25,127 | $ 23,007 | |
[1] | See Note 4 for details of balances associated with variable interest entities. |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Future policy benefits | $ 291,721 | $ 306,343 |
Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Future policy benefits | 9,230 | 18,879 |
Policyholders' account balances | $ 1,320 | 1,914 |
Level 3 | Minimum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Policyholder Age | 45 years | |
Level 3 | Minimum | Future policy benefits | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Mortality rate | 0.00% | |
Level 3 | Maximum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Policyholder Age | 90 years | |
Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Future policy benefits | $ 9,230 | 18,879 |
Policyholders' account balances | $ 1,320 | $ 1,914 |
Level 3 | Internal | Minimum | Discounted cash flow | Future policy benefits | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Lapse rate | 1.00% | 1.00% |
Spread over LIBOR | 0.05% | 0.06% |
Utilization rate | 39.00% | 39.00% |
Withdrawal rate (greater than maximum range) | 76.00% | 76.00% |
Mortality rate | 0.00% | 0.00% |
Equity volatility curve | 17.00% | 18.00% |
Level 3 | Internal | Minimum | Discounted cash flow | Policyholders' account balances | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Lapse rate | 1.00% | 1.00% |
Spread over LIBOR | 0.05% | 0.06% |
Mortality rate | 0.00% | 0.00% |
Equity volatility curve | 13.00% | 6.00% |
Level 3 | Internal | Minimum | Discounted cash flow | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Discount rate | 0.06% | 0.40% |
Level 3 | Internal | Minimum | Discounted cash flow | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Discount rate | 0.50% | 0.50% |
Level 3 | Internal | Minimum | Discounted cash flow | Separate accounts commercial mortgage loan | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Spread | 0.95% | 1.60% |
Level 3 | Internal | Minimum | Market comparables | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
EBITDA multiples | 1.3 | 7 |
Level 3 | Internal | Minimum | Market comparables | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
EBITDA multiples | 1 | 1 |
Level 3 | Internal | Minimum | Liquidation | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liquidation value | 12.37% | 12.13% |
Level 3 | Internal | Minimum | Net asset value | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Share price | 0 | 1 |
Level 3 | Internal | Maximum | Discounted cash flow | Future policy benefits | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Lapse rate | 20.00% | 20.00% |
Spread over LIBOR | 1.05% | 1.17% |
Utilization rate | 96.00% | 96.00% |
Withdrawal rate (greater than maximum range) | 100.00% | 100.00% |
Mortality rate | 15.00% | 15.00% |
Equity volatility curve | 26.00% | 26.00% |
Level 3 | Internal | Maximum | Discounted cash flow | Policyholders' account balances | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Lapse rate | 6.00% | 42.00% |
Spread over LIBOR | 1.07% | 1.17% |
Mortality rate | 23.00% | 24.00% |
Equity volatility curve | 30.00% | 42.00% |
Level 3 | Internal | Maximum | Discounted cash flow | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Discount rate | 20.00% | 25.00% |
Level 3 | Internal | Maximum | Discounted cash flow | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Discount rate | 20.00% | 20.00% |
Level 3 | Internal | Maximum | Discounted cash flow | Separate accounts commercial mortgage loan | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Spread | 1.89% | 2.98% |
Level 3 | Internal | Maximum | Market comparables | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
EBITDA multiples | 15 | 15 |
Level 3 | Internal | Maximum | Market comparables | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
EBITDA multiples | 9.7 | 8.8 |
Level 3 | Internal | Maximum | Liquidation | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liquidation value | 62.58% | 15.00% |
Level 3 | Internal | Maximum | Net asset value | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Share price | 1,498 | 1,414 |
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Discount rate | 4.91% | 4.28% |
Level 3 | Internal | Weighted Average | Discounted cash flow | Separate accounts commercial mortgage loan | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Spread | 1.08% | 1.80% |
Level 3 | Internal | Weighted Average | Market comparables | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
EBITDA multiples | 9.1 | 9 |
Level 3 | Internal | Weighted Average | Market comparables | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
EBITDA multiples | 3.1 | 3.3 |
Level 3 | Internal | Weighted Average | Liquidation | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liquidation value | 48.50% | 13.02% |
Level 3 | Internal | Weighted Average | Net asset value | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Share price | 507 | 495 |
Level 3 | Internal | Fair Value, Measurements, Recurring | Future policy benefits | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Future policy benefits | $ 9,230 | $ 18,879 |
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders' account balances | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Policyholders' account balances | 1,320 | 1,914 |
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Corporate securities | 4,539 | 3,697 |
Level 3 | Internal | Fair Value, Measurements, Recurring | Equity securities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Equity securities | 288 | 195 |
Level 3 | Internal | Fair Value, Measurements, Recurring | Separate accounts commercial mortgage loan | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Commercial mortgage loans | $ 158 | $ 775 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Corporate securities | Held-for-sale | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Transfers out of Level 3 | $ 274 | $ 274 | ||
Structured securities | Held-for-sale | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Transfers out of Level 3 | 58 | 58 | ||
Equity securities | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 715 | $ 594 | 660 | $ 633 |
Purchases | 8 | 15 | 99 | 43 |
Sales | (66) | (3) | (128) | (13) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | (4) | (9) | (4) |
Other | 0 | 5 | (23) | 6 |
Transfers into Level 3 | 0 | 0 | 36 | 0 |
Transfers out of Level 3 | 0 | (1) | (35) | (1) |
Fair Value, end of period | 757 | 673 | 757 | 673 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 100 | 67 | 157 | 9 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 73 | 66 | 124 | 6 |
Equity securities | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Equity securities | Other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 100 | 67 | 157 | 9 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 73 | 66 | 124 | 6 |
Equity securities | Interest credited to policyholders’ account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Equity securities | Included in other comprehensive income (loss) | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Equity securities | Net investment income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Assets supporting experience-rated contractholder liabilities | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Assets supporting experience-rated contractholder liabilities | Other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (5) | 4 | (5) | (25) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (3) | 4 | (7) | (22) |
Assets supporting experience-rated contractholder liabilities | Interest credited to policyholders’ account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Assets supporting experience-rated contractholder liabilities | Included in other comprehensive income (loss) | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Assets supporting experience-rated contractholder liabilities | Net investment income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 1 | 2 | 5 | 2 |
Assets supporting experience-rated contractholder liabilities | Foreign government bonds | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 17 | 24 | 19 | 24 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | (2) | (2) | (2) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | (17) | 0 | (17) | 0 |
Fair Value, end of period | 0 | 22 | 0 | 22 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Assets supporting experience-rated contractholder liabilities | Corporate securities | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 549 | 624 | 482 | 637 |
Purchases | 1 | 1 | 17 | 5 |
Sales | 0 | 0 | 0 | (9) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (81) | (6) | (109) | (71) |
Other | (157) | (22) | (157) | (22) |
Transfers into Level 3 | 0 | 0 | 71 | 92 |
Transfers out of Level 3 | (309) | (24) | (309) | (32) |
Fair Value, end of period | 0 | 578 | 0 | 578 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (3) | 5 | 5 | (22) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (2) | 3 | (2) | (25) |
Assets supporting experience-rated contractholder liabilities | Structured securities | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 114 | 99 | 114 | 69 |
Purchases | 40 | 19 | 213 | 174 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (9) | (9) | (31) | (19) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 2 | 1 | 2 | 1 |
Transfers out of Level 3 | (146) | (1) | (293) | (114) |
Fair Value, end of period | 0 | 110 | 0 | 110 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (1) | 1 | (5) | (1) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (1) | 1 | (5) | 3 |
Assets supporting experience-rated contractholder liabilities | Equity securities | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 0 | 0 | 0 | 0 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Assets supporting experience-rated contractholder liabilities | All other activity | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 0 | 7 | 20 | 0 |
Purchases | 1 | 107 | 1 | 114 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | (4) | (20) | (4) |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | (1) | 0 | (1) | 0 |
Fair Value, end of period | 0 | 110 | 0 | 110 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Other invested assets | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 393 | 658 | 366 | 567 |
Purchases | 10 | 101 | 34 | 182 |
Sales | (33) | 0 | (47) | 0 |
Issuances | 0 | 1 | 0 | 5 |
Settlements | (1) | 2 | (1) | (2) |
Other | 0 | 9 | 0 | 15 |
Transfers into Level 3 | 0 | 8 | 0 | 8 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 376 | 782 | 376 | 782 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 7 | 3 | 24 | 7 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 8 | 4 | 25 | 9 |
Other invested assets | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (14) | 0 | 1 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (13) | 0 | 1 | 1 |
Other invested assets | Other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 21 | 3 | 23 | 7 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 21 | 4 | 24 | 8 |
Other invested assets | Interest credited to policyholders’ account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Other invested assets | Included in other comprehensive income (loss) | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Other invested assets | Net investment income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Short-term investments | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 445 | 44 | 177 | 155 |
Purchases | 66 | 145 | 519 | 189 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (176) | (5) | (339) | (115) |
Other | 1 | 0 | (26) | (47) |
Transfers into Level 3 | 0 | 0 | 5 | 0 |
Transfers out of Level 3 | (10) | 0 | (10) | 0 |
Fair Value, end of period | 327 | 183 | 327 | 183 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 1 | (1) | 1 | 1 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | (1) | 0 |
Short-term investments | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 1 | (1) | 1 | 1 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | (1) | 0 |
Short-term investments | Other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Short-term investments | Interest credited to policyholders’ account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Short-term investments | Included in other comprehensive income (loss) | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Short-term investments | Net investment income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Cash equivalents | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 1 | 1 | 1 | 131 |
Purchases | 0 | 0 | 4 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Other | (1) | 0 | (4) | (130) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 0 | 1 | 0 | 1 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | (1) | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | (1) | 0 |
Cash equivalents | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | (1) | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | (1) | 0 |
Cash equivalents | Other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Cash equivalents | Interest credited to policyholders’ account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Cash equivalents | Included in other comprehensive income (loss) | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Cash equivalents | Net investment income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Other assets | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 190 | 377 | 268 | 113 |
Purchases | 3 | 19 | 27 | 55 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 5 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | (64) | 0 | (64) | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 111 | 332 | 111 | 332 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (23) | (64) | (120) | 164 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (9) | (62) | (116) | 165 |
Other assets | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (23) | (64) | (120) | 164 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (9) | (62) | (116) | 165 |
Other assets | Other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Other assets | Interest credited to policyholders’ account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Other assets | Included in other comprehensive income (loss) | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 39 | 0 | 39 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Other assets | Net investment income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (39) | 0 | (39) | 0 |
Separate accounts assets | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 1,476 | 1,684 | 1,821 | 1,717 |
Purchases | (70) | 65 | 79 | 169 |
Sales | 6 | (5) | (21) | (26) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | (14) | (12) | (47) |
Other | 615 | 0 | 0 | 0 |
Transfers into Level 3 | 28 | 10 | 58 | 43 |
Transfers out of Level 3 | (689) | (23) | (767) | (113) |
Fair Value, end of period | 1,291 | 1,801 | 1,291 | 1,801 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (75) | 84 | 133 | 58 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (2) | 87 | 124 | 70 |
Separate accounts assets | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Separate accounts assets | Other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Separate accounts assets | Interest credited to policyholders’ account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (75) | 84 | 133 | 58 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (2) | 87 | 124 | 70 |
Separate accounts assets | Included in other comprehensive income (loss) | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Separate accounts assets | Net investment income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Future policy benefits | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | (13,579) | (26,439) | (18,879) | (12,831) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | (331) | (331) | (993) | (972) |
Settlements | 0 | 0 | 0 | 0 |
Other | 0 | 91 | 12 | 93 |
Transfers Into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 4,295 | 0 | 4,295 | 0 |
Fair Value, end of period | (9,230) | (23,340) | (9,230) | (23,340) |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 385 | 3,339 | 6,335 | (9,630) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 229 | 3,069 | 5,694 | (9,940) |
Future policy benefits | Held-for-sale | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Transfers out of Level 3 | 4,295 | 4,295 | ||
Future policy benefits | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 385 | 3,339 | 6,335 | (9,630) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 229 | 3,069 | 5,694 | (9,940) |
Future policy benefits | Other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Future policy benefits | Interest credited to policyholders’ account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Future policy benefits | Included in other comprehensive income (loss) | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Future policy benefits | Net investment income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Policyholders' account balances | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | (2,690) | (1,441) | (1,914) | (1,316) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | (83) | (74) | (311) | (271) |
Settlements | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Transfers Into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 1,458 | 0 | 1,458 | 0 |
Fair Value, end of period | (1,320) | (1,549) | (1,320) | (1,549) |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (5) | (34) | (553) | 38 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 568 | (6) | 106 | 80 |
Policyholders' account balances | Held-for-sale | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Transfers out of Level 3 | 1,458 | 1,458 | ||
Policyholders' account balances | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (5) | (34) | (553) | 38 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 568 | (6) | 106 | 80 |
Policyholders' account balances | Other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Policyholders' account balances | Interest credited to policyholders’ account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Policyholders' account balances | Included in other comprehensive income (loss) | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Policyholders' account balances | Net investment income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Other liabilities | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 0 | 0 | 0 | (105) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Transfers Into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 0 | 0 | 0 | 0 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 105 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 105 |
Other liabilities | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Other liabilities | Other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 105 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 105 |
Other liabilities | Interest credited to policyholders’ account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Other liabilities | Included in other comprehensive income (loss) | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Other liabilities | Net investment income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Notes Issued by Consolidated VIEs | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 0 | (741) | 0 | (800) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Transfers Into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 0 | (775) | 0 | (775) |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | (34) | 0 | 25 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | (34) | 0 | 25 |
Notes Issued by Consolidated VIEs | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Notes Issued by Consolidated VIEs | Other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | (34) | 0 | 25 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | (34) | 0 | 25 |
Notes Issued by Consolidated VIEs | Interest credited to policyholders’ account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Notes Issued by Consolidated VIEs | Included in other comprehensive income (loss) | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Notes Issued by Consolidated VIEs | Net investment income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Available-for-sale | Fixed maturities | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (10) | 3 | 19 | (112) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (33) | (12) | (34) | (118) |
Available-for-sale | Fixed maturities | Other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Available-for-sale | Fixed maturities | Interest credited to policyholders’ account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Available-for-sale | Fixed maturities | Included in other comprehensive income (loss) | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (59) | 217 | (223) | 141 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (54) | 210 | (245) | 137 |
Available-for-sale | Fixed maturities | Net investment income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 4 | 1 | 6 | 6 |
Available-for-sale | Fixed maturities | U.S. government | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 150 | 122 | 150 | 105 |
Purchases | 0 | 10 | 0 | 27 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | (15) | 0 | (15) | 0 |
Fair Value, end of period | 135 | 132 | 135 | 132 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Available-for-sale | Fixed maturities | U.S. states | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 9 | 4 | 4 | 4 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Other | (1) | 0 | 4 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 8 | 4 | 8 | 4 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Available-for-sale | Fixed maturities | Foreign government bonds | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 10 | 21 | 11 | 22 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 1 | 0 | 0 | 0 |
Other | (1) | 0 | (1) | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 1 |
Transfers out of Level 3 | 0 | (12) | 0 | (13) |
Fair Value, end of period | 10 | 10 | 10 | 10 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 1 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 1 | 0 | 0 |
Available-for-sale | Fixed maturities | Corporate securities | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 5,528 | 4,904 | 5,335 | 3,236 |
Purchases | 496 | 165 | 1,183 | 584 |
Sales | (12) | (8) | (33) | (126) |
Issuances | 18 | 0 | 38 | 0 |
Settlements | (374) | (160) | (868) | (490) |
Other | (1) | (23) | 0 | (22) |
Transfers into Level 3 | 97 | 113 | 386 | 2,136 |
Transfers out of Level 3 | (319) | (103) | (446) | (248) |
Fair Value, end of period | 5,366 | 5,103 | 5,366 | 5,103 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | (67) | 215 | (229) | 33 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (82) | 193 | (284) | 19 |
Available-for-sale | Fixed maturities | Structured securities | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 874 | 801 | 543 | 948 |
Purchases | 608 | 96 | 1,384 | 484 |
Sales | 0 | 0 | (1) | (17) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (38) | (147) | (218) | (444) |
Other | (1) | 1 | 13 | 156 |
Transfers into Level 3 | 130 | 68 | 441 | 160 |
Transfers out of Level 3 | (488) | (258) | (1,106) | (723) |
Fair Value, end of period | 1,087 | 566 | 1,087 | 566 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 2 | 5 | 31 | 2 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | (5) | 4 | 5 | 0 |
Trading | Fixed maturities | ||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, beginning of period | 269 | 236 | 243 | 287 |
Purchases | 3 | (1) | 26 | 21 |
Sales | (27) | (1) | (35) | (33) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (6) | 0 | (6) | 0 |
Other | 157 | 1 | 159 | 9 |
Transfers into Level 3 | 0 | 4 | 0 | 19 |
Transfers out of Level 3 | (44) | 1 | (46) | (47) |
Fair Value, end of period | 364 | 240 | 364 | 240 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 12 | 0 | 23 | (16) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 11 | 1 | 22 | (16) |
Trading | Fixed maturities | Realized investment gains (losses), net | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Trading | Fixed maturities | Other income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 11 | 0 | 22 | (17) |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 11 | 1 | 22 | (16) |
Trading | Fixed maturities | Interest credited to policyholders’ account balances | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Trading | Fixed maturities | Included in other comprehensive income (loss) | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized gains (losses) for assets/liabilities still held: | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Trading | Fixed maturities | Net investment income | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | $ 1 | $ 0 | $ 1 | $ 1 |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities (Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | $ 2,213 | $ 1,906 |
Netting | (13,233) | (21,367) |
Total derivative liabilities | 1,185 | 792 |
Netting | (16,466) | (17,475) |
Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 11,838 | 19,190 |
Total derivative liabilities | 15,219 | 13,508 |
Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 990 | 832 |
Total derivative liabilities | 1,162 | 763 |
Credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 168 | 63 |
Total derivative liabilities | 0 | 28 |
Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1,758 | 1,415 |
Total derivative liabilities | 525 | 1,638 |
Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 692 | 1,773 |
Total derivative liabilities | 745 | 2,330 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 148 | 227 |
Total derivative liabilities | 60 | 30 |
Level 1 | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 6 | 99 |
Total derivative liabilities | 14 | 5 |
Level 1 | Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 1 | Credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 1 | Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 1 | Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 142 | 128 |
Total derivative liabilities | 46 | 25 |
Level 1 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 15,297 | 23,046 |
Total derivative liabilities | 17,591 | 18,237 |
Level 2 | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 11,831 | 19,091 |
Total derivative liabilities | 15,205 | 13,503 |
Level 2 | Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 990 | 832 |
Total derivative liabilities | 1,162 | 763 |
Level 2 | Credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 168 | 63 |
Total derivative liabilities | 0 | 28 |
Level 2 | Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1,758 | 1,415 |
Total derivative liabilities | 525 | 1,638 |
Level 2 | Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 550 | 1,645 |
Total derivative liabilities | 699 | 2,305 |
Level 2 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | Credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Netting | $ 3,233 | $ (3,892) |
Fair Value of Assets and Liab_7
Fair Value of Assets and Liabilities (Changes in Level 3 Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Derivative- Equity | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, beginning of period | $ 0 | $ 0 | $ 0 | $ 0 |
Total gains (losses) (realized/unrealized): | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 0 | 0 | 0 | 0 |
Net Derivative- Interest Rate | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, beginning of period | 1 | 1 | 0 | 1 |
Total gains (losses) (realized/unrealized): | ||||
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 1 | 1 | 1 | 1 |
Realized investment gains (losses), net | Net Derivative- Equity | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Unrealized Gain (Loss) for assets still held | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Realized investment gains (losses), net | Net Derivative- Interest Rate | ||||
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 1 | 0 |
Unrealized Gain (Loss) for assets still held | ||||
Included in earnings | $ 0 | $ 0 | $ 1 | $ 0 |
Fair Value of Assets and Liab_8
Fair Value of Assets and Liabilities (Nonrecurring Fair Value Measurements) (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Commercial Mortgage Loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Realized investment gains (losses) net | $ 0 | $ 3 | $ 0 | $ 0 | |
Carrying value after measurement as of period end | 0 | 0 | $ 0 | ||
Mortgage servicing rights | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Realized investment gains (losses) net | 0 | 5 | (6) | (24) | |
Carrying value after measurement as of period end | 281 | 281 | 307 | ||
Investment real estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Realized investment gains (losses) net | 0 | $ 0 | (9) | $ 0 | |
Carrying value after measurement as of period end | $ 17 | $ 17 | $ 31 |
Fair Value of Assets and Liab_9
Fair Value of Assets and Liabilities (Changes in Fair Values Recorded in Earnings for FVO Assets-Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Commercial mortgage and other loans | [1] | $ 57,786 | $ 57,786 | $ 65,425 | ||
Other assets | [1] | 20,735 | 20,735 | 22,801 | ||
Commercial mortgage and other loans | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Interest income | 4 | $ 4 | 9 | $ 10 | ||
Fair value option loans in non-accrual status | 0 | 0 | ||||
Fair value option loans in more than 90 days past due and still accruing | 0 | 0 | ||||
Notes Issued by Consolidated VIEs | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Changes in fair value | 0 | 34 | 0 | (25) | ||
Interest expense | 0 | $ 10 | 0 | $ 32 | ||
Fair value option | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Commercial mortgage and other loans | 1,106 | 1,106 | 1,092 | |||
Other assets | 59 | 59 | 10 | |||
Notes issued by consolidated VIEs | 0 | 0 | 0 | |||
Fair value option, aggregate contractual principal | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Commercial mortgage and other loans | 1,087 | 1,087 | 1,073 | |||
Notes issued by consolidated VIEs | $ 0 | $ 0 | $ 0 | |||
[1] | See Note 4 for details of balances associated with variable interest entities. |
Fair Value of Assets and Lia_10
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |||
Assets: | ||||||
Amortized Cost | [1] | $ 1,644 | $ 1,930 | |||
Assets supporting experience-rated contractholder liabilities | 3,424 | 24,115 | ||||
Commercial mortgage and other loans | [1] | 57,786 | 65,425 | |||
Policy loans | 10,471 | 11,271 | ||||
Other invested assets | [1] | 20,205 | 18,125 | |||
Short-term Investments | [1] | 4,733 | 7,800 | |||
Cash and cash equivalents | 15,605 | [1] | 13,701 | [1] | $ 20,658 | |
Accrued investment income | [1] | 2,808 | 3,193 | |||
Liabilities: | ||||||
Securities sold under agreements to repurchase | 9,899 | 10,894 | ||||
Cash collateral for loaned securities | 4,382 | 3,499 | ||||
Short-term debt | 909 | 925 | ||||
Long-term Debt, Excluding Current Maturities | 18,687 | 19,718 | ||||
Held-for-sale | ||||||
Assets: | ||||||
Assets supporting experience-rated contractholder liabilities | 18,031 | |||||
Other invested assets | 160 | |||||
Accrued investment income | 233 | |||||
Fair Value | ||||||
Assets: | ||||||
Amortized Cost | 1,956 | 2,298 | ||||
Assets supporting experience-rated contractholder liabilities | 7 | 39 | ||||
Commercial mortgage and other loans | 60,014 | 67,584 | ||||
Policy loans | 10,471 | 11,271 | ||||
Other invested assets | 81 | 153 | ||||
Short-term Investments | 1,232 | 1,490 | ||||
Cash and cash equivalents | 8,415 | 8,219 | ||||
Accrued investment income | 2,808 | 3,193 | ||||
Other assets | 3,132 | 3,520 | ||||
Total assets | 88,116 | 97,767 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 73,801 | 110,473 | ||||
Securities sold under agreements to repurchase | 9,899 | 10,894 | ||||
Cash collateral for loaned securities | 4,382 | 3,499 | ||||
Short-term debt | 911 | 940 | ||||
Long-term Debt, Excluding Current Maturities | 22,238 | 23,468 | ||||
Notes issued by consolidated VIEs | 282 | 305 | ||||
Other liabilities | 9,050 | 7,674 | ||||
Separate account liabilities—investment contracts | 52,640 | 109,677 | ||||
Total liabilities | 173,203 | 266,930 | ||||
Fair Value | Held-for-sale | ||||||
Assets: | ||||||
Total assets | 7,564 | |||||
Liabilities: | ||||||
Total liabilities | 99,768 | |||||
Carrying Amount | ||||||
Assets: | ||||||
Amortized Cost | 1,644 | 1,930 | ||||
Assets supporting experience-rated contractholder liabilities | 7 | 39 | ||||
Commercial mortgage and other loans | 56,680 | 64,333 | ||||
Policy loans | 10,471 | 11,271 | ||||
Other invested assets | 81 | 153 | ||||
Short-term Investments | 1,232 | 1,490 | ||||
Cash and cash equivalents | 8,415 | 8,219 | ||||
Accrued investment income | 2,808 | 3,193 | ||||
Other assets | 3,131 | 3,517 | ||||
Total assets | 84,469 | 94,145 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 72,542 | 107,526 | ||||
Securities sold under agreements to repurchase | 9,899 | 10,894 | ||||
Cash collateral for loaned securities | 4,382 | 3,499 | ||||
Short-term debt | 909 | 925 | ||||
Long-term Debt, Excluding Current Maturities | 18,687 | 19,718 | ||||
Notes issued by consolidated VIEs | 282 | 305 | ||||
Other liabilities | 9,050 | 7,674 | ||||
Separate account liabilities—investment contracts | 52,640 | 109,677 | ||||
Total liabilities | 168,391 | 260,218 | ||||
Level 1 | Fair Value | ||||||
Assets: | ||||||
Amortized Cost | 0 | 0 | ||||
Assets supporting experience-rated contractholder liabilities | 7 | 39 | ||||
Commercial mortgage and other loans | 0 | 0 | ||||
Policy loans | 0 | 0 | ||||
Other invested assets | 0 | 0 | ||||
Short-term Investments | 1,210 | 1,464 | ||||
Cash and cash equivalents | 8,344 | 7,951 | ||||
Accrued investment income | 0 | 0 | ||||
Other assets | 49 | 154 | ||||
Total assets | 9,610 | 9,608 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 0 | 0 | ||||
Securities sold under agreements to repurchase | 0 | 0 | ||||
Cash collateral for loaned securities | 0 | 0 | ||||
Short-term debt | 0 | 0 | ||||
Long-term Debt, Excluding Current Maturities | 611 | 644 | ||||
Notes issued by consolidated VIEs | 0 | 0 | ||||
Other liabilities | 0 | 0 | ||||
Separate account liabilities—investment contracts | 0 | 0 | ||||
Total liabilities | 611 | 644 | ||||
Level 2 | Fair Value | ||||||
Assets: | ||||||
Amortized Cost | 1,874 | 2,209 | ||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | ||||
Commercial mortgage and other loans | 67 | 107 | ||||
Policy loans | 0 | 0 | ||||
Other invested assets | 81 | 153 | ||||
Short-term Investments | 22 | 26 | ||||
Cash and cash equivalents | 71 | 268 | ||||
Accrued investment income | 2,808 | 3,193 | ||||
Other assets | 3,056 | 2,917 | ||||
Total assets | 7,979 | 8,873 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 33,929 | 36,820 | ||||
Securities sold under agreements to repurchase | 9,899 | 10,894 | ||||
Cash collateral for loaned securities | 4,382 | 3,499 | ||||
Short-term debt | 774 | 794 | ||||
Long-term Debt, Excluding Current Maturities | 20,649 | 21,685 | ||||
Notes issued by consolidated VIEs | 0 | 0 | ||||
Other liabilities | 8,996 | 7,626 | ||||
Separate account liabilities—investment contracts | 28,837 | 86,046 | ||||
Total liabilities | 107,466 | 167,364 | ||||
Level 3 | Fair Value | ||||||
Assets: | ||||||
Amortized Cost | 82 | 89 | ||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | ||||
Commercial mortgage and other loans | 59,947 | 67,477 | ||||
Policy loans | 10,471 | 11,271 | ||||
Other invested assets | 0 | 0 | ||||
Short-term Investments | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | ||||
Accrued investment income | 0 | 0 | ||||
Other assets | 27 | 449 | ||||
Total assets | 70,527 | 79,286 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 39,872 | 73,653 | ||||
Securities sold under agreements to repurchase | 0 | 0 | ||||
Cash collateral for loaned securities | 0 | 0 | ||||
Short-term debt | 137 | 146 | ||||
Long-term Debt, Excluding Current Maturities | 978 | 1,139 | ||||
Notes issued by consolidated VIEs | 282 | 305 | ||||
Other liabilities | 54 | 48 | ||||
Separate account liabilities—investment contracts | 23,803 | 23,631 | ||||
Total liabilities | 65,126 | 98,922 | ||||
Prudential Netting Agreement | Fair Value | ||||||
Assets: | ||||||
Amortized Cost | 5,727 | 5,821 | ||||
Liabilities: | ||||||
Long-term Debt, Excluding Current Maturities | 11,421 | 11,921 | ||||
Prudential Netting Agreement | Carrying Amount | ||||||
Assets: | ||||||
Amortized Cost | 5,000 | 4,998 | ||||
Liabilities: | ||||||
Long-term Debt, Excluding Current Maturities | $ 10,616 | $ 10,964 | ||||
[1] | See Note 4 for details of balances associated with variable interest entities. |
Closed Block (Narrative) (Detai
Closed Block (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Closed Block Dividend Obligation | $ 7,728 | $ 8,787 |
Accumulated Distributions in Excess of Net Income | ||
Closed Block Dividend Obligation | 3,908 | 2,920 |
Net Unrealized Investment Gains (Losses) | ||
Closed Block Dividend Obligation | $ 3,820 | $ 5,867 |
Closed Block (Closed Block Liab
Closed Block (Closed Block Liabilities and Assets Designated to Closed Block; Maximum Future Earnings to be Recognized) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Closed Block liabilities | ||
Future policy benefits | $ 45,797 | $ 46,762 |
Policyholders’ dividends payable | 641 | 635 |
Policyholders’ dividend obligation | 7,728 | 8,787 |
Policyholders’ account balances | 4,769 | 4,874 |
Separate account liabilities | 3,408 | 3,141 |
Total Closed Block liabilities | 62,343 | 64,199 |
Closed Block assets | ||
Fixed maturities, available-for-sale, at fair value | 38,147 | 41,959 |
Fixed maturities, trading, at fair value | 1,189 | 277 |
Equity securities | 2,308 | 2,345 |
Commercial mortgage and other loans | 8,227 | 8,421 |
Policy loans | 3,872 | 4,064 |
Other invested assets | 4,120 | 3,610 |
Short-term investments | 339 | 124 |
Total investments | 58,202 | 60,800 |
Cash and cash equivalents | 790 | 269 |
Accrued investment income | 426 | 431 |
Other Closed Block assets | 364 | 92 |
Total Closed Block assets | 59,782 | 61,592 |
Excess of reported Closed Block liabilities over Closed Block assets | 2,561 | 2,607 |
Portion of above representing accumulated other comprehensive income (loss): | ||
Net unrealized investment gains (losses) | 3,716 | 5,810 |
Allocated to policyholder dividend obligation | (3,820) | (5,867) |
Future earnings to be recognized from Closed Block assets and Closed Block liabilities | $ 2,457 | $ 2,550 |
Closed Block (Information Regar
Closed Block (Information Regarding Policyholder Dividend Obligation) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Movement in Closed Block Dividend Obligation [Roll Forward] | |
Balance, beginning | $ 8,787 |
Impact from earnings allocable to policyholder dividend obligation | 988 |
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation | (2,047) |
Balance, ending | $ 7,728 |
Closed Block (Closed Block Reve
Closed Block (Closed Block Revenues and Benefits and Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues | ||||
Premiums | $ 419 | $ 459 | $ 1,313 | $ 1,457 |
Net investment income | 654 | 586 | 1,876 | 1,649 |
Realized investment gains (losses), net | 168 | 18 | 505 | 266 |
Other income (loss) | 113 | 242 | 644 | (43) |
Total Closed Block revenues | 1,354 | 1,305 | 4,338 | 3,329 |
Benefits and Expenses | ||||
Policyholders’ benefits | 599 | 641 | 1,885 | 2,013 |
Interest credited to policyholders’ account balances | 31 | 32 | 93 | 96 |
Dividends to policyholders | 583 | 532 | 1,978 | 955 |
General and administrative expenses | 78 | 81 | 236 | 248 |
Total Closed Block benefits and expenses | 1,291 | 1,286 | 4,192 | 3,312 |
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes | 63 | 19 | 146 | 17 |
Income tax expense (benefit) | 38 | 4 | 92 | (30) |
Closed Block revenues, net of Closed Block benefits and expenses and income taxes | $ 25 | $ 15 | $ 54 | $ 47 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2017 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Total income tax expense (benefit) | $ 259 | $ (50) | $ 1,504 | $ 7 | |
Effective Income Tax Rate, Percent | 18.80% | (0.60%) | |||
Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | |||
High Tax Exception Percentage | 18.90% | ||||
Percentage of the Effective Income Tax Rate Rec at Federal Statutory Income | 90.00% | ||||
CARES Act NOL Carryback | $ 325 | ||||
GILTI Tax on NOL Carryback | 13 | ||||
NOL Carryback | $ 47 |
Short-Term and Long-Term Debt_2
Short-Term and Long-Term Debt (Short-Term Debt) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||
Short-term debt | $ 909 | $ 925 |
Weighted average interest rate on outstanding short-term debt | 0.06% | 0.11% |
Long-term Debt, Excluding Current Maturities | $ 18,687 | $ 19,718 |
Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | $ 372 | $ 380 |
Weighted average maturity of outstanding commercial paper, in days | 12 days | 18 days |
Long-term debt | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Current Maturities | $ 1,030 | $ 1,027 |
Short-term Debt | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Current Maturities | 1,409 | 1,425 |
Borrowings due overnight | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | 105 | 75 |
Daily average outstanding | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | 1,258 | 1,602 |
Prudential Financial | ||
Short-term Debt [Line Items] | ||
Short-term debt | 425 | 424 |
Long-term Debt, Excluding Current Maturities | 17,668 | 18,561 |
Prudential Financial | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | 25 | 25 |
Prudential Funding, LLC | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | 347 | 355 |
Mortgages | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Current Maturities | 130 | 128 |
Line of Credit | ||
Short-term Debt [Line Items] | ||
Short-term debt | 7 | 18 |
Long-term Debt, Current Maturities | 7 | 18 |
Senior notes | Long-term debt | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Current Maturities | 400 | 399 |
Surplus notes subject to set-off arrangements | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Current Maturities | 500 | 500 |
Assets Under Set-Off Arrangements | ||
Short-term Debt [Line Items] | ||
Short-term debt | 500 | 500 |
Long-term Debt, Excluding Current Maturities | 10,116 | 10,464 |
Fed Funds Effective Rate Overnight Index Swap Rate | Senior notes | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 10,280 | 11,179 |
Fed Funds Effective Rate Overnight Index Swap Rate | Surplus notes | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 344 | 343 |
Fed Funds Effective Rate Overnight Index Swap Rate | Surplus notes subject to set-off arrangements | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Excluding Current Maturities | $ 7,786 | $ 8,134 |
Short-Term and Long-Term Debt_3
Short-Term and Long-Term Debt (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 18,687,000,000 | $ 18,687,000,000 | $ 19,718,000,000 |
Debt, Current | 909,000,000 | $ 909,000,000 | 925,000,000 |
Document Period End Date | Sep. 30, 2021 | ||
Amounts drawn on credit facilities | 0 | $ 0 | |
Minimum Net worth required for compliance | 23,500,000,000 | 23,500,000,000 | |
Line of Credit | |||
Debt Instrument [Line Items] | |||
Debt, Current | 7,000,000 | 7,000,000 | 18,000,000 |
Long-term Debt, Current Maturities | 7,000,000 | 7,000,000 | 18,000,000 |
Parent Company Prudential Funding Combined | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 4,000,000,000 | $ 4,000,000,000 | |
Line of Credit Facility, Expiration Period | 5 years | ||
Assets Under Set-Off Arrangements | |||
Debt Instrument [Line Items] | |||
Long-term debt | 10,116,000,000 | $ 10,116,000,000 | 10,464,000,000 |
Debt, Current | 500,000,000 | 500,000,000 | 500,000,000 |
Junior Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | 7,617,000,000 | 7,617,000,000 | 7,615,000,000 |
Parent Company | |||
Debt Instrument [Line Items] | |||
Long-term debt | 17,668,000,000 | 17,668,000,000 | 18,561,000,000 |
Debt, Current | 425,000,000 | 425,000,000 | 424,000,000 |
Parent Company | Junior Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | 7,561,000,000 | 7,561,000,000 | 7,554,000,000 |
Subsidiaries | Junior Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | 56,000,000 | 56,000,000 | 60,000,000 |
Long-term debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Current Maturities | 1,030,000,000 | 1,030,000,000 | 1,027,000,000 |
Long-term debt | Senior notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Current Maturities | 400,000,000 | 400,000,000 | 399,000,000 |
Medium-term Notes | Senior notes | Maturing in 2028 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 600,000,000 | 600,000,000 | |
Medium-term Notes | Senior notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 910,000,000 | 910,000,000 | |
Payment for Debt Extinguishment or Debt Prepayment Cost | 91,000,000 | ||
Medium-term Notes | Senior notes | Maturing in 2024 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 700,000,000 | $ 700,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | |
Medium-term Notes | Senior notes | Maturing in 2028 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 210,000,000 | $ 210,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.878% | 3.878% | |
Fed Funds Effective Rate Overnight Index Swap Rate | Senior notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 10,280,000,000 | $ 10,280,000,000 | 11,179,000,000 |
Fed Funds Effective Rate Overnight Index Swap Rate | Mortgages | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 24,000,000 | $ 24,000,000 | $ 24,000,000 |
Short-Term and Long-Term Debt_4
Short-Term and Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 18,687 | $ 19,718 |
Surplus notes | Fixed-rate notes: | ||
Debt Instrument [Line Items] | ||
Long-term debt | 344 | 343 |
Surplus notes subject to set-off arrangements | Fixed-rate notes: | ||
Debt Instrument [Line Items] | ||
Long-term debt | 7,786 | 8,134 |
Surplus notes subject to set-off arrangements | Floating-rate notes: | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,330 | 2,330 |
Senior notes | Fixed-rate notes: | ||
Debt Instrument [Line Items] | ||
Long-term debt | 10,280 | 11,179 |
Mortgages | Fixed-rate notes: | ||
Debt Instrument [Line Items] | ||
Long-term debt | 24 | 24 |
Mortgages | Floating-rate notes: | ||
Debt Instrument [Line Items] | ||
Long-term debt | 122 | 257 |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Long-term Line of Credit, Noncurrent | 300 | 300 |
Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 7,617 | 7,615 |
Subtotal | ||
Debt Instrument [Line Items] | ||
Long-term debt | 28,803 | 30,182 |
Less: assets under set-off arrangements | ||
Debt Instrument [Line Items] | ||
Long-term debt | 10,116 | 10,464 |
Debt denominated in foreign currency | Mortgages | Floating-rate notes: | ||
Debt Instrument [Line Items] | ||
Long-term debt | 30 | 29 |
Prudential Financial | ||
Debt Instrument [Line Items] | ||
Long-term debt | 17,668 | 18,561 |
Prudential Financial | Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 7,561 | 7,554 |
Subsidiaries | Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 56 | $ 60 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - Other Postretirement Benefits | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Deferred Compensation Arrangement with Individual, Requisite Age | 50 years | |
Deferred Compensation Arrangement with Individual, Requisite Service Period | 10 years | |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Deferred Compensation Arrangement with Individual, Requisite Age | 55 years | |
Deferred Compensation Arrangement with Individual, Requisite Service Period | 20 years |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost Included in General and Administrative Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 82 | $ 80 | $ 247 | $ 241 |
Interest cost | 91 | 108 | 273 | 323 |
Expected return on plan assets | (206) | (201) | (618) | (604) |
Amortization of prior service cost | (1) | (1) | (3) | (3) |
Amortization of actuarial (gain) loss, net | 61 | 65 | 184 | 196 |
Settlements | 1 | (1) | 3 | 3 |
Special Termination Benefits | 0 | 5 | 1 | 7 |
Net periodic (benefit) cost | 28 | 55 | 87 | 163 |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 7 | 6 | 20 | 18 |
Interest cost | 12 | 15 | 36 | 47 |
Expected return on plan assets | (26) | (25) | (76) | (75) |
Amortization of prior service cost | 2 | 2 | 5 | 5 |
Amortization of actuarial (gain) loss, net | 4 | 4 | 12 | 12 |
Settlements | 0 | 0 | 0 | 0 |
Special Termination Benefits | 0 | 0 | 0 | 0 |
Net periodic (benefit) cost | $ (1) | $ 2 | $ (3) | $ 7 |
Equity (Common Stock Changes in
Equity (Common Stock Changes in Number of Shares Issued, Held in Treasury and Outstanding) (Details) | 9 Months Ended |
Sep. 30, 2021shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning | 666,305,189 |
Balance, ending | 666,305,189 |
Issued | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning | 666,300,000 |
Common Stock issued | 0 |
Common Stock acquired | 0 |
Stock-based compensation programs | 0 |
Balance, ending | 666,300,000 |
Held In Treasury | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning | 269,900,000 |
Common Stock issued | 0 |
Common Stock acquired | 21,100,000 |
Stock-based compensation programs | (3,600,000) |
Balance, ending | 287,400,000 |
Outstanding | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning | 396,400,000 |
Common Stock issued | 0 |
Common Stock acquired | (21,100,000) |
Stock-based compensation programs | 3,600,000 |
Balance, ending | 378,900,000 |
Equity (Dividends Declared) (De
Equity (Dividends Declared) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Equity [Abstract] | ||||
Dividends declared per share of Common Stock | $ 1.15 | $ 1.10 | $ 3.45 | $ 3.30 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) shares in Millions | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Jul. 21, 2021 | May 04, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||||
Cost of Treasury Stock Acquired | $ 2,097,000,000 | $ 500,000,000 | |||
Under February 2021 Board Of Directors Authorization | |||||
Class of Stock [Line Items] | |||||
Amount of Stock Repurchases Authorized by the Board of Directors | $ 2,500,000,000 | $ 2,000,000,000 | $ 1,500,000,000 | ||
Stock Repurchase Program, Increase (Decrease) in Authorized Amount | $ 500,000,000 | $ 500,000,000 | |||
Under February 2021 Board Of Directors Authorization | Common Stock | |||||
Class of Stock [Line Items] | |||||
Number of Treasury Stock Shares Acquired | 21.1 | ||||
Cost of Treasury Stock Acquired | $ 2,125,000,000 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ 30,738 | |||
Income tax benefit (expense) | $ 397 | $ 620 | 2,254 | $ (1,265) |
Ending balance | 21,836 | 21,836 | ||
Foreign Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 52 | (536) | ||
Change in OCI before reclassifications | (816) | 69 | ||
Amounts reclassified from AOCI | (64) | 46 | ||
Income tax benefit (expense) | (63) | 73 | ||
Ending balance | (891) | (348) | (891) | (348) |
Net Unrealized Investment Gains (Losses) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 34,065 | 28,112 | ||
Change in OCI before reclassifications | (8,331) | 7,939 | ||
Amounts reclassified from AOCI | (2,184) | (1,045) | ||
Income tax benefit (expense) | 2,374 | (1,289) | ||
Ending balance | 25,924 | 33,717 | 25,924 | 33,717 |
Pension and Postretirement Unrecognized Net Periodic Benefit (Cost) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (3,379) | (3,537) | ||
Change in OCI before reclassifications | 41 | 8 | ||
Amounts reclassified from AOCI | 198 | 210 | ||
Income tax benefit (expense) | (57) | (49) | ||
Ending balance | (3,197) | (3,368) | (3,197) | (3,368) |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 30,738 | 24,039 | ||
Change in OCI before reclassifications | (9,106) | 8,016 | ||
Amounts reclassified from AOCI | (2,050) | (789) | ||
Income tax benefit (expense) | 2,254 | (1,265) | ||
Ending balance | 21,836 | 30,001 | 21,836 | 30,001 |
Cash flow hedges | Net Unrealized Investment Gains (Losses) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (168) | 832 | ||
Ending balance | 867 | 1,407 | 867 | 1,407 |
Fair value hedges | Net Unrealized Investment Gains (Losses) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 10 | 0 | ||
Ending balance | $ (29) | $ (1) | $ (29) | $ (1) |
Equity (Reclassifications out o
Equity (Reclassifications out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized investment gains (losses), net | $ 432 | $ (79) | $ 3,146 | $ (2,164) |
Other income | 500 | 992 | 2,135 | (125) |
Total foreign currency translation adjustment | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | (64) | 46 | ||
Net Unrealized Investment Gains (Losses) | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | (2,184) | (1,045) | ||
Total amortization of defined benefit pension items | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | 198 | 210 | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | (2,050) | (789) | ||
Amounts reclassified from AOCI | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized investment gains (losses), net | 1 | (2) | 1 | (7) |
Other income | 0 | (39) | 63 | (39) |
Amortization of defined benefit pension items: | ||||
Prior service cost | (1) | (1) | (2) | (2) |
Actuarial gain (loss) | (65) | (69) | (196) | (208) |
Amounts reclassified from AOCI | Total foreign currency translation adjustment | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | 1 | (41) | 64 | (46) |
Amounts reclassified from AOCI | Net Unrealized Investment Gains (Losses) | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | 442 | 343 | 2,184 | 1,045 |
Amounts reclassified from AOCI | Total amortization of defined benefit pension items | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | (66) | (70) | (198) | (210) |
Amounts reclassified from AOCI | Accumulated Other Comprehensive Income (Loss) | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from AOCI | 377 | 232 | 2,050 | 789 |
Amounts reclassified from AOCI | Net unrealized investment gains (losses) on available-for-sale securities | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net unrealized investment gains (losses) | 221 | 401 | 1,750 | 671 |
Amounts reclassified from AOCI | Interest Rate | Cash flow hedges | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net unrealized investment gains (losses) | (7) | 19 | 7 | 27 |
Amounts reclassified from AOCI | Currency | Cash flow hedges | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net unrealized investment gains (losses) | (1) | 0 | (4) | 4 |
Amounts reclassified from AOCI | Currency | Fair value hedges | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net unrealized investment gains (losses) | (1) | 0 | (4) | 0 |
Amounts reclassified from AOCI | Currency/Interest rate | Cash flow hedges | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net unrealized investment gains (losses) | $ 230 | $ (77) | $ 435 | $ 343 |
Equity (Net Unrealized Investme
Equity (Net Unrealized Investment Gains (Losses) in AOCI on AFS Fixed Maturity Securities with Allowance for Credit Losses and All Other Investments) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | $ 30,738 |
Ending balance | 21,836 |
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recognized | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | (25) |
Net investment gains (losses) on investments arising during the period | 36 |
Reclassification adjustment for (gains) losses included in net income | 11 |
Reclassification due to allowance for credit losses recorded during the period | 0 |
Ending balance | 22 |
Net Unrealized Investment Gains (Losses) on All Other Investments | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | 58,442 |
Net investment gains (losses) on investments arising during the period | (14,373) |
Reclassification adjustment for (gains) losses included in net income | (2,195) |
Reclassification due to allowance for credit losses recorded during the period | 0 |
Ending balance | 41,874 |
DAC, DSI, VOBA and Reinsurance Recoverables | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | (1,229) |
Impact of net unrealized investment (gains) losses | 573 |
Ending balance | (656) |
Future Policy Benefits, Policyholders’ Account Balances and Reinsurance Payables | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | (6,588) |
Impact of net unrealized investment (gains) losses | 3,381 |
Ending balance | (3,207) |
Policyholders’ Dividends | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | (5,892) |
Impact of net unrealized investment (gains) losses | 2,052 |
Ending balance | (3,840) |
Income Tax Benefit (Expense) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | (10,643) |
Net investment gains (losses) on investments arising during the period | 3,157 |
Reclassification adjustment for (gains) losses included in net income | 481 |
Reclassification due to allowance for credit losses recorded during the period | 0 |
Impact of net unrealized investment (gains) losses | (1,264) |
Ending balance | (8,269) |
Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | 34,065 |
Net investment gains (losses) on investments arising during the period | (11,180) |
Reclassification adjustment for (gains) losses included in net income | (1,703) |
Reclassification due to allowance for credit losses recorded during the period | 0 |
Impact of net unrealized investment (gains) losses | 4,742 |
Ending balance | $ 25,924 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Basic earnings per share | ||||||||
Net income (loss) | $ 1,565 | $ 2,183 | $ 2,804 | $ 1,507 | $ (2,405) | $ (270) | $ 6,552 | $ (1,168) |
Less: Income (loss) attributable to noncontrolling interests | 35 | 20 | 36 | 25 | ||||
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards | 24 | 18 | 99 | 16 | ||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Income | $ 1,506 | $ 1,469 | $ 6,417 | $ (1,209) | ||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Weighted Average Shares | 383.8 | 395.3 | 390.4 | 395.6 | ||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Per Share Amount | $ 3.92 | $ 3.72 | $ 16.44 | $ (3.06) | ||||
Effect of dilutive securities and compensation programs | ||||||||
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic | $ 24 | $ 18 | $ 99 | $ 16 | ||||
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted | $ 23 | $ 18 | $ 98 | $ 16 | ||||
Stock options, Weighted Average Shares | 0.8 | 0.3 | 0.7 | 0 | ||||
Deferred and long-term compensation programs, Weighted Average Shares | 2.2 | 1.5 | 2.1 | 0 | ||||
Diluted earnings per share | ||||||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Income | $ 1,507 | $ 1,469 | $ 6,418 | $ (1,209) | ||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Weighted Average Shares | 386.8 | 397.1 | 393.2 | 395.6 | ||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Per Share Amount | $ 3.90 | $ 3.70 | $ 16.32 | $ (3.06) |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Undistributed earnings allocated to participating unvested share-based payment awards, weighted outstanding shares | 5.7 | 4.9 | 5.9 | 5 |
Earnings Per Share (Antidilutiv
Earnings Per Share (Antidilutive Securities Excluded From the Computation of Diluted Earnings Per Share) (Details) - $ / shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings, Shares | 0.9 | 3.4 | 1.3 | 5.6 |
Antidilutive stock options based on application of the treasury stock method | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings, Shares | 0.9 | 3.2 | 1.3 | 3.4 |
Antidilutive securities excluded from computation of earnings, Exercise Price Per Share | $ 106.99 | $ 84.17 | $ 101.78 | $ 80.64 |
Antidilutive stock options due to net loss available to holders of Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings, Shares | 0 | 0 | 0 | 0.4 |
Antidilutive shares based on application of the treasury stock method | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings, Shares | 0 | 0.2 | 0 | 0.2 |
Antidilutive shares due to net loss available to holders of Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings, Shares | 0 | 0 | 0 | 1.6 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Adjusted Operating Income and Net Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 1,806 | $ 1,447 | $ 7,993 | $ (1,223) |
Operating Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 1,844 | 1,500 | 5,716 | 3,483 |
Operating Segments | Total PGIM division | PGIM | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 327 | 370 | 1,293 | 858 |
Operating Segments | Total International Insurance division | International Insurance | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 887 | 775 | 2,561 | 2,162 |
Operating Segments | Total Corporate and Other | Corporate and Other | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (460) | (493) | (1,118) | (1,446) |
Operating Segments | U.S. Businesses Division | Retirement | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 571 | 347 | 1,635 | 860 |
Operating Segments | U.S. Businesses Division | Group Insurance | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (135) | 22 | (250) | 71 |
Operating Segments | U.S. Businesses Division | Individual Annuities | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 499 | 408 | 1,415 | 1,030 |
Operating Segments | U.S. Businesses Division | Individual Life | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 210 | 101 | 312 | 17 |
Operating Segments | U.S. Businesses Division | Assurance IQ | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (55) | (30) | (132) | (69) |
Segment Reconciling Items | Realized investment gains (losses), net, and related adjustments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 116 | 236 | 1,765 | (2,758) |
Segment Reconciling Items | Charges related to realized investment gains (losses), net | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (18) | (69) | (254) | (353) |
Segment Reconciling Items | Market experience updates | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (199) | (134) | 330 | (1,016) |
Segment Reconciling Items | Segment Reconciling Items, Operating Joint Ventures And Noncontrolling Interests | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (3) | 1 | (53) | (62) |
Segment Reconciling Items | Segment Reconciling Items, Other Adjustments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (9) | (12) | (35) | 65 |
Segment Reconciling Items | Closed Block division | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 27 | 8 | 92 | (15) |
Segment Reconciling Items | Other Divested and Run-off businesses | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 48 | (83) | 432 | (567) |
U.S. Businesses | Operating Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 1,090 | $ 848 | $ 2,980 | $ 1,909 |
Segment Information (Reconcil_2
Segment Information (Reconciliation of Select Financial Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 21,641 | $ 15,425 | $ 54,510 | $ 41,004 | |
Total Assets | 932,582 | 932,582 | $ 940,722 | ||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 19,663 | 12,867 | 46,037 | 37,687 | |
Operating Segments | Total PGIM division | PGIM | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,072 | 1,066 | 3,395 | 2,801 | |
Total Assets | 51,860 | 51,860 | 48,680 | ||
Operating Segments | Total International Insurance division | International Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 5,618 | 5,481 | 16,642 | 16,201 | |
Total Assets | 223,812 | 223,812 | 231,128 | ||
Operating Segments | Total Corporate and Other | Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (175) | (162) | (393) | (459) | |
Total Assets | 121,591 | 121,591 | 123,613 | ||
Operating Segments | Total Closed Block division | Closed Block division | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 60,222 | 60,222 | 62,089 | ||
Operating Segments | U.S. Businesses Division | Retirement | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 8,386 | 2,193 | 12,658 | 6,647 | |
Total Assets | 116,568 | 116,568 | 115,237 | ||
Operating Segments | U.S. Businesses Division | Group Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,553 | 1,457 | 4,627 | 4,352 | |
Total Assets | 43,792 | 43,792 | 45,601 | ||
Operating Segments | U.S. Businesses Division | Individual Annuities | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,260 | 1,148 | 3,687 | 3,249 | |
Total Assets | 196,571 | 196,571 | 200,718 | ||
Operating Segments | U.S. Businesses Division | Individual Life | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,839 | 1,609 | 5,090 | 4,702 | |
Total Assets | 115,419 | 115,419 | 110,953 | ||
Operating Segments | U.S. Businesses Division | Assurance IQ | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 110 | 75 | 331 | 194 | |
Total Assets | 2,747 | 2,747 | 2,703 | ||
Segment Reconciling Items | Realized investment gains (losses), net, and related adjustments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 178 | 312 | 2,070 | (2,855) | |
Segment Reconciling Items | Charges related to realized investment gains (losses), net | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (59) | (40) | (178) | (121) | |
Segment Reconciling Items | Market experience updates | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (56) | (58) | 158 | (406) | |
Segment Reconciling Items | Segment Reconciling Items, Other Adjustments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 105 | |
Segment Reconciling Items | Segment Reconciling Items, Operating Joint Ventures And Noncontrolling Interests | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (23) | (17) | (72) | (86) | |
Segment Reconciling Items | Closed Block division | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,321 | 1,301 | 4,299 | 3,318 | |
Segment Reconciling Items | Other Divested and Run-off businesses | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 617 | 1,060 | 2,196 | 3,362 | |
Intersegment Eliminations | Total PGIM division | PGIM | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 248 | 215 | 697 | 640 | |
U.S. Businesses | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 13,148 | $ 6,482 | 26,393 | $ 19,144 | |
Total Assets | $ 475,097 | $ 475,097 | $ 475,212 |
Segment Information Segment Inf
Segment Information Segment Information (Asset Management and Service Fees) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Asset management and service fees | $ 1,229 | $ 1,120 | $ 3,603 | $ 3,144 |
Asset-based management fees | ||||
Asset management and service fees | 1,047 | 930 | 3,058 | 2,644 |
Performance-based incentive fees | ||||
Asset management and service fees | 19 | 43 | 70 | 73 |
Other fees | ||||
Asset management and service fees | $ 163 | $ 147 | $ 475 | $ 427 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Commitments and Contingent Liabilities [Line Items] | |||||
Fair value of collateral supporting these assets | $ 787 | $ 787 | $ 806 | ||
Commitments | Commercial Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Total outstanding mortgage loan commitments | 3,046 | 3,046 | 2,357 | ||
Portion of commitment where prearrangement to sell to investor exists | 1,122 | 1,122 | 882 | ||
Allowance for credit losses | 1 | 1 | 0 | ||
Change in allowance for credit losses | 0 | $ (1) | 0 | $ (1) | |
Commitments | Commercial Mortgage Loans | Held-for-sale | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Total outstanding mortgage loan commitments | 374 | 374 | |||
Expected to be funded from the GA and other operations outside the SA | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Commitments to Purchase Investment (excluding Commercial Mortgage Loans) | 9,699 | 9,699 | 9,567 | ||
Expected to be funded from the GA and other operations outside the SA | Held-for-sale | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Commitments to Purchase Investment (excluding Commercial Mortgage Loans) | 724 | 724 | |||
Expected to be funded from separate accounts | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Commitments to Purchase Investment (excluding Commercial Mortgage Loans) | 341 | 341 | 336 | ||
Expected to be funded from separate accounts | Held-for-sale | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Commitments to Purchase Investment (excluding Commercial Mortgage Loans) | 28 | 28 | |||
Indemnification | Securities Lending and Securities Repurchase Transactions | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Indemnification provided to certain clients for securities lending and securities repurchase transactions | 8,595 | 8,595 | 7,108 | ||
Fair value of related collateral associated with above indemnifications | 8,784 | 8,784 | 7,254 | ||
Accrued liability associated with guarantee | 0 | 0 | 0 | ||
Indemnification | Securities Repurchase Transactions | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Indemnification provided to certain clients for securities lending and securities repurchase transactions | 63 | 63 | 34 | ||
Fair value of related collateral associated with above indemnifications | 63 | 63 | 34 | ||
Indemnification | Serviced Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company | 2,917 | 2,917 | 2,684 | ||
First-loss exposure portion of above | 850 | 850 | 784 | ||
Accrued liability associated with guarantee | 41 | 41 | 41 | ||
Allowance for credit losses | 20 | 20 | 20 | ||
Change in allowance for credit losses | 1 | $ 1 | 0 | $ 0 | |
Guarantees of Asset Values | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Guaranteed value of third-parties’ assets | 83,200 | 83,200 | 86,264 | ||
Fair value of collateral supporting these assets | 86,176 | 86,176 | 90,612 | ||
Asset (liability) associated with guarantee, carried at fair value | 1 | 1 | 0 | ||
Other Guarantees | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Other guarantees where amount can be determined | 52 | 52 | 52 | ||
Accrued liability associated with guarantee | $ 34 | $ 34 | $ 0 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Narrative Excluding Litigation) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Commitments | Commercial Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Allowance for credit losses | $ 1 | $ 1 | $ 0 | ||
Change in allowance for credit losses | 0 | $ (1) | 0 | $ (1) | |
Purchase Investments | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Change in allowance for credit losses | 0 | 0 | $ 0 | 0 | |
Indemnification | Securities Lending and Securities Repurchase Transactions | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Guarantor Obligations, Liquidation Proceeds, Percentage | 102.00% | ||||
Indemnification | Securities Repurchase Transactions | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Guarantor Obligations, Liquidation Proceeds, Percentage | 95.00% | ||||
Indemnification | Serviced Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Allowance for credit losses | 20 | $ 20 | 20 | ||
Change in allowance for credit losses | 1 | $ 1 | 0 | 0 | |
Mortgages subject to loss-sharing arrangements | $ 22,867 | $ 22,867 | $ 21,465 | ||
Weighted-average debt service coverage ratio of mortgages subject to loss-sharing arrangements | 1.97 | 1.97 | 1.99 | ||
Weighted-average loan-to-value ratio of mortgages subject to loss-sharing arrangements | 63.00% | 63.00% | 63.00% | ||
Losses related to indemnifications that were settled | $ 2 | $ 0 | |||
Indemnification | Minimum | Serviced Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Percentage share of losses incurred on certain loans serviced | 4.00% | ||||
Indemnification | Maximum | Serviced Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Percentage share of losses incurred on certain loans serviced | 20.00% | ||||
Yield Maintenance Guarantee | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Guarantees related to certain investments the Company sold | $ 0 | $ 0 | $ 9 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities (Assurance IQ Contingent Consideration Liability Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 36 Months Ended | |||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2020 | Oct. 31, 2019 | Sep. 04, 2019 | |
Business Acquisition [Line Items] | ||||||||||||
Net income (loss) | $ 1,565,000,000 | $ 2,183,000,000 | $ 2,804,000,000 | $ 1,507,000,000 | $ (2,405,000,000) | $ (270,000,000) | $ 6,552,000,000 | $ (1,168,000,000) | ||||
Share price (usd per share) | $ 83.71 | |||||||||||
Acquisition of Assurance IQ, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Contingent consideration, liability | $ 0 | $ 0 | $ 0 | |||||||||
Cash | Acquisition of Assurance IQ, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Equity interest in acquiree | 25.00% | |||||||||||
Common Stock | Acquisition of Assurance IQ, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Equity interest in acquiree | 75.00% | |||||||||||
Condition Three | Acquisition of Assurance IQ, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Contingent liability, stock based compensation component | $ 900,000,000 | |||||||||||
Condition Four - Quotient - Denominator | Acquisition of Assurance IQ, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Consideration payable, cash and equity interests | $ 400,000,000 | |||||||||||
Condition Four - Multiplier | Acquisition of Assurance IQ, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Consideration payable, cash and equity interests | 1,150,000,000 | |||||||||||
Subsequent Event | Condition One | Acquisition of Assurance IQ, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net income (loss) | $ 900,000,000 | |||||||||||
Subsequent Event | Condition Four - Quotient - Numerator | Acquisition of Assurance IQ, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net income (loss) | 900,000,000 | |||||||||||
Minimum | Condition One | Acquisition of Assurance IQ, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Consideration payable, cash and equity interests | 0 | |||||||||||
Minimum | Subsequent Event | Condition Two | Acquisition of Assurance IQ, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net income (loss) | 1,300,000,000 | |||||||||||
Minimum | Subsequent Event | Condition Three | Acquisition of Assurance IQ, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net income (loss) | 900,000,000 | |||||||||||
Maximum | Condition Two | Acquisition of Assurance IQ, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Consideration payable, cash and equity interests | $ 1,150,000,000 | |||||||||||
Maximum | Subsequent Event | Condition Three | Acquisition of Assurance IQ, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net income (loss) | $ 1,300,000,000 |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities (Litigation Narrative) (Details) $ in Millions | Sep. 30, 2021USD ($) |
Loss Contingencies [Line Items] | |
Estimate of possible losses in excess of accruals (less than) for litigation and regulatory matters | $ 250 |